Document:

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                                                                     Exhibit 4.1

                EVEREST RE GROUP, LTD. 2002 STOCK INCENTIVE PLAN

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                             EVEREST RE GROUP, LTD.
                            2002 STOCK INCENTIVE PLAN

                (As Approved by the Shareholders on May 22, 2002)
       (As Subsequently Amended by the Board of Directors on May 22, 2002)

Section 1.   Establishment and Purpose

             The purpose of the Everest Re Group, Ltd. 2002 Stock Incentive Plan
(the "Plan") is to benefit the Corporation, its Subsidiaries, and its
shareholders by encouraging high levels of performance by individuals who are
key to the success of the Corporation and its Subsidiaries and to enable the
Corporation and its Subsidiaries to attract, motivate and retain talented and
experienced individuals essential to their success. This is to be accomplished
by providing such eligible individuals an opportunity to obtain or increase
their proprietary interest in the Corporation's performance and by providing
such individuals with additional incentives to remain with the Corporation and
its Subsidiaries.

Section 2.   Definitions

             The following terms, used herein, shall have the meaning specified:

             (a) "Award" means any award or benefit granted under the terms of
the Plan.

             (b) "Award Agreement" means an agreement described in Section 6
hereof entered into between the Corporation and a Participant, setting forth the
terms and conditions applicable to the Award granted to the Participant.

             (c) "Board of Directors" means the Board of Directors of the
Corporation as it may be comprised from time to time.

             (d) "Code" means the Internal Revenue Code of 1986, and any
successor statute, and the regulations promulgated thereunder, as it or they may
be amended from time to time.

             (e) "Committee" means the Committee as defined in Section 8.

             (f) "Corporation" means Everest Re Group, Ltd., and any successor
corporation.

             (g) "Effective Date" means the Effective Date as defined in Section
15.

             (h) "Employee" means officers and other key employees of the
Corporation or a Subsidiary, and excludes directors who are not also officers or
employees of the Corporation or a Subsidiary. "Employee" includes consultants
and advisors that provide bona fide services to

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the Corporation or a Subsidiary, provided that such services are not in
connection with the offer or sale of securities of the Corporation or a
Subsidiary in a capital-raising transaction.

             (i) "Exchange Act" means the Securities Exchange Act of 1934, and
any successor statute, as it may be amended from time to time.

             (j) "Exercise Price" means a purchase or exercise price established
by the Committee at the time an Option or an SAR is granted.

             (k) "Fair Market Value" means, unless otherwise provided in the
Award Agreement, the average of the highest and lowest sale price of the Stock
as reported on the Composite Transaction Tape of the New York Stock Exchange (or
on such other exchange, if any, on which the Stock is traded) on the relevant
date, or if no sale of the Stock is reported for such date, the next preceding
day for which there is a reported sale. If the Stock is not traded on any such
exchange, Fair Market Value shall be as determined in the Award Agreement, or as
may be determined in good faith by the Committee.

             (l) "Incentive Stock Option" means an option that is intended to
satisfy the requirements applicable to an "incentive stock option" described in
Section 422(b) of the Code.

             (m) "Insider" means any person who is subject to "Section 16."

             (n) "Option" means an Award granted under the Plan that entitles
the Participant, for a certain period of time, to purchase shares of Stock at an
Exercise Price established by the Committee.

             (o) "Participant" means any Employee who has been granted an Award
pursuant to this Plan.

             (p) "Section 16" means Section 16 of the Exchange Act, and any
successor statutory provision, and the rules promulgated thereunder, as it or
they may be amended from time to time.

             (q) "Stock" means common shares of the Corporation, par value $.01
per share, or any security of the Corporation issued in substitution, exchange
or lieu thereof.

             (r) "Subsidiary" means any corporation in which the Corporation,
directly or indirectly, controls 50% or more of the total combined voting power
of all classes of such corporation's stock.

             (s) "Ten-percent Shareholder" means any person who owns, directly
or indirectly, on the relevant date securities representing more than ten
percent (10%) of the total combined voting power of all classes of stock of the
Corporation or of its parent or Subsidiary. For purposes of applying the
foregoing ten percent (10%) limitation, the rules of Section 424(d) of the Code
shall apply.

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Section 3.   Eligibility

             Persons eligible for Awards shall consist of Employees who hold
positions of significant responsibilities with the Corporation and/or a
Subsidiary or whose performance or potential contribution, in the judgment of
the Committee, will benefit the future success of the Corporation and/or a
Subsidiary.

Section 4.   Awards

             The Committee may grant any of the types of Awards enumerated in
paragraphs (a) through (d) of this Section 4, either singly, in tandem or in
combination with other types of Awards, as the Committee may in its sole
discretion determine:

             (a) Non-qualified Stock Options. The grant of an Option entitles
the Participant to purchase a specific number of shares of Stock at an Exercise
Price established by the Committee. Any Option granted under this Section 4 may
either be an incentive stock option or a non-qualified stock option. A
Non-qualified Stock Option is an Option that is not intended to be an "incentive
stock option" as described in Section 422(b) of the Code. All Non-qualified
Stock Options granted under the Plan shall expire not later than ten (10) years
after grant, and shall have an Exercise Price equal to 100% of the Fair Market
Value of the Stock on the date the option is granted.

             (b) Incentive Stock Options. An Incentive Stock Option is an Option
that is intended to satisfy the requirements of applicable to an "incentive
stock option" as described in Section 422(b) of the Code. All Incentive Stock
Options granted under the Plan shall be subject to the following:

                 (i)   The aggregate fair market value (determined at the time
         of the grant of the Award) of the shares of Stock subject to Incentive
         Stock Options which are exercisable by one person for the first time
         during a particular calendar year shall not exceed $100,000.

                 (ii)  No Incentive Stock Option may be granted under this Plan
         on or after the tenth anniversary of the date this Plan is adopted, or
         the date this Plan is approved by shareholders, whichever is earlier.

                 (iii) No Incentive Stock Option may be exercisable more than:

                       A. in the case of an Employee who is not a Ten-Percent
                 Shareholder on the date that the option is granted, ten (10)
                 years after the date the option is granted, and

                       B. in the case of an Employee who is a Ten-Percent
                 Shareholder on the date the option is granted, five (5) years
                 after the date the option is granted.

                 (iv) The exercise price of any Incentive Stock Option shall be
         no less than:

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                       A. in the case of an Employee who is not a Ten-Percent
                 Shareholder on the date that the option is granted, the Fair
                 Market Value of the Stock subject to the option on such date;
                 and

                       B. in the case of an Employee who is a Ten-Percent
                 Shareholder on the date that the option is granted, 110% of the
                 Fair Market Value of the Stock subject to the option on such
                 date

                 (v)   No Incentive Stock Option shall be granted to an
         individual who is an Employee by virtue of being a consultant or
         advisor.

             (c) Stock Appreciation Rights. A stock appreciation right ("SAR")
is a right to receive, upon surrender of the right, an amount payable in cash or
in shares of Stock, which may be Restricted Stock.

                 (i)   The amount payable with respect to each SAR shall be
         equal in value to the excess, if any, of the Fair Market Value of a
         specified number of shares of Stock on the exercise date (or on such
         other date or dates set forth in the Award Agreement) over the Exercise
         Price relative to such shares, as may be established by the Committee.

                 (ii)  In the case of an SAR granted with respect to an
         Incentive Stock Option to an Employee who is a Ten-Percent Shareholder
         on the date of such Award, the Exercise Price shall not be less than
         110% of the Fair Market Value of a share of Stock on the date the Award
         is made.

             (d) Restricted Stock and Stock Awards.

                 (i)   Restricted Stock is Stock that is issued to a Participant
         and is subject to a substantial risk of forfeiture or other
         restrictions on transfer and/or such other restrictions on incidents of
         ownership as the Committee may determine, where such restrictions will
         lapse upon achievement of one or more goals relating to the completion
         of services by the Participant or achievement of other objectives as
         may be determined by the Committee. A certificate for the shares of
         Restricted Stock, which certificate shall be registered in the name of
         the Participant, shall bear an appropriate restrictive legend and shall
         be subject to appropriate stop-transfer orders; provided, however, that
         the certificates representing shares of Restricted Stock shall be held
         in custody by the Corporation until the restrictions relating thereto
         otherwise lapse, and; provided, further, that the Participant shall
         deliver to the Corporation a stock power endorsed in blank relating to
         the Restricted Stock as soon as practicable following the date of
         grant.

                 (ii)  Stock Awards shall be any compensation grant to a
         Participant that provides for payment to a Participant in shares of
         Stock.

                 (iii) Restricted Stock and Stock Awards may be issued at the
         time of grant, upon the exercise of an SAR, Option or other right, as
         payment of a bonus, as payment of any other compensation obligations,
         upon the occurrence of a future event, at a specified time in the
         future or as otherwise determined by the Committee. The period

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         during which Restricted Stock is subject to restrictions may commence
         prior to the actual transfer of Restricted Stock to a Participant if so
         specified in the Award Agreement.

             (e) Payment of Option Exercise Price. The payment of the Exercise
Price of an Option granted under this Section 4 shall be subject to the
following:

                 (i)   Subject to the following provisions of this subsection
         4(e), the full Exercise Price for shares of stock purchased on the
         exercise of an Option shall be paid at the time of such exercise.

                 (ii)  The Exercise Price of the Stock subject to the Option may
         be paid in cash. At the discretion of the Committee, the purchase price
         may also be paid by the tender, by actual delivery of shares or by
         attestation, of Stock owned for at least six months by the holder of
         the Option (the value of such Stock shall be its Fair Market Value on
         the date of exercise), through a combination of Stock and cash, or
         through such other means as the Committee determines are consistent
         with the Plan's purpose and applicable law. No fractional shares of
         Stock will be issued or accepted.

                 (iii) Without limiting the foregoing, to the extent permitted
         by law (including relevant state or Bermuda law), (A) the Committee may
         agree to accept as full or partial payment of the Exercise Price of
         Stock issued upon exercise of Options, a promissory note of the
         Participant evidencing the Participant's obligation to make future cash
         payments to the Corporation, which promissory notes shall be payable as
         determined by the Committee (but in no event later than five (5) years
         after the date thereof), shall be secured by a pledge of the shares of
         Stock purchased, and shall bear interest at a rate established by the
         Committee and (B) the Committee may also permit Participants, either on
         a selective or aggregate basis, to simultaneously exercise Options and
         sell the shares of Stock thereby acquired, pursuant to a brokerage or
         similar arrangement approved in advance by the Committee, and use the
         proceeds from such sale as payment of the Exercise Price of such Stock.

Section 5.   Shares of Stock and Other Stock-Based Awards Available Under Plan

             (a) The Stock which may be issued pursuant to an Award under the
Plan may be shares currently authorized but unissued or currently held or
subsequently acquired by the Corporation or its subsidiaries as treasury shares,
including shares purchased in the open market or in private transactions.

             (b) Subject to the adjustment provisions of Section 9 hereof, the
maximum number of shares that may be delivered to Participants and their
beneficiaries under the Plan shall be equal to 4,000,000 shares of Stock.

             (c) Subject to the adjustment provisions of Section 9 hereof, the
following additional maximums are imposed on the Plan

                 (i) The maximum number of shares of Stock that may be issued
         pursuant to Options intended to be Incentive Stock Options shall be
1,000,000 shares.

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                 (ii)  The aggregate maximum number of shares of Stock that may
         be covered by Awards granted to any one individual pursuant to Section
         4 relating to Options and SARs shall be 350,000 shares during any one
         calendar-year period. Notwithstanding the preceding sentence, or any
         other provision of the Plan, the Committee, in its sole discretion, may
         make Awards under the Plan which are not intended to satisfy the
         "performance-based" compensation exception of Section 162(m) of the
         Code and regulations thereunder, which Awards shall not be subject to
         the individual limits set forth in the preceding sentence.

                 (iii) The maximum number of shares of Stock that may be issued
         in conjunction with Awards granted pursuant to Section 4 relating to
         Restricted Stock and Stock Awards shall be 250,000 shares plus any
         shares that are reacquired by the Company pursuant to paragraph 5(d)
         that were previously subject to a Restricted Stock Award or Stock
         Award.

             (d) To the extent that any shares of Stock covered by an Award are
not delivered to a Participant or beneficiary because the Award is forfeited or
canceled, or the shares of Stock are not delivered because the Award is settled
in cash or used to satisfy the applicable tax withholding obligation, such
shares shall be deemed to have been delivered for purposes of determining the
maximum number of shares of Stock available for delivery under the Plan.

             (e) If the Exercise Price of any Option granted under the Plan is
satisfied by tendering shares of Stock to the Corporation (by either actual
delivery or by attestation), only the number of shares of Stock issued net of
the shares of Stock tender shall be deemed delivered for purposes of determining
the maximum number of shares of Stock available for delivery under the Plan.

             (f) For the purposes of computing the total number of shares of
Stock granted under the Plan, the following rules shall apply to Awards payable
in Stock:

                 (i) each Option shall be deemed to be the equivalent of the
         maximum number of shares of Stock that may be issued upon exercise of
         the particular Option;

                 (ii) where one or more types of Awards (both of which are
         payable in Stock) are granted in tandem with each other, the number of
         shares of Stock shall be deemed to be the greater of the number of
         shares that would be counted if one or the other Award alone was
         outstanding.

Additional rules for determining the number of shares of Stock granted under the
Plan may be adopted by the Committee, as it deems necessary and appropriate.

Section 6.   Award Agreements

             Each Award under the Plan shall be evidenced by an Award Agreement
setting forth the number of shares of Stock and/or SARs subject to the Award and
such other terms and conditions applicable to the Award, as determined by the
Committee, not inconsistent with the terms of the Plan. The Committee may, but
need not require that the Participant sign a copy of such document. Such
document is referred to as the Award Agreement regardless of whether

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any Participant signature is required. In the event that the Committee requires
that the Participant execute and return the Award Agreement, no person shall
have any rights under the Award unless and until the Participant to whom such
Award shall have been granted shall have executed and delivered to the Company
the Award Agreement; provided, however, the execution and delivery of such an
Award Agreement shall not be a precondition to the granting of such Award. By
executing the Award Agreement, or submitting an option exercise form (whether or
not the Award Agreement required execution) a Participant shall be deemed to
have accepted and consented to any action taken under the Plan by the Committee,
the Board of Directors or their delegates.

              (a) Award Agreements shall include the following terms:

                  (i)   Non-assignability. Unless otherwise specifically
      provided for by the Committee, a provision that no Award shall be
      assignable or transferable except by will or by the laws of descent and
      distribution and that, during the lifetime of a Participant, the Award
      shall be exercised, if exercisable, only by such Participant or by his or
      her guardian or legal representative.

                  (ii)  Termination of Employment. A provision describing the
      treatment of an Award in the event of the retirement, disability, death or
      other termination of a Participant's employment with the Corporation or a
      Subsidiary, including but not limited to terms relating to the vesting,
      time for exercise, forfeiture or cancellation of an Award in such
      circumstances. Participants who terminate employment prior to the
      satisfaction of applicable conditions and restrictions associated with
      their Award(s) may be entitled to such Award(s) as and to the extent
      determined by the Committee. A provision that for purposes of the Plan (A)
      a transfer of an Employee from the Corporation to a Subsidiary or
      affiliate of the Corporation, whether or not incorporated, or vice versa,
      or from one Subsidiary or affiliate of the Corporation to another, and (B)
      a leave of absence, duly authorized in writing by the Corporation, shall
      not be deemed a termination of employment, except as otherwise required by
      applicable law, as determined by the Committee, in order to preserve the
      status of an option as an Incentive Stock Option.

                  (iii) Rights as a Shareholder. A provision that a Participant
      shall have no rights as a shareholder with respect to any Stock covered by
      an Award until the date the Participant becomes the holder of record.
      Except as provided in Section 9 hereof, no adjustment shall be made for
      dividends or other rights, unless the Award Agreement specifically
      requires such adjustment.

                  (iv)  Withholding. A provision requiring the withholding of
      applicable taxes required by law from all amounts paid to the holder of an
      Award in satisfaction of such Award. In the case of an Award paid in cash,
      the withholding obligation shall be satisfied by withholding the
      applicable amount and paying the net amount in cash to the Participant. In
      the case of Awards paid in shares of Stock, a Participant may satisfy the
      withholding obligation by paying the amount of any taxes in cash or, with
      the approval of the Committee, shares of Stock may be deducted from the
      payment to satisfy the obligation in full or in part. The amount of the
      withholding and the number of shares of

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      Stock to be deducted shall be determined by the Committee with reference
      to the Fair Market Value of the Stock when the withholding is required to
      be made; provided, however, the amount of Stock so deducted shall not
      exceed the minimum required withholding obligation.

                  (v)  Treatment of Option. Each Award of an Option shall state
      whether or not it is intended to constitute an Incentive Stock Option.

                  (vi) Minimum Exercise. No option may be exercised for less
      than the lesser of 50 shares of Stock or the full number of shares of
      Stock for which the Option is then exercisable.

           (b)    Other Terms. Award Agreements may include such other terms as
the Committee may determine are necessary and appropriate to effect an Award to
the Participant, including, but not limited to, the term of the Award, vesting
provisions, any requirements for continued employment with the Corporation or a
Subsidiary, any other restrictions or conditions (including performance
requirements) on the Award and the method by which restrictions or conditions
lapse, the effect on the Award of a change in control of the Corporation or an
employing Subsidiary, the price, amount or value of Awards, and the terms, if
any, pursuant to which a Participant may elect to defer the receipt of cash or
Stock under an Award.

Section 7. Amendment and Termination

           The Board of Directors may at any time amend, suspend or discontinue
the Plan, in whole or in part; provided, however, that no amendment by the Board
of Directors shall increase any limitations set forth in Section 5 nor shall it
permit any Options to be awarded at Exercise Prices below Fair Market Value. The
Committee may at any time alter or amend any or all Award Agreements under the
Plan to the extent permitted by law, but no such alteration or amendment shall
impair the rights of any holder of an Award without the holder's consent.
Adjustments pursuant to Section 9 shall not be subject to the foregoing
limitations of this Section 7.

Section 8. Administration

           (a)    The Plan and all Awards granted pursuant thereto shall be
administered by a committee of the Board of Directors (the "Committee"), which
Committee shall consist of not less than two (2) members of such Board of
Directors who are not employees of the Corporation or any Subsidiary. The
members of the Committee shall be designated by the Board of Directors. If the
Committee does not exist, or for any other reason determined by the Board, the
Board may take any action under the Plan that would otherwise be the
responsibility of the Committee.

           (b)    The Committee shall have the authority and discretion to
interpret and administer the Plan, to establish, amend and rescind any rules and
regulations relating to the Plan and to determine the terms and provisions of
any Award Agreement made pursuant to the Plan. All questions of interpretation
with respect to the Plan, the number of shares of Stock or other security, SARs,
or rights granted and the terms of any Award Agreements, including the timing,
pricing, and amounts of Awards, shall be determined by the Committee, and its
determination

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shall be final and conclusive upon all parties in interest. In the event of any
conflict between an Award Agreement and this Plan, the terms of this Plan shall
govern.

           (c) Except to the extent prohibited by applicable law or the
applicable rules of a stock exchange, the Committee may delegate to the officers
or employees of the Corporation and its Subsidiaries the authority to execute
and deliver such instruments and documents, to do all such acts and things, and
to take all such other steps deemed necessary, advisable or convenient for the
effective administration of the Plan in accordance with its terms and purpose,
except that the Committee may not delegate any discretionary authority with
respect to substantive decisions or functions regarding the Plan or Awards
thereunder as these relate to Insiders, including, but not limited to, decisions
regarding the timing, eligibility, pricing, amount or other material terms of
such Awards. Any such delegation may be revoked by the Committee at any time.

           (d) To the extent that the Committee determines that the restrictions
imposed by the Plan preclude the achievement of the material purposes of the
Awards in jurisdictions outside the United States, the Committee will have the
authority and discretion to modify those restrictions as the Committee
determines to be necessary or appropriate to conform to applicable requirements
or practices of jurisdictions outside of the United States.

Section 9. Adjustment Provisions

           (a) In the event of any change in the outstanding shares of Stock by
reason of a stock dividend or split, recapitalization, merger or consolidation
(whether or not the Corporation is a surviving corporation), reorganization,
combination or exchange of shares or other similar corporate changes or an
extraordinary dividend paid in cash or property, the number of shares of Stock
(or other securities) then remaining subject to this Plan, and the maximum
number of shares that may be issued to anyone pursuant to this Plan, including
those that are then covered by outstanding Awards, shall (i) in the event of an
increase in the number of outstanding shares, be proportionately increased and
the price for each share then covered by an outstanding Award shall be
proportionately reduced, and (ii) in the event of a reduction in the number of
outstanding shares, be proportionately reduced and the price for each share then
covered by an outstanding Award shall be proportionately increased.

           (b) In the event the adjustments described in clauses (i) and (ii) of
paragraph a of this Section 9 are inadequate to ensure equitable treatment of
any Award holder, then, to the extent permissible under applicable law, the
Committee shall make any further adjustments as it deems necessary to ensure
equitable treatment of any holder of an Award as the result of any transaction
affecting the securities subject to the Plan or as is required or authorized
under the terms of any applicable Award Agreement.

           (c) The existence of the Plan and the Awards granted hereunder shall
not affect or restrict in any way the right or power of the Board of Directors
or the shareholders of the Corporation to make or authorize any adjustment,
recapitalization, reorganization or other capital structure of its business, any
merger or consolidation of the Corporation, any issue of bonds, debentures,
preferred or prior preference stock ahead of or affecting the Stock or the

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rights thereof, the dissolution or liquidation of the Corporation or any sale or
transfer of all or any part of its assets or business, or any other corporate
act or proceeding.

Section 10. Change of Control

            (a) In the event of a "Change in Control" of the Corporation
(defined below), in addition to any action required or authorized by the terms
of an Award Agreement, the Committee may, in its sole discretion, recommend that
the Board of Directors take any of the following actions as a result, or in
anticipation, of any such event to assure fair and equitable treatment of
Participants:

                (i)   accelerate time periods for purposes of vesting in, or
      realizing gain from, any outstanding Award made pursuant to this Plan;

                (ii)  offer to purchase any outstanding Award made pursuant to
      this Plan from the holder for its equivalent cash value, as determined by
      the Committee, as of the date of the change of control; or

                (iii) make adjustments or modifications to outstanding Awards as
      the Committee deems appropriate to maintain and protect the rights and
      interests of Participants following such change of control.

Any such action approved by the Board of Directors shall be conclusive and
binding on the Corporation and all Participants.

            (b) For purposes of this Section, a Change of Control shall mean the
occurrence of any of the following:

                (i)   A tender offer or exchange offer whereby the effect of
      such offer is to take over and control the affairs of the Corporation, and
      such offer is consummated for the ownership of securities of the
      Corporation representing twenty-five percent (25%) or more of the combined
      voting power of the Corporation's then outstanding voting securities.

                (ii)  The Corporation is merged or consolidated with another
      corporation and, as a result of such merger or consolidation, less than
      seventy-five percent (75%) of the outstanding voting securities of the
      surviving or resulting corporation shall then be owned in the aggregate by
      the former shareholders of the Corporation, other than affiliates within
      the meaning of the Exchange Act or any party to such merger or
      consolidation.

                (iii) The Corporation transfers substantially all of its assets
      to another corporation or entity that is not a wholly owned subsidiary of
      the Corporation.

                (iv)  Any person (as such term is used in Sections 3(a)(9) and
      13(d)(3) of the Exchange Act) is or becomes the beneficial owner, directly
      or indirectly, of securities of the Corporation representing twenty-five
      percent (25%) or more of the

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      combined voting power of the Corporation's then outstanding securities,
      and the effect of such ownership is to take over and control the affairs
      of the Corporation.

                (v) As the result of a tender offer, merger, consolidation, sale
      of assets, or contested election, or any combination of such transactions,
      the persons who were members of the Board of Directors of the Corporation
      immediately before the transaction, cease to constitute at least a
      majority thereof.

Section 11. General Restrictions Delivery of shares of Stock or other amounts
under the Plan shall be subject to the following:

            (a) Notwithstanding any other provision of the Plan, the Corporation
shall have no liability to deliver any shares of Stock under the Plan or make
any other distribution of benefits under the Plan unless such delivery or
distribution would comply with all applicable laws (including, without
limitation, the requirements of the Securities Act of 1933), and the applicable
requirements of any securities exchange or similar entity.

            (b) To the extent that the Plan provides for issuance of stock
certificates to reflect the issuance of shares of Stock, the issuance may be
effected on a non-certificated basis, to the extent not prohibited by applicable
law or the applicable rules of any stock exchange.

Section 12. Unfunded Plan

            The Plan shall be unfunded. Neither the Corporation, a Subsidiary,
nor the Board of Directors shall be required to segregate any assets that may at
any time be represented by Awards made pursuant to the Plan. Neither the
Corporation, a Subsidiary, the Committee, nor the Board of Directors shall be
deemed to be a trustee of any amounts to be paid under the Plan.

Section 13. Limits of Liability

            (a) Any liability of the Corporation or a Subsidiary to any
Participant with respect to an Award shall be based solely upon contractual
obligations created by the Plan and the Award Agreement.

            (b) Neither the Corporation nor a Subsidiary, nor any member of the
Board of Directors or of the Committee, nor any other person participating in
any determination of any question under the Plan, or in the interpretation,
administration or application of the Plan, shall have any liability to any party
for any action taken or not taken in good faith under the Plan except as may be
expressly provided by statute.

Section 14. Rights of Employees

            (a) Status as an eligible Employee shall not be construed as a
commitment that any Award will be made under this Plan to such eligible Employee
or to eligible Employees generally.

            (b) Nothing contained in this Plan or in any Award Agreement (or in
any other documents related to this Plan or to any Award or Award Agreement)
shall confer upon

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any Employee or Participant any right to continue in the employ or other service
of the Corporation or a Subsidiary or constitute any contract or limit in any
way the right of the Corporation or a Subsidiary to change such person's
compensation or other benefits or to terminate the employment or other service
of such person with or without cause.

Section 15. Duration

            The Board of Directors adopted the Plan subject to the approval of
the shareholders of the Corporation at the Corporation's 2002 annual meeting of
its shareholders on May 22, 2002. The date of such shareholder approval shall be
the "Effective Date" of the Plan. The Plan shall remain in effect until all
Awards under the Plan have been exercised or terminated under the terms of the
Plan and applicable Award Agreements, provided, however, that Awards under the
Plan may only be granted within ten years from the Effective Date of the Plan.

                                       12<PAGE>

================================================================================
                                                                  EXECUTION COPY

                    STRUCTURED ASSET SECURITIES CORPORATION,
                                  as Depositor

                                       and

                      WACHOVIA BANK, NATIONAL ASSOCIATION,
                               as Master Servicer

                                       and

                       LEND LEASE ASSET MANAGEMENT, L.P.,
                               as Special Servicer

                                       and

                       LASALLE BANK NATIONAL ASSOCIATION,
                                   as Trustee

                                       and

                               ABN AMRO BANK N.V.,
                                 as Fiscal Agent

                         POOLING AND SERVICING AGREEMENT

                            Dated as of June 11, 2002

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

                                 $1,210,452,837

                    LB-UBS Commercial Mortgage Trust 2002-C2

                 Commercial Mortgage Pass-Through Certificates,
                                 Series 2002-C2

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

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                                TABLE OF CONTENTS

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                                                    ARTICLE I

                           DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

SECTION 1.01.              Defined Terms..................................................................................6
SECTION 1.02.              General Interpretive Principles...............................................................73

                                                    ARTICLE II

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

SECTION 2.01.              Creation of Trust; Conveyance of Mortgage Loans...............................................74
SECTION 2.02.              Acceptance of Trust Fund by Trustee...........................................................76
SECTION 2.03.              Repurchase of Mortgage Loans for Document Defects and Breaches of Representations and
                             Warranties..................................................................................78
SECTION 2.04.              Representations, Warranties and Covenants of the Depositor....................................80
SECTION 2.05.              Acceptance of Grantor Trust Assets by Trustee; Issuance of the Class V Certificates...........94
SECTION 2.06.              Execution, Authentication and Delivery of Class R-I Certificates; Creation of REMIC I
                             Regular Interests...........................................................................94
SECTION 2.07.              Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee....................94
SECTION 2.08.              Execution, Authentication and Delivery of Class R-II Certificates; Creation of REMIC
                             II Regular Interests........................................................................95
SECTION 2.09.              Conveyance of REMIC II Regular Interests; Acceptance of REMIC III by Trustee..................95
SECTION 2.10.              Execution, Authentication and Delivery of REMIC III Certificates..............................95

                                                    ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.              Administration of the Loans...................................................................96
SECTION 3.02.              Collection of Loan Payments...................................................................99
SECTION 3.03.              Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve
                             Accounts...................................................................................100
SECTION 3.04.              Pool Custodial Account, Defeasance Deposit Account, Collection Account and Interest
                             Reserve Account............................................................................102
SECTION 3.04A.             Dadeland Mall Custodial Accounts.............................................................105
SECTION 3.05.              Permitted Withdrawals From the Pool Custodial Account, the Collection Account and the
                             Interest Reserve Account...................................................................108

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SECTION 3.05A.             Permitted Withdrawals From the Dadeland Mall Custodial Account...............................112
SECTION 3.06.              Investment of Funds in the Servicing Accounts, the Reserve Accounts, the Defeasance
                             Deposit Account, the Custodial Accounts and the REO Accounts...............................115
SECTION 3.07.              Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage;
                             Environmental Insurance....................................................................117
SECTION 3.08.              Enforcement of Alienation Clauses............................................................121
SECTION 3.09.              Realization Upon Defaulted Loans; Required Appraisals; Appraisal Reduction
                             Calculation................................................................................123
SECTION 3.10.              Trustee and Custodian to Cooperate; Release of Mortgage Files................................128
SECTION 3.11.              Servicing Compensation; Payment of Expenses; Certain Matters Regarding Servicing
                             Advances...................................................................................129
SECTION 3.12.              Property Inspections; Collection of Financial Statements; Delivery of Certain Reports........134
SECTION 3.12A.             Delivery of Certain Reports to the Dadeland Mall Companion Loan Noteholder...................137
SECTION 3.12B.             Statements to the Dadeland Mall Companion Loan Noteholder....................................138
SECTION 3.13.              Annual Statement as to Compliance............................................................138
SECTION 3.14.              Reports by Independent Public Accountants....................................................139
SECTION 3.15.              Access to Certain Information................................................................140
SECTION 3.16.              Title to REO Property; REO Accounts..........................................................140
SECTION 3.17.              Management of REO Property...................................................................142
SECTION 3.17A.             Management and Disposition of the Dadeland Mall REO Property.................................145
SECTION 3.18.              Sale of Mortgage Loans and REO Properties....................................................148
SECTION 3.19.              Additional Obligations of the Master Servicer; Obligations to Notify Ground Lessors;
                             the Special Servicer's Right to Request the Master Servicer to Make Servicing
                             Advances...................................................................................152
SECTION 3.20.              Modifications, Waivers, Amendments and Consents; Defeasance..................................153
SECTION 3.21.              Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping...........159
SECTION 3.22.              Sub-Servicing Agreements.....................................................................161
SECTION 3.23.              Representations and Warranties of the Master Servicer........................................163
SECTION 3.24.              Representations and Warranties of the Special Servicer.......................................164
SECTION 3.25.              Certain Matters Regarding the Purchase of the Dadeland Mall Mortgage Loan....................166
SECTION 3.26.              Application of Default Charges...............................................................166

                                                    ARTICLE IV

       PAYMENTS TO CERTIFICATEHOLDERS; REPORTS TO CERTIFICATEHOLDERS

SECTION 4.01.              Distributions................................................................................169
SECTION 4.02.              Statements to Certificateholders; CMSA Loan Periodic Update File.............................183
SECTION 4.03.              P&I Advances.................................................................................191
SECTION 4.03A.             P&I Advances on the Dadeland Mall Loan Pair..................................................193

                                       -ii-

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SECTION 4.04.              Allocation of Realized Losses and Additional Trust Fund Expenses.............................196
SECTION 4.05.              Calculations.................................................................................197
SECTION 4.06.              Use of Agents................................................................................198

                                                    ARTICLE V

                                            THE CERTIFICATES

SECTION 5.01.              The Certificates.............................................................................199
SECTION 5.02.              Registration of Transfer and Exchange of Certificates........................................199
SECTION 5.03.              Book-Entry Certificates......................................................................207
SECTION 5.04.              Mutilated, Destroyed, Lost or Stolen Certificates............................................209
SECTION 5.05.              Persons Deemed Owners........................................................................209

                                                    ARTICLE VI

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

SECTION 6.01.              Liability of Depositor, Master Servicer and Special Servicer.................................210
SECTION 6.02.              Continued Qualification and Compliance of Master Servicer; Merger, Consolidation or
                             Conversion of Depositor, Master Servicer or Special Servicer...............................210
SECTION 6.03.              Limitation on Liability of Depositor, Master Servicer and Special Servicer...................210
SECTION 6.04.              Resignation of Master Servicer and the Special Servicer......................................212
SECTION 6.05.              Rights of Depositor, Trustee and the Dadeland Mall Companion Loan Noteholder in
                             Respect of the Master Servicer and the Special Servicer....................................212
SECTION 6.06.              Depositor, Master Servicer and Special Servicer to Cooperate with Trustee....................213
SECTION 6.07.              Depositor, Special Servicer and Trustee to Cooperate with Master Servicer....................213
SECTION 6.08.              Depositor, Master Servicer and Trustee to Cooperate with Special Servicer....................213
SECTION 6.09.              Designation of Special Servicer and Controlling Class Representative by the
                             Controlling Class..........................................................................213
SECTION 6.10.              Master Servicer or Special Servicer as Owner of a Certificate................................215
SECTION 6.11.              Certain Powers of the Controlling Class Representative.......................................215
SECTION 6.11A.             Certain Powers of the Dadeland Mall Companion Loan Noteholder................................218

                                                    ARTICLE VII

                                                      DEFAULT

SECTION 7.01.              Events of Default............................................................................221

                                      -iii-

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SECTION 7.02.              Trustee to Act; Appointment of Successor.....................................................226
SECTION 7.03.              Notification to Certificateholders...........................................................227
SECTION 7.04.              Waiver of Events of Default..................................................................227
SECTION 7.05.              Additional Remedies of Trustee Upon Event of Default.........................................228

                                                    ARTICLE VIII

                                               CONCERNING THE TRUSTEE

SECTION 8.01.              Duties of Trustee............................................................................229
SECTION 8.02.              Certain Matters Affecting Trustee............................................................230
SECTION 8.03.              Trustee and Fiscal Agent Not Liable for Validity or Sufficiency of Certificates or
                             Loans......................................................................................231
SECTION 8.04.              Trustee and Fiscal Agent May Own Certificates................................................231
SECTION 8.05.              Fees and Expenses of Trustee; Indemnification of and by Trustee..............................231
SECTION 8.06.              Eligibility Requirements for Trustee.........................................................232
SECTION 8.07.              Resignation and Removal of Trustee...........................................................233
SECTION 8.08.              Successor Trustee............................................................................234
SECTION 8.09.              Merger or Consolidation of Trustee and Fiscal Agent..........................................235
SECTION 8.10.              Appointment of Co-Trustee or Separate Trustee................................................235
SECTION 8.11.              Appointment of Custodians....................................................................236
SECTION 8.12.              Appointment of Authenticating Agents.........................................................236
SECTION 8.13.              Appointment of Tax Administrators............................................................237
SECTION 8.14.              Access to Certain Information................................................................238
SECTION 8.15.              Reports to the Securities and Exchange Commission and Related Reports........................240
SECTION 8.16.              Representations and Warranties of Trustee....................................................242
SECTION 8.17.              The Fiscal Agent.............................................................................243
SECTION 8.18.              Representations and Warranties of Fiscal Agent...............................................244

                                                    ARTICLE IX

                                                    TERMINATION

SECTION 9.01.              Termination Upon Repurchase or Liquidation of All Mortgage Loans.............................246
SECTION 9.02.              Additional Termination Requirements..........................................................254

                                                    ARTICLE X

                                             ADDITIONAL TAX PROVISIONS

SECTION 10.01.             REMIC Administration.........................................................................255
SECTION 10.02.             Grantor Trust Administration.................................................................258

                                       -iv-

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                                                    ARTICLE XI

                                               MISCELLANEOUS PROVISIONS

SECTION 11.01.             Amendment....................................................................................260
SECTION 11.02.             Recordation of Agreement; Counterparts.......................................................262
SECTION 11.03.             Limitation on Rights of Certificateholders and the Dadeland Mall Companion Loan
                             Noteholder.................................................................................262
SECTION 11.04.             Governing Law; Consent to Jurisdiction.......................................................263
SECTION 11.05.             Notices......................................................................................263
SECTION 11.06.             Severability of Provisions...................................................................264
SECTION 11.07.             Grant of a Security Interest.................................................................264
SECTION 11.08.             Streit Act...................................................................................264
SECTION 11.09.             Successors and Assigns; Beneficiaries........................................................265
SECTION 11.10.             Article and Section Headings.................................................................265
SECTION 11.11.             Notices to Rating Agencies...................................................................265
SECTION 11.12.             Global Opinions..............................................................................267
SECTION 11.13.             Complete Agreement...........................................................................267

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                                       -v-

<PAGE>

                             SCHEDULES AND EXHIBITS

<TABLE>
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<S>                  <C>
 Schedule No.        Schedule Description
 ----------------------------------------

          I          Mortgage Loan Schedule
         II          Schedule of Exceptions to Mortgage File Delivery
         III         Exceptions to the Representations and Warranties of the Depositor
         IV          Environmentally Insured Mortgage Loans
          V          Reference Rate Schedule

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

        A-1          Form of Class [A-1] [A-2] [A-3] [A-4] Certificate
        A-2          Form of Class [X-CL] [X-CP] [X-D] Certificate
        A-3          Form of Class [B] [C] [D] [E] [F] [G] Certificate
        A-4          Form of Class [H] [J] [K] [L] [M] [N] Certificate
        A-5          Form of Class [P] [Q] [S] [T] [U] Certificate
        A-6          Form of Class [R-I] [R-II] [R-III] Certificate
        A-7          Form of Class V Certificate
         B           Form of Distribution Date Statement
         C           Form of Custodial Certification
        D-1          Form of Master Servicer Request for Release
        D-2          Form of Special Servicer Request for Release
         E           Form of Loan Payoff Notification Report
        F-1          Form of Transferor Certificate for Transfers of Definitive Non-Registered Certificates
       F-2A          Form I of Transferee Certificate for Transfers of Definitive Non-Registered Certificates
       F-2B          Form II of Transferee Certificate for Transfers of Definitive Non-Registered Certificates
       F-2C          Form of Transferee Certificate for Transfers of Interests in Rule 144A Global Certificates
       F-2D          Form of Transferee Certificate for Transfers of Interests in Regulation S Global Certificates
        G-1          Form I of Transferee Certificate in Connection with ERISA (Definitive Non-Registered Certificates)
        G-2          Form II of Transferee Certificate in Connection with ERISA (Book-Entry Non-Registered Certificates)
        H-1          Form of Transfer Affidavit and Agreement regarding Residual Interest Certificates H-2 Form of
                       Transferor Certificate regarding Residual Interest Certificates
        I-1          Form of Notice and Acknowledgment
        I-2          Form of Acknowledgment of Proposed Special Servicer
         J           Form of UCC-1 Financing Statement Schedule
         K           Sub-Servicers in respect of which Sub-Servicing Agreements are in effect or being negotiated as of the
                       Closing Date
        L-1          Form of Information Request/Investor Certification for Website Access from Certificate Owner
        L-2          Form of Information Request/Investor Certification for Website Access from Prospective Investor
         M           Form of Defeasance Certification

</TABLE>

                                       -vi-

<PAGE>

                  This Pooling and Servicing Agreement (this "Agreement") is
dated and effective as of June 11, 2002, among STRUCTURED ASSET SECURITIES
CORPORATION, as Depositor, WACHOVIA BANK, NATIONAL ASSOCIATION, as Master
Servicer, LEND LEASE ASSET MANAGEMENT, L.P., as Special Servicer, LASALLE BANK
NATIONAL ASSOCIATION, as Trustee, and ABN AMRO BANK N.V., as Fiscal Agent.

                             PRELIMINARY STATEMENT:

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

                  As provided herein, the Trustee will elect to treat the
segregated pool of assets consisting of the Mortgage Loans (exclusive of the any
collections of Additional Interest on the ARD Mortgage Loans after their
respective Anticipated Repayment Dates) and certain other related assets subject
to this Agreement as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as "REMIC I". The Class R-I
Certificates will represent the sole class of "residual interests" in REMIC I
for purposes of the REMIC Provisions under federal income tax law. A separate
REMIC I Regular Interest will, on the Closing Date, be issued with respect to,
and will thereafter relate to, each Mortgage Loan in REMIC I (other than the
Dadeland Mall Mortgage Loan), and each such REMIC I Regular Interest shall bear
a numeric designation that is the same as the Mortgage Loan number for the
related Mortgage Loan set forth on the Mortgage Loan Schedule. Two separate
REMIC I Regular Interests will, on the Closing Date, be issued with respect to,
and will thereafter relate to, the Dadeland Mall Mortgage Loan, and such REMIC I
Regular Interests will bear the alphanumeric designations "DM-1" and "DM-2",
respectively. The Dadeland Mall Mortgage Loan consists of two Loan Components,
and each of REMIC I Regular Interest DM-1 and REMIC I Regular Interest DM-2
corresponds to a separate Loan Component of the Dadeland Mall Mortgage Loan.
REMIC I Regular Interest DM-1 will relate to that portion of the Dadeland Mall
Mortgage Loan that consists of and is defined as "Component A-1" in the related
loan agreement, and REMIC I Regular Interest DM-2 will relate to that portion of
the Dadeland Mall Mortgage Loan that consists of and is defined as "Component
A-2" in the related loan agreement. Each REMIC I Regular Interest will (i)
accrue interest at a per annum rate described in the definition of "REMIC I
Remittance Rate", and (ii) have an initial Uncertificated Principal Balance
equal to: $161,379,802, in the case of REMIC I Regular Interest DM-1;
$13,620,198, in the case of REMIC I Regular Interest DM-2; and the Cut-off Date
Balance of the related Mortgage Loan, in the case of each other REMIC I Regular
Interest. The Legal Final Distribution Date of each of the REMIC I Regular
Interests is the Distribution Date immediately following the third anniversary
of the end of the remaining amortization term (as determined as of the Closing
Date) of the related Mortgage Loan. None of the REMIC I Regular Interests will
be certificated.

<PAGE>

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

                                                                Initial
                                 REMIC II                    Uncertificated
         Designation         Remittance Rate               Principal Balance
         -----------         ---------------               -----------------
             A-1               Variable (1)                 $   64,000,000
            A-2-1              Variable (1)                 $  113,190,734
            A-2-2              Variable (1)                 $   49,174,402
            A-2-3              Variable (1)                 $   77,634,864
            A-3-1              Variable (1)                 $   71,437,699
            A-3-2              Variable (1)                 $   72,662,301
            A-4-1              Variable (1)                 $      685,307
            A-4-2              Variable (1)                 $   49,789,001
            A-4-3              Variable (1)                 $  483,404,692
              B                Variable (1)                 $   16,644,000
              C                Variable (1)                 $   27,235,000
              D                Variable (1)                 $   18,157,000
              E                Variable (1)                 $   18,157,000
             F-1               Variable (1)                 $    4,818,777
             F-2               Variable (1)                 $   11,282,627
             F-3               Variable (1)                 $    8,107,596
             G-1               Variable (1)                 $    1,775,255
             G-2               Variable (1)                 $   10,328,745
             H-1               Variable (1)                 $   14,432,576
             H-2               Variable (1)                 $      698,424
             J-1               Variable (1)                 $    9,634,964
             J-2               Variable (1)                 $    8,512,036
              K                Variable (1)                 $   15,131,000
              L                Variable (1)                 $   15,130,000
              M                Variable (1)                 $   12,105,000
              N                Variable (1)                 $    6,052,000
              P                Variable (1)                 $    4,539,000
              Q                Variable (1)                 $    7,566,000
              S                Variable (1)                 $    3,026,000
              T                Variable (1)                 $    3,026,000
              U                Variable (1)                 $   12,104,837
             X-D             1.070% per annum                      (2)

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

                                      -2-

<PAGE>

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

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

                  As provided herein, the Trustee will elect to treat the
segregated pool of assets consisting of the REMIC II Regular Interests as a
REMIC for federal income tax purposes, and such segregated pool of assets will
be designated as "REMIC III". The Class R-III Certificates will evidence the
sole class of "residual interests" in REMIC III for purposes of the REMIC
Provisions under federal income tax law. The following table irrevocably sets
forth the Class designation, Pass-Through Rate and original Class Principal
Balance for each Class of the Regular Interest Certificates. For federal income
tax purposes, each Class of the Regular Interest Certificates (exclusive of the
Class X-CL and Class X-CP Certificates), each of the 31 REMIC III Components of
the Class X-CL Certificates and each of the 19 REMIC III Components of the Class
X-CP Certificates will be designated as a separate "regular interest" in REMIC
III. The Legal Final Distribution Date for each Class of Regular Interest
Certificates (exclusive of the Class X-CL and Class X-CP Certificates), for each
of the 31 REMIC III Components of the Class X-CL Certificates and for each of
the 19 REMIC III Components of the Class X-CP Certificates is the latest Rated
Final Distribution Date.

                                       -3-
<PAGE>

            Class                                             Original Class

         Designation          Pass-Through Rate             Principal Balance
         -----------          -----------------             -----------------
          Class A-1        3.834% per annum                   $  64,000,000
          Class A-2        4.904% per annum                   $ 240,000,000
          Class A-3        5.386% per annum                   $ 144,100,000
          Class A-4        5.594% per annum                   $ 533,879,000
           Class B         5.666% per annum (1)               $  16,644,000
           Class C         5.696% per annum (1)               $  27,235,000
           Class D         5.735% per annum (1)               $  18,157,000
           Class E         5.774% per annum (1)               $  18,157,000
           Class F         5.794% per annum (1)               $  24,209,000
           Class G         5.873% per annum (1)               $  12,104,000
           Class H         6.137% per annum (1)               $  15,131,000
           Class J         6.235% per annum (1)               $  18,157,000
           Class K         6.529% per annum (1)               $  15,131,000
           Class L         5.683% per annum                   $  15,130,000
           Class M         5.683% per annum                   $  12,105,000
           Class N         5.683% per annum                   $   6,052,000
           Class P         5.683% per annum                   $   4,539,000
           Class Q         5.683% per annum                   $   7,566,000
           Class S         5.683% per annum                   $   3,026,000
           Class T         5.683% per annum                   $   3,026,000
           Class U         5.683% per annum                   $  12,104,837
          Class X-CL          Variable (2)                          (3)
          Class X-CP          Variable (2)                          (4)
          Class X-D        1.070% per annum                         (5)

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

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

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

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

                                       -4-
<PAGE>

         (5)      The Class X-D Certificates will not have a Class Principal
                  Balance and will not entitle their Holders to receive
                  distributions of principal. As more specifically provided
                  herein, interest in respect of the Class X-D Certificates will
                  be calculated based upon their fixed Pass-Through Rate (which
                  will be the same as the REMIC II Remittance Rate for REMIC II
                  Regular Interest X-D) and their Class Notional Amount from
                  time to time (which will be the same as the Uncertificated
                  Notional Amount of REMIC II Regular Interest X-D from time to
                  time).

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

                  The Initial Pool Balance will be $1,210,452,838. The initial
aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, the
initial aggregate Uncertificated Principal Balance of the REMIC II Regular
Interests and the initial aggregate Class Principal Balance of the respective
Classes of Regular Interest Certificates (other than the Class X-CL, Class X-CP
and X-D Certificates) will, in each case, be $1,210,452,837.

                  There exists one mortgage loan, in the unpaid principal amount
of $24,304,381 (the "Dadeland Mall Companion Loan"), that is not part of the
Trust Fund, but that is secured by the same Mortgage as a Mortgage Loan that is
part of the Trust Fund. The Mortgage Loan that is identified herein as the
"Dadeland Mall Mortgage Loan" is secured by the same Mortgage on the same
Mortgaged Property as the Dadeland Mall Companion Loan.

                  The Dadeland Mall Companion Loan will be held as of the
Closing Date by LaSalle Bank National Association, in its capacity as trustee
for the registered holders of the Dadeland Mall Mortgage Trust, Commercial
Mortgage Pass-Through Certificates, Series 2002-C2A (in such capacity, the
"Dadeland Mall Trustee").

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

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

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

                                       -5-
<PAGE>

                                   ARTICLE I

                  DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES

                  SECTION 1.01. Defined Terms.

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

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

                  "250 Park Avenue Mortgage Loan" shall mean the Mortgage Loan
identified on the Mortgage Loan Schedule by mortgage loan number 3, which
Mortgage Loan is secured by a Mortgage on the Mortgaged Property identified on
the Mortgage Loan Schedule as 250 Park Avenue.

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

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

                  "Accrued Certificate Interest" shall mean the interest accrued
from time to time with respect to any Class of Regular Interest Certificates,
the amount of which interest shall equal: (a) in the case of any Class of
Principal Balance Certificates for any Interest Accrual Period, one-twelfth of
the product of (i) the Pass-Through Rate applicable to such Class of
Certificates for such Interest Accrual Period, multiplied by (ii) the Class
Principal Balance of such Class of Certificates outstanding immediately prior to
the related Distribution Date; (b) in the case of the Class X-D Certificates for
any Interest Accrual Period, one-twelfth of the product of (i) the Pass-Through
Rate applicable to such Class of Certificates for such Interest Accrual Period,
multiplied by (ii) the Class Notional Amount of such Class of Certificates
outstanding immediately prior to the related Distribution Date; and (c) in the
case of each other Class of Interest Only Certificates for any Interest Accrual
Period, the aggregate amount of Accrued Component Interest for all of such
Class' REMIC III Components for such Interest Accrual Period. The Accrued
Certificate Interest with respect to the Class X-D Certificates for any Interest
Accrual Period will equal 100% of the Uncertificated Accrued Interest with
respect to REMIC II Regular Interest X-D for such Interest Accrual Period.

                  "Accrued Component Interest" shall mean the interest accrued
from time to time with respect to any REMIC III Component of the Class X-CP
Certificates or the Class X-CL Certificates, the

                                       -6-
<PAGE>

amount of which interest shall equal, for any Interest Accrual Period,
one-twelfth of the product of (i) the Pass-Through Rate applicable to such REMIC
III Component for such Interest Accrual Period, multiplied by (ii) the Component
Notional Amount of such REMIC III Component outstanding immediately prior to the
related Distribution Date.

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

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

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

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

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

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

                  "Adjusted Actual/360 Accrued Interest Amount" shall mean:

                  (1) with respect to either of REMIC I Regular Interest DM-1
         and REMIC I Regular Interest DM-2, for any Interest Accrual Period, an
         amount of interest equal to the product of (a) the "Applicable Interest
         Rate" (within the meaning of the related loan documents) in effect for
         the corresponding Loan Component of the Dadeland Mall Mortgage Loan as
         of the Closing Date (without regard to any modifications, extensions,
         waivers or amendments of such Mortgage Loan subsequent to the Closing
         Date), multiplied by (b) a fraction, the numerator of which is the
         number of days in such Interest Accrual Period, and the denominator of
         which is 360, multiplied by (c) the Uncertificated Principal Balance of
         such REMIC I Regular Interest immediately prior to the Distribution
         Date that corresponds to such Interest Accrual Period; and

                                       -7-
<PAGE>

                  (2) with respect to any other REMIC I Regular Interest, for
         any Interest Accrual Period, an amount of interest equal to the product
         of (a) the Mortgage Rate in effect for such Mortgage Loan as of the
         Closing Date (without regard to any modifications, extensions, waivers
         or amendments of such Mortgage Loan subsequent to the Closing Date),
         multiplied by (b) a fraction, the numerator of which is the number of
         days in such Interest Accrual Period, and the denominator of which is
         360, multiplied by (c) the Uncertificated Principal Balance of such
         REMIC I Regular Interest immediately prior to the Distribution Date
         that corresponds to such Interest Accrual Period;

provided that, if the subject Interest Accrual Period begins during (x) December
of 2002 or December of any year thereafter that does not immediately precede a
leap year or (y) January of 2003 or January of any year thereafter, then the
amount of interest calculated with respect to any particular REMIC I Regular
Interest pursuant to either clause (1) or clause (2), as applicable, of this
definition for such Interest Accrual Period without regard to this proviso shall
be decreased by the Interest Reserve Amount, if any, with respect to the related
Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) (or, in
the case of each of REMIC I Regular Interest DM-1 and REMIC I Regular Interest
DM-2, the portion of such Interest Reserve Amount allocable to the corresponding
Loan Component of the related Mortgage Loan (or any successor REO Mortgage Loan
with respect thereto)) transferred, in accordance with Section 3.04(c), from the
Collection Account to the Interest Reserve Account in the calendar month in
which such Interest Accrual Period ends; and provided, further, that, if the
subject Interest Accrual Period begins during February of 2003 or February of
any year thereafter, then the amount calculated with respect to any particular
REMIC I Regular Interest pursuant to either clause (1) or clause (2) of this
definition for such Interest Accrual Period without regard to this proviso shall
be increased by the Interest Reserve Amount(s), if any, with respect to the
related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto)
(or, in the case of each of REMIC I Regular Interest DM-1 and REMIC I Regular
Interest DM-2, the portion of such Interest Reserve Amount(s) allocable to the
corresponding Loan Component of the related Mortgage Loan (or any successor REO
Mortgage Loan with respect thereto)) transferred, in accordance with Section
3.05(c), from the Interest Reserve Account to the Collection Account in the
calendar month in which such Interest Accrual Period ends.

                  "Adjusted REMIC II Remittance Rate" shall mean:

                  (a) with respect to REMIC II Regular Interest A-1, for any
         Interest Accrual Period, 3.834% per annum;

                  (b) with respect to REMIC II Regular Interest A-2-1, for any
         Interest Accrual Period, 4.904% per annum;

                  (c) with respect to REMIC II Regular Interest A-2-2, (i) for
         any Interest Accrual Period from and including the Interest Accrual
         Period ending in July 2002 through and including the Interest Accrual
         Period ending in June 2005, an annual rate equal to the greater of (A)
         4.904% per annum and (B) the Reference Rate for such Interest Accrual
         Period, and (ii) for any Interest Accrual Period subsequent to the
         Interest Accrual Period ending in June 2005, 4.904%.

                  (d) with respect to REMIC II Regular Interest A-2-3, (i) for
         any Interest Accrual Period from and including the Interest Accrual
         Period ending in July 2002 through and including the Interest Accrual
         Period ending in June 2006, an annual rate equal to the greater of (A)

                                       -8-
<PAGE>

          4.904% per annum and (B) the Reference Rate for such Interest Accrual
          Period, and (ii) for any Interest Accrual Period subsequent to the
          Interest Accrual Period ending in June 2006, 4.904% per annum;

                  (e) with respect to REMIC II Regular Interest A-3-1, (i) for
         any Interest Accrual Period from and including the Interest Accrual
         Period ending in July 2002 through and including the Interest Accrual
         Period ending in June 2006, an annual rate equal to the greater of (A)
         5.386% per annum and (B) the Reference Rate for such Interest Accrual
         Period, and (ii) for any Interest Accrual Period subsequent to the
         Interest Accrual Period ending in June 2006, 5.386% per annum;

                  (f) with respect to REMIC II Regular Interest A-3-2, (i) for
         any Interest Accrual Period from and including the Interest Accrual
         Period ending in July 2002 through and including the Interest Accrual
         Period ending in June 2007, an annual rate equal to the greater of (A)
         5.386% per annum and (B) the Reference Rate for such Interest Accrual
         Period, and (ii) for any Interest Accrual Period subsequent to the
         Interest Accrual Period ending in June 2007, 5.386% per annum;

                  (g) with respect to REMIC II Regular Interest A-4-1, (i) for
         any Interest Accrual Period from and including the Interest Accrual
         Period ending in July 2002 through and including the Interest Accrual
         Period ending in June 2007, an annual rate equal to the greater of (A)
         5.594% per annum and (B) the Reference Rate for such Interest Accrual
         Period, and (ii) for any Interest Accrual Period subsequent to the
         Interest Accrual Period ending in June 2007, 5.594% per annum;

                  (h) with respect to REMIC II Regular Interest A-4-2, (i) for
         any Interest Accrual Period from and including the Interest Accrual
         Period ending in July 2002 through and including the Interest Accrual
         Period ending in June 2008, an annual rate equal to the greater of (A)
         5.594% per annum and (B) the Reference Rate for such Interest Accrual
         Period, and (ii) for any Interest Accrual Period subsequent to the
         Interest Accrual Period ending in June 2008, 5.594% per annum;

                  (i) with respect to REMIC II Regular Interest A-4-3, (i) for
         any Interest Accrual Period from and including the Interest Accrual
         Period ending in July 2002 through and including the Interest Accrual
         Period ending in June 2009, an annual rate equal to the greater of (A)
         5.594% per annum and (B) the Reference Rate for such Interest Accrual
         Period, and (ii) for any Interest Accrual Period subsequent to the
         Interest Accrual Period ending in June 2009, 5.594% per annum;

                  (j) with respect to REMIC II Regular Interest B, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2009, an annual rate equal to the greater of (A) 5.666%
         per annum and (B) the Reference Rate for such Interest Accrual Period,
         and (ii) for any Interest Accrual Period subsequent to the Interest
         Accrual Period ending in June 2009, 5.666% per annum;

                  (k) with respect to REMIC II Regular Interest C, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the

                                       -9-
<PAGE>

         Interest Accrual Period ending in June 2009, an annual rate (in no
         event in excess of the Weighted Average REMIC I Remittance Rate for
         such Interest Accrual Period) equal to the greater of (A) 5.696% per
         annum and (B) the Reference Rate for such Interest Accrual Period, and
         (ii) for any Interest Accrual Period subsequent to the Interest Accrual
         Period ending in June 2009, 5.696% per annum;

                  (l) with respect to REMIC II Regular Interest D, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2009, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 5.735% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2009, an annual rate equal to the lesser of (X) 5.735%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (m) with respect to REMIC II Regular Interest E, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2009, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 5.774% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2009, an annual rate equal to the lesser of (X) 5.774%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (n) with respect to REMIC II Regular Interest F-1, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2007, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 5.794% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2007, an annual rate equal to the lesser of (X) 5.794%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (o) with respect to REMIC II Regular Interest F-2, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2008, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 5.794% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2008, an annual rate equal to the lesser of (X) 5.794%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (p) with respect to REMIC II Regular Interest F-3, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2009, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 5.794% per annum and (B) the
         Reference Rate for such Interest Accrual Period,

                                      -10-
<PAGE>

         and (ii) for any Interest Accrual Period subsequent to the Interest
         Accrual Period ending in June 2009, an annual rate equal to the lesser
         of (X) 5.794% per annum and (Y) the Weighted Average REMIC I Remittance
         Rate for such Interest Accrual Period;

                  (q) with respect to REMIC II Regular Interest G-1, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2006, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 5.873% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2006, an annual rate equal to the lesser of (X) 5.873%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (r) with respect to REMIC II Regular Interest G-2, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2007, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 5.873% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2007, an annual rate equal to the lesser of (X) 5.873%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (s) with respect to REMIC II Regular Interest H-1, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2005, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 6.137% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2005, an annual rate equal to the lesser of (X) 6.137%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (t) with respect to REMIC II Regular Interest H-2, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2006, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the greater of (A) 6.137% per annum and (B) the
         Reference Rate for such Interest Accrual Period, and (ii) for any
         Interest Accrual Period subsequent to the Interest Accrual Period
         ending in June 2006, an annual rate equal to the lesser of (X) 6.137%
         per annum and (Y) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (u) with respect to REMIC II Regular Interest J-1, for any
         Interest Accrual Period, an annual rate equal to the lesser of (i)
         6.235% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period;

                  (v) with respect to REMIC II Regular Interest J-2, (i) for any
         Interest Accrual Period from and including the Interest Accrual Period
         ending in July 2002 through and including the Interest Accrual Period
         ending in June 2005, an annual rate (in no event in excess of the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period) equal to the

                                      -11-
<PAGE>

         greater of (A) 6.235% per annum and (B) the Reference Rate for such
         Interest Accrual Period, and (ii) for any Interest Accrual Period
         subsequent to the Interest Accrual Period ending in June 2005, an
         annual rate equal to the lesser of (X) 6.235% per annum and (Y) the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period;

                  (w) with respect to REMIC II Regular Interest K, for any
         Interest Accrual Period, an annual rate equal to the lesser of (i)
         6.529% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period; and

                  (x) with respect to each of REMIC II Regular Interest L, REMIC
         II Regular Interest M, REMIC II Regular Interest N, REMIC II Regular
         Interest P, REMIC II Regular Interest Q, REMIC II Regular Interest S,
         REMIC II Regular Interest T and REMIC II Regular Interest U, for any
         Interest Accrual Period, 5.683% per annum.

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

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

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

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

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

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

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

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

                                      -12-
<PAGE>

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

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

                  "Appraisal Reduction Amount" shall mean, with respect to any
Required Appraisal Loan, an amount (calculated initially as of the Determination
Date immediately following the later of the date on which the subject Mortgage
Loan or Loan Pair, as the case may be, became a Required Appraisal Loan and the
date on which the applicable Required Appraisal was obtained) equal to the
excess, if any, of: (a) the sum of, without duplication, (i) the Stated
Principal Balance of such Required Appraisal Loan, (ii) to the extent not
previously advanced by or on behalf of the Master Servicer, the Trustee or the
Fiscal Agent, all unpaid interest on such Required Appraisal Loan through the
most recent Due Date prior to the date of calculation (exclusive of any portion
thereof that represents Additional Interest and/or Default Interest), (iii) all
accrued and unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in
respect of such Required Appraisal Loan, (iv) all related unreimbursed Advances
made by or on behalf of (plus all accrued interest on such Advances payable to)
the Master Servicer, the Special Servicer, the Trustee and/or the Fiscal Agent
with respect to such Required Appraisal Loan, (v) any other unpaid Additional
Trust Fund Expenses in respect of such Required Appraisal Loan, and (vi) all
currently due and unpaid real estate taxes and assessments, insurance premiums
and, if applicable, ground rents, and any unfunded improvement or other
applicable reserves, in respect of the related Mortgaged Property or REO
Property, as the case may be (in each case, net of any amounts escrowed with the
Master Servicer or the Special Servicer for such items); over (b) the Required
Appraisal Value. Notwithstanding the foregoing, if (i) any Mortgage Loan or the
Dadeland Mall Loan Pair becomes a Required Appraisal Loan, (ii) either (A) no
Required Appraisal or update thereof has been obtained or conducted, as
applicable, in accordance with Section 3.09(a), with respect to the related
Mortgaged Property during the 12-month period prior to the date such Mortgage
Loan or the Dadeland Mall Loan Pair, as the case may be, became a Required
Appraisal Loan or (B) there shall have occurred since the date of the most
recent Required Appraisal or update thereof a material change in the
circumstances surrounding the related Mortgaged Property that would, in the
Special Servicer's reasonable judgment, materially affect the value of the
related Mortgaged Property, and (iii) no new Required Appraisal is obtained or
conducted, as applicable, in accordance with Section 3.09(a), within 60 days
after such Mortgage Loan or the Dadeland Mall Loan Pair, as the case may be,
became a Required Appraisal Loan, then (x) until such new Required Appraisal is
obtained or conducted, as applicable, in accordance with Section 3.09(a), the
Appraisal Reduction Amount shall equal 25% of the Stated Principal Balance of
such Required Appraisal Loan, and (y) upon receipt or performance, as
applicable, in accordance with Section 3.09(a), of such Required Appraisal or
update thereof by the Special Servicer, the Appraisal Reduction Amount for such
Required Appraisal Loan shall be recalculated in accordance with the preceding
sentence of this definition. For purposes of this definition, each Required
Appraisal Loan that is part of a Cross-Collateralized Group shall be treated
separately for the purposes of calculating any Appraisal Reduction Amount.

                  "Appraised Value" shall mean, with respect to any Mortgaged
Property or REO Property, the appraised value thereof based upon the most recent
appraisal or update thereof prepared by an Independent Appraiser that is
contained in the related Servicing File or, in the case of any such property
with or that had, as the case may be, an allocated loan amount of, or securing a
Loan or relating to an

                                      -13-
<PAGE>

REO Loan, as the case may be, with a Stated Principal Balance of, less than
$2,000,000, either (a) the most recent appraisal or update thereof that is
contained in the related Servicing File or (b) the most recent "desktop" value
estimate performed by the Special Servicer that is contained in the related
Servicing File.

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

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

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

                  "Assumed Monthly Payment" shall mean: (a) with respect to any
Balloon Mortgage Loan delinquent in respect of its Balloon Payment, for each Due
Date coinciding with or following its Stated Maturity Date as of which such
Mortgage Loan remains outstanding and part of the Trust Fund (provided that such
Mortgage Loan was not paid in full, and no other Liquidation Event occurred in
respect thereof, before the end of the Collection Period in which the related
Stated Maturity Date occurs), the scheduled monthly payment of principal and/or
interest deemed to be due in respect of such Mortgage Loan on such Due Date
equal to the amount that would have been due in respect thereof on such Due Date
if such Mortgage Loan had been required to continue to accrue interest (other
than Default Interest) in accordance with its terms, and to pay principal in
accordance with the amortization schedule (if any) in effect immediately prior
to, and without regard to the occurrence of, the related Stated Maturity Date;
and (b) with respect to any REO Loan, for any Due Date as of which the related
REO Property remains part of the Trust Fund, the scheduled monthly payment of
principal and/or interest deemed to be due in respect thereof on such Due Date
equal to the Monthly Payment (or, in the case of a Balloon Mortgage Loan
described in clause (a) of this definition, the Assumed Monthly Payment) that
was due (or deemed due) in respect of the related Loan on the last Due Date
prior to its becoming an REO Loan.

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

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

                  "Available Distribution Amount" shall mean, with respect to
any Distribution Date, an amount equal to: (a) the sum, without duplication, of
(i) the aggregate amount of all payments and other collections on or with
respect to the Mortgage Loans and any REO Properties (including, in the case of
the initial Distribution Date, the Initial Deposit) that (A) were received as of
the close of business on the immediately preceding Determination Date and (B)
are on deposit in the Collection Account as of 12:00 noon (New York City time)
on such Distribution Date, (ii) the aggregate amount of any P&I Advances made by
the Master Servicer, the Trustee and/or the Fiscal Agent for distribution on the
Certificates on such Distribution Date pursuant to Section 4.03 and/or Section
4.03A, (iii) the aggregate amount

                                      -14-
<PAGE>

deposited by the Master Servicer in the Collection Account for such Distribution
Date pursuant to Section 3.19(a) in connection with Prepayment Interest
Shortfalls, and (iv) to the extent not included in the amount described in
clause (a)(i) of this definition, if such Distribution Date occurs during March
of 2003 or March of any year thereafter, the aggregate of the Interest Reserve
Amounts transferred from the Interest Reserve Account to the Collection Account
in respect of the Interest Reserve Mortgage Loans and any Interest Reserve REO
Mortgage Loans for distribution on such Distribution Date; net of (b) the
portion of the aggregate amount described in clause (a) of this definition that
represents one or more of the following--(i) Monthly Payments that are due on a
Due Date following the end of the related Collection Period, (ii) any amounts
payable or reimbursable to any Person from the Collection Account pursuant to
clauses (ii) through (v) of Section 3.05(b), (iii) Prepayment Premiums, Yield
Maintenance Charges and/or Additional Interest, (iv) if such Distribution Date
occurs during January of 2003 or January of any year thereafter that is not a
leap year or during February of 2003 or February of any year thereafter, the
Interest Reserve Amounts with respect to the Interest Reserve Mortgage Loans and
any Interest Reserve REO Mortgage Loans to be withdrawn from the Collection
Account and deposited into the Interest Reserve Account in respect of such
Distribution Date and held for future distribution, all pursuant to Section
3.04(c), and (v) amounts deposited in the Collection Account in error.

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

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

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

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

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

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

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

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

                                      -15-
<PAGE>

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

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

                  "Certificate" shall mean any one of the LB-UBS Commercial
Mortgage Trust 2002-C2, Commercial Mortgage Pass-Through Certificates, Series
2002-C2, as executed by the Certificate Registrar and authenticated and
delivered hereunder by the Authenticating Agent.

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

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

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

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

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

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

                  "Certificateholder" shall mean the Person in whose name a
Certificate is registered in the Certificate Register, except that: (i) neither
a Disqualified Organization nor a Disqualified Non-United States Tax Person
shall be Holder of a Residual Interest Certificate for any purpose hereof; and
(ii) solely for the purposes of giving any consent, approval or waiver pursuant
to this Agreement that relates to the rights and/or obligations of any of the
Depositor, the Master Servicer, the Special Servicer, the Fiscal Agent or the
Trustee in its respective capacity as such, any Certificate registered in the
name of the Depositor, the Master Servicer, the Special Servicer, the Fiscal
Agent or the Trustee, as the case may be, or any Certificate registered in the
name of any of its Affiliates, shall be deemed not to be

                                      -16-
<PAGE>

outstanding, and the Voting Rights to which it is entitled shall not be taken
into account in determining whether the requisite percentage of Voting Rights
necessary to effect any such consent, approval or waiver that relates to it has
been obtained. The Certificate Registrar shall be entitled to request and rely
upon a certificate of the Depositor, the Master Servicer or the Special Servicer
in determining whether a Certificate is registered in the name of an Affiliate
of such Person. All references herein to "Certificateholders" shall reflect the
rights of Certificate Owners as they may indirectly exercise such rights through
the Depository and the Depository Participants, except as otherwise specified
herein; provided, however, that the parties hereto shall be required to
recognize as a "Certificateholder" only the Person in whose name a Certificate
is registered in the Certificate Register.

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

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

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

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

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

                  "Class A-3 Certificate" shall mean any one of the Certificates
with a "Class A-3" designation on the face thereof, substantially in the form of
Exhibit A-1 attached hereto, and evidencing a portion of a class of "regular
interests" in REMIC III for purposes of the REMIC Provisions.

                  "Class A-4 Certificate" shall mean any one of the Certificates
with a "Class A-4" designation on the face thereof, substantially in the form of
Exhibit A-1 attached hereto, and evidencing a portion of a class of "regular
interests" in REMIC III for purposes of the REMIC Provisions.

                  "Class A Principal Distribution Cross-Over Date" shall mean
the first Distribution Date as of the commencement of business on which (i) the
Class A-1, Class A-2, Class A-3 and Class A-4 Certificates, or any two or more
of such Classes, remain outstanding and (ii) the aggregate of the Class
Principal Balances of the Class B, Class C, Class D, Class E, Class F, Class G,
Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class Q, Class S,
Class T and Class U Certificates have been reduced to zero as a result of the
allocation of Realized Losses and Additional Trust Fund Expenses pursuant to
Section 4.04(a).

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

                                      -17-
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                  "Class Notional Amount" shall mean the aggregate notional
amount of a Class of Interest Only Certificates outstanding as of any date of
determination. As of any date of determination, the Class Notional Amount of the
Class X-D Certificates shall equal the then Uncertificated Notional Amount of
REMIC III Regular Interest X-D. As of any date of determination, the Class
Notional

                                      -18-
<PAGE>

Amount of each other Class of Interest Only Certificates shall equal the then
aggregate of the Component Notional Amounts of all the REMIC III Components of
such other Class of Interest Only Certificates; provided that, for reporting
purposes, the Class Notional Amount of the Class X-CP Certificates: (i)
following the Distribution Date in June 2005 through and including the
Distribution Date in June 2006, shall equal the aggregate of the Component
Notional Amounts of REMIC III Component X-CP-A-2-3, X-CP-A-3-1, X-CP-A-3-2,
X-CP-A-4-1, X-CP-A-4-2, X-CP-A-4-3, X-CP-B, X-CP-C, X-CP-D, X-CP-E, X-CP-F-1,
X-CP-F-2, X-CP-F-3, X-CP-G-1, X-CP-G-2 and X-CP-H-2,; (ii) following the
Distribution Date in June 2006 through and including the Distribution Date in
June 2007, shall equal the aggregate of the Component Notional Amounts of REMIC
III Component X-CP-A-3-2, X-CP-A-4-1, X-CP-A-4-2, X-CP-A-4-3, X-CP-B, X-CP-C,
X-CP-D, X-CP-E, X-CP-F-1, X-CP-F-2, X-CP-F-3 and X-CP-G-2; (iii) following the
Distribution Date in June 2007 through and including the Distribution Date in
June 2008, shall equal the aggregate of the Component Notional Amounts of REMIC
III Component X-CP-A-4-2, X-CP-A-4-3, X-CP-B, X-CP-C, X-CP-D, X-CP-E, X-CP-F-2
and X-CP-F-3; (iv) following the Distribution Date in June 2008 through and
including the Distribution Date in June 2009, shall equal the aggregate of the
Component Notional Amounts of REMIC III Component X-CP-A-4-3, X-CP-B, X-CP-C,
X-CP-D, X-CP-E and X-CP-F-3; and (v) following the Distribution Date in June
2009, shall equal zero (0).

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

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

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

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

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

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

                                      -19-
<PAGE>

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

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

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

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

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

                  "Class X-CL Certificate" shall mean any one of the
Certificates with a "Class X-CL" designation on the face thereof, substantially
in the form of Exhibit A-2 attached hereto, and evidencing a portion of 31
separate "regular interests" in REMIC III for purposes of the REMIC Provisions.

                  "Class X-CP Certificate" shall mean any one of the
Certificates with a "Class X-CP" designation on the face thereof, substantially
in the form of Exhibit A-2 attached hereto, and evidencing a portion of 19
separate "regular interests" in REMIC III for purposes of the REMIC Provisions.

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

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

                  "Closing Date" shall mean July 9, 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

                                      -20-
<PAGE>

shall be selected by the Master Servicer and reasonably acceptable to the
Trustee, the Special Servicer and the Controlling Class Representative.

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

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

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

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

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

                  "CMSA Historical Liquidation Report" shall mean a report
substantially in the form of, and containing the information called for in, the
downloadable form of the "Historical Liquidation

                                      -21-
<PAGE>

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

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

                  "CMSA Investor Reporting Package" shall mean, collectively:

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

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

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

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

                                      -22-
<PAGE>

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

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

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

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

                  "CMSA Servicer Watch List" shall mean a report substantially
in the form of, and containing the information called for in, the downloadable
form of the "Servicer Watch List" available as of the Closing Date on the CMSA
Website, or in such other form for the presentation of such information and
containing such additional information as may from time to time be approved by
the CMSA for commercial mortgage securities transactions generally and, insofar
as it requires the presentation of information in addition to that called for by
the form of the "Servicer Watch List" available as of the Closing Date on the
CMSA Website, is reasonably acceptable to the Master Servicer or Special
Servicer, as applicable, and in any event, identifying as of the Determination
Date immediately preceding the delivery of such report each Performing Loan (i)
with a debt service coverage ratio of less than 1.05x, (ii) that has a Stated
Maturity Date occurring in the next 60 days, (iii)

                                      -23-
<PAGE>

that is delinquent in respect of its real estate taxes, (iv) for which any
outstanding Advances exist, (v) that has been a Specially Serviced Loan in the
past 90 days, (vi) for which the debt service coverage ratio has decreased by
more than 10% in the prior 12 months, (vii) for which any lease relating to more
than 25% of the related Mortgaged Property has expired, been terminated, is in
default or will expire within the next three months (with no replacement tenant
having occupied or reasonably expected, within the next 45 days, to occupy the
space on comparable terms), (viii) that has been late in making its Monthly
Payment three or more times in the preceding twelve months, (ix) with an expired
material deferred maintenance at the related Mortgaged Property, (x) that is 30
or more days delinquent, (xi) to the extent the Master Servicer has actual
knowledge thereof, with respect to which a tenant or tenants occupying 25% of
the related Mortgaged Property are involved in bankruptcy or insolvency
proceedings, or (xii) in respect of which an inspection carried out pursuant to
Section 3.12(a) revealed a problem reasonably expected to materially and
adversely affect the cash flow of the related Mortgaged Property.

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

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

                  "Collection Account" shall mean the segregated account or
accounts created and maintained by the Trustee pursuant to Section 3.04(b),
which shall be entitled "LaSalle Bank National Association [OR NAME OF ANY
SUCCESSOR TRUSTEE], as Trustee, in trust for the registered holders of LB-UBS
Commercial Mortgage Trust 2002-C2, Commercial Mortgage Pass-Through
Certificates, Series 2002-C2".

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

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

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

                  "Condemnation Proceeds" shall mean all cash amounts received
in connection with the taking of all or a part of a Mortgaged Property or REO
Property by exercise of the power of eminent domain or condemnation, subject,
however, to the rights of any tenants and ground lessors, as the case may be,
and the terms of the related Mortgage.

                                      -24-
<PAGE>

                  "Controlling Class" shall mean, as of any date of
determination, the outstanding Class of Principal Balance Certificates that (a)
bears the latest alphabetic Class designation and (b) has a Class Principal
Balance which is greater than 25% of the Original Class Principal Balance of
such Class (without regard to any Appraisal Reduction Amount allocable to such
Class); provided that if no Class of Principal Balance Certificates has as of
such date of determination a Class Principal Balance greater than 25% of its
Original Class Principal Balance, then the Controlling Class shall be the then
outstanding Class of Principal Balance Certificates bearing the latest
alphabetic Class designation that has a Class Principal Balance greater than
zero; and provided, further, that, for purposes of determining the Controlling
Class, the Class A-1, Class A-2, Class A-3 and Class A-4 Certificates shall be
deemed a single Class of Certificates.

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

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

                  "Corporate Trust Office" shall mean the principal corporate
trust office of the Trustee at which at any particular time its corporate trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 135 South LaSalle
Street, Suite 1625, Chicago, Illinois 60603, Attention: Asset Backed Securities
Trust Services Group - LB-UBS Commercial Mortgage Trust 2002-C2.

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

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

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

                                      -25-
<PAGE>

is the same as the alphabetic or alphanumeric, as the case may be, designation
for such REMIC III Component of the Class X-CL Certificates; (c) with respect to
any REMIC III Component of the Class X-CP Certificates, the REMIC II Regular
Interest that has an alphabetic or alphanumeric designation that, when preceded
by "X-CP-", is the same as the alphabetic or alphanumeric, as the case may be,
designation for such REMIC III Component of the Class X-CP Certificates; and (d)
with respect to the Class X-D Certificates, REMIC II Regular Interest X-D.

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

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

                  "Custodial  Account"  shall mean either of the Pool  Custodial
Account or the Dadeland  Mall  Custodial Account.

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

                  "Cut-off Date" shall mean June 11, 2002.

                  "Cut-off Date Balance" shall mean, (i) with respect to the
Oakland Park Towers Mortgage Loan, the outstanding principal balance of such
Loan as of its date of origination, and (ii) with respect to any other Loan, the
outstanding principal balance of such Loan as of the Cut-off Date, net of all
unpaid payments of principal due in respect thereof on or before such date.

                  "Dadeland Mall Co-Lender Agreement" shall mean the Co-Lender
Agreement, dated as of July 9, 2002, between the Dadeland Mall Noteholders.

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

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

                  "Dadeland Mall Companion Loan Securities" shall mean, for so
long as the Dadeland Mall Mortgage Loan or a successor REO Mortgage Loan with
respect to the Dadeland Mall Mortgage Loan is part of the Mortgage Pool, any
class of securities backed by the Dadeland Mall Companion Loan.

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

                                      -26-
<PAGE>

                  "Dadeland Mall Fiscal Agent" shall mean ABN AMRO, in its
capacity as fiscal agent under that certain Trust Agreement, dated as of July 9,
2002, between SASCO as depositor, LaSalle as trustee and ABN AMRO as fiscal
agent.

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

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

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

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

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

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

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

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

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

                                      -27-
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                  "Depositor" shall mean SASCO.

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

                                      -28-
<PAGE>

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

                  "Determination Date" shall mean the 11th calendar day of each
month (or, if such 11th day is not a Business Day, the Business Day immediately
following), commencing in July 2002.

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

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

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

                  "Disqualified Organization" shall mean any of the following:
(i) the United States, any State or any political subdivision thereof, any
foreign government, international organization, or any agency or instrumentality
of any of the foregoing; (ii) any organization (except certain farmers'

                                      -29-
<PAGE>

cooperatives described in Section 521 of the Code) that is exempt from the tax
imposed by Chapter 1 of the Code (unless such organization is subject to the tax
imposed by Section 511 of the Code on unrelated business income); (iii) rural
electric and telephone cooperatives described in Section 1381 of the Code; or
(iv) any other Person so designated by the Trustee or the Tax Administrator
based upon an Opinion of Counsel that the holding of an Ownership Interest in a
Residual Interest Certificate by such Person may cause the Trust Fund or any
Person having an Ownership Interest in any Class of Certificates, other than
such Person, to incur a liability for any federal tax imposed under the Code
that would not otherwise be imposed but for the Transfer of an Ownership
Interest in a Residual Interest Certificate to such Person. The terms "United
States", "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

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

                  "Distributable Certificate Interest" shall mean, with respect
to any Class of Regular Interest Certificates for any Distribution Date, an
amount of interest equal to the amount of Accrued Certificate Interest in
respect of such Class of Certificates for the related Interest Accrual Period,
reduced (to not less than zero) by that portion, if any, of the Net Aggregate
Prepayment Interest Shortfall for such Distribution Date allocated to such Class
of Certificates as provided below. The Net Aggregate Prepayment Interest
Shortfall, if any, for each Distribution Date shall be allocated among the
respective Classes of Regular Interest Certificates on a pro rata basis in
accordance with the respective amounts of Accrued Certificate Interest for each
such Class of Certificates for the related Interest Accrual Period.

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

                  "Distribution Date" shall mean the date each month, commencing
in July 2002, on which, among other things, the Trustee is to make distributions
on the Certificates, which date shall be the fourth Business Day following the
Determination Date in such calendar month.

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

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

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

                                      -30-
<PAGE>

forth in the related Mortgage Note on which each Monthly Payment on the related
Loan had been scheduled to be first due.

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

                  "Eligible Account" shall mean any of: (i) an account
maintained with a federal or state chartered depository institution or trust
company, the long-term deposit or unsecured debt obligations of which are rated
at least "Aa3" by Moody's (if then rated by Moody's, and if not then rated by
Moody's, then an equivalent rating by at least one nationally recognized
statistical rating agency besides S&P) and at least "AA-" (or, if such
depository institution or trust company has short-term unsecured debt
obligations rated at least "A-1" by S&P, at least "A-") by S&P (or, in the case
of either Rating Agency, such lower rating as will not result in an Adverse
Rating Event with respect to any Class of Certificates and, in the case of an
account that relates solely to the Dadeland Mall Loan Pair, with respect to any
class of Dadeland Mall Companion Loan Securities, as evidenced in writing by
such Rating Agency) at any time such funds are on deposit therein (if such funds
are to be held for more than 30 days), or the short-term deposits of which are
rated at least "P-1" by Moody's (if then rated by Moody's, and if not then rated
by Moody's, then an equivalent rating by at least one nationally recognized
statistical rating agency besides S&P) and at least "A-1" by S&P (or, in the
case of either Rating Agency, such lower rating as will not result in an Adverse
Rating Event with respect to any Class of Certificates and, in the case of an
account that relates solely to the Dadeland Mall Loan Pair, with respect to any
class of Dadeland Mall Companion Loan Securities, as evidenced in writing by
such Rating Agency) at any time such funds are on deposit therein (if such funds
are to be held for 30 days or less); or (ii) a segregated trust account
maintained with the trust department of a federal or state chartered depository
institution or trust company acting in its fiduciary capacity (which may be the
Trustee), which has a combined capital and surplus of at least $50,000,000, is
subject to supervision or examination by federal or state authority and, in the
case of a state chartered depository institution or trust company, is subject to
regulations regarding fiduciary funds on deposit therein substantially similar
to 12 CFR ss. 9.10(b); or (iii) any other account, the use of which would not,
in and of itself, cause an Adverse Rating Event with respect to any Class of
Certificates and, in the case of an account that relates solely to the Dadeland
Mall Loan Pair, with respect to any class of Dadeland Mall Companion Loan
Securities, as evidenced in writing by each Rating Agency.

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

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

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

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

                                      -31-
<PAGE>

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

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

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

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

                  "Excluded Classes" shall mean, collectively, the Class L
Certificates, the Class M Certificates, the Class N Certificates, the Class P
Certificates, the Class Q Certificates, the Class S Certificates, the Class T
Certificates and the Class U Certificates.

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

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

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

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

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

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

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

                                      -32-
<PAGE>

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

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

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

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

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

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

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

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

                  "Grantor Trust Assets" shall mean any Additional Interest
received with respect to an ARD Mortgage Loan after its Anticipated Repayment
Date.

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

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

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

                  "Holder" shall mean a Certificateholder.

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

                  "Independent" shall mean, when used with respect to any
specified Person, any such Person who (i) is in fact independent of the
Depositor, each Mortgage Loan Seller, the Master Servicer, the Special Servicer,
any Controlling Class Certificateholder, the Dadeland Mall Companion Loan
Noteholder and any and all Affiliates thereof, (ii) does not have any direct
financial interest in or any material indirect financial interest in any of the
Depositor, either Mortgage Loan Seller, the Master Servicer, the Special
Servicer, any Controlling Class Certificateholder, the Dadeland Mall Companion

                                      -33-
<PAGE>

Loan Noteholder or any Affiliate thereof, and (iii) is not connected with the
Depositor, either Mortgage Loan Seller, the Master Servicer, the Special
Servicer, any Controlling Class Certificateholder, the Dadeland Mall Companion
Loan Noteholder or any Affiliate thereof as an officer, employee, promoter,
underwriter, trustee, partner, director or Person performing similar functions;
provided, however, that a Person shall not fail to be Independent of the
Depositor, a Mortgage Loan Seller, the Master Servicer, the Special Servicer, a
Controlling Class Certificateholder, the Dadeland Mall Companion Loan Noteholder
or any Affiliate thereof merely because such Person is the beneficial owner of
1% or less of any class of securities issued by the Depositor, such Mortgage
Loan Seller, the Master Servicer, the Special Servicer, such Controlling Class
Certificateholder, the Dadeland Mall Companion Loan Noteholder or any Affiliate
thereof, as the case may be, provided that such ownership constitutes less than
1% of the total assets owned by such Person.

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

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

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

                  "Initial Bidder" shall have the meaning assigned thereto in
Section 3.18(d).

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

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

                                      -34-
<PAGE>

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

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

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

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

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

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

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

                  "Interest Only Certificates" shall mean, collectively, the
Class X-CL, Class X-CP and Class X-D Certificates.

                  "Interest Reserve Account" shall mean the segregated account
or sub-account created and maintained by the Trustee pursuant to Section 3.04(c)
in trust for Certificateholders, which shall be entitled "LaSalle Bank National
Association [OR THE NAME OF ANY SUCCESSOR TRUSTEE], as Trustee, in trust for the
registered holders of LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
Mortgage Pass-Through Certificates, Series 2002-C2".

                  "Interest Reserve Amount" shall mean, with respect to each
Interest Reserve Mortgage Loan and Interest Reserve REO Mortgage Loan, for any
Distribution Date that occurs during February of 2003 or February of any year
thereafter or during January of 2003 or January of any year thereafter that is
not a leap year, an amount equal to one day's interest accrued at the related
Mortgage Rate (net of the related Additional Interest Rate in the case of an ARD
Mortgage Loan or related REO Mortgage Loan after the related Anticipated
Repayment Date) on the related Stated Principal Balance as of

                                      -35-
<PAGE>

the Due Date in the month in which such Distribution Date occurs (but prior to
the application of any amounts due on such Due Date), to the extent that a
Monthly Payment is received in respect thereof for such Due Date as of the
related Determination Date or a P&I Advance is made under this Agreement in
respect thereof for such Due Date by such Distribution Date.

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

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

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

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

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

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

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

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

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

                  "Lehman/Depositor Mortgage Loan Purchase Agreement" shall mean
that certain Mortgage Loan Purchase Agreement dated as of June 26, 2002, between
the Lehman Mortgage Loan Seller and the Depositor.

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

                                      -36-
<PAGE>

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

                  "Lend Lease" shall mean Lend Lease Asset Management, L.P.

                  "Liquidation Event" shall mean: (a) with respect to any Loan,
any of the following events--(i) such Loan is paid in full, (ii) a Final
Recovery Determination is made with respect to such Loan, (iii) such Loan is
repurchased by the Depositor pursuant to Section 2.03(a) or by the UBS Mortgage
Loan Seller pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement, (iv)
such Loan is purchased by a Purchase Option Holder or its assignee pursuant to
Section 3.18, (v) such Loan is purchased by the Depositor, Lehman Brothers, the
Special Servicer, a Controlling Class Certificateholder or the Master Servicer
pursuant to Section 9.01, (vi) such Loan is purchased by the holder of a related
mezzanine loan on behalf of the related Mortgagor in connection with a Loan
default, as set forth in the related intercreditor agreement, or (vii) in the
case of the Dadeland Mall Mortgage Loan, such Loan is purchased by the Dadeland
Mall Companion Loan Noteholder or its designee pursuant to the Dadeland Mall
Co-Lender Agreement; and (b) with respect to any REO Property (and the related
REO Loan), any of the following events--(i) a Final Recovery Determination is
made with respect to such REO Property, or (ii) such REO Property is purchased
by the Depositor, Lehman Brothers, the Special Servicer, a Controlling Class
Certificateholder or the Master Servicer pursuant to Section 9.01.

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

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

                  "Liquidation Proceeds" shall mean all cash amounts (other than
Insurance Proceeds and REO Revenues) received by the Master Servicer or the
Special Servicer in connection with: (i) the full or partial liquidation of a
Mortgaged Property or other collateral constituting security for a defaulted
Loan, through trustee's sale, foreclosure sale, REO Disposition or otherwise,
exclusive of any portion thereof required to be released to the related
Mortgagor in accordance with applicable law and the terms and conditions of the
related Mortgage Note and Mortgage; (ii) the realization upon any deficiency
judgment obtained against a Mortgagor; (iii) the purchase of a Specially
Serviced Mortgage Loan by a Purchase Option Holder or its assignee pursuant to
Section 3.18; (iv) the repurchase of a Mortgage Loan by the Depositor pursuant
to Section 2.03(a) or by the UBS Mortgage Loan Seller pursuant to the
UBS/Depositor Mortgage Loan Purchase Agreement; (v) the purchase of a Mortgage
Loan or REO Property by the Depositor, Lehman Brothers, the Special Servicer, a
Controlling Class Certificateholder or the Master Servicer pursuant to Section
9.01; (vi) the purchase of a Loan by the holder of a related mezzanine loan on
behalf of the related Mortgagor in connection with a Loan default, as set forth
in the related intercreditor agreement; or (vii) in the case of the Dadeland
Mall Mortgage Loan, the purchase of such Mortgage Loan by the Dadeland Mall
Companion Loan Noteholder or its designee pursuant to the Dadeland Mall
Co-Lender Agreement.

                  "Loan" shall mean any Mortgage Loan or the Dadeland Mall
Companion Loan.

                                      -37-
<PAGE>

                  "Loan Component" shall mean any of the following loan
components: Component A-1 and Component A-2 of the Dadeland Mall Mortgage Loan
or any successor REO Mortgage Loan with respect thereto. References to any of
the foregoing loan components are intended to be references to such loan
components as defined in the loan agreement related to the subject Mortgage
Loan.

                  "Loan Pair" shall mean any two Loans that are secured by the
same Mortgage on the same Mortgaged Property. The Dadeland Mall Loan Pair is the
only Loan Pair subject to this Agreement.

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

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

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

                  "Loop Mortgage Loan" shall mean the Mortgage Loan identified
on the Mortgage Loan Schedule by mortgage loan number 10, which Mortgage Loan is
secured by a Mortgage on the Mortgaged Property identified on the Mortgage Loan
Schedule as The Loop.

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

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

                                      -38-
<PAGE>

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

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

                  "Master Servicing Fee Rate" shall mean: (a) with respect to
the Dadeland Mall Companion Loan and any related REO Loan, 0.05% per annum; and
(b) with respect to each Mortgage Loan and REO Mortgage Loan, a rate per annum
equal to the related Administrative Cost Rate minus the Trustee Fee Rate.

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

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

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

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

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

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

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

                                      -39-
<PAGE>

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

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

                  "Mortgage File" shall mean, with respect to any Mortgage Loan
and, in the case of the Dadeland Mall Mortgage Loan, also with respect to the
Dadeland Mall Companion Loan, the following documents collectively (which, in
the case of the Dadeland Mall Loan Pair, except for the Mortgage Notes referred
to in clause (i) of this definition and any modifications thereof referred to in
clause (v) of this definition, relate to the entire Dadeland Mall Loan Pair):

                           (i) (A) the original executed Mortgage Note for such
                  Mortgage Loan, endorsed (without recourse, representation or
                  warranty, express or implied) to the order of "LaSalle Bank
                  National Association, as trustee for the registered holders of
                  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial Mortgage
                  Pass-Through Certificates, Series 2002-C2" or in blank, and
                  further showing a complete, unbroken chain of endorsement from
                  the originator (if such originator is other than the related
                  Mortgage Loan Seller) (or, alternatively, if the original
                  executed Mortgage Note has been lost, a lost note affidavit
                  and indemnity with a copy of such Mortgage Note), and (B) in
                  the case of the Dadeland Mall Loan Pair, a copy of the
                  executed Mortgage Note for the Dadeland Mall Companion Loan;

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

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

                           (iv) an original executed assignment, in recordable
                  form (except for recording information not yet available if
                  the instrument being assigned has not been returned from the
                  applicable recording office), of (A) the Mortgage and (B) any
                  related Assignment of Leases (if such item is a document
                  separate from the Mortgage), in favor of "LaSalle Bank
                  National Association, in its capacity as trustee for the
                  registered holders of LB-UBS Commercial Mortgage Trust
                  2002-C2, Commercial Mortgage Pass-Through Certificates, Series
                  2002-C2" (or, in the case of the Dadeland Mall Loan Pair, in
                  favor of "LaSalle Bank National Association, in its capacity
                  as trustee for the registered holders of LB-UBS Commercial
                  Mortgage Trust 2002-C2, Commercial Mortgage Pass-Through
                  Certificates,

                                      -40-
<PAGE>

                  Series 2002-C2, and in its capacity as lead lender on behalf
                  of the [NAME OF DADELAND MALL COMPANION LOAN NOTEHOLDER]")
                  (or, in each case, a copy thereof, certified to be the copy
                  of such assignment submitted for recording);

                           (v) an original or a copy of the assignment of all
                  unrecorded documents relating to the Mortgage Loan, in favor
                  of "LaSalle Bank National Association, as trustee for the
                  registered holders of LB-UBS Commercial Mortgage Trust
                  2002-C2, Commercial Mortgage Pass-Through Certificates, Series
                  2002-C2" (or, in the case of a Loan Pair, in favor of "LaSalle
                  Bank National Association, in its capacity as trustee for the
                  registered holders of LB-UBS Commercial Mortgage Trust
                  2002-C2, Commercial Mortgage Pass-Through Certificates, Series
                  2002-C2, and in its capacity as lead lender on behalf of [NAME
                  OF RELATED COMPANION LOAN NOTEHOLDER]");

                           (vi) originals or copies of final written
                  modification agreements in those instances where the terms or
                  provisions of the Mortgage Note for such Mortgage Loan (or, if
                  applicable, either Mortgage Note of the Dadeland Mall Loan
                  Pair) or the related Mortgage have been modified as to a
                  monetary term or other material term thereof, in each case
                  (unless the particular item has not been returned from the
                  applicable recording office) with evidence of recording
                  indicated thereon if the instrument being modified is a
                  recordable document;

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

                           (viii) with respect to Mortgage Loans secured by
                  hospitality and healthcare properties only, filed copies (with
                  evidence of filing) of any prior effective UCC Financing
                  Statements in favor of the originator of such Mortgage Loan or
                  in favor of any assignee prior to the Trustee (but only to the
                  extent the related Mortgage Loan Seller had possession of such
                  UCC Financing Statements prior to the Closing Date) and an
                  original UCC-2 or UCC-3 assignment thereof, as appropriate, in
                  form suitable for filing, in favor of "LaSalle Bank National
                  Association, in its capacity as trustee for the registered
                  holders of LB-UBS Commercial Mortgage Trust 2002-C2,
                  Commercial Mortgage Pass-Through Certificates, Series 2002-C2"
                  (or, in the case of the Dadeland Mall Loan Pair, in favor of
                  "LaSalle Bank National Association, in its capacity as trustee
                  for the registered holders of LB-UBS Commercial Mortgage Trust
                  2002-C2, Commercial Mortgage Pass-Through Certificates, Series
                  2002-C2, and in its capacity as lead lender on behalf of the
                  [NAME OF DADELAND MALL COMPANION LOAN NOTEHOLDER]");

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

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

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

                                      -41-
<PAGE>

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

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

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

                           (xv) an original assignment of the related security
                  agreement (if such item is a document separate from the
                  Mortgage and if such item is not included in the assignment
                  described in clause (vi)), in favor of "LaSalle Bank National
                  Association, in its capacity as trustee for the registered
                  holders of LB-UBS Commercial Mortgage Trust 2002-C2,
                  Commercial Mortgage Pass-Through Certificates, Series 2002-C2"
                  (or, in the case of the Dadeland Mall Loan Pair, in favor of
                  "LaSalle Bank National Association, in its capacity as trustee
                  for the registered holders of LB-UBS Commercial Mortgage Trust
                  2002-C2, Commercial Mortgage Pass-Through Certificates, Series
                  2002-C2, and in its capacity as lead lender on behalf of [NAME
                  OF DADELAND MALL COMPANION LOAN NOTEHOLDER]");

                           (xvi) in the case of the Dadeland Mall Loan Pair, the
                  Dadeland Mall Co-Lender Agreement;

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

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

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

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

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

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

                                      -42-
<PAGE>

                  (i) the Mortgage Loan number;

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

                  (iii) the Cut-off Date Balance;

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

                  (v) the original Mortgage Rate;

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

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

                  (viii) the Interest Accrual Basis;

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

                  (x) whether the Mortgage Loan is secured by a Ground Lease
         (even where the corresponding fee interest is encumbered);

                  (xi) the related Mortgage Loan Seller;

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

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

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

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

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

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

                  "Mortgage Pool Data Update Report" shall mean, with respect to
any Distribution Date, a report (which may be included as part of the
Distribution Date Statement), prepared by the Trustee, containing information
regarding the Loans as of the end of the related Collection Period, which report
shall contain substantially the categories of information regarding the Loans
set forth on Annexes A-1 and A-2 to the Prospectus Supplement (calculated, where
applicable, on the basis of the most recent

                                      -43-
<PAGE>

relevant information provided by the Mortgagors to the Master Servicer or the
Special Servicer, as the case may be, and by the Master Servicer or the Special
Servicer, as the case may be, to the Trustee), and which information shall be
presented in tabular format substantially similar to the format utilized on such
annexes and shall also include a loan-by-loan listing (in descending balance
order) showing loan number, property type, location, unpaid principal balance,
Mortgage Rate, paid-through date, maturity date, gross interest portion of the
Monthly Payment, principal portion of the Monthly Payment, and any Prepayment
Premium or Yield Maintenance Charge received.

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

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

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

                  "Net Adjusted REMIC II Remittance Rate" shall mean:

                  (a) with respect to each of REMIC II Regular Interest A-2-2
         and REMIC II Regular Interest A-2-3, for any Interest Accrual Period,
         4.904% per annum;

                  (b) with respect to each of REMIC II Regular Interest A-3-1
         and REMIC II Regular Interest A-3-2, for any Interest Accrual Period,
         5.386% per annum;

                  (c) with respect to each of REMIC II Regular Interest A-4-1,
         REMIC II Regular Interest A-4-2 and REMIC II Regular Interest A-4-3,
         for any Interest Accrual Period, 5.594% per annum;

                  (d) with respect to REMIC II Regular Interest B, for any
         Interest Accrual Period, 5.666% per annum;

                  (e) with respect to REMIC II Regular Interest C, for any
         Interest Accrual Period, 5.696% per annum;

                  (f) with respect to REMIC II Regular Interest D, for any
         Interest Accrual Period, an annual rate equal to the lesser of (i)
         5.735% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period;

                                      -44-
<PAGE>

                  (g) with respect to REMIC II Regular Interest E, for any
         Interest Accrual Period, an annual rate equal to the lesser of
         (i)5.774% per annum and (ii) the Weighted Average REMIC I Remittance
         Rate for such Interest Accrual Period;

                  (h) with respect to each of REMIC II Regular Interest F-1,
         REMIC II Regular Interest F-2 and REMIC II Regular Interest F-3, for
         any Interest Accrual Period, an annual rate equal to the lesser of (i)
         5.794% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period;

                  (i) with respect to each of REMIC II Regular Interest G-1 and
         REMIC II Regular Interest G-2, for any Interest Accrual Period, an
         annual rate equal to the lesser of (i) 5.873% per annum and (ii) the
         Weighted Average REMIC I Remittance Rate for such Interest Accrual
         Period;

                  (j) with respect to each of REMIC II Regular Interest

         H-1 and REMIC II Regular Interest H-2, for any Interest Accrual
         Period, an annual rate equal to the lesser of (i) 6.137% per annum and
         (ii) the Weighted Average REMIC I Remittance Rate for such Interest
         Accrual Period; and

                  (k) with respect to REMIC II Regular Interest J-2, for any
         Interest Accrual Period, an annual rate equal to the lesser of (i)
         6.235% per annum and (ii) the Weighted Average REMIC I Remittance Rate
         for such Interest Accrual Period.

                  "Net Aggregate Prepayment Interest Shortfall" shall mean, with
respect to any Distribution Date, the amount, if any, by which (a) the aggregate
of all Prepayment Interest Shortfalls incurred in connection with the receipt of
Principal Prepayments and/or, insofar as they result from the application of
Insurance Proceeds and/or Condemnation Proceeds, other early recoveries of
principal with respect to the Mortgage Loans (including Specially Serviced
Mortgage Loans) during the related Collection Period, exceeds (b) the aggregate
amount deposited by the Master Servicer in the Collection Account for such
Distribution Date pursuant to Section 3.19(a) in connection with such Prepayment
Interest Shortfalls.

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

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

                  "Net Investment Loss" shall mean, with respect to any
Investment Account for any Collection Period, the amount by which the aggregate
of all losses, if any, incurred during such Collection Period in connection with
the investment of funds held in such Investment Account in accordance with
Section 3.06 (exclusive, in the case of a Servicing Account, a Reserve Account
or the

                                      -45-
<PAGE>

Defeasance Deposit Account, of any portion of such losses that were incurred in
connection with investments made for the benefit of a Mortgagor), exceeds the
aggregate of all interest and other income realized during such Collection
Period on such funds (exclusive, in the case of a Servicing Account, a Reserve
Account or the Defeasance Deposit Account, of any portion of such interest or
other income payable to a Mortgagor in accordance with the related loan
documents and applicable law).

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

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

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

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

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

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

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

                  "Oakland Park Towers Mortgage Loan" shall mean the Mortgage
Loan identified on the Mortgage Loan Schedule by mortgage loan number 25, which
Mortgage Loan is secured by a Mortgage on the Mortgaged Property identified on
the Mortgage Loan Schedule as Oakland Park Towers.

                  "Officer's Certificate" shall mean a certificate signed by a
Servicing Officer of the Master Servicer or the Special Servicer, as the case
may be or by a Responsible Officer of the Trustee or the Fiscal Agent, as the
case may be, and shall mean with respect to any other Person, a certificate
signed by any of the Chairman of the Board, the Vice Chairman of the Board, the
President, any Vice President or Managing Director, an Assistant Vice President
or any other authorized officer (however

                                      -46-
<PAGE>

denominated) or another officer customarily performing functions similar to
those performed by any of the above designated officers or, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject.

                  "Opinion of Counsel" shall mean a written opinion of counsel,
who may, without limitation, be salaried counsel for the Depositor, the Master
Servicer or the Special Servicer, acceptable in form and delivered to the
Trustee or any other specified Person, as the case may be, except that any
opinion of counsel relating to (a) the qualification of REMIC I, REMIC II or
REMIC III as a REMIC, (b) compliance with the REMIC Provisions, (c)
qualification of the Grantor Trust as a grantor trust, (d) whether any act or
event would cause an Adverse REMIC Event or Adverse Grantor Trust Event, as may
be applicable, or (e) the resignation of the Master Servicer, the Special
Servicer or the Depositor pursuant to this Agreement, must be a written opinion
of Independent counsel acceptable to and delivered to the Trustee or any other
specified Person, as the case may be.

                  "Original Class Notional Amount" shall mean, with respect to
any Class of Interest Only Certificates, the initial Class Notional Amount of
each such Class as of the Closing Date, which shall equal $1,210,452,837, in the
case of the Class X-CL Certificates, $944,937,302, in the case of the Class X-CP
Certificates, and $175,000,000, in the case of the Class X-D Certificates.

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

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

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

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

                  "Pass-Through Rate" shall mean:

                  (a) with respect to the Class A-1 Certificates for any
         Interest Accrual Period, 3.834% per annum;

                  (b) with respect to the Class A-2 Certificates for any
         Interest Accrual Period,4.904% per annum;

                  (c) with respect to the Class A-3 Certificates for any
         Interest Accrual Period,5.386% per annum;

                  (d) with respect to the Class A-4 Certificates for any
         Interest Accrual Period, 5.594% per annum;

                                      -47-
<PAGE>

                  (e) with respect to the Class B Certificates for any Interest
         Accrual Period, 5.666% per annum;

                  (f) with respect to the Class C Certificates for any Interest
         Accrual Period, 5.696% per annum;

                  (g) with respect to the Class D Certificates for any Interest
         Accrual Period, an annual rate equal to the lesser of (i) 5.735% per
         annum and (ii) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (h) with respect to the Class E Certificates for any Interest
         Accrual Period, an annual rate equal to the lesser of (i) 5.774% per
         annum and (ii) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (i) with respect to the Class F Certificates for any Interest
         Accrual Period, an annual rate equal to the lesser of (i) 5.794% per
         annum and (ii) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (j) with respect to the Class G Certificates for any Interest
         Accrual Period, an annual rate equal to the lesser of (i) 5.873% per
         annum and (ii) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (k) with respect to the Class H Certificates for any Interest
         Accrual Period, an annual rate equal to the lesser of (i) 6.137% per
         annum and (ii) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (l) with respect to the Class J Certificates for any Interest
         Accrual Period, an annual rate equal to the lesser of (i) 6.235% per
         annum and (ii) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (m) with respect to the Class K Certificates for any Interest
         Accrual Period, an annual rate equal to the lesser of (i) 6.529% per
         annum and (ii) the Weighted Average REMIC I Remittance Rate for such
         Interest Accrual Period;

                  (n) with respect to each other Class of Principal Balance
         Certificates for any Interest Accrual Period, 5.683% per annum;

                  (o) with respect to the Class X-D Certificates for any
         Interest Accrual Period, 1.070% per annum;

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

                  (q) with respect to the Class X-CL Certificates for any
         Interest Accrual Period, an annual rate equal to the weighted average
         (expressed as a percentage and rounded to six decimal

                                      -48-
<PAGE>

         places) of the Pass-Through Rates applicable to the respective REMIC
         III Components of such Class for such Interest Accrual Period,
         weighted on the basis of the respective Component Notional Amounts of
         such REMIC III Components outstanding immediately prior to the related
         Distribution Date;

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

                  (s) with respect to the Class X-CP Certificates for any
         Interest Accrual Period, an annual rate equal to the weighted average
         (expressed as a percentage and rounded to six decimal places) of the
         Pass-Through Rates applicable to the respective REMIC III Components of
         such Class for such Interest Accrual Period, weighted on the basis of
         the respective Component Notional Amounts of such REMIC III Components
         outstanding immediately prior to the related Distribution Date;
         provided that, for reporting purposes, the Pass-Through Rate of the
         Class X-CP Certificates: (i) for each Interest Accrual Period from and
         including the Interest Accrual Period ending in June 2005 through and
         including the Interest Accrual Period ending in June 2006 shall be
         calculated taking into account only the respective Pass-Through Rates
         of REMIC III Component X-CP-A-2-3, X-CP-A-3-1, X-CP-A-3-2, X-CP-A-4-1,
         X-CP-A-4-2, X-CP-A-4-3, X-CP-B, X-CP-C, X-CP-D, X-CP-E, X-CP-F-1,
         X-CP-F-2, X-CP-F-3, X-CP-G-1, X-CP-G-2 and X-CP-H-2; (ii) for each
         Interest Accrual Period from and including the Interest Accrual Period
         ending in June 2006 through and including the Interest Accrual Period
         ending in June 2007 shall be calculated taking into account only the
         respective Pass-Through Rates of REMIC III Component X-CP-A-3-2,
         X-CP-A-4-1, X-CP-A-4-2, X-CP-A-4-3, X-CP-B, X-CP-C, X-CP-D, X-CP-E,
         X-CP-F-1, X-CP-F-2, X-CP-F-3 and X-CP-G-2; (iii) for each Interest
         Accrual Period from and including the Interest Accrual Period ending in
         June 2007 through and including the Interest Accrual Period ending in
         June 2008 shall be calculated taking into account only the respective
         Pass-Through Rates of REMIC III Component X-CP-A-4-2, X-CP-A-4-3,
         X-CP-B, X-CP-C, X-CP-D, X-CP-E, X-CP-F-2 and X-CP-F-3; (iv) for each
         Interest Accrual Period from and including the Interest Accrual Period
         ending in June 2008 through and including the Interest Accrual Period
         ending in June 2009 shall be calculated taking into account only the
         respective Pass-Through Rates of REMIC III Component X-CP-A-4-3,
         X-CP-B, X-CP-C, X-CP-D, X-CP-E and X-CP-F-3; and (v) for each Interest
         Accrual Period following the Interest Accrual Period ending in June
         2009 shall equal 0% per annum.

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

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

                                      -49-
<PAGE>

Class; and (b) with respect to a Class V or Residual Interest Certificate, the
percentage interest in distributions to be made with respect to the relevant
Class, as stated on the face of such Certificate.

                  "Performing Loan" shall mean any Corrected Loan and any Loan
as to which a Servicing Transfer Event has never occurred.

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

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

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

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

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

                  (iii) certificates of deposit, time deposits, demand deposits
         and bankers' acceptances of any bank or trust company organized under
         the laws of the United States or any state thereof (having original
         maturities of not more than 365 days), the short term obligations of
         which are rated in the highest rating category of each of Moody's (if
         then rated by Moody's, and if not then rated by Moody's, then an
         equivalent rating by at least one additional nationally recognized
         statistical rating agency besides S&P) and S&P (or, in the case of
         either Rating Agency, such lower rating as will not result in an
         Adverse Rating Event with respect to any Class of Certificates and, in
         the case of an investment being made with funds that relate solely to
         the Dadeland Mall Loan Pair, with respect to any class of Dadeland Mall
         Companion Loan Securities, as evidenced in writing by such Rating
         Agency). In addition, any such item by its terms must have a
         predetermined fixed dollar amount of principal due at maturity that
         cannot

                                      -50-
<PAGE>

         vary or change. Interest may either be fixed or variable. If such
         interest is variable, interest must be tied to a single interest rate
         index plus a single fixed spread (if any), and move proportionately
         with that index;

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

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

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

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

                  "Permitted Transferee" shall mean any Transferee of a Residual
Interest Certificate other than (a) a Disqualified Organization, (b) any Person
as to whom, as determined by the Trustee (based upon an Opinion of Counsel,
obtained at the request of the Trustee at the expense of such Person or the
Person seeking to Transfer a Residual Interest Certificate, supporting such
determination), the Transfer

                                      -51-
<PAGE>

of a Residual Interest Certificate may cause any REMIC Pool to fail to qualify
as a REMIC at any time that any Certificate is outstanding, (c) a Disqualified
Non-United States Tax Person, or (d) a Disqualified Partnership.

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

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

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

                  "Pool Custodial Account" shall mean the segregated account or
accounts created and maintained by the Master Servicer pursuant to Section
3.04(a) on behalf of the Trustee in trust for the Certificateholders, which
shall be entitled "Wachovia Bank, National Association [OR THE NAME OF ANY
SUCCESSOR MASTER SERVICER], as Master Servicer, on behalf of LaSalle Bank
National Association [OR THE NAME OF ANY SUCCESSOR TRUSTEE], as Trustee, in
trust for the registered holders of LB-UBS Commercial Mortgage Trust 2002-C2,
Commercial Mortgage Pass-Through Certificates, Series 2002-C2, Pool Custodial
Account".

                  "Pool REO Account" shall mean the segregated account or
accounts created and maintained by the Special Servicer pursuant to Section 3.16
on behalf of the Trustee in trust for the Certificateholders, which shall be
entitled "Lend Lease Asset Management, L.P. [OR THE NAME OF ANY SUCCESSOR
SPECIAL SERVICER], as Special Servicer, on behalf of LaSalle Bank National
Association [OR THE NAME OF ANY SUCCESSOR TRUSTEE], as Trustee, in trust for the
registered holders of LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
Mortgage Pass-Through Certificates, Series 2002-C2, Pool REO Account".

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

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

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

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

                  "Prepayment Consideration Entitlement" shall mean, with
respect to (i) any Distribution Date on which any Net Prepayment Consideration
received with respect to any Mortgage Loan (or any successor REO Mortgage Loan
with respect thereto) is distributable and (ii) any Class of Principal Balance
Certificates (other than any Excluded Class) entitled to distributions of
principal on such Distribution Date, an amount equal to the product of (a) such
Net Prepayment Consideration, multiplied by (b) a fraction (not greater than 1.0
or less than 0.0), the numerator of which is equal to the excess, if

                                      -52-
<PAGE>

any, of the Pass-Through Rate for such Class of Principal Balance Certificates
over the relevant Discount Rate, and the denominator of which is equal to the
excess, if any, of the Mortgage Rate for such Mortgage Loan (or REO Mortgage
Loan) over the relevant Discount Rate, and further multiplied by (c) a fraction,
the numerator of which is equal to the amount of principal to be distributed on
such Class of Principal Balance Certificates on such Distribution Date pursuant
to Section 4.01(a) or 9.01, as applicable, and the denominator of which is equal
to the Principal Distribution Amount for such Distribution Date.

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

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

                  "Prepayment Premium" shall mean any premium, penalty or fee
(other than a Yield Maintenance Charge) paid or payable, as the context
requires, as a result of a Principal Prepayment on, or other early collection of
principal of, a Loan (including any payoff of a Loan by a mezzanine lender on
behalf of the subject Mortgagor, as set forth in the related intercreditor
agreement).

                  "Primary Servicing Office" shall mean the offices of the
Master Servicer or the Special Servicer, as the context may require, that are
primarily responsible for such party's servicing obligations hereunder. As of
the Closing Date, the Primary Servicing Office of the Master Servicer is located
at NC 1075, 8739 Research Drive, URP-4, Charlotte, North Carolina 28288-1075,
and the Primary Servicing Office of the Special Servicer is located at 700 North
Pearl Street, Suite 2400, Dallas, Texas 75201.

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

                                      -53-
<PAGE>

                  "Principal Balance Certificate" shall mean any Regular
Interest Certificate (other than an Interest Only Certificate).

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

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

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

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

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

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

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

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

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

                                      -54-
<PAGE>

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

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

                  "Prospectus" shall mean the prospectus dated June 17, 2002, as
supplemented by the Prospectus Supplement, relating to the Registered
Certificates.

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

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

                  "Purchase Price" shall mean, with respect to any Mortgage Loan
(or REO Property), a cash price equal to the aggregate of: (a) the outstanding
principal balance of such Mortgage Loan (or the related REO Loan) as of the date
of purchase, (b) all accrued and unpaid interest on such Mortgage Loan (or the
related REO Loan) to, but not including, the Due Date in the Collection Period
of purchase (exclusive, however, of any portion of such accrued but unpaid
interest that represents Default Interest or, in the case of an ARD Loan after
its Anticipated Repayment Date, Additional Interest), (c) all related
unreimbursed Servicing Advances, if any, (d) all accrued and unpaid interest, if
any, in respect of related Advances in accordance with, as applicable, Section
3.11(g), Section 4.03(d) and/or Section 4.03A(d), and (e) in the case of a
repurchase by the Depositor pursuant to Section 2.03(a) or by the UBS Mortgage
Loan Seller pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement, (i)
to the extent not otherwise included in the amount described in clause (d) of
this definition, any unpaid Special Servicing Fees and other Additional Trust
Fund Expenses with respect to such Mortgage Loan (or REO Property), and (ii) to
the extent not otherwise included in the amount described in clause (c) of this
definition, any costs and expenses incurred by the Master Servicer, the Special
Servicer or the Trustee (on behalf of the Trust) in enforcing the obligation of
such Person to purchase such Mortgage Loan; provided that in the case of the
Dadeland Mall Mortgage Loan, the Purchase Price calculated above shall be
reduced by any related unpaid Master Servicing Fees, unreimbursed Advances and,
to the extent included therein pursuant to clause (d) above, unpaid interest on
Advances which, following the subject purchase, will continue to be payable or
reimbursable to the Master Servicer and/or the Special Servicer in respect of
such Mortgage Loan pursuant to the terms of any relevant servicing agreement
that is to govern the servicing and administration of the Dadeland Mall Loan
Pair (which amounts shall no longer be payable hereunder); and provided,
further, that, in the case of an REO Property that relates to the Dadeland Mall
Loan Pair, the Purchase Price for such REO Property shall instead equal the
greater of (x) the fair market value of such REO Property, based on a recent
appraisal meeting the criteria for a Required Appraisal, and (y) the aggregate
of the amounts described in clauses (a), (b), (c), (d) and, if applicable, (e)
above with respect to both REO Loans comprising the Dadeland Mall Loan Pair.

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

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

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

                                      -55-
<PAGE>

                  "Rated Final Distribution Date" shall mean: (a) with respect
to the Class A-1, Class A-2 and Class A-3 Certificates, the Distribution Date in
June 2026; (b) with respect to the Class A-4 Certificates, the Distribution Date
in June 2031; and (c) with respect to the other Classes of Certificates, other
than the Class X-CL, Class X-CP, Class X-D, Class U, Class R-I, Class R-II,
Class R-III and Class V Certificates, the Distribution Date in July 2035.

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

                  "Realized Loss" shall mean: (1) with respect to each Loan as
to which a Final Recovery Determination has been made, or with respect to any
successor REO Loan as to which a Final Recovery Determination has been made as
to the related REO Property, an amount (not less than zero) equal to the excess,
if any, of (a) the sum of (i) the unpaid principal balance of such Loan or REO
Loan, as the case may be, as of the commencement of the Collection Period in
which the Final Recovery Determination was made, plus (ii) without taking into
account the amount described in subclause (1)(b) of this definition, all accrued
but unpaid interest on such Loan or such REO Loan, as the case may be, to but
not including the Due Date in the Collection Period in which the Final Recovery
Determination was made (exclusive, however, of any portion of such accrued but
unpaid interest that represents Default Interest or, in the case of an ARD Loan
after its Anticipated Repayment Date, Additional Interest), over (b) all
payments and proceeds, if any, received with respect to such Loan or, to the
extent allocable to such REO Loan, the related REO Property, as the case may be,
during the Collection Period in which such Final Recovery Determination was
made, insofar as such payments and proceeds are allocable to interest (other
than Default Interest and Additional Interest) on or principal of such Loan or
REO Loan; (2) with respect to each Loan as to which any portion of the principal
or previously accrued interest payable thereunder was canceled in connection
with a bankruptcy or similar proceeding involving the related Mortgagor or a
modification, extension, waiver or amendment of such Loan granted or agreed to
by the Special Servicer pursuant to Section 3.20, the amount of such principal
and/or interest (other than Default Interest and, in the case of an ARD Loan
after its Anticipated Repayment Date, Additional Interest) so canceled; and (3)
with respect to each Loan as to which the Mortgage Rate thereon has been
permanently reduced and not recaptured for any period in connection with a
bankruptcy or similar proceeding involving the related Mortgagor or a
modification, extension, waiver or amendment of such Loan granted or agreed to
by the Special Servicer pursuant to Section 3.20, the amount of the consequent
reduction in the interest portion of each successive Monthly Payment due thereon
(each such Realized Loss shall be deemed to have been incurred on the Due Date
for each affected Monthly Payment).

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

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

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

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

                                      -56-
<PAGE>

                  "Registered Certificate" shall mean any Certificate that has
been the subject of registration under the Securities Act. As of the Closing
Date, the Class A-1, Class A-2, Class A-3, Class A-4, Class B, Class C, Class D,
Class E, Class F and Class G Certificates are Registered Certificates.

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

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

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

                  "Regulation S Legend" shall mean, with respect to any Class of
Book-Entry Non-Registered Certificates offered and sold outside the United
States in reliance on Regulation S, a legend generally to the effect that such
Certificates may not be offered, sold, pledged or otherwise transferred in the
United States or to a United States Securities Person prior to the Release Date
except pursuant to an exemption from the registration requirements of the
Securities Act.

                  "Reimbursement Rate" shall mean the rate per annum applicable
to the accrual of interest, compounded annually, on Servicing Advances in
accordance with Section 3.11(g) and on P&I Advances in accordance with, as
applicable, Section 4.03(d) or Section 4.03A(d), which rate per annum is equal
to the Prime Rate.

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

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

                  "REMIC I" shall mean the segregated pool of assets
constituting the primary trust created hereby and to be administered hereunder
with respect to which a separate REMIC election is to be made, and consisting
of: (i) the Mortgage Loans as from time to time are subject to this Agreement
and all payments under and proceeds of such Mortgage Loans received after the
Closing Date (other than scheduled payments of interest and principal due on or
before the Cut-off Date, and other than Additional Interest received with
respect to the ARD Mortgage Loans after their respective Anticipated Repayment
Dates), together with all documents included in the related Mortgage Files; (ii)
any REO Properties as from time to time are subject to this Agreement and all
income and proceeds received with respect thereto; (iii) such funds or assets
(including the Initial Deposit) as from time to time are deposited in the Pool
Custodial Account, the Collection Account, the Interest Reserve Account and, if
established, the Pool REO Account, exclusive of any amounts that represent
Additional Interest received in respect of the ARD Mortgage Loans after their
respective Anticipated Repayment Dates; and (iv) the rights of the Depositor
under the UBS/Depositor Mortgage Loan Purchase Agreement; provided that REMIC I
shall not include the Dadeland Mall Companion Loan or any payments or other
collections of principal, interest, Prepayment Premiums, Yield Maintenance
Charges or other amounts received on or with respect to the Dadeland Mall
Companion Loan or any successor REO Loan in respect thereof.

                                      -57-
<PAGE>

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

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

                  "REMIC II" shall mean the segregated pool of assets consisting
of all of the REMIC I Regular Interests conveyed in trust to the Trustee for the
benefit of REMIC III, as holder of the REMIC II Regular Interests, and the
Holders of the Class R-II Certificates, pursuant to Section 2.07, with respect
to which a separate REMIC election is to be made.

                  "REMIC II Regular Interest" shall mean any of the 32 separate
non-certificated beneficial ownership interests in REMIC II issued hereunder and
designated as a "regular interest" in REMIC II. Each REMIC II Regular Interest
shall accrue interest at the REMIC II Remittance Rate in effect from time to
time, and shall be entitled to distributions of principal, subject to the terms
and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto. The designations for the respective REMIC II Regular Interests are set
forth in the Preliminary Statement hereto.

                  "REMIC II Remittance Rate" shall mean: (a) with respect to
REMIC II Regular Interest X-D for any Interest Accrual Period, 1.070% per annum;
and (b) with respect to each other REMIC II Regular Interest for any Interest
Accrual Period, the Weighted Average REMIC I Remittance Rate for such Interest
Accrual Period.

                  "REMIC III" shall mean the segregated pool of assets
consisting of all of the REMIC II Regular Interests conveyed in trust to the
Trustee for the benefit of the Holders of the REMIC III Certificates, pursuant
to Section 2.09, with respect to which a separate REMIC election is to be made.

                  "REMIC III Certificate" shall mean any Class A-1, Class A-2,
Class A-3, Class A-4, Class X-CL, Class X-CP, Class X-D, Class B, Class C, Class
D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class
N, Class P, Class Q, Class S, Class T, Class U or Class R-III Certificate.

                                      -58-
<PAGE>

                  "REMIC III Component" shall mean:

                  (a) with respect to the Class X-CL Certificates, any of the
         following 31 components of the Class X-CL Certificates: REMIC III
         Component X-CL-A-1, REMIC III Component X-CL-A-2-1, REMIC III Component
         X-CL-A-2-2, REMIC III Component X-CL-A-2-3, REMIC III Component
         X-CL-A-3-1, REMIC III Component X-CL-A-3-2, REMIC III Component
         X-CL-A-4-1, REMIC III Component X-CL-A-4-2, REMIC III Component
         X-CL-A-4-3, REMIC III Component X-CL-B, REMIC III Component X-CL-C,
         REMIC III Component X-CL-D, REMIC III Component X-CL-E, REMIC III
         Component X-CL-F-1, REMIC III Component X-CL-F-2, REMIC III Component
         X-CL-F-3, REMIC III Component X-CL-G-1, REMIC III Component X-CL-G-2,
         REMIC III Component X-CL-H-1, REMIC III Component X-CL-H-2, REMIC III
         Component X-CL-J-1, REMIC III Component X-CL-J-2, REMIC III Component
         X-CL-K, REMIC III Component X-CL-L, REMIC III Component X-CL-M, REMIC
         III Component X-CL-N, REMIC III Component X-CL-P, REMIC III Component
         X-CL-Q, REMIC III Component X-CL-S, REMIC III Component X-CL-T and
         REMIC III Component X-CL-U, each of which (i) constitutes a separate
         "regular interest" in REMIC III for purposes of the REMIC Provisions,
         (ii) relates to its Corresponding REMIC II Regular Interest, and (iii)
         has a Component Notional Amount equal to the Uncertificated Principal
         Balance of its Corresponding REMIC II Regular Interest outstanding from
         time to time; and

                  (b) with respect to the Class X-CP Certificates, any of the
         following 19 components of the Class X-CP Certificates: REMIC III
         Component X-CP-A-2-2, REMIC III Component X-CP-A-2-3, REMIC III
         Component X-CP-A-3-1, REMIC III Component X-CP-A-3-2, REMIC III
         Component X-CP-A-4-1, REMIC III Component X-CP-A-4-2, REMIC III
         Component X-CP-A-4-3, REMIC III Component X-CP-B, REMIC III Component
         X-CP-C, REMIC III Component X-CP-D, REMIC III Component X-CP-E, REMIC
         III Component X-CP-F-1, REMIC III Component X-CP-F-2, REMIC III
         Component X-CP-F-3, REMIC III Component X-CP-G-1, REMIC III Component
         X-CP-G-2, REMIC III Component X-CP-H-1, REMIC III Component X-CP-H-2
         and REMIC III Component X-CP-J-2, each of which (i) constitutes a
         separate "regular interest" in REMIC III for purposes of the REMIC
         Provisions, (ii) relates to its Corresponding REMIC II Regular
         Interest, and (iii) has a Component Notional Amount equal to the
         Uncertificated Principal Balance of its Corresponding REMIC II Regular
         Interest outstanding from time to time.

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

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

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

                  "REO Account" shall mean either of the Pool REO Account or the
Dadeland Mall REO Account.

                                      -59-
<PAGE>

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

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

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

                  "REO Loan" shall mean the mortgage loan (or, if the Dadeland
Mall Loan Pair is involved, either of the two mortgage loans comprising such
Loan Pair) deemed for purposes hereof to be outstanding with respect to each REO
Property. Each REO Loan shall be deemed to provide for monthly payments of
principal and/or interest equal to its Assumed Monthly Payment and otherwise to
have the same terms and conditions as its predecessor Loan (such terms and
conditions to be applied without regard to the default on such predecessor Loan
and the acquisition of the related REO Property as part of the Trust Fund). Each
REO Loan shall be deemed to have an initial unpaid principal balance and Stated
Principal Balance equal to the unpaid principal balance and Stated Principal
Balance, respectively, of its predecessor Loan as of the date of the related REO
Acquisition. All Monthly Payments (other than a Balloon Payment), Assumed
Monthly Payments (in the case of a Balloon Loan delinquent in respect of its
Balloon Payment) and other amounts due and owing, or deemed to be due and owing,
in respect of the predecessor Loan as of the date of the related REO
Acquisition, shall be deemed to continue to be due and owing in respect of an
REO Loan. Collections with respect to each REO Loan (after provision for amounts
to be applied to the payment of, or to be reimbursed to the Master Servicer or
the Special Servicer for the payment of, the costs of operating, managing and
maintaining the related REO Property or for the reimbursement of the Master
Servicer or the Special Servicer for other related Servicing Advances) shall be
treated: first, as a recovery of accrued and unpaid interest on such REO Loan at
the related Mortgage Rate to but not including the Due Date in the Collection
Period of receipt (exclusive, however, in the case of an REO Loan that relates
to an ARD Loan after its Anticipated Repayment Date, of any such accrued and
unpaid interest that constitutes Additional Interest); second, as a recovery of
principal of such REO Loan to the extent of its entire unpaid principal balance;
third, in accordance with the normal servicing practices of the Master Servicer,
as a recovery of any other amounts due and owing in respect of such REO Loan
(exclusive, however, in the case of an REO Loan that relates to an ARD Loan
after its Anticipated Repayment Date, of any such accrued and unpaid interest
that constitutes Additional Interest); and fourth, in the case of an REO Loan
that relates to an ARD Loan after its Anticipated Repayment Date, as a recovery
of accrued and unpaid Additional Interest on such REO Loan; provided that, if
the Loans comprising the Dadeland Mall Loan Pair become REO Loans, collections
with respect to such REO Loans shall be applied to amounts due and owing in
respect of such REO Loans as provided in Section 4.01 of the Dadeland Mall
Co-Lender Agreement. Notwithstanding the foregoing, all amounts payable or
reimbursable to the Master Servicer, the Special Servicer, the Trustee or the
Fiscal Agent in respect of the predecessor Loan as of the date of the related
REO Acquisition, including any unpaid Servicing Fees and any unreimbursed
Servicing Advances and P&I Advances, together with any interest accrued and
payable to the Master Servicer, the Special Servicer, the Trustee or the Fiscal
Agent in respect of such Servicing Advances and P&I Advances in accordance with
Sections 3.11(g), 4.03(d) and 4.03A(d), respectively, shall continue to be
payable or reimbursable to the Master Servicer, the Special Servicer, the
Trustee or the Fiscal Agent, as the case may be, in respect of an REO Loan.

                                      -60-
<PAGE>

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

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

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

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

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

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

                  "Required Appraisal Loan" shall mean any Mortgage Loan or the
Dadeland Mall Loan Pair (i) that becomes a Modified Loan, (ii) that is 60 days
or more delinquent in respect of any Monthly Payment, except for a Balloon
Payment, (iii) that is delinquent in respect of its Balloon Payment, if any, for
(A) 20 days, or (B) if the related Mortgagor shall have delivered a refinancing
commitment acceptable to the Special Servicer prior to the date the subject
Balloon Payment was due, 30 days, (iv) with respect to which the related
Mortgaged Property has become an REO Property, (v) with respect to which a
receiver or similar official is appointed and continues for 60 days in such
capacity in respect of the related Mortgaged Property, (vi) with respect to
which the related Mortgagor is subject to a bankruptcy, insolvency or similar
proceedings, which, in the case of an involuntary bankruptcy, insolvency or
similar proceeding, has not been dismissed within 60 days of the commencement
thereof, or (vii) that remains outstanding five (5) years following any
extension of its maturity date pursuant to Section 3.20. Any Required Appraisal
Loan (other than a Mortgage Loan that became a Required Appraisal Loan pursuant
to clause (vii) above) shall cease to be such at such time as it has become a
Corrected Loan (except if such Required Appraisal Loan had not become a
Specially Serviced Loan at the time the applicable event(s) described in any of
clauses (i) through (vii) above ceased to exist), it has remained current for at
least three (3) consecutive Monthly Payments, and no other event described in
clauses (i) through (vii) above has occurred with respect thereto during the
preceding three-month period; provided that the term "Required Appraisal Loan"
shall include any successor REO Loan(s); and provided, further, that the
Dadeland Mall Mortgage Loan and the Dadeland Mall Companion Loan shall,

                                      -61-
<PAGE>

upon the occurrence of any of the events described in clauses (i) through (vii)
of this definition in respect of either such Loan, be deemed to be a single
"Required Appraisal Loan".

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

                  "Reserve Account" shall mean each of the Pool Reserve Account
and the Dadeland Mall Reserve Account.

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

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

                  "Responsible Officer" shall mean: (a) when used with respect
to the Trustee, any Vice President, any Assistant Vice President, any Trust
Officer, any Assistant Secretary or any other officer of the Trustee's
Asset-Backed Services Trust Group customarily performing functions similar to
those performed by any of the above designated officers and having direct
responsibility for the administration of this Agreement; and (b) when used with
respect to the Fiscal Agent, any officer thereof.

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

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

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

                                      -62-
<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 Trustee, the Fiscal Agent, the Master Servicer
and the Special Servicer, and specific ratings of Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies, Inc. herein referenced shall
be deemed to refer to the equivalent ratings of the party so designated.

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

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

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

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

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

                  "Servicing  Account"  shall mean each of the Pool  Servicing
Account and the Dadeland Mall Servicing Account.

                  "Servicing Advances" shall mean all customary, reasonable and
necessary "out of pocket" costs and expenses (including attorneys' fees and fees
and expenses of real estate brokers) incurred by the Master Servicer, the
Special Servicer, the Fiscal Agent or the Trustee in connection with the
servicing and administration of a Loan, if a default is imminent thereunder or a
default, delinquency or other unanticipated event has occurred with respect
thereto, or in connection with the administration of any REO Property,
including, but not limited to, the cost of (a) compliance with the obligations
of the Master Servicer, the Special Servicer, the Fiscal Agent or the Trustee,
if any, set forth in Section 3.03(c), (b) the preservation, insurance,
restoration, protection and management of a Mortgaged Property, (c) obtaining
any Insurance Proceeds, Condemnation Proceeds or Liquidation Proceeds, (d) any
enforcement or judicial proceedings with respect to a Mortgaged Property,
including foreclosures,

                                      -63-
<PAGE>

(e) any Required Appraisal or any other appraisal or update thereof expressly
permitted or required to be obtained hereunder, (f) the operation, management,
maintenance and liquidation of any REO Property, and (g) obtaining any related
ratings confirmation; provided that, notwithstanding anything to the contrary,
"Servicing Advances" shall not include allocable overhead of the Master
Servicer, the Special Servicer or the Trustee, such as costs for office space,
office equipment, supplies and related expenses, employee salaries and related
expenses and similar internal costs and expenses, or costs and expenses incurred
by any such party in connection with its purchase of any Loan or REO Property
pursuant to any provision of this Agreement or the Dadeland Mall Co-Lender
Agreement.

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

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

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

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

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

                  "Servicing Standard" shall mean, with respect to the Master
Servicer or the Special Servicer, to service and administer the Loans and any
REO Properties that such party is obligated to service and administer pursuant
to this Agreement: (i) in accordance with the higher of the following standards
of care--(A) the same manner in which, and with the same care, skill, prudence
and diligence with which, the Master Servicer or the Special Servicer, as the
case may be, services and administers comparable mortgage loans with similar
borrowers and comparable REO properties for other third-party portfolios (giving
due consideration to the customary and usual standards of practice of prudent
institutional commercial mortgage lenders servicing their own mortgage loans and
REO properties), and (B) the same manner in which, and with the same care,
skill, prudence and diligence with which, the Master Servicer or Special
Servicer, as the case may be, services and administers comparable mortgage loans
owned by the Master Servicer or Special Servicer, as the case may be, in either
case exercising reasonable business judgment and acting in accordance with
applicable law, the terms of this Agreement and the terms of the respective
Loans; (ii) with a view to the timely recovery of all payments of principal and
interest, including Balloon Payments, under the Loans or, in the case of any
such Loan that is (A) a Specially Serviced Loan or (B) a Loan as to which the
related Mortgaged Property has become an REO Property, the maximization of
recovery on the Mortgage Loan to the Certificateholders (as a collective whole)
(or, if the Dadeland Mall Loan Pair is involved, with a view to the maximization
of recovery on the Dadeland Mall Loan Pair to the Certificateholders and the
Dadeland Mall Companion Loan Noteholder (as a collective whole)) of principal
and interest, including Balloon Payments, on a present value basis (the relevant
discounting of anticipated collections that will be distributable to the
Certificateholders (or, in the case of the Dadeland Mall Loan Pair, to the
Certificateholders and the

                                      -64-
<PAGE>

Dadeland Mall Companion Noteholder) to be performed at the related Mortgage Rate
(or, in the case of the Dadeland Mall Loan Pair, at the weighted average of the
Mortgage Rates for the Dadeland Mall Loan Pair); and (iii) without regard to (A)
any relationship, including as lender on any other debt, that the Master
Servicer or the Special Servicer, as the case may be, or any Affiliate thereof,
may have with any of the related Mortgagors, or any Affiliate thereof, or any
other party to this Agreement; (B) the ownership of any Certificate (or any
Dadeland Mall Companion Loan Security) by the Master Servicer or the Special
Servicer, as the case may be, or any Affiliate thereof; (C) the obligation of
the Master Servicer or the Special Servicer, as the case may be, to make
Advances; (D) the right of the Master Servicer or the Special Servicer, as the
case may be, or any Affiliate of either of them, to receive compensation or
reimbursement of costs hereunder generally or with respect to any particular
transaction; and (E) the ownership, servicing or management for others of any
other mortgage loan or real property not subject to this Agreement by the Master
Servicer or the Special Servicer, as the case may be, or any Affiliate thereof.

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

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

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

                  "Special Servicer" shall mean (i) Lend Lease Asset Management,
L.P., in its capacity as special servicer hereunder, or any successor special
servicer appointed as herein provided and (ii) in the case of the Loop Mortgage
Loan and the Dadeland Mall Mortgage Loan, under the circumstances described in
Section 3.01(e), the Master Servicer.

                  "Special Servicer Conflict" shall mean, with respect to either
or both of the Dadeland Mall Mortgage Loan and/or the Loop Mortgage Loan, if and
for so long as Lend Lease or an Affiliate thereof is the Special Servicer
hereunder and such Person determines in its good faith discretion that it will
not act as Special Servicer as a result of such conflict, the conflict of
interest that may be created as a result of the existence of an advisory
relationship between Lend Lease or any Affiliate thereof and (i)

                                      -65-
<PAGE>

any Mortgagor with respect to either such Mortgage Loan and/or (ii) any direct
or indirect owner or beneficial owner of any such Mortgagor or any related
Mortgaged Property.

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

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

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

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

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

                  (c) there shall have occurred a default (other than as
         described in clause (a) above and other than an Acceptable Insurance
         Default) that (i) materially impairs the value of the related Mortgaged
         Property as security for such Loan or otherwise materially adversely
         affects the interests of Certificateholders (or, in the case of the
         Dadeland Mall Companion Loan, the Dadeland Mall Companion Loan
         Noteholder), and (ii) continues unremedied for the applicable grace
         period under the terms of such Loan (or, if no grace period is
         specified and the default is capable of being cured, for 30 days);
         provided that any default that results in acceleration of the related
         Mortgage Loan without the application of any grace period under the
         related Mortgage Loan documents shall be deemed not to have a grace
         period; and provided, further, that any default requiring a Servicing
         Advance shall be deemed to materially and adversely affect the
         interests of Certificateholders or, in the case of the Dadeland Mall
         Companion Loan, the Dadeland Mall Companion Loan Noteholder; or

                  (d) a decree or order of a court or agency or supervisory
         authority having jurisdiction in the premises in an involuntary case
         under any present or future federal or state bankruptcy, insolvency or
         similar law or the appointment of a conservator or receiver or
         liquidator in any insolvency, readjustment of debt, marshaling of
         assets and liabilities or similar proceedings, or

                                      -66-

<PAGE>

         for the winding-up or liquidation of its affairs, shall have been
         entered against the related Mortgagor and such decree or order shall
         have remained in force and not dismissed for a period of 60 days; or

                  (e) the related Mortgagor shall consent to the appointment of
         a conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshaling of assets and liabilities or similar proceedings of
         or relating to such Mortgagor or of or relating to all or substantially
         all of its property; or

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

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

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

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

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

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

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

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

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

                                      -67-
<PAGE>

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

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

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

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

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

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

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

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

                                      -68-
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                  "Trustee Fee Rate" shall mean 0.0016% per annum.

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

                                      -69-
<PAGE>

                  "UBS/Depositor Mortgage Loan Purchase Agreement" shall mean
that certain Mortgage Loan Purchase Agreement dated as of June 26, 2002, between
the UBS Mortgage Loan Seller and the Depositor.

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

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

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

                  "UCC Financing Statement" shall mean a financing statement
executed (if required by the UCC) and filed pursuant to the UCC.

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

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

                  "Uncertificated Notional Amount" shall mean the notional
amount on which REMIC II Regular Interest X-D accrues interest from time to
time, which shall equal the aggregate Uncertificated

                                      -70-
<PAGE>

Principal Balance outstanding from time to time of REMIC I Regular Interest DM-1
and REMIC I Regular Interest DM-2.

                  "Uncertificated Principal Balance" shall mean the principal
balance of any REMIC I Regular Interest or REMIC II Regular Interest outstanding
as of any date of determination. As of the Closing Date: the Uncertificated
Principal Balance of REMIC I Regular Interest DM-1 shall equal $161,379,802; the
Uncertificated Principal Balance of REMIC I Regular Interest DM-2 shall equal
$13,620,198; the Uncertificated Principal Balance of each other REMIC I Regular
Interest shall equal the Cut-off Date Balance of the related Mortgage Loan; and
the Uncertificated Principal Balance of each REMIC II Regular Interest (other
than REMIC II Regular Interest X-D) shall equal the amount set forth in the
Preliminary Statement hereto as its initial Uncertificated Principal Balance. On
each Distribution Date, the Uncertificated Principal Balance of each REMIC II
Regular Interest shall be permanently reduced by all distributions of principal
deemed to have been made thereon on such Distribution Date pursuant to Section
4.01(j), and shall be further permanently reduced on such Distribution Date by
all Realized Losses and Additional Trust Fund Expenses deemed to have been
allocated thereto on such Distribution Date pursuant to Section 4.04(b). On each
Distribution Date, the Uncertificated Principal Balance of each REMIC I Regular
Interest shall be permanently reduced by all distributions of principal deemed
to have been made in respect of such REMIC I Regular Interest on such
Distribution Date pursuant to Section 4.01(k), and shall be further permanently
reduced on such Distribution Date by all Realized Losses and Additional Trust
Fund Expenses deemed to have been allocated thereto on such Distribution Date
pursuant to Section 4.04(c).

                  "Underwriters" shall mean Lehman Brothers Inc., UBS Warburg
LLC and Deutsche Bank Securities Inc. and their respective successors in
interest.

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

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

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

                  "Voting Rights" shall mean the portion of the voting rights of
all of the Certificates which is allocated to any Certificate. At all times
during the term of this Agreement, 99% of the Voting Rights shall be allocated
among the Holders of the various Classes of the Principal Balance Certificates
in proportion to the respective Class Principal Balances of their Certificates
(without regard to reductions relating to Appraisal Reduction Amounts), and 1%
of the Voting Rights shall be allocated to the Holders of the Class X-CL, Class
X-CP and Class X-D Certificates in proportion to the respective

                                      -71-
<PAGE>

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

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

                  "Weighted Average REMIC I Remittance Rate" shall mean, with
respect to any Interest Accrual Period, the rate per annum equal to the weighted
average, expressed as a percentage and rounded to six decimal places, of the
REMIC I Remittance Rates applicable to the respective REMIC I Regular Interests
for such Interest Accrual Period, weighted on the basis of the respective
Uncertificated Principal Balances of such REMIC I Regular Interests outstanding
immediately prior to the related Distribution Date; provided that, for purposes
of the foregoing, the respective REMIC I Remittance Rates for REMIC I Regular
Interest DM-1 and REMIC I Regular Interest DM-2 shall, in each case, be reduced
by the REMIC II Remittance Rate for REMIC II Regular Interest X-D.

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

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

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

                                      -72-
<PAGE>

equation is raised. For example, using a BEY of 5.50%, the MEY = (12 X [{(1+
..055/2) ^ 0.16667}- 1]) X 100 where .055 is the decimal version of the
percentage 5.5% and 0.16667 is the decimal version of the exponential power. The
MEY in the above calculation is 5.44%.

              SECTION 1.02. General Interpretive Principles.

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

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

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

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

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

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

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

                                      -73-
<PAGE>

                                   ARTICLE II

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

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

                  (a) It is the intention of the parties hereto that a common
law trust be established pursuant to this Agreement and that such trust be
designated as "LB-UBS Commercial Mortgage Trust 2002-C2". LaSalle is hereby
appointed, and does hereby agree, to act as Trustee hereunder and, in such
capacity, to hold the Trust Fund in trust for the exclusive use and benefit of
all present and future Certificateholders. The Depositor, concurrently with the
execution and delivery hereof, does hereby assign, sell, transfer, set over and
otherwise convey to the Trustee in trust, without recourse, for the benefit of
the Certificateholders, all the right, title and interest of the Depositor in,
to and under (i) the Mortgage Loans, (ii) the UBS/Depositor Mortgage Loan
Purchase Agreement, and (iii) all other assets included or to be included in the
Trust Fund. Such assignment includes all interest and principal received or
receivable on or with respect to the Mortgage Loans and due after the Cut-off
Date and, in the case of the Dadeland Mall Mortgage Loan, is subject to the
Dadeland Mall Co-Lender Agreement.

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

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

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

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

                                      -74-
<PAGE>

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

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

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

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

                  (d) In connection with the Depositor's assignment pursuant to
Section 2.01(a) above, the Depositor shall, in the case of each UBS Mortgage
Loan, direct the UBS Mortgage Loan Seller

                                      -75-
<PAGE>

(pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement) to deliver to
and deposit with the Master Servicer, and shall, in the case of each Lehman
Mortgage Loan, itself deliver to and deposit with the Master Servicer, on or
before the Closing Date, such specified documents and records in the possession
of the UBS Mortgage Loan Seller or the Depositor, as the case may be, that (A)
relate to such Mortgage Loan, (B) are not required to be a part of the related
Mortgage File in accordance with the definition thereof, (C) are reasonably
requested by the Master Servicer in connection with its duties under this
Agreement and (D) are reasonably necessary for the servicing of such Mortgage
Loan, together with (i) all unapplied Escrow Payments and Reserve Funds in the
possession of the UBS Mortgage Loan Seller or the Depositor, as the case may be,
that relate to such Mortgage Loan and (ii) a statement indicating which Escrow
Payments and Reserve Funds are allocable to such Mortgage Loan, provided, that
neither the Depositor nor the UBS Mortgage Loan Seller shall be required to
deliver any draft documents, privileged or other communications or credit
underwriting or due diligence analyses or data. In addition, on the Closing
Date, the Depositor shall deliver the Initial Deposit to the Master Servicer for
deposit in the Pool Custodial Account. The Master Servicer shall hold all such
documents, records and funds on behalf of the Trustee in trust for the benefit
of the Certificateholders (and, insofar as they also relate to the Dadeland Mall
Companion Loan, on behalf of and for the benefit of the Dadeland Mall Companion
Loan Noteholder).

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

                  SECTION 2.02. Acceptance of Trust Fund by Trustee.

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

                  (b) On or about the 45th day following the Closing Date (and,
if any exceptions are noted, again on or about the 90th day following the
Closing Date and monthly thereafter until the earliest of (i) the second
anniversary of the Closing Date, (ii) the day on which all material exceptions

                                      -76-
<PAGE>

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

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

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

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

                                      -77-
<PAGE>

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

                  (a) If any party hereto discovers that any document
constituting a part of a Mortgage File has not been properly executed, is
missing, contains information that does not conform in any material respect with
the corresponding information set forth in the Mortgage Loan Schedule, or does
not appear to be regular on its face (each, a "Document Defect"), or discovers
or receives notice of a breach of any representation or warranty of the UBS
Mortgage Loan Seller made pursuant to Section 3(b) of the UBS/Depositor Mortgage
Loan Purchase Agreement with respect to any UBS Mortgage Loan (a "Breach"), or
discovers or receives notice of a breach of any representation or warranty of
the Depositor set forth in Section 2.04(b) with respect to any Lehman Mortgage
Loan (also, a "Breach"), such party shall give prompt written notice thereof to
each of the Rating Agencies, the related Mortgage Loan Seller and the other
parties hereto. If any such Document Defect or Breach with respect to any
Mortgage Loan materially and adversely affects the interests of the
Certificateholders therein, then such Document Defect shall constitute a
"Material Document Defect" or such Breach shall constitute a "Material Breach",
as the case may be. Promptly upon becoming aware of any such Material Document
Defect or Material Breach with respect to a UBS Mortgage Loan (including through
a written notice given by any party hereto, as provided above), the Trustee
shall require the UBS Mortgage Loan Seller, within the time period and subject
to the conditions provided for in the UBS/Depositor Mortgage Loan Purchase
Agreement, to cure such Material Document Defect or Material Breach, as the case
may be, or repurchase the affected Mortgage Loan or any related REO Property at
the applicable Purchase Price by wire transfer of immediately available funds to
the Pool Custodial Account. Promptly upon becoming aware of any such Material
Document Defect or Material Breach with respect to a Lehman Mortgage Loan
(including through a written notice given by any party hereto, as provided
above), the Depositor shall, not later than 90 days from the earlier of the
Depositor's discovery or receipt of notice of such Material Document Defect or
Material Breach, as the case may be (or, in the case of a Material Document
Defect or Material Breach relating to a Lehman Mortgage Loan not being a
"qualified mortgage' within the meaning of the REMIC Provisions, not later than
90 days of any party discovering such Material Document Defect or Material
Breach), cure the same in all material respects (which cure shall include
payment of losses and any Additional Trust Fund Expenses associated therewith)
or, if such Material Document Defect or Material Breach, as the case may be,
cannot be cured within such 90-day period, repurchase the affected Lehman
Mortgage Loan or any related REO Property at the applicable Purchase Price by
wire transfer of immediately available funds to the Pool Custodial Account (or,
in the case of an REO Property that relates to the Dadeland Mall Mortgage Loan,
to the Dadeland Mall REO Account); provided, however, that if (i) such Material
Document Defect or Material Breach is capable of being cured but not within such
90-day period, (ii) such Material Document Defect or Material Breach is not
related to any Lehman Mortgage Loan's not being a "qualified mortgage" within
the meaning of the REMIC Provisions and (iii) the Depositor has commenced and is
diligently proceeding with the cure of such Material Document Defect or Material
Breach within such 90-day period, then the Depositor shall have an additional 90
days to complete such cure or, in the event of a failure to so cure, to complete
such repurchase (it being understood and agreed that, in connection with the
Depositor's receiving such additional 90-day period, the Depositor shall deliver
an Officer's Certificate to the Trustee setting forth the reasons such Material
Document Defect or Material Breach is not capable of being cured within the
initial 90-day period and what actions the Depositor is pursuing in connection
with the cure thereof and stating that the Depositor anticipates that such
Material Document Defect or Material Breach will be cured within such additional
90 days); and provided, further, that, if any such Material Document Defect is
still not cured after the initial 90-day period and any such

                                      -78-
<PAGE>

additional 90-day period solely due to the failure of the Depositor to have
received the recorded document, then the Depositor shall be entitled to continue
to defer its cure and repurchase obligations in respect of such Document Defect
so long as the Depositor certifies to the Trustee every 30 days thereafter that
the Document Defect is still in effect solely because of its failure to have
received the recorded document and that the Depositor is diligently pursuing the
cure of such defect (specifying the actions being taken), except that no such
deferral of cure or repurchase may continue beyond the second anniversary of the
Closing Date.

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

                  (b) In connection with any repurchase of a Mortgage Loan
pursuant to this Section 2.03, and subject to Section 3.25, the Trustee, the
Custodian, the Master Servicer and the Special Servicer shall each tender to the
repurchasing entity, upon delivery to each of them of a receipt executed by the
repurchasing entity, all portions of the Mortgage File and other documents
pertaining to such Mortgage Loan possessed by it, and each document that
constitutes a part of the Mortgage File shall be endorsed or assigned to the
extent necessary or appropriate to the repurchasing entity or its designee in
the same manner, but only if the respective documents have been previously
assigned or endorsed to the Trustee, and pursuant to appropriate forms of
assignment, substantially similar to the manner and forms pursuant to which such
documents were previously assigned to the Trustee; provided that such tender by
the Trustee shall be conditioned upon its receipt from the Master Servicer of a
Request for Release and an Officer's Certificate to the effect that the
requirements for repurchase have been satisfied. The Master Servicer shall, and
is hereby authorized and empowered by the Trustee to, prepare, execute and
deliver in its own name, on behalf of the Certificateholders and the Trustee or
any of them, the endorsements and assignments contemplated by this Section
2.03(b), and such other instruments as may be necessary or appropriate to
transfer title to an REO Property in connection with the repurchase of an REO
Loan

                                      -79-
<PAGE>

and the Trustee shall execute and deliver any powers of attorney necessary to
permit the Master Servicer to do so; provided, however, that the Trustee shall
not be held liable for any misuse of any such power of attorney by the Master
Servicer.

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

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

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

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

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

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

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

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

                                      -80-
<PAGE>

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

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

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

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

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

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

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

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

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

                                      -81-
<PAGE>

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

                      (i) Mortgage Loan Schedule. The information pertaining to
           such Mortgage Loan set forth in the Mortgage Loan Schedule was true
           and correct in all material respects as of its Due Date in June 2002.

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

                      (iii) Ownership of Mortgage Loan. The Depositor owns such
           Mortgage Loan, has good title thereto, has full right, power and
           authority to sell, assign and transfer such Mortgage Loan and is
           transferring such Mortgage Loan free and clear of any and all liens,
           pledges, charges or security interests of any nature encumbering such
           Mortgage Loan, exclusive of the servicing rights identified on
           Schedule K hereto pertaining thereto; no provision of the Mortgage
           Note, Mortgage(s) or other loan documents relating to such Mortgage
           Loan prohibits or restricts the Depositor's right to assign or
           transfer such Mortgage Loan to the Trustee (except with respect to
           the Dadeland Mall Loan Pair which may, pursuant to the Dadeland Mall
           Co-Lender Agreement, require notice to one or more rating agencies,
           which, if required, has already been provided); no governmental or
           regulatory approval or consent is required for the sale of such
           Mortgage Loan by the Depositor; and the Depositor has validly
           conveyed to the Trustee a legal and beneficial interest in and to
           such Mortgage Loan free and clear of any lien, claim or encumbrance
           of any nature.

                      (iv) No Holdback. The proceeds of such Mortgage Loan have
           been fully disbursed (except in those cases where the full amount of
           the Mortgage Loan has been disbursed but a portion thereof is being
           held in escrow or reserve accounts to be released pending the
           satisfaction of certain conditions relating to leasing, repairs or
           other matters with respect to the related Mortgaged Property) and
           there is no requirement for future advances thereunder.

                      (v) Loan Document Status. Each of the related Mortgage
           Note, Mortgage(s), Assignment(s) of Leases, if any, and other
           agreements executed in favor of the lender in connection therewith is
           the legal, valid and binding obligation of the maker thereof (subject
           to the non-recourse provisions therein and any state anti-deficiency
           legislation), enforceable in accordance with its terms, except that
           (A) such enforcement may be limited by (1)

                                      -82-
<PAGE>

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

                      (vi) No Right of Rescission. As of the date of origination
           or, if such Mortgage Loan is the Dadeland Mall Mortgage Loan, as of
           the date of the execution of the related Mortgage Note, subject to
           the limitations and exceptions as to enforceability set forth in
           paragraph (b)(v) above, there was no valid offset, defense,
           counterclaim or right to rescission with respect to any of the
           related Mortgage Note, Mortgage(s) or other agreements executed in
           connection with such Mortgage Loan; and, as of the Closing Date, to
           the Depositor's actual knowledge, subject to the limitations and
           exceptions as to enforceability set forth in paragraph (b)(v) above,
           there is no valid offset, defense, counterclaim or right to
           rescission with respect to such Mortgage Note, Mortgage(s) or other
           agreements executed in connection with such Mortgage Loan; and, to
           the actual knowledge of the Depositor, no such claim has been
           asserted.

                      (vii) Assignments. The assignment of the related
           Mortgage(s) and Assignment(s) of Leases to the Trustee constitutes
           the legal, valid, binding and, subject to the limitations and
           exceptions as to enforceability set forth in paragraph (b)(v) above,
           enforceable assignment of such documents.

                      (viii) First Lien. Each related Mortgage is a valid and,
           subject to the limitations and exceptions in paragraph (b)(v) above,
           enforceable first lien on the related Mortgaged Property and all
           buildings thereon, which Mortgaged Property is free and clear of all
           encumbrances and liens having priority over or on a parity with the
           first lien of such Mortgage, except for the following (collectively,
           the "Permitted Encumbrances"): (A) the lien for real estate taxes,
           water charges, sewer rents and assessments not yet due and payable;
           (B) covenants, conditions and restrictions, rights of way, easements
           and other matters that are of public record; (C) exceptions and
           exclusions specifically referred to in the related lender's title
           insurance policy (or, if not yet issued, referred to in a pro forma
           title policy or title policy commitment); (D) other

                                      -83-
<PAGE>

           matters to which like properties are commonly subject; (E) the rights
           of tenants (as tenants only) under leases (including subleases)
           pertaining to the related Mortgaged Property; (F) condominium
           declarations of record and identified in the related lender's title
           insurance policy (or, if not yet issued, identified in a pro forma
           title policy or title policy commitment); and (G) if such Mortgage
           Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of
           the Mortgage for another Mortgage Loan contained in the same
           Cross-Collateralized Group. With respect to each Mortgage Loan, such
           Permitted Encumbrances do not, individually or in the aggregate,
           materially and adversely interfere with the benefits of the security
           intended to be provided by the related Mortgage, the current
           principal use or operation of the related Mortgaged Property or the
           ability of the related Mortgaged Property to generate sufficient
           cashflow to enable the related Mortgagor to timely pay in full the
           principal and interest on the related Mortgage Note.

                      (ix) Taxes and Assessments. All taxes, governmental
           assessments, water charges, sewer rents or similar governmental
           charges which, in all such cases, were directly related to the
           Mortgaged Property and could constitute liens on the Mortgaged
           Property prior to the lien of the Mortgage and all ground rents that
           prior to the related Due Date in June 2002 became due and payable in
           respect of, and materially affect, any related Mortgaged Property
           have been paid or are not yet delinquent, and the Depositor knows of
           no unpaid tax, assessment, ground rent, water charges or sewer rent
           that prior to the Closing Date became due and delinquent in respect
           of any related Mortgaged Property, or in any such case an escrow of
           funds in an amount sufficient to cover such payments has been
           established.

                      (x) No Material Damage. As of the date of origination of
           each Mortgage Loan and, to the actual knowledge of the Depositor, as
           of the Closing Date, there was no pending proceeding for the total or
           partial condemnation of any related Mortgaged Property that
           materially affects the value thereof, and such Mortgaged Property is
           free of material damage. If such Mortgage Loan has a Cut-off Date
           Balance of $15 million or more, then (except for certain amounts not
           greater than amounts which would be considered prudent by an
           institutional commercial mortgage lender with respect to a similar
           mortgage loan and which are set forth in the related Mortgage or
           other loan documents relating to such Mortgage Loan, and subject to
           any rights of the lessor under any related Ground Lease) any
           condemnation awards will be applied either to the repair or
           restoration of all or part of the related Mortgaged Property or the
           reduction of the outstanding principal balance of such Mortgage Loan.

                      (xi) Title Insurance. Each related Mortgaged Property is
           covered by an ALTA (or its equivalent) lender's title insurance
           policy issued by a nationally recognized title insurance company,
           insuring that each related Mortgage is a valid first lien on such
           Mortgaged Property in the original principal amount of such Mortgage
           Loan after all advances of principal, subject only to Permitted
           Encumbrances, or there is a binding commitment or binding pro forma
           from a title insurer qualified and/or licensed in the applicable
           jurisdiction, as required, to issue such policy; such title insurance
           policy, if issued, is in full force and effect, all premiums have
           been paid, is freely assignable and will inure to the benefit of the
           Trustee as mortgagee of record, or any such commitment or binding pro
           forma is a legal, valid and binding obligation of such insurer; no
           claims have been made by the Depositor under such title insurance
           policy, if issued; and neither the Depositor nor, to the best of the
           Depositor's knowledge, the Seller (or any of its affiliates) has
           done, by act or omission, anything that would materially impair the
           coverage of

                                      -84-
<PAGE>

           any such title insurance policy; such policy or commitment or binding
           pro forma contains no exclusion for (or alternatively it insures,
           unless such coverage is unavailable in the relevant jurisdiction) (A)
           access to a public road, (B) that there is no material encroachment
           by any improvements on the Mortgaged Property, and (C) that the area
           shown on the survey materially conforms to the legal description of
           the Mortgaged Property. The related Mortgage has been submitted for
           recordation in the applicable jurisdiction and all applicable
           mortgage recording taxes have been paid or have been escrowed with
           the applicable title company for payment.

                      (xii) Property Insurance. As of the date of its
           origination and, to the best of the Depositor's knowledge, as of the
           Closing Date, all insurance required under each related Mortgage
           (except where a tenant under a lease is permitted to self-insure) was
           in full force and effect with respect to each related Mortgaged
           Property; such insurance included (A) fire and extended perils
           insurance, in an amount (subject to a customary deductible) at least
           equal to the lesser of (i) 100% of the full insurable replacement
           cost of the improvements located on such Mortgaged Property and (ii)
           the initial principal balance of such Mortgage Loan, or the portion
           thereof allocable to such Mortgaged Property, (B) business
           interruption or rental loss insurance for a period of not less than
           12 months, (C) comprehensive general liability insurance in an amount
           not less than $1 million per occurrence, (D) workers' compensation
           insurance (if the related Mortgagor has employees and if required by
           applicable law), and (E) if (1) such Mortgage Loan is secured by a
           Mortgaged Property located in the State of California in or "seismic
           zone" 3 or 4 and (2) a seismic assessment revealed a maximum probable
           or bounded loss in excess of 20% of the amount of the estimated
           replacement cost of the improvements on such Mortgaged Property,
           earthquake insurance; it is an event of default under such Mortgage
           Loan if the above-described insurance coverage is not maintained by
           the related Mortgagor, and any reasonable out-of-pocket costs and
           expenses incurred by the mortgagee in connection with such default in
           obtaining such insurance coverage are recoverable from the related
           Mortgagor; the related Mortgage Loan documents require that the
           related insurance policies provide that they may not be terminated
           without at least 10 days' prior notice to the mortgagee and, to the
           Depositor's actual knowledge, it has not received any such notice;
           the related insurance certificates (other than those limited to
           liability protection) name the mortgagee and its successors as
           mortgagee or loss payee; to the Depositor's actual knowledge, all
           premiums under any such insurance policy have been paid through the
           related Due Date in June 2002; all such insurance policies are
           required to be maintained with insurance companies having "financial
           strength" or "claims paying ability" ratings of at least "A:VII" from
           A.M. Best Company or at least "BBB+" (or equivalent) from a
           nationally recognized statistical rating agency (or, with respect to
           certain blanket insurance policies, such other ratings as are in
           compliance with S&P's applicable criteria); and, except for certain
           amounts not greater than amounts which would be considered prudent by
           an institutional commercial mortgage lender with respect to a similar
           mortgage loan and which are set forth in the related Mortgage or
           other loan documents relating to such Mortgage Loan, and subject to
           the rights of the lessor under any related Ground Lease, any
           insurance proceeds will be applied either to the repair or
           restoration of all or part of the related Mortgaged Property or the
           reduction of the outstanding principal balance of such Mortgage Loan.

                      (xiii) No Material Defaults. Other than payments due but
           not yet 30 days or more delinquent, there is, to the actual knowledge
           of the Depositor, (A) no material default,

                                      -85-
<PAGE>

           breach, violation or event of acceleration existing under the related
           Mortgage Note, the related Mortgage or other loan documents relating
           to such Mortgage Loan, and (B) no event which, with the passage of
           time or with notice and the expiration of any grace or cure period,
           would constitute a material default, breach, violation or event of
           acceleration under any of such documents; provided, however, that
           this representation and warranty does not cover any default, breach,
           violation or event of acceleration that specifically pertains to or
           arises out of the subject matter otherwise covered by any other
           representation and warranty made by the Seller in this Section
           2.04(b). The Depositor has not waived, in writing or with knowledge,
           any material default, breach, violation or event of acceleration
           under any of such documents. Under the terms of such Mortgage Loan,
           no person or party other than the mortgagee or its servicing agent
           may declare an event of default or accelerate the related
           indebtedness under such Mortgage Loan.

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

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

                      (xvi) Subordinate Debt. Each related Mortgage or other
           loan document relating to such Mortgage Loan does not provide for or
           permit, without the prior written consent of the holder of the
           related Mortgage Note, any related Mortgaged Property to secure any
           other promissory note or debt (other than another Mortgage Loan in
           the Trust Fund or, if such Mortgage Loan is the Dadeland Mall
           Mortgage Loan, the Dadeland Mall Companion Loan).

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

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

                      (xix) Environmental Conditions. Except as set forth on
           Schedule III-xix, one or more environmental site assessments or
           transaction screens, or one or more updates of a previously conducted
           environmental assessment or transaction screen, were performed by an
           environmental consulting firm independent of the Depositor and the
           Depositor's Affiliates with

                                      -86-
<PAGE>

           respect to each related Mortgaged Property during the 12-month period
           preceding the Cut-off Date, and the Depositor, having made no
           independent inquiry other than to review the report(s) prepared in
           connection with the assessment(s), transaction screen(s) and/or
           update(s) referenced herein, has no knowledge of, and has not
           received actual notice of, any material and adverse environmental
           condition or circumstance affecting such Mortgaged Property that was
           not disclosed in such report(s); all such environmental site
           assessments and transaction screens met ASTM requirements to the
           extent set forth in such report; and none of the environmental
           reports (A) reveal any circumstances or conditions that are in
           violation of any applicable environmental laws, (B) require any
           expenditure material in relation to the principal balance of the
           Mortgage Loan to achieve compliance in all material respects with any
           environmental laws or (C) require substantial cleanup, remedial
           action or other material response under any environmental laws or, if
           such report does reveal any such circumstances set forth in (A), (B)
           or (C) above, then (1) the same have been remediated in all material
           respects, (2) sufficient funds have been escrowed or a letter of
           credit or other instrument has been delivered for purposes of
           covering the estimated costs of such remediation, (3) the related
           Mortgagor or other responsible party is currently taking remedial or
           other appropriate action to address the environmental issue
           consistent with the recommendations in such site assessment, (4) the
           cost of the environmental issue relative to the value of such
           Mortgaged Property was de minimis, or (5) environmental insurance has
           been obtained.

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

                      (xxi) Bankruptcy. To the Depositor's knowledge, the
           related Mortgagor is not a debtor in any bankruptcy, reorganization,
           insolvency or comparable proceeding.

                      (xxii) Loan Security. Such Mortgage Loan is secured by
           either a mortgage on a fee simple interest or a leasehold estate in a
           commercial property or multifamily property, including the related
           Mortgagor's interest in the improvements on the related Mortgaged
           Property.

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

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

                      (xxv) Due-on-Encumbrance. Each Mortgage Loan contains
           provisions for the acceleration of the payment of the unpaid
           principal balance of such Mortgage Loan if, without the prior written
           consent of the mortgagee or Rating Agency confirmation that an
           Adverse Rating Event would not occur, any related Mortgaged Property
           or interest therein, is

                                      -87-
<PAGE>

           directly encumbered in connection with subordinate financing; except
           in the case of the Dadeland Mall Mortgage Loan, no such consent has
           been granted by the Seller. The Mortgage Loan documents generally
           require the related Mortgagor to pay all reasonable fees and expenses
           relating to obtaining any such consent. To the Depositor's knowledge,
           except in the case of the Dadeland Mall Mortgage Loan, no related
           Mortgaged Property is encumbered in connection with subordinate
           financing.

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

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

                      (xxviii) Waivers; Modifications. Except as set forth in a
           written instrument included in the related Mortgage File, the (a)
           material terms of the related Mortgage Note, the related Mortgage(s)
           and any related loan agreement and/or lock-box agreement have not
           been waived, modified, altered, satisfied, impaired, canceled,
           subordinated or rescinded by mortgagee in any manner, and (b) no
           portion of a related Mortgaged Property has been released from the
           lien of the related Mortgage, in the case of (a) and/or (b), to an
           extent or in a manner that in any such event materially interferes
           with the security intended to be provided by such document or
           instrument.

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

                      (xxx) Property Release. Except as set forth on Schedule
           III-xxx, the terms of the related Mortgage Note, Mortgage(s) or other
           loan document securing such Mortgage Loan do not provide for the
           release from the lien of such Mortgage of any material portion of the
           related Mortgaged Property that is necessary to the operation of such
           Mortgaged Property and was given material value in the underwriting
           of such Mortgage Loan at origination, without (A) payment in full of
           such Mortgage Loan, (B) delivery of Defeasance Collateral in the form
           of "government securities"

                                      -88-
<PAGE>

           within the meaning of Section 2(a)(16) of the Investment Company Act
           of 1940, as amended (the "Investment Company Act"), (C) delivery of
           substitute real property collateral, or (D) payment of a release
           price equal to at least 115% of the amount of such Mortgage Loan
           allocated to the related Mortgaged Property subject to the release.

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

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

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

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

                                      -89-
<PAGE>

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

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

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

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

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

                      (xl) Engineering Assessments. Except as set forth on
           Schedule III-xl, one or more engineering assessments or updates of
           a previously conducted engineering assessment were performed by an
           Independent engineering consulting firm with respect to each related
           Mortgaged Property during the 12-month period preceding the Cut-off
           Date, and the Depositor, having made no independent inquiry other
           than to review the report(s) prepared in connection with such
           assessment(s) and or update(s), does not have any knowledge of any
           material and adverse engineering condition or circumstance affecting
           such Mortgaged Property that was not disclosed in such report(s);
           and, to the extent such assessments revealed deficiencies, deferred
           maintenance or similar conditions, either (A) the estimated cost has
           been escrowed or a letter of credit has been provided, (B) repairs
           have been made or (C) the scope of the deferred maintenance relative
           to the value of such Mortgaged Property was de minimis.

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

                                      -90-
<PAGE>

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

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

                      (xliv) Fee Simple. Such Mortgage Loan is secured in whole
           or in material part by a fee simple interest.

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

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

                      (xlvii) Defeasance. If such Mortgage Loan is a Defeasance
           Loan, the related Mortgage Loan documents require the related
           Mortgagor to pay all reasonable costs associated with the defeasance
           thereof, and either: (A) require the prior written consent of, and
           compliance with the conditions set by, the holder of such Mortgage
           Loan for defeasance, (B) require that (1) defeasance may not occur
           prior to the second anniversary of the Closing Date, (2) the
           Defeasance Collateral must be government securities within the
           meaning of Treasury regulation section 1.860G-2(a)(8)(i) and must be
           sufficient to make all scheduled payments under the related Mortgage
           Note when due (assuming for each ARD Mortgage Loan that it matures on
           its Anticipated Repayment Date or on the date when any open
           prepayment period set forth in the related Mortgage Loan documents
           commences) or, in the case of a partial defeasance that effects the
           release of a material portion of the related Mortgaged Property, to
           make all scheduled payments under the related Mortgage Note on that
           part of such Mortgage Loan equal to at least 115% of the allocated
           loan amount of the portion of the Mortgaged Property being released,
           (3) an independent accounting firm (which may be the Mortgagor's
           independent accounting firm) certify that the Defeasance Collateral
           is sufficient to make such payments, (4) the Mortgage Loan be assumed
           by a successor entity designated by the holder of such Mortgage Loan,
           and (5)

                                      -91-
<PAGE>

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

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

                      (xlix) Mechanics' and Materialmen's Liens. To the
           Depositor's knowledge, as of origination (A) the related Mortgaged
           Property is free and clear of any and all mechanics' and
           materialmen's liens that are not bonded, insured against or escrowed
           for, and (B) no rights are outstanding that under law could give rise
           to any such lien that would be prior or equal to the lien of the
           related Mortgage (unless affirmatively covered by the title insurance
           referred to in paragraph (b)(xi) above (or an endorsement thereto)).
           The Depositor has not received actual notice with respect to such
           Mortgage Loan that any mechanics' and materialmen's liens have
           encumbered such Mortgaged Property since origination that have not
           been released, bonded, insured against or escrowed for.

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

                      (li) Assignment of Leases. Subject only to Permitted
           Encumbrances, the related Assignment of Leases set forth in or
           separate from the related Mortgage and delivered in connection with
           such Mortgage Loan establishes and creates a valid and, subject only
           to the exceptions in paragraph (b)(v) above, enforceable first
           priority lien and first priority security interest in the related
           Mortgagor's right to receive payments due under any and all leases,
           subleases, licenses or other agreements pursuant to which any Person
           is entitled to occupy, use or possess all or any portion of the
           related Mortgaged Property subject to the related Mortgage, except
           that a license may have been granted to the related Mortgagor to
           exercise certain rights and perform certain obligations of the lessor
           under the relevant lease or leases; and each assignor thereunder has
           the full right to assign the same. Subject to applicable law and the
           limitations and exceptions set forth in paragraph (b)(v) above, the
           related Mortgage Loan documents permit the mortgagee to seek the
           appointment of a receiver for rents, or allow the mortgagee to enter
           into possession to collect rents or provide for rents to be paid
           directly to the mortgagee under certain circumstances.

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

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

                                      -92-
<PAGE>

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

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

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

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

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

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

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

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

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

                  (c) The representations, warranties and covenants of the
Depositor set forth in Section 2.04(a) and Section 2.04(b) shall survive the
execution and delivery of this Agreement and shall inure to the benefit of the
Persons for whose benefit they were made for so long as the Trust Fund

                                      -93-
<PAGE>

remains in existence. Upon discovery by any party hereto of any breach of any of
such representations, warranties and covenants, the party discovering such
breach shall give prompt written notice thereof to the other parties.

                  SECTION 2.05. Acceptance of Grantor Trust Assets by Trustee;
                                Issuance of the Class V Certificates.

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

                  SECTION 2.06. Execution, Authentication and Delivery of Class
                                R-I Certificates; Creation of REMIC I Regular
                                Interests.

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

                  SECTION 2.07. Conveyance of REMIC I Regular Interests;
                                Acceptance of REMIC II by Trustee.

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

                                      -94-
<PAGE>

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

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

                  SECTION 2.09. Conveyance of REMIC II Regular Interests;
                                Acceptance of REMIC III by Trustee.

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

                  SECTION 2.10. Execution, Authentication and Delivery of REMIC
                                III Certificates.

                  Concurrently with the assignment to the Trustee of the REMIC
II Regular Interests and in exchange therefor, pursuant to the written request
of the Depositor executed by an officer thereof, the Trustee, as Certificate
Registrar, has executed, and the Trustee, as Authenticating Agent, has
authenticated and delivered to or upon the order of the Depositor, the REMIC III
Certificates in authorized denominations evidencing the entire beneficial
ownership of REMIC III. The rights of the Holders of the respective Classes of
REMIC III Certificates to receive distributions from the proceeds of REMIC III
in respect of their REMIC III Certificates, and all ownership interests
evidenced or constituted by the respective Classes of REMIC III Certificates in
such distributions, shall be as set forth in this Agreement.

                                      -95-
<PAGE>

                                   ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

                  SECTION 3.01. Administration of the Loans.

                  (a) All of the Loans and REO Properties are to be serviced and
administered by the Master Servicer and/or the Special Servicer hereunder. Each
of the Master Servicer and the Special Servicer shall service and administer the
Loans and REO Properties that it is obligated to service and administer pursuant
to this Agreement on behalf of the Trustee, for the benefit of the
Certificateholders (or, in the case of the Dadeland Mall Companion Loan, on
behalf of the Dadeland Mall Companion Loan Noteholder), as determined in the
good faith and reasonable judgment of the Master Servicer or the Special
Servicer, as the case may be, in accordance with: (i) any and all applicable
laws; (ii) the express terms of this Agreement, the respective Loans and, in the
case of the Dadeland Mall Loan Pair, the Dadeland Mall Co-Lender Agreement; and
(iii) to the extent consistent with the foregoing, the Servicing Standard. The
Master Servicer or the Special Servicer, as applicable in accordance with this
Agreement, shall service and administer each Cross-Collateralized Group as a
single Mortgage Loan as and when necessary and appropriate consistent with the
Servicing Standard. Without limiting the foregoing, but subject to Section 3.21,
(i) the Master Servicer shall service and administer all of the Performing Loans
and shall render such services with respect to the Specially Serviced Loans as
are specifically provided for herein, and (ii) the Special Servicer shall
service and administer each Specially Serviced Loan and REO Property and shall
render such services with respect to the Performing Loans as are specifically
provided for herein. All references herein to the respective duties of the
Master Servicer and the Special Servicer, and to the areas in which they may
exercise discretion, shall be subject to Section 3.21.

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

                                      -96-
<PAGE>

liable for any misuse of any such power of attorney by the Master Servicer or
the Special Servicer. Notwithstanding anything contained herein to the contrary,
neither the Master Servicer nor the Special Servicer shall, without the
Trustee's written consent: (i) initiate any action, suit or proceeding solely
under the Trustee's name without indicating the Master Servicer's or Special
Servicer's, as applicable, representative capacity; or (ii) take any action with
the intent to cause, and that actually causes, the Trustee to be registered to
do business in any state.

                  (c) The parties hereto acknowledge that the Dadeland Mall Loan
Pair is subject to the terms and conditions of the Dadeland Mall Co-Lender
Agreement. With respect to the Dadeland Mall Loan Pair, the parties hereto
recognize the respective rights and obligations of the "Lenders" under the
Dadeland Mall Co-Lender Agreement, including with respect to the allocation of
collections on or in respect of the Dadeland Mall Loan Pair in accordance with
Section 4.01 of the Dadeland Mall Co-Lender Agreement, the making of payments to
the "Lenders" in accordance with Section 4.01 of the Dadeland Mall Co-Lender
Agreement and, in the case of the Dadeland Mall Loan Pair, the purchase of the
Dadeland Mall Mortgage Loan by the Dadeland Mall Companion Loan Noteholder or
its designee in accordance with Section 4.02 of the Dadeland Mall Co-Lender
Agreement.

                  In the event that the Dadeland Mall Mortgage Loan is no longer
part of the Trust Fund and the servicing and administration of the Dadeland Mall
Loan Pair is to be governed by a separate servicing agreement and not by this
Agreement, as contemplated by Section 3.01 of the Dadeland Mall Co-Lender
Agreement, the Master Servicer and, if the Dadeland Mall Loan Pair is then being
specially serviced hereunder, the Special Servicer, shall continue to act in
such capacities under such separate servicing agreement, which agreement shall
be reasonably acceptable to the Master Servicer and/or the Special Servicer, as
the case may be, and shall contain servicing and administration, limitation of
liability, indemnification and servicing compensation provisions substantially
similar to the corresponding provisions of this Agreement, except for the fact
that the Dadeland Mall Loan Pair and the Dadeland Mall Mortgaged Property shall
be the sole assets serviced and administered thereunder and the sole source of
funds thereunder. Prior to the Dadeland Mall Loan Pair being serviced under any
separate servicing agreement, S&P shall have provided written confirmation that
the servicing of the Dadeland Mall Loan Pair under such agreement would not
result in an Adverse Rating Event with respect to any class of Dadeland Mall
Companion Loan Securities which are rated by S&P.

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

                                      -97-
<PAGE>

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

                  (e) Except as provided below in this Section 3.01(e), the
Special Servicer hereunder shall be Lend Lease, or any successor special
servicer appointed as herein provided. Notwithstanding the foregoing, in the
event that a Servicing Transfer Event occurs with respect to the Dadeland Mall
Mortgage Loan and/or the Loop Mortgage Loan at any time that a Special Servicer
Conflict continues to exist with respect to such Mortgage Loan then (until (i) a
Liquidation Event occurs with respect to the subject Mortgage Loan, (ii) the
subject Mortgage Loan becomes a Corrected Mortgage Loan, (iii) the related
Mortgaged Property becomes an REO Property or (iv) the subject Special Servicer
Conflict ceases to exist, whichever occurs first) the Master Servicer shall be
responsible for performing the duties of the Special Servicer with respect to
such Mortgage Loan as to which the Special Servicer Conflict continues to exist.
During any time that the Master Servicer is, in accordance with the preceding
sentence, performing the duties of the Special Servicer with respect to either
or both of the Dadeland Mall Mortgage Loan and/or the Loop Mortgage Loan, then
with respect to, but solely with respect to, such Mortgage Loan(s): (i) the term
"Special Servicer" as used in this Agreement for all purposes shall be deemed to
refer to the Master Servicer in its capacity as Special Servicer with respect to
such Mortgage Loan(s); (ii) the Master Servicer hereby agrees to perform all of
the duties, and accepts all of the responsibilities, liabilities and
obligations, of the Special Servicer hereunder with respect to such Mortgage
Loan(s); (iii) the Master Servicer shall be entitled to all of the benefits,
protections, limitations on liability, immunities and/or indemnities of the
Special Servicer hereunder with respect to such Mortgage Loan(s); (iv) the term
"Special Servicer", when used in the context of granting the Special Servicer
the right to purchase such Mortgage Loan(s) pursuant to Section 3.18, shall not
refer to Lend Lease or any Affiliate thereof; (v) the term "Special Servicer",
when used in the context of granting the Special Servicer the right to purchase
all of the Mortgage Loans and any REO Properties remaining in the Trust Fund
pursuant to Section 9.01, shall mean only Lend Lease or its successor as herein
provided; and (vi) neither the Master Servicer, in performing the duties of the
Special Servicer with respect to such Mortgage Loan(s), nor the Special
Servicer, in performing its duties with respect to any other Specially Serviced
Mortgage Loan, shall be responsible for the actions of the other (however, each
such party shall be liable to the Trust or any other Person to the extent
provided in this Agreement with respect to it actions hereunder). Upon
determining that a Special Servicer Conflict no longer exists with respect to
either or both the Dadeland Mall Loan Pair and/or the Loop Mortgage Loan, the
Special Servicer will notify the Trustee, the Controlling Class Representative
and the Master Servicer of its determination. At such time that a Special
Servicer Conflict no longer exists with respect to either or both of the
Dadeland Mall Loan Pair and/or the Loop Mortgage Loan, Lend Lease or any
Affiliate thereof (assuming that Lend Lease or such Affiliate is then the
Special Servicer hereunder) may, if necessary, again perform the duties of
Special Servicer with respect to such Mortgage Loan(s). Further notwithstanding
the foregoing, in the event that at Servicing Transfer Event occurs with respect
to the Dadeland Mall Mortgage Loan and/or the Loop Mortgage Loan at any time
that a Special Servicer Conflict continues to exist with respect to such
Mortgage Loan and the Master Servicer is not then approved as a special servicer
by S&P, then (i) the Master Servicer shall not be permitted to perform the
duties of the Special Servicer hereunder with respect to such Mortgage Loan as
provided in the second sentence of this Section 3.01(e) and (ii) Lend Lease
shall instead appoint a separate special servicer that (A) is approved as a
special servicer by S&P and is otherwise acceptable to the Rating Agencies and
(B) agrees, in a writing addressed to the parties to this Agreement and to the
Rating Agencies, to perform all of the duties, and accept all of the
responsibilities, liabilities and obligations, of the Special Servicer hereunder

                                      -98-
<PAGE>

with respect to such Mortgage Loan(s) and to otherwise be bound by all of the
terms and provisions of this Agreement applicable thereto in its capacity as
Special Servicer hereunder with respect to such Mortgage Loan(s).

                  SECTION 3.02. Collection of Loan Payments.

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

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

                                      -99-
<PAGE>

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

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

                  (a) The Master Servicer shall, as to all Mortgage Loans
(except the Dadeland Mall Mortgage Loan), establish and maintain one or more
accounts (the "Pool Servicing Accounts"), in which all related Escrow Payments
shall be deposited and retained. The Master Servicer shall, as to the Dadeland
Mall Loan Pair, establish and maintain one or more accounts (the "Dadeland Mall
Servicing Accounts"), in which all related Escrow Payments shall be deposited
and retained. Subject to the terms of the related loan documents, each Servicing
Account shall be an Eligible Account. Withdrawals of amounts so collected from a
Servicing Account may be made (to the extent of amounts on deposit therein in
respect of the related Loan or, in the case of clauses (iv) and (v) below, to
the extent of interest or other income earned on such amounts) only for the
following purposes: (i) consistent with the related loan documents, to effect
the payment of real estate taxes, assessments, insurance premiums (including
premiums on any Environmental Insurance Policy), ground rents (if applicable)
and comparable items in respect of the respective Mortgaged Properties; (ii)
insofar as the particular Escrow Payment represents a late payment that was
intended to cover an item described in the immediately preceding clause (i) for
which a Servicing Advance was made, to reimburse the Master Servicer, the
Special Servicer, the Trustee or the Fiscal Agent, as applicable, for such
Servicing Advance; (iii) to refund to Mortgagors any sums as may be determined
to be overages; (iv) to pay interest, if required and as described below, to
Mortgagors on balances in such Servicing Account; (v) to pay the Master Servicer
interest and investment income on balances in such Servicing Account as
described in Section 3.06(b), if and to the extent not required by law or the
terms of the related loan documents to be paid to the Mortgagor; or (vi)

                                     -100-
<PAGE>

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

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

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

                  (d) The Master Servicer shall, as to all Mortgage Loans (other
than the Dadeland Mall Mortgage Loan), establish and maintain, as applicable,
one or more accounts (the "Pool Reserve Accounts"), into which all Reserve
Funds, if any, shall be deposited and retained. The Master Servicer shall, as to
the Dadeland Mall Loan Pair, establish and maintain one or more accounts (the
"Dadeland

                                     -101-
<PAGE>

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

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

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

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

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

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

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

                                     -102-
<PAGE>

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

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

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

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

                      (ix) the Initial Deposit;

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

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

                  Upon receipt of any of the amounts described in clauses (i)
through (iv) and (viii) above with respect to any Mortgage Loan (other than the
Dadeland Mall Mortgage Loan), the Special Servicer shall promptly, but in no
event later than two Business Days after receipt, remit such amounts to the
Master Servicer for deposit into the Pool Custodial Account in accordance with
the second preceding paragraph, unless the Special Servicer determines,
consistent with the Servicing Standard, that a

                                     -103-
<PAGE>

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

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

                  (b) The Trustee shall establish and maintain one or more trust
accounts (collectively, the "Collection Account") to be held in trust for the
benefit of the Certificateholders. Each account that constitutes the Collection
Account shall be an Eligible Account. The Trustee shall establish and maintain,
on a book-entry basis, the Class V Sub-Account, which sub-account shall be
deemed to be held in trust solely for the benefit of the Holders of the Class V
Certificates. The Master Servicer shall deliver to the Trustee each month on or
before the Master Servicer Remittance Date therein, for deposit in the
Collection Account, an aggregate amount of immediately available funds equal to
the Master Servicer Remittance Amount for such Master Servicer Remittance Date,
together with, in the case of the final Distribution Date, any additional
amounts contemplated by the second paragraph of Section 9.01. Immediately upon
deposit of the Master Servicer Remittance Amount for any Master Servicer
Remittance Date into the Collection Account, any portion thereof that represents
Additional Interest shall be deemed to have been deposited into the Class V
Sub-Account.

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

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

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

                                     -104-
<PAGE>

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

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

                  On the Master Servicer Remittance Date in March of each year
(commencing in March 2003), the Trustee shall transfer from the Interest Reserve
Account to the Collection Account all Interest Reserve Amounts then on deposit
in the Interest Reserve Account with respect to the Interest Reserve Mortgage
Loans and any Interest Reserve REO Mortgage Loans.

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

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

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

                  SECTION 3.04A. Dadeland Mall Custodial Accounts.

                  (a) The Master Servicer shall establish and maintain, with
respect to the Dadeland Mall Loan Pair, one or more separate accounts (the
"Dadeland Mall Custodial Account") in which the amounts described in clauses (i)
through (ix) below shall be deposited and held in trust for the benefit of

                                     -105-
<PAGE>

the Dadeland Mall Noteholders, as their interests may appear. The Dadeland Mall
Custodial Account shall be an Eligible Account. The Master Servicer shall
deposit or cause to be deposited in the Dadeland Mall Custodial Account, within
one Business Day of receipt (in the case of payments or other collections
received on the Dadeland Mall Loan Pair) or as otherwise required hereunder, the
following payments and collections received or made by the Master Servicer or on
its behalf with respect to the Dadeland Mall Loan Pair subsequent to the Cut-off
Date (other than in respect of principal and interest on the Dadeland Mall Loan
Pair due and payable on or before the Cut-off Date, which payments shall be held
pursuant to the terms of the Dadeland Mall Co-Lender Agreement, and other than
amounts required to be deposited in the Defeasance Deposit Account):

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

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

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

                           (iv) all Insurance Proceeds, Condemnation Proceeds
         and Liquidation Proceeds received in respect of the Dadeland Mall Loan
         Pair (other than Liquidation Proceeds derived from the sale of the
         Dadeland Mall Mortgage Loan to or through the Dadeland Mall Companion
         Loan Noteholder pursuant to the Dadeland Mall Co-Lender Agreement or a
         Specially Serviced Mortgage Loan pursuant to Section 3.18);

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

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

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

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

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

                                     -106-
<PAGE>

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

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

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

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

                                     -107-
<PAGE>

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

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

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

                      (ii) to reimburse the Fiscal Agent, the Trustee and
           itself, in that order, for unreimbursed P&I Advances made thereby
           with respect to the Mortgage Pool (exclusive of the Dadeland Mall
           Mortgage Loan and any related REO Mortgage Loan), the Fiscal Agent's,
           the Trustee's and Master Servicer's, as the case may be, respective
           rights to reimbursement pursuant to this clause (ii) with respect to
           any such P&I Advance being limited to amounts on deposit in the Pool
           Custodial Account that represent Late Collections of interest and
           principal (net of the related Master Servicing Fees and any related
           Workout Fees or Liquidation Fees) received in respect of the
           particular Mortgage Loan or REO Mortgage Loan as to which such P&I
           Advance was made;

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

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

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

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

                                     -108-
<PAGE>

           Mortgage Loan or REO Property (other than the Dadeland Mall Mortgage
           Loan or any related REO Property), the Fiscal Agent's, the Trustee's,
           the Master Servicer's and the Special Servicer's respective rights to
           reimbursement pursuant to this clause (vi) with respect to any
           Servicing Advance being limited to amounts on deposit in the Pool
           Custodial Account that represent payments made by the related
           Mortgagor to cover the item for which such Servicing Advance was
           made, and to amounts on deposit in the Pool Custodial Account that
           represent Liquidation Proceeds (net of Liquidation Fees payable
           therefrom), Condemnation Proceeds, Insurance Proceeds and, if
           applicable, REO Revenues received in respect of the particular
           Mortgage Loan or REO Property as to which such Servicing Advance was
           made;

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

                      (viii) to pay the Fiscal Agent, the Trustee, itself and
           the Special Servicer, in that order, any interest accrued and payable
           in accordance with Section 3.11(g), 4.03(d) or 4.03A(d), as
           applicable, on any Advance made thereby with respect to the Mortgage
           Pool (exclusive of the Dadeland Mall Mortgage Loan and any related
           REO Mortgage Loan), the Fiscal Agent's, the Trustee's, the Master
           Servicer's and the Special Servicer's respective rights to payment
           pursuant to this clause (viii) with respect to interest on any such
           Advance being limited to amounts on deposit in the Pool Custodial
           Account that represent Default Charges collected on or in respect of
           the Mortgage Pool during the Collection Period in which such Advance
           is reimbursed, as and to the extent contemplated by Sections 3.26(a)
           and (b);

                      (ix) to pay, out of general collections on the Mortgage
           Pool on deposit in the Pool Custodial Account, the Fiscal Agent, the
           Trustee, itself and the Special Servicer, in that order, any interest
           accrued and payable in accordance with Section 3.11(g), 4.03(d) or
           4.03A(d), as applicable, on any Advance made thereby with respect to
           the Mortgage Pool, but only to the extent that such Advance has been
           reimbursed and the interest thereon is not otherwise payable as
           contemplated by the immediately preceding clause (viii) or Section
           3.05A, as applicable;

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

                      (xi) to pay, out of general collections on the Mortgage
           Pool on deposit in the Pool Custodial Account, for (A) costs and
           expenses incurred by the Trust Fund pursuant to Section 3.09(c)
           (other than the costs of environmental testing, which are to be
           covered by, and reimbursable as, a Servicing Advance), (B) the cost
           of an independent appraiser or other expert in real estate matters
           retained pursuant to Sections 3.11(h), 3.18(h), or 4.03(c), and (C)
           the fees of any Independent Contractor retained with respect to any
           related REO Property pursuant to

                                     -109-
<PAGE>

           Section 3.17(d) (to the extent that it has not paid itself such fees
           prior to remitting collections on such REO Property to the Special
           Servicer); provided that, in the case of the Dadeland Mall Mortgaged
           Property, such payment pursuant to this clause (xi) is to be made
           only to the extent that it would not ultimately be payable out of
           collections on or in respect of the Dadeland Mall Loan Pair;

                      (xii) to pay itself, as additional servicing compensation
           in accordance with Section 3.11(b), (A) interest and investment
           income earned in respect of amounts held in the Pool Custodial
           Account as provided in Section 3.06(b), but only to the extent of the
           Net Investment Earnings with respect to the Pool Custodial Account
           for any Collection Period, (B) Prepayment Interest Excesses collected
           on the Mortgage Pool and (C) Net Default Charges (after application
           pursuant to Sections 3.26(a) and (b)) actually collected that accrued
           in respect of Mortgage Loans that are not Specially Serviced Mortgage
           Loans, and to pay the Special Servicer, as additional special
           servicing compensation in accordance with Section 3.11(d), Net
           Default Charges (after application pursuant to Sections 3.26(a) and
           (b)) actually collected that accrued in respect of Specially Serviced
           Mortgage Loans and REO Mortgage Loans;

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

                      (xiv) to pay, out of general collections on the Mortgage
           Pool on deposit in the Pool Custodial Account, for (A) the cost of
           the Opinion of Counsel contemplated by Section 11.02(a), (B) the cost
           of an Opinion of Counsel contemplated by Section 11.01(a) or 11.01(c)
           in connection with any amendment to this Agreement requested by the
           Master Servicer or the Special Servicer that protects or is in
           furtherance of the rights and interests of Certificateholders, and
           (C) the cost of recording this Agreement in accordance with Section
           11.02(a);

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

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

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

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

                                     -110-
<PAGE>

                  The Master Servicer shall pay to the Special Servicer (or to
third party contractors at the direction of the Special Servicer), the Trustee
or the Fiscal Agent from the Pool Custodial Account, amounts permitted to be
paid to the Special Servicer (or to any such third party contractor), the
Trustee or the Fiscal Agent therefrom promptly upon receipt of a written
statement of a Servicing Officer of the Special Servicer or of a Responsible
Officer of the Trustee or the Fiscal Agent describing the item and amount to
which the Special Servicer (or such third party contractor), the Trustee or the
Fiscal Agent, as applicable, is entitled (unless such payment to the Special
Servicer, the Trustee (for example, the Trustee Fee) or the Fiscal Agent, as the
case may be, is clearly required pursuant to this Agreement, in which case a
written statement is not required). The Master Servicer may rely conclusively on
any such written statement and shall have no duty to re-calculate the amounts
stated therein.

                  The Special Servicer shall keep and maintain separate
accounting for each Specially Serviced Mortgage Loan and REO Property, on a
loan-by-loan basis, for the purpose of justifying any request for withdrawal
from the Pool Custodial Account. With respect to each Mortgage Loan for which it
makes an Advance, each of the Trustee and Fiscal Agent shall keep and maintain
separate accounting, on a loan-by-loan basis, for the purpose of justifying any
request for withdrawal from the Pool Custodial Account for reimbursements of
Advances or interest thereon.

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

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

                      (ii) to pay (A) the Trustee, the Fiscal Agent or any of
           their respective directors, officers, employees and agents, as the
           case may be, out of general collections on the Mortgage Pool on
           deposit in the Collection Account, any amounts payable or
           reimbursable to any such Person pursuant to Section 7.01(b) and/or
           Section 8.05, as applicable, and (B) as and when contemplated by
           Section 8.08, the cost of the Trustee's transferring Mortgage Files
           and other documents to a successor after being terminated by
           Certificateholders pursuant to Section 8.07(c) without cause;

                      (iii) to pay, out of general collections on the Mortgage
           Pool on deposit in the Collection Account, for the cost of the
           Opinions of Counsel sought by the Trustee or the Tax Administrator
           (A) as provided in clause (iv) of the definition of "Disqualified
           Organization", (B) as contemplated by Sections 10.01(i) and 10.02(e),
           or (C) as contemplated by Section 11.01(a) or 11.01(c) in connection
           with any amendment to this Agreement requested by the Trustee which
           amendment is in furtherance of the rights and interests of
           Certificateholders;

                      (iv) to pay, out of general collections on the Mortgage
           Pool on deposit in the Collection Account, any and all federal, state
           and local taxes imposed on any of the REMICs created hereunder or on
           the assets or transactions of any such REMIC, together with all
           incidental costs and expenses, to the extent none of the Depositor,
           the Trustee, the Tax Administrator, the Master Servicer or the
           Special Servicer is liable therefor pursuant to Section 10.01(j) or
           Section 10.02(f);

                                     -111-
<PAGE>

                      (v) to pay the Tax Administrator, out of general
           collections on the Mortgage Pool on deposit in the Collection
           Account, any amounts reimbursable to it pursuant to Section 10.01(f)
           or Section 10.02(b);

                      (vi) to pay the Master Servicer any amounts deposited by
           the Master Servicer in the Collection Account in error;

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

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

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

                  (c) On each Master Servicer Remittance Date in March
(commencing in March 2003), the Trustee shall withdraw from the Interest Reserve
Account and deposit in the Collection Account all Interest Reserve Amounts that
have been deposited in the Interest Reserve Account in respect of the Interest
Reserve Mortgage Loans and any Interest Reserve REO Mortgage Loans during
January and/or February of the same year in accordance with Section 3.04(c).

                  SECTION 3.05A. Permitted Withdrawals From the Dadeland Mall
                                 Custodial Account.

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

                      (i) to make remittances each month on or before the Master
           Servicer Remittance Date therein, in an aggregate amount of
           immediately available funds equal to the applicable Dadeland Mall
           Loan Pair Remittance Amount, to the Dadeland Mall Companion Loan
           Noteholder and to the Trustee (for the benefit of the
           Certificateholders), in accordance with Section 4.01 of the Dadeland
           Mall Co-Lender Agreement, such remittances to the Trustee to be made
           into the Pool Custodial Account;

                      (ii) to reimburse, first, the Fiscal Agent, second, the
           Trustee, third, the Dadeland Mall Fiscal Agent, fourth, the Dadeland
           Mall Trustee, and last, itself, in that order, for unreimbursed P&I
           Advances made by such party (with its own funds) with respect to the
           Dadeland Mall Loan Pair, any such party's rights to reimbursement
           pursuant to this clause (ii) with respect to any such P&I Advance
           being limited to amounts on deposit in the Dadeland Mall Custodial
           Account that represent late collections of interest and principal
           (net of the related Master Servicing Fees and any related Workout
           Fees or Liquidation Fees) received in respect of the particular Loan
           (as allocable thereto pursuant to the related loan documents and the
           Dadeland Mall Co-Lender Agreement) in the Dadeland Mall Loan Pair as
           to which such P&I Advance was made;

                                     -112-
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                      (iii) to pay to itself earned and unpaid Master Servicing
           Fees with respect to the Dadeland Mall Loan Pair (or any successor
           REO Loans), the Master Servicer's respective rights to payment
           pursuant to this clause (iii) with respect to either Loan (or any
           successor REO Loan) in the Dadeland Mall Loan Pair being limited to
           amounts on deposit in the Dadeland Mall Custodial Account that were
           received on or in respect of such Loan (or successor REO Loan) and
           are allocable as a recovery of interest thereon;

                      (iv) to reimburse, first, the Fiscal Agent, second, the
           Trustee, third, the Dadeland Mall Fiscal Agent, fourth, the Dadeland
           Mall Trustee, and last, itself, in that order, for any unreimbursed
           P&I Advances made by such party (with its own funds) with respect to
           the Dadeland Mall Loan Pair that such party has determined are
           Nonrecoverable Advances, such party's rights to reimbursement
           pursuant to this clause (iv) with respect to any such P&I Advance
           being limited to amounts on deposit in the Dadeland Mall Custodial
           Account that were received in respect of the particular Loan (as
           allocable thereto pursuant to the related loan documents and the
           Dadeland Mall Co-Lender Agreement) in the Dadeland Mall Loan Pair as
           to which such P&I Advance was made;

                      (v) to pay to the Special Servicer earned and unpaid
           Special Servicing Fees in respect of the Dadeland Mall Loan Pair
           while either Loan in the Dadeland Mall Loan Pair constitutes a
           Specially Serviced Loan and after the Dadeland Mall Mortgaged
           Property becomes an REO Property;

                      (vi) to pay the Special Servicer (or, if applicable, a
           predecessor Special Servicer) earned and unpaid Workout Fees and
           Liquidation Fees in respect of the Dadeland Mall Loan Pair, in the
           amounts and from the sources specified in Section 3.11(c);

                      (vii) to reimburse first, the Fiscal Agent, second, the
           Trustee, third, the Dadeland Mall Fiscal Agent, fourth, the Dadeland
           Mall Trustee, fifth, itself and, last, the Special Servicer, in that
           order, for any unreimbursed Servicing Advances made thereby with
           respect to the Dadeland Mall Loan Pair or any related REO Property,
           any such party's respective rights to reimbursement pursuant to this
           clause (vii) with respect to any Servicing Advance being limited to
           amounts on deposit in the Dadeland Mall Custodial Account that
           represent payments made by the related Mortgagor to cover the item
           for which such Servicing Advance was made, and to amounts on deposit
           in the Dadeland Mall Custodial Account that represent Liquidation
           Proceeds (net of Liquidation Fees payable therefrom), Condemnation
           Proceeds, Insurance Proceeds and, if applicable, REO Revenues
           received in respect of the Dadeland Mall Mortgage Loan Pair or
           Dadeland Mall REO Property as to which such Servicing Advance was
           made;

                      (viii) to pay first, the Fiscal Agent, second, the
           Trustee, third, the Dadeland Mall Fiscal Agent, fourth, the Dadeland
           Mall Trustee, fifth, itself and, last, the Special Servicer, in that
           order, any interest accrued on any Advance made thereby with respect
           to either Loan in the Dadeland Mall Loan Pair or with respect to the
           Dadeland Mall Mortgaged Property, any such party's respective right
           to payment pursuant to this clause (viii) with respect to interest on
           any Advance being permitted to be satisfied (A) first, out of any
           amounts on deposit in the Dadeland Mall Custodial Account that
           represent Default Charges collected on or in respect of the Dadeland
           Mall Companion Loan during the same Collection Period in which such
           Advance is reimbursed, as and to the extent contemplated by Section
           3.26(c), (B) second, out of any amounts on deposit

                                     -113-
<PAGE>

           in the Dadeland Mall Custodial Account that represent Default Charges
           collected on or in respect of the Dadeland Mall Mortgage Loan during
           the same Collection Period in which such Advance is reimbursed, as
           and to the extent contemplated by Sections 3.26(a) and (b) and (C)
           third, to the extent that the Default Charges described in the
           immediately preceding clauses (A) and (B) are insufficient, but only
           if such Advance is being reimbursed at the same time or if such
           Advance has been previously reimbursed, out of any amounts on deposit
           in the Dadeland Mall Custodial Account that represent any other
           collections on or in respect of the Dadeland Mall Loan Pair; provided
           that interest on P&I Advances made with respect to the Dadeland Mall
           Companion Loan may be paid solely pursuant to clauses (A) and (C)
           above, from Default Charges or other collections received on or in
           respect of the Dadeland Mall Companion Loan;

                      (ix) to pay for (A) costs and expenses incurred with
           respect to the Dadeland Mall Mortgaged Property pursuant to Section
           3.09(c) (other than the costs of environmental testing, which are to
           be covered by, and reimbursable as, a Servicing Advance), (B) the
           costs and expenses of obtaining appraisals of the Dadeland Mall
           Mortgaged Property pursuant to Section 3.11(h) or 4.03A(c), as
           applicable, and (C) the fees of any Independent Contractor retained
           with respect to any related REO Property pursuant to Section 3.17A(d)
           (to the extent that it has not paid itself such fees prior to
           remitting collections on such REO Property to the Special Servicer);

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

                      (xi) to pay itself, the Special Servicer, or any of their
           respective members, managers, directors, officers, employees and
           agents, as the case may be, any amounts payable to any such Person
           pursuant to Section 6.03, to the extent such amounts relate to the
           Dadeland Mall Loan Pair;

                      (xii) to pay for the cost of recording the Dadeland Mall
           Co-Lender Agreement and any required opinion of counsel related
           thereto and, to the extent applicable pursuant to Section 11.02(a),
           the allocable portion of the cost of the Opinion of Counsel
           contemplated by Section 11.02(a);

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

                                     -114-
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                      (xiv) to clear and terminate the Dadeland Mall Custodial
           Account at the termination of this Agreement pursuant to Section
           9.01.

                  The Master Servicer shall keep and maintain separate
accounting records in connection with any withdrawal from the Dadeland Mall
Custodial Account, pursuant to clauses (ii) through (xiii) above.

                  The Master Servicer shall pay to each of the Special Servicer
(or to third party contractors at the direction of the Special Servicer), the
Dadeland Mall Fiscal Agent, the Dadeland Mall Trustee, the Trustee and the
Fiscal Agent, as applicable, from the Dadeland Mall Custodial Account, amounts
permitted to be paid thereto from such account promptly upon receipt of a
written statement of a Servicing Officer of the Special Servicer or a
Responsible Officer of the Dadeland Mall Fiscal Agent, the Dadeland Mall
Trustee, the Trustee or the Fiscal Agent, as the case may be, describing the
item and amount to which the Special Servicer (or such third party contractor),
the Dadeland Mall Fiscal Agent, the Dadeland Mall Trustee, the Trustee or the
Fiscal Agent, as the case may be, is entitled (unless such payment to the
Special Servicer, the Trustee or the Fiscal Agent, as the case may be, is
clearly required pursuant to this Agreement, in which case a written statement
is not required). The Master Servicer may rely conclusively on any such written
statement and shall have no duty to re-calculate the amounts stated therein. The
parties seeking payment pursuant to this section shall each keep and maintain
separate accounting for the purpose of justifying any request for withdrawal
from the Dadeland Mall Custodial Account, on a loan-by-loan basis.

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

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

                  (a) The Master Servicer may direct in writing any depository
institution maintaining a Servicing Account, a Reserve Account, the Defeasance
Deposit Account or a Custodial Account (each, for purposes of this Section 3.06,
an "Investment Account"), and the Special Servicer may direct in writing any
depository institution maintaining an REO Account (also, for purposes of this
Section 3.06, an "Investment Account"), to invest, or if it is such depository
institution, may itself invest, the funds held therein (other than, in the case
of the Pool Custodial Account, the Initial Deposit) in one or more Permitted
Investments bearing interest or sold at a discount, and maturing, unless payable
on demand, no later than the Business Day immediately preceding the next
succeeding date on which such funds are required to be withdrawn from such
account pursuant to this Agreement; provided that in the case of any Servicing
Account, any Reserve Account or the Defeasance Deposit Account, such investment
direction shall be subject to the related loan documents and applicable law.
Funds in the Collection Account and the Interest Reserve Account will remain
uninvested. All such Permitted Investments shall be held to maturity, unless
payable on demand. Any investment of funds in an Investment Account shall be
made

                                     -115-
<PAGE>

in the name of the Trustee (in its capacity as such) and, in the case of a
Permitted Investment in any Investment Account solely related to the Dadeland
Mall Loan Pair, the Dadeland Mall Companion Loan Noteholder. The Master Servicer
(with respect to Permitted Investments of amounts in the Servicing Accounts, the
Reserve Accounts, the Defeasance Deposit Account and the Custodial Accounts) and
the Special Servicer (with respect to Permitted Investments of amounts in the
REO Accounts), on behalf of the Trustee and, in the case of any Investment
Account solely related to the Dadeland Mall Loan Pair, the Dadeland Mall
Companion Loan Noteholder, shall (and the Trustee hereby designates the Master
Servicer and the Special Servicer, as applicable, as the Person that shall) (i)
be the "entitlement holder" of any Permitted Investment that is a "security
entitlement" and (ii) maintain "control" of any Permitted Investment that is a
"certificated security", "uncertificated security" or "deposit account". For
purposes of this Section 3.06(a), (i) the terms "entitlement holder", "security
entitlement", "control" (except with respect to deposit accounts), "certificated
security" and "uncertificated security" shall have the meanings given such terms
in Revised Article 8 (1994 Revision) of the UCC, and the terms "control" (with
respect to deposit accounts) and "deposit account" shall have the meanings given
such terms in Revised Article 9 (1998 Revision) of the UCC, and (ii) "control"
of any Permitted Investment in any Investment Account by the Master Servicer or
the Special Servicer shall constitute "control" by a Person designated by, and
acting on behalf of, the Trustee and, in the case of any Investment Account
solely related to the Dadeland Mall Loan Pair, the Dadeland Mall Companion Loan
Noteholder, for purposes of Revised Article 8 (1994 Revision) of the UCC or
Revised Article 9 (1998 Revision) of the UCC, as applicable. If amounts on
deposit in an Investment Account are at any time invested in a Permitted
Investment payable on demand, the Master Servicer (in the case of the Custodial
Accounts, the Servicing Accounts, the Reserve Accounts and the Defeasance
Deposit Account) or the Special Servicer (in the case of the REO Accounts)
shall:

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

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

                  (b) Whether or not the Master Servicer directs the investment
of funds in any of the Servicing Accounts, the Reserve Accounts, the Defeasance
Deposit Account or the Custodial Accounts, interest and investment income
realized on funds deposited therein, to the extent of the Net Investment
Earnings, if any, for each such Investment Account for each Collection Period
(and, in the case of Servicing Accounts, Reserve Accounts and the Defeasance
Deposit Account, to the extent not otherwise payable to Mortgagors under
applicable law or the related loan documents), shall be for the sole and
exclusive benefit of the Master Servicer and shall be subject to its withdrawal
in accordance with Section 3.03(a), 3.03(d), 3.04(a), 3.05(a) or 3.05A, as
applicable. Whether or not the Special Servicer directs the investment of funds
in either of the REO Accounts, interest and investment income realized on funds
deposited therein, to the extent of the Net Investment Earnings, if any, for
such Investment Account for each Collection Period, shall be for the sole and
exclusive benefit of the Special Servicer and shall be subject to its withdrawal
in accordance with Section 3.16(b). If any loss shall be incurred in respect of
any Permitted Investment on deposit in any Investment Account, the Master
Servicer (in the

                                     -116-
<PAGE>

case of (i) the Servicing Accounts, the Reserve Accounts and the Defeasance
Deposit Account (except to the extent that any investment of funds with respect
thereto is at the direction of a Mortgagor in accordance with the related loan
documents or applicable law) and (ii) the Custodial Accounts) and the Special
Servicer (in the case of the REO Accounts) shall promptly deposit therein from
its own funds, without right of reimbursement, no later than the end of the
Collection Period during which such loss was incurred, the amount of the Net
Investment Loss, if any, for such Investment Account for such Collection Period.
Notwithstanding any of the foregoing provisions of this Section 3.06, no party
shall be required under this Agreement to deposit any loss on a deposit of funds
in an Investment Account if such loss is incurred solely as a result of the
insolvency of the federal or state chartered depository institution or trust
company with which such deposit was maintained so long as such depository
institution or trust company satisfied the conditions set forth in the
definition of "Eligible Account" at the time such deposit was made and also as
of a date no earlier than 30 days prior to the insolvency.

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

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

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

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

                  (a) The Master Servicer shall, consistent with the Servicing
Standard, cause to be maintained for each Mortgaged Property that is not an REO
Property, all insurance coverage as is required under the related Mortgage
(except to the extent that the failure to maintain such insurance coverage is an
Acceptable Insurance Default); provided that, if and to the extent that any such
Mortgage permits the holder thereof any discretion (by way of consent, approval
or otherwise) as to the insurance coverage that the related Mortgagor is
required to maintain, the Master Servicer or Special Servicer, as the case may
be, shall exercise such discretion in a manner consistent with the Servicing
Standard; and provided, further, that, if and to the extent that a Mortgage so
permits, the Master Servicer or Special Servicer, as the case may be, shall use
reasonable best efforts to require the related Mortgagor to obtain the required
insurance coverage from Qualified Insurers that have a "claims paying ability"
or "financial strength" rating, as applicable, of at least "A" from S&P and
"Aa3" from Moody's (or, in the case of either Rating Agency, such lower rating
as will not result in an Adverse Rating Event, as evidenced in writing by such
Rating Agency); and provided, further, that the Master Servicer shall cause to
be maintained for any such Mortgaged Property any such insurance that the
related Mortgagor is required but fails to maintain, only to the extent that the
Trustee, as mortgagee of record (on behalf of the Certificateholders and, in the
case of the Dadeland Mall Mortgaged Property, the Dadeland Mall Companion Loan
Noteholder) has an insurable interest, and such insurance is available at a

                                     -117-
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commercially reasonable rate (or, in the case of all-risk insurance or other
insurance that covers acts of terrorism, the Trustee, as mortgagee of record (on
behalf of the Certificateholders and, in the case of the Dadeland Mall Mortgaged
Property, the Dadeland Mall Companion Loan Noteholder) has an insurable interest
and the Special Servicer has determined (in its reasonable judgment and in
accordance with the Servicing Standard) that either such insurance is available
at a commercially reasonable rate or the subject hazards are at the time
commonly insured against by prudent owners of properties similar to the
Mortgaged Property located in or around the region in which such Mortgaged
Property is located). Any Controlling Class Certificateholder may request that
earthquake insurance be secured for one or more Mortgaged Properties by the
related Mortgagor, to the extent such insurance may reasonably be obtained and
provided the related loan documents and applicable law give the mortgagee the
right to request such insurance coverage and such loan documents require the
Mortgagor to obtain earthquake insurance at the request of the mortgagee. The
Dadeland Mall Companion Loan Noteholder may request that earthquake insurance,
to the extent such insurance may reasonably be obtained, be secured for the
Dadeland Mall Mortgaged Property at the expense of the Dadeland Mall Companion
Loan Noteholder. Subject to Section 3.17(a), the Special Servicer, in accordance
with the Servicing Standard, shall also cause to be maintained for each REO
Property no less insurance coverage than was previously required of the
Mortgagor under the related Mortgage; provided that such insurance is available
at commercially reasonable rates and the subject hazards are at the time
commonly insured against by prudent owners of properties similar to the REO
Property located in or around the region in which such REO Property is located
(or, in the case of all-risk insurance or other insurance that covers acts of
terrorism, such insurance is available at a commercially reasonable rate or the
subject hazards are at the time commonly insured against by prudent owners of
properties similar to the REO Property located in or around the region in which
such REO Property is located); and provided, further, that all such insurance
shall be obtained from Qualified Insurers that, if they are providing casualty
insurance, shall have a "claims paying ability" or "financial strength" rating,
as applicable, of at least "A" from S&P and "Aa3" from Moody's (or, in the case
of either Rating Agency, such lower rating as will not result in an Adverse
Rating Event, as evidenced in writing by such Rating Agency). All such insurance
policies shall contain (if they insure against loss to property and do not
relate to an REO Property) a "standard" mortgagee clause, with loss payable to
the Master Servicer (in the case of insurance maintained in respect of Loans,
including Specially Serviced Loans), and shall be in the name of the Special
Servicer (in the case of insurance maintained in respect of REO Properties), on
behalf of the Trustee; and, in each case, such insurance shall be issued by a
Qualified Insurer. Any amounts collected by the Master Servicer or the Special
Servicer under any such policies (other than amounts to be applied to the
restoration or repair of the related Mortgaged Property or REO Property or
amounts to be released to the related Mortgagor, in each case subject to the
rights of any tenants and ground lessors, as the case may be, and in each case
in accordance with the terms of the related Mortgage and the Servicing Standard)
shall be deposited in the applicable Custodial Account in accordance with
Section 3.04(a) or 3.04A(a), as the case may be, in the case of amounts received
in respect of a Loan, or in the applicable REO Account in accordance with
Section 3.16(b), in the case of amounts received in respect of an REO Property.
Any cost incurred by the Master Servicer or the Special Servicer in maintaining
any such insurance (including any earthquake insurance maintained at the request
of a Controlling Class Certificateholder or the Dadeland Mall Companion Loan
Noteholder) shall not, for purposes hereof, including calculating monthly
distributions to Certificateholders, be added to the unpaid principal balance or
Stated Principal Balance of the related Loan or REO Loan, notwithstanding that
the terms of such loan so permit, but shall be recoverable by the Master
Servicer and the Special Servicer as a Servicing Advance.

                                     -118-
<PAGE>

                  (b) If either the Master Servicer or the Special Servicer
shall obtain and maintain, or cause to be obtained and maintained, a blanket
policy insuring against hazard losses on all of the Loans and/or REO Properties
that it is required to service and administer, then, to the extent such policy
(i) is obtained from a Qualified Insurer having (or whose obligations are
guaranteed or backed, in writing, by an entity having) a "claims paying ability"
or "financial strength" rating, as applicable, of at least "A" from S&P and "A2"
from Moody's (if then rated by Moody's, and if not then rated by Moody's, then a
rating of "A:IX" or better by A.M. Best's Key Rating Guide or an equivalent
rating to a rating of "A2" from Moody's by at least one nationally recognized
statistical rating agency besides S&P) (or, in the case of either Rating Agency,
such lower rating as will not result in an Adverse Rating Event, as evidenced in
writing by such Rating Agency), and (ii) provides protection equivalent to the
individual policies otherwise required, the Master Servicer or the Special
Servicer, as the case may be, shall conclusively be deemed to have satisfied its
obligation to cause hazard insurance to be maintained on the related Mortgaged
Properties and/or REO Properties. Such blanket policy may contain a deductible
clause (not in excess of a customary amount), in which case the Master Servicer
or the Special Servicer, as appropriate, shall, if there shall not have been
maintained on the related Mortgaged Property or REO Property an individual
hazard insurance policy complying with the requirements of Section 3.07(a), and
there shall have been one or more losses that would have been covered by such
individual policy, promptly deposit into the applicable Custodial Account from
its own funds the amount not otherwise payable under the blanket policy because
of the deductible clause therein, to the extent that any such deductible exceeds
the deductible limitation that pertained to the related Loan (or in the absence
of any such deductible limitation, the deductible limitation for an individual
policy which is consistent with the Servicing Standard). The Master Servicer or
the Special Servicer, as appropriate, shall prepare and present, on behalf of
itself, the Trustee, the Certificateholders and, in the case of the Dadeland
Mall Mortgaged Property, the Dadeland Mall Companion Loan Noteholder, claims
under any such blanket policy in a timely fashion in accordance with the terms
of such policy.

                  (c) Subject to the third paragraph of this Section 3.07(c),
each of the Master Servicer and the Special Servicer shall at all times during
the term of this Agreement (or, in the case of the Special Servicer, at all
times during the term of this Agreement in which Specially Serviced Loans and/or
REO Properties are part of the Trust Fund) keep in force with Qualified Insurers
having (or whose obligations are guaranteed or backed, in writing, by entities
having) a "claims paying ability" or "financial strength" rating, as applicable,
of at least "A" from S&P and "A2" from Moody's (or, if not then rated by
Moody's, then at least "A" by Fitch or "A:IX" by A.M. Best's Key Rating Guide)
(or, in the case of either Rating Agency, such lower rating as will not result
in an Adverse Rating Event, as evidenced in writing by such Rating Agency), a
fidelity bond, which fidelity bond shall be in such form and amount as would
permit it to be a qualified Fannie Mae seller-servicer of multifamily mortgage
loans, or in such other form and amount as would not cause an Adverse Rating
Event (as evidenced in writing from each Rating Agency). Each of the Master
Servicer and the Special Servicer shall be deemed to have complied with the
foregoing provision if an Affiliate thereof has such fidelity bond coverage and,
by the terms of such fidelity bond, the coverage afforded thereunder extends to
the Master Servicer or the Special Servicer, as the case may be.

                  Subject to the third paragraph of this Section 3.07(c), each
of the Master Servicer and the Special Servicer shall at all times during the
term of this Agreement (or, in the case of the Special Servicer, at all times
during the term of this Agreement in which Specially Serviced Loans and/or REO
Properties are part of the Trust Fund) also keep in force with Qualified
Insurers having (or whose obligations are guaranteed or backed, in writing, by
entities having) a "claims paying ability" or

                                     -119-
<PAGE>

"financial strength" rating, as applicable, of at least "A" from S&P and "A2"
from Moody's (or, if not rated by Moody's, then at least "A" by Fitch or "A:IX"
by A.M. Best's Key Rating Guide) (or, in the case of either Rating Agency, such
lower rating as will not result in an Adverse Rating Event, as evidenced in
writing by such Rating Agency), a policy or policies of insurance covering loss
occasioned by the errors and omissions of its officers, employees and agents in
connection with its servicing obligations hereunder, which policy or policies
shall be in such form and amount as would permit it to be a qualified Fannie Mae
seller-servicer of multifamily mortgage loans, or in such other form and amount
as would not cause an Adverse Rating Event (as evidenced in writing from each
Rating Agency). Each of the Master Servicer and the Special Servicer shall be
deemed to have complied with the foregoing provisions if an Affiliate thereof
has such insurance and, by the terms of such policy or policies, the coverage
afforded thereunder extends to the Master Servicer or the Special Servicer, as
the case may be.

                  Notwithstanding the foregoing, for so long as the long-term
debt obligations of the Master Servicer or Special Servicer, as the case may be,
are rated at least "Aa3" from Moody's (if then rated by Moody's, and if not then
rated by Moody's, then an equivalent rating by at least one additional
nationally recognized statistical rating agency besides S&P) and "A" from S&P
(or, in the case of either Rating Agency, such lower rating as will not result
in an Adverse Rating Event, as evidenced in writing by such Rating Agency), such
Person may self-insure with respect to the risks described in this Section
3.07(c).

                  (d) In the event that either of the Master Servicer or the
Special Servicer has actual knowledge of any event (an "Insured Environmental
Event") giving rise to a claim under any Environmental Insurance Policy in
respect of any Environmentally Insured Mortgage Loan for which the Mortgagor has
not filed a claim or in respect of an REO Property, the Master Servicer shall
notify the Special Servicer if such Loan is a Specially Serviced Loan, and the
Special Servicer shall notify the Master Servicer in all cases. Upon becoming
aware of such Insured Environmental Event, the Master Servicer, in the case of a
non-Specially Serviced Loan, and the Special Servicer, in the case of a
Specially Serviced Loan or an REO Property, in accordance with the terms of such
Environmental Insurance Policy and the Servicing Standard, shall timely make a
claim thereunder with the appropriate insurer and shall take such other actions
necessary under such Environmental Insurance Policy in order to realize the full
value thereof for the benefit of the Certificateholders. With respect to each
Environmental Insurance Policy in respect of an Environmentally Insured Mortgage
Loan, the Master Servicer (in the case of any such Loan that is a non-Specially
Serviced Loan) and the Special Servicer (in the case of any such Loan that is a
Specially Serviced Loan or in the case of an REO Property) shall each review and
familiarize itself with the terms and conditions relating to enforcement of
claims and shall, in the event the Master Servicer or the Special Servicer has
actual knowledge of an Insured Environmental Event giving rise to a claim under
such policy, monitor the dates by which any claim must be made or any action
must be taken under such policy to realize the full value thereof for the
benefit of the Certificateholders.

                  The Master Servicer (in the case of non-Specially Serviced
Loans) and the Special Servicer (in the case of Specially Serviced Loans and REO
Properties) shall each abide by the terms and conditions precedent to payment of
claims under the Environmental Insurance Policies with respect to the
Environmentally Insured Mortgage Loans and take all such actions as may be
required to comply with the terms and provisions of such policies in order to
maintain such policies in full force and effect and to make claims thereunder.

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                  In the event that either the Master Servicer or the Special
Servicer receives notice of a termination of any Environmental Insurance Policy
with respect to an Environmentally Insured Mortgage Loan, then the party
receiving such notice shall, within five Business Days after receipt thereof,
provide written notice of such termination to the other such party and the
Trustee. Upon receipt of such notice, the Master Servicer, with respect to a
Performing Loan, or the Special Servicer, with respect to a Specially Serviced
Loan or an REO Property, shall address such termination in accordance with
Section 3.07(a). Any legal fees, premiums or other out-of-pocket costs incurred
in accordance with the Servicing Standard in connection with enforcing the
obligations of the Mortgagor under any Environmental Insurance Policy or a
resolution of such termination of an Environmental Insurance Policy shall be
paid by the Master Servicer and shall be reimbursable to it as a Servicing
Advance.

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

                  SECTION 3.08. Enforcement of Alienation Clauses.

                  (a) In the event that the Master Servicer receives a request
from a Mortgagor pursuant to the provisions of any Performing Loan that
expressly permit, with the lender's consent, subject to the conditions described
in the loan documents, the transfer of the related Mortgaged Property to, and
assumption of such Loan by, another Person or transfers of certain interests in
such Mortgagor, the Master Servicer shall promptly obtain relevant information
for purposes of evaluating such request. If the Master Servicer recommends to
approve such transfer and/or assumption, the Master Servicer shall promptly
provide to the Special Servicer a copy of such recommendation (which shall
include the reason therefor) and the materials upon which such recommendation is
based. The Special Servicer shall have the right hereunder, within 15 days of
receipt of such recommendation and supporting materials and any other materials
reasonably requested by the Special Servicer, to reasonably withhold or, subject
to Section 3.08(d), Section 6.11 and Section 6.11A, grant consent to any such
request for such transfer and/or assumption in accordance with the terms of the
Loan and this Agreement, including, without limitation, the Servicing Standard.
If the Special Servicer does not respond within such 15-day period, the Special
Servicer's consent shall be deemed granted. If the Special Servicer consents or
is deemed to have consented to such proposed transfer and/or assumption, the
Master Servicer shall process such request of the related Mortgagor; and, in the
case of a transfer of the related Mortgaged Property to, and assumption of such
Loan by, another Person, the Master Servicer shall be authorized to enter into
an assumption or substitution agreement with the Person, which shall be a Single
Purpose Entity, to whom the related Mortgaged Property has been or is proposed
to be conveyed and/or release the original Mortgagor from liability under the
related Loan and substitute as obligor thereunder the Person to whom the related
Mortgaged Property has been or is proposed to be conveyed; provided, however,
that the Master Servicer shall not enter into any such agreement to the extent
that any terms thereof would result in an Adverse REMIC Event or Adverse Grantor
Trust Event or create any lien on a Mortgaged Property that is senior to, or on
parity with, the lien of the related Mortgage. The Master Servicer shall notify
the Trustee, the Special Servicer, each Rating Agency and, in the case of the
Dadeland Mall Loan Pair, the Dadeland Mall Companion Loan Noteholder, of any
assumption or substitution agreement executed pursuant to this Section 3.08(a)
and shall forward thereto a copy of such

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agreement together with a Review Package. Subject to the terms of the related
loan documents, no assumption of a Cross-Collateralized Mortgage Loan shall be
made without the assumption of all other Mortgage Loans making up the related
Cross-Collateralized Group. Further, subject to the terms of the related loan
documents and applicable law, no assumption of a Loan shall be made or transfer
of interest in a Mortgagor approved, unless all costs in connection therewith,
including any arising from seeking Rating Agency confirmation, are paid by the
related Mortgagor.

                  (b) Other than with respect to a transfer and assumption
referred to in subsection (a) above, if any Mortgage contains restrictions on
transfers of the related Mortgaged Property and/or transfers of interests in the
related Mortgagor, then the Special Servicer, on behalf of the Trustee as
mortgagee of record (on behalf of the Certificateholders and, in the case of the
Dadeland Mall Loan Pair, the Dadeland Mall Companion Loan Noteholder), and not
the Master Servicer, shall, to the extent permitted by applicable law, enforce
such restrictions, unless the Special Servicer has determined, in its
reasonable, good faith judgment, that waiver of such restrictions would be in
accordance with the Servicing Standard (as evidenced by an Officer's Certificate
setting forth the basis for such determination delivered, together with a Review
Package in respect thereof, to the Trustee, the Master Servicer, each Rating
Agency and, with respect to the Dadeland Mall Loan Pair, the Dadeland Mall
Companion Loan Noteholder); provided that any such waiver of such restrictions
shall be subject to Section 3.08(d), Section 6.11 and Section 6.11A. If the
Master Servicer receives a request for consent to a transfer and assumption of a
Specially Serviced Loan, the Master Servicer shall immediately notify the
Special Servicer of such request and deliver to the Special Servicer the
Mortgage File (or a copy thereof) and such other documents that the Master
Servicer shall have received regarding the proposed transfer and assumption.
Upon consent by the Special Servicer to any proposed transfer of a Mortgaged
Property and assumption by the proposed transferee of the related Loan pursuant
to this Section 3.08(b), the Special Servicer shall process the request of the
related Mortgagor for such transfer and assumption and shall be authorized to
enter into an assumption or substitution agreement with the Person, which shall
be a Single Purpose Entity, to whom the related Mortgaged Property has been or
is proposed to be conveyed and/or release the original Mortgagor from liability
under the related Loan and substitute as obligor thereunder the Person to whom
the related Mortgaged Property has been or is proposed to be conveyed; provided,
however, that the Special Servicer shall not enter into any such agreement to
the extent that any terms thereof would result in an Adverse REMIC Event or
Adverse Grantor Trust Event or create any lien on a Mortgaged Property that is
senior to, or on parity with, the lien of the related Mortgage. The Special
Servicer shall notify the Trustee, the Master Servicer, each Rating Agency and,
with respect to the Dadeland Mall Loan Pair, the Dadeland Mall Companion Loan
Noteholder, of any assumption or substitution agreement executed pursuant to
this Section 3.08(b) and shall forward thereto a copy of such agreement. Subject
to the terms of the related loan documents, no assumption of a
Cross-Collateralized Mortgage Loan shall be made without the assumption of all
other Mortgage Loans making up the related Cross-Collateralized Group. Further,
subject to the terms of the related loan documents and applicable law, no
assumption of a Loan shall be made unless all costs in connection therewith,
including any arising from seeking Rating Agency confirmation, are paid by the
related Mortgagor.

                  (c) With respect to all of the Loans, the Special Servicer on
behalf of the Trustee as the mortgagee of record (on behalf of the
Certificateholders and, in the case of the Dadeland Mall Loan Pair, the Dadeland
Mall Companion Loan Noteholder), shall, to the extent permitted by applicable
law, enforce the restrictions contained in the related loan documents on further
encumbrances of the related Mortgaged Property, unless the Special Servicer has
determined, in its reasonable, good faith judgment,

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<PAGE>

that waiver of such restrictions would be in accordance with the Servicing
Standard (as evidenced by an Officer's Certificate setting forth the basis for
such determination delivered to the Trustee, the Master Servicer, each Rating
Agency and, with respect to the Dadeland Mall Loan Pair, the Dadeland Mall
Companion Loan Noteholder); provided that any such waiver of such restrictions
shall be subject to Section 3.08(d), Section 6.11 and Section 6.11A. Whenever
the Master Servicer becomes aware of a further encumbrance on a Mortgaged
Property, or becomes aware that there is going to be a further encumbrance on a
Mortgaged Property, the Master Servicer shall immediately notify the Special
Servicer of such further encumbrance and deliver to the Special Servicer all
documents and records (or copies thereof) in the Master Servicer's possession
regarding the further encumbrance and such other documents (or copies thereof)
regarding the related Loan as the Special Servicer shall reasonably require in
order to consider the request. To the extent permitted by the applicable loan
documents and applicable law, the Special Servicer may charge the related
Mortgagor a fee in connection with any enforcement or waiver contemplated in
this subsection (c).

                  (d) Notwithstanding anything to the contrary contained in this
Section 3.08, if the then unpaid principal balance of the subject Loan is at
least equal to $20,000,000, neither the Master Servicer nor the Special Servicer
shall waive any restrictions contained in the related Mortgage on transfers of
the related Mortgaged Property or on transfers of interests in the related
Mortgagor, unless the Master Servicer or the Special Servicer, as the case may
be, shall have received prior written confirmation from each Rating Agency that
such action would not result in an Adverse Rating Event. In addition,
notwithstanding anything to the contrary contained in this Section 3.08, neither
the Master Servicer nor the Special Servicer shall in any event waive any
restrictions contained in any Mortgage on further encumbrances of the related
Mortgaged Property, unless the Special Servicer shall have received prior
written confirmation from each Rating Agency that such action would not result
in an Adverse Rating Event. In connection with any request for rating
confirmation from a Rating Agency pursuant to this Section 3.08(d), the Master
Servicer or the Special Servicer, as the case may be, shall deliver a Review
Package to such Rating Agency. Further, subject to the terms of the related loan
documents and applicable law, no waiver of a restriction contained in the
related Mortgage on transfers of the related Mortgaged Property or interests in
the related Mortgagor or on further encumbrances thereof may be waived by the
Master Servicer or the Special Servicer unless all costs in connection
therewith, including any arising from seeking Rating Agency confirmation, are
paid by the related Mortgagor. To the extent not collected from the related
Mortgagor, any rating agency charges in connection with the foregoing shall be
paid by the Master Servicer as a Servicing Advance.

                  SECTION 3.09. Realization Upon Defaulted Loans; Required
                                Appraisals; Appraisal Reduction Calculation.

                  (a) The Special Servicer shall, subject to Sections 3.09(b),
3.09(c), 3.09(d), 6.11 and 6.11A, exercise reasonable efforts, consistent with
the Servicing Standard, to foreclose upon or otherwise comparably convert the
ownership of properties securing such of the Specially Serviced Loans as come
into and continue in default and as to which no satisfactory arrangements can be
made for collection of delinquent payments, including pursuant to Section 3.20;
provided that neither the Master Servicer nor the Special Servicer shall, with
respect to any ARD Loan after its Anticipated Repayment Date, take any
enforcement action with respect to the payment of Additional Interest (other
than the making of requests for its collection) unless (i) the taking of an
enforcement action with respect to the payment of other amounts due under such
ARD Loan is, in the good faith and reasonable judgment of the Special Servicer,
necessary, appropriate and consistent with the Servicing Standard or

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(ii) all other amounts due under such ARD Loan have been paid, the payment of
such Additional Interest has not been forgiven in accordance with Section 3.20
and, in the good faith and reasonable judgment of the Special Servicer, the
Liquidation Proceeds expected to be recovered in connection with such
enforcement action will cover the anticipated costs of such enforcement action
and, if applicable, any associated interest accrued on Advances. Subject to
Section 3.11(h), the Special Servicer shall advance all costs and expenses
incurred by it in any such proceedings, and shall be entitled to reimbursement
therefor as provided in Section 3.05(a) or Section 3.05A, as applicable. The
Special Servicer shall be responsible, consistent with the Servicing Standard,
for determining whether to exercise any rights it may have under the
cross-collateralization and/or cross-default provisions of a
Cross-Collateralized Mortgage Loan. Nothing contained in this Section 3.09 shall
be construed so as to require the Special Servicer, on behalf of the
Certificateholders and, in the case of the Dadeland Mall Mortgaged Property, on
behalf of the Dadeland Mall Companion Loan Noteholder, to make a bid on any
Mortgaged Property at a foreclosure sale or similar proceeding that is in excess
of the fair market value of such property, as determined by the Special Servicer
in its reasonable and good faith judgment taking into account the factors
described in Section 3.18 and the results of any appraisal obtained as provided
below in this Section 3.09, all such bids to be made in a manner consistent with
the Servicing Standard.

                  If and when the Master Servicer or the Special Servicer deems
it necessary and prudent for purposes of establishing the fair market value of
any Mortgaged Property securing a Specially Serviced Loan, whether for purposes
of bidding at foreclosure or otherwise, it may have an appraisal performed with
respect to such property by an Independent Appraiser or other expert in real
estate matters, which appraisal shall take into account the factors specified in
Section 3.18, and the cost of which appraisal shall be covered by, and be
reimbursable as, a Servicing Advance; provided that if the Master Servicer
intends to obtain an appraisal in connection with the foregoing, the Master
Servicer shall so notify the Special Servicer and consult with the Special
Servicer regarding such appraisal. If any Loan becomes a Required Appraisal
Loan, then the Special Servicer shall (i) obtain or conduct, as applicable, a
Required Appraisal within 60 days of such Loan's becoming a Required Appraisal
Loan (unless a Required Appraisal was obtained or conducted, as applicable, with
respect to such Required Appraisal Loan within the prior 12 months and the
Special Servicer reasonably believes, in accordance with the Servicing Standard,
that no material change has subsequently occurred with respect to the related
Mortgaged Property that would draw into question the applicability of such
Required Appraisal) and (ii) obtain or conduct, as applicable, an update of the
most recent prior Required Appraisal approximately 12 months following the most
recent Required Appraisal or subsequent update thereof for so long as such Loan
or any successor REO Loan, as the case may be, remains a Required Appraisal
Loan. The Special Servicer shall deliver copies of all such Required Appraisals
and updated Required Appraisals to the Trustee, the Master Servicer and, in the
case of the Dadeland Mall Mortgaged Property, the Dadeland Mall Companion Loan
Noteholder, in each such case, promptly following the Special Servicer's receipt
of the subject appraisal, and to the Controlling Class Representative upon
request, and based thereon, the Special Servicer shall calculate and notify the
Trustee, the Master Servicer, the Controlling Class Representative and, in the
case of the Dadeland Mall Loan Pair, the Dadeland Mall Companion Loan
Noteholder, of any resulting Appraisal Reduction Amount. Such calculations by
the Special Servicer shall be subject to review and confirmation by the Master
Servicer, provided that the Master Servicer may rely on any information provided
by the Special Servicer. The Special Servicer shall advance the cost of each
such Required Appraisal and updated Required Appraisal; provided, however, that
such expense will be subject to reimbursement to the Special Servicer as a
Servicing Advance out of the related Custodial Account pursuant to Section
3.05(a) or Section 3.05A. At any time that an Appraisal Reduction Amount exists
with respect to any Required

                                     -124-
<PAGE>

Appraisal Loan, the Controlling Class Representative may, at its own expense,
obtain and deliver to the Master Servicer, the Special Servicer and the Trustee
an appraisal that satisfies the requirements of a "Required Appraisal", and upon
the written request of the Controlling Class Representative, the Special
Servicer shall recalculate the Appraisal Reduction Amount in respect of such
Required Appraisal Loan based on the appraisal delivered by the Controlling
Class Representative and shall notify the Trustee, the Master Servicer and the
Controlling Class Representative of such recalculated Appraisal Reduction
Amount. At any time that an Appraisal Reduction Amount exists with respect to
the Dadeland Mall Loan Pair during a period that the Dadeland Mall Loan Pair
constitutes a Required Appraisal Loan, the Dadeland Mall Companion Loan
Noteholder may, at its own expense, obtain and deliver to the Master Servicer,
the Special Servicer and the Trustee, an appraisal that satisfies the
requirements of a "Required Appraisal", and upon the written request of the
Dadeland Mall Companion Loan Noteholder, the Special Servicer shall recalculate
the Appraisal Reduction Amount in respect of such Required Appraisal Loan based
on the appraisal delivered by the Dadeland Mall Companion Loan Noteholder, and
shall notify the Trustee, the Master Servicer and the Dadeland Mall Companion
Loan Noteholder of such recalculated Appraisal Reduction Amount.

                  (b) Notwithstanding any other provision of this Agreement, no
Mortgaged Property shall be acquired by the Special Servicer on behalf of the
Certificateholders (and, in the case of the Dadeland Mall Mortgaged Property,
also on behalf of the Dadeland Mall Companion Loan Noteholder) under such
circumstances, in such manner or pursuant to such terms as would, in the
reasonable, good faith judgment of the Special Servicer (exercised in accordance
with the Servicing Standard), (i) cause such Mortgaged Property to fail to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code (unless the portion of such Mortgaged Property that is not treated as
"foreclosure property" and that is held by REMIC I at any given time constitutes
not more than a de minimis amount of the assets of REMIC I, within the meaning
of Treasury regulation section 1.860D-1(b)(3)(i) and (ii)), or (ii) except as
permitted by Section 3.17(a), subject the Trust Fund to the imposition of any
federal income taxes under the Code.

                  In addition, the Special Servicer shall not acquire any
personal property pursuant to this Section 3.09 unless either:

                      (i) such personal property is, in the reasonable, good
           faith judgment of the Special Servicer (exercised in accordance with
           the Servicing Standard), incident to real property (within the
           meaning of Section 856(e)(1) of the Code) so acquired by the Special
           Servicer; or

                      (ii) the Special Servicer shall have obtained an Opinion
           of Counsel (the cost of which shall be covered by, and be
           reimbursable as, a Servicing Advance) to the effect that the holding
           of such personal property as part of the Trust Fund will not cause
           the imposition of a tax on any REMIC Pool under the REMIC Provisions
           or cause any REMIC Pool to fail to qualify as a REMIC at any time
           that any Certificate is outstanding.

                  (c) Notwithstanding the foregoing provisions of this Section
3.09, neither the Master Servicer nor the Special Servicer shall, on behalf of
the Trustee (and, in the case of the Dadeland Mall Mortgaged Property Pair, on
behalf of the Dadeland Mall Companion Loan Noteholder), obtain title to a
Mortgaged Property by foreclosure, deed in lieu of foreclosure or otherwise, or
take any other action with respect to any Mortgaged Property, if, as a result of
any such action, the Trustee, on behalf of the Certificateholders (and, in the
case of the Dadeland Mall Mortgaged Property, the Dadeland Mall

                                     -125-
<PAGE>

Companion Loan Noteholder), could, in the reasonable, good faith judgment of the
Special Servicer, exercised in accordance with the Servicing Standard, be
considered to hold title to, to be a "mortgagee-in-possession" of, or to be an
"owner" or "operator" of such Mortgaged Property within the meaning of CERCLA or
any comparable law (a "potentially responsible party"), unless such action is
consistent with Section 6.11 or Section 6.11A, as applicable, and the Special
Servicer has previously determined (as evidenced by an Officer's Certificate to
such effect delivered to the Trustee (and, in the case of the Dadeland Mall
Mortgaged Property, the Dadeland Mall Companion Loan Noteholder) that shall
specify all of the bases for such determination), in accordance with the
Servicing Standard and based on an Environmental Assessment of such Mortgaged
Property performed by an Independent Person, who regularly conducts
Environmental Assessments, within six months prior to any such acquisition of
title or other action (a copy of which Environmental Assessment shall be
delivered to the Trustee, the Master Servicer and, in the case of the Dadeland
Mall Mortgaged Property, the Dadeland Mall Companion Loan Noteholder), that:

                      (i) the Mortgaged Property is in compliance with
           applicable environmental laws and regulations or, if not, that it
           would (taking into account the coverage provided under any related
           Environmental Insurance Policy) maximize the recovery on the related
           Loan to the Certificateholders (as a collective whole) (or, if the
           Dadeland Mall Loan Pair is involved, would maximize the recovery on
           the Dadeland Mall Loan Pair to the Certificateholders and the
           Dadeland Mall Companion Loan Noteholder (as a collective whole)), on
           a present value basis (the relevant discounting of anticipated
           collections that will be distributable to Certificateholders (or, in
           the case of the Dadeland Mall Loan Pair, to Certificateholders and
           the Dadeland Mall Companion Loan Noteholder) to be performed at the
           related Mortgage Rate (or, in the case of the Dadeland Mall Loan
           Pair, at the weighted average of the Mortgage Rates for the Dadeland
           Mall Loan Pair)) to acquire title to or possession of the Mortgaged
           Property and to take such actions as are necessary to bring the
           Mortgaged Property into compliance therewith in all material
           respects; and

                      (ii) there are no circumstances or conditions present at
           the Mortgaged Property relating to the use, management or disposal of
           Hazardous Materials for which investigation, testing, monitoring,
           containment, clean-up or remediation could be required under any
           applicable environmental laws and regulations or, if such
           circumstances or conditions are present for which any such action
           could reasonably be expected to be required, that it would (taking
           into account the coverage provided under any related Environmental
           Insurance Policy) maximize the recovery on the related Loan to the
           Certificateholders (as a collective whole) (or, if the Dadeland Mall
           Loan Pair is involved, would maximize the recovery of the Dadeland
           Mall Loan Pair to the Certificateholders and the Dadeland Mall
           Companion Loan Noteholder (as a collective whole)), on a present
           value basis (the relevant discounting of anticipated collections that
           will be distributable to Certificateholders (or, in the case of the
           Dadeland Mall Loan Pair, to Certificateholders and the Dadeland Mall
           Companion Loan Noteholder) to be performed at the related Mortgage
           Rate (or, in the case of the Dadeland Mall Loan Pair, at the weighted
           average of the Mortgage Rates for the Dadeland Mall Loan Pair)) to
           acquire title to or possession of the Mortgaged Property and to take
           such actions with respect to the affected Mortgaged Property.

                  The Special Servicer shall, in good faith, undertake
reasonable efforts to make the determination referred to in the preceding
paragraph and may conclusively rely on the Environmental Assessment referred to
above in making such determination. The cost of any such Environmental

                                     -126-
<PAGE>

Assessment shall be covered by, and reimbursable as, a Servicing Advance; and if
any such Environmental Assessment so warrants, the Special Servicer shall
perform or cause to be performed such additional environmental testing as it
deems necessary and prudent to determine whether the conditions described in
clauses (i) and (ii) of the preceding paragraph have been satisfied (the cost of
any such additional testing also to be covered by, and reimbursable as, a
Servicing Advance). The cost of any remedial, corrective or other further action
contemplated by clause (i) and/or clause (ii) of the preceding paragraph, shall
be payable out of the related Custodial Account pursuant to Section 3.05 or
Section 3.05A, as applicable (or, in the case of the Dadeland Mall Loan Pair, to
the extent the funds in the Dadeland Mall Custodial Account are insufficient,
shall be advanced by the Master Servicer).

                  (d) If the environmental testing contemplated by Section
3.09(c) above establishes that any of the conditions set forth in clauses (i)
and (ii) of the first sentence thereof has not been satisfied with respect to
any Mortgaged Property securing a defaulted Loan, the Special Servicer shall
take such action as is in accordance with the Servicing Standard (other than
proceeding against the Mortgaged Property). At such time as it deems
appropriate, the Special Servicer may, on behalf of the Trust (and, if the
Dadeland Mall Companion Loan is affected, the Dadeland Mall Companion Loan
Noteholder), subject to Section 6.11 or Section 6.11A, as applicable, release
all or a portion of such Mortgaged Property from the lien of the related
Mortgage; provided that, if such Loan has a then outstanding principal balance
greater than $1 million, then prior to the release of all or a portion of the
related Mortgaged Property from the lien of the related Mortgage, (i) the
Special Servicer shall have notified the Rating Agencies, the Trustee and the
Master Servicer in writing of its intention to so release all or a portion of
such Mortgaged Property and the bases for such intention, (ii) the Trustee shall
have notified the Certificateholders (and, if the Dadeland Mall Loan Pair is
affected, the Dadeland Mall Companion Loan Noteholder) in writing of the Special
Servicer's intention to so release all or a portion of such Mortgaged Property,
and (iii) the Holders of Certificates entitled to a majority of the Voting
Rights shall not have objected to such release within 30 days of the Trustee's
distributing such notice.

                  (e) The Special Servicer shall report to the Master Servicer,
the Underwriters, the Trustee and, if the Dadeland Mall Loan Pair is affected,
the Dadeland Mall Companion Loan Noteholder, monthly in writing as to any
actions taken by the Special Servicer with respect to any Mortgaged Property
that represents security for a defaulted Loan as to which the environmental
testing contemplated in Section 3.09(c) above has revealed that any of the
conditions set forth in clauses (i) and (ii) of the first sentence thereof has
not been satisfied, in each case until the earlier to occur of satisfaction of
all such conditions and release of the lien of the related Mortgage on such
Mortgaged Property.

                  (f) The Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, the advisability of seeking to obtain a
deficiency judgment if the state in which the Mortgaged Property is located and
the terms of the affected Loan permit such an action, and shall, in accordance
with the Servicing Standard, seek such deficiency judgment if it deems advisable
(the cost of which undertaking shall be covered by, and be reimbursable as, a
Servicing Advance).

                  (g) The Master Servicer shall, with the reasonable cooperation
of the Special Servicer, prepare and file information returns with respect to
the receipt of mortgage interest received with respect to any Mortgaged Property
required by Section 6050H of the Code and the reports of foreclosures and
abandonments of any Mortgaged Property and the information returns relating to
cancellation of indebtedness income with respect to any Mortgaged Property
required by Sections 6050J

                                     -127-
<PAGE>

and 6050P of the Code. Such reports shall be in form and substance sufficient to
meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of
the Code.

                  (h) As soon as the Special Servicer makes a Final Recovery
Determination with respect to any Loan or REO Property, it shall promptly notify
the Trustee, the Master Servicer and, if the Dadeland Mall Loan Pair is
affected, the Dadeland Mall Companion Loan Noteholder. The Special Servicer
shall maintain accurate records, prepared by a Servicing Officer, of each such
Final Recovery Determination (if any) and the basis thereof. Each such Final
Recovery Determination (if any) shall be evidenced by an Officer's Certificate
delivered to the Trustee, the Master Servicer and, if the Dadeland Mall Loan
Pair is affected, the Dadeland Mall Companion Loan Noteholder, no later than the
seventh Business Day following such Final Recovery Determination.

                  SECTION 3.10. Trustee and Custodian to Cooperate; Release of
                                Mortgage Files.

                  (a) Upon the payment in full of any Loan, or the receipt by
the Master Servicer or the Special Servicer of a notification that payment in
full shall be escrowed in a manner customary for such purposes, the Master
Servicer or the Special Servicer shall promptly notify the Trustee (and, in the
case of the Dadeland Mall Companion Loan, the Dadeland Mall Companion Loan
Noteholder) by a certification (which certification shall be in the form of a
Request for Release in the form of Exhibit D-1 attached hereto and shall be
accompanied by the form of a release or discharge and shall include a statement
to the effect that all amounts received or to be received in connection with
such payment which are required to be deposited in the appropriate Custodial
Account pursuant to Section 3.04(a) or 3.04A(a), as applicable, have been or
will be so deposited) of a Servicing Officer (a copy of which certification
shall be delivered to the Special Servicer) and shall request delivery to it of
the related Mortgage File and, in the case of the Dadeland Mall Companion Loan,
the original of the Mortgage Note for the Dadeland Mall Companion Loan. Upon
receipt of such certification and request, the Trustee shall release, or cause
any related Custodian to release, the related Mortgage File (and, in the case of
the Dadeland Mall Companion Loan, the Trustee shall cause the Dadeland Mall
Companion Loan Noteholder to release the Mortgage Note for the Dadeland Mall
Companion Loan) to the Master Servicer or Special Servicer and shall deliver to
the Master Servicer or Special Servicer, as applicable, such release or
discharge, duly executed. No expenses incurred in connection with any instrument
of satisfaction or deed of reconveyance shall be chargeable to the Collection
Account or any Custodial Account.

                  (b) If from time to time, and as appropriate for servicing or
foreclosure of any Loan, the Master Servicer or the Special Servicer shall
otherwise require any Mortgage File (or any portion thereof) (or the original of
the Mortgage Note for the Dadeland Mall Companion Loan), the Trustee, upon
request of the Master Servicer and receipt from the Master Servicer of a Request
for Release in the form of Exhibit D-1 attached hereto signed by a Servicing
Officer thereof, or upon request of the Special Servicer and receipt from the
Special Servicer of a Request for Release in the form of Exhibit D-2 attached
hereto, shall release, or cause any related Custodian to release, such Mortgage
File (or such portion thereof) (and, in the case of the Dadeland Mall Companion
Loan, the Trustee shall cause the Dadeland Mall Companion Loan Noteholder to
release the original of the Mortgage Note for the Dadeland Mall Companion Loan)
to the Master Servicer or the Special Servicer, as the case may be. Upon return
of such Mortgage File (or such portion thereof) (or such original Mortgage Note
for the Dadeland Mall Companion Loan) to the Trustee or related Custodian (or to
the Dadeland Mall Companion Loan

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Noteholder), or the delivery to the Trustee (or to the Dadeland Mall Companion
Loan Noteholder) of a certificate of a Servicing Officer of the Special Servicer
stating that such Loan was liquidated and that all amounts received or to be
received in connection with such liquidation that are required to be deposited
into the related Custodial Account pursuant to Section 3.04(a) or 3.04A(a), as
applicable, have been or will be so deposited, or that the related Mortgaged
Property has become an REO Property, the Request for Release shall be released
by the Trustee or related Custodian to the Master Servicer or the Special
Servicer, as applicable.

                  (c) Within seven Business Days (or within such shorter period
(but no less than three Business Days) as execution and delivery can reasonably
be accomplished if the Special Servicer notifies the Trustee (and, in the case
of the Dadeland Mall Mortgaged Property, the Dadeland Mall Companion Loan
Noteholder) of an exigency) of the Special Servicer's request therefor, the
Trustee shall execute and deliver to the Special Servicer (or the Special
Servicer may execute and deliver in the name of the Trustee (on behalf of the
Certificateholders and, in the case of the Dadeland Mall Mortgaged Property,
also on behalf of the Dadeland Mall Companion Loan Noteholder) based on a
limited power of attorney issued in favor of the Special Servicer pursuant to
Section 3.01(b)), in the form supplied to the Trustee, any court pleadings,
requests for trustee's sale or other documents stated by the Special Servicer to
be reasonably necessary to the foreclosure or trustee's sale in respect of a
Mortgaged Property or to any legal action brought to obtain judgment against any
Mortgagor on the Mortgage Note or Mortgage or to obtain a deficiency judgment,
or to enforce any other remedies or rights provided by the Mortgage Note or
Mortgage or otherwise available at law or in equity or to defend any legal
action or counterclaim filed against the Trust Fund, the Master Servicer, the
Special Servicer or, if applicable, the Dadeland Mall Companion Loan Noteholder.
Together with such documents or pleadings, the Special Servicer shall deliver to
the Trustee (and, in the case of the Dadeland Mall Mortgaged Property, the
Dadeland Mall Companion Loan Noteholder) a certificate of a Servicing Officer
requesting that such pleadings or documents be executed by the Trustee and
certifying as to the reason such documents or pleadings are required and that
the execution and delivery thereof by the Trustee (on behalf of the
Certificateholders and, in the case of the Dadeland Mall Mortgaged Property,
also on behalf of the Dadeland Mall Companion Loan Noteholder) will not
invalidate or otherwise affect the lien of the Mortgage, except for the
termination of such a lien upon completion of the foreclosure or trustee's sale.
Notwithstanding anything contained herein to the contrary, neither the Master
Servicer nor the Special Servicer shall, without the Trustee's written consent:
(i) initiate any action, suit or proceeding solely under the Trustee's name
without indicating the Master Servicer's or Special Servicer's, as applicable,
representative capacity, or (ii) take any action with the intent to cause, and
that actually causes, the Trustee to be registered to do business in any state.

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

                  (a) As compensation for its activities hereunder, the Master
Servicer shall be entitled to receive the Master Servicing Fee with respect to
each Loan, including each Specially Serviced Mortgage Loan and each REO Loan. As
to each Loan and REO Loan, the Master Servicing Fee shall: (i) accrue from time
to time at the related Master Servicing Fee Rate on the same principal amount as
interest accrues from time to time on such Loan or is deemed to accrue from time
to time on such REO Loan; and (ii) be calculated on a 30/360 Basis (or, in the
case of the Dadeland Mall Companion Loan or any related REO Loan, on an
Actual/360 Basis) (or, in the event that a Principal Prepayment in full or other
Liquidation Event shall occur with respect to any Loan or REO Loan on a date
that is not a Due Date, on the basis of the actual number of days to elapse from
and including the most recently preceding

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related Due Date to but excluding the date of such Principal Prepayment or
Liquidation Event in a month consisting of 30 days). The Master Servicing Fee
with respect to any Loan or REO Loan shall cease to accrue if a Liquidation
Event occurs in respect thereof. Earned but unpaid Master Servicing Fees shall
be payable monthly, on a loan-by-loan basis, from payments of interest on each
Loan and REO Revenues allocable as interest on each REO Loan. The Master
Servicer shall be entitled to recover unpaid Master Servicing Fees in respect of
any Loan or REO Loan out of that portion of related Insurance Proceeds,
Condemnation Proceeds or Liquidation Proceeds allocable as recoveries of
interest, to the extent permitted by Section 3.05(a) or Section 3.05A(a), as
applicable. The right to receive the Master Servicing Fee may not be transferred
in whole or in part except in connection with the transfer of all of the Master
Servicer's responsibilities and obligations under this Agreement.

                  (b) Additional servicing compensation in the form of (i) Net
Default Charges, charges for beneficiary statements or demands, amounts
collected for checks returned for insufficient funds, and any similar fees
(excluding Prepayment Premiums and Yield Maintenance Charges), in each case to
the extent actually paid by a Mortgagor with respect to any Loan and accrued
during the time that such Loan was not a Specially Serviced Loan, (ii) 100% of
each modification fee or extension fee actually paid by a Mortgagor with respect
to a modification, consent, extension, waiver or amendment agreed to by the
Master Servicer pursuant to Section 3.20(c) and 100% of any fee actually paid by
a Mortgagor in connection with a defeasance of a Loan as contemplated under
Section 3.20(k), and (iii) 50% of any and all assumption fees, and 100% of any
and all assumption application fees and other applicable fees, actually paid by
a Mortgagor in accordance with the related loan documents, with respect to any
assumption or substitution agreement entered into by the Master Servicer on
behalf of the Trust (or, in the case of the Dadeland Mall Loan Pair, on behalf
of the Trust and the Dadeland Mall Companion Loan Noteholder) pursuant to
Section 3.08(a) or paid by a Mortgagor with respect to any transfer of an
interest in a Mortgagor pursuant to Section 3.08(a), shall be retained by the
Master Servicer or promptly paid to the Master Servicer by the Special Servicer
and such additional servicing compensation is not required to be deposited in
any Custodial Account. The Master Servicer shall also be entitled to additional
servicing compensation in the form of (i) Prepayment Interest Excesses (except
in the case of the Dadeland Mall Companion Loan); (ii) interest or other income
earned on deposits in the Custodial Accounts in accordance with Section 3.06(b)
(but only to the extent of the Net Investment Earnings, if any, with respect to
each such account for each Collection Period); and (iii) to the extent not
required to be paid to any Mortgagor under applicable law, any interest or other
income earned on deposits in the Servicing Accounts, the Reserve Accounts and
the Defeasance Deposit Account maintained thereby (but only to the extent of the
Net Investment Earnings, if any, with respect to each such account for each
Collection Period).

                  (c) Except as provided in the last sentence of this paragraph,
compensation for its activities hereunder, the Special Servicer shall be
entitled to receive the Special Servicing Fee with respect to each Specially
Serviced Loan and each REO Loan. With respect to each such Specially Serviced
Loan and REO Loan, for any calendar month (or portion thereof), the Special
Servicing Fee shall: (i) accrue from time to time at the Special Servicing Fee
Rate on the same principal amount as interest accrues from time to time on such
Loan or is deemed to accrue from time to time on such REO Loan; and (ii) be
calculated on a 30/360 Basis (or, in the case of the Dadeland Mall Companion
Loan or any related REO Loan, on an Actual/360 Basis) (or, in the event that a
Principal Prepayment in full or other Liquidation Event shall occur with respect
to any such Specially Serviced Loan or REO Loan on a date that is not a Due
Date, on the basis of the actual number of days to elapse from and including the
most recently preceding related Due Date to but excluding the date of such
Principal Prepayment or

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Liquidation Event, in a month consisting of 30 days and, in the case of any
other partial period that does not run from one Due Date through and including
the day immediately preceding the next Due Date, on the basis of the actual
number of days in such period in a month deemed to consist of 30 days). The
Special Servicing Fee with respect to any such Specially Serviced Loan or REO
Loan shall cease to accrue as of the date a Liquidation Event occurs in respect
thereof or it becomes a Corrected Loan. Earned but unpaid Special Servicing Fees
shall be payable monthly out of general collections on the Mortgage Loans and
any REO Properties (or, in the case of Special Servicing Fees in respect of the
Dadeland Mall Loan Pair, solely out of collections relating to the Dadeland Mall
Loan Pair or any related REO Property) on deposit in the appropriate Custodial
Account pursuant to Section 3.05(a) or Section 3.05A(a), as applicable.

                  As further compensation for its services hereunder, the
Special Servicer shall be entitled to receive the Workout Fee with respect to
each Corrected Loan. As to each such Corrected Loan, the Workout Fee shall be
payable from, and shall be calculated by application of the Workout Fee Rate to,
all collections of principal, interest (other than Default Interest and
Additional Interest), Prepayment Premiums and/or Yield Maintenance Charges
received on such Loan for so long as it remains a Corrected Loan; provided that
no Workout Fee shall be payable from, or based upon the receipt of, Liquidation
Proceeds collected in connection with the purchase of any such Specially
Serviced Loan or REO Property by a Purchase Option Holder pursuant to Section
3.18, by the Depositor, Lehman Brothers, the Special Servicer, a Controlling
Class Certificateholder or the Master Servicer pursuant to Section 9.01, by the
Dadeland Mall Companion Loan Noteholder or its designee pursuant to the Dadeland
Mall Co-Lender Agreement, by the Depositor pursuant to Section 2.03(a) or the
UBS Mortgage Loan Seller pursuant to the UBS/Depositor Mortgage Loan Purchase
Agreement or by the holder of a related mezzanine loan pursuant to a purchase
right in connection with a Loan default as set forth in the related
intercreditor agreement, or out of any Condemnation Proceeds. The Workout Fee
with respect to any Corrected Loan will cease to be payable if such Corrected
Loan again becomes a Specially Serviced Loan or if the related Mortgaged
Property becomes an REO Property; provided that a new Workout Fee will become
payable if and when the particular Loan again becomes a Corrected Loan. If the
Special Servicer is terminated or removed other than for cause (and other than
as a result of an Event of Default under Sections 7.01(a)(x) or 7.01(a)(xi)) or
resigns in accordance with the first sentence of the first paragraph of Section
6.04, it shall retain the right to receive any and all Workout Fees payable in
respect of Loans that became Corrected Loans during the period that it acted as
Special Servicer and were still such at the time of such termination or
resignation (and the successor Special Servicer shall not be entitled to any
portion of such Workout Fees), in each case until the Workout Fee for any such
Loan ceases to be payable in accordance with the preceding sentence.

                  As further compensation for its activities hereunder, the
Special Servicer shall also be entitled to receive the Liquidation Fee with
respect to each Specially Serviced Loan as to which it receives a full, partial
or discounted payoff and, subject to the provisos to the next sentence, each
Specially Serviced Loan and REO Property as to which it receives Liquidation
Proceeds. As to each such Specially Serviced Loan or REO Property, the
Liquidation Fee shall be payable from, and shall be calculated by application of
the Liquidation Fee Rate to, such full, partial or discounted payoff and/or
Liquidation Proceeds (exclusive of any portion of such payoff or proceeds that
represents Default Interest and/or Additional Interest); provided that no
Liquidation Fee shall be payable (i) with respect to any such Specially Serviced
Loan that becomes a Corrected Loan or (ii) from, or based upon the receipt of,
Liquidation Proceeds collected in connection with the purchase of any such
Specially Serviced Loan or REO Property by a Purchase Option Holder pursuant to
Section 3.18, by the Depositor, Lehman

                                     -131-
<PAGE>

Brothers, the Special Servicer, a Controlling Class Certificateholder or the
Master Servicer pursuant to Section 9.01, by the Dadeland Mall Companion Loan
Noteholder or its designee pursuant to the Dadeland Mall Co-Lender Agreement, by
the Depositor pursuant to Section 2.03(a) or the UBS Mortgage Loan Seller
pursuant to the UBS/Depositor Mortgage Loan Purchase Agreement, or by the holder
of a related mezzanine loan pursuant to a purchase right in connection with a
Loan default as set forth in the related intercreditor agreement.

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

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

                  (d) Additional special servicing compensation in the form of
(i) Net Default Charges actually collected on the Mortgage Pool that accrued
with respect to a Specially Serviced Loan or an REO Loan, (ii) with respect to
any Specially Serviced Loan, 100% of any and all assumption fees, assumption
application fees and other applicable fees, actually paid by a Mortgagor in
accordance with the related loan documents, with respect to any assumption or
substitution agreement entered into by the Special Servicer on behalf of the
Trust (or, in the case of the Dadeland Mall Loan Pair, on behalf of the Trust
and the Dadeland Mall Companion Loan Noteholder) pursuant to Section 3.08(b) or
paid by a Mortgagor with respect to any transfer of an interest in a Mortgagor
pursuant to Section 3.08(b), and (iii) any and all assumption fees, modification
fees, consent fees, extension fees and similar fees actually collected on the
Loans that are not otherwise payable to the Master Servicer as additional
servicing compensation pursuant to Section 3.11(b), shall be retained by the
Special Servicer or promptly paid to the Special Servicer by the Master
Servicer, as the case may be, and shall not be required to be deposited in any
Custodial Account pursuant to Section 3.04(a) or Section 3.04A(a). The Special
Servicer shall also be entitled to additional special servicing compensation in
the form of interest or other income earned on deposits in any of the REO
Accounts, if established, in accordance with Section 3.06(b) (but only to the
extent of the Net Investment Earnings, if any, with respect to such account for
each Collection Period).

                  (e) The Master Servicer and the Special Servicer shall each be
required to pay out of its own funds all expenses incurred by it in connection
with its servicing activities hereunder (including payment of any amounts due
and owing to any of its Sub-Servicers and the premiums for any blanket policy
obtained by it insuring against hazard losses pursuant to Section 3.07(b)), if
and to the extent such expenses are not payable directly out of any of the
Custodial Accounts or, in the case of the Special Servicer, any of the REO
Accounts, and neither the Master Servicer nor the Special Servicer shall be
entitled to reimbursement for such expenses except as expressly provided in this
Agreement.

                  (f) If the Master Servicer or Special Servicer is required
under any provision of this Agreement to make a Servicing Advance, but neither
does so within 15 days after such Advance is required to be made, the Trustee
shall, if it has actual knowledge of such failure on the part of the Master
Servicer or Special Servicer, as the case may be, give written notice of such
failure, as applicable, to the Master Servicer or the Special Servicer. If such
Servicing Advance is not made by the Master Servicer or the Special Servicer
within three Business Days after such notice is given to the Master Servicer or
the Special Servicer, as applicable, then (subject to Section 3.11(h)) the
Trustee shall make such

                                     -132-
<PAGE>

Servicing Advance. If the Trustee fails to make any Servicing Advance required
to be made under this Agreement, then (subject to Section 3.11(h)) the Fiscal
Agent shall make such Servicing Advance within one Business Day of such failure
by the Trustee and, if so made, the Trustee shall be deemed not to be in default
under this Agreement.

                  (g) The Master Servicer, the Special Servicer, the Trustee and
the Fiscal Agent shall each be entitled to receive interest at the Reimbursement
Rate in effect from time to time, compounded annually, accrued on the amount of
each Servicing Advance made thereby (with its own funds) for so long as such
Servicing Advance is outstanding, such interest to be payable: (i) out of any
Default Charges on deposit in the Pool Custodial Account that were collected on
or in respect of the Mortgage Pool during the same Collection Period in which
such Servicing Advance is reimbursed; and (ii) to the extent that such Default
Charges are insufficient, but not before the related Advance has been reimbursed
pursuant to this Agreement, out of general collections on the Mortgage Loans and
REO Properties on deposit in the Pool Custodial Account; provided that, if such
Servicing Advance was made with respect to the Dadeland Mall Loan Pair or the
Dadeland Mall Mortgaged Property, then such interest shall first be payable out
of amounts on deposit in the Dadeland Mall Custodial Account in accordance with
clause (viii) of Section 3.05A. The Master Servicer shall reimburse itself, the
Special Servicer, the Trustee or the Fiscal Agent, as appropriate and in
accordance with Section 3.03, Section 3.05(a) or Section 3.05A(a), as
applicable, for any Servicing Advance as soon as practicable after funds
available for such purpose are deposited in the related Custodial Account.

                  (h) Notwithstanding anything herein to the contrary, none of
the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent shall
be required to make out of its own funds any Servicing Advance that would, if
made, constitute a Nonrecoverable Servicing Advance. The determination by either
the Master Servicer or the Special Servicer that it has made a Nonrecoverable
Servicing Advance or that any proposed Servicing Advance, if made, would
constitute a Nonrecoverable Servicing Advance, shall be made in accordance with
the Servicing Standard and shall be evidenced by an Officer's Certificate
delivered promptly to the Trustee and the Depositor (and, if affected thereby,
the Dadeland Mall Companion Loan Noteholder), setting forth the basis for such
determination, together with a copy of any appraisal of the related Mortgaged
Property or REO Property, as the case may be (which appraisal shall be an
expense of the Trust, shall take into account the factors specified in Section
3.18 and shall have been conducted by an Independent Appraiser in accordance
with the standards of the Appraisal Institute within the twelve months preceding
such determination of nonrecoverability), and further accompanied by related
Mortgagor operating statements and financial statements, budgets and rent rolls
of the related Mortgaged Property (to the extent available and/or in the Master
Servicer's or the Special Servicer's possession) and any engineers' reports,
environmental surveys or similar reports that the Master Servicer or the Special
Servicer may have obtained and that support such determination. If the Master
Servicer intends to obtain an appraisal in connection with the foregoing, the
Master Servicer shall so notify the Special Servicer and consult with the
Special Servicer regarding such appraisal. The Trustee and the Fiscal Agent
shall be entitled to rely, conclusively, on any determination by the Master
Servicer or the Special Servicer that a Servicing Advance, if made, would be a
Nonrecoverable Advance; provided, however, that if the Master Servicer or the
Special Servicer has failed to make a Servicing Advance for reasons other than a
determination by the Master Servicer or the Special Servicer, as applicable,
that such Servicing Advance would be a Nonrecoverable Advance, the Trustee or
the Fiscal Agent, as applicable, shall make such Servicing Advance within the
time periods required by Section 3.11(f) unless the Trustee or the Fiscal Agent,
in good faith, makes a determination that such Servicing Advance would be a
Nonrecoverable Advance.

                                     -133-
<PAGE>

                  (i) Notwithstanding anything set forth herein to the contrary,
the Master Servicer shall (at the direction of the Special Servicer if a
Specially Serviced Loan or an REO Property is involved) pay directly out of the
Pool Custodial Account or the Dadeland Mall Custodial Account, as applicable,
any servicing expense that, if advanced by the Master Servicer or the Special
Servicer, would constitute a Nonrecoverable Servicing Advance; provided that the
Master Servicer (or the Special Servicer, if a Specially Serviced Loan or an REO
Property is involved) has determined in accordance with the Servicing Standard
that making such payment, in the case of withdrawals from the Pool Custodial
Account, is in the best interests of the Certificateholders (as a collective
whole) or, in the case of the Dadeland Mall Custodial Account, is in the best
interests of the Certificateholders and the Dadeland Mall Companion Loan
Noteholder (as a collective whole), as evidenced in each case by an Officer's
Certificate delivered promptly to the Trustee, the Depositor, the Controlling
Class Representative and, if affected thereby, the Dadeland Mall Companion Loan
Noteholder, setting forth the basis for such determination and accompanied by
any information that such Person may have obtained that supports such
determination. A copy of any such Officer's Certificate (and accompanying
information) of the Master Servicer shall also be promptly delivered to the
Special Servicer, and a copy of any such Officer's Certificate (and accompanying
information) of the Special Servicer shall also be promptly delivered to the
Master Servicer. The Master Servicer may conclusively rely on any information in
this regard provided by the Special Servicer (if other than the Master Servicer
or an Affiliate thereof).

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

                  (a) The Special Servicer shall perform or cause to be
performed a physical inspection of a Mortgaged Property as soon as practicable
after the related Loan becomes a Specially Serviced Loan and annually thereafter
for so long as the related Loan remains a Specially Serviced Loan, the cost of
which shall be paid by the Special Servicer and shall be reimbursable as a
Servicing Advance. In addition, the Special Servicer shall perform or cause to
be performed a physical inspection of each of the REO Properties at least once
per calendar year, the cost of which shall be paid by the Special Servicer and
shall be reimbursable as a Servicing Advance. Beginning in 2003, the Master
Servicer shall at its expense perform or cause to be performed a physical
inspection of each Mortgaged Property securing a Performing Loan: (i) at least
once every two calendar years in the case of Mortgaged Properties securing Loans
that have outstanding principal balances of (or Mortgaged Properties having
allocated loan amounts of) $2,000,000 or less; and (ii) at least once every
calendar year in the case of all other such Mortgaged Properties; provided that
the Master Servicer will not be required to perform or cause to be performed an
inspection on a Mortgaged Property if such Mortgaged Property has been inspected
by the Master Servicer or the Special Servicer in the preceding six months. The
Master Servicer and the Special Servicer shall each promptly prepare or cause to
be prepared and deliver to the Trustee and each other a written report of each
such inspection performed by it that sets forth in detail the condition of the
Mortgaged Property and that specifies the existence of: (i) any sale, transfer
or abandonment of the Mortgaged Property of which the Master Servicer or the
Special Servicer, as applicable, is aware, (ii) any change in the condition or
value of the Mortgaged Property that the Master Servicer or the Special
Servicer, as applicable, in its reasonable, good faith judgment, considers
material, or (iii) any waste committed on the Mortgaged Property. The Master
Servicer and Special Servicer shall each forward copies of any such inspection
reports prepared by it to the Underwriters and the Controlling Class
Representative upon request, subject to payment of a reasonable fee.

                                     -134-
<PAGE>

                  The Special Servicer, in the case of each Specially Serviced
Loan and each REO Loan, and the Master Servicer, in the case of each Performing
Loan, shall each, consistent with the Servicing Standard, use reasonable efforts
to obtain quarterly, annual and other periodic operating statements and rent
rolls with respect to each of the related Mortgaged Properties and REO
Properties. The Special Servicer shall, promptly following receipt, deliver
copies of the operating statements and rent rolls received or obtained by it to
the Master Servicer, and the Master Servicer shall promptly deliver copies of
the operating statements and rent rolls received or obtained by it to the
Trustee, the Special Servicer or any Controlling Class Certificateholder, in
each case upon request. In addition to the foregoing and solely with respect to
the Dadeland Mall Loan Pair, the Special Servicer and the Master Servicer, as
applicable, shall each, consistent with the Servicing Standard, use reasonable
efforts to obtain occupancy reports, sales reports for retail tenants, 24-month
rolling lease expiration schedules, reserve balances and capital expenditure
statements, as well as information as to bankrupt tenants and tenants whose
leases have expired and have not been renewed. The Special Servicer shall,
promptly following receipt, deliver copies of the materials received or obtained
by it pursuant to the foregoing sentence to the Master Servicer, and the Master
Servicer shall promptly deliver copies of all such materials received or
obtained by it pursuant to the foregoing sentence and this sentence to the
Trustee, the Special Servicer, any Controlling Class Certificateholders and the
Dadeland Mall Companion Loan Noteholder, in each case upon request.

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

                  The Master Servicer with respect to a Performing Loan and the
Special Servicer with respect to a Specially Serviced Loan shall prepare and
maintain one CMSA Operating Statement Analysis Report for each Mortgaged
Property and REO Property. The CMSA Operating Statement Analysis Report for each
Mortgaged Property and REO Property is to be updated by the Master Servicer or
Special Servicer, as applicable, within 30 days after its receipt of updated
operating statements for a Mortgaged Property or REO Property, as the case may
be. The Master Servicer or Special Servicer, as applicable, shall use the
"Normalized" column from the CMSA NOI Adjustment Worksheet for any Mortgaged
Property or REO Property, as the case may be, to update and normalize the
corresponding annual year-end information in the CMSA Operating Statement
Analysis Report and shall use any annual operating statements and related data
fields received with respect to any Mortgaged Property or REO Property, as the
case may be, to prepare the CMSA NOI Adjustment Worksheet for such property.
Copies of CMSA Operating Statement Analysis Reports and CMSA NOI Adjustment
Worksheets are to be made available by the Master Servicer or Special Servicer,
as applicable, to the Trustee, the Special Servicer or any Controlling Class
Certificateholder, in each case upon request.

                  (b) Not later than 2:00 p.m. (New York City time) on the
second Business Day prior to each Determination Date, the Special Servicer shall
deliver or cause to be delivered to the Master Servicer the following reports
with respect to the Specially Serviced Loans and any REO Properties, providing
the required information as of the end of the preceding calendar month: (i) a
CMSA Property File (or similar report satisfactory to the Master Servicer); and
(ii) a CMSA Comparative Financial Status Report (or similar report satisfactory
to the Master Servicer). Not later than 2:00 p.m. (New York

                                     -135-
<PAGE>

City time) on the third Business Day prior to each Distribution Date, the
Special Servicer shall deliver or cause to be delivered to the Master Servicer
the following reports with respect to the Specially Serviced Loans, any REO
Properties and, to the extent that the subject information relates to when they
were Specially Serviced Loans, any Corrected Loans: (i) a CMSA Delinquent Loan
Status Report; (ii) a Loan Payoff Notification Report; (iii) a CMSA Historical
Liquidation Report; (iv) a CMSA Historical Loan Modification Report; and (v) a
CMSA REO Status Report.

                  (c) Not later than 1:00 p.m. (New York City time) on the first
Business Day prior to each Distribution Date, the Master Servicer shall deliver
or cause to be delivered to the Trustee, the Rating Agencies, the Special
Servicer and, upon request, any Controlling Class Certificateholder: (i) the
most recent CMSA Historical Loan Modification Report, CMSA Historical
Liquidation Report and CMSA REO Status Report received from the Special Servicer
pursuant to Section 3.12(b); (ii) the most recent CMSA Property File, CMSA
Financial File, CMSA Loan Set-up File (if modified), CMSA Delinquent Loan Status
Report, CMSA Comparative Financial Status Report and Loan Payoff Notification
Report (in each case combining the reports prepared by the Special Servicer and
the Master Servicer); and (iii) a CMSA Servicer Watch List with information that
is current as of the related Determination Date with respect to the Loans. The
Master Servicer shall include on one of such reports updated information as of
the applicable Determination Date regarding the amount of accrued and unpaid
interest on Advances in accordance with Section 3.11(g), 4.03(d) and/or
4.03A(d), such information to be presented on a loan-by-loan basis.

                  (d) The Special Servicer shall deliver to the Master Servicer
the reports set forth in Section 3.12(b) in an electronic format reasonably
acceptable to the Special Servicer and the Master Servicer, and the Master
Servicer shall deliver to the Trustee, the Special Servicer and, upon request,
any Controlling Class Certificateholder the reports set forth in Section 3.12(c)
in an electronic format reasonably acceptable to the Master Servicer and the
Trustee. The Master Servicer may, absent manifest error, conclusively rely on
the reports to be provided by the Special Servicer pursuant to Section 3.12(b).
The Trustee may, absent manifest error, conclusively rely on the reports to be
provided by the Master Servicer pursuant to Section 3.12(c) to the extent that
the underlying information is solely within the control of the Master Servicer
or the Special Servicer. In the case of information or reports to be furnished
by the Master Servicer to the Trustee pursuant to Section 3.12(c), to the extent
that such information is based on reports to be provided by the Special Servicer
pursuant to Section 3.12(b) and/or that such reports are to be prepared and
delivered by the Special Servicer pursuant to Section 3.12(b), so long as the
Master Servicer and the Special Servicer are not the same Person or Affiliates,
the Master Servicer shall have no obligation to provide such information or
reports until it has received such information or reports from the Special
Servicer, and the Master Servicer shall not be in default hereunder due to a
delay in providing the reports required by Section 3.12(c) caused by the Special
Servicer's failure to timely provide any report required under Section 3.12(b)
of this Agreement.

                  (e) The preparation and maintenance by the Master Servicer and
the Special Servicer of all the reports specified in this Section 3.12,
including the calculations made therein, shall be done in accordance with CMSA
standards to the extent applicable thereto.

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                  SECTION 3.12A. Delivery of Certain Reports to the Dadeland
                                 Mall Companion Loan Noteholder.

                  (a) The Master Servicer and the Special Servicer shall each
promptly prepare or cause to be prepared and deliver to the Dadeland Mall
Companion Loan Noteholder a written report, prepared in the manner set forth in
Section 3.12, of each inspection performed by it with respect to the Dadeland
Mall Mortgaged Property.

                  The Master Servicer shall promptly deliver to the Dadeland
Mall Companion Loan Noteholder: (i) copies of operating statements and rent
rolls; (ii) upon request, annual CMSA NOI Adjustment Worksheets (with annual
operating statements as exhibits); and (iii) annual CMSA Operating Statement
Analysis Reports, in each case prepared, received or obtained by it pursuant to
Section 3.12 with respect to the Dadeland Mall Mortgaged Property.

                  (b) If the Loans forming the Dadeland Mall Loan Pair
constitute Specially Serviced Loans, or if the Dadeland Mall Mortgaged Property
has become an REO Property, then each calendar month, not later than 2:00 p.m.
(New York City time) on the second Business Day prior to each Determination
Date, the Special Servicer shall deliver or cause to be delivered to the Master
Servicer the following reports with respect to the Dadeland Mall Loan Pair
and/or the Dadeland Mall Mortgaged Property, providing the required information
as of the end of the preceding calendar month: (i) a CMSA Property File (or
similar report satisfactory to the Master Servicer); and (ii) a CMSA Comparative
Financial Status Report (or similar report satisfactory to the Master Servicer).
If the Loans forming the Dadeland Mall Loan Pair constitute Specially Serviced
Loans, or if the Dadeland Mall Mortgaged Property has become an REO Property,
then each calendar month, not later than 2:00 p.m. (New York City time) on the
second Business Day prior to the Master Servicer Remittance Date in such month,
the Special Servicer shall deliver or cause to be delivered to the Master
Servicer such of the following reports as may be relevant with respect to the
Dadeland Mall Loan Pair and/or the Dadeland Mall Mortgaged Property: (i) a CMSA
Delinquent Loan Status Report; (ii) a Loan Payoff Notification Report, (iii) a
CMSA Historical Liquidation Report; (iv) a CMSA Historical Loan Modification
Report; and (v) a CMSA REO Status Report.

                  (c) Not later than 1:00 p.m. (New York City time) on the
Business Day prior to each Master Servicer Remittance Date, the Master Servicer
shall, with respect to the Dadeland Mall Loan Pair, prepare all Loan Pair
Servicing Reports as may be relevant and that are not otherwise required to be
prepared by the Special Servicer pursuant to Section 3.12A(b) and, in accordance
with Section 3.12B(a), deliver such reports to the Dadeland Mall Companion Loan
Noteholder. The Master Servicer shall include on one of such reports updated
information as of the applicable Determination Date regarding the amount of
accrued and unpaid interest on Advances in accordance with Section 3.11(g),
4.03(d) and/or 4.03A(d), such information to be presented on a loan-by-loan
basis.

                  (d) The Special Servicer shall deliver to the Master Servicer
the reports set forth in Section 3.12A(b) in an electronic format reasonably
acceptable to the Special Servicer and the Master Servicer. The Master Servicer
may, absent manifest error, conclusively rely on the reports to be provided by
the Special Servicer pursuant to Section 3.12A(b). In the case of information or
reports to be furnished by the Master Servicer to the Dadeland Mall Companion
Loan Noteholder pursuant to Section 3.12B(a), to the extent that such
information is based on reports to be provided by the Special Servicer pursuant
to Section 3.12A(b) and/or that such reports are to be prepared and delivered by
the

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<PAGE>

Special Servicer pursuant to Section 3.12A(b), so long as the Master Servicer
and the Special Servicer are not the same Person or Affiliates, the Master
Servicer shall have no obligation to provide such information or reports until
it has received such information or reports from the Special Servicer, and the
Master Servicer shall not be in default hereunder due to a delay in providing
the reports required by Section 3.12B(a) caused by the Special Servicer's
failure to timely provide any report required under Section 3.12A(b) of this
Agreement.

                  (e) The preparation and maintenance by the Master Servicer and
the Special Servicer of all the reports specified in this Section 3.12A,
including the calculations made therein, shall be done in accordance with CMSA
standards, to the extent applicable thereto.

                  SECTION 3.12B. Statements to the Dadeland Mall Companion Loan
                                 Noteholder.

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

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

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

                  SECTION 3.13. Annual Statement as to Compliance.

                  Each of the Master Servicer and the Special Servicer shall
deliver to the Trustee, the Rating Agencies, the Depositor, the Underwriters,
the Dadeland Mall Companion Loan Noteholder and each other, on or before April
30 of each year, beginning in 2003 (or, as to any such year, such earlier date
as is contemplated by the last sentence of this Section 3.13), an Officer's
Certificate (the "Annual Performance Certification") stating, as to the signer
thereof, that (i) a review of the activities of the Master Servicer or the
Special Servicer, as the case may be, during the preceding calendar year (or, in
the case of the first such certification, during the period from the Closing
Date to December 31, 2002, inclusive) and, in particular, of its performance
under this Agreement, has been made under such officer's supervision, (ii) to
the best of such officer's knowledge, based on such review, the Master Servicer
or the Special Servicer, as the case may be, has fulfilled all of its material
obligations under this Agreement in all material respects throughout such
preceding calendar year or portion thereof (or, if

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<PAGE>

there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officer and the nature and status thereof), and
(iii) the Master Servicer or the Special Servicer, as- the case may be, has
received no notice regarding the qualification, or challenging the status, of
any REMIC Pool as a REMIC or the Grantor Trust as a grantor trust, from the IRS
or any other governmental agency or body (or, if it has received any such
notice, specifying the details thereof). Notwithstanding the timing provided for
in the first sentence of this paragraph, if (as confirmed in writing by the
Depositor) the Depositor is required to file a Form 10-K with the Commission in
respect of the Trust covering any particular calendar year, then the Annual
Performance Certification to be delivered by each of the Master Servicer and the
Special Servicer during the following year, shall be delivered on or before
March 15 of such following year; and the Master Servicer and the Special
Servicer are hereby notified that the Depositor is required to file a Form 10-K
with the Commission in respect of the Trust covering calendar year 2002.

                  SECTION 3.14. Reports by Independent Public Accountants.

                  On or before April 30 of each year, beginning in 2003 (or, as
to any such year, such earlier date as is contemplated by the last sentence of
this paragraph), each of the Master Servicer and the Special Servicer (provided
that as to the Special Servicer, there has been one or more Specially Serviced
Loans and/or REO Properties during the preceding calendar year) at its expense
shall cause a firm of independent public accountants (which may also render
other services to the Master Servicer or the Special Servicer) that is a member
of the American Institute of Certified Public Accountants to furnish a statement
(the "Annual Accountants' Report") to the Trustee, the Rating Agencies, the
Depositor, the Underwriters, the Dadeland Mall Companion Loan Noteholder and
each other, to the effect that (i) such firm has obtained a letter of
representation regarding certain matters from the management of the Master
Servicer or the Special Servicer, as applicable, which includes an assertion
that the Master Servicer or the Special Servicer, as applicable, has complied
with certain minimum mortgage loan servicing standards (to the extent applicable
to commercial and multifamily mortgage loans), identified in the Uniform Single
Attestation Program for Mortgage Bankers established by the Mortgage Bankers
Association of America, with respect to the servicing of commercial and
multifamily mortgage loans during the most recently completed calendar year and
(ii) on the basis of an examination conducted by such firm in accordance with
standards established by the American Institute of Certified Public Accountants,
such representation is fairly stated in all material respects, subject to such
exceptions and other qualifications that may be appropriate. In rendering its
report such firm may rely, as to matters relating to the direct servicing of
commercial and multifamily mortgage loans by sub-servicers, upon comparable
reports of firms of independent certified public accountants rendered (within
one year of such report) on the basis of examinations conducted in accordance
with the same standards with respect to those sub-servicers. Notwithstanding the
timing provided for in the first sentence of this paragraph, if (as confirmed in
writing by the Depositor) the Depositor is required to file a Form 10-K with the
Commission in respect of the Trust covering any particular calendar year, then
the Annual Accountants' Report to be delivered on behalf of each of the Master
Servicer and the Special Servicer during the following year, shall be delivered
on or before March 15 of such following year; and the Master Servicer and the
Special Servicer are hereby notified that the Depositor is required to file a
Form 10-K with the Commission in respect of the Trust covering calendar year
2002.

                  The Master Servicer and the Special Servicer, to the extent
applicable, will reasonably cooperate with the Depositor in conforming any
reports delivered pursuant to this Section 3.14 to requirements imposed by the
Commission on the Depositor in connection with the Depositor's reporting

                                     -139-
<PAGE>

requirements in respect of the Trust Fund pursuant to the Exchange Act, provided
that the Master Servicer and Special Servicer shall each be entitled to charge
the Depositor for any reasonable additional costs and expenses incurred in
affording the Depositor such cooperation.

                  SECTION 3.15. Access to Certain Information.

                  Each of the Master Servicer and the Special Servicer shall
afford to the Trustee, the Underwriters, the Rating Agencies, the Depositor, any
Certificateholder, the Dadeland Mall Companion Loan Noteholder and any
Certificate Owner (identified as such to the reasonable satisfaction of the
Master Servicer or the Special Servicer, as the case may be), and to the OTS,
the FDIC and any other banking or insurance regulatory authority that may
exercise authority over any Certificateholder, Certificate Owner (identified as
such to the reasonable satisfaction of the Master Servicer or the Special
Servicer, as the case may be) or the Dadeland Mall Companion Loan Noteholder,
access to any records regarding the Loans and the servicing thereof within its
control (which access shall be limited, in the case of the Dadeland Mall
Companion Loan Noteholder or any regulatory authority seeking such access in
respect of the Dadeland Mall Companion Loan Noteholder, to records relating to
the Dadeland Mall Companion Loan), except to the extent it is prohibited from
doing so by applicable law or contract or to the extent such information is
subject to a privilege under applicable law to be asserted on behalf of the
Certificateholders or the Dadeland Mall Companion Loan Noteholder. Such access
shall be afforded only upon reasonable prior written request and during normal
business hours at the offices of the Master Servicer or the Special Servicer, as
the case may be, designated by it.

                  In connection with providing or granting any information or
access pursuant to the prior paragraph to a Certificateholder, a Certificate
Owner, the Dadeland Mall Companion Loan Noteholder or any regulatory authority
that may exercise authority over a Certificateholder, a Certificate Owner or the
Dadeland Mall Companion Loan Noteholder, the Master Servicer and the Special
Servicer may each require payment from such Certificateholder, a Certificate
Owner or the Dadeland Mall Companion Loan Noteholder of a sum sufficient to
cover the reasonable costs and expenses of providing such information or access,
including copy charges and reasonable fees for employee time and for space;
provided that no charge may be made if such information or access was required
to be given or made available under applicable law. In connection with providing
Certificateholders and Certificate Owners access to the information described in
the preceding paragraph, the Master Servicer and the Special Servicer shall
require (prior to affording such access) a written confirmation executed by the
requesting Person substantially in such form as may be reasonably acceptable to
the Master Servicer or the Special Servicer, as the case may be, generally to
the effect that such Person is a Holder of Certificates or a beneficial holder
of Book-Entry Certificates and will keep such information confidential.

                  SECTION 3.16. Title to REO Property; REO Accounts.

                  (a) If title to any Mortgaged Property is acquired, the deed
or certificate of sale shall be issued to the Trustee or its nominee on behalf
of the Certificateholders and, in the case of the Dadeland Mall Mortgaged
Property, on behalf of the Dadeland Mall Companion Loan Noteholder. The Special
Servicer, on behalf of the Trust Fund and, if affected, the Dadeland Mall
Companion Loan Noteholder, shall sell any REO Property by the end of the third
calendar year (or, in the case of "qualified healthcare properties" within the
meaning of Section 856(e)(6) of the Code, the second calendar year) following
the calendar year in which REMIC I 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

                                     -140-
<PAGE>

60 days prior to the end of such third succeeding year, for and is granted an
extension of time (an "REO Extension") by the IRS to sell such REO Property or
(ii) obtains for the Trustee an Opinion of Counsel, addressed to the Trustee,
the Special Servicer and the Master Servicer, to the effect that the holding by
REMIC I of such REO Property subsequent to the end of such third succeeding year
(or, in the case of "qualified healthcare properties" within the meaning of
Section 856(e)(6) of the Code, such second succeeding year) will not result in
the imposition of taxes on "prohibited transactions" (as defined in Section 860F
of the Code) of any REMIC Pool or cause any REMIC Pool to fail to qualify as a
REMIC at any time that any Certificates are outstanding. If the Special Servicer
is granted the REO Extension contemplated by clause (i) of the immediately
preceding sentence or obtains the Opinion of Counsel contemplated by clause (ii)
of the immediately preceding sentence, the Special Servicer shall sell the
subject REO Property within such extended period as is permitted by such REO
Extension or such Opinion of Counsel, as the case may be. Any expense incurred
by the Special Servicer in connection with its obtaining the REO Extension
contemplated by clause (i) of the second preceding sentence or its obtaining the
Opinion of Counsel contemplated by clause (ii) of the second preceding sentence,
shall be covered by, and reimbursable as, a Servicing Advance.

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

                  (c) The Special Servicer shall withdraw from the related REO
Account funds necessary for the proper operation, management, leasing,
maintenance and disposition of any REO Property, but only to the extent of
amounts on deposit in the REO Account relating to such REO Property. On the
Business Day following each Determination Date, the Special Servicer shall
withdraw from each REO Account and deposit into the corresponding Custodial
Account (or deliver to the Master Servicer or such other Person as may be
designated by the Master Servicer for deposit into the corresponding Custodial
Account) the aggregate of all amounts received in respect of each REO Property
during the Collection Period ending on such Determination Date, net of any
withdrawals made

                                     -141-
<PAGE>

out of such amounts pursuant to the preceding sentence; provided that the
Special Servicer may retain in an REO Account such portion of proceeds and
collections in respect of any related REO Property as may be necessary to
maintain a reserve of sufficient funds for the proper operation, management,
leasing, maintenance and disposition of such REO Property (including the
creation of a reasonable reserve for repairs, replacements, necessary capital
replacements and other related expenses), such reserve not to exceed an amount
sufficient to cover such items to be incurred during the following twelve-month
period. For purposes of the foregoing, the Pool REO Account and the Dadeland
Mall REO Account correspond to the Pool Custodial Account and the Dadeland Mall
Custodial Account, respectively.

                  (d) The Special Servicer shall keep and maintain separate
records, on a property-by-property basis, for the purpose of accounting for all
deposits to, and withdrawals from, each REO Account pursuant to Section 3.16(b)
or (c). The Special Servicer shall provide the Master Servicer any information
with respect to each REO Account as is reasonably requested by the Master
Servicer.

                  SECTION 3.17. Management of REO Property.

                  (a) Prior to the acquisition by it of title to a Mortgaged
Property (other than the Dadeland Mall Mortgaged Property, which is addressed in
Section 3.17A), the Special Servicer shall review the operation of such property
and determine the nature of the income that would be derived from such property
if it were acquired by the Trust Fund. If the Special Servicer determines from
such review that:

                      (i) None of the income from Directly Operating such
           Mortgaged Property would be subject to tax as "net income from
           foreclosure property" within the meaning of the REMIC Provisions or
           would be subject to the tax imposed on "prohibited transactions"
           under Section 860F of the Code (either such tax referred to herein as
           an "REO Tax"), then such Mortgaged Property may be Directly Operated
           by the Special Servicer as REO Property;

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

                      (iii) It is reasonable to believe that Directly Operating
           such property as REO Property could result in income subject to an
           REO Tax and that no commercially reasonable means exists to operate
           such property as REO Property without the Trust Fund incurring or
           possibly incurring an REO Tax on income from such property, the
           Special Servicer shall deliver to the Tax Administrator, in writing,
           a proposed plan (the "Proposed Plan") to manage such property as REO
           Property. Such plan shall include potential sources of income, and,
           to the extent reasonably possible, estimates of the amount of income
           from each such source. Upon request of the Special Servicer, the Tax
           Administrator shall advise the Special Servicer of the Tax
           Administrator's federal income tax reporting position with respect to
           the various sources of income that the Trust Fund would derive under
           the Proposed Plan. After receiving the

                                     -142-
<PAGE>

           information described in the preceding sentence from the Tax
           Administrator, the Special Servicer shall implement the Proposed Plan
           (after acquiring the respective Mortgaged Property as REO Property),
           with any amendments required to be made thereto as a result of the
           Tax Administrator's tax reporting position.

                  The Special Servicer's decision as to how each REO Property
(other than the Dadeland Mall REO Property, which is addressed in Section
3.17A)) shall be managed and operated shall be based on the Servicing Standard
and, further, based on the good faith and reasonable judgment of the Special
Servicer as to which means would be in the best interest of the
Certificateholders by maximizing (to the extent commercially reasonable and
consistent with Section 3.17(b)) the net after-tax REO Revenues received by the
Trust Fund with respect to such property without materially impairing the
Special Servicer's ability to promptly sell such property for a fair price. In
connection with performing their respective duties under this Section 3.17(a),
both the Special Servicer and the Tax Administrator may consult with counsel and
tax accountants, the reasonable cost of which consultation shall be covered by,
and be reimbursable as, a Servicing Advance to be made by the Special Servicer.

                  (b) If title to any REO Property (other than the Dadeland Mall
REO Property, which is addressed in Section 3.17A) is acquired, the Special
Servicer shall manage, conserve, protect and operate such REO Property for the
benefit of the Certificateholders solely for the purpose of its prompt
disposition and sale in a manner that does not and will not: (i) cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code for purposes of Section 860D(a) of the Code; or
(ii) except as contemplated by Section 3.17(a), either result in the receipt by
any REMIC Pool of any "income from non-permitted assets" within the meaning of
Section 860F(a)(2)(B) of the Code or result in an Adverse REMIC Event or an
Adverse Grantor Trust Event. Subject to the foregoing, however, the Special
Servicer shall have full power and authority to do any and all things in
connection therewith as are consistent with the Servicing Standard and,
consistent therewith, shall withdraw from the Pool REO Account, to the extent of
amounts on deposit therein with respect to any REO Property, funds necessary for
the proper operation, management, maintenance and disposition of such REO
Property, including:

                      (i) all insurance premiums due and payable in respect of
           such REO Property;

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

                      (iii) any ground rents in respect of such REO Property;
           and

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

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

                                     -143-
<PAGE>

                  (c) Without limiting the generality of the foregoing, the
Special Servicer shall not, with respect to any REO Property (other than the
Dadeland Mall REO Property, which is addressed in Section 3.17A):

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

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

                      (iii) authorize or permit any construction on such REO
           Property, other than the completion of a building or other
           improvement thereon, and then only if more than 10% of the
           construction of such building or other improvement was completed
           before default on the related Mortgage Loan became imminent, all
           within the meaning of Section 856(e)(4)(B) of the Code; or

                      (iv) Directly Operate, or allow any other Person, other
           than an Independent Contractor, to Directly Operate such REO Property
           on any date more than 90 days after the related REO Acquisition;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the Special Servicer as a Servicing
Advance) to the effect that such action would not cause such REO Property to
fail to qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code for purposes of Section 860D(a) of the Code at any time
that it is held by REMIC I, in which case the Special Servicer may take such
actions as are specified in such Opinion of Counsel.

                  (d) The Special Servicer may contract with any Independent
Contractor for the operation and management of any REO Property (other than the
Dadeland Mall REO Property, which is covered by Section 3.17A), provided that:

                      (i) the terms and conditions of any such contract shall
           not be inconsistent herewith and shall reflect an agreement reached
           at arm's length;

                      (ii) the fees of such Independent Contractor (which shall
           be expenses of the Trust Fund) shall be reasonable and customary in
           consideration of the nature and locality of such REO Property;

                      (iii) except as permitted under Section 3.17(a), any such
           contract shall require, or shall be administered to require, that the
           Independent Contractor, in a timely manner, (A) pay all costs and
           expenses incurred in connection with the operation and management of
           such REO Property, including those listed in Section 3.17(b) above,
           and (B) except to the extent that such revenues are derived from any
           services rendered by the Independent Contractor to tenants of such
           REO Property that are not customarily furnished or rendered in
           connection with the rental of real property (within the meaning of
           Section 1.856-4(b)(5) of the Treasury regulations or any successor
           provision), remit all related revenues collected (net of its fees and
           such costs and expenses) to the Special Servicer upon receipt;

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

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

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

                  SECTION 3.17A. Management and Disposition of the Dadeland Mall
                                 REO Property.

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

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

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

                      (iii) It is reasonable to believe that Directly Operating
           the Dadeland Mall Mortgaged Property as REO Property could result in
           income subject to an REO Tax and that no commercially reasonable
           means exists to operate such property as REO Property without the
           Trust Fund incurring or possibly incurring an REO Tax on income from
           such property, the Special Servicer shall deliver to the Tax
           Administrator, in writing, a Proposed Plan to manage such property as
           REO Property. Such plan shall include potential sources of income,
           and, to the extent reasonably possible, estimates of the amount of
           income from each such source. Upon request of the Special Servicer,
           the Tax Administrator shall advise the Special Servicer of the Tax
           Administrator's federal income tax reporting position with respect to
           the various sources of income that the Trust Fund would derive under
           the Proposed Plan. After receiving the information described in the
           preceding sentence from the Tax Administrator, the Special Servicer
           shall implement the Proposed Plan (after acquiring the Dadeland Mall
           Mortgaged

                                     -145-
<PAGE>

           Property as REO Property), with any amendments required to be made
           thereto as a result of the Tax Administrator's tax reporting
           position.

                  The Special Servicer's decision as to how the Dadeland Mall
REO Property shall be managed and operated shall be based on the Servicing
Standard and, further, based on the good faith and reasonable judgment of the
Special Servicer as to which means would be in the best interest of the
Certificateholders and the Dadeland Mall Companion Loan Noteholder (as a
collective whole) by maximizing (to the extent commercially reasonable and
consistent with Section 3.17A(b)) the net after-tax REO Revenues received by the
Trust Fund with respect to such property without materially impairing the
Special Servicer's ability to promptly sell such property for a fair price. In
connection with performing their respective duties under this Section 3.17A(a),
both the Special Servicer and the Tax Administrator may consult with counsel and
tax accountants, the reasonable cost of which consultation shall be covered by,
and be reimbursable as, a Servicing Advance to be made by the Special Servicer.

                  (b) If title to the Dadeland Mall Mortgaged Property is
acquired, the Special Servicer shall manage, conserve, protect and operate such
property for the benefit of the Certificateholders and the Dadeland Mall
Companion Loan Noteholder solely for the purpose of its prompt disposition and
sale in a manner that does not and will not: (i) cause such property to fail to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code for purposes of Section 860D(a) of the Code; or (ii) except as
contemplated by Section 3.17A(a), either result in the receipt by any REMIC Pool
of any "income from non-permitted assets" within the meaning of Section
860F(a)(2)(B) of the Code or result in an Adverse REMIC Event or an Adverse
Grantor Trust Event. Subject to the foregoing, however, the Special Servicer
shall have full power and authority to do any and all things in connection with
the operation, management, maintenance and disposition of the Dadeland Mall REO
Property as is consistent with the Servicing Standard and shall withdraw from
the Dadeland Mall REO Account, to the extent of amounts on deposit therein with
respect to the Dadeland Mall REO Property, funds necessary for the proper
operation, management, maintenance and disposition of the Dadeland Mall REO
Property, including:

                      (i) all insurance premiums due and payable in respect of
           the Dadeland Mall REO Property;

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

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

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

                  To the extent that amounts on deposit in the Dadeland Mall REO
Account in respect of the Dadeland Mall REO Property are insufficient for the
purposes set forth in the preceding sentence with respect to the Dadeland Mall
REO Property, the Special Servicer shall make Servicing Advances in such amounts
as are necessary for such purposes unless the Special Servicer determines, in
accordance with the Servicing Standard, that such payment would be a
Nonrecoverable Advance; provided, however, that the Special Servicer may make
any such Servicing Advance without regard to recoverability if it is a necessary
fee or expense incurred in connection with the defense or prosecution

                                     -146-
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of legal proceedings. The Special Servicer shall notify the Master Servicer if
it shall have made any such Servicing Advance within the previous 30-day period.

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

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

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

                      (iii) authorize or permit any construction on the Dadeland
           Mall REO Property, other than the completion of a building or other
           improvement thereon, and then only if more than 10% of the
           construction of such building or other improvement was completed
           before default on the Dadeland Mall Mortgage Loan became imminent,
           all within the meaning of Section 856(e)(4)(B) of the Code; or

                      (iv) Directly Operate, or allow any other Person, other
           than an Independent Contractor, to Directly Operate the Dadeland Mall
           REO Property on any date more than 90 days after the related REO
           Acquisition;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the Special Servicer as a Servicing
Advance) to the effect that such action would not cause the Dadeland Mall REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code for purposes of Section 860D(a) of the Code at
any time that it is held by a REMIC Pool, in which case the Special Servicer may
take such actions as are specified in such Opinion of Counsel.

                  (d) The Special Servicer may contract with any Independent
Contractor for the operation and management of the Dadeland Mall REO Property,
provided that:

                      (i) the terms and conditions of any such contract may not
           be inconsistent herewith and shall reflect an agreement reached at
           arm's length;

                      (ii) the fees of such Independent Contractor (which shall
           be netted out of collections on the Dadeland Mall REO Property prior
           to their being remitted to the Special Servicer) shall be reasonable
           and customary in consideration of the nature and locality of the
           Dadeland Mall REO Property;

                      (iii) any such contract shall require, or shall be
           administered to require, that the Independent Contractor, in a timely
           manner, (A) pay all costs and expenses incurred in connection with
           the operation and management of the Dadeland Mall REO Property,
           including those listed in Section 3.17A(b) above, and (B) except to
           the extent that such revenues are derived from any services rendered
           by the Independent Contractor to tenants of the Dadeland Mall REO
           Property that are not customarily furnished or rendered in connection
           with the rental of real property (within the meaning of Section
           1.856-4(b)(5) of the Treasury regulations or any

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<PAGE>

           successor provision), remit all related revenues collected (net of
           its fees and such costs and expenses) to the Special Servicer upon
           receipt;

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

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

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

                  SECTION 3.18. Sale of Mortgage Loans and REO Properties.

                  (a) The Master Servicer, the Special Servicer or the Trustee
may sell or purchase, or permit the sale or purchase of, a Mortgage Loan or REO
Property only (i) on the terms and subject to the conditions set forth in this
Section 3.18 and, in the case of the Dadeland Mall Mortgage Loan and the Loop
Mortgage Loan, subject to Section 3.01(e), (ii) as otherwise expressly provided
in or contemplated by Sections 2.03(a) and 9.01 of this Agreement, (iii) in the
case of the Dadeland Mall Mortgage Loan, as set forth in Section 4.02 of the
Dadeland Mall Co-Lender Agreement, and (iv) in the case of a Mortgage Loan with
a related mezzanine loan, in connection with a Loan default as set forth in the
related intercreditor agreement.

                  (b) Within five Business Days after any Mortgage Loan has
become a Specially Serviced Mortgage Loan, the Special Servicer shall give
notice of such event to each holder of a Certificate of the Controlling Class,
the related Mortgage Loan Seller and the Master Servicer (the foregoing parties,
together with any assignees thereof, the Special Servicer and any assignees of
the Special Servicer, collectively, the "Purchase Option Holders"), as well as
to the Trustee and, if such Mortgage Loan is the Dadeland Mall Mortgage Loan, to
the Dadeland Mall Companion Loan Noteholder. Each Purchase Option Holder shall
have the option to purchase such Specially Serviced Mortgage Loan at a cash
price that is at least equal to the Purchase Price. The Special Servicer shall
accept the highest offer by a Purchase Option Holder that is at least equal to
the Purchase Price received within ten Business Days of date such Mortgage Loan
became a Specially Serviced Mortgage Loan or, if no offer at least equal to the
Purchase Price is received during such ten-Business Day period, the first offer
thereafter by a Purchase Option Holder that is at least equal to the Purchase
Price.

                  (c) If none of the Purchase Option Holders exercises its
option to purchase any Specially Serviced Mortgage Loan as described in
subsection (b) above, then each Purchase Option Holder will also have the option
to purchase that Specially Serviced Mortgage Loan at a price equal to the fair
value of such Specially Serviced Mortgage Loan (the "FV Price"). Upon receipt of
a written request from any Purchase Option Holder to determine the FV Price in
contemplation of its intention to

                                     -148-
<PAGE>

exercise its option to purchase a Specially Serviced Mortgage Loan at a price
that is below the Purchase Price, the Special Servicer shall promptly obtain an
MAI appraisal of the related Mortgaged Property by an Independent Appraiser
(unless such an appraisal was obtained within one year of such date and the
Special Servicer has no knowledge of any circumstances that would materially
affect the validity of such appraisal). Promptly after obtaining such appraisal,
the Special Servicer shall determine the FV Price in accordance with the
Servicing Standard and the provisions of subsection (j) below. Promptly after
determining the FV Price, the Special Servicer shall report such FV Price to the
Trustee and each Purchase Option Holder.

                  (d) In the event that the Special Servicer determines that it
is willing (subject to Section 3.01(e)), or another Purchase Option Holder
notifies the Special Servicer that it is willing, to purchase any Specially
Serviced Mortgage Loan (the party submitting such bid, the "Initial Bidder") at
a price equal to or above the FV Price (a "FV Bid"), the Special Servicer shall
notify all other Purchase Option Holders that it has made or received, as the
case may be, such FV Bid (without disclosing the amount of such FV Bid). All
other Purchase Option Holders may submit competing bids within the ten Business
Day period following such notice. At the conclusion of the above-described ten
Business Day period, the Special Servicer shall accept the highest bid received
from any Purchase Option Holder that is at least equal to the FV Price.

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

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

                  (g) With respect to the right of the related Mortgage Loan
Seller, the purchase option of such Mortgage Loan Seller will expire upon the
earliest of (i) 90 Business Days following the date on which it received notice
pursuant to subsection (b) above that the subject Mortgage Loan has become a
Specially Serviced Mortgage Loan, unless the related Mortgage Loan Seller has
provided notice to the Special Servicer and the Trustee to extend the period
during which it may exercise its option, (ii) immediately upon receipt by the
related Mortgage Loan Seller of notice of a Material Breach or a Material
Document Defect with respect to the subject Mortgage Loan, (iii) such shorter
period as the related Mortgage Loan Seller has indicated in a written notice to
the Special Servicer and the Trustee, and (iv) the date on which the purchase
option terminates for the other Purchase Option Holders as provided in
subsection (k) below.

                  (h) If the party exercising the purchase option at the FV
Price for any Specially Serviced Mortgage Loan is the Special Servicer or an
Affiliate thereof, the Trustee shall verify that the FV Price is at least equal
to the fair value of such Mortgage Loan. In determining whether the FV Price is
at least equal to the fair value of such Mortgage Loan the Trustee will be
permitted to conclusively rely on an appraisal obtained by the Trustee from an
Independent Appraiser at the time it is required to verify the FV Price and/or
the opinion of an Independent expert in real estate matters (including the

                                     -149-
<PAGE>

Master Servicer) with at least five (5) years' experience in valuing or
investing in loans, similar to such Mortgage Loan, that has been selected by the
Trustee with reasonable care at the expense of the Trust Fund.

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

                  (j) In determining the FV Price for any Specially Serviced
Mortgage Loan, the Special Servicer may take into account and rely upon, among
other factors, the results of any appraisal or updated appraisal that it or the
Master Servicer may have obtained in accordance with this Agreement within the
prior twelve months; the opinions on fair value expressed by Independent
investors in mortgage loans comparable to the subject Specially Serviced
Mortgage Loan; the period and amount of any delinquency on the subject Specially
Serviced Mortgage Loan; the physical condition of the related Mortgaged
Property; the state of the local economy; and the expected recoveries from the
subject Specially Serviced Mortgage Loan if the Special Servicer were to pursue
a workout or foreclosure strategy instead of selling such Mortgage Loan to a
Purchase Option Holder.

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

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

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

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

                  (o) The Special Servicer shall use its best efforts to solicit
bids for each REO Property in such manner as will be reasonably likely to
realize a fair price within the time period

                                     -150-
<PAGE>

provided for by Section 3.16(a). Subject to Sections 6.11 and 6.11A, the Special
Servicer shall accept the first (and, if multiple bids are received
contemporaneously or subsequently, the highest) cash bid received from any
Person that constitutes a fair price for such REO Property. If the Special
Servicer reasonably believes that it will be unable to realize a fair price for
any REO Property within the time constraints imposed by Section 3.16(a), then
(subject to Section 6.11 or 6.11A, as applicable) the Special Servicer shall
dispose of such REO Property upon such terms and conditions as the Special
Servicer shall deem necessary and desirable to maximize the recovery thereon
under the circumstances and, in connection therewith, shall accept the highest
outstanding cash bid, regardless of from whom received.

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

                  (q) No Interested Person shall be obligated to submit a bid to
purchase any REO Property, and notwithstanding anything to the contrary herein,
neither the Trustee, in its individual capacity, nor any of its Affiliates may
bid for or purchase any REO Property pursuant hereto.

                  (r) Whether any cash bid constitutes a fair price for any REO
Property for purposes of this Section 3.18, shall be determined by the Special
Servicer or, if such cash bid is from an Interested Person, by the Trustee. In
determining whether any bid received from an Interested Person represents a fair
price for any REO Property, the Trustee shall be supplied with and shall be
entitled to rely on the most recent appraisal in the related Servicing File
conducted in accordance with this Agreement within the preceding 12-month period
(or, in the absence of any such appraisal or if there has been a material change
at the subject property since any such appraisal, on a new appraisal to be
obtained by the Special Servicer (the cost of which shall be covered by, and be
reimbursable as, a Servicing Advance)). The appraiser conducting any such new
appraisal shall be an Independent Appraiser selected by the Special Servicer if
neither the Special Servicer nor any Affiliate thereof is bidding with respect
to an REO Property and selected by the Trustee if either the Special Servicer or
any Affiliate thereof is so bidding. Where any Interested Person is among those
bidding with respect to an REO Property, the Special Servicer shall require that
all bids be submitted to it (and, if the Special Servicer or any Affiliate
thereof is bidding, to the Trustee) in writing and be accompanied by a
refundable deposit of cash in an amount equal to 5% of the bid amount. In
determining whether any bid from a Person other than an Interested Person
constitutes a fair price for any REO Property, the Special Servicer shall take
into account the results of any appraisal or updated appraisal that it or the
Master Servicer may have obtained in accordance with this Agreement within the
prior twelve months, and any Independent Appraiser shall be instructed to take
into account, as applicable, among other factors, the occupancy level and
physical condition of the subject REO Property, the state of the local economy
and the obligation to dispose of the subject REO Property within the time period
specified in Section 3.16(a). The Purchase Price for any REO Property shall in
all cases be deemed a fair price. Notwithstanding the other provisions of this
Section 3.18, no cash bid from the Special Servicer or any Affiliate thereof
shall constitute a fair price for any REO Property unless such bid is the
highest cash bid received and at least two independent bids (not including the
bid of the Special Servicer or any Affiliate) have been received. In the event
the bid of the Special Servicer or any Affiliate thereof is the only bid
received or is the higher of only two bids received, then additional bids shall
be solicited. If an additional bid or bids, as the case may be, are received and
the original bid of the Special Servicer or any Affiliate thereof is the highest
of all cash bids received, then the bid of the Special Servicer or such
Affiliate shall be accepted, provided that the Trustee has otherwise determined,
as provided above in this Section 3.18(r), that such bid constitutes a fair
price for any REO Property. Any bid by the Special Servicer shall be
unconditional; and, if

                                     -151-
<PAGE>

accepted, the subject REO Property shall be transferred to the Special Servicer
without recourse, representation or warranty other than customary
representations as to title given in connection with the sale of a real
property.

                  (s) Subject to Sections 3.18(a) through 3.18(r) above, and
further subject to Section 6.11 and Section 6.11A, the Special Servicer shall
act on behalf of the Trustee in negotiating with independent third parties
seeking to purchase an REO Property and taking any other action necessary or
appropriate in connection with the sale of any Specially Serviced Mortgage Loan
or REO Property pursuant to this Section 3.18, and the collection of all amounts
payable in connection therewith. In connection therewith, the Special Servicer
may charge prospective bidders for any REO Property, and may retain, fees that
approximate the Special Servicer's actual costs in the preparation and delivery
of information pertaining to, or evaluating bids for, such REO Property without
obligation to deposit such amounts into the Pool Custodial Account. Any sale of
a Specially Serviced Mortgage Loan or an REO Property pursuant to this Section
3.18 shall be final and without recourse to the Trustee or the Trust, and if
such sale is consummated in accordance with the terms of this Agreement, neither
the Special Servicer nor the Trustee shall have any liability to any
Certificateholder with respect to the purchase price therefor accepted by the
Special Servicer or the Trustee.

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

                  SECTION 3.19. Additional Obligations of the Master Servicer;
                                Obligations to Notify Ground Lessors; the
                                Special Servicer's Right to Request the Master
                                Servicer to Make Servicing Advances.

                  (a) The Master Servicer shall deliver to the Trustee for
deposit in the Collection Account on each Master Servicer Remittance Date,
without any right of reimbursement therefor, an amount equal to the lesser of
(i) the aggregate amount of all Prepayment Interest Shortfalls, if any, incurred
in connection with Principal Prepayments received during the most recently ended
Collection Period with respect to Performing Mortgage Loans and (ii) the sum of
(1) the aggregate of all Master Servicing Fees received by the Master Servicer
during such Collection Period with respect to the entire Mortgage Pool (but only
to the extent of that portion thereof calculated at a rate of 0.025% per annum
with respect to each and every Mortgage Loan and each and every REO Mortgage
Loan) and (2) the aggregate amount of Prepayment Interest Excesses received in
respect of the entire Mortgage Pool during such Collection Period; provided,
however, that if any Prepayment Interest Shortfall occurs as a result of the
Master Servicer's allowing the Mortgagor to deviate from the terms of the
related loan documents regarding principal prepayments, the Master Servicer
shall be obligated to pay an amount equal to the entire Prepayment Interest
Shortfall with respect to the subject Mortgage Loan without any limitation of
the kind set forth in clauses (1) and (2) above.

                  (b) The Master Servicer shall, as to each Loan which is
secured by the interest of the related Mortgagor under a Ground Lease, even if
the corresponding fee interest is encumbered, promptly (and in any event within
60 days) following the Closing Date, notify the related ground lessor of the
transfer of such Loan to the Trust Fund pursuant to this Agreement and inform
such ground lessor that any notices of default under the related Ground Lease
should thereafter be forwarded to the Master Servicer.

                                     -152-
<PAGE>

                  (c) Notwithstanding anything to the contrary contained in this
Agreement, if the Special Servicer is required under this Agreement to make any
Servicing Advance but does not desire to do so, the Special Servicer may, in its
sole discretion, request that the Master Servicer make such Servicing Advance,
such request to be made, in writing, at least five (5) Business Days (or, in an
emergency situation or on an urgent basis, two (2) Business Days, provided that
the written request set forth the nature of the emergency or the basis of the
urgency) in advance of the date on which such Servicing Advance is required to
be made hereunder and to be accompanied by such information and documentation
regarding the subject Servicing Advance as the Master Servicer may reasonably
request. The Master Servicer shall have the obligation to make any such
Servicing Advance that it is so requested by the Special Servicer to make,
within five (5) Business Days (or, in an emergency situation or on an urgent
basis, two (2) Business Days) of the Master Servicer's receipt of such request.
If the request is timely and properly made, the Special Servicer shall be
relieved of any obligations with respect to a Servicing Advance that it so
requests the Master Servicer to make (regardless of whether or not the Master
Servicer shall make such Servicing Advance). The Master Servicer shall be
entitled to reimbursement for any Servicing Advance made by it at the direction
of the Special Servicer, together with interest thereon in accordance with
Sections 3.05(a), 3.05A and 3.11(g), as applicable, at the same time, in the
same manner and to the same extent as the Master Servicer is entitled with
respect to any other Servicing Advances made thereby.

                  Notwithstanding the foregoing provisions of this Section
3.19(c), the Master Servicer shall not be required to make at the direction of
the Special Servicer, any Servicing Advance if the Master Servicer determines in
its reasonable, good faith judgment that such Servicing Advance, although not
characterized by the Special Servicer as a Nonrecoverable Servicing Advance, is
in fact a Nonrecoverable Servicing Advance. The Master Servicer shall notify the
Special Servicer in writing of such determination, which shall be made pursuant
to Section 3.11(h). Any request by the Special Servicer that the Master Servicer
make a Servicing Advance shall be deemed to be a determination by the Special
Servicer that such requested Servicing Advance is not a Nonrecoverable Servicing
Advance, and the Master Servicer, the Trustee and the Fiscal Agent shall be
entitled to conclusively rely on such determination. Upon determining that any
Servicing Advance previously made with respect to a Specially Serviced Loan or
REO Loan is a Nonrecoverable Servicing Advance, the Special Servicer shall
report to the Master Servicer the Special Servicer's determination. The Master
Servicer shall be entitled to conclusively rely on such a determination.

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

                  (a) Subject to Sections 3.20(b) through 3.20(f) and 3.20(l)
below, and further subject to Section 6.11 or 6.11A as applicable, the Special
Servicer (or, under the limited circumstances set forth in Section 3.20(c), the
Master Servicer) may, on behalf of the Trustee and, in the case of the Dadeland
Mall Companion Loan, the Dadeland Mall Companion Loan Noteholder, agree to any
modification, extension, waiver or amendment of any term of any Loan and respond
to various Mortgagor requests for consent on the part of the mortgagee
(including the lease reviews and lease consents related thereto), without the
consent of the Trustee, any Certificateholder, the Dadeland Mall Companion Loan
Noteholder, the Master Servicer (in the case of any such action taken by the
Special Servicer) or, except as expressly set forth below, the Special Servicer
(in the case of any such action taken by the Master Servicer).

                                     -153-
<PAGE>

                  (b) All modifications, extensions, waivers or amendments of
any Loan, including the lease reviews and lease consents related thereto, shall
be in writing and shall be considered and effected in a manner consistent with
the Servicing Standard.

                  (c) In the case of any Performing Loan, and subject to the
rights of the Special Servicer set forth below, the Master Servicer shall be
responsible for responding to any request by a Mortgagor for the consent or
approval of the mortgagee with respect to a modification, extension, waiver or
amendment of any term thereof, provided that such consent or approval or such
modification, extension, waiver or amendment would not (except as permitted by
Sections 3.02(a), 3.03(d), 3.08(a) and 3.20(l) hereof) affect the amount or
timing of any of the payment terms of such Loan (including payment terms related
to late payment charges), result in the release of the related Mortgagor from
any material term thereunder, waive any rights thereunder with respect to any
guarantor thereof, relate to the release, addition or substitution of any
material collateral for such Loan or relate to any waiver of or granting of
consent under a "due-on-sale" or "due-on-encumbrance" clause. With respect to
any action proposed to be taken by the Master Servicer under this Section
3.20(c) where the thresholds in clauses (i) through (v) of the next sentence are
exceeded, or which involves the situations set forth in the proviso to the
previous sentence, the Special Servicer only may take such action. To the extent
consistent with the foregoing, but subject to Section 3.20(f), the Master
Servicer shall also be responsible for the following with respect to the
Performing Loans:

                      (i) Approving any waiver affecting the timing of receipt
           of financial statements from any Mortgagor, provided that such
           financial statements are delivered no less than quarterly and within
           60 days of the end of the calendar quarter to which such financial
           statements relate;

                      (ii) Approving routine leasing activity, and negotiating
           any subordination, standstill, termination and attornment agreements,
           with respect to leases for less than the lesser of (A) 50,000 square
           feet and (B) 20% of the related Mortgaged Property;

                      (iii) Approving a transfer of equity in a Mortgagor from
           one current equity holder to another, provided that such transfer of
           equity does not (A) affect (if applicable) the status of such
           Mortgagor or such equity holder as a special purpose,
           bankruptcy-remote entity, (B) result in a change of control of such
           Mortgagor, (C) cause the transferee to hold more than 49% of the
           equity in such Mortgagor, (D) relate to a Mortgage Loan that
           represents 2% or more of the then aggregate principal balance of the
           Mortgage Pool or (E) relate to the Dadeland Mall Loan Pair;

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

                      (v) Approving a change of the property manager at the
           request of the related Mortgagor, provided that (A) the successor
           property manager is not affiliated with the Mortgagor

                                     -154-
<PAGE>

           and is a nationally or regionally recognized manager of similar
           properties, (B) the related Mortgage Loan does not represent 2% or
           more of the then aggregate principal balance of the Mortgage Pool and
           (C) the Dadeland Mall Mortgaged Property is not involved.

                  Except as permitted by Section 3.02(a), Section 3.03(d),
Section 3.08(a), this Section 3.20(c) and Section 3.20(l) the Master Servicer
may not agree to waive, modify or amend any term of any Loan or respond to any
Mortgagor requests for mortgagee consent. Furthermore, the Master Servicer may
not agree to any modification, extension, waiver or amendment of any term of any
Mortgage Loan that would cause an Adverse REMIC Event with respect to any REMIC
Pool or an Adverse Grantor Trust Event with respect to the Grantor Trust.

                  (d) Except as provided in Section 3.02(a), Section 3.08 or
Section 3.20(e), the Special Servicer, on behalf of the Trustee and, in the case
of the Dadeland Mall Companion Loan, the Dadeland Mall Companion Loan
Noteholder, shall not agree or consent to any modification, extension, waiver or
amendment of any term of any Loan that would:

                      (i) affect the amount or timing of any scheduled payment
           of principal, interest or other amount (including Prepayment Premiums
           or Yield Maintenance Charges, but excluding Default Interest and
           other amounts payable as additional servicing compensation) payable
           thereunder;

                      (ii) affect the obligation of the related Mortgagor to pay
           a Prepayment Premium or Yield Maintenance Charge or effect the waiver
           of any prepayment restriction thereunder or permit a Principal
           Prepayment during any period in which the related Mortgage Note
           prohibits Principal Prepayments;

                      (iii) except as expressly contemplated by the related
           Mortgage or pursuant to Section 3.09(d), result in a release of the
           lien of the Mortgage on any material portion of the related Mortgaged
           Property without a corresponding Principal Prepayment in an amount
           not less than the fair market value (as determined by an appraisal by
           an Independent Appraiser delivered to the Special Servicer at the
           expense of the related Mortgagor and upon which the Special Servicer
           may conclusively rely) of the property to be released; or

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

                  (e) Notwithstanding Section 3.20(d), but subject to Section
6.11, Section 6.11A and the second paragraph of this Section 3.20(e), the
Special Servicer may (i) reduce the amounts owing under any Specially Serviced
Loan by forgiving principal, accrued interest, Additional Interest or any
Prepayment Premium or Yield Maintenance Charge, (ii) reduce the amount of the
Monthly Payment on any Specially Serviced Loan, including by way of a reduction
in the related Mortgage Rate, (iii) forbear in the enforcement of any right
granted under any Mortgage Note, Mortgage or other loan document relating to a
Specially Serviced Loan, (iv) accept a Principal Prepayment on any Specially
Serviced Loan during any Lockout Period or (v) extend the maturity of any
Specially Serviced Loan; provided that (A) the related Mortgagor is in monetary
default or material non-monetary default with respect to such Specially Serviced
Loan or, in the reasonable, good faith judgment of the Special Servicer, such
default is reasonably foreseeable, (B) in the reasonable, good faith judgment of
the Special Servicer,

                                     -155-
<PAGE>

such modification, extension, waiver or amendment would increase the recovery on
such Specially Serviced Loan to Certificateholders (as a collective whole) or,
if the Dadeland Mall Loan Pair is involved, would increase the recovery on the
Dadeland Mall Loan Pair to Certificateholders and the Dadeland Mall Companion
Loan Noteholder (as a collective whole), on a present value basis (the relevant
discounting of anticipated collections that will be distributable to the
Certificateholders (or, in the case of the Dadeland Mall Loan Pair, to
Certificateholders and the Dadeland Mall Companion Loan Noteholder), to be
performed at the related Mortgage Rate (or, in the case of the Dadeland Mall
Loan Pair, at the weighted average of the Mortgage Rates for the Dadeland Mall
Loan Pair)), and (C) such modification, extension, waiver or amendment would not
cause an Adverse REMIC Event in respect of any REMIC Pool or an Adverse Grantor
Trust Event with respect to the Grantor Trust; and provided, further, that (i)
any modification, extension, waiver or amendment of the payment terms of the
Dadeland Mall Loan Pair shall be structured so as to be consistent with the
allocation and payment priorities set forth in the related loan documents and
the Dadeland Mall Co-Lender Agreement, such that neither the Trust as holder of
the Dadeland Mall Mortgage Loan nor the Dadeland Mall Companion Loan Noteholder
shall gain a priority over the other such holder with respect to any payment,
which priority is not, as of the date of the Dadeland Mall Co-Lender Agreement,
reflected in the related loan documents and the Dadeland Mall Co-Lender
Agreement, and (ii) to the extent consistent with the Servicing Standard (taking
into account the extent to which the Dadeland Mall Companion Loan is junior to
the Dadeland Mall Mortgage Loan), (A) no waiver, reduction or deferral of any
particular amounts due on the Dadeland Mall Mortgage Loan shall be effected
prior to the waiver, reduction or deferral of the entire corresponding item in
respect of the Dadeland Mall Companion Loan, and (B) no reduction of the
Mortgage Rate of the Dadeland Mall Mortgage Loan (excluding, if applicable, the
portion thereof comprised of the Additional Interest Rate following the related
Anticipated Repayment Date) shall be effected prior to the reduction of the
Mortgage Rate of the Dadeland Mall Companion Loan (excluding, if applicable, the
portion thereof comprised of the Additional Interest Rate following the related
Anticipated Repayment Date) to the maximum extent possible.

                  In no event shall the Special Servicer: (i) extend the
maturity date of a Loan beyond the date that is two years prior to the last
Rated Final Distribution Date; (ii) extend the maturity date of any Loan for
more than five years beyond its Stated Maturity Date; or (iii) if the Loan is
secured solely or primarily by a Mortgage on the leasehold interest under a
Ground Lease (but not the related fee interest), extend the maturity date of
such Loan beyond the date which is 20 years (or, to the extent consistent with
the Servicing Standard, giving due consideration to the remaining term of the
Ground Lease, 10 years) prior to the expiration of the term of such Ground
Lease.

                  The determination of the Special Servicer contemplated by
clause (B) of the proviso to the first paragraph of this Section 3.20(e) shall
be evidenced by an Officer's Certificate to such effect delivered to the Trustee
and the Master Servicer (and, in the case of the Dadeland Mall Loan Pair, the
Dadeland Mall Companion Loan Noteholder) and describing in reasonable detail the
basis for the Special Servicer's determination. The Special Servicer shall
attach to such Officer's Certificate any information including but not limited
to income and expense statements, rent rolls, property inspection reports and
appraisals that support such determination.

                  (f) Notwithstanding anything to the contrary in this
Agreement, none of the Trustee, the Master Servicer or the Special Servicer, as
applicable, shall give any consent, approval or direction regarding the
termination of the related property manager or the designation of any
replacement property manager or, if such Mortgaged Property is hospitality
property, give any consent, approval or direction

                                     -156-
<PAGE>

regarding the termination of the franchise or the designation of a new
franchise, with respect to any Mortgaged Property that secures either (A) the
Dadeland Mall Companion Loan or (B) a Mortgage Loan that has an unpaid principal
balance that is at least equal to the lesser of $20,000,000 and 2% of the then
aggregate principal balance of the Mortgage Pool, unless: (1) the mortgagee is
not given discretion under the terms of the related Loan; or (2) it has received
prior written confirmation from each Rating Agency that such action will not
result in an Adverse Rating Event.

                  Any party hereto seeking Rating Agency confirmation with
respect to the matters described above shall deliver a Review Package to such
Rating Agency.

                  (g) Any payment of interest that is deferred pursuant to any
modification, extension, waiver or amendment permitted hereunder, shall not, for
purposes hereof, including calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance or Stated Principal
Balance of the related Loan, notwithstanding that the terms of such
modification, extension, waiver or amendment so permit. The foregoing shall in
no way limit the Special Servicer's ability to charge and collect from the
Mortgagor costs otherwise collectible under the terms of the related Mortgage
Note.

                  (h) The Special Servicer or Master Servicer may, as a
condition to granting any request by a Mortgagor for consent, modification,
extension, waiver or indulgence or any other matter or thing, the granting of
which is within its discretion pursuant to the terms of the instruments
evidencing or securing the related Loan and, further, by the terms of this
Agreement and applicable law, require that such Mortgagor pay to it (i) as
additional servicing compensation, a reasonable or customary fee for the
additional services performed in connection with such request, and (ii) any
related costs and expenses incurred by it. Any such fee that is to be shared by
the Master Servicer and the Special Servicer may not be waived or reduced by
either such party without the consent of the other party. In no event shall the
Special Servicer or Master Servicer be entitled to payment for such fees or
expenses unless such payment is collected from the related Mortgagor.

                  (i) The Special Servicer and Master Servicer shall each notify
the other, any related Sub-Servicers, the Trustee and, where the Dadeland Mall
Companion Loan is affected, the Dadeland Mall Companion Loan Noteholder, in
writing, of any modification, extension, waiver or amendment of any term of any
Loan (including fees charged the Mortgagor) agreed to by it and the date
thereof, and shall deliver to the Trustee or any related Custodian for deposit
in the related Mortgage File (with a copy to be delivered to or retained by, as
applicable, the Master Servicer), an executed counterpart of the agreement
relating to such modification, extension, waiver or amendment promptly following
execution and delivery thereof, to be followed by an original recorded
counterpart promptly following the recordation (and receipt) thereof.

                  (j) To the extent that either the Master Servicer or Special
Servicer waives any Default Charge in respect of any Loan, whether pursuant to
Section 3.02(a) or this Section 3.20, the respective amounts of additional
servicing compensation payable to the Master Servicer and the Special Servicer
as Net Default Charges out of such Default Charges shall be reduced
proportionately based upon the respective amounts that would have been payable
thereto as Net Default Charges out of such Default Charges if such waiver had
not been granted.

                  (k) If, with respect to any Loan under which the lender can
require defeasance in lieu of prepayment, the Master Servicer shall receive a
notice from the related Mortgagor that it intends to prepay such Loan in
accordance with the terms thereof, then, except as set forth below, the Master

                                     -157-
<PAGE>

Servicer shall, subject to the next paragraph and the related loan documents,
(i) promptly respond to such notice in a manner which would require that the
Mortgagor pledge Defeasance Collateral in lieu of such prepayment pursuant to
the terms of the related Mortgage Note, (ii) notify each Rating Agency, the
Trustee, the Underwriters and the Special Servicer of its request to the
Mortgagor to defease such Loan and (iii) upon the written confirmation from each
Rating Agency (which confirmation shall not be required from (A) S&P in the case
of a Mortgage Loan with an unpaid principal balance less than or equal to
$20,000,000 or that constitutes less than 5% of the aggregate unpaid principal
balance of the Mortgage Pool (whichever is less), or in the case of a Mortgage
Loan that is not then one of the ten largest (measured by unpaid principal
balance) Mortgage Loans in the Mortgage Pool, provided the Master Servicer
delivers to S&P a certification in the form attached hereto as Exhibit M (a
"Defeasance Certificate"), or (B) Moody's in the case of any Mortgage Loan that
is not then one of the ten largest (measured by unpaid principal balance)
Mortgage Loans in the Mortgage Pool or that is not then one of the ten largest
groups (measured by aggregate unpaid principal balance) of Mortgage Loans with
related Mortgagors; provided that, in the case of (A) or (B) above, such written
confirmation shall not be required from S&P (provided the Master Servicer
delivers a Defeasance Certificate to S&P) and/or Moody's, as applicable, in
the event the subject Mortgage Loan complies with the then current applicable
guidelines set forth by such Rating Agency, or the unpaid principal balance of
such Mortgage Loan, the percentage such Mortgage Loan constitutes of the
Mortgage Pool or the relative size of such Mortgage Loan with respect to the
Mortgage Pool, as applicable, does not exceed the current applicable threshold
for review as set forth by such Rating Agency) that the acceptance of a pledge
of the Defeasance Collateral in lieu of a full prepayment will not result in an
Adverse Rating Event, take such further action as provided in such Mortgage Note
to effectuate such defeasance, including the purchase and perfection of the
Defeasance Collateral on behalf of the Trustee (as mortgagee of record on behalf
of the Certificateholders and, in the case of the Dadeland Mall Companion Loan,
the Dadeland Mall Companion Loan Noteholder).

                  Notwithstanding the foregoing, but subject to the related loan
documents, the Master Servicer shall not permit a pledge of Defeasance
Collateral under a Defeasance Loan if (i) such defeasance would occur within two
years of the Startup Day, (ii) if the defeasance collateral shall not be
Government Securities; (iii) such Defeasance Loan (or any applicable agreement
executed in connection with the related defeasance) provides that the Mortgagor
shall be liable for any shortfalls from such Defeasance Collateral or otherwise
be subject to recourse liability with respect to the Defeasance Loan (except for
any liability that, pursuant to the terms of the related loan documents,
survives such defeasance), (iv) all costs to be incurred in connection with such
defeasance (including Rating Agency fees, accountants' fees and costs incurred
in connection with any required opinions of counsel) would not be paid by the
related Mortgagor, or (v) unless such confirmation is not required pursuant to
the first paragraph of this Section 3.20(k), either Rating Agency does not
confirm in writing to the Master Servicer that the acceptance of a pledge of the
Defeasance Collateral in lieu of a full prepayment will not result in an Adverse
Rating Event.

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

                  (l) With respect to any ARD Loan after its Anticipated
Repayment Date, the Master Servicer shall be permitted, in its discretion, to
waive (such waiver to be in writing addressed to the related Mortgagor, with a
copy to the Trustee) all or any portion of the accrued Additional Interest on
such ARD Loan if (i) such ARD Loan is not a Specially Serviced Loan (on which
the Special Servicer

                                     -158-
<PAGE>

may waive accrued Additional Interest pursuant to Section 3.20(e)), (ii) prior
to the related maturity date, the related Mortgagor has requested the right to
prepay such ARD Loan in full together with all payments required under such ARD
Loan in connection with such prepayment (except for all or a portion of such
accrued Additional Interest), and (iii) the Master Servicer has determined, in
its reasonable, good faith judgment, that the waiver of the Trust's right to
receive such accrued Additional Interest is reasonably likely to produce a
greater payment to Certificateholders (as a collective whole) (or, if the
Dadeland Mall Loan Pair is involved, to produce a greater payment to the
Certificateholders and the Dadeland Mall Companion Loan Noteholder (as a
collective whole)) on a present value basis (the relevant discounting of
anticipated collections that will be distributable to Certificateholders (or, in
the case of the Dadeland Mall Loan Pair, to Certificateholders and the Dadeland
Mall Companion Loan Noteholder) to be performed at the related Mortgage Rate
(or, in the case of the Dadeland Mall Loan Pair, at the weighted average of the
Mortgage Rates of the Dadeland Mall Loan Pair) than a refusal to waive the right
to such Additional Interest; provided that any such waiver of Additional
Interest accrued on the Dadeland Mall Loan Pair shall be structured so as to be
consistent with the allocation and payment priorities set forth in the related
loan documents and the Dadeland Mall Co-Lender Agreement, such that the Dadeland
Mall Companion Loan Noteholder shall not gain any priority over the Trust as
holder of the Dadeland Mall Mortgage Loan with respect to the payment of such
Additional Interest. The Master Servicer shall have no liability to the Trust,
the Certificateholders or any other Person so long as such determination is
exercised in accordance with the Servicing Standard.

                  SECTION 3.21. Transfer of Servicing Between Master Servicer
                                and Special Servicer; Record Keeping.

                  (a) Upon determining that a Servicing Transfer Event has
occurred with respect to any Loan that had otherwise been a Performing Loan, and
if the Master Servicer is not also the Special Servicer, the Master Servicer
shall immediately give notice thereof, and shall deliver a copy of the related
Servicing File, to the Special Servicer and shall use reasonable efforts to
provide the Special Servicer with all information, documents (or copies thereof)
and records (including records stored electronically on computer tapes, magnetic
discs and the like) relating to such Loan, either in the Master Servicer's or
any of its directors', officers', employees', affiliates' or agents' possession
or control or otherwise available to the Master Servicer without undue burden or
expense, and reasonably requested by the Special Servicer to enable it to assume
its functions hereunder with respect thereto without acting through a
Sub-Servicer. The Master Servicer shall use reasonable efforts to comply with
the preceding sentence within five Business Days of the occurrence of each
related Servicing Transfer Event; provided, however, that if the information,
documents and records requested by the Special Servicer are not contained in the
Servicing File, the Master Servicer shall have such period of time as reasonably
necessary to make such delivery. The Special Servicer may conclusively rely on
the Master Servicer's determination that a Servicing Transfer Event has occurred
giving rise to a Loan's becoming a Specially Serviced Loan. The Special Servicer
shall not be liable or in default hereunder for any reasonable act or failure to
act because of or arising out of the Master Servicer's failure to deliver
information, documents or records with respect to any Specially Serviced Loan in
accordance with the requirements hereof.

                  Upon determining that a Specially Serviced Loan has become a
Corrected Loan, and if the Master Servicer is not also the Special Servicer, the
Special Servicer shall immediately give notice thereof, and shall within five
Business Days of such occurrence return the related Servicing File, together
with any and all new information, documents and records relating to the subject
Loan that were not part of the Servicing File when it was delivered to the
Special Servicer, to the Master Servicer (or

                                     -159-
<PAGE>

such other Person as may be directed by the Master Servicer) and upon giving
such notice, and returning such Servicing File, to the Master Servicer (or such
other Person as may be directed by the Master Servicer), the Special Servicer's
obligation to service such Loan, and the Special Servicer's right to receive the
Special Servicing Fee with respect to such Loan shall terminate, and the
obligations of the Master Servicer to service and administer such Loan shall
resume.

                  Notwithstanding anything herein to the contrary, in connection
with the transfer to the Special Servicer of the servicing of a
Cross-Collateralized Mortgage Loan as a result of a Servicing Transfer Event or
the re-assumption of servicing responsibilities by the Master Servicer with
respect to any such Mortgage Loan upon its becoming a Corrected Loan, the Master
Servicer and the Special Servicer shall each transfer to the other, as and when
applicable, the servicing of all other Cross-Collateralized Mortgage Loans
constituting part of the same Cross-Collateralized Group; provided that no
Cross-Collateralized Mortgage Loan may become a Corrected Loan at anytime that a
continuing Servicing Transfer Event exists with respect to another
Cross-Collateralized Mortgage Loan in the same Cross-Collateralized Group.

                  (b) In servicing any Specially Serviced Loans, the Special
Servicer shall provide to the Custodian originals of newly executed documents
included within the definition of "Mortgage File" for inclusion in the related
Mortgage File (with a copy of each such original to the Master Servicer), and
shall provide to the Master Servicer copies of any additional related Loan
information, including correspondence with the related Mortgagor.

                  (c) Upon request (and to the extent not otherwise already
provided by the Special Servicer pursuant to its reporting obligations
hereunder), the Special Servicer shall deliver to the Master Servicer, the
Trustee and each Rating Agency (or such other Person as may be directed by the
Master Servicer) a statement in writing and in computer readable format (the
form of such statement to be agreed upon by the Master Servicer and the Special
Servicer) describing, on a loan-by-loan and property-by-property basis, (1)
insofar as it relates to Specially Serviced Loans and REO Properties, the
information described in clauses (vi) through (xv) of Section 4.02(a) (with
respect to information set forth in such clauses related to prior Distribution
Dates and/or periods, the Special Servicer may conclusively rely on information
furnished to it by the Master Servicer or the Trustee) and, insofar as it
relates to the Special Servicer, the information described in clauses (xxiv) and
(xxx) of Section 4.02(a), (2) the amount of all payments, Insurance Proceeds,
Condemnation Proceeds and Liquidation Proceeds received, and the amount of any
Realized Loss incurred, with respect to each Specially Serviced Loan during the
related Collection Period, and the amount of Insurance Proceeds, Condemnation
Proceeds and Liquidation Proceeds received, and the amount of any Realized Loss
incurred, with respect to each REO Property during the related Collection
Period, (3) the amount, purpose and date of all Servicing Advances made by the
Special Servicer with respect to each Specially Serviced Loan and REO Property
during the related Collection Period, (4) in writing, a brief narrative summary
of the status of each Specially Serviced Loan and (5) such additional
information relating to the Specially Serviced Loans and REO Properties as the
Master Servicer reasonably requests to enable it to perform its responsibilities
under this Agreement. Notwithstanding the foregoing provisions of this
subsection (c), the Master Servicer shall maintain ongoing payment records with
respect to each of the Specially Serviced Loans and REO Properties and shall
provide the Special Servicer with any information reasonably available to the
Master Servicer required by the Special Servicer to perform its duties under
this Agreement.

                                     -160-
<PAGE>

                  SECTION 3.22. Sub-Servicing Agreements.

                  (a) The Master Servicer and the Special Servicer may enter
into Sub-Servicing Agreements to provide for the performance by third parties of
any or all of their respective obligations hereunder, provided that in each
case, the Sub-Servicing Agreement: (i) is consistent with this Agreement in all
material respects, requires the Sub-Servicer to comply with all of the
applicable conditions of this Agreement and, with the exception of Sections
7.01(a)(x) and (xi), provides for events of default with respect to the
Sub-Servicer substantially the same as those set forth in Section 7.01 (modified
as necessary to apply to the Sub-Servicer's obligations under the Sub-Servicing
Agreement); (ii) provides that if the Master Servicer or the Special Servicer,
as the case may be, shall for any reason no longer act in such capacity
hereunder (including by reason of an Event of Default), the Trustee or its
designee may thereupon assume all of the rights and, except to the extent they
arose prior to the date of assumption, obligations of the Master Servicer or the
Special Servicer, as the case may be, under such agreement or may terminate such
sub-servicing agreement without cause and without payment of any penalty or
termination fee (provided, however, that those Sub-Servicing Agreements in
effect as of the Closing Date (or, if being negotiated as of the Closing Date,
in effect within 90 days thereafter) may only be terminated by the Trustee or
its designee as contemplated by Section 3.22(d) hereof and in such additional
manner as is provided in such Sub-Servicing Agreement); (iii) provides that the
Trustee, for the benefit of the Certificateholders and, in the case of a
Sub-Servicing Agreement relating to the Dadeland Mall Loan Pair, the Dadeland
Mall Companion Loan Noteholder, shall each be a third party beneficiary under
such agreement, but that (except to the extent the Trustee or its designee
assumes the obligations of the Master Servicer or the Special Servicer, as the
case may be, thereunder as contemplated by the immediately preceding clause
(ii)) none of the Trustee, the Trust, any successor Master Servicer, the Special
Servicer or the Dadeland Mall Companion Loan Noteholder, as the case may be, or
any Certificateholder shall have any duties under such agreement or any
liabilities arising therefrom; (iv) permits any purchaser of a Mortgage Loan
pursuant to this Agreement to terminate such agreement with respect to such
purchased Mortgage Loan at its option and without penalty; (v) does not permit
the Sub-Servicer to enter into or consent to any modification, extension, waiver
or amendment or otherwise take any action on behalf of the Master Servicer or
the Special Servicer contemplated by Section 3.08, Section 3.09 and Section 3.20
hereof without the consent of the Master Servicer or Special Servicer, as the
case may be; and (vi) does not permit the Sub-Servicer any direct rights of
indemnification that may be satisfied out of assets of the Trust Fund. In
addition, each Sub-Servicing Agreement entered into by the Master Servicer
(including any with an effective date on or before the Closing Date) shall
provide that such agreement shall, with respect to any Loan serviced thereunder,
terminate at the time such Loan becomes a Specially Serviced Loan (or,
alternatively, be subject to the Special Servicer's rights to service such Loan
for so long as such Loan continues to be a Specially Serviced Loan), and each
Sub-Servicing Agreement entered into by the Special Servicer shall relate only
to Specially Serviced Loans and shall terminate with respect to any such Loan
which ceases to be a Specially Serviced Loan. The Master Servicer and the
Special Servicer each shall deliver to the Trustee and each other copies of all
Sub-Servicing Agreements (and, to the Dadeland Mall Companion Loan Noteholder,
copies of any Sub-Servicing Agreement in respect of the Dadeland Mall Companion
Loan), as well as any amendments thereto and modifications thereof, entered into
by it promptly upon its execution and delivery of such documents. References in
this Agreement to actions taken or to be taken by the Master Servicer or the
Special Servicer include actions taken or to be taken by a Sub-Servicer on
behalf of the Master Servicer or the Special Servicer, as the case may be; and,
in connection therewith, all amounts advanced by any Sub-Servicer to satisfy the
obligations of the Master Servicer or the Special Servicer hereunder to make P&I
Advances or Servicing Advances shall be deemed to have been

                                     -161-
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advanced by the Master Servicer or the Special Servicer, as the case may be, out
of its own funds and, accordingly, such P&I Advances or Servicing Advances shall
be recoverable by such Sub-Servicer in the same manner and out of the same funds
as if such Sub-Servicer were the Master Servicer or the Special Servicer, as the
case may be. For so long as they are outstanding, Advances shall accrue interest
in accordance with Sections 3.11(g), 4.03(d) and 4.03A(d), such interest to be
allocable between the Master Servicer or the Special Servicer, as the case may
be, and such Sub-Servicer as they may agree. For purposes of this Agreement, the
Master Servicer and the Special Servicer each shall be deemed to have received
any payment when a Sub-Servicer retained by it receives such payment. The Master
Servicer and the Special Servicer each shall notify the other, the Trustee, the
Depositor, the Controlling Class Certificateholders and, if the Dadeland Mall
Loan Pair is affected, the Dadeland Mall Companion Loan Noteholder in writing
promptly of the appointment by it of any Sub-Servicer.

                  (b) Each Sub-Servicer (i) shall be authorized to transact
business in the state or states in which the related Mortgaged Properties it is
to service are situated, if and to the extent required by applicable law, and
(ii) except for any Sub-Servicer that is servicing any of the Mortgage Loans on
the Closing Date, shall be an approved conventional seller/servicer of mortgage
loans for FHLMC or Fannie Mae or a HUD-Approved Servicer.

                  (c) The Master Servicer and the Special Servicer, for the
benefit of the Trustee and the Certificateholders and, in the case of the
Dadeland Mall Companion Loan, also for the benefit of the Dadeland Mall
Companion Loan Noteholder, shall (at no expense to the Trustee, the
Certificateholders, the Dadeland Mall Companion Loan Noteholder or the Trust
Fund) monitor the performance and enforce the obligations of their respective
Sub-Servicers under the related Sub-Servicing Agreements. Such enforcement,
including the legal prosecution of claims, termination of Sub-Servicing
Agreements in accordance with their respective terms and the pursuit of other
appropriate remedies, shall be in such form and carried out to such an extent
and at such time as the Master Servicer or the Special Servicer, as applicable,
in its good faith business judgment, would require were it the owner of the
subject Loans.

                  (d) In the event of the resignation, removal or other
termination of the Master Servicer or any successor Master Servicer hereunder
for any reason, the Trustee or other Person succeeding such resigning, removed
or terminated party as Master Servicer, shall elect, with respect to any
Sub-Servicing Agreement in effect as of the Closing Date (or, if being
negotiated as of the Closing Date, in effect within 90 days thereafter) that
still exists at the time of such termination: (i) to assume the rights and
obligations of the Master Servicer under such Sub-Servicing Agreement and
continue the sub-servicing arrangements thereunder on the same terms (including
the obligation to pay the same sub-servicing fee); (ii) to enter into a new
Sub-Servicing Agreement with such Sub-Servicer on such terms as the Trustee or
other successor Master Servicer and such Sub-Servicer shall mutually agree (it
being understood that such Sub-Servicer is under no obligation to accept any
such new Sub-Servicing Agreement or to enter into or continue negotiations with
the Trustee or other successor Master Servicer), provided that neither the
Trustee nor any successor Master Servicer shall enter into a new Sub-Servicing
Agreement with a Sub-Servicer that was a party to a Sub-Servicing Agreement as
of the Closing Date, if such new Sub-Servicing Agreement amends, alters or fails
to restate any rights of any Underwriter or Mortgage Loan Seller under the
existing Sub-Servicing Agreement with respect to the termination of the
Sub-Servicer and the appointment of a successor thereto or any rights of any
Underwriter or Mortgage Loan Seller as a third party beneficiary under such
Sub-Servicing Agreement, unless the successor Master Servicer has obtained the
prior written consent to the terms of such new Sub-Servicing Agreement from such
Underwriter or Mortgage Loan Seller, as the case may be; or (iii) to terminate
the

                                     -162-
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Sub-Servicing Agreement if (but only if) an Event of Default (as defined in such
Sub-Servicing Agreement) has occurred and is continuing, without paying any
sub-servicer termination fee, and in any additional manner provided for in such
Sub-Servicing Agreement.

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

                  (e) Notwithstanding any Sub-Servicing Agreement, the Master
Servicer and the Special Servicer shall remain obligated and liable to the
Trustee, the Certificateholders and the Dadeland Mall Companion Loan Noteholder
for the performance of their respective obligations and duties under this
Agreement in accordance with the provisions hereof to the same extent and under
the same terms and conditions as if each alone were servicing and administering
the Loans and/or REO Properties for which it is responsible.

                  SECTION 3.23. Representations and Warranties of the Master
                                Servicer.

                  (a) The Master Servicer, in such capacity, hereby represents,
warrants and covenants to the other parties hereto and for the benefit of the
Certificateholders and the Dadeland Mall Companion Loan Noteholder, as of the
Closing Date, that:

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

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

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

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

                      (v) The Master Servicer is not in violation of, and its
           execution and delivery of this Agreement and its performance and
           compliance with the terms of this Agreement will not constitute a
           violation of, any law, any order or decree of any court or arbiter,
           or any order,

                                     -163-
<PAGE>

           regulation or demand of any federal, state or local governmental or
           regulatory authority, which violation, in the Master Servicer's good
           faith and reasonable judgment, is likely to affect materially and
           adversely either the ability of the Master Servicer to perform its
           obligations under this Agreement or the financial condition of the
           Master Servicer.

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

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

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

                      (ix) The Master Servicer has reviewed all Sub-Servicing
           Agreements in effect as of the Closing Date and will review all
           Sub-Servicing Agreements entered into by it after the Closing Date.

                  (b) The representations and warranties of the Master Servicer
set forth in Section 3.23(a) shall survive the execution and delivery of this
Agreement and shall inure to the benefit of the Persons for whose benefit they
were made for so long as the Trust Fund remains in existence. Upon discovery by
any party hereto of any breach of any of the foregoing representations and
warranties, the party discovering such breach shall give prompt written notice
thereof to the other parties hereto.

                  (c) Any successor Master Servicer shall be deemed to have
made, as of the date of its succession, each of the representations and
warranties set forth in Section 3.23(a), subject to such appropriate
modifications to the representation and warranty set forth in Section 3.23(a)(i)
to accurately reflect such successor's jurisdiction of organization and whether
it is a corporation, partnership, bank, association or other type of
organization.

                  SECTION 3.24. Representations and Warranties of the Special
                                Servicer.

                  (a) The Special Servicer, in such capacity, hereby represents,
warrants and covenants to the other parties hereto and for the benefit of the
Certificateholders and the Dadeland Mall Companion Loan Noteholder, as of the
Closing Date, that:

                      (i) The Special Servicer is a limited partnership validly
           existing and in good standing under the laws of the State of Texas,
           and the Special Servicer is in compliance with the laws of each state
           in which any Mortgaged Property is located to the extent necessary to
           perform its obligations under this Agreement.

                                     -164-
<PAGE>

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

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

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

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

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

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

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

                  (b) The representations and warranties of the Special Servicer
set forth in Section 3.24(a) shall survive the execution and delivery of this
Agreement and shall inure to the benefit of the Persons for whose benefit they
were made for so long as the Trust Fund remains in existence. Upon

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<PAGE>

discovery by any party hereto of any breach of any of the foregoing
representations and warranties, the party discovering such breach shall give
prompt written notice thereof to the other parties hereto.

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

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

                  If, pursuant to Section 2.03, Section 3.18 or Section 9.01,
the Dadeland Mall Mortgage Loan is purchased or repurchased from the Trust Fund,
the purchaser thereof shall be bound by the terms of the Dadeland Mall Co-Lender
Agreement and shall assume the rights and obligations of the "Note A Lender"
under the Dadeland Mall Co-Lender Agreement. All portions of the related
Mortgage File and other documents pertaining to such Mortgage Loan shall be
endorsed or assigned to the extent necessary or appropriate to the purchaser of
such Mortgage Loan in its capacity as "Note A Lender" (as a result of such
purchase or repurchase) under the Dadeland Mall Co-Lender Agreement in the
manner contemplated under such agreement, which such purchaser shall be deemed
to acknowledge. Thereafter such Mortgage File shall be held by the Note A Lender
or a custodian appointed thereby for the benefit of the "Note A Lender" and the
"Note B Lender" as their interests appear under the Dadeland Mall Co-Lender
Agreement. If the related Servicing File is not already in the possession of
such party, it shall be delivered to the master servicer or special servicer, as
the case may be, under the separate servicing agreement for the Dadeland Mall
Loan Pair.

                  SECTION 3.26. Application of Default Charges.

                  (a) Any and all Default Charges that are actually collected
with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool
during any Collection Period, shall be applied for the following purposes and in
the following order, in each case to the extent of the remaining portion of such
Default Charges:

                  first, to pay to the Fiscal Agent, the Trustee, the Master
         Servicer or the Special Servicer, in that order, any interest due and
         owing to such party on any outstanding Advances made thereby with
         respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool
         and reimbursed in the related Collection Period;

                  second, to pay any other outstanding expenses (exclusive of
         Special Servicing Fees, Liquidation Fees and Workout Fees) incurred
         with respect to any Mortgage Loan or REO Mortgage Loan in the Mortgage
         Pool and that, if paid from a source other than such Default Charges,
         would constitute Additional Trust Fund Expenses;

                  third, to reimburse the Trust for any interest on Advances
         paid to the Fiscal Agent, the Trustee, the Master Servicer or the
         Special Servicer in the preceding twelve months with respect to any
         Mortgage Loan or REO Mortgage Loan in the Mortgage Pool, which payment
         was made from a source other than Default Charges and not previously
         reimbursed under this clause third;

                                     -166-
<PAGE>

                  fourth, to reimburse the Trust for any other Additional Trust
         Fund Expenses (exclusive of Special Servicing Fees, Liquidation Fees
         and Workout Fees) paid in the preceding twelve months with respect to
         any Mortgage Loan or REO Mortgage Loan in the Mortgage Pool, which
         payment was made from a source other than Default Charges and not
         previously reimbursed under this clause fourth; and

                  fifth, to pay any remaining portion of such Default Charges
         (such remaining portion, "Net Default Charges") as additional master
         servicing compensation to the Master Servicer, to the extent received,
         if they were accrued in respect of a Performing Mortgage Loan, or as
         additional special servicing compensation to the Special Servicer, to
         the extent received, if they were accrued in respect of a Specially
         Serviced Mortgage Loan or an REO Mortgage Loan, in each case pursuant
         to Section 3.11;

provided that any and all Default Charges that are actually collected with
respect to the Dadeland Mall Mortgage Loan during any Collection Period (as
allocable thereto pursuant to the related loan agreement) shall be applied for
the following purpose, prior to being applied in accordance with clauses first
through fifth above, in each case to the extent of the remaining portion of such
Default Charges: to pay the Fiscal Agent, the Trustee, the Dadeland Mall Fiscal
Agent, the Dadeland Mall Trustee, the Master Servicer or the Special Servicer,
in that order, any interest due and owing to such party on any outstanding
Servicing Advance made thereby with respect to the Dadeland Mall Loan Pair or
the Dadeland Mall Mortgaged Property and/or any outstanding P&I Advance made
thereby with respect to the Dadeland Mall Mortgage Loan or any successor REO
Loan with respect thereto, which Advance was reimbursed in such Collection
Period, but in each case only to the extent that Default Charges collected with
respect to the Dadeland Mall Companion Loan and applied pursuant to clause first
of subsection (c) below are insufficient for such purpose; and provided further,
that no Default Charges collected with respect to the Dadeland Mall Mortgage
Loan may be applied to pay interest on outstanding P&I Advances made with
respect to the Dadeland Mall Companion Loan (such reimbursement to be made
solely from Default Charges collected with respect to the Dadeland Mall
Companion Loan).

                  (b) Default Charges applied to reimburse the Trust pursuant to
clauses third and fourth of subsection (a), are intended to be part of the
amounts to be delivered by the Master Servicer to the Trustee pursuant to the
first paragraph of Section 3.04(b) on or before the Master Servicer Remittance
Date next following the Collection Period during which they were received, for
deposit in the Collection Account, subject to application pursuant to Section
3.05(a) for any items payable out of general collections on the Mortgage Loans
and any REO Properties. Default Charges applied to pay outstanding interest on
Advances to any particular party pursuant to clause first of subsection (a)
shall be applied to pay such party such interest on Advances in such manner that
the interest that accrued first and has been outstanding the longest shall be
paid first. Default Charges applied to pay outstanding expenses pursuant to
clause second of subsection (a) shall be applied to pay such expenses in the
chronological order in which they were incurred. Default Charges applied to
reimburse the Trust pursuant to clauses third and fourth of subsection (a) shall
be deemed to offset either interest paid on Advances or other Additional Trust
Fund Expenses, depending on which clause is applicable, in the chronological
order in which they were made or incurred, as applicable (whereupon such
interest paid on Advances or such other Additional Trust Fund Expenses,
depending on which clause is applicable, shall thereafter be deemed to have been
paid out of Default Charges).

                                     -167-
<PAGE>

                  (c) Any and all Default Charges that are actually collected
with respect to the Dadeland Mall Companion Loan or any successor REO Loan with
respect thereto during any Collection Period (as allocable thereto pursuant to
the related loan agreement), shall be applied for the following purposes and in
the following order, in each case to the extent of the remaining portion of such
Default Charges:

                  first, to pay to the Fiscal Agent, the Trustee, the Dadeland
         Mall Fiscal Agent, the Dadeland Mall Trustee, the Master Servicer or
         the Special Servicer, in that order, any interest due and owing to such
         party on any outstanding Advances made thereby with respect to any Loan
         or REO Loan in the Dadeland Mall Loan Pair or the Dadeland Mall
         Mortgaged Property and reimbursed in the related Collection Period (to
         be applied with respect to any particular party in such manner that the
         interest that accrued first and has been outstanding the longest shall
         be paid first); and

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

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<PAGE>

                                   ARTICLE IV

          PAYMENTS TO CERTIFICATEHOLDERS; REPORTS TO CERTIFICATEHOLDERS

                  SECTION 4.01. Distributions.

                  (a) On each Distribution Date prior to the Final Distribution
Date, the Trustee shall, based upon information provided by the Master Servicer
and the Special Servicer, withdraw from the Collection Account and apply the
Available Distribution Amount for such Distribution Date to make the following
distributions in respect of the Senior Certificates, in the following order of
priority, in each case to the extent of remaining available funds:

                  first, distributions of interest to the Holders of the
         respective Classes of the Senior Certificates, up to an amount equal
         to, and pro rata as among such Classes in accordance with, all
         Distributable Certificate Interest in respect of each such Class of
         Certificates for such Distribution Date and, to the extent not
         previously paid, for all prior Distribution Dates, if any;

                  second, distributions of principal to the Holders of the
         respective Classes of the Class A Certificates, allocable as among such
         Classes of Certificateholders as provided below, up to an amount (not
         to exceed the aggregate Class Principal Balance of such Classes of
         Certificates outstanding immediately prior to such Distribution Date)
         equal to the entire Principal Distribution Amount for such Distribution
         Date; and

                  third, distributions to the Holders of the respective Classes
         of the Class A Certificates, up to an amount equal to, pro rata as
         among such Classes of Certificateholders in accordance with, and in
         reimbursement of, all Realized Losses and Additional Trust Fund
         Expenses, if any, previously allocated to each such Class of
         Certificates pursuant to Section 4.04(a) and not previously reimbursed.

                  On each Distribution Date prior to the earlier of (i) the
Class A Principal Distribution Cross-Over Date and (ii) the Final Distribution
Date, the Trustee shall pay the distributions of principal made on the Class A
Certificates on such Distribution Date, pursuant to the preceding paragraph,
first, to the Holders of the Class A-1 Certificates, until the Class Principal
Balance of such Class has been reduced to zero, second, to the Holders of the
Class A-2 Certificates, until the Class Principal Balance of such Class has been
reduced to zero, third, to the Holders of the Class A-3 Certificates, until the
Class Principal Balance of such Class has been reduced to zero, and last, to the
Holders of the Class A-4 Certificates, until the Class Principal Balance of such
Class has been reduced to zero. On any Distribution Date coinciding with or
following the Class A Principal Distribution Cross-Over Date, but prior to the
Final Distribution Date, the Trustee shall pay the distributions of principal
made on the Class A Certificates on such Distribution Date, pursuant to the
preceding paragraph, to the Holders of all the Classes of the Class A
Certificates, on a pro rata basis, in accordance with the respective Class
Principal Balances of such Classes outstanding immediately prior to such
Distribution Date, until the Class Principal Balance of each such Class has been
reduced to zero.

                  All distributions of interest made in respect of any Class of
Interest Only Certificates (other than the Class X-D Certificates) on any
Distribution Date as provided above shall be made, and be deemed to have been
made, in respect of the various REMIC III Components of such Class of

                                     -169-
<PAGE>

Interest Only Certificates, pro rata in accordance with the respective amounts
of Distributable Component Interest in respect of such REMIC III Components for
such Distribution Date and, to the extent not previously deemed paid pursuant to
this paragraph, for all prior Distribution Dates, if any.

                  (b) On each Distribution Date prior to the Final Distribution
Date, the Trustee shall, based on information provided by the Master Servicer
and the Special Servicer, withdraw from the Collection Account and apply the
Subordinate Available Distribution Amount for such Distribution Date, for the
following purposes and in the following order of priority, in each case to the
extent of remaining available funds:

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

                      (ii) after the Class Principal Balances of the Class A
           Certificates have been reduced to zero, to make distributions of
           principal to the Holders of the Class B Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of the Class A Certificates pursuant
           to Section 4.01(a) above);

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

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

                      (v) after the Class Principal Balance of the Class B
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class C Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

                      (vii) to make distributions of interest to the Holders of
           the Class D Certificates, up to an amount equal to all Distributable
           Certificate Interest in respect of such

                                     -170-
<PAGE>

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

                      (viii) after the Class Principal Balance of the Class C
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class D Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xi) after the Class Principal Balance of the Class D
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class E Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xiv) after the Class Principal Balance of the Class E
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class F Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

                                     -171-
<PAGE>

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

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

                      (xvii) after the Class Principal Balance of the Class F
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class G Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xx) after the Class Principal Balance of the Class G
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class H Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xxiii) after the Class Principal Balance of the Class H
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class J Certificates, up to

                                     -172-
<PAGE>

           an amount (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xxvi) after the Class Principal Balance of the Class J
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class K Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xxix) after the Class Principal Balance of the Class K
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class L Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

                                     -173-
<PAGE>

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

                      (xxxii) after the Class Principal Balance of the Class L
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class M Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xxxv) after the Class Principal Balance of the Class M
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class N Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xxxviii)after the Class Principal Balance of the Class N
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class P Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

                                     -174-
<PAGE>

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

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

                      (xli) after the Class Principal Balance of the Class P
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class Q Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (xliv) after the Class Principal Balance of the Class Q
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class S Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

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

                                     -175-
<PAGE>

           to an amount (not to exceed the Class Principal Balance of such Class
           of Certificates outstanding immediately prior to such Distribution
           Date) equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

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

                      (l) after the Class Principal Balance of the Class T
           Certificates has been reduced to zero, to make distributions of
           principal to the Holders of the Class U Certificates, up to an amount
           (not to exceed the Class Principal Balance of such Class of
           Certificates outstanding immediately prior to such Distribution Date)
           equal to the entire Principal Distribution Amount for such
           Distribution Date (net of any portion thereof distributed on such
           Distribution Date to the Holders of any other Class of Principal
           Balance Certificates pursuant to Section 4.01(a) above or pursuant to
           any prior clause of this Section 4.01(b));

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

                      (lii) to make distributions to the Holders of the Class
           R-III Certificates, up to an amount equal to the excess, if any, of
           (A) the aggregate distributions (other than distributions of Net
           Prepayment Consideration) deemed made in respect of the REMIC II
           Regular Interests on such Distribution Date pursuant to Section
           4.01(j), over (B) the aggregate distributions made in respect of the
           Regular Interest Certificates on such Distribution Date pursuant to
           Section 4.01(a) above and/or pursuant to clauses (i) through (li) of
           this Section 4.01(b);

                      (liii) to make distributions to the Holders of the Class
           R-II Certificates, up to an amount equal to the excess, if any, of
           (A) the aggregate distributions (other than distributions of Net
           Prepayment Consideration) deemed made in respect of the REMIC I
           Regular Interests on such Distribution Date pursuant to Section
           4.01(k), over (B) the aggregate distributions (other than
           distributions of Net Prepayment Consideration) deemed made in respect
           of the REMIC II Regular Interests on such Distribution Date pursuant
           to Section 4.01(j); and

                      (liv) to make distributions to the Holders of the Class
           R-I Certificates, up to an amount equal to the excess, if any, of (A)
           the Available Distribution Amount for such Distribution Date, over
           (B) the aggregate distributions made in respect of the other Classes
           of

                                     -176-
<PAGE>

           Certificates on such Distribution Date pursuant to Section 4.01(a)
           above and/or pursuant to clauses (i) through (liii) of this Section
           4.01(b).

                  (c) On each Distribution Date, the Trustee shall withdraw from
the Collection Account any amount received with respect to any Mortgage Loan or
REO Mortgage Loan during the related Collection Period that represents Net
Prepayment Consideration and shall distribute such Net Prepayment Consideration
to the Holders of the respective Classes of Principal Balance Certificates
(other than any Excluded Class) entitled to distributions of principal pursuant
to Section 4.01(a) or Section 4.01(b) on such Distribution Date, up to an amount
equal to, and pro rata based on, the respective Prepayment Consideration
Entitlements for such Classes of Certificates for such Distribution Date.

                  Any Net Prepayment Consideration not otherwise distributed in
respect of the Principal Balance Certificates pursuant to the foregoing
paragraph of this Section 4.01(c) shall be distributed to the Holders of the
Class X-CL Certificates, unless such Net Prepayment Consideration relates to the
Dadeland Mall Mortgage Loan or any successor REO Mortgage Loan with respect
thereto, in which case it shall be distributed to the Holders of the Class X-D
Certificates. Any Net Prepayment Consideration distributed in respect of the
Class X-CL Certificates on any Distribution Date shall be deemed to have been
distributed in respect of the respective REMIC III Components of the Class X-CL
Certificates, on a pro rata basis in accordance with the respective amounts by
which the Component Notional Amounts of such REMIC III Components were reduced
on such Distribution Date by deemed distributions of principal pursuant to
Section 4.01(j).

                  (d) On each Distribution Date, the Trustee shall withdraw from
the Collection Account any amounts that represent Additional Interest received
with respect to the ARD Mortgage Loans and any successor REO Mortgage Loans with
respect to the ARD Mortgage Loans during the related Collection Period and shall
distribute such amounts to the Holders of the Class V Certificates.

                  (e) All distributions made with respect to each Class of
Certificates on each Distribution Date shall be allocated pro rata among the
outstanding Certificates in such Class based on their respective Percentage
Interests. Except as otherwise provided below, all such distributions with
respect to each Class on each Distribution Date shall be made to the
Certificateholders of the respective Class of record at the close of business on
the related Record Date and shall be made by wire transfer of immediately
available funds to the account of any such Certificateholder at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with wiring instructions no less than five Business
Days prior to (or, in the case of the initial Distribution Date, on) the related
Record Date (which wiring instructions may be in the form of a standing order
applicable to all subsequent Distribution Dates), or otherwise by check mailed
to the address of such Certificateholder as it appears in the Certificate
Register. The final distribution on each Certificate (determined, in the case of
a Principal Balance Certificate, without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to such Certificate pursuant to Section 4.04(a)) will be made in a
like manner, but only upon presentation and surrender of such Certificate at the
offices of the Certificate Registrar or such other location specified in the
notice to Certificateholders of such final distribution. Prior to any
termination of the Trust Fund pursuant to Section 9.01, any distribution that is
to be made with respect to a Certificate in reimbursement of a Realized Loss or
Additional Trust Fund Expense previously allocated thereto, which reimbursement
is to occur after the date on which such Certificate is surrendered as
contemplated by the preceding

                                     -177-
<PAGE>

sentence, will be made by check mailed to the address of the Certificateholder
that surrendered such Certificate as such address last appeared in the
Certificate Register or to any other address of which the Trustee was
subsequently notified in writing. If such check is returned to the Trustee, then
the Trustee, directly or through an agent, shall take such reasonable steps to
contact the related Holder and deliver such check as it shall deem appropriate.
Any funds in respect of a check returned to the Trustee shall be set aside by
the Trustee and held uninvested in trust and credited to the account of the
appropriate Holder. The costs and expenses of locating the appropriate Holder
and holding such funds shall be paid out of such funds. No interest shall accrue
or be payable to any former Holder on any amount held in trust hereunder. If the
Trustee has not, after having taken such reasonable steps, located the related
Holder by the second anniversary of the initial sending of a check, the Trustee
shall, subject to applicable law, distribute the unclaimed funds to the Class
R-III Certificateholders.

                  (f) Each distribution with respect to a Book-Entry Certificate
shall be paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the related Certificate Owners that it represents and to each indirect
participating brokerage firm for which it acts as agent. Each indirect
participating brokerage firm shall be responsible for disbursing funds to the
related Certificate Owners that it represents. None of the Trustee, the
Certificate Registrar, the Depositor or the Master Servicer shall have any
responsibility therefor except as otherwise provided by this Agreement or
applicable law. The Trustee and the Depositor shall perform their respective
obligations under each Letter of Representations among the Depositor, the
Trustee and the initial Depository dated as of the Closing Date and pertaining
to the Book-Entry Certificates.

                  (g) The rights of the Certificateholders to receive
distributions from the proceeds of the Trust Fund with respect to the
Certificates, and all rights and interests of the Certificateholders in and to
such distributions, shall be as set forth in this Agreement. Neither the Holders
of any Class of Certificates nor any party hereto shall in any way be
responsible or liable to the Holders of any other Class of Certificates with
respect to amounts properly previously distributed on the Certificates.

                  (h) Except as otherwise provided in Section 9.01, whenever the
Trustee receives written notification of or expects that the final distribution
with respect to any Class of Certificates (determined, in the case of a Class of
Principal Balance Certificates, without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to such Class of Certificates pursuant to Section 4.04(a)) will be
made on the next Distribution Date, the Trustee shall, no later than the second
Business Day prior to such Distribution Date, mail to each Holder of record of
such Class of Certificates on such date a notice to the effect that:

                      (i) the Trustee expects that the final distribution with
           respect to such Class of Certificates will be made on such
           Distribution Date but only upon presentation and surrender of such
           Certificates at the office of the Certificate Registrar or at such
           other location therein specified, and

                      (ii) no interest shall accrue on such Certificates from
           and after the end of the Interest Accrual Period for such
           Distribution Date.

Any funds not distributed to any Holder or Holders of Certificates of such Class
on such Distribution Date because of the failure of such Holder or Holders to
tender their Certificates shall, on such date, be

                                     -178-
<PAGE>

set aside and held uninvested in trust and credited to the account or accounts
of the appropriate non-tendering Holder or Holders. If any Certificates as to
which notice has been given pursuant to this Section 4.01(h) shall not have been
surrendered for cancellation within six months after the time specified in such
notice, the Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, then the Trustee, directly or through an agent, shall take such
steps to contact the remaining non-tendering Certificateholders concerning the
surrender of their Certificates as it shall deem appropriate. The costs and
expenses of holding such funds in trust and of contacting such non-tendering
Certificateholders following the first anniversary of the delivery of such
second notice thereto shall be paid out of such funds. No interest shall accrue
or be payable to any former Holder on any amount held in trust pursuant to this
paragraph. If all of the Certificates as to which notice has been given pursuant
to this Section 4.01(h) shall not have been surrendered for cancellation by the
second anniversary of the delivery of the second notice, the Trustee shall,
subject to applicable law, distribute to the Class R-III Certificateholders all
unclaimed funds and other assets which remain subject thereto.

                  (i) Notwithstanding any other provision of this Agreement, the
Trustee shall comply with all federal withholding requirements respecting
payments to Certificateholders of interest or original issue discount that the
Trustee reasonably believes are applicable under the Code. The consent of
Certificateholders shall not be required for such withholding. If the Trustee
does withhold any amount from interest or original issue discount payments or
advances thereof to any Certificateholder pursuant to federal withholding
requirements, the Trustee shall indicate the amount withheld to such
Certificateholders.

                  (j) All distributions made in respect of each Class of
Principal Balance Certificates on each Distribution Date (including the Final
Distribution Date) pursuant to Section 4.01(a), Section 4.01(b), Section 4.01(c)
or Section 9.01 shall be deemed to have first been distributed from REMIC II to
REMIC III with respect to the Corresponding REMIC II Regular Interest(s) for
such Class of Certificates; all distributions made with respect to the Class X-D
Certificates on each Distribution Date pursuant to Section 4.01(a), Section
4.01(c) or Section 9.01 shall be deemed to have first been distributed from
REMIC II to REMIC III in respect of REMIC II Regular Interest X-D; and all
distributions made with respect to each Class of Interest Only Certificates
(other than the Class X-D Certificates) on each Distribution Date pursuant to
Section 4.01(a), Section 4.01(c) or Section 9.01, and allocable to any
particular REMIC III Component of such Class of Certificates, shall be deemed to
have first been distributed from REMIC II to REMIC III in respect of the
Corresponding REMIC II Regular Interest for such REMIC III Component. In each
case, if such distribution on any such Class of Certificates was a distribution
of accrued interest, of principal, of additional interest (in the form of Net
Prepayment Consideration) or in reimbursement of any Realized Losses and
Additional Trust Fund Expenses previously allocated to such Class of
Certificates, then the corresponding distribution deemed to be made on a REMIC
II Regular Interest pursuant to the preceding sentence (and, if applicable, any
of the remaining paragraphs of this Section 4.01(j)) the next paragraph) shall
be deemed to also be, respectively, a distribution of accrued interest, of
principal, of additional interest (in the form of Net Prepayment Consideration)
or in reimbursement of any Realized Losses and Additional Trust Fund Expenses
previously allocated to REMIC III in respect of such REMIC II Regular Interest.

                  The Class A-2, Class A-4 and Class F Certificates shall, in
the case of each such Class of Certificates, have three Corresponding REMIC II
Regular Interests. The Class A-3, Class G, Class H

                                     -179-
<PAGE>

and Class J Certificates shall, in the case of each such Class of Certificates,
have two Corresponding REMIC II Regular Interests. Each other Class of Principal
Balance Certificates shall have one Corresponding REMIC II Regular Interest.

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

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

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest A-4-1, REMIC II Regular Interest A-4-2 and REMIC II Regular
Interest A-4-3 shall be allocated among those

                                     -180-
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three REMIC II Regular Interests on a pro rata basis in accordance with the
respective amounts of accrued interest deemed payable on each such REMIC II
Regular Interest for the subject Distribution Date. Deemed distributions of
principal made on REMIC II Regular Interest A-4-1, REMIC II Regular Interest
A-4-2 and REMIC II Regular Interest A-4-3 shall be allocated first to REMIC II
Regular Interest A-4-1, until its Uncertificated Principal Balance is reduced to
zero, then to REMIC II Regular Interest A-4-2, until its Uncertificated
Principal Balance is reduced to zero, and last to REMIC II Regular Interest
A-4-3, until its Uncertificated Principal Balance is reduced to zero. Deemed
distributions of additional interest (in the form of Net Prepayment
Consideration) made on REMIC II Regular Interest A-4-1, REMIC II Regular
Interest A-4-2 and REMIC II Regular Interest A-4-3 shall be allocated entirely
to REMIC II Regular Interest A-4-1, for so long as its Uncertificated Principal
Balance is greater than zero, then to REMIC II Regular Interest A-4-2, for so
long as its Uncertificated Principal Balance is greater than zero after the
Uncertificated Principal Balance of REMIC II Regular Interest A-4-1 has been
reduced to zero, and last to REMIC II Regular Interest A-4-3, for so long as its
Uncertificated Principal Balance is greater than zero after the Uncertificated
Principal Balance of REMIC II Regular Interest A-4-1 and REMIC II Regular
Interest A-4-2 have been reduced to zero. Deemed distributions in reimbursement
of previously allocated Realized Losses and Additional Trust Fund Expenses made
on REMIC II Regular Interest A-4-1, REMIC II Regular Interest A-4-2 and REMIC II
Regular Interest A-4-3 shall be allocated among those three REMIC II Regular
Interests on a pro rata basis in accordance with the respective amounts deemed
reimbursable with respect thereto for the subject Distribution Date.

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

                  Deemed distributions of accrued interest made on REMIC II
Regular Interest G-1 and REMIC II Regular Interest G-2 shall be allocated
between those two REMIC II Regular Interests on a pro rata basis in accordance
with the respective amounts of accrued interest deemed payable on each such
REMIC II Regular Interest for the subject Distribution Date. Deemed
distributions of principal

                                     -181-
<PAGE>

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

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

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

                                     -182-
<PAGE>

                  The actual distributions made by the Trustee on each
Distribution Date in respect of the REMIC III Certificates pursuant to Section
4.01(a), Section 4.01(b), Section 4.01(c) or Section 9.01, as applicable, shall
be deemed to have been so made from the amounts deemed distributed with respect
to the REMIC II Regular Interests on such Distribution Date pursuant to this
Section 4.01(j). Notwithstanding the deemed distributions on the REMIC II
Regular Interests described in this Section 4.01(j), actual distributions of
funds from the Collection Account shall be made only in accordance with Section
4.01(a), Section 4.01(b), Section 4.01(c), Section 4.01(d) or Section 9.01, as
applicable.

                  (k) On each Distribution Date, including the Final
Distribution Date, the Available Distribution Amount for such date shall be
deemed to have first been distributed from REMIC I to REMIC II in respect of the
REMIC I Regular Interests, in each case to the extent of the remaining portions
of such funds, for the following purposes and in the following order of
priority:

                      (i) as deemed distributions of interest with respect to
           all the REMIC I Regular Interests, up to an amount equal to, and pro
           rata in accordance with, all Uncertificated Distributable Interest
           with respect to each REMIC I Regular Interest for such Distribution
           Date and, to the extent not previously deemed distributed, for all
           prior Distribution Dates;

                      (ii) as deemed distributions of principal with respect to
           all the REMIC I Regular Interests, up to an amount equal to, and pro
           rata in accordance with, as to each REMIC I Regular Interest, the
           portion of the Principal Distribution Amount for such Distribution
           Date attributable to the related Mortgage Loan or any successor REO
           Mortgage Loan with respect thereto (or, in the case of each of REMIC
           I Regular Interest DM-1 and REMIC I Regular Interest DM-2, the
           applicable Loan Component of the Dadeland Mall Mortgage Loan or any
           successor REO Mortgage Loan with respect thereto); and

                      (iii) as deemed distributions with respect to all the
           REMIC I Regular Interests, up to an amount equal to, pro rata in
           accordance with, and in reimbursement of, any Realized Losses and
           Additional Trust Fund Expenses previously allocated to each REMIC I
           Regular Interest (with compounded interest).

                  Any Net Prepayment Consideration distributed to any Class of
Regular Interest Certificates on any Distribution Date shall, in each case, be
deemed to have been distributed from REMIC I to REMIC II in respect of the REMIC
I Regular Interest corresponding to the prepaid Mortgage Loan or REO Mortgage
Loan (or, in the case of each of REMIC I Regular Interest DM-1 and REMIC I
Regular Interest DM-2, the applicable Loan Component of the Dadeland Mall
Mortgage Loan or any successor REO Mortgage Loan with respect thereto), as the
case may be, in respect of which such Net Prepayment Consideration was received.

                  SECTION 4.02. Statements to Certificateholders; CMSA Loan
                                Periodic Update File.

                  (a) On each Distribution Date, the Trustee shall provide or
make available electronically to the Depositor, the Underwriters, the Master
Servicer, the Special Servicer, the Controlling Class Representative, each
Rating Agency, the Holders of each Class of Certificates and, upon their written
request to the Trustee, any Certificate Owners of the Book-Entry Certificates as
may be identified to the reasonable satisfaction of the Trustee, a statement,
substantially in the form attached hereto as Exhibit B (a "Distribution Date
Statement"), which shall also include the CMSA Bond Level

                                     -183-
<PAGE>

File and the CMSA Collateral Summary File, based on information provided to it
by the Master Servicer and/or the Special Servicer, setting forth, without
limitation:

                      (i) the amount of the distribution on such Distribution
           Date to the Holders of each Class of Principal Balance Certificates
           in reduction of the Class Principal Balance thereof;

                      (ii) the amount of the distribution on such Distribution
           Date to the Holders of each Class of Regular Interest Certificates
           allocable to Distributable Certificate Interest;

                      (iii) the amount of the distribution on such Distribution
           Date to the Holders of each Class of Regular Interest Certificates
           allocable to Prepayment Premiums and Yield Maintenance Charges,
           respectively;

                      (iv) the amount of the distribution on such Distribution
           Date to the Holders of each Class of Principal Balance Certificates
           in reimbursement of previously allocated Realized Losses and
           Additional Trust Fund Expenses;

                      (v) the Available Distribution Amount for such
           Distribution Date;

                      (vi) the aggregate amount of P&I Advances made in respect
           of the Mortgage Pool for the prior Distribution Date pursuant to
           Section 4.03(a) and/or Section 4.03A(a);

                      (vii) (A) the aggregate amount of unreimbursed P&I
           Advances that had been outstanding with respect to the Mortgage Pool
           at the close of business on the related Determination Date and the
           aggregate amount of any interest accrued and payable to the Master
           Servicer, the Trustee or the Fiscal Agent in respect of such
           unreimbursed P&I Advances in accordance with Section 4.03(d) or
           4.03A(d) as of the close of business on such Determination Date and
           (B) the aggregate amount of unreimbursed Servicing Advances that had
           been outstanding with respect to the Mortgage Pool as of the close of
           business on the related Determination Date and the aggregate amount
           of interest accrued and payable to the Master Servicer, the Special
           Servicer, the Trustee or the Fiscal Agent in respect of such
           unreimbursed Servicing Advances in accordance with Section 3.11(g) as
           of the close of business on such related Determination Date;

                      (viii) the aggregate unpaid principal balance of the
           Mortgage Pool outstanding as of the close of business on the related
           Determination Date and the aggregate Stated Principal Balance of the
           Mortgage Pool outstanding immediately before and immediately after
           such Distribution Date;

                      (ix) the number, aggregate unpaid principal balance,
           weighted average remaining term to maturity and weighted average
           Mortgage Rate of the Mortgage Loans (other than REO Loans) as of the
           close of business on the related Determination Date;

                      (x) the number, aggregate unpaid principal balance (as of
           the close of business on the related Determination Date and aggregate
           Stated Principal Balance (immediately after such Distribution Date)
           of Mortgage Loans (A) delinquent 30 to 59 days, (B) delinquent 60

                                     -184-
<PAGE>

           to 89 days, (C) delinquent 90 or more days, (D) as to which
           foreclosure proceedings have been commenced, and (E) as to which, to
           the knowledge of the Master Servicer or the Special Servicer, as
           applicable, bankruptcy proceedings have commenced in respect of the
           related Mortgagor;

                      (xi) as to each Mortgage Loan referred to in the preceding
           clause (x) above, (A) the loan number thereof, (B) the Stated
           Principal Balance thereof immediately following such Distribution
           Date and (C) whether the delinquency is in respect of its Balloon
           Payment;

                      (xii) with respect to any Mortgage Loan as to which a
           Liquidation Event occurred during the related Collection Period
           (other than a payment in full), (A) the loan number thereof, (B) the
           nature of the Liquidation Event and, in the case of a Final Recovery
           Determination, a brief description of the basis for such Final
           Recovery Determination, (C) the aggregate of all Liquidation Proceeds
           and other amounts received in connection with such Liquidation Event
           (separately identifying the portion thereof allocable to
           distributions on the Certificates), and (D) the amount of any
           Realized Loss in connection with such Liquidation Event;

                      (xiii) with respect to any REO Property that was included
           in the Trust Fund as of the close of business on the related
           Determination Date, the loan number of the related Mortgage Loan, the
           book value of such REO Property and the amount of REO Revenues and
           other amounts, if any, received with respect to such REO Property
           during the related Collection Period (separately identifying the
           portion thereof allocable to distributions on the Certificates) and,
           if available, the Appraised Value of such REO Property as expressed
           in the most recent appraisal thereof and the date of such appraisal;

                      (xiv) with respect to any Mortgage Loan as to which the
           related Mortgaged Property became an REO Property during the related
           Collection Period, the loan number of such Mortgage Loan and the
           Stated Principal Balance of such Mortgage Loan as of the related
           Acquisition Date;

                      (xv) with respect to any REO Property included in the
           Trust Fund as to which a Final Recovery Determination was made during
           the related Collection Period, (A) the loan number of the related
           Mortgage Loan, (B) a brief description of the basis for the Final
           Recovery Determination, (C) the aggregate of all Liquidation Proceeds
           and other amounts received with respect to such REO Property during
           the related Collection Period (separately identifying the portion
           thereof allocable to distributions on the Certificates), (D) the
           amount of any Realized Loss in respect of the related REO Loan in
           connection with such Final Recovery Determination and (E), if
           available, the Appraised Value of such REO Property as expressed in
           the most recent appraisal thereof and the date of such appraisal;

                      (xvi) the Distributable Certificate Interest and Accrued
           Certificate Interest in respect of each Class of Regular Interest
           Certificates for such Distribution Date or the related Interest
           Accrual Period, as applicable;

                      (xvii) any unpaid Distributable Certificate Interest in
           respect of each Class of Regular Interest Certificates after giving
           effect to the distributions made on such Distribution

                                     -185-
<PAGE>

           Date, and if the full amount of the Principal Distribution Amount was
           not distributed on such Distribution Date, the portion of the
           shortfall affecting each Class of Principal Balance Certificates;

                      (xviii) the Pass-Through Rate for each Class of Regular
           Interest Certificates for such Distribution Date;

                      (xix) the Principal Distribution Amount for such
           Distribution Date, separately identifying the respective components
           thereof (and, in the case of any Principal Prepayment or other
           unscheduled collection of principal received during the related
           Collection Period, the loan number for the related Mortgage Loan and
           the amount of such prepayment or other collection of principal);

                      (xx) the aggregate of all Realized Losses incurred during
           the related Collection Period and from the Closing Date and all
           Additional Trust Fund Expenses (with a description thereof) incurred
           during the related Collection Period and from the Closing Date;

                      (xxi) the aggregate of all Realized Losses and Additional
           Trust Fund Expenses that remain unallocated immediately following
           such Distribution Date;

                      (xxii) the Class Principal Balance of each Class of
           Principal Balance Certificates and the Class Notional Amount of each
           Class of Interest Only Certificates, outstanding immediately before
           and immediately after such Distribution Date, separately identifying
           any reduction therein due to the allocation of Realized Losses and
           Additional Trust Fund Expenses on such Distribution Date;

                      (xxiii) the Certificate Factor for each Class of Regular
           Interest Certificates immediately following such Distribution Date;

                      (xxiv) the aggregate amount of any interest on Advances in
           respect of the Mortgage Pool paid to the Master Servicer, the Special
           Servicer, the Trustee and the Fiscal Agent during the related
           Collection Period in accordance with Section 3.11(g), Section 4.03(d)
           and/or Section 4.03A(d);

                      (xxv) (A) the loan number for each Required Appraisal Loan
           and any related Appraisal Reduction Amount (including an itemized
           calculation thereof) as of the related Determination Date and (B) the
           aggregate Appraisal Reduction Amount for all Required Appraisal Loans
           as of the related Determination Date;

                      (xxvi) on a cumulative basis from the Cut-off Date, the
           number, aggregate Stated Principal Balance immediately after such
           Distribution Date (in the case of subclauses (A), (B) and (E)),
           aggregate Cut-off Date Balance (in the case of subclauses (C) and
           (D)), weighted average extension period (except in the case of
           subclause (B) and which shall be zero in the case of subclause (C)),
           and weighted average anticipated extension period (in the case of
           subclause (B)) of Mortgage Loans (A) as to which the maturity dates
           have been extended, (B) as to which the maturity dates are in the
           process of being extended, (C) that have paid off and were never
           extended, (D) as to which the maturity dates had previously been
           extended and have paid off and

                                     -186-
<PAGE>

           (E) as to which the maturity dates had been previously extended and
           are in the process of being further extended;

                      (xxvii) the original and then current credit support
           levels for each Class of Regular Interest Certificates;

                      (xxviii) the original and then current ratings, if any,
           for each Class of Regular Interest Certificates;

                      (xxix) the aggregate amount of Prepayment Premiums and
           Yield Maintenance Charges collected (A) during the related Collection
           Period and (B) since the Closing Date;

                      (xxx) (A) the aggregate amount of servicing compensation
           in respect of the Mortgage Pool (separately identifying the amount of
           each category of compensation) paid to the Master Servicer, the
           Special Servicer and, if payable directly out of the Trust Fund
           without a reduction in the servicing compensation otherwise payable
           to the Master Servicer or the Special Servicer, to each Sub-Servicer,
           during the related Collection Period, and (B) such other information
           as the Trustee is required by the Code or other applicable law to
           furnish to enable Certificateholders to prepare their tax returns;
           and

                      (xxxi) the amounts, if any, actually distributed with
           respect to the Class R-I, Class R-II and Class R-III Certificates on
           such Distribution Date.

                  In the case of information to be furnished pursuant to clauses
(i) through (iv) above, the amounts shall be expressed as a dollar amount in the
aggregate for all Certificates of each applicable Class and per Single
Certificate. In the case of information provided to the Trustee as a basis for
information to be furnished pursuant to clauses (vi) through (xv), (xix), (xx),
(xxiv), (xxv), (xxvi), (xxix) and (xxx) above, insofar as the underlying
information is solely within the control of the Special Servicer or the Master
Servicer, the Trustee may, absent manifest error, conclusively rely on the
reports to be provided by the Special Servicer or the Master Servicer.

                  The Trustee shall forward electronically a copy of each
Distribution Date Statement to the Depository. The Trustee shall make available
each month, to Certificateholders, Certificate Owners, the Underwriters, the
Rating Agencies, the Controlling Class Representative, any party hereto or any
Person identified by any Certificateholder or Certificate Owner as a prospective
transferee, via the Trustee's internet website, with the use of a password
provided by the Trustee to such Person upon request and, in the case of a
Certificateholder, a Certificate Owner or a prospective transferee of a
Certificate or any interest therein, upon receipt by the Trustee from such
Person of a certification substantially in the form of Exhibit L-1 or Exhibit
L-2, as applicable, all Certificateholder Reports and any additional files
containing substantially similar information in an alternative format and, with
the consent or at the direction of the Depositor, such other information
regarding the Certificates and/or the Mortgage Loans as the Trustee may have in
its possession. The Trustee shall also make all CMSA NOI Adjustment Worksheets
and CMSA Operating Statement Analysis Reports in its possession available via
its internet website in the same manner as the Certificateholder Reports. The
Trustee will make no representations or warranties as to the accuracy or
completeness of such documents and will assume no responsibility therefor.

                                     -187-
<PAGE>

                  The Trustee's internet website shall initially be located at
www.etrustee.net or at such other address as shall be specified by the Trustee
from time to time in the Distribution Date Statement and in one or more written
notices delivered to the other parties hereto, the Controlling Class
Representative (if any), the Certificateholders and the Rating Agencies. In
connection with providing access to the Trustee's internet website, the Trustee
may require the acceptance of a disclaimer. The Trustee shall not be liable for
the dissemination of information in accordance with this Agreement.

                  The Master Servicer may, but is not required to, make
available each month, to Certificateholders, Certificate Owners (that have been
confirmed as such by the Trustee), the Controlling Class Representative, the
Underwriters, the Rating Agencies or any party hereto, the Certificateholder
Reports, any CMSA NOI Adjustment Worksheet or CMSA Operating Statement Analysis
Report on its internet website. The Master Servicer will make no representations
or warranties as to the accuracy or completeness of any report not prepared by
it and will assume no responsibility for any information for which it is not the
original source.

                  The Master Servicer's internet website shall initially be
located at "www.firstunion.com" or at such other address as shall be specified
by the Master Servicer from time to time in one or more written notices
delivered to the other parties hereto, the Controlling Class Representative (if
any), the Certificateholders and the Rating Agencies. In connection with
providing access to the Master Servicer's internet website, the Master Servicer
may require the acceptance of a disclaimer. The Master Servicer shall not be
liable for the dissemination of information to Certificateholders and
Certificate Owners in accordance with this Agreement. Access to the Master
Servicer's internet website shall be coordinated with the Trustee and shall be
with the use of a password provided by the Master Servicer, which, in the case
of a Certificateholder or a Certificate Owner, shall only be provided upon
receipt by the Master Servicer from such Person of a certification substantially
in the form of Exhibit L-1. Notwithstanding the foregoing, upon the Depositor's
notifying the Master Servicer that the Non-Registered Certificates have been
sold by the Underwriters to unaffiliated third parties, the Master Servicer may
make the Unrestricted Servicer Reports available on its internet website without
a password, provided that for so long as reports are required to be filed with
the Commission in respect of the Trust pursuant to Section 15(d) of the Exchange
Act, the subject reports shall have been previously filed with the Commission
(which shall be confirmed by the Master Servicer by request made to the
Trustee).

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

                  Absent manifest error of which it has actual knowledge, none
of the Master Servicer, the Special Servicer or the Trustee shall be responsible
for the accuracy or completeness of any information

                                     -188-
<PAGE>

supplied to it by a Mortgagor, a Mortgage Loan Seller or third party that is
included in any reports, statements, materials or information prepared or
provided by the Master Servicer, the Special Servicer or the Trustee, as
applicable, pursuant to this Agreement. None of the Trustee, the Master Servicer
or the Special Servicer shall have any obligation to verify the accuracy or
completeness of any information provided by a Mortgagor, a Mortgage Loan Seller,
a third party or each other.

                  Within a reasonable period of time after the end of each
calendar year, upon request, the Trustee shall send to each Person who at any
time during the calendar year was a Certificateholder of record, a report
summarizing on an annual basis (if appropriate) the items relating to
distributions of interest (including Prepayment Premiums, Yield Maintenance
Charges and Additional Interest) and principal to Certificateholders during such
calendar year set forth in the Distribution Date Statements and such other
information as may be required to enable such Certificateholders to prepare
their federal income tax returns. Such information shall include the amount of
original issue discount accrued on each Class of Certificates and information
regarding the expenses of the Trust Fund. Such requirement shall be deemed to be
satisfied to the extent such information is provided pursuant to applicable
requirements of the Code from time to time in force.

                  Upon receipt of notice from the Depositor that the
Underwriters have sold the Non-Registered Certificates to unaffiliated third
parties, the Trustee shall make available electronically or, if so requested,
forward by hard copy, on each Distribution Date, to (i) the Trepp Group (at 477
Madison Avenue, 18th Floor, New York, New York 10022 or such other address as
the Trepp Group may designate), (ii) Intex Solutions, Inc. (at 35 Highland
Circle, Needham, Massachusetts 02194, or such other address as Intex Solutions,
Inc. may hereafter designate), (iii) Charter Research Corporation (at 262
Washington Street, Boston, Massachusetts 02108, or such other address as Charter
Research Corporation may hereafter designate), and (iv) any other similar third
party information provider, a copy of the reports made available to the Holders
of the Certificates on such Distribution Date as described above.

                  Upon written request of the Depositor or any Underwriter,
without payment of any fee, and upon written request of any Certificateholders
or any other Person, together with payment of a reasonable fee specified by the
Trustee, the Trustee shall provide any statements, reports and/or information
contemplated by this Section 4.02(a) electronically to such party (such
electronic distribution and such statements, reports, and/or information thereon
to bear such appropriate disclaimers and qualifications as the Depositor and the
Trustee shall determine in their reasonable discretion).

                  If any Certificate Owner does not receive through the
Depository or any of its Depository Participants any of the statements, reports
and/or other written information described above in this Section 4.02(a) that it
would otherwise be entitled to receive if it were the Holder of a Definitive
Certificate evidencing its ownership interest in the related Class of Book-Entry
Certificates, then the Trustee shall forward such statements, reports and/or
other written information to such Certificate Owner as provided above, upon the
request of such Certificate Owner made in writing to the Corporate Trust Office
(accompanied by current verification of such Certificate Owner's ownership
interest). Such portion of such information as may be agreed upon by the
Depositor and the Trustee shall be furnished to any such Person via overnight
courier delivery or telecopy from the Trustee; provided that the cost of such
overnight courier delivery or telecopy shall be an expense of the party
requesting such information.

                                     -189-
<PAGE>

                  The Trustee shall only be obligated to deliver the statements,
reports and information contemplated by this Section 4.02(a) to the extent it
receives, in the format required by this Agreement, the necessary underlying
information from the Master Servicer or the Special Servicer, as applicable, and
shall not be liable for any failure to deliver any thereof on the prescribed due
dates, to the extent caused by failure to receive timely such underlying
information. Nothing herein shall obligate the Trustee, the Master Servicer or
the Special Servicer to violate any applicable law prohibiting disclosure of
information with respect to any Mortgagor and the failure of the Trustee, Master
Servicer or the Special Servicer to disseminate information for such reason
shall not be a breach hereof.

                  The information to be furnished by the Trustee to the
Certificateholders pursuant to Sections 4.02(a) and (b) shall not limit the
Trustee in furnishing any such information to other Persons to whom it
determines such disclosure to be appropriate and shall not limit the Trustee in
furnishing to Certificateholders or to any Person any other information with
respect to the Mortgage Loans, the Mortgaged Properties or the Trust Fund as may
be provided to it by the Depositor, the Master Servicer or the Special Servicer
or gathered by it in any investigation or other manner from time to time (such
information, other than as described in Sections 4.02(a) and (b), is referred to
herein as "Additional Information") as it may reasonably deem necessary or
appropriate from time to time, provided that (A) the Trustee shall give the
Depositor three Business Days' advance notice before doing so, (B) any such
Additional Information shall only be furnished with the consent or at the
request of the Depositor (except pursuant to clause (E) below), (C) the Trustee
shall be entitled to indicate the source of all information furnished by it, and
the Trustee may affix thereto any disclaimer it deems appropriate in its
reasonable discretion, (D) the Trustee shall notify Certificateholders of the
availability of any such information in any manner as it, in its sole
discretion, may determine, and (E) this provision shall not prevent the Trustee,
whether with or without the consent of the Depositor, from furnishing
information with respect to the Trust Fund and its administration thereof to any
Person, if it reasonably determines that the furnishing of such information is
required by applicable law. The Trustee shall forward to the Depositor any
requests for Additional Information which, for their fulfillment, require the
consent of the Depositor. Nothing herein shall be construed to impose upon the
Trustee any obligation or duty to furnish or distribute any Additional
Information to any Person in any instance.

                  (b) Not later than 1:00 p.m. (New York City time) on the
second Business Day prior to each Distribution Date, the Master Servicer shall
furnish to the Trustee, and upon request, to the Depositor, the Underwriters and
the Special Servicer, by electronic transmission (or in such other form to which
the Trustee or the Depositor, as the case may be, and the Master Servicer may
agree), an accurate and complete CMSA Loan Periodic Update File providing the
required information for the Mortgage Loans and any successor REO Mortgage Loans
as of the related Determination Date

                  In the performance of its obligations set forth in Section
4.05 and its other duties hereunder, the Trustee may conclusively rely on the
CMSA Loan Periodic Update File provided to it by the Master Servicer, and the
Trustee shall not be responsible to recompute, recalculate or verify the
information provided to it by the Master Servicer. In the case of information to
be furnished by the Master Servicer to the Trustee pursuant to this Section
4.02(b), insofar as such information is solely within the control of the Special
Servicer, the Master Servicer (if other than the Special Servicer or an
Affiliate thereof) shall have no obligation to provide such information until it
has received such information from the Special Servicer, shall not be in default
hereunder due to a delay in providing the CMSA Loan Periodic Update File caused
by the Special Servicer's failure to timely provide any report required under
this Agreement and may, absent actual knowledge of an error therein,
conclusively rely

                                      -190-

<PAGE>

on the reports to be provided by the Special Servicer. The Master Servicer may
conclusively rely on any information provided by the Depositor or any Mortgagor
with respect to the CMSA Loan Periodic Update File, CMSA Loan Setup File, CMSA
Property File and CMSA Financial File.

                  SECTION 4.03. P&I Advances.

                  (a) On or before 2:00 p.m., New York City time, on each Master
Servicer Remittance Date, the Master Servicer shall, subject to Section 4.03(c)
below, satisfy its obligations to make any required P&I Advances with respect to
the related Distribution Date in respect of the Mortgage Pool (other than the
Dadeland Mall Mortgage Loan or any successor REO Mortgage Loan with respect
thereto), first, by transferring to the Trustee for deposit in the Collection
Account amounts then held in the Pool Custodial Account for future distribution
to Certificateholders in subsequent months in discharge of such obligations, and
second, by remitting its own funds to the Trustee for deposit in a Collection
Account in an amount equal to the remaining portion of such required P&I
Advances. Any amounts held in the Pool Custodial Account for future distribution
and so used to make P&I Advances shall be appropriately reflected in the Master
Servicer's records and replaced by the Master Servicer by deposit in the Pool
Custodial Account on or before the next succeeding Determination Date (to the
extent not previously replaced through the deposit of Late Collections of the
delinquent principal and interest in respect of which such P&I Advances were
made). If, as of 4:00 p.m., New York City time, on any Master Servicer
Remittance Date, the Master Servicer shall not have made any P&I Advance
required to be made on such date pursuant to this Section 4.03(a) (and shall not
have delivered to the Trustee the requisite Officer's Certificate and
documentation related to a determination of nonrecoverability of a P&I Advance),
then the Trustee shall provide notice of such failure to a Servicing Officer of
the Master Servicer by facsimile transmission sent to telecopy no. (704)
593-7735 (or such alternative number provided by the Master Servicer to the
Trustee in writing) and by telephone at telephone no. (704) 593-7820 or (704)
593-7831 (or such alternative number provided by the Master Servicer to the
Trustee in writing) as soon as possible, but in any event before 5:00 p.m., New
York City time, on such Master Servicer Remittance Date. If after such notice by
facsimile, the Trustee does not receive the full amount of such P&I Advances by
10:00 a.m., New York City time, on the related Distribution Date, then the
Trustee (or the Fiscal Agent on its behalf) shall make the portion of such P&I
Advances that was required to be, but was not, made by the Master Servicer on
such Master Servicer Remittance Date. If the Trustee fails to make any such P&I
Advance on the related Distribution Date, but the Fiscal Agent makes such P&I
Advance on such date, then the Trustee shall be deemed not to be in default
hereunder.

                  (b) The aggregate amount of P&I Advances to be made by the
Master Servicer, the Trustee or the Fiscal Agent, as the case may be, pursuant
to Section 4.03(a) in respect of any Distribution Date shall, subject to Section
4.03(c) below, equal the aggregate of all Monthly Payments (other than Balloon
Payments) and any Assumed Monthly Payments, in each case net of related Master
Servicing Fees and any related Workout Fees, due or deemed due, as the case may
be, in respect of the Mortgage Loans (including Balloon Mortgage Loans
delinquent as to their respective Balloon Payments) and any REO Mortgage Loans
in the Mortgage Pool (exclusive of the Dadeland Mall Mortgage Loan or any
successor REO Mortgage Loan with respect thereto) on their respective Due Dates
during the related Collection Period, in each case to the extent such amount was
not paid by or on behalf of the related Mortgagor or otherwise collected
(including as net income from REO Properties) as of the close of business on the
related Determination Date; provided that if it is determined that an Appraisal
Reduction Amount exists with respect to any such Mortgage Loan or REO Mortgage
Loan,

                                     -191-
<PAGE>

then, in the event of subsequent delinquencies thereon, the amount of each P&I
Advance, if any, required to be made in respect of such Mortgage Loan or REO
Mortgage Loan, as the case may be, during the period that such Appraisal
Reduction Amount continues to exist, shall be reduced to equal the product of
(x) the amount of the subject P&I Advance that would otherwise be required
without regard to this proviso, multiplied by (y) a fraction, the numerator of
which is equal to the Stated Principal Balance of such Mortgage Loan or REO
Mortgage Loan, as the case may be, net of such Appraisal Reduction Amount, and
the denominator of which is equal to the Stated Principal Balance of such
Mortgage Loan or REO Mortgage Loan, as the case may be.

                  (c) Notwithstanding anything herein to the contrary, no P&I
Advance shall be required to be made under this Section 4.03 if such P&I Advance
would, if made, constitute a Nonrecoverable P&I Advance. The determination by
the Master Servicer that it has made a Nonrecoverable P&I Advance pursuant to
this Section 4.03 or that any proposed P&I Advance, if made pursuant to this
Section 4.03, would constitute a Nonrecoverable P&I Advance, shall be evidenced
by an Officer's Certificate delivered to the Trustee, the Fiscal Agent and the
Depositor on or before the related Master Servicer Remittance Date, setting
forth the basis for such determination, together with any other information that
supports such determination, including an appraisal (which appraisal shall have
been conducted by an Independent Appraiser within the 12-month period preceding
such determination in accordance with the standards of the Appraisal Institute
taking into account the factors specified in Section 3.18), related Mortgagor
operating statements and financial statements, budgets and rent rolls of the
related Mortgaged Properties (to the extent available and/or in the Master
Servicer's or the Special Servicer's possession), engineers' reports,
environmental surveys and any similar reports that the Master Servicer may have
obtained consistent with the Servicing Standard and at the expense of the Trust
Fund, that support such determination by the Master Servicer. If, in connection
with the foregoing, it is necessary for the Master Servicer to obtain an
appraisal, the Master Servicer shall so notify the Special Servicer and consult
with the Special Servicer regarding such appraisal. The Trustee and the Fiscal
Agent shall be entitled to rely, conclusively, on any determination by the
Master Servicer that a P&I Advance, if made, would be a Nonrecoverable P&I
Advance; provided, however, that if the Master Servicer has failed to make a P&I
Advance for reasons other than a determination by the Master Servicer that such
P&I Advance would be Nonrecoverable P&I Advance, the Trustee or Fiscal Agent
shall make such Advance within the time periods required by Section 4.03(a)
unless the Trustee or the Fiscal Agent, in its good faith, reasonable
discretion, makes a determination prior to the times specified in Section
4.03(a) that such P&I Advance would be a Nonrecoverable P&I Advance. Upon
determining that any P&I Advance previously made with respect to a Specially
Serviced Loan or REO Loan is a Nonrecoverable P&I Advance, the Special Servicer
shall report to the Master Servicer the Special Servicer's determination. The
Master Servicer shall be entitled to conclusively rely on such determination.

                  (d) The Master Servicer, the Trustee and the Fiscal Agent
shall each be entitled to receive interest at the Reimbursement Rate in effect
from time to time, compounded annually, accrued on the amount of each P&I
Advance made thereby under this Section 4.03 (with its own funds) for so long as
such P&I Advance is outstanding; provided that if the grace period for the
delinquent Monthly Payment as to which a P&I Advance was made under this section
has not elapsed as of the time such P&I Advance was made, then the total
interest so accrued on such P&I Advance prior to the expiration of such grace
period, shall not exceed the amount of Default Charges, if any, collected in
connection with the late payment of such delinquent Monthly Payment; and
provided, further, that, in no event shall interest so accrue on any P&I Advance
as to which the corresponding Late Collection was received by

                                     -192-
<PAGE>

the Master Servicer or a Sub-Servicer on its behalf as of the related Master
Servicer Remittance Date. Interest so accrued on any P&I Advance made under this
section shall be payable: (i) out of any Default Charges collected on or in
respect of the Mortgage Pool during the same Collection Period in which such
Advance is reimbursed; and (ii) to the extent that such Default Charges are
insufficient, but only if the related Advance is being reimbursed at the same
time or has been previously reimbursed pursuant to this Agreement, out of
general collections on the Mortgage Loans and REO Properties on deposit in the
Pool Custodial Account. The Master Servicer shall, in accordance with Section
3.05(a), reimburse itself, the Trustee or the Fiscal Agent, as applicable, for
any outstanding P&I Advance made thereby under this Section 4.03 as soon as
practicable after funds available for such purpose are deposited in the Pool
Custodial Account.

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

                  (a) On or before 2:00 p.m., New York City time, on each Master
Servicer Remittance Date, the Master Servicer shall, subject to Section 4.03A(c)
below, satisfy its obligations to make any required P&I Advance on such Master
Servicer Remittance Date in respect of the Dadeland Mall Loan Pair by depositing
into the Dadeland Mall Custodial Account, out of amounts held in such Custodial
Account for future distribution (subject to replacement of such amounts by the
following Master Servicer Remittance Date) and, if such amounts are
insufficient, then out of its own funds, the amount of such P&I Advance required
to be made. If, as of 4:00 p.m., New York City time, on any Master Servicer
Remittance Date, the Master Servicer shall not have made any P&I Advance
required to be made on such date pursuant to this Section 4.03A(a) in respect of
the Dadeland Mall Loan Pair on the preceding Master Servicer Remittance Date
(and shall not have delivered to the Trustee the requisite Officer's Certificate
and documentation related to a determination of nonrecoverability of a P&I
Advance), then the Trustee shall provide notice of such failure to a Servicing
Officer of the Master Servicer by facsimile transmission sent to telecopy no.
(704) 593-7735 (or such alternative number provided by the Master Servicer to
the Trustee in writing) and by telephone at telephone no. (704) 593-7831 or
(704) 593-7820 (or such alternative number provided by the Master Servicer to
the Trustee in writing) as soon as possible, but in any event before 5:00 p.m.,
New York City time, on such Master Servicer Remittance Date. If after such
notice, the Trustee does not receive the full amount of such P&I Advance(s) by
10:00 a.m., New York City time, on the related Distribution Date, then the
Trustee (or the Fiscal Agent on its behalf) shall make the portion of such P&I
Advance that was required to be, but was not, made by the Master Servicer in
respect of the Dadeland Mall Mortgage Loan or any successor REO Mortgage Loan
with respect thereto on the preceding Master Servicer Remittance Date. If the
Trustee fails to make any such P&I Advance on the related Distribution Date, but
the Fiscal Agent makes such P&I Advance on such date, then the Trustee shall be
deemed not to be in default hereunder.

                  (b) The aggregate amount of the P&I Advances to be made by the
Master Servicer in respect of the Dadeland Mall Loan Pair on any Master Servicer
Remittance Date shall, subject to Section 4.03A(c) below, equal the sum of (i)
the aggregate of the Monthly Payments or, if applicable, the Assumed Monthly
Payments, net of related Master Servicing Fees and any related Workout Fees, due
(or, in the case of Assumed Monthly Payments, deemed due) in respect of the
Dadeland Mall Loan Pair on their Due Date during the related Collection Period,
but only to the extent that such amounts were not paid by or on behalf of the
related Mortgagor or otherwise collected (including as net income from the
Dadeland Mall REO Property) as of the close of business on the related
Determination Date and (ii) following the occurrence and during the continuance
of an event of default with respect to the Dadeland Mall Loan Pair and, in any
event, following an REO Acquisition with respect to the Dadeland

                                     -193-
<PAGE>

Mall Mortgaged Property (in circumstances where collections on the Dadeland Mall
Loan Pair or the Dadeland Mall Mortgaged Property that would otherwise be
applied to pay accrued interest (exclusive of Default Interest and/or Additional
Interest) due with respect to the Dadeland Mall Companion Loan or any related
REO Loan on its Due Date during the related Collection Period, are instead being
applied, pursuant to the related loan agreement and/or the Dadeland Mall
Co-Lender Agreement, to pay principal of the Dadeland Mall Mortgage Loan or any
related REO Mortgage Loan ), an amount allocable to interest on the Dadeland
Mall Companion Loan or any related REO Loan that is equal to (A) that portion of
the aggregate Monthly Payments or, if applicable, the Assumed Monthly Payments,
net of related Master Servicing Fees and any related Workout Fees, due (or, in
the case of Assumed Monthly Payments, deemed due) in respect of the Dadeland
Mall Loan Pair on their Due Date during the related Collection Period, that
would have been allocated to accrued interest on the Dadeland Mall Companion
Loan or any related REO Loan on such Due Date pursuant to the related loan
agreement and/or the Dadeland Mall Co-Lender Agreement, had such event of
default and/or REO Acquisition not occurred, minus (B) that portion of the P&I
Advance made pursuant to the immediately preceding clause (i) that is to be
remitted to the Dadeland Mall Companion Loan Noteholder in respect of such
accrued interest on the Dadeland Mall Companion Loan or any related REO Loan on
such Master Servicer Remittance Date; provided that if it is determined that an
Appraisal Reduction Amount exists with respect to the Dadeland Mall Loan Pair,
then, in the event of subsequent delinquencies on the Dadeland Mall Loan Pair,
each P&I Advance, if any, required to be made in respect of the Dadeland Mall
Loan Pair during the period that such Appraisal Reduction Amount continues to
exist, shall be reduced to equal the product of (i) the amount of the subject
P&I Advance that would otherwise be required in respect of the Dadeland Mall
Loan Pair without regard to this proviso and the immediately following sentence,
multiplied by (ii) a fraction, the numerator of which is equal to the aggregate
Stated Principal Balance of the Dadeland Mall Loan Pair, net of the Appraisal
Reduction Amount as of the related Determination Date, and the denominator of
which is equal to the aggregate Stated Principal Balance of the Dadeland Mall
Loan Pair; and provided, further, that any reduction in the P&I Advance to be
made in respect of the Dadeland Mall Loan Pair on any Master Servicer Remittance
Date in accordance with the immediately preceding proviso shall be allocable,
first, against the portion of the delinquent Monthly Payments or, if applicable,
Assumed Monthly Payments allocable to the Dadeland Mall Companion Loan or any
related REO Loan and, then, against the portion of the delinquent Monthly
Payments or, if applicable, Assumed Monthly Payments allocable to the Dadeland
Mall Mortgage Loan or any related REO Mortgage Loan. Notwithstanding the
foregoing, at the request of the Dadeland Mall Companion Loan Noteholder, the
Master Servicer shall cease making P&I Advances in respect of the Dadeland Mall
Companion Loan or any related REO Loan or any particular component(s) of such
Loan or REO Loan, as the case may be (i.e., the Master Servicer shall not
advance the portion of the delinquent Monthly Payments or, if applicable,
Assumed Monthly Payments allocable to the Dadeland Mall Companion Loan or any
related REO Loan or such component(s) of such Loan or REO Loan, as the case may
be) until such time as the Dadeland Mall Companion Loan Noteholder requests that
such P&I Advances again commence (each such request to be made at least five (5)
Business Days prior to the date on which the P&I Advance would otherwise be
made).

                  (c) Notwithstanding anything herein to the contrary, no P&I
Advance shall be required to be made under this Section 4.03A with respect to a
Loan or REO Loan in the Dadeland Mall Loan Pair if such P&I Advance would, if
made, constitute a Nonrecoverable P&I Advance. The determination by the Master
Servicer that any proposed P&I Advance, if made pursuant to this Section 4.03A
with respect to a Loan or REO Loan in the Dadeland Mall Loan Pair, would
constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officer's
Certificate delivered to the Trustee

                                     -194-
<PAGE>

and the Dadeland Mall Companion Loan Noteholder on or before the next Master
Servicer Remittance Date, setting forth the basis for such determination,
together with any other information that supports such determination, including
an appraisal (which appraisal shall be an expense payable out of the Dadeland
Mall Custodial Account and shall have been conducted by an Independent Appraiser
in accordance with the standards of the Appraisal Institute, within the twelve
months preceding such determination of nonrecoverability), Mortgagor operating
statements and financial statements, budgets and rent rolls of the Dadeland Mall
Mortgaged Property (to the extent available and/or in the Master Servicer's or
the Special Servicer's possession), engineers' reports, environmental surveys
and any similar reports that the Master Servicer may have obtained consistent
with the Servicing Standard and that support such determination by the Master
Servicer. If, in connection with the foregoing, it is necessary for the Master
Servicer to obtain an appraisal, the Master Servicer shall so notify the Special
Servicer and consult with the Special Servicer regarding such appraisal. The
Trustee and the Fiscal Agent shall be entitled to rely, conclusively, on any
determination by the Master Servicer that a P&I Advance to be made in respect of
the Dadeland Mall Mortgage Loan or any successor REO Mortgage Loan with respect
thereto, if made, would be a Nonrecoverable Advance; provided, however, that if
the Master Servicer has failed to make such a P&I Advance with respect to the
Dadeland Mall Mortgage Loan or any successor REO Mortgage Loan for reasons other
than a determination by the Master Servicer that such P&I Advance would be
Nonrecoverable Advance, the Trustee or Fiscal Agent shall make such Advance
within the time periods required by Section 4.03A(a) unless the Trustee or the
Fiscal Agent, in its good faith, reasonable discretion, makes a determination
prior to the times specified in Section 4.03A(a) that such P&I Advance would be
a Nonrecoverable P&I Advance. In the event the Dadeland Mall Mortgage Loan is a
Specially Serviced Mortgage Loan, then upon determining that any P&I Advance
made with respect to the Dadeland Mall Mortgage Loan or any successor REO
Mortgage Loan with respect thereto is a Nonrecoverable P&I Advance, the Special
Servicer shall report to the Master Servicer the Special Servicer's
determination. The Master Servicer shall be entitled to conclusively rely on
such determination.

                  (d) The Master Servicer, the Trustee and the Fiscal Agent
shall be entitled to receive interest at the Reimbursement Rate in effect from
time to time, compounded annually, accrued on the amount of each P&I Advance
made thereby in respect of a Loan or REO Loan in the Dadeland Mall Loan Pair
under this Section 4.03A (with its own funds) for so long as such P&I Advance is
outstanding; provided that, if the grace period for the delinquent Monthly
Payment as to which a P&I Advance was made under this section has not elapsed as
of the time such P&I Advance was made, then the total interest so accrued on
such P&I Advance prior to the expiration of such grace period, shall not exceed
the amount of Default Charges, if any, collected in connection with the late
payment of such delinquent Monthly Payment; and provided, further, that, in no
event shall interest so accrue on any P&I Advance in respect of a Loan in the
Dadeland Mall Loan Pair as to which the corresponding Late Collection was
received by the Master Servicer or a Sub-Servicer on its behalf as of the Master
Servicer Remittance Date on which such P&I Advance was made. Interest so accrued
on any P&I Advance made under this section shall be payable: (i) first, out of
Default Charges collected on or in respect of the Dadeland Mall Companion Loan
during the same Collection Period in which such Advance is reimbursed, (ii)
second, out of Default Charges collected on or in respect of the Dadeland Mall
Mortgage Loan during the same Collection Period in which such Advance is
reimbursed, and (iii) third, to the extent that the Default Charges described in
the immediately preceding clauses (i) and (ii) are insufficient, but only if
such Advance is being reimbursed at the same time or if such Advance has been
previously reimbursed, out of any other collections that were made on or in
respect of the Dadeland Mall Loan Pair; provided that interest on P&I Advances
made with respect to the Dadeland Mall Companion

                                     -195-
<PAGE>

Loan may be paid solely, pursuant to clauses (i) and (iii) above, from Default
Charges or other collections received on or in respect of the Dadeland Mall
Companion Loan. The Master Servicer shall, in accordance with Section 3.05A,
reimburse itself, the Trustee and the Fiscal Agent, as applicable, for any
outstanding P&I Advance made thereby under this Section 4.03A as soon as
practicable after funds available for such purpose are deposited in the Dadeland
Mall Custodial Account for the related Loan or REO Loan in the Dadeland Mall
Loan Pair in respect of which the P&I Advance was made.

                  SECTION 4.04. Allocation of Realized Losses and Additional
Trust Fund Expenses

                  (a) On each Distribution Date, following the distributions to
Certificateholders to be made on such date pursuant to Section 4.01, the Trustee
shall determine the amount, if any, by which (i) the then aggregate of the Class
Principal Balances of all the Classes of Principal Balance Certificates, exceeds
(ii) the aggregate Stated Principal Balance of the Mortgage Pool that will be
outstanding immediately following such Distribution Date. If such excess does
exist, then the Class Principal Balances of the Class U, Class T, Class S, Class
Q, Class P, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class
F, Class E, Class D, Class C and Class B Certificates shall be reduced
sequentially, in that order, in each case, until such excess or the related
Class Principal Balance is reduced to zero (whichever occurs first). If, after
the foregoing reductions, the amount described in clause (i) of the second
preceding sentence still exceeds the amount described in clause (ii) of such
sentence, then the respective Class Principal Balances of all the outstanding
Classes of the Class A Certificates shall be reduced on a pro rata basis in
accordance with the relative sizes of such Class Principal Balances, until any
such remaining excess is reduced to zero. All such reductions in the Class
Principal Balances of the respective Classes of the Principal Balance
Certificates shall constitute allocations of Realized Losses and Additional
Trust Fund Expenses.

                  (b) On each Distribution Date, following the deemed
distributions to be made in respect of the REMIC II Regular Interests on such
date pursuant to Section 4.01(j), the Trustee shall determine the amount, if
any, by which (i) the then aggregate Uncertificated Principal Balance of the
REMIC II Regular Interests, exceeds (ii) the aggregate Stated Principal Balance
of the Mortgage Pool that will be outstanding immediately following such
Distribution Date. If such excess does exist, then the Uncertificated Principal
Balances of REMIC II Regular Interest U, REMIC II Regular Interest T, REMIC II
Regular Interest S, REMIC II Regular Interest Q, REMIC II Regular Interest P,
REMIC II Regular Interest N, REMIC II Regular Interest M, REMIC II Regular
Interest L, REMIC II Regular Interest K, REMIC II Regular Interest J-1, REMIC II
Regular Interest J-2, REMIC II Regular Interest H-1, REMIC II Regular Interest
H-2, REMIC II Regular Interest G-1, REMIC II Regular Interest G-2, REMIC II
Regular Interest F-1, REMIC II Regular Interest F-2, REMIC II Regular Interest
F-3, REMIC II Regular Interest E, REMIC II Regular Interest D, REMIC II Regular
Interest C and REMIC II Regular Interest B, shall be reduced sequentially, in
that order, in each case, until such excess or the related Uncertificated
Principal Balance is reduced to zero (whichever occurs first). If, after the
foregoing reductions, the amount described in clause (i) of the second preceding
sentence still exceeds the amount described in clause (ii) of such sentence,
then the respective Uncertificated Principal Balances of (A) REMIC II Regular
Interest A-1, (B) REMIC II Regular Interest A-2-1, REMIC II Regular Interest
A-2-2 and REMIC II Regular Interest A-2-3, as a collective matter, in the order
described in the next sentence, (C) REMIC II Regular Interest A-3-1 and REMIC II
Regular Interest A-3-2, as a collective matter, in the order described in the
second following sentence, and (D) REMIC II Regular Interest A-4-1, REMIC II
Regular Interest A-4-2 and REMIC II Regular Interest A-4-3, as a collective
matter, in the order described in the third following sentence, shall be reduced
on a pro rata

                                     -196-
<PAGE>

basis in accordance with the relative sizes of such Uncertificated Principal
Balances, until any such remaining excess is reduced to zero. Any reductions in
the Uncertificated Principal Balances of REMIC II Regular Interest A-2-1, REMIC
II Regular Interest A-2-2 and REMIC II Regular Interest A-2-3 pursuant to the
preceding sentence shall be made: first, to the Uncertificated Principal Balance
of REMIC II Regular Interest A-2-1, until such Uncertificated Principal Balance
is reduced to zero; second, to the Uncertificated Principal Balance of REMIC II
Regular Interest A-2-2, until such Uncertificated Principal Balance is reduced
to zero; and last, to the Uncertificated Principal Balance of REMIC II Regular
Interest A-2-3, until such Uncertificated Principal Balance is reduced to zero.
Any reductions in the Uncertificated Principal Balances of REMIC II Regular
Interest A-3-1 and REMIC II Regular Interest A-3-2 pursuant to the second
preceding sentence shall be made: first, to the Uncertificated Principal Balance
of REMIC II Regular Interest A-3-1, until such Uncertificated Principal Balance
is reduced to zero; and second, to the Uncertificated Principal Balance of REMIC
II Regular Interest A-3-2. Any reductions in the Uncertificated Principal
Balances of REMIC II Regular Interest A-4-1, REMIC II Regular Interest A-4-2 and
REMIC II Regular Interest A-4-3 pursuant to the third preceding sentence shall
be made: first, to the Uncertificated Principal Balance of REMIC II Regular
Interest A-4-1, until such Uncertificated Principal Balance is reduced to zero;
second, to the Uncertificated Principal Balance of REMIC II Regular Interest
A-4-2, until such Uncertificated Principal Balance is reduced to zero; and last,
to the Uncertificated Principal Balance of REMIC II Regular Interest A-4-3,
until such Uncertificated Principal Balance is reduced to zero. All such
reductions in the Uncertificated Principal Balances of the respective REMIC II
Regular Interests shall be deemed to constitute allocations of Realized Losses
and Additional Trust Fund Expenses.

                  (c) On each Distribution Date, following the deemed
distributions to be made in respect of the REMIC I Regular Interests pursuant to
Section 4.01(k), the Uncertified Principal Balance of each REMIC I Regular
Interest (after taking account of such deemed distributions) shall be reduced to
equal the Stated Principal Balance of the related Mortgage Loan or REO Mortgage
Loan (or, in the case of REMIC I Regular Interest DM-1 and REMIC I Regular
Interest DM-2, the respective portions of that Stated Principal Balance
allocable to the related Loan Components of the Dadeland Mall Mortgage Loan or
any successor REO Mortgage Loan with respect thereto), as the case may be, that
will be outstanding immediately following such Distribution Date. Any such
reductions in the Uncertificated Principal Balances of the respective REMIC I
Regular Interests shall be deemed to constitute allocations of Realized Losses
and Additional Trust Fund Expenses.

                  SECTION 4.05. Calculations.

                  The Trustee shall, provided it receives the necessary
information from the Master Servicer and the Special Servicer, be responsible
for performing all calculations necessary in connection with the actual and
deemed distributions and allocations to be made pursuant to Section 4.01 and
Article IX and the actual and deemed allocations of Realized Losses and
Additional Trust Fund Expenses to be made pursuant to Section 4.04. The Trustee
shall calculate the Available Distribution Amount for each Distribution Date and
shall allocate such amount among Certificateholders in accordance with this
Agreement, and the Trustee shall have no obligation to recompute, recalculate or
verify any information provided to it by the Special Servicer or Master
Servicer. The calculations by the Trustee of such amounts shall, in the absence
of manifest error, be presumptively deemed to be correct for all purposes
hereunder.

                                     -197-
<PAGE>

                  SECTION 4.06. Use of Agents.

                  The Master Servicer, the Special Servicer or the Trustee may
at its own expense utilize agents or attorneys-in-fact in performing any of its
obligations under this Article IV (except the obligation to make P&I Advances),
but no such utilization shall relieve the Master Servicer, the Special Servicer
or the Trustee, as applicable, from any of such obligations, and the Master
Servicer, the Special Servicer or the Trustee, as applicable, shall remain
responsible for all acts and omissions of any such agent or attorney-in-fact.

                                     -198-
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                  SECTION 5.01. The Certificates.

                  (a) The Certificates will be substantially in the respective
forms attached hereto as Exhibits A-1, A-2, A-3, A-4, A-5, A-6 and A-7; provided
that any of the Certificates may be issued with appropriate insertions,
omissions, substitutions and variations, and may have imprinted or otherwise
reproduced thereon such legend or legends, not inconsistent with the provisions
of this Agreement, as may be required to comply with any law or with rules or
regulations pursuant thereto, or with the rules of any securities market in
which the Certificates are admitted to trading, or to conform to general usage.
The Certificates will be issuable in registered form only; provided, however,
that in accordance with Section 5.03, beneficial ownership interests in the
Class A, Class B, Class C, Class D, Class E, Class F, Class X-CL, Class X-CP,
Class X-D, Class G, Class H, Class J, Class K, Class L, Class M and Class N
Certificates shall initially be held and transferred through the book-entry
facilities of the Depository. The Regular Interest Certificates will be issuable
only in denominations corresponding to initial Certificate Principal Balances or
initial Certificate Notional Amounts, as the case may be, as of the Closing Date
of $10,000 in the case of the Class A-1, Class A-2, Class A-3, Class A-4, Class
B, Class C, Class D, Class E, Class F and Class G Certificates, $250,000 in the
case of the Interest Only Certificates, and $250,000 in the case of the
remaining Regular Interest Certificates, and in each such case in integral
multiples of $1 in excess thereof. The Class R-I, Class R-II, Class R-III and
Class V Certificates will be issuable in denominations representing Percentage
Interests in the related Class of not less than 10%.

                  (b) The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by the Certificate Registrar hereunder by an
authorized signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the authorized officers or signatories of the
Certificate Registrar shall be entitled to all benefits under this Agreement,
subject to the following sentence, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, however, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Authenticating Agent by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication.

                  SECTION 5.02. Registration of Transfer and Exchange of
                                Certificates.

                  (a) At all times during the term of this Agreement, there
shall be maintained at the office of the Certificate Registrar a Certificate
Register in which, subject to such reasonable regulations as the Certificate
Registrar may prescribe, the Certificate Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Trustee is hereby initially appointed (and hereby agrees to
act in accordance with the terms hereof) as Certificate Registrar for the
purpose of registering Certificates and transfers and exchanges of Certificates
as herein provided. The offices of the Trustee responsible for its duties as
initial Certificate Register shall be located, as of the Closing Date, at 135
South LaSalle, Suite 1625, Chicago, Illinois 60603, Attention: Asset-Backed

                                     -199-
<PAGE>

Securities Trust Services Group--LB-UBS Commercial Mortgage Trust, Series
2002-C2. The Certificate Registrar may appoint, by a written instrument
delivered to the Depositor, the Master Servicer, the Special Servicer and (if
the Trustee is not the Certificate Registrar) the Trustee, any other bank or
trust company to act as Certificate Registrar under such conditions as the
predecessor Certificate Registrar may prescribe, provided that the predecessor
Certificate Registrar shall not be relieved of any of its duties or
responsibilities hereunder by reason of such appointment. If the Trustee resigns
or is removed in accordance with the terms hereof, the successor trustee shall
immediately succeed to its duties as Certificate Registrar. The Depositor, the
Trustee (if it is no longer the Certificate Registrar), the Master Servicer and
the Special Servicer shall have the right to inspect the Certificate Register or
to obtain a copy thereof at all reasonable times, and to rely conclusively upon
a certificate of the Certificate Registrar as to the information set forth in
the Certificate Register.

                  If three or more Holders make written request to the Trustee,
and such request states that such Holders desire to communicate with other
Holders with respect to their rights under this Agreement or under the
Certificates and is accompanied by a copy of the communication which such
Holders propose to transmit, then the Trustee shall, within 30 days after the
receipt of such request, afford (or cause any other Certificate Registrar to
afford) the requesting Holders access during normal business hours to the most
recent list of Certificateholders held by the Certificate Registrar.

                  (b) No Transfer of any Non-Registered Certificate or interest
therein shall be made unless that Transfer is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

                  If a Transfer of any Definitive Non-Registered Certificate is
to be made without registration under the Securities Act (other than in
connection with the initial issuance of the Non-Registered Certificates or a
Transfer of such Certificate by the Depositor, Lehman Brothers or any of their
respective Affiliates or, in the case of a Global Certificate for any Class of
Book-Entry Non-Registered Certificates, a Transfer thereof to a successor
Depository or to the applicable Certificate Owner(s) in accordance with Section
5.03), then the Certificate Registrar shall refuse to register such Transfer
unless it receives (and, upon receipt, may conclusively rely upon) either: (i) a
certificate from the Certificateholder desiring to effect such Transfer
substantially in the form attached hereto as Exhibit F-1 and a certificate from
such Certificateholder's prospective Transferee substantially in the form
attached hereto either as Exhibit F-2A or as Exhibit F-2B; or (ii) an Opinion of
Counsel satisfactory to the Trustee to the effect that the prospective
Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and such Transfer may be made without registration under the Securities
Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of
the Depositor, the Master Servicer, the Special Servicer, the Tax Administrator,
the Trustee, the Fiscal Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such
Transfer and/or such Certificateholder's prospective Transferee on which such
Opinion of Counsel is based.

                  If a Transfer of any interest in the Rule 144A Global
Certificate for any Class of Book-Entry Non-Registered Certificates is to be
made without registration under the Securities Act (other than in connection
with the initial issuance of the Book-Entry Non-Registered Certificates or a
Transfer of any interest therein by the Depositor, Lehman Brothers or any of
their respective Affiliates), then the Certificate Owner desiring to effect such
Transfer shall be required to obtain either (i) a certificate from

                                     -200-
<PAGE>

such Certificate Owner's prospective Transferee substantially in the form
attached hereto as Exhibit F-2C, or (ii) an Opinion of Counsel to the effect
that the prospective Transferee is a Qualified Institutional Buyer and such
Transfer may be made without registration under the Securities Act. Except as
provided in the following two paragraphs, no interest in the Rule 144A Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
transferred to any Person who takes delivery other than in the form of an
interest in such Rule 144A Global Certificate. If any Transferee of an interest
in the Rule 144A Global Certificate for any Class of Book-Entry Non-Registered
Certificates does not, in connection with the subject Transfer, deliver to the
Transferor the Opinion of Counsel or one of the certifications described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit F-2C hereto are, with
respect to the subject Transfer, true and correct.

                  Notwithstanding the preceding paragraph, any interest in the
Rule 144A Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred (without delivery of any certificate or Opinion
of Counsel described in clauses (i) and (ii) of the first sentence of the
preceding paragraph) by the Depositor or any Affiliate of the Depositor to any
Person who takes delivery in the form of a beneficial interest in the Regulation
S Global Certificate for such Class of Certificates upon delivery to the
Certificate Registrar of (x) a certificate to the effect that the Certificate
Owner desiring to effect such Transfer is the Depositor or an Affiliate of the
Depositor and (y) such written orders and instructions as are required under the
applicable procedures of the Depository, Clearstream and Euroclear to direct the
Trustee to debit the account of a Depository Participant by a denomination of
interests in such Rule 144A Global Certificate, and credit the account of a
Depository Participant by a denomination of interests in such Regulation S
Global Certificate, that is equal to the denomination of beneficial interests in
the Class X-CL, Class X-CP, Class X-D, Class H, Class J, Class K, Class L, Class
M or Class N Certificates, as applicable, to be transferred. Upon delivery to
the Certificate Registrar of such certification and orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Rule 144A Global Certificate in
respect of the Class X-CL, Class X-CP, Class X-D, Class H, Class J, Class K,
Class L, Class M or Class N Certificates, as applicable, and increase the
denomination of the Regulation S Global Certificate for such Class, by the
denomination of the beneficial interest in such Class specified in such orders
and instructions.

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

                                     -201-
<PAGE>

Global Certificate, to be executed, authenticated and delivered in accordance
with this Agreement to the applicable Transferee.

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

                  Notwithstanding the preceding paragraph, after the Release
Date, any interest in the Regulation S Global Certificate for a Class of
Book-Entry Non-Registered Certificates may be transferred by the Depositor or
any Affiliate of the Depositor to any Person who takes delivery in the form of a
beneficial interest in the Rule 144A Global Certificate for such Class of
Certificates upon delivery to the Certificate Registrar of (x) a certificate to
the effect that the Certificate Owner desiring to effect such Transfer is the
Depositor or an Affiliate of the Depositor and (y) such written orders and
instructions as are required under the applicable procedures of the Depository,
Clearstream and Euroclear to direct the Trustee to debit the account of a
Depository Participant by a denomination of interests in such Regulation S
Global Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Rule 144A Global Certificate, that is equal to
the denomination of beneficial interests in the Class X-CL, Class X-CP, Class
X-D, Class H, Class J, Class K, Class L, Class M or Class N Certificates, as
applicable, to be transferred. Upon delivery to the Certificate Registrar of
such certification and orders and instructions, the Trustee, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the
denomination of the Regulation S Global Certificate in respect of the Class
X-CL, Class X-CP, Class X-D, Class H, Class J, Class K, Class L, Class M or
Class N Certificates, as applicable, and increase the denomination of the Rule
144A Global Certificate for such Class, by the denomination of the beneficial
interest in such Class specified in such orders and instructions.

                  None of the Depositor, the Trustee or the Certificate
Registrar is obligated to register or qualify any Class of Non-Registered
Certificates under the Securities Act or any other securities law or to take any
action not otherwise required under this Agreement to permit the Transfer of any
Non-Registered Certificate or interest therein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of any Non-Registered Certificate or interest therein shall, and does
hereby agree to, indemnify the Depositor, the Underwriters, the Trustee, the
Fiscal Agent, the Master Servicer, the Special Servicer, the Tax Administrator
and the Certificate Registrar against any liability that may result if such
Transfer is not exempt from the registration and/or qualification requirements
of the Securities Act and any applicable state securities laws or is not made in
accordance with such federal and state laws.

                  (c) No Transfer of a Certificate or any interest therein shall
be made (i) to any employee benefit plan or other retirement arrangement,
including individual retirement accounts and

                                     -202-
<PAGE>

annuities, Keogh plans and collective investment funds and separate accounts in
which such plans, accounts or arrangements are invested, including insurance
company general accounts, that is subject to ERISA or the Code (each, a "Plan"),
or (ii) to any Person who is directly or indirectly purchasing such Certificate
or interest therein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan, if the purchase and holding of such Certificate or interest
therein by the prospective Transferee would result in a violation of Section 406
or 407 of ERISA or Section 4975 of the Code or would result in the imposition of
an excise tax under Section 4975 of the Code. Furthermore, no Transfer of a
Certificate or any interest therein shall be made to any of the following (each,
an "Ineligible Purchaser"): (i) General Motors Investment Management Corp.,
which is the fiduciary of the General Motors Hourly Employees Pension Plan and
the General Motors Salaried Employees Pension Plan (such plans together, the "GM
Plans") that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM Plans; (iv) an owner of 50% or
more of an employer listed in (ii) or an organization listed in (iii); (v)
spouses, ancestors, lineal descendants, or spouses of lineal descendants of any
of the persons listed above, except persons who are employee organizations; (vi)
corporations, partnerships, trusts or estates of which 50% is owned directly or
indirectly by persons listed above, except persons who are relatives; (vii)
employees, officers, directors or 10% or more shareholders of any of the persons
mentioned above, except persons who are fiduciaries or relatives; or (viii) 10%
or more partners or joint venturers of any person listed above, except persons
who are fiduciaries or relatives. Except in connection with the initial issuance
of the Non-Registered Certificates or any Transfer of a Non-Registered
Certificate or any interest therein by the Depositor, Lehman Brothers or any of
their respective Affiliates or, in the case of a Global Certificate for any
Class of Book-Entry Non-Registered Certificates, any Transfer thereof to a
successor Depository or to the applicable Certificate Owner(s) in accordance
with Section 5.03, the Certificate Registrar shall refuse to register the
Transfer of a Definitive Non-Registered Certificate unless it has received from
the prospective Transferee, and any Certificate Owner transferring an interest
in a Global Certificate for any Class of Book-Entry Non-Registered Certificates
shall be required to obtain from its prospective Transferee, (x) a certification
to the effect that such prospective Transferee is not an Ineligible Purchaser
and is not directly or indirectly purchasing such Certificate or interest
therein on behalf of an Ineligible Purchaser and (y) either: (i) a certification
to the effect that such prospective Transferee is not a Plan and is not directly
or indirectly purchasing such Certificate or interest therein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan; or (ii)
alternatively, a certification to the effect that the purchase and holding of
such Certificate or interest therein by such prospective Transferee is exempt
from the prohibited transaction provisions of Sections 406(a) and (b) and 407 of
ERISA and the excise taxes imposed on such prohibited transactions by Sections
4975(a) and (b) of the Code, by reason of Sections I and III of Prohibited
Transaction Class Exemption 95-60; or (iii) alternatively, but only in the case
of a Non-Registered Certificate that is an Investment Grade Certificate (other
than, if applicable, a Class R-I, Class R-II, Class R-III or Class V
Certificate) that is being acquired by or on behalf of a Plan in reliance on the
Prohibited Transaction Exemption, a certification to the effect that such Plan
(X) is an accredited investor as defined in Rule 501(a)(1) of Regulation D of
the Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B)
of ERISA) by the Trustee, the Depositor, either Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Exemption Favored Party or
any Mortgagor with respect to Mortgage Loans constituting more than 5% of the
aggregate unamortized principal balance of all the Mortgage Loans determined as
of the Closing Date, or by any Affiliate of such Person, and (Z) agrees that it
will obtain from each of its Transferees that are Plans a written representation
that such Transferee, if a Plan, satisfied the requirements of the immediately
preceding clauses (iii)(X) and (iii)(Y), together with a written agreement that
such Transferee will obtain from

                                     -203-
<PAGE>

each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(iii)(X) and (iii)(Y); or (iv) alternatively, a certification of facts and an
Opinion of Counsel which otherwise establish to the reasonable satisfaction of
the Trustee or such Certificate Owner, as the case may be, that such Transfer
will not result in a violation of Section 406 or 407 of ERISA or Section 4975 of
the Code or result in the imposition of an excise tax under Section 4975 of the
Code. It is hereby acknowledged that the forms of certification attached hereto
as Exhibit G-1 (in the case of Definitive Non-Registered Certificates) and
Exhibit G-2 (in the case of ownership interests in Book-Entry Non-Registered
Certificates) are acceptable for purposes of the preceding sentence. If any
Transferee of a Certificate (including a Registered Certificate) or any interest
therein does not, in connection with the subject Transfer, deliver to the
Certificate Registrar (in the case of a Definitive Certificate) or the
Transferor (in the case of ownership interests in a Book-Entry Certificate) any
certification and/or Opinion of Counsel contemplated by the second preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that (A) such Transferee is not an Ineligible Purchaser and (B) either: (i) such
Transferee is not a Plan and is not directly or indirectly purchasing such
Certificate or interest therein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan; or (ii) the purchase and holding of such
Certificate or interest therein by such Transferee is exempt from the prohibited
transaction provisions of Sections 406(a) and (b) and 407 of ERISA and the
excise taxes imposed on such prohibited transactions by Sections 4975(a) and (b)
of the Code.

                  (d) (i) Each Person who has or who acquires any Ownership
Interest in a Residual Interest Certificate shall be deemed by the acceptance or
acquisition of such Ownership Interest to have agreed to be bound by the
following provisions and to have irrevocably authorized the Trustee under clause
(ii) (A) below to deliver payments to a Person other than such Person and to
have irrevocably authorized the Trustee under clause (ii) (B) below to negotiate
the terms of any mandatory disposition and to execute all instruments of
Transfer and to do all other things necessary in connection with any such
disposition. The rights of each Person acquiring any Ownership Interest in a
Residual Interest Certificate are expressly subject to the following provisions:

                      (A)  Each Person holding or acquiring any Ownership
                           Interest in a Residual Interest Certificate shall be
                           a Permitted Transferee and shall promptly notify the
                           Tax Administrator and the Trustee of any change or
                           impending change in its status as a Permitted
                           Transferee.

                      (B)  In connection with any proposed Transfer of any
                           Ownership Interest in a Residual Interest
                           Certificate, the Certificate Registrar shall require
                           delivery to it, and shall not register the Transfer
                           of any Residual Interest Certificate until its
                           receipt, of an affidavit and agreement substantially
                           in the form attached hereto as Exhibit H-1 (a
                           "Transfer Affidavit and Agreement"), from the
                           proposed Transferee, representing and warranting,
                           among other things, that such Transferee is a
                           Permitted Transferee, that it is not acquiring its
                           Ownership Interest in the Residual Interest
                           Certificate that is the subject of the proposed
                           Transfer as a nominee, trustee or agent for any
                           Person that is not a Permitted Transferee, that for
                           so long as it retains its Ownership Interest in a
                           Residual Interest Certificate it will endeavor to
                           remain a Permitted Transferee, and that it has
                           reviewed the provisions of this Section 5.02(d) and
                           agrees to be bound by them.

                                     -204-
<PAGE>

                      (C)  Notwithstanding the delivery of a Transfer Affidavit
                           and Agreement by a proposed Transferee under clause
                           (B) above, if a Responsible Officer of either the
                           Trustee or the Certificate Registrar has actual
                           knowledge that the proposed Transferee is not a
                           Permitted Transferee, no Transfer of an Ownership
                           Interest in a Residual Interest Certificate to such
                           proposed Transferee shall be effected.

                      (D)  Each Person holding or acquiring any Ownership
                           Interest in a Residual Interest Certificate shall
                           agree (1) to require a Transfer Affidavit and
                           Agreement from any prospective Transferee to whom
                           such Person attempts to Transfer its Ownership
                           Interest in such Residual Interest Certificate and
                           (2) not to Transfer its Ownership Interest in such
                           Residual Interest Certificate unless it provides to
                           the Certificate Registrar a certificate substantially
                           in the form attached hereto as Exhibit H-2 stating
                           that, among other things, it has no actual knowledge
                           that such prospective Transferee is not a Permitted
                           Transferee.

                      (E)  Each Person holding or acquiring an Ownership
                           Interest in a Residual Interest Certificate, by
                           purchasing such Ownership Interest, agrees to give
                           the Tax Administrator and the Trustee written notice
                           that it is a "pass-through interest holder" within
                           the meaning of temporary Treasury regulation section
                           1.67-3T(a)(2)(i)(A) immediately upon acquiring an
                           Ownership Interest in a Residual Interest
                           Certificate, if it is, or is holding an Ownership
                           Interest in a Residual Interest Certificate on behalf
                           of, a "pass-through interest holder".

                      (ii) (A) If any purported Transferee shall become a Holder
                           of a Residual Interest Certificate in violation of
                           the provisions of this Section 5.02(d), then the last
                           preceding Holder of such Residual Interest
                           Certificate that was in compliance with the
                           provisions of this Section 5.02(d) shall be restored,
                           to the extent permitted by law, to all rights as
                           Holder thereof retroactive to the date of
                           registration of such Transfer of such Residual
                           Interest Certificate. None of the Depositor, the
                           Trustee or the Certificate Registrar shall be under
                           any liability to any Person for any registration of
                           Transfer of a Residual Interest Certificate that is
                           in fact not permitted by this Section 5.02(d) or for
                           making any payments due on such Certificate to the
                           Holder thereof or for taking any other action with
                           respect to such Holder under the provisions of this
                           Agreement.

                      (B)  If any purported Transferee shall become a Holder of
                           a Residual Interest Certificate in violation of the
                           restrictions in this Section 5.02(d), then, to the
                           extent that retroactive restoration of the rights of
                           the preceding Holder of such Residual Interest
                           Certificate as described in clause (ii)(A) above
                           shall be invalid, illegal or unenforceable, the
                           Trustee shall have the right but not the obligation,
                           to cause the Transfer of such Residual Interest
                           Certificate to a Permitted Transferee selected by the
                           Trustee on such terms as the Trustee may choose, and
                           the Trustee shall not be liable to any

                                     -205-
<PAGE>

                           Person having an Ownership Interest in such Residual
                           Interest Certificate as a result of the Trustee's
                           exercise of such discretion. Such purported
                           Transferee shall promptly endorse and deliver such
                           Residual Interest Certificate in accordance with the
                           instructions of the Trustee. Such Permitted
                           Transferee may be the Trustee itself or any Affiliate
                           of the Trustee.

                  (iii) The Tax Administrator shall make available to the IRS
and to those Persons specified by the REMIC Provisions all information furnished
to it by the other parties hereto necessary to compute any tax imposed (A) as a
result of the Transfer of an Ownership Interest in a Residual Interest
Certificate to any Person who is a Disqualified Organization, including the
information described in Treasury regulations sections 1.860D-1(b)(5) and
1.860E-2(a)(5) with respect to the "excess inclusions" of such Residual Interest
Certificate and (B) as a result of any regulated investment company, real estate
investment trust, common trust fund, partnership, trust, estate or organization
described in Section 1381 of the Code that holds an Ownership Interest in a
Residual Interest Certificate having as among its record holders at any time any
Person which is a Disqualified Organization, and each of the other parties
hereto shall furnish to the Tax Administrator all information in its possession
necessary for the Tax Administrator to discharge such obligation. The Person
holding such Ownership Interest shall be responsible for the reasonable
compensation of the Tax Administrator for providing information thereto pursuant
to this subsection (d)(iii) and Section 10.01(h)(i).

                  (iv) The provisions of this Section 5.02(d) set forth prior to
this clause (iv) may be modified, added to or eliminated, provided that there
shall have been delivered to the Trustee and the Tax Administrator the
following:

                  (A)  written confirmation from each Rating Agency to the
                       effect that the modification of, addition to or
                       elimination of such provisions will not cause an Adverse
                       Rating Event; and

                  (B)  an Opinion of Counsel, in form and substance satisfactory
                       to the Trustee and the Tax Administrator, obtained at the
                       expense of the party seeking such modification of,
                       addition to or elimination of such provisions (but in no
                       event at the expense of the Trustee, the Tax
                       Administrator or the Trust), to the effect that doing so
                       will not (1) cause any REMIC Pool to cease to qualify as
                       a REMIC or be subject to an entity-level tax caused by
                       the Transfer of any Residual Interest Certificate to a
                       Person which is not a Permitted Transferee or (2) cause a
                       Person other than the prospective Transferee to be
                       subject to a REMIC-related tax caused by the Transfer of
                       a Residual Interest Certificate to a Person that is not a
                       Permitted Transferee.

                  (e) If a Person is acquiring any Non-Registered Certificate or
interest therein as a fiduciary or agent for one or more accounts, such Person
shall be required to deliver to the Certificate Registrar (or, in the case of an
interest in a Book-Entry Non-Registered Certificate, to the Certificate Owner
that is transferring such interest) a certification to the effect that, and such
other evidence as may be reasonably required by the Trustee (or such Certificate
Owner) to confirm that, it has (i) sole

                                     -206-
<PAGE>

investment discretion with respect to each such account and (ii) full power to
make the applicable foregoing acknowledgments, representations, warranties,
certifications and agreements with respect to each such account as set forth in
Subsections (b), (c) and/or (d), as appropriate, of this Section 5.02.

                  (f) Subject to the preceding provisions of this Section 5.02,
upon surrender for registration of transfer of any Certificate at the offices of
the Certificate Registrar maintained for such purpose, the Certificate Registrar
shall execute and the Authenticating Agent shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same Class evidencing a like aggregate Percentage Interest
in such Class.

                  (g) At the option of any Holder, its Certificates may be
exchanged for other Certificates of authorized denominations of the same Class
evidencing a like aggregate Percentage Interest in such Class upon surrender of
the Certificates to be exchanged at the offices of the Certificate Registrar
maintained for such purpose. Whenever any Certificates are so surrendered for
exchange, the Certificate Registrar shall execute and the Authenticating Agent
shall authenticate and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive.

                  (h) Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar) be duly endorsed
by, or be accompanied by a written instrument of transfer in the form
satisfactory to the Certificate Registrar duly executed by, the Holder thereof
or his attorney duly authorized in writing.

                  (i) No service charge shall be imposed for any transfer or
exchange of Certificates, but the Trustee or Certificate Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any transfer or exchange of Certificates.

                  (j) All Certificates surrendered for transfer and exchange
shall be physically canceled by the Certificate Registrar, and the Certificate
Registrar shall dispose of such canceled Certificates in accordance with its
standard procedures.

                  SECTION 5.03. Book-Entry Certificates.

                  (a) The Class A-1, Class A-2, Class A-3, Class A-4, Class B,
Class C, Class D, Class E, Class F, Class G, Class X-CL, Class X-CP, Class X-D,
Class H, Class J, Class K, Class L, Class M and Class N Certificates shall, in
the case of each such Class, initially be issued as one or more Certificates
registered in the name of the Depository or its nominee and, except as provided
in Section 5.03(c) and in the fifth paragraph of Section 5.02(b), a Transfer of
such Certificates may not be registered by the Certificate Registrar unless such
Transfer is to a successor Depository that agrees to hold such Certificates for
the respective Certificate Owners with Ownership Interests therein. Such
Certificate Owners shall hold and Transfer their respective Ownership Interests
in and to such Certificates through the book-entry facilities of the Depository
and, except as provided in Section 5.03(c) and in the fifth paragraph of Section
5.02(b), shall not be entitled to definitive, fully registered Certificates
("Definitive Certificates") in respect of such Ownership Interests. The Class
X-CL, Class X-CP, Class X-D, Class H, Class J, Class K, Class L, Class M and
Class N Certificates initially sold to Qualified Institutional Buyers in
reliance on Rule 144A or in reliance on another exemption from the registration
requirements of the Securities Act shall, in the case of each such Class, be
represented by the Rule 144A Global Certificate for such Class, which shall be
deposited with the Trustee as custodian for the Depository and registered in the
name of Cede & Co. as nominee of the Depository. The Class

                                     -207-
<PAGE>

X-CL, Class X-CP, Class X-D, Class H, Class J, Class K, Class L, Class M and
Class N Certificates initially sold in offshore transactions in reliance on
Regulation S shall, in the case of each such Class, be represented by the
Regulation S Global Certificate for such Class, which shall be deposited with
the Trustee as custodian for the Depository and registered in the name of Cede &
Co. as nominee of the Depository. All Transfers by Certificate Owners of their
respective Ownership Interests in the Book-Entry Certificates shall be made in
accordance with the procedures established by the Depository Participant or
brokerage firm representing each such Certificate Owner. Each Depository
Participant shall only transfer the Ownership Interests in the Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository's normal procedures.

                  (b) The Trustee, the Master Servicer, the Special Servicer,
the Depositor and the Certificate Registrar may for all purposes, including the
making of payments due on the Book-Entry Certificates, deal with the Depository
as the authorized representative of the Certificate Owners with respect to such
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the Book-Entry
Certificates shall be limited to those established by law and agreements between
such Certificate Owners and the Depository Participants and brokerage firms
representing such Certificate Owners. Multiple requests and directions from, and
votes of, the Depository as Holder of the Book-Entry Certificates with respect
to any particular matter shall not be deemed inconsistent if they are made with
respect to different Certificate Owners. The Trustee may establish a reasonable
record date in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.

                  (c) If (i)(A) the Depositor advises the Trustee and the
Certificate Registrar in writing that the Depository is no longer willing or
able to properly discharge its responsibilities with respect to a Class of the
Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified
successor, or (ii) the Depositor at its option advises the Trustee and the
Certificate Registrar in writing that it elects to terminate the book-entry
system through the Depository with respect to a Class of Book-Entry
Certificates, the Certificate Registrar shall notify all affected Certificate
Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting
the same.

                  Upon surrender to the Certificate Registrar of the Book-Entry
Certificates of any Class thereof by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Certificate
Registrar shall execute, and the Authenticating Agent shall authenticate and
deliver, the Definitive Certificates in respect of such Class to the Certificate
Owners identified in such instructions. None of the Depositor, the Master
Servicer, the Special Servicer, the Trustee or the Certificate Registrar shall
be liable for any delay in delivery of such instructions, and each of them may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates for purposes of evidencing
ownership of any Class of Registered Certificates, the registered holders of
such Definitive Certificates shall be recognized as Certificateholders hereunder
and, accordingly, shall be entitled directly to receive payments on, to exercise
Voting Rights with respect to, and to transfer and exchange such Definitive
Certificates.

                  (d) Notwithstanding any other provisions contained herein,
neither the Trustee nor the Certificate Registrar shall have any responsibility
whatsoever to monitor or restrict the Transfer of ownership interests in any
Certificate (including but not limited to any Non-Registered Certificate or any

                                     -208-
<PAGE>

Subordinate Certificate) which interests are transferable through the book-entry
facilities of the Depository.

                  SECTION 5.04. Mutilated, Destroyed, Lost or Stolen
Certificates.

                  If (i) any mutilated Certificate is surrendered to the
Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Trustee and the Certificate Registrar such security or
indemnity as may be reasonably required by them to save each of them harmless,
then, in the absence of actual notice to the Trustee or the Certificate
Registrar that such Certificate has been acquired by a bona fide purchaser, the
Certificate Registrar shall execute and the Authenticating Agent shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of the same Class and
like Percentage Interest. Upon the issuance of any new Certificate under this
section, the Trustee and the Certificate Registrar may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of
the Trustee and the Certificate Registrar) connected therewith. Any replacement
Certificate issued pursuant to this section shall constitute complete and
indefeasible evidence of ownership in the applicable REMIC created hereunder, as
if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

                  SECTION 5.05. Persons Deemed Owners.

                  Prior to due presentment for registration of transfer, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions pursuant to Section 4.01 and for all other
purposes whatsoever and none of the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Registrar or any agent of any of them
shall be affected by notice to the contrary.

                                     -209-
<PAGE>

                                   ARTICLE VI

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

                  SECTION 6.01. Liability of Depositor, Master Servicer and
                                Special Servicer.

                  The Depositor, the Master Servicer and the Special Servicer
shall be liable in accordance herewith only to the extent of the respective
obligations specifically imposed upon and undertaken by the Depositor, the
Master Servicer and the Special Servicer herein.

                  SECTION 6.02. Continued Qualification and Compliance of Master
                                Servicer; Merger, Consolidation or Conversion of
                                Depositor, Master Servicer or Special Servicer.

                  Subject to the following paragraph, the Depositor, the Master
Servicer and the Special Servicer shall each keep in full effect its existence,
rights and franchises as a legal entity under the laws of the jurisdiction of
its organization, and each will obtain and preserve its qualification to do
business as a foreign entity in, and will otherwise remain in compliance with
the laws of, each jurisdiction in which such qualification and compliance is or
shall be necessary to protect the validity and enforceability of this Agreement,
the Certificates or any of the Loans and to perform its respective duties under
this Agreement.

                  Each of the Depositor, the Master Servicer and the Special
Servicer may be merged or consolidated with or into any Person, or transfer all
or substantially all of its assets (which, in the case of the Master Servicer or
the Special Servicer, may be limited to all or substantially all of its assets
related to commercial mortgage loan servicing) to any Person, in which case any
Person resulting from any merger or consolidation to which the Depositor, the
Master Servicer or the Special Servicer shall be a party, or any Person
succeeding to the business (which, in the case of the Master Servicer or the
Special Servicer, may be limited to the commercial mortgage loan servicing
business) of the Depositor, the Master Servicer or the Special Servicer, shall
be the successor of the Depositor, the Master Servicer or the Special Servicer,
as the case may be, hereunder, without the execution or filing of any paper or
any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding; provided, however, that no successor or surviving
Person shall succeed to the rights of the Master Servicer or the Special
Servicer unless (i) as confirmed in writing by each of the Rating Agencies, such
succession will not result in an Adverse Rating Event, and (ii) such successor
or surviving Person makes the applicable representations and warranties set
forth in Section 3.23 (in the case of a successor or surviving Person to the
Master Servicer) or Section 3.24 (in the case of a successor or surviving Person
to the Special Servicer), as applicable.

                  SECTION 6.03. Limitation on Liability of Depositor, Master
                                Servicer and Special Servicer.

                  None of the Depositor, the Master Servicer or the Special
Servicer shall be under any liability to the Trust Fund, the Trustee, the
Certificateholders or the Dadeland Mall Companion Loan Noteholder for any action
taken, or not taken, in good faith pursuant to this Agreement, or for errors in
judgment; provided, however, that this provision shall not protect the
Depositor, the Master Servicer or

                                     -210-
<PAGE>

the Special Servicer against any liability to the Trust Fund, the Trustee, the
Certificateholders or the Dadeland Mall Companion Loan Noteholder for the breach
of a representation or warranty made herein by such party, or against any
expense or liability specifically required to be borne by such party without
right of reimbursement pursuant to the terms hereof, or against any liability
which would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of its obligations or duties hereunder or
negligent disregard of such obligations or duties. The Depositor, the Master
Servicer, the Special Servicer and any director, manager, member, officer,
employee or agent of the Depositor, the Master Servicer or the Special Servicer
may rely in good faith on any document of any kind which, prima facie, is
properly executed and submitted by any Person respecting any matters arising
hereunder. The Depositor, the Master Servicer, the Special Servicer and any
director, manager, member, officer, employee or agent of the Depositor, the
Master Servicer or the Special Servicer shall be indemnified and held harmless
by the Trust Fund out of the Pool Custodial Account (or, if and to the extent
the matter relates to the Dadeland Mall Loan Pair, out of the Dadeland Mall
Custodial Account) against any loss, liability or reasonable expense (including
reasonable legal fees and expenses) incurred in connection with any legal action
or claim relating to this Agreement or the Certificates (including in connection
with the dissemination of information and reports as contemplated by this
Agreement), other than any such loss, liability or expense: (i) specifically
required to be borne by the party seeking indemnification, without right of
reimbursement pursuant to the terms hereof; (ii) which constitutes a Servicing
Advance that is otherwise reimbursable hereunder; (iii) incurred in connection
with any legal action or claim against the party seeking indemnification
resulting from any breach on the part of that party of a representation or
warranty made herein; or (iv) incurred in connection with any legal action or
claim against the party seeking indemnification resulting from any willful
misfeasance, bad faith or negligence on the part of that party in the
performance of its obligations or duties hereunder or negligent disregard of
such obligations or duties. None of the Depositor, the Master Servicer or the
Special Servicer shall be under any obligation to appear in, prosecute or defend
any legal action, unless such action is related to its respective duties under
this Agreement and either (i) it is specifically required hereunder to bear the
costs of such action or (ii) such action will not, in its reasonable and good
faith judgment, involve it in any ultimate expense or liability for which it
would not be reimbursed hereunder. Notwithstanding the foregoing, the Depositor,
the Master Servicer or the Special Servicer may in its discretion undertake any
such action which it may deem necessary or desirable with respect to the
enforcement and/or protection of the rights and duties of the parties hereto and
the interests of the Certificateholders (or, if the Dadeland Mall Loan Pair is
affected, the rights of the Certificateholders and the Dadeland Mall Companion
Loan Noteholder (as a collective whole)). In such event, the legal expenses and
costs of such action, and any liability resulting therefrom, shall be expenses,
costs and liabilities of the Trust Fund, and the Depositor, the Master Servicer
and the Special Servicer shall be entitled to be reimbursed therefor from the
Pool Custodial Account as provided in Section 3.05; provided, however, that if
the Dadeland Mall Loan Pair and/or the Dadeland Mall Companion Loan Noteholder
is involved, such expenses, costs and liabilities shall be payable out of the
Dadeland Mall Custodial Account pursuant to Section 3.05A and, to the extent
attributable to the Dadeland Mall Mortgage Loan, shall also be payable out of
the Pool Custodial Account if amounts on deposit in the Dadeland Mall Custodial
Account are insufficient therefor. In no event shall the Master Servicer or the
Special Servicer be liable or responsible for any action taken or omitted to be
taken by the other of them (unless they are the same Person or Affiliates) or
for any action taken or omitted to be taken by the Depositor, the Trustee, any
Certificateholder or the Dadeland Mall Companion Loan Noteholder, subject to the
provisions of Section 8.05(c).

                                     -211-
<PAGE>

                  SECTION 6.04. Resignation of Master Servicer and the Special
                                Servicer.

                  (a) The Master Servicer and, subject to Section 6.09, the
Special Servicer may each resign from the obligations and duties hereby imposed
on it, upon a determination that its duties hereunder are no longer permissible
under applicable law or are in material conflict by reason of applicable law
with any other activities carried on by it (the other activities of the Master
Servicer or the Special Servicer, as the case may be, so causing such a conflict
being of a type and nature carried on by the Master Servicer or the Special
Servicer, as the case may be, at the date of this Agreement). Any such
determination requiring the resignation of the Master Servicer or the Special
Servicer, as applicable, shall be evidenced by an Opinion of Counsel to such
effect which shall be delivered to the Trustee. Unless applicable law requires
the Master Servicer's or Special Servicer's resignation to be effective
immediately, and the Opinion of Counsel delivered pursuant to the prior sentence
so states, no such resignation shall become effective until the Trustee or other
successor shall have assumed the responsibilities and obligations of the
resigning party in accordance with Section 6.09 or Section 7.02 hereof. The
Master Servicer and, subject to the rights of the Controlling Class under
Section 6.09 to appoint a successor special servicer, the Special Servicer shall
each have the right to resign at any other time, provided that (i) a willing
successor thereto reasonably acceptable to the Depositor has been found
(provided that if the Depositor has not responded to a request for consent to a
successor within 15 days, such successor shall be deemed approved thereby), (ii)
each of the Rating Agencies confirms in writing that the successor's appointment
will not result in an Adverse Rating Event, (iii) the resigning party pays all
costs and expenses in connection with such resignation and the resulting
transfer of servicing, and (iv) the successor accepts appointment prior to the
effectiveness of such resignation and agrees in writing to be bound by the terms
and conditions of this Agreement. Neither the Master Servicer nor the Special
Servicer shall be permitted to resign except as contemplated above in this
Section 6.04(a).

                  (b) Consistent with Section 6.04(a), neither the Master
Servicer nor the Special Servicer shall, except as expressly provided herein,
assign or transfer any of its rights, benefits or privileges hereunder to any
other Person or, except as provided in Sections 3.22, 4.06, 7.01(c) and 7.01(d),
delegate to or subcontract with, or authorize or appoint any other Person to
perform any of the duties, covenants or obligations to be performed by it
hereunder. If, pursuant to any provision hereof, the duties of the Master
Servicer or the Special Servicer are transferred to a successor thereto, the
Master Servicing Fee, the Special Servicing Fee, any Workout Fee (except as
expressly contemplated by Section 3.11(c)) and/or any Liquidation Fee, as
applicable, that accrues or otherwise becomes payable pursuant hereto from and
after the date of such transfer shall be payable to such successor.

                  SECTION 6.05. Rights of Depositor, Trustee and the Dadeland
                                Mall Companion Loan Noteholder in Respect of the
                                Master Servicer and the Special Servicer.

                  The Master Servicer and the Special Servicer shall each afford
the Depositor, each Underwriter, the Trustee and the Dadeland Mall Companion
Loan Noteholder, upon reasonable notice, during normal business hours access to
all records maintained thereby in respect of its rights and obligations
hereunder. Upon reasonable request, the Master Servicer and the Special Servicer
shall each furnish the Depositor, each Underwriter, the Trustee and the Dadeland
Mall Companion Loan Noteholder with its most recent publicly available financial
statements and such other non-proprietary information as the Master Servicer or
the Special Servicer, as the case may be, shall determine in its sole and
absolute discretion as it possesses, which is relevant to the performance of its
duties hereunder and

                                     -212-
<PAGE>

which it is not prohibited by applicable law or contract from disclosing. The
Depositor may, but is not obligated to, enforce the obligations of the Master
Servicer and the Special Servicer hereunder and may, but is not obligated to,
perform, or cause a designee to perform, any defaulted obligation of the Master
Servicer or Special Servicer hereunder or exercise the rights of the Master
Servicer and the Special Servicer hereunder; provided, however, that neither the
Master Servicer nor the Special Servicer shall be relieved of any of its
obligations hereunder by virtue of such performance by the Depositor or its
designee and, provided, further, that the Depositor may not exercise any right
pursuant to Section 7.01 to terminate the Master Servicer or the Special
Servicer as a party to this Agreement. The Depositor shall not have any
responsibility or liability for any action or failure to act by the Master
Servicer or the Special Servicer and is not obligated to supervise the
performance of the Master Servicer or the Special Servicer under this Agreement
or otherwise.

                  SECTION 6.06. Depositor, Master Servicer and Special Servicer
                                to Cooperate with Trustee.

                  The Depositor, the Master Servicer and the Special Servicer
shall each furnish such reports, certifications and information as are
reasonably requested by the Trustee in order to enable it to perform its duties
hereunder.

                  SECTION 6.07. Depositor, Special Servicer and Trustee to
                                Cooperate with Master Servicer.

                  The Depositor, the Special Servicer and the Trustee shall each
furnish such reports, certifications and information as are reasonably requested
by the Master Servicer in order to enable it to perform its duties hereunder.

                  SECTION 6.08. Depositor, Master Servicer and Trustee to
                                Cooperate with Special Servicer.

                  The Depositor, the Master Servicer and the Trustee shall each
furnish such reports, certifications and information as are reasonably requested
by the Special Servicer in order to enable it to perform its duties hereunder.

                  SECTION 6.09. Designation of Special Servicer and Controlling
                                Class Representative by the Controlling Class.

                  (a) The Holder or Holders of the Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class may at any time
and from time to time designate a Person to serve as Special Servicer hereunder
and to replace any existing Special Servicer or any Special Servicer that has
resigned or otherwise ceased to serve (including in connection with termination
pursuant to Section 7.01) as Special Servicer. Such Holder or Holders shall so
designate a Person to serve as replacement Special Servicer by the delivery to
the Trustee, the Master Servicer, the Dadeland Mall Companion Loan Noteholder
and the existing Special Servicer of a written notice stating such designation.
The Trustee shall, promptly after receiving any such notice, deliver to the
Rating Agencies an executed Notice and Acknowledgment in the form attached
hereto as Exhibit I-1. If such Holders have not replaced the Special Servicer
within 30 days of such Special Servicer's resignation or the date such Special
Servicer has ceased to serve in such capacity, the Trustee shall designate a
successor Special Servicer, subject to removal by the Controlling Class and
appointment of a successor thereto

                                     -213-
<PAGE>

pursuant to the terms of this Section 6.09. Any designated Person (whether
designated by Holders of the Controlling Class or by the Trustee) shall become
the Special Servicer on the date as of which the Trustee shall have received all
of the following: (1) written confirmation from all of the Rating Agencies that
the appointment of such Person will not result in an Adverse Rating Event; (2)
an Acknowledgment of Proposed Special Servicer in the form attached hereto as
Exhibit I-2, executed by the designated Person, and (3) an Opinion of Counsel
(at the expense of the Person designated to become the Special Servicer) to the
effect that, upon the execution and delivery of the Acknowledgment of Proposed
Special Servicer, the designated Person shall be bound by the terms of this
Agreement and, subject to customary limitations, that this Agreement shall be
enforceable against the designated Person in accordance with its terms. Any
existing Special Servicer shall be deemed to have resigned simultaneously with
such designated Person's becoming the Special Servicer hereunder; provided,
however, that (i) the resigning Special Servicer shall continue to be entitled
to receive all amounts accrued or owing to it under this Agreement on or prior
to the effective date of such resignation, whether in respect of Servicing
Advances or otherwise, (ii) if the resigning Special Servicer was terminated
without cause, it shall be entitled to a portion of certain Workout Fees
thereafter payable with respect to the Corrected Loans (but only if and to the
extent permitted by Section 3.11(c)) and (iii) the resigning Special Servicer
shall continue to be entitled to the benefits of Section 6.03 notwithstanding
any such resignation. Such resigning Special Servicer shall cooperate with the
Trustee and the replacement Special Servicer in effecting the termination of the
resigning Special Servicer's responsibilities and rights hereunder, including
the transfer within two Business Days to the replacement Special Servicer for
administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to a Custodial Account, a Servicing
Account, a Reserve Account or an REO Account or should have been delivered to
the Master Servicer or that are thereafter received with respect to Specially
Serviced Loans and REO Properties. The Trustee shall notify the other parties
hereto, the Certificateholders and the Dadeland Mall Companion Loan Noteholder
of any termination of the Special Servicer and appointment of a new Special
Servicer in accordance with this Section 6.09.

                  Any out-of-pocket costs and expenses incurred in connection
with the removal of a Special Servicer and its replacement by a Person
designated by the Holder or Holders of Certificates evidencing a majority of the
Voting Rights allocated to the Controlling Class, that are not paid by the
replacement Special Servicer shall be paid by such Holder or Holders.

                  (b) The Holder or Holders of the Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class may also select
a representative (the "Controlling Class Representative") from whom the Special
Servicer will seek advice and approval and take direction under certain
circumstances, as described herein, and shall promptly notify the Trustee, the
Master Servicer and the Special Servicer of that selection; provided that, if no
such selection is made, any single Holder of Certificates evidencing a majority
of the Voting Rights allocated to the Controlling Class, shall be deemed to be
the Controlling Class Representative. The Controlling Class Representative shall
be required to keep all non-public information received by it in such capacity
pursuant to this Agreement confidential and, upon its designation as such, shall
deliver to the Trustee a confirmation to such effect.

                  (c) Notwithstanding the foregoing, if the Controlling Class
consists of Book-Entry Certificates, then the rights of the Holders of the
Controlling Class set forth above in this Section 6.09 may be exercised directly
by the relevant Certificate Owners, provided that the identity of such
Certificate Owners has been confirmed to the Trustee to its reasonable
satisfaction.

                                     -214-
<PAGE>

                  SECTION 6.10. Master Servicer or Special Servicer as Owner of
                                a Certificate.

                  The Master Servicer, the Special Servicer or any Affiliate of
either of them may become the Holder of (or, in the case of a Book-Entry
Certificate, Certificate Owner with respect to) any Certificate with (except as
otherwise set forth in the definition of "Certificateholder") the same rights it
would have if it were not the Master Servicer or the Special Servicer or an
Affiliate thereof. If, at any time during which the Master Servicer or the
Special Servicer or an Affiliate of the Master Servicer or the Special Servicer
is the Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner
with respect to) any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action)
that is not expressly prohibited by the terms hereof and would not, in the
Master Servicer's or the Special Servicer's reasonable, good faith judgment,
violate the Servicing Standard, but that, if taken, might nonetheless, in the
Master Servicer's or the Special Servicer's good faith judgment, be considered
by other Persons to violate the Servicing Standard, then the Master Servicer or
the Special Servicer may (but need not) seek the approval of the
Certificateholders to such action by delivering to the Trustee a written notice
that (a) states that it is delivered pursuant to this Section 6.10, (b)
identifies the Percentage Interest in each Class of Certificates beneficially
owned by the Master Servicer or an Affiliate thereof or the Special Servicer or
an Affiliate thereof, as appropriate, and (c) describes in reasonable detail the
action that the Master Servicer or the Special Servicer proposes to take. The
Trustee, upon receipt of such notice, shall forward it to the Certificateholders
(other than the Master Servicer and its Affiliates or the Special Servicer and
its Affiliates, as appropriate), together with such instructions for response as
the Trustee shall reasonably determine. If at any time Certificateholders
holding greater than 50% of the Voting Rights of all Certificateholders
(calculated without regard to the Certificates beneficially owned by the Master
Servicer or its Affiliates or the Special Servicer or its Affiliates, as
appropriate) shall have failed to object in writing (with a copy to the Dadeland
Mall Companion Loan Noteholder, if the Dadeland Mall Loan Pair is involved) to
the proposal described in the written notice, and if the Master Servicer or the
Special Servicer shall act as proposed in the written notice within 30 days,
such action shall be deemed to comply with, but not modify, the Servicing
Standard. The Trustee shall be entitled to reimbursement from the Master
Servicer or the Special Servicer, as applicable, for the reasonable expenses of
the Trustee incurred pursuant to this paragraph. It is not the intent of the
foregoing provision that the Master Servicer or the Special Servicer be
permitted to invoke the procedure set forth herein with respect to routine
servicing matters arising hereunder, but rather only in the case of unusual
circumstances.

                  SECTION 6.11. Certain Powers of the Controlling Class
                                Representative.

                  (a) Subject to Section 6.11(b), the Controlling Class
Representative will be entitled to advise the Special Servicer with respect to
the following actions of the Special Servicer; and, further subject to Section
6.11(b), the Special Servicer will not be permitted to take any of the following
actions unless and until it has notified the Controlling Class Representative in
writing (with a copy to the Dadeland Mall Companion Loan Noteholder, if the
Dadeland Mall Loan Pair is involved) and the Controlling Class Representative
has not objected in writing within 10 Business Days of having been notified
thereof and having been provided with all information that the Controlling Class
Representative has reasonably requested with respect thereto promptly following
its receipt of the subject notice (it being understood and agreed that if such
written objection has not been received by the Special Servicer within such
10-Business Day period, then the Controlling Class Representative will be deemed
to have approved the taking of the subject action):

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                      (i) any foreclosure upon or comparable conversion (which
           may include acquisitions of an REO Property) of the ownership of
           properties securing such of the Specially Serviced Loans as come into
           and continue in default;

                      (ii) any modification, extension, amendment or waiver of a
           monetary term (including the timing of payments) or any material
           non-monetary term (including any material term relating to insurance)
           of a Specially Serviced Loan;

                      (iii) any proposed sale of an REO Property (other than in
           connection with the termination of the Trust Fund) for less than the
           Purchase Price;

                      (iv) any acceptance of a discounted payoff with respect to
           a Specially Serviced Loan;

                      (v) any determination to bring a Mortgaged Property or an
           REO Property into compliance with applicable environmental laws or to
           otherwise address Hazardous Materials located at a Mortgaged Property
           or an REO Property;

                      (vi) any release of collateral for a Specially Serviced
           Loan (other than in accordance with the terms of, or upon
           satisfaction of, such Loan);

                      (vii) any acceptance of substitute or additional
           collateral for a Specially Serviced Loan (other than in accordance
           with the terms of such Mortgage Loan);

                      (viii) any waiver of a "due-on-sale" or
           "due-on-encumbrance" clause with respect to any Loan; and

                      (ix) any acceptance of an assumption agreement releasing a
           borrower from liability under a Loan;

provided that, in the event that the Special Servicer determines that immediate
action is necessary to protect the interests of the Certificateholders (as a
collective whole) (or, in the case of the Dadeland Mall Loan Pair, to protect
the interests of the Certificateholders and the Dadeland Mall Companion Loan
Noteholder (as a collective whole)), the Special Servicer may take any such
action without waiting for the Controlling Class Representative's response; and
provided, further, that, in the case of the Dadeland Mall Loan Pair, upon
request of the Dadeland Mall Companion Loan Noteholder during the 10 Business
Day period referred to above, the Special Servicer shall consult with the
Dadeland Mall Companion Loan Noteholder regarding its views as to the proposed
action (but may, in its sole discretion, reject any advice or direction from the
Dadeland Mall Companion Loan Noteholder).

                  In addition, the Controlling Class Representative may direct
the Special Servicer to take, or to refrain from taking, such actions as the
Controlling Class Representative may deem advisable or as to which provision is
otherwise made herein subject to Section 6.11(b). Upon reasonable request, the
Special Servicer shall provide the Controlling Class Representative with any
information in the Special Servicer's possession with respect to such matters,
including its reasons for determining to take a proposed action; provided that
such information shall also be provided, in a written format, to the Trustee,
who shall make it available for review pursuant to Section 8.14(b) and, insofar
as the Dadeland Mall Loan Pair is involved, for review by the Dadeland Mall
Companion Loan Noteholder.

                                     -216-
<PAGE>

                  Each of the Master Servicer and the Special Servicer shall
notify the Controlling Class Representative (and, in the case of the Dadeland
Mall Loan Pair, the Dadeland Mall Companion Loan Noteholder) of any release or
substitution of collateral for a Loan even if such release or substitution is in
accordance with such Loan.

                  (b) Notwithstanding anything herein to the contrary, no
advice, direction or objection from or by the Controlling Class Representative,
as contemplated by Section 6.11(a), may (and the Special Servicer shall ignore
and act without regard to any such advice, direction or objection that the
Special Servicer has determined, in its reasonable, good faith judgment, would)
require or cause the Special Servicer to violate any provision of this Agreement
(exclusive of Section 6.11(a)) (including the Special Servicer's obligation to
act in accordance with the Servicing Standard), the related loan documents or
the REMIC Provisions. Furthermore, the Special Servicer shall not be obligated
to seek approval from the Controlling Class Representative for any actions to be
taken by the Special Servicer with respect to any particular Specially Serviced
Loan if:

                      (i) the Special Servicer has, as provided in Section
           6.11(a), notified the Controlling Class Representative in writing of
           various actions that the Special Servicer proposes to take with
           respect to the workout or liquidation of that Mortgage Loan; and

                      (ii) for 60 days following the first such notice, the
           Controlling Class Representative has objected to all of those
           proposed actions and has failed to suggest any alternative actions
           that the Special Servicer considers to be consistent with the
           Servicing Standard.

In addition, notwithstanding anything herein to the contrary, if the unpaid
principal amount of the Dadeland Mall Companion Loan (net of any existing
Appraisal Reduction Amount calculated in respect of the Dadeland Mall Loan Pair
as if it was a single Mortgage Loan) is equal to or greater than 50% of the
original unpaid principal amount of the Dadeland Mall Companion Loan, then: (A)
the Controlling Class Representative shall not be authorized to exercise any of
its rights and powers provided for in Section 6.11(a) with respect to the
Dadeland Mall Loan Pair; and (B) Section 6.11A(a) shall apply with respect to
the Dadeland Mall Loan Pair, instead of Section 6.11(a).

                  (c) The Controlling Class Representative will have no
liability to the Certificateholders or the Dadeland Mall Companion Loan
Noteholder for any action taken, or for refraining from the taking of any
action, in good faith pursuant to this Agreement, or for errors in judgment;
provided, however, that the Controlling Class Representative will not be
protected against any liability which would otherwise be imposed by reason of
willful misfeasance, bad faith or negligence in the performance of duties or by
reason of negligent disregard of obligations or duties. Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the
Controlling Class Representative may, and is permitted hereunder to, have
special relationships and interests that conflict with those of Holders of one
or more Classes of Certificates; (ii) the Controlling Class Representative may,
and is permitted hereunder to, act solely in the interests of the Holders of the
Controlling Class; (iii) the Controlling Class Representative does not have any
duties to the Holders of any Class of Certificates other than the Controlling
Class; (iv) the Controlling Class Representative may, and is permitted hereunder
to, take actions that favor interests of the Holders of the Controlling Class
over the interests of the Holders of one or more other Classes of Certificates;
(v) the Controlling Class Representative shall not be deemed to have been
negligent or reckless, or to have acted in bad faith or

                                     -217-
<PAGE>

engaged in willful misconduct, by reason of its having acted solely in the
interests of the Holders of the Controlling Class; and (vi) the Controlling
Class Representative shall have no liability whatsoever for having so acted, and
no Certificateholder may take any action whatsoever against the Controlling
Class Representative, any Holder of the Controlling Class or any director,
officer, employee, agent or principal thereof for having so acted.

                  (d) The Dadeland Mall Companion Loan Noteholder shall be
entitled to receive, upon request made to any party hereto, a copy of any notice
or report required to be delivered (upon request or otherwise) by such party to
the Controlling Class Representative or the Trustee with respect to the Dadeland
Mall Loan Pair. Any such party shall be permitted to require payment of a sum
sufficient to cover the reasonable costs and expenses of providing such copies.

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

                  (a) Subject to Section 6.11A(b), the Dadeland Mall Companion
Loan Noteholder will be entitled to advise the Special Servicer with respect to
the following actions of the Special Servicer in connection with the Dadeland
Mall Loan Pair; and, further subject to Section 6.11A(b), the Special Servicer
will not be permitted to take any of the following actions with respect to the
Dadeland Mall Loan Pair unless and until it has notified the Dadeland Mall
Companion Loan Noteholder in writing and the Dadeland Mall Companion Loan
Noteholder has not objected in writing within 10 Business Days of having been
notified thereof and having been provided with all reasonably requested
information with respect thereto (it being understood and agreed that if such
written objection has not been received by the Special Servicer within such 10
Business Day period, then the Dadeland Mall Companion Loan Noteholder will be
deemed to have approved of the subject action):

                      (i) any foreclosure upon or comparable conversion (which
           may include acquisition of the Dadeland Mall REO Property) of the
           ownership of the Dadeland Mall Mortgaged Property and the other
           collateral securing the Dadeland Mall Loan Pair if the Loans in the
           Dadeland Mall Loan Pair come into and continue in default;

                      (ii) any modification, amendment or waiver of a monetary
           term (including the timing of payments) or any material non-monetary
           term (including any material term relating to insurance) of the
           Dadeland Mall Mortgage Loan and/or the Dadeland Mall Companion Loan;

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

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

                      (v) any determination to bring the Dadeland Mall Mortgaged
           Property into compliance with applicable environmental laws or to
           otherwise address Hazardous Materials located at such Mortgaged
           Property;

                      (vi) any release of collateral for the Dadeland Mall Loan
           Pair (other than in accordance with the terms of, or upon
           satisfaction of, the Dadeland Mall Loan Pair);

                                     -218-
<PAGE>

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

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

                      (ix) any acceptance of an assumption agreement releasing
           the Mortgagor from liability under the Dadeland Mall Loan Pair;

provided that, in the event that the Special Servicer determines that immediate
action is necessary to protect the interests of the Certificateholders and the
Dadeland Mall Companion Loan Noteholder (as a collective whole), the Special
Servicer may take any such action without waiting for the Dadeland Mall
Companion Loan Noteholder's response.

                  In addition, subject to Section 6.11A(b), with respect to the
Dadeland Mall Loan Pair, the Dadeland Mall Companion Loan Noteholder may direct
the Special Servicer to take, or to refrain from taking, such actions as the
Dadeland Mall Companion Loan Noteholder may deem advisable or as to which
provision is otherwise made herein. Upon reasonable request, the Special
Servicer shall, with respect to the Dadeland Mall Loan Pair, provide the
Dadeland Mall Companion Loan Noteholder with any information in the Special
Servicer's possession with respect to such matters, including its reasons for
determining to take a proposed action.

                  (b) Notwithstanding anything herein to the contrary, no
advice, direction or objection from or by the Dadeland Mall Companion Loan
Noteholder, as contemplated by Section 6.11A(a), may (and the Special Servicer
shall ignore and act without regard to any such advice, direction or objection
that the Special Servicer has determined, in its reasonable, good faith
judgment, would) require or cause the Special Servicer to violate any provision
of this Agreement (exclusive of Section 6.11A(a)) (including the Special
Servicer's obligation to act in accordance with the Servicing Standard), or the
related loan documents or the REMIC Provisions. Furthermore, the Special
Servicer shall not be obligated to seek approval from the Dadeland Mall
Companion Loan Noteholder for any actions to be taken by the Special Servicer
with respect to the Dadeland Mall Loan Pair if:

                      (i) the Special Servicer has, as provided in Section
           6.11A(a), notified the Dadeland Mall Companion Loan Noteholder in
           writing of various actions that the Special Servicer proposes to take
           with respect to the workout or liquidation of the Dadeland Mall Loan
           Pair; and

                      (ii) for 60 days following the first such notice, the
           Dadeland Mall Companion Loan Noteholder has objected to all of those
           proposed actions and has failed to suggest any alternative actions
           that the Special Servicer considers to be consistent with the
           Servicing Standard.

                  In addition, notwithstanding anything herein to the contrary,
unless the unpaid principal amount of the Dadeland Mall Companion Loan (net of
any existing Appraisal Reduction Amount calculated in respect of the Dadeland
Mall Loan Pair) is equal to or greater than 50% of the original unpaid principal
amount of the Dadeland Mall Companion Loan, then: (i) the Dadeland Mall
Companion Loan Noteholder shall not be authorized to exercise any of its rights
and powers provided for in Section 6.11A(a) with respect to the Dadeland Mall
Companion Loan or the Dadeland Mall

                                     -219-
<PAGE>

Mortgage Loan; and (ii) Section 6.11(a) shall apply with respect to the Dadeland
Mall Companion Loan and the Dadeland Mall Mortgage Loan, instead of Section
6.11A(a).

                  (c) The Dadeland Mall Companion Loan Noteholder will not have
any liability to the Trust or the Certificateholders for any action taken, or
for refraining from the taking of any action, in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that the Dadeland Mall
Companion Loan Noteholder will not be protected against any liability which
would otherwise be imposed by reason of willful misfeasance, bad faith or
negligence in the performance of duties or by reason of negligent disregard of
obligations or duties.

                  (d) The Dadeland Mall Companion Loan Noteholder may designate,
in writing, a representative to exercise its rights and powers under this
Section 6.11A or otherwise under this Agreement (copies of such writing to be
delivered to each of the parties hereto). Such designation shall remain in
effect until it is revoked by the Dadeland Mall Companion Loan Noteholder by a
writing delivered to each of the parties hereto.

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

                                     -220-
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                  SECTION 7.01. Events of Default.

                  (a) "Event of Default", wherever used herein, means any one of
the following events:

                      (i) any failure by the Master Servicer to deposit into a
           Custodial Account, any amount, including a P&I Advance, required to
           be so deposited or remitted by it under this Agreement, which failure
           continues unremedied for one Business Day following the date on which
           a deposit or remittance was first required to be made; or

                      (ii) any failure by the Special Servicer to deposit into
           an REO Account or to deposit into, or to remit to the Master Servicer
           for deposit into, a Custodial Account, any amount required to be so
           deposited or remitted under this Agreement, which failure continues
           unremedied for one Business Day following the date on which a deposit
           or remittance was first required to be made; or

                      (iii) any failure by the Master Servicer to deposit into,
           or remit to the Trustee for deposit into, the Collection Account, any
           amount (including any P&I Advances and any amounts to cover
           Prepayment Interest Shortfalls) required to be so deposited or
           remitted by it under this Agreement, which failure continues
           unremedied until 11:00 a.m. (New York City time) on the applicable
           Distribution Date, or any failure by the Master Servicer to make, on
           a timely basis, the required payments (including any P&I Advances) to
           the Dadeland Mall Companion Loan Noteholder on any Master Servicer
           Remittance Date, which failure continues unremedied until 11:00 a.m.
           (New York City time) on the Business Day after such remittance date;
           or

                      (iv) any failure by the Master Servicer or the Special
           Servicer to timely make any Servicing Advance required to be made by
           it hereunder, which Servicing Advance remains unmade for a period of
           three Business Days following the date on which notice shall have
           been given to the Master Servicer or the Special Servicer, as the
           case may be, by the Trustee as provided in Section 3.11(f); or

                      (v) any failure on the part of the Master Servicer or the
           Special Servicer duly to observe or perform in any material respect
           any other covenants or agreements on the part of the Master Servicer
           or the Special Servicer, as the case may be, contained in this
           Agreement, which continues unremedied for a period of 30 days (15
           days in the case of payment of insurance premiums) after the date on
           which written notice of such failure, requiring the same to be
           remedied, shall have been given to the Master Servicer or the Special
           Servicer, as the case may be, by any other party hereto or to the
           Master Servicer or the Special Servicer, as the case may be (with a
           copy to each other party hereto), by the Dadeland Mall Companion Loan
           Noteholder (if affected thereby) or the Holders of Certificates
           entitled to at least 25% of the Voting Rights, provided, however,
           that with respect to any such failure which is not curable within
           such 30-day period, the Master Servicer or the Special Servicer, as
           the case may be, shall have an additional cure period of 30 days to
           effect such cure so long as the Master Servicer or the Special
           Servicer,

                                     -221-
<PAGE>

           as the case may be, has commenced to cure such failure within the
           initial 30-day period and has provided the Trustee and, if affected
           thereby, the Dadeland Mall Companion Loan Noteholder with an
           Officer's Certificate certifying that it has diligently pursued, and
           is diligently continuing to pursue, a full cure; or

                      (vi) any breach on the part of the Master Servicer or the
           Special Servicer of any of its representations or warranties
           contained in this Agreement that materially and adversely affects the
           interests of any Class of Certificateholders or the Dadeland Mall
           Companion Loan Noteholder and which breach continues unremedied for a
           period of 30 days after the date on which written notice of such
           breach, requiring the same to be remedied, shall have been given to
           the Master Servicer or the Special Servicer, as the case may be, by
           any other party hereto or to the Master Servicer or the Special
           Servicer, as the case may be (with a copy to each other party
           hereto), by the Dadeland Mall Companion Loan Noteholder (if affected
           thereby) or the Holders of Certificates entitled to at least 25% of
           the Voting Rights, provided, however, that with respect to any such
           breach which is not curable within such 30-day period, the Master
           Servicer or the Special Servicer, as the case may be, shall have an
           additional cure period of 30 days so long as the Master Servicer or
           the Special Servicer, as the case may be, has commenced to cure such
           breach within the initial 30-day period and provided the Trustee and
           the Dadeland Mall Companion Loan Noteholder with an Officer's
           Certificate certifying that it has diligently pursued, and is
           diligently continuing to pursue, a full cure; or

                      (vii) a decree or order of a court or agency or
           supervisory authority having jurisdiction in the premises in an
           involuntary case under any present or future federal or state
           bankruptcy, insolvency or similar law for the appointment of a
           conservator, receiver, liquidator, trustee or similar official in any
           bankruptcy, insolvency, readjustment of debt, marshaling of assets
           and liabilities or similar proceedings, or for the winding-up or
           liquidation of its affairs, shall have been entered against the
           Master Servicer or the Special Servicer and such decree or order
           shall have remained in force undischarged, undismissed or unstayed
           for a period of 60 days; or

                      (viii) the Master Servicer or the Special Servicer shall
           consent to the appointment of a conservator, receiver, liquidator,
           trustee or similar official in any bankruptcy, insolvency,
           readjustment of debt, marshaling of assets and liabilities or similar
           proceedings of or relating to it or of or relating to all or
           substantially all of its property; or

                      (ix) the Master Servicer or the Special Servicer shall
           admit in writing its inability to pay its debts generally as they
           become due, file a petition to take advantage of any applicable
           bankruptcy, insolvency or reorganization statute, make an assignment
           for the benefit of its creditors, voluntarily suspend payment of its
           obligations, or take any corporate action in furtherance of the
           foregoing; or

                      (x) one or more ratings assigned by Moody's to the
           Certificates has been qualified, downgraded or withdrawn, or
           otherwise made the subject of a "negative" credit watch, which
           Moody's has determined, and given notice in writing (including
           through a publication or newsletter) or electronically (including
           through an internet website), is solely or in material part a result
           of the Master Servicer or Special Servicer, as the case may be,
           acting in such capacity; or

                                     -222-
<PAGE>

                      (xi) the Master Servicer or the Special Servicer is
           removed from S&P's approved master servicer list or special servicer
           list, as the case may be, and the ratings of any of the Certificates
           (or the Dadeland Mall Companion Loan Securities (if the Dadeland Mall
           Companion Loan is then serviced and administered hereunder)) by S&P
           are qualified, downgraded or withdrawn in connection with the
           removal.

                  When a single entity acts as the Master Servicer and the
Special Servicer, an Event of Default in one capacity shall constitute an Event
of Default in the other capacity.

                  (b) If any Event of Default described in clauses (i) - (ix)
and (xi) of subsection (a) above shall occur with respect to the Master Servicer
or the Special Servicer (in either case, for purposes of this Section 7.01(b),
the "Defaulting Party") and shall be continuing, then, and in each and every
such case, so long as such Event of Default shall not have been remedied, the
Trustee may, and at the written direction of the Holders of Certificates
entitled to at least 25% of the Voting Rights or, to the extent that it is
affected by such Event of Default, the Dadeland Mall Companion Loan Noteholder,
the Trustee shall, by notice in writing to the Defaulting Party (with a copy of
such notice to each other party hereto and the Rating Agencies) terminate,
subject to Section 7.01(d), all of the rights and obligations (but not the
liabilities for actions and omissions occurring prior thereto) of the Defaulting
Party under this Agreement and in and to the Trust Fund and the Dadeland Mall
Companion Loan, other than its rights, if any, as a Certificateholder hereunder
or as the holder of the Dadeland Mall Companion Loan or any interest therein. If
any Event of Default described in clause (x) of subsection (a) above shall occur
with respect to the Master Servicer or the Special Servicer (in either case,
under such circumstances, for purposes of this Section 7.01(b), the "Defaulting
Party"), the Trustee shall, by notice in writing (to be sent immediately by
facsimile transmission) to the Defaulting Party (with a copy of such notice to
each other party hereto and the Rating Agencies), terminate, subject to Section
7.01(d), all of the rights and obligations (but not the liabilities for actions
and omissions occurring prior thereto) of the Defaulting Party under this
Agreement and in and to the Trust Fund and the Dadeland Mall Companion Loan,
other than its rights, if any, as a Certificateholder hereunder or as the holder
of the Dadeland Mall Companion Loan or any interest therein, within 30 days
following the occurrence of such Event of Default. From and after the receipt by
the Defaulting Party of such written notice of termination, all authority and
power of the Defaulting Party under this Agreement, whether with respect to the
Certificates (other than as a holder of any Certificate), the Loans (other than
as a holder thereof or any interest therein) or otherwise, shall pass to and be
vested in the Trustee pursuant to and under this section, and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of and at the expense of the Defaulting Party, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such notice of termination, whether to complete the transfer and
endorsement or assignment of the Loans and related documents, or otherwise. The
Master Servicer and the Special Servicer each agree that, if it is terminated
pursuant to this Section 7.01(b), it shall promptly (and in any event no later
than 10 Business Days subsequent to its receipt of the notice of termination)
provide the Trustee with all documents and records, including those in
electronic form, requested thereby to enable the Trustee to assume the Master
Servicer's or Special Servicer's, as the case may be, functions hereunder, and
shall cooperate with the Trustee in effecting the termination of the Master
Servicer's or Special Servicer's, as the case may be, responsibilities and
rights hereunder, including (i) if the Master Servicer is the Defaulting Party,
the immediate transfer to the Trustee or a successor Master Servicer for
administration by it of all cash amounts that shall at the time be or should
have been credited by the Master Servicer to a Custodial Account, the Collection
Account, the Defeasance Deposit Account, a Servicing Account or a

                                     -223-
<PAGE>

Reserve Account or that are thereafter received by or on behalf of it with
respect to any Loan or (ii) if the Special Servicer is the Defaulting Party, the
transfer within two Business Days to the Trustee or a successor Special Servicer
for administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to an REO Account, a Custodial
Account, a Servicing Account or a Reserve Account or should have been delivered
to the Master Servicer or that are thereafter received by or on behalf of it
with respect to any Loan or REO Property; provided, however, that the Master
Servicer and the Special Servicer each shall, if terminated pursuant to this
Section 7.01(b), continue to be entitled to receive all amounts accrued or owing
to it under this Agreement on or prior to the date of such termination, whether
in respect of Advances or otherwise, and it shall continue to be entitled to the
benefits of Section 6.03 notwithstanding any such termination. Any cost or
expenses in connection with any actions to be taken by any party hereto pursuant
to this paragraph shall be borne by the Defaulting Party and if not paid by the
Defaulting Party within 90 days after the presentation of reasonable
documentation of such costs and expenses, such expense shall be reimbursed by
the Trust Fund; provided, however, that the Defaulting Party shall not thereby
be relieved of its liability for such expenses. For purposes of this Section
7.01 and also for purposes of Section 7.03(b), the Trustee shall not be deemed
to have knowledge of an event which constitutes, or which with the passage of
time or notice, or both, would constitute an Event of Default unless a
Responsible Officer of the Trustee assigned to and working in the Trustee's
Corporate Trust Office has actual knowledge thereof or unless notice of any
event which is in fact such an Event of Default is received by the Trustee and
such notice references the Certificates, the Trust Fund or this Agreement.

                  (c) In the case of an Event of Default under Section
7.01(a)(x) or (xi) of which the Trustee has notice, the Trustee shall provide
written notice thereof to the Master Servicer promptly upon receipt of such
notice. Notwithstanding Section 7.01(b), if the Master Servicer receives a
notice of termination under Section 7.01(b) solely due to an Event of Default
under 7.01(a)(x) or (xi), and if the terminated Master Servicer provides the
Trustee with the appropriate "request for proposal" materials within five
Business Days following such termination, then the Master Servicer shall
continue to serve in such capacity hereunder until a successor thereto is
selected in accordance with this Section 7.01(c) or the expiration of 45 days
from the Master Servicer's receipt of the notice of termination, whichever
occurs first. Upon receipt of such "request for proposal" materials from the
terminated Master Servicer, the Trustee shall promptly thereafter (using such
"request for proposal" materials) solicit good faith bids for the rights to
master service the Loans under this Agreement from at least three (3) Persons
qualified to act as a successor Master Servicer hereunder in accordance with
Section 6.02 and Section 7.02 (any such Person so qualified, a "Qualified
Bidder") or, if three (3) Qualified Bidders cannot be located, then from as many
Persons as the Trustee can determine are Qualified Bidders; provided that at the
Trustee's request, the terminated Master Servicer shall supply the Trustee with
the names of Persons from whom to solicit such bids; and provided, further, that
the Trustee shall not be responsible if less than three (3) or no Qualified
Bidders submit bids for the right to master service the Loans under this
Agreement. The bid proposal shall require any Successful Bidder (as defined
below), as a condition of such bid, to enter into this Agreement as successor
Master Servicer, and to agree to be bound by the terms hereof, within 45 days
after the receipt of notice of termination by the terminated Master Servicer.
The Trustee shall solicit bids: (i) on the basis of such successor Master
Servicer retaining all Sub-Servicers to continue the primary servicing of the
Loans pursuant to the terms of the respective Sub-Servicing Agreements and to
enter into a Sub-Servicing Agreement with the terminated Master Servicer to
sub-service each of the Loans not subject to a Sub-Servicing Agreement at a
sub-servicing fee rate per annum equal to the Master Servicing Fee Rate minus
two and one-half (2.5) basis points per Loan serviced (each, a
"Servicing-Retained Bid"); and (ii) on the basis of terminating each Sub-

                                     -224-
<PAGE>

Servicing Agreement and Sub-Servicer that it is permitted to terminate in
accordance with Section 3.22 (each, a "Servicing-Released Bid"). The Trustee
shall select the Qualified Bidder with the highest cash Servicing-Retained Bid
(or, if none, the highest cash Servicing Released Bid) (the "Successful Bidder")
to act as successor Master Servicer hereunder. The Trustee shall direct the
Successful Bidder to enter into this Agreement as successor Master Servicer
pursuant to the terms hereof (and, if the successful bid was a Servicing
Retained Bid, to enter into a Sub-Servicing Agreement with the terminated Master
Servicer as contemplated above) no later than 45 days after the receipt of
notice of termination by the terminated Master Servicer.

                  Upon the assignment and acceptance of the master servicing
rights hereunder to and by the Successful Bidder, the Trustee shall remit or
cause to be remitted (i) if the successful bid was a Servicing-Retained Bid, to
the terminated Master Servicer the amount of such cash bid received from the
Successful Bidder (net of "out-of-pocket" expenses incurred in connection with
obtaining such bid and transferring servicing) and (ii) if the successful bid
was a Servicing-Released Bid, to the Master Servicer and each terminated
Sub-Servicer its respective Bid Allocation.

                  The terminated Master Servicer shall be responsible for all
out-of-pocket expenses incurred in connection with the attempt to sell its
rights to service the Loans, which expenses are not reimbursed to the party that
incurred such expenses pursuant to the preceding paragraph.

                  If the Successful Bidder has not entered into this Agreement
as successor Master Servicer within 45 days after the terminated Master Servicer
received written notice of termination or no Successful Bidder was identified
within such 45-day period, the terminated Master Servicer shall reimburse the
Trustee for all reasonable "out-of-pocket" expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further
obligations under this Section 7.01(c). The Trustee thereafter may act or may
select a successor to act as Master Servicer hereunder in accordance with
Section 7.02.

                  (d) Notwithstanding Section 7.01(b), if any Event of Default
on the part of the Master Servicer occurs that affects only the Dadeland Mall
Companion Loan or the Dadeland Mall Companion Loan Securities, and neither the
Certificates nor any Mortgage Loan are affected by such Event of Default, then,
instead of terminating the Master Servicer in accordance with Section 7.01(b),
the Trustee shall require the Master Servicer to appoint, within 30 days of the
Trustee's request, a Sub-Servicer (or, if the Dadeland Mall Loan Pair is
currently being sub-serviced, to replace, within 30 days of the Trustee's
request, the then-current Sub-Servicer with a new Sub-Servicer) with respect to
the Dadeland Mall Loan Pair. In connection with the Master Servicer's
appointment of a Sub-Servicer at the request of the Trustee in accordance with
this Section 7.01(d), the Master Servicer shall obtain written confirmation from
each Rating Agency that such appointment will not result in an Adverse Rating
Event. The related Sub-Servicing Agreement shall provide that any Sub-Servicer
appointed by the Master Servicer at the request of the Trustee in accordance
with this Section 7.01(d) shall be responsible for all duties, and shall be
entitled to all compensation, of the Master Servicer under this Agreement with
respect to the Dadeland Mall Loan Pair, except that the Master Servicer shall be
entitled to retain a portion of the Master Servicing Fee for the Dadeland Mall
Mortgage Loan calculated at 0.025% per annum. Such Sub-Servicing Agreement shall
also provide that such Sub-Servicer shall agree to become the master servicer
under a separate servicing agreement for the Dadeland Mall Loan Pair in the
event that the Dadeland Mall Loan Pair is no longer to be serviced and
administered hereunder, which separate servicing agreement shall contain
servicing and administration, limitation of liability, indemnification

                                     -225-
<PAGE>

and servicing compensation provisions substantially similar to the corresponding
provisions of this Agreement, except for the fact that the Dadeland Mall Loan
Pair and the Dadeland Mall Mortgaged Property shall be the sole assets serviced
and administered thereunder and the sole source of funds thereunder. If any
Sub-Servicer appointed by the Master Servicer at the request of the Trustee in
accordance with this Section 7.01(d) shall at any time resign or be terminated,
the Master Servicer shall be required to promptly appoint a substitute
Sub-Servicer, which appointment shall not result in an Adverse Rating Event (as
evidenced in writing by each Rating Agency). In the event that a successor
Master Servicer is acting hereunder and that successor Master Servicer desires
to terminate the Sub-Servicer appointed under this Section 7.01(d), the
terminated Master Servicer that was responsible for the Event of Default that
led to the appointment of such Sub-Servicer shall be responsible for all costs
incurred in connection with such termination, including the payment of any
termination fee.

                  SECTION 7.02. Trustee to Act; Appointment of Successor.

                  On and after the time the Master Servicer or the Special
Servicer resigns pursuant to Section 6.04 or receives a notice of termination
pursuant to Section 7.01, the Trustee shall, unless and until a successor is
appointed pursuant to Section 6.04, Section 6.09 or Section 7.01(c), be the
successor in all respects to the Master Servicer or the Special Servicer, as the
case may be, in its capacity as such under this Agreement and the transactions
set forth or provided for herein and shall have all (and the former Master
Servicer or the Special Servicer, as the case may be, shall cease to have any)
of the responsibilities, duties and liabilities of the Master Servicer or the
Special Servicer, as the case may be, arising thereafter, including, if the
Master Servicer is the resigning or terminated party, the Master Servicer's
obligation to make P&I Advances, including in connection with any termination of
the Master Servicer for an Event of Default described in clause 7.01(a)(iii),
the unmade P&I Advances that gave rise to such Event of Default; provided that
any failure to perform such duties or responsibilities caused by the Master
Servicer's or the Special Servicer's, as the case may be, failure to provide
information or monies required by Section 7.01 shall not be considered a default
by the Trustee hereunder. The Trustee shall not be liable for any of the
representations and warranties of the resigning or terminated party or for any
losses incurred by the resigning or terminated party pursuant to Section 3.06
hereunder nor shall the Trustee be required to purchase any Loan hereunder. As
compensation therefor, the Trustee shall be entitled to all fees and other
compensation which the resigning or terminated party would have been entitled to
if the resigning or terminated party had continued to act hereunder.
Notwithstanding the above, the Trustee may, if it shall be unwilling to so act
as either Master Servicer or Special Servicer, as the case may be, or shall, if
it is unable to so act as either Master Servicer or Special Servicer, as the
case may be, or if the Trustee is not approved as a master servicer or a special
servicer, as the case may be, by any of the Rating Agencies, or if the Holders
of Certificates entitled to a majority of the Voting Rights so request in
writing to the Trustee, promptly appoint, or petition a court of competent
jurisdiction to appoint, any established mortgage loan servicing institution as
the successor to the resigning or terminated Master Servicer or the Special
Servicer, as the case may be, hereunder in the assumption of all or any part of
the responsibilities, duties or liabilities of the resigning or terminated
Master Servicer or the Special Servicer, as the case may be, hereunder;
provided, however, that no such appointee shall succeed to the rights and
obligations of the Master Servicer or Special Servicer hereunder unless (i) as
confirmed in writing by each of the Rating Agencies, such succession will not
result in an Adverse Rating Event, and (ii) such appointee makes the applicable
representations and warranties set forth in Section 3.23; and provided, further,
that in the case of a resigning or terminated Special Servicer, such appointment
shall be subject to the rights of the Holders of Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class to

                                     -226-
<PAGE>

designate a successor pursuant to Section 6.09. No appointment of a successor to
the Master Servicer or the Special Servicer hereunder shall be effective until
the assumption by the successor to such party of all its responsibilities,
duties and liabilities under this Agreement. Pending appointment of a successor
to the Master Servicer or the Special Servicer hereunder, the Trustee shall act
in such capacity as hereinabove provided. In connection with any such
appointment and assumption described herein, the Trustee may make such
arrangements for the compensation of such successor out of payments on the Loans
as it and such successor shall agree, subject to the terms of this Agreement
limiting the use of funds received in respect of the Dadeland Mall Loan Pair to
matters related to the Dadeland Mall Loan Pair; provided, however, that no such
compensation shall be in excess of that permitted the resigning or terminated
party hereunder. Such successor and the other parties hereto shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession.

                  SECTION 7.03. Notification to Certificateholders.

                  (a) Upon any resignation of the Master Servicer or the Special
Servicer pursuant to Section 6.04, any termination of the Master Servicer or the
Special Servicer pursuant to Section 7.01, any appointment of a successor to the
Master Servicer or the Special Servicer pursuant to Section 7.02 or the
effectiveness of any designation of a new Special Servicer pursuant to Section
6.09, the Trustee shall give prompt written notice thereof to Certificateholders
at their respective addresses appearing in the Certificate Register and to the
Dadeland Mall Companion Loan Noteholder.

                  (b) Not later than 10 days after a Responsible Officer of the
Trustee has notice of the occurrence of any event which constitutes or, with
notice or lapse of time or both, would constitute an Event of Default, the
Trustee shall transmit by mail to the Depositor, all the Certificateholders, the
Dadeland Mall Companion Loan Noteholder and the Rating Agencies notice of such
occurrence, unless such default shall have been cured.

                  SECTION 7.04. Waiver of Events of Default.

                  The Holders representing at least 66-2/3% of the Voting Rights
allocated to each Class of Certificates affected by any Event of Default
hereunder, together with the Dadeland Mall Companion Loan Noteholder (if it is
affected by such Event of Default), may waive such Event of Default; provided,
however, that an Event of Default under any of clauses (i), (ii), (iii), (x) and
(xi) of Section 7.01(a) may be waived only by all of the Certificateholders of
the affected Classes, together with the Dadeland Mall Companion Loan Noteholder,
if any, that is affected by such Event of Default. Upon any such waiver of an
Event of Default, such Event of Default shall cease to exist and shall be deemed
to have been remedied for every purpose hereunder. No such waiver shall extend
to any subsequent or other Event of Default or impair any right consequent
thereon except to the extent expressly so waived. Notwithstanding any other
provisions of this Agreement, for purposes of waiving any Event of Default
pursuant to this Section 7.04, Certificates registered in the name of the
Depositor or any Affiliate of the Depositor shall be entitled to Voting Rights
with respect to the matters described above.

                  The foregoing paragraph notwithstanding, if the Holders
representing at least the requisite percentage of the Voting Rights allocated to
each affected Class of Certificates desire to waive an Event of Default under
clause (v) of Section 7.01(a) by the Master Servicer, but the Dadeland Mall
Companion Loan Noteholder (if affected thereby) does not wish to waive that
Event of Default, then those Holders may still waive that default and the
Dadeland Mall Companion Loan Noteholder will be entitled to request that the
Master Servicer appoint, within 60 days of the Dadeland Mall Companion

                                     -227-
<PAGE>

Loan Noteholder's request, a Sub-Servicer (or, if the Dadeland Mall Loan Pair is
currently being subserviced, to replace, within 60 days of the Dadeland Mall
Companion Loan Noteholder's request, the then-current Sub-Servicer with a new
Sub-Servicer) with respect to the Dadeland Mall Loan Pair. In connection with
the Master Servicer's appointment of a Sub-Servicer at the request of the
Dadeland Mall Companion Loan Noteholder in accordance with this Section 7.04,
the Master Servicer shall obtain written confirmation from each Rating Agency
that such appointment will not result in an Adverse Rating Event. The related
Sub-Servicing Agreement shall provide that any Sub-Servicer appointed by the
Master Servicer at the request of the Dadeland Mall Companion Loan Noteholder in
accordance with this Section 7.04 shall be responsible for all duties, and shall
be entitled to all compensation, of the Master Servicer under this Agreement
with respect to the Dadeland Mall Loan Pair, except that the Master Servicer
shall be entitled to retain a portion of the Master Servicing Fee for the
Mortgage Loan in the Dadeland Mall Loan Pair calculated at 0.025% per annum.
Such Sub-Servicing Agreement shall also provide that such Sub-Servicer shall
become the master servicer under the separate servicing agreement for the
Dadeland Mall Loan Pair in the event that the Dadeland Mall Loan Pair is no
longer to be serviced and administered hereunder, which separate servicing
agreement shall contain servicing and administration, limitation of liability,
indemnification and servicing compensation provisions substantially similar to
the corresponding provisions of this Agreement, except for the fact that the
Dadeland Mall Loan Pair and the Dadeland Mall Mortgaged Property shall be the
sole assets serviced and administered thereunder and the sole source of funds
thereunder. Such Sub-Servicer shall meet the requirements of Section 3.22. If
any Sub-Servicer appointed by the Master Servicer at the request of the Dadeland
Mall Companion Loan Noteholder in accordance with this Section 7.04 shall at any
time resign or be terminated, the Master Servicer shall be required to promptly
appoint a substitute Sub-Servicer, which appointment shall not result in an
Adverse Rating Event (as evidenced in writing by each Rating Agency). In the
event a successor Master Servicer is acting hereunder and that successor Master
Servicer desires to terminate the Sub-Servicer appointed under this Section
7.04, the terminated Master Servicer that was responsible for the Event of
Default that led to the appointment of such Sub-Servicer shall be responsible
for all costs incurred in connection with such termination, including the
payment of any termination fee.

                  SECTION 7.05. Additional Remedies of Trustee Upon Event of
                                Default.

                  During the continuance of any Event of Default, so long as
such Event of Default shall not have been remedied, the Trustee, in addition to
the rights specified in Section 7.01, shall have the right, in its own name and
as trustee of an express trust and on behalf of the Dadeland Mall Companion Loan
Noteholder, to take all actions now or hereafter existing at law, in equity or
by statute to enforce its rights and remedies and to protect the interests, and
enforce the rights and remedies, of the Certificateholders and the Dadeland Mall
Companion Loan Noteholder (including the institution and prosecution of all
judicial, administrative and other proceedings and the filings of proofs of
claim and debt in connection therewith). Except as otherwise expressly provided
in this Agreement, no remedy provided for by this Agreement shall be exclusive
of any other remedy, and each and every remedy shall be cumulative and in
addition to any other remedy, and no delay or omission to exercise any right or
remedy shall impair any such right or remedy or shall be deemed to be a waiver
of any Event of Default.

                                     -228-
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                  SECTION 8.01. Duties of Trustee.

                  (a) The Trustee, prior to the occurrence of an Event of
Default and after the curing or waiver of all Events of Default which may have
occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Agreement. If an Event of Default occurs and is
continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Agreement, and use the same degree of care and skill in their
exercise as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs; provided that if the Trustee is acting as Master
Servicer or Special Servicer, it shall act in accordance with the Servicing
Standard. Any permissive right of the Trustee contained in this Agreement shall
not be construed as a duty.

                  (b) The Trustee, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Trustee which are specifically required to be
furnished pursuant to any provision of this Agreement (other than the Mortgage
Files, the review of which is specifically governed by the terms of Article II),
shall examine them to determine whether they conform to the requirements of this
Agreement. If any such instrument is found not to conform to the requirements of
this Agreement in a material manner, the Trustee shall take such action as it
deems appropriate to have the instrument corrected. The Trustee shall not be
responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Depositor, the Master Servicer or the Special Servicer, and accepted by the
Trustee in good faith, pursuant to this Agreement.

                  (c) No provision of this Agreement shall be construed to
relieve the Trustee from liability for its own negligent action, its own
negligent failure to act or its own misconduct; provided, however, that:

                      (i) Prior to the occurrence of an Event of Default, and
           after the curing of all such Events of Default which may have
           occurred, the duties and obligations of the Trustee shall be
           determined solely by the express provisions of this Agreement, the
           Trustee shall not be liable except for the performance of such duties
           and obligations as are specifically set forth in this Agreement, no
           implied covenants or obligations shall be read into this Agreement
           against the Trustee and, in the absence of bad faith on the part of
           the Trustee, the Trustee may conclusively rely, as to the truth of
           the statements and the correctness of the opinions expressed therein,
           upon any certificates or opinions furnished to the Trustee and
           conforming to the requirements of this Agreement;

                      (ii) The Trustee shall not be personally liable for an
           error of judgment made in good faith by a Responsible Officer or
           Responsible Officers of the Trustee, unless it shall be proved that
           the Trustee was negligent in ascertaining the pertinent facts;

                      (iii) The Trustee shall not be personally liable with
           respect to any action taken, suffered or omitted to be taken by it in
           good faith in accordance with the direction of Holders of
           Certificates entitled to at least 25% of the Voting Rights relating
           to the time, method and place of

                                     -229-
<PAGE>

           conducting any proceeding for any remedy available to the Trustee, or
           exercising any trust or power conferred upon the Trustee, under this
           Agreement; and

                      (iv) The protections, immunities and indemnities afforded
           to the Trustee hereunder shall also be available to it in its
           capacity as Authenticating Agent, Certificate Registrar, Tax
           Administrator and Custodian.

                  SECTION 8.02. Certain Matters Affecting Trustee.

                  Except as otherwise provided in Section 8.01 and Article X:

                      (i) the Trustee may rely upon and shall be protected in
           acting or refraining from acting upon any resolution, Officer's
           Certificate, certificate of auditors or any other certificate,
           statement, instrument, opinion, report, notice, request, consent,
           order, appraisal, bond or other paper or document reasonably believed
           by it to be genuine and to have been signed or presented by the
           proper party or parties;

                      (ii) the Trustee may consult with counsel and the written
           advice of such counsel or any Opinion of Counsel shall be full and
           complete authorization and protection in respect of any action taken
           or suffered or omitted by it hereunder in good faith and in
           accordance therewith;

                      (iii) the Trustee shall be under no obligation to exercise
           any of the trusts or powers vested in it by this Agreement or to make
           any investigation of matters arising hereunder or, except as provided
           in Section 10.01 or 10.02, to institute, conduct or defend any
           litigation hereunder or in relation hereto, at the request, order or
           direction of any of the Certificateholders, pursuant to the
           provisions of this Agreement, unless such Certificateholders shall
           have offered to the Trustee reasonable security or indemnity against
           the costs, expenses and liabilities which may be incurred therein or
           thereby; except as provided in Section 10.01 or 10.02, the Trustee
           shall not be required to expend or risk its own funds or otherwise
           incur any financial liability in the performance of any of its duties
           hereunder, or in the exercise of any of its rights or powers, if it
           shall have reasonable grounds for believing that repayment of such
           funds or adequate indemnity against such risk or liability is not
           reasonably assured to it; nothing contained herein shall, however,
           relieve the Trustee of the obligation, upon the occurrence of an
           Event of Default which has not been cured, to exercise such of the
           rights and powers vested in it by this Agreement, and to use the same
           degree of care and skill in their exercise as a prudent man would
           exercise or use under the circumstances in the conduct of his own
           affairs;

                      (iv) the Trustee shall not be personally liable for any
           action reasonably taken, suffered or omitted by it in good faith and
           believed by it to be authorized or within the discretion or rights or
           powers conferred upon it by this Agreement;

                      (v) prior to the occurrence of an Event of Default
           hereunder and after the curing of all Events of Default which may
           have occurred, and except as may be provided in Section 10.01 or
           10.02, the Trustee shall not be bound to make any investigation into
           the facts or matters stated in any resolution, certificate,
           statement, instrument, opinion, report, notice, request, consent,
           order, approval, bond or other paper or document, unless requested in
           writing to do so by Holders of Certificates entitled to at least 25%
           of the Voting Rights; provided, however,

                                     -230-
<PAGE>

           that if the payment within a reasonable time to the Trustee of the
           costs, expenses or liabilities likely to be incurred by it in the
           making of such investigation is, in the opinion of the Trustee, not
           reasonably assured to the Trustee by the security afforded to it by
           the terms of this Agreement, the Trustee may require reasonable
           indemnity against such expense or liability as a condition to taking
           any such action;

                      (vi) the Trustee may execute any of the trusts or powers
           hereunder or perform any duties hereunder either directly or by or
           through agents or attorneys; provided, however, that the Trustee
           shall remain responsible for all acts and omissions of such agents or
           attorneys within the scope of their employment to the same extent as
           it is responsible for its own actions and omissions hereunder; and

                      (vii) the Trustee shall not be responsible for any act or
           omission of the Master Servicer or the Special Servicer (unless the
           Trustee is acting as Master Servicer or the Special Servicer) or the
           Depositor.

                  SECTION 8.03. Trustee and Fiscal Agent Not Liable for Validity
                                or Sufficiency of Certificates or Loans.

                  The recitals contained herein and in the Certificates, other
than the statements attributed to the Trustee and the Fiscal Agent in Article II
and Section 8.16 and Section 8.18 and the signature of the Certificate Registrar
and the Authenticating Agent set forth on each outstanding Certificate, shall
not be taken as the statements of the Trustee or the Fiscal Agent, and neither
the Trustee nor the Fiscal Agent shall assume any responsibility for their
correctness. Except as expressly set forth in Section 8.16 and 8.18, the Trustee
and the Fiscal Agent make no representations as to the validity or sufficiency
of this Agreement or of any Certificate (other than as to the signature of the
Trustee set forth thereon) or of any Loan or related document. The Trustee and
the Fiscal Agent shall not be accountable for the use or application by the
Depositor of any of the Certificates issued to it or of the proceeds of such
Certificates, or for the use or application of any funds paid to the Depositor
in respect of the assignment of the Mortgage Loans to the Trust Fund, or any
funds deposited in or withdrawn from a Custodial Account or any other account by
or on behalf of the Depositor, the Master Servicer or the Special Servicer. The
Trustee and the Fiscal Agent shall not be responsible for the accuracy or
content of any resolution, certificate, statement, opinion, report, document,
order or other instrument furnished by the Depositor, the Master Servicer or the
Special Servicer, and accepted by the Trustee in good faith, pursuant to this
Agreement.

                  SECTION 8.04. Trustee and Fiscal Agent May Own Certificates.

                  The Trustee, the Fiscal Agent or any agent of the Trustee and
the Fiscal Agent, in its individual or any other capacity, may become the owner
or pledgee of Certificates with (except as otherwise provided in the definition
of "Certificateholder") the same rights it would have if it were not the
Trustee, the Fiscal Agent or such agent.

                  SECTION 8.05. Fees and Expenses of Trustee; Indemnification of
                                and by Trustee.

                  (a) On each Distribution Date, the Trustee shall withdraw from
the general funds on deposit in the Collection Account, prior to any
distributions to be made therefrom on such date, and pay to itself the Trustee
Fee for such Distribution Date and, to the extent not previously paid, for all
prior

                                     -231-
<PAGE>

Distribution Dates, as compensation for all services rendered by the Trustee in
the execution of the trusts hereby created and in the exercise and performance
of any of the powers and duties of the Trustee hereunder. The Trustee Fees
(which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) shall constitute the Trustee's
sole compensation for such services to be rendered by it.

                  (b) The Trustee and any director, officer, employee or agent
of the Trustee shall be entitled to be indemnified for and held harmless by the
Trust Fund against any loss, liability or reasonable "out-of-pocket" expense
(including costs and expenses incurred in connection with removal of the Special
Servicer and Master Servicer pursuant to Sections 7.01 and 7.02, costs and
expenses of litigation, and of investigation, counsel fees, damages, judgments
and amounts paid in settlement) arising out of, or incurred in connection with,
this Agreement or the Certificates ("Trustee Liability"); provided that such
loss, liability or expense constitutes an "unanticipated expense" within the
meaning of Treasury regulation section 1.860G-1(b)(3)(ii); and provided,
further, that neither the Trustee nor any of the other above specified Persons
shall be entitled to indemnification pursuant to this Section 8.05(b) for (1)
any liability specifically required to be borne thereby pursuant to the terms of
this Agreement, or (2) any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or negligence in the performance of, or the
negligent disregard of, the Trustee's obligations and duties hereunder, or as
may arise from a breach of any representation, warranty or covenant of the
Trustee made herein, or (3) any loss, liability or expense that constitutes
allocable overhead. The provisions of this Section 8.05(b) and of Section
8.05(c) shall survive any resignation or removal of the Trustee and appointment
of a successor trustee.

                  (c) If the Trustee Liability arises from the issuance or sale
of the Certificates and the indemnification provided for in Section 8.05(b) is
invalid or unenforceable, then the Trust Fund shall contribute to the amount
paid or payable by the Trustee as a result of such Trustee Liability in such
proportion as is appropriate to reflect the relative fault of any of the other
parties on the one hand and the Trustee on the other in connection with the
actions or omissions which resulted in such Trustee Liability, as well as any
other relevant equitable considerations.

                  (d) The Trustee shall indemnify and hold harmless the Trust
Fund against any losses arising out of any errors made solely by the Trustee in
calculating distributions to be made hereunder and any other calculation or
reporting hereunder (in each case not attributable to information provided to
the Trustee by the Master Servicer or the Special Servicer); provided that such
loss arose by reason of willful misfeasance, bad faith or negligence on the part
of the Trustee. The provisions of this Section 8.05(d) shall survive any
resignation or removal of the Trustee and appointment of a successor trustee.

                  SECTION 8.06. Eligibility Requirements for Trustee.

                  The Trustee hereunder shall at all times be a bank, a trust
company, an association or a corporation organized and doing business under the
laws of the United States of America or any state thereof or the District of
Columbia, authorized under such laws to exercise trust powers, having a combined
capital and surplus of at least $50,000,000 and subject to supervision or
examination by federal or state banking authority. If such bank, trust company,
association or corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purposes of this section the combined capital and
surplus of such bank, trust company, association or corporation shall be deemed
to be its combined capital and surplus

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as set forth in its most recent report of condition so published. The Trustee
shall at all times maintain a long-term unsecured debt rating of at least "AA-"
and "Aa3" (or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is
then currently acting in such capacity, of at least "A-" and "A3") from S&P and
Moody's, respectively (or, in the case of either Rating Agency, such other
rating as shall not result in an Adverse Rating Event, as confirmed in writing
by such Rating Agency). The Trustee's acting in such capacity shall not
adversely affect the application of the Prohibited Transaction Exemption to the
Investment Grade Certificates. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 8.07;
provided that if the Trustee shall cease to be so eligible because its combined
capital and surplus is no longer at least $50,000,000 or its long-term unsecured
debt rating no longer conforms to the requirements of the immediately preceding
sentence, and if the Trustee proposes to the other parties hereto to enter into
an agreement with (and reasonably acceptable to) each of them, and if in light
of such agreement the Trustee's continuing to act in such capacity would not (as
evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then
upon the execution and delivery of such agreement the Trustee shall not be
required to resign, and may continue in such capacity, for so long as none of
the ratings assigned by the Rating Agencies to the Certificates is adversely
affected thereby. The bank, trust company, corporation or association serving as
Trustee may have normal banking and trust relationships with the Depositor, the
Master Servicer, the Special Servicer and their respective Affiliates.

                  SECTION 8.07. Resignation and Removal of Trustee.

                  (a) The Trustee may at any time resign and be discharged from
the trusts hereby created by giving written notice thereof to the Depositor, the
Master Servicer, the Special Servicer, all Certificateholders and the Dadeland
Mall Companion Loan Noteholder. Upon receiving such notice of resignation, the
Depositor shall promptly appoint a successor trustee acceptable to the Depositor
by written instrument, in duplicate, which instrument shall be delivered to the
resigning Trustee and to the successor trustee. A copy of such instrument shall
be delivered to the Master Servicer, the Special Servicer, the
Certificateholders and the Dadeland Mall Companion Loan Noteholder by the
Depositor. If no successor trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

                  (b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Depositor, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, or if
the Trustee shall fail (other than by reason of the failure of either the Master
Servicer or the Special Servicer to timely perform its obligations hereunder or
as a result of other circumstances beyond the Trustee's reasonable control), to
timely deliver or otherwise make available in accordance with this Agreement any
current or revised Distribution Date Statement, CMSA Loan Periodic Update File,
CMSA Property File, CMSA Financial File or other report or statement required by
Section 4.02 and such failure shall continue unremedied for a period of five
days after receipt of written notice by the Trustee of such failure, or if a tax
is imposed or threatened with respect to the Trust Fund by any state in which
the Trustee is located or in which it holds any portion of the Trust Fund, then
the Depositor may remove the Trustee and appoint a successor trustee acceptable
to the Depositor and the Master Servicer

                                     -233-
<PAGE>

by written instrument, in duplicate, which instrument shall be delivered to the
Trustee so removed and to the successor trustee. A copy of such instrument shall
be delivered to the Master Servicer, the Special Servicer, the
Certificateholders and the Dadeland Mall Companion Loan Noteholder by the
successor trustee so appointed.

                  (c) The Holders of Certificates entitled to 51% of the Voting
Rights may at any time remove the Trustee and appoint a successor trustee by
written instrument or instruments, signed by such Holders or their
attorneys-in-fact duly authorized, one complete set of which instruments shall
be delivered to the Master Servicer, one complete set to the Trustee so removed
and one complete set to the successor trustee so appointed. A copy of such
instrument shall be delivered to the Depositor, the Special Servicer, the
remaining Certificateholders and the Dadeland Mall Companion Loan Noteholder by
the successor trustee so appointed.

                  (d) In the event that the Trustee is terminated or removed
pursuant to this Section 8.07, all of its and any corresponding Fiscal Agent's
rights and obligations under this Agreement and in and to the Loans shall be
terminated, other than any rights or obligations that accrued prior to the date
of such termination or removal (including the right to receive all fees,
expenses and other amounts (including P&I Advances and any accrued interest
thereon) accrued or owing to it under this Agreement, with respect to periods
prior to the date of such termination or removal, and no termination without
cause shall be effective until the payment of such amounts to the Trustee and
such Fiscal Agent).

                  (e) Any resignation or removal of the Trustee and appointment
of a successor trustee pursuant to any of the provisions of this Section 8.07
shall not become effective until acceptance of appointment by the successor
trustee as provided in Section 8.08.

                  SECTION 8.08. Successor Trustee.

                  (a) Any successor trustee appointed as provided in Section
8.07 shall execute, acknowledge and deliver to the Depositor, the Master
Servicer, the Special Servicer and to the predecessor trustee an instrument
accepting such appointment hereunder and thereupon the resignation or removal of
the predecessor trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor hereunder, with
the like effect as if originally named as trustee herein. The predecessor
trustee shall deliver to the successor trustee (at the expense of the
Certificateholders that effected the removal, if the Trustee has been removed in
accordance with Section 8.07(c) without cause or if such expenses are not paid
by such Certificateholders within ninety (90) days after they are incurred, at
the expense of the Trust, provided that such Certificateholders shall remain
liable to the Trust for such expenses) all Mortgage Files and related documents
and statements held by it hereunder (other than any Mortgage Files at the time
held on its behalf by a third-party Custodian, which Custodian shall become the
agent of the successor trustee), and the Depositor, the Master Servicer, the
Special Servicer and the predecessor trustee shall execute and deliver such
instruments and do such other things as may reasonably be required to more fully
and certainly vest and confirm in the successor 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.

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<PAGE>

                  (c) Upon acceptance of appointment by a successor trustee as
provided in this Section 8.08, such successor trustee shall mail notice of the
succession of such trustee hereunder to the Depositor, the Master Servicer, the
Special Servicer, the Certificateholders and the Dadeland Mall Companion Loan
Noteholder.

                  SECTION 8.09. Merger or Consolidation of Trustee and Fiscal
                                Agent.

                  Any entity into which the Trustee or the Fiscal Agent may be
merged or converted, or with which the Trustee or the Fiscal Agent may be
consolidated, or any entity resulting from any merger, conversion or
consolidation to which the Trustee or the Fiscal Agent shall be a party, or any
entity succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee or the Fiscal Agent, as the case may be, hereunder,
provided such entity shall be eligible under the provisions of Section 8.06 or
Section 8.17, as applicable, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.

                  SECTION 8.10. Appointment of Co-Trustee or Separate Trustee.

                  (a) Notwithstanding any other provisions hereof, at any time,
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Fund or property securing the same may at the time be
located, the Trustee shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Trustee to act as
co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
separate trustees, of all or any part of the Trust Fund, and to vest in such
Person or Persons, in such capacity, such title to the Trust Fund, or any part
thereof, and, subject to the other provisions of this Section 8.10, such powers,
duties, obligations, rights and trusts as the Master Servicer and the Trustee
may consider necessary or desirable. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee under
Section 8.06 hereunder and no notice to Holders of Certificates of the
appointment of co-trustee(s) or separate trustee(s) shall be required under
Section 8.08 hereof.

                  (b) In the case of any appointment of a co-trustee or separate
trustee pursuant to this Section 8.10, all rights, powers, duties and
obligations conferred or imposed upon the Trustee shall be conferred or imposed
upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly, except to the extent that under any law of any jurisdiction
in which any particular act or acts are to be performed (whether as Trustee
hereunder or as successor to the Master Servicer or the Special Servicer
hereunder), the Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.

                  (c) Any notice, request or other writing given to the Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of 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.

                                     -235-
<PAGE>

                  (d) Any separate trustee or co-trustee may, at any time,
constitute the Trustee, its agent or attorney-in-fact, with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Agreement on its behalf and in its name. If any separate trustee
or co-trustee shall die, become incapable of acting, resign or be removed, all
of its estates, properties, rights, remedies and trusts vested therein pursuant
to the applicable instrument of appointment and this Section 8.10, shall vest in
and be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

                  (e) The appointment of a co-trustee or separate trustee under
this Section 8.10 shall not relieve the Trustee of its duties and
responsibilities hereunder.

                  SECTION 8.11. Appointment of Custodians.

                  The Trustee may appoint at the Trustee's expense one or more
Custodians to hold all or a portion of the Mortgage Files as agent for the
Trustee. Each Custodian shall be a depository institution supervised and
regulated by a federal or state banking authority, shall have combined capital
and surplus of at least $10,000,000, shall be qualified to do business in the
jurisdiction in which it holds any Mortgage File and shall not be the Depositor,
either Mortgage Loan Seller or any Affiliate of any of them. Neither the Master
Servicer nor the Special Servicer shall have any duty to verify that any such
Custodian is qualified to act as such in accordance with the preceding sentence.
The Trustee may enter into agreements to appoint a Custodian which is not the
Trustee, provided that such agreement: (i) is consistent with this Agreement in
all material respects and requires the Custodian to comply with all of the
applicable conditions of this Agreement; (ii) provides that if the Trustee shall
for any reason no longer act in the capacity of Trustee hereunder, the successor
Trustee or its designee may thereupon assume all of the rights and, except to
the extent they arose prior to the date of assumption, obligations of the
Custodian under such agreement or, alternatively, may terminate such agreement
without cause and without payment of any penalty or termination fee; and (iii)
does not permit the Custodian any rights of indemnification that may be
satisfied out of assets of the Trust Fund. The appointment of one or more
Custodians shall not relieve the Trustee from any of its obligations hereunder,
and the Trustee shall remain responsible for all acts and omissions of any
Custodian. In the absence of any other Person appointed in accordance herewith
acting as Custodian, the Trustee agrees to act in such capacity in accordance
with the terms hereof. Notwithstanding anything herein to the contrary, if the
Trustee is no longer the Custodian, any provision or requirement herein
requiring notice or any information or documentation to be provided to the
Custodian shall be construed to require that such notice, information or
documents also be provided to the Trustee. Any Custodian hereunder shall at all
times maintain a fidelity bond and errors and omissions policy in amounts
customary for custodians performing duties similar to those set forth in this
Agreement and, in any event, satisfying the same requirements (including as to
the insurer) as are applicable to any such bond or policy required to be
maintained by the Master Servicer pursuant to Section 3.07.

                  SECTION 8.12. Appointment of Authenticating Agents.

                  (a) The Trustee may appoint at the Trustee's expense an
Authenticating Agent, which shall be authorized to act on behalf of the Trustee
in authenticating Certificates. The Trustee shall cause any such Authenticating
Agent to execute and deliver to the Trustee an instrument in which such
Authenticating Agent shall agree to act in such capacity, with the obligations
and responsibilities herein. Each Authenticating Agent must be organized and
doing business under the laws of the United States of

                                     -236-
<PAGE>

America or of any State, authorized under such laws to carry on a trust
business, have a combined capital and surplus of at least $15,000,000, and be
subject to supervision or examination by federal or state authorities. Each
Authenticating Agent shall be subject to the same obligations, standard of care,
protection and indemnities as would be imposed on, or would protect, the Trustee
hereunder. The appointment of an Authenticating Agent shall not relieve the
Trustee from any of its obligations hereunder, and the Trustee shall remain
responsible for all acts and omissions of the Authenticating Agent. In the
absence of any other Person appointed in accordance herewith acting as
Authenticating Agent, the Trustee hereby agrees to act in such capacity in
accordance with the terms hereof. Notwithstanding anything herein to the
contrary, if the Trustee is no longer the Authenticating Agent, any provision or
requirement herein requiring notice or any information or documentation to be
provided to the Authenticating Agent shall be construed to require that such
notice, information or documentation also be provided to the Trustee.

                  (b) Any Person into which any Authenticating Agent may be
merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion, or consolidation to which any
Authenticating Agent shall be a party, or any Person succeeding to the corporate
agency business of any Authenticating Agent, shall continue to be the
Authenticating Agent without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

                  (c) Any Authenticating Agent appointed in accordance with this
Section 8.12 may at any time resign by giving at least 30 days' advance written
notice of resignation to the Trustee, the Master Servicer, the Special Servicer
and the Depositor. The Trustee may at any time terminate the agency of any
Authenticating Agent appointed in accordance with this Section 8.12 by giving
written notice of termination to such Authenticating Agent, the Master Servicer
and the Depositor. Upon receiving a notice of such a resignation or upon such a
termination, or in case at any time any Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section 8.12, the Trustee may
appoint a successor Authenticating Agent, in which case the Trustee shall give
written notice of such appointment to the Master Servicer, the Certificate
Registrar and the Depositor and shall mail notice of such appointment to all
Holders of Certificates; provided, however, that no successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section
8.12. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally
named as Authenticating Agent.

                  SECTION 8.13. Appointment of Tax Administrators.

                  (a) The Trustee may appoint at the Trustee's expense any
Person with appropriate tax-related experience to act as Tax Administrator
hereunder; provided that, in the absence of any other Person appointed in
accordance herewith acting as Tax Administrator, the Trustee agrees to act in
such capacity in accordance with the terms hereof. The appointment of a Tax
Administrator shall not relieve the Trustee from any of its obligations
hereunder, and the Trustee shall remain responsible for all acts and omissions
of the Tax Administrator. The Trustee shall cause any such Tax Administrator
appointed by it to execute and deliver to the Trustee an instrument in which
such Tax Administrator shall agree to act in such capacity, with the obligations
and responsibilities herein.

                                     -237-
<PAGE>

                  (b) Any Person into which any Tax Administrator may be merged
or converted or with which it may be consolidated, or any Person resulting from
any merger, conversion, or consolidation to which any Tax Administrator shall be
a party, or any Person succeeding to the corporate agency business of any Tax
Administrator, shall continue to be the Tax Administrator without the execution
or filing of any paper or any further act on the part of the Trustee or the Tax
Administrator.

                  (c) Any Tax Administrator appointed in accordance with this
Section 8.13 may at any time resign by giving at least 30 days' advance written
notice of resignation to the Trustee, the Master Servicer, the Special Servicer
and the Depositor. The Trustee may at any time terminate the agency of any Tax
Administrator appointed in accordance with this Section 8.13 by giving written
notice of termination to such Tax Administrator, the Master Servicer, and the
Depositor. Upon receiving a notice of such a resignation or upon such a
termination, or in case at any time any Tax Administrator shall cease to be
eligible in accordance with the provisions of this Section 8.13, the Trustee may
appoint a successor Tax Administrator, in which case the Trustee shall give
written notice of such appointment to the Master Servicer, the Special Servicer
and the Depositor and shall mail notice of such appointment to all Holders of
Certificates; provided, however, that no successor Tax Administrator shall be
appointed unless eligible under the provisions of this Section 8.13. Any
successor Tax Administrator upon acceptance of its appointment hereunder shall
become vested with all the rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Tax
Administrator.

                  SECTION 8.14. Access to Certain Information.

                  (a) The Trustee shall afford to the Master Servicer, the
Special Servicer and the Depositor, and to the OTS, the FDIC and any other
banking or insurance regulatory authority that may exercise authority over any
Certificateholder, access to any documentation regarding the Loans within its
control that may be required to be provided by this Agreement or by applicable
law. Such access shall be afforded without charge but only upon reasonable prior
written request and during normal business hours at the offices of the Trustee
designated by it.

                  (b) The Trustee shall maintain in its possession and, upon
reasonable prior written request and during normal business hours, shall make
available at its offices for review by the Depositor, the Rating Agencies, the
Dadeland Mall Companion Loan Noteholder and its designees, the Controlling Class
Representative and, subject to the succeeding paragraph, any Certificateholder,
Certificate Owner or Person identified to the Trustee as a prospective
Transferee of a Certificate or an interest therein, originals and/or copies of
the following items: (i) the Prospectus, any private placement memorandum and
any other disclosure document relating to the Certificates, in the form most
recently provided to the Trustee by the Depositor or by any Person designated by
the Depositor; (ii) this Agreement, each Sub-Servicing Agreement delivered to
the Trustee since the Closing Date and any amendments hereto or thereto; (iii)
all Certificateholder Reports made available to Certificateholders pursuant to
Section 4.02(a) since the Closing Date; (iv) all Annual Performance
Certifications delivered by the Master Servicer and the Special Servicer,
respectively, to the Trustee since the Closing Date; (v) all Annual Accountants'
Reports caused to be delivered by or on behalf of the Master Servicer and the
Special Servicer, respectively, to the Trustee since the Closing Date; (vi) any
and all notices and reports delivered to the Trustee with respect to any
Mortgaged Property as to which the environmental testing contemplated by Section
3.09(c) revealed that either of the conditions set forth in clauses (i) and (ii)

                                     -238-
<PAGE>

of the first sentence thereof was not satisfied; (vii) each of the Mortgage
Files, including any and all modifications, extensions, waivers and amendments
of the terms of a Loan entered into or consented to by the Special Servicer and
delivered to the Trustee pursuant to Section 3.20; (viii) the most recent
appraisal for each Mortgaged Property and REO Property that has been delivered
to the Trustee (each appraisal obtained hereunder with respect to any Mortgaged
Property or REO Property to be delivered to the Trustee by the Master Servicer
or Special Servicer, as applicable, promptly following its having been
obtained); (ix) any and all Officer's Certificates and other evidence delivered
to or by the Trustee to support its, the Master Servicer's, the Special
Servicer's or the Fiscal Agent's, as the case may be, determination that any
Advance was (or, if made, would be) a Nonrecoverable Advance; (x) any and all
information provided to the Trustee pursuant to Section 6.11(a) or 6.11A(a);
(xi) the Schedule of Exceptions to Mortgage File Delivery prepared by the
Trustee pursuant to Section 2.02(a) and any exception report prepared by the
Trustee pursuant to Section 2.02(b); (xii) all notices of a breach of
representation and warranty given by or received by the Trustee with respect to
any party hereto; and (xiii) any Officer's Certificate delivered to the Trustee
by the Special Servicer in connection with a Final Recovery Determination
pursuant to Section 3.09(h). The Trustee shall provide copies of any and all of
the foregoing items upon written request of any of the parties set forth in the
previous sentence; however, except in the case of the Rating Agencies, the
Trustee shall be permitted to require payment of a sum sufficient to cover the
reasonable costs and expenses of providing such copies. Upon the reasonable
request of any Certificateholder, or any Certificate Owner identified to the
Trustee to the Trustee's reasonable satisfaction, the Trustee shall request from
the Master Servicer copies (at the expense of such Certificateholder or
Certificate Owner if the Master Servicer or Special Servicer charges a fee to
cover the reasonable cost of making such copies available) of any inspection
reports prepared by the Master Servicer or the Special Servicer, copies of any
operating statements, rent rolls and financial statements obtained by the Master
Servicer or the Special Servicer and copies of any CMSA Operating Statement
Analysis Reports and CMSA NOI Adjustment Worksheets prepared by the Master
Servicer or the Special Servicer; and, upon receipt, the Trustee shall make such
items available to the requesting Certificateholder or Certificate Owner.

                  In connection with providing access to or copies of the items
described in the preceding paragraph, the Trustee shall require: (i) in the case
of Certificateholders and Certificate Owners, a written confirmation executed by
the requesting Person substantially in the form of Exhibit L-1 (or in such other
form as may be reasonably acceptable to the Trustee) generally to the effect
that such Person is a Certificateholder or a beneficial holder of Book-Entry
Certificates and will keep such information confidential (except that such
Certificateholder or Certificate Owner may provide such information to any other
Person that holds or is contemplating the purchase of any Certificate or
interest therein, provided that such other Person confirms in writing such
ownership interest or prospective ownership interest and agrees to keep such
information confidential); and (ii) in the case of a prospective purchaser of a
Certificate or an interest therein, confirmation executed by the requesting
Person substantially in the form of Exhibit L-2 (or in such other form as may be
reasonably acceptable to the Trustee) generally to the effect that such Person
is a prospective purchaser of a Certificate or an interest therein, is
requesting the information for use in evaluating a possible investment in
Certificates and will otherwise keep such information confidential.

                  (c) The Trustee shall not be liable for providing or
disseminating information in accordance with Section 8.14(a) or (b).

                                     -239-
<PAGE>

                  SECTION 8.15. Reports to the Securities and Exchange
                                Commission and Related Reports.

                  (a) With respect to 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), the Trustee shall:

                      (i) during such fiscal year, in accordance with the
           Exchange Act, the rules and regulations promulgated thereunder and
           applicable "no-action letters" issued by the Commission, prepare for
           filing, execute and properly file with the Commission monthly, with
           respect to the Trust, a Current Report on Form 8-K with copies of the
           Distribution Date Statements, Mortgage Pool Data Update Reports and
           Unrestricted Servicer Reports attached as exhibits;

                      (ii) during such fiscal year, (A) monitor for and promptly
           notify the Depositor of the occurrence or existence of any of the
           matters identified in Section 11.11(a) and/or Section 8.15(b) (in
           each case to the extent that a Responsible Officer of the Trustee has
           actual knowledge thereof), (B) cooperate with the Depositor in
           obtaining all necessary information in order to enable the Depositor
           to prepare a Current Report on Form 8-K reporting any such matter in
           accordance with the Exchange Act, the rules and regulations
           promulgated thereunder and applicable "no-action letters" issued by
           the Commission, and (C) execute and promptly file with the Commission
           any such Current Report on Form 8-K prepared by or on behalf of the
           Depositor and delivered to the Trustee; and

                      (iii) within 90 days following the end of such fiscal
           year, prepare, execute and properly file with the Commission, with
           respect to the Trust, an Annual Report on Form 10-K which complies in
           all material respects with the requirements of the Exchange Act, the
           rules and regulations promulgated thereunder and applicable
           "no-action letters" issued by the Commission;

provided that (x) the Trustee shall not have any responsibility to file any
items (other than those generated by it) that have not been received in a format
suitable (or readily convertible into a format suitable) for electronic filing
via the EDGAR system and shall not have any responsibility to convert any such
items (other than those generated by it or that are readily convertible) to such
format and (y) the Depositor shall be responsible for preparing, executing and
filing (via the EDGAR system within fifteen (15) days following the Closing
Date) a Current Report on Form 8-K reporting the establishment of the Trust and
whereby this Agreement is filed as an exhibit. Each of the other parties to this
Agreement shall deliver to the Trustee in the format required (or readily
convertible into the format required) for electronic filing via the EDGAR system
any and all items (including, in the case of the Master Servicer and the Special
Servicer, Unrestricted Servicer Reports) contemplated to be filed with the
Commission pursuant to this Section 8.15(a).

                  (b) At all times during the Trust's fiscal year 2002 (and, if
as of the beginning of any other fiscal year for the Trust, the Registered
Certificates are held (directly or, in the case of Registered Certificates held
in book-entry form, through the Depository) by at least 300 Holders and/or
Depository Participants having accounts with the Depository, at all times during
such other fiscal year), the Trustee

                                     -240-
<PAGE>

shall promptly notify the Depositor of the occurrence or existence of any of the
following matters of which a Responsible Officer of the Trustee has actual
knowledge:

                      (i) any failure of the Trustee to make any monthly
           distributions to the Holders of any Class of Certificates, which
           failure is not otherwise reflected in the Certificateholder Reports
           filed with the Commission or has not otherwise been reported to the
           Depositor pursuant to any other section of this Agreement;

                      (ii) any acquisition or disposition by the Trust of a
           Mortgage Loan or an REO Property, which acquisition or disposition
           has not otherwise been reflected in the Certificateholder Reports
           filed with the Commission or has not otherwise been reported to the
           Depositor pursuant to any other section of this Agreement;

                      (iii) any other acquisition or disposition by the Trust of
           a significant amount of assets (other than Permitted Investments,
           Mortgage Loans and REO Properties), other than in the normal course
           of business;

                      (iv) any change in the fiscal year of the Trust;

                      (v) any material legal proceedings, other than ordinary
           routine litigation incidental to the business of the Trust, to which
           the Trust (or any party to this Agreement on behalf of the Trust) is
           a party or of which any property included in the Trust Fund is
           subject, or any threat by a governmental authority to bring any such
           legal proceedings;

                      (vi) any event of bankruptcy, insolvency, readjustment of
           debt, marshalling of assets and liabilities, or similar proceedings
           in respect of or pertaining to the Trust or any party to this
           Agreement, or any actions by or on behalf of the Trust or any party
           to this Agreement indicating its bankruptcy, insolvency or inability
           to pay its obligations; and

                      (vii) any change in the rating or ratings assigned to any
           Class of Certificates not otherwise reflected in the
           Certificateholder Reports filed with the Commission;

provided that (1) the actual knowledge of a Responsible Officer of the Trustee
of any material legal proceedings of which property included in the Trust Fund
is subject or of any material legal proceedings threatened by a governmental
authority is limited (except where the Trustee received information regarding
such proceeding from the Master Servicer or the Special Servicer pursuant to
subsection (c) below) to circumstances where it would be reasonable for the
Trustee to identify such property as an asset of, or as securing an asset of,
the Trust or such threatened proceedings as concerning the Trust and (2) no
Responsible Officer of the Trustee shall be deemed to have actual knowledge of
the matters described in clauses (vi) and (vii) of this Section 8.15(b) unless
(x) any such matter contemplated in clause (vi) occurred or related specifically
to the Trust or (y) such Responsible Officer was notified in a written
instrument addressed to it.

                  (c) The Master Servicer, the Special Servicer and the
Depositor shall each, as applicable, promptly notify the Trustee of the
occurrence or existence of any of the following matters of which a Servicing
Officer thereof has actual knowledge:

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                      (i) any material legal proceedings, other than ordinary
           routine litigation incidental to the business of such Person, to
           which the Trust or such Person or such Person on behalf of the Trust
           is a party or of which any property included in the Trust Fund is
           subject, or any threat by a governmental authority to bring any such
           legal proceedings; and

                      (ii) any event of bankruptcy, insolvency, readjustment of
           debt, marshalling of assets and liabilities, or similar proceedings
           in respect of such Person or the Trust, or any actions by or on
           behalf of such Person or the Trust indicating its bankruptcy,
           insolvency or inability to pay its obligations.

                  (d) If as of the beginning of any fiscal year for the Trust
(other than fiscal year 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.

                  SECTION 8.16. Representations and Warranties of Trustee.

                  (a) The Trustee hereby represents and warrants to the Master
Servicer, the Special Servicer and the Depositor and for the benefit of the
Certificateholders and the Dadeland Mall Companion Loan Noteholder, as of the
Closing Date, that:

                      (i) The Trustee is a national banking association duly
           organized, validly existing and in good standing under the laws of
           the United States of America.

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

                      (iii) Except to the extent that the laws of certain
           jurisdictions in which any part of the Trust Fund may be located
           require that a co-trustee or separate trustee be appointed to act
           with respect to such property as contemplated by Section 8.10, the
           Trustee has the full power and authority to enter into and consummate
           all transactions contemplated by this Agreement, has duly authorized
           the execution, delivery and performance of this Agreement, and has
           duly executed and delivered this Agreement.

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

                      (v) The Trustee is not in violation of, and its execution
           and delivery of this Agreement and its performance and compliance
           with the terms of this Agreement, including, but

                                     -242-
<PAGE>

           not limited to, its responsibility to make P&I Advances if the Master
           Servicer fails to make a P&I Advance, will not constitute a violation
           of, any law, any order or decree of any court or arbiter, or any
           order, regulation or demand of any federal, state or local
           governmental or regulatory authority, which violation, in the
           Trustee's good faith and reasonable judgment, is likely to affect
           materially and adversely either the ability of the Trustee to perform
           its obligations under this Agreement or the financial condition of
           the Trustee.

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

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

                      (viii) The Trustee is eligible to act as trustee hereunder
           in accordance with Section 8.06.

                  (b) The representations and warranties of the Trustee set
forth in Section 8.16(a) shall survive the execution and delivery of this
Agreement and shall inure to the benefit of the Persons for whose benefit they
were made for so long as the Trust Fund remains in existence. Upon discovery by
any party hereto of any breach of any of the foregoing representations,
warranties and covenants, the party discovering such breach shall give prompt
written notice thereof to the other parties hereto.

                  (c) Any successor Trustee shall be deemed to have made, as of
the date of its succession, each of the representations and warranties set forth
in Section 8.16(a), subject to such appropriate modifications to the
representation and warranty set forth in Section 8.16(a)(i) to accurately
reflect such successor's jurisdiction of organization and whether it is a
corporation, partnership, bank, association or other type of organization.

                  SECTION 8.17. The Fiscal Agent.

                  (a) The Fiscal Agent shall at all times maintain a long-term
unsecured debt rating of no less than "AA-" from S&P and "Aa3" from Moody's (or,
in the case of either Rating Agency, such lower rating as will not (as confirmed
in writing by such Rating Agency) result in an Adverse Rating Event).

                  (b) To the extent that the Trustee is required, pursuant to
the terms of this Agreement, to make any Advance, whether as successor master
servicer or otherwise, and has failed to do so in accordance with the terms
hereof, the Fiscal Agent shall make such Advance when and as required by the
terms of this Agreement on behalf the Trustee as if the Fiscal Agent were the
Trustee hereunder. To the extent that the Fiscal Agent makes an Advance pursuant
to this Section 8.17(b) or otherwise pursuant to this Agreement, the obligations
of the Trustee under this Agreement in respect of such

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Advance shall be satisfied. Notwithstanding anything contained in this Agreement
to the contrary, the Fiscal Agent shall be entitled to all limitations on
liability, rights of reimbursement and indemnities that the Trustee is entitled
to hereunder as if it were the Trustee.

                  (c) All fees and expenses of the Fiscal Agent (other than any
interest owed to the Fiscal Agent in respect of unreimbursed Advances) incurred
by the Fiscal Agent in connection with the transactions contemplated by this
Agreement shall be borne by the Trustee, and neither the Trustee nor the Fiscal
Agent shall be entitled to reimbursement therefor from any of the Trust Fund,
the Depositor, the Master Servicer or the Special Servicer.

                  (d) The obligations of the Fiscal Agent set forth in this
Section 8.17 or otherwise pursuant to this Agreement shall exist only for so
long as the Trustee that appointed it (or, in the case of the initial Fiscal
Agent, so long as the initial Trustee) shall act as Trustee hereunder. The
Fiscal Agent may resign or be removed by the Trustee only if and when the
existence of such Fiscal Agent is no longer necessary for such Trustee to
satisfy the eligibility requirements of Section 8.06; provided that the Fiscal
Agent shall be deemed to have resigned at such time as the Trustee that
appointed it (or, in the case of the initial Fiscal Agent, at such time as the
initial Trustee) resigns or is removed as Trustee hereunder (in which case the
responsibility for appointing a successor Fiscal Agent shall belong to the
successor Trustee, and which appointment the successor Trustee shall use its
best efforts to make, insofar as such appointment is necessary for such
successor Trustee to satisfy the eligibility requirements of Section 8.06). Any
successor fiscal agent so appointed shall be required to execute and deliver to
the other parties hereto a written agreement to assume and perform the duties of
the Fiscal Agent set forth in this Agreement; provided that no such successor
shall become Fiscal Agent hereunder unless either (i) it satisfies the rating
requirements of Section 8.17(a) or (ii) the Trustee shall have received written
confirmation from each Rating Agency that the succession of such proposed
successor fiscal agent would not, in and of itself, result in an Adverse Rating
Event.

                  (e) The Trustee shall promptly notify the other parties
hereto, the Certificateholders and the Companion Loan Noteholder in writing of
the appointment, resignation or removal of any Fiscal Agent.

                  SECTION 8.18. Representations and Warranties of Fiscal Agent.

                  (a) The Fiscal Agent hereby represents and warrants to each of
the other parties hereto and for the benefit of the Certificateholders and the
Dadeland Mall Companion Loan Noteholder, as the Closing Date, that:

                      (i) The Fiscal Agent is a banking association duly
           organized, validly existing and in good standing under the laws of
           the Netherlands.

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

                                     -244-
<PAGE>

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

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

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

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

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

                  (b) The representations and warranties of the Fiscal Agent set
forth in Section 8.18(a) shall survive the execution and delivery of this
Agreement and shall inure to the benefit of the Persons for whose benefit they
were made for so long as the Trust Fund remains in existence. Upon discovery by
any party hereto of any breach of any of the foregoing representations and
warranties, the party discovering such breach shall given prompt written notice
thereof to the other parties hereto.

                  (c) Any successor Fiscal Agent shall be deemed to have made,
as of the date of its succession, each of the representations and warranties set
forth in Section 8.18(a) subject to such appropriate modifications to the
representations and warranties set forth in Section 8.18(a)(i) to accurately
reflect such successor's jurisdiction of organization and whether it is a
corporation, partnership, bank, association or other type of organization.

                                     -245-
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                  SECTION 9.01. Termination Upon Repurchase or Liquidation of
                                All Mortgage Loans.

                  Subject to Section 9.02, the Trust Fund and the respective
obligations and responsibilities under this Agreement of the Depositor, the
Master Servicer, the Special Servicer, the Fiscal Agent and the Trustee (other
than the obligations of the Trustee to provide for and make payments to
Certificateholders as hereafter set forth) shall terminate upon payment (or
provision for payment): (i) to the Certificateholders of all amounts held by or
on behalf of the Trustee and required hereunder to be so paid on the
Distribution Date following the earlier to occur of (A) the purchase by the
Depositor, Lehman Brothers, the Special Servicer, any Controlling Class
Certificateholder or the Master Servicer of all Mortgage Loans and each REO
Property remaining in REMIC I at a price equal to (1) the sum (x) of the
aggregate Purchase Price of all the Mortgage Loans and (y) the aggregate
Appraised Values of any REO Properties then included in REMIC I, minus (2) if
the purchaser is the Master Servicer or the Special Servicer, the aggregate
amount of unreimbursed Advances made by such Person, together with any interest
accrued and payable to such Person in respect of unreimbursed Advances in
accordance with Section 3.11(g) and, in the case of the Master Servicer, Section
4.03(d) or Section 4.03A(d), and any unpaid servicing compensation remaining
outstanding (which items shall be deemed to have been paid or reimbursed to the
Master Servicer or the Special Servicer, as the case may be, in connection with
such purchase), and (B) the final payment or other liquidation (or any advance
with respect thereto) of the last Mortgage Loan or REO Property remaining in
REMIC I; and (ii) to the Trustee, the Fiscal Agent, the Master Servicer, the
Special Servicer and the members, managers, officers, directors, employees
and/or agents of each of them of all amounts which may have become due and owing
to any of them hereunder; provided, however, that in no event shall the trust
created hereby continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late ambassador of
the United States to the Court of St. James, living on the date hereof.

                  Each of the Depositor, Lehman Brothers, the Special Servicer,
any Controlling Class Certificateholder (with priority among such Holders being
given to the Holder of Certificates representing the greatest Percentage
Interest in the Controlling Class) or the Master Servicer, in that order of
priority (with the Depositor having the most senior priority), may at its option
elect to purchase all of the Mortgage Loans and each REO Property remaining in
REMIC I as contemplated by clause (i) of the preceding paragraph by giving
written notice to the other parties hereto no later than 60 days prior to the
anticipated date of purchase; provided, however, that (i) the aggregate Stated
Principal Balance of the Mortgage Pool at the time of such election is less than
1% of the Initial Pool Balance set forth in the Preliminary Statement, and (ii)
no such Person shall have the right to effect such a purchase if, within 30 days
following its delivery of a notice of election pursuant to this paragraph, any
other such Person with a higher priority shall give notice of its election to
purchase all of the Mortgage Loans and each REO Property remaining in REMIC I
and shall thereafter effect such purchase in accordance with the terms hereof.
If the Trust Fund is to be terminated in connection with the Master Servicer's,
the Special Servicer's, a Controlling Class Certificateholder's, Lehman
Brothers' or the Depositor's purchase of all of the Mortgage Loans and each REO
Property remaining in REMIC I, the Master Servicer, the Special Servicer, such
Controlling Class Certificateholder, Lehman Brothers or the Depositor, as
applicable, shall deliver to the Trustee not later than the fifth Business Day
preceding the Distribution Date on

                                     -246-
<PAGE>

which the final distribution on the Certificates is to occur: (x) for deposit in
the Pool Custodial Account, an amount in immediately available funds equal to
the above-described purchase price (provided, however, that if the Dadeland Mall
REO Property is being purchased pursuant to the foregoing, the portion of the
above-described purchase price allocable to the Dadeland Mall REO Property shall
initially be deposited into the Dadeland Mall Custodial Account); and (y) an
Opinion of Counsel, at the expense of the party effecting the purchase, stating
that the termination of the Trust satisfies the requirements of a qualified
liquidation under Section 860F of the Code and any regulations thereunder. In
addition, the Master Servicer shall transfer to the Collection Account all
amounts required to be transferred thereto on such Master Servicer Remittance
Date from the Pool Custodial Account pursuant to the first paragraph of Section
3.04(b), together with any other amounts on deposit in the Pool Custodial
Account that would otherwise be held for future distribution. Upon confirmation
that such final deposits have been made, subject to Section 3.25, the Trustee
shall release or cause to be released to the Master Servicer, the Special
Servicer, the purchasing Controlling Class Certificateholder, Lehman Brothers or
the Depositor, as applicable, the Mortgage Files for the remaining Mortgage
Loans and shall execute all assignments, endorsements and other instruments
furnished to it by the Master Servicer, the Special Servicer, the purchasing
Controlling Class Certificateholder, Lehman Brothers or the Depositor, as
applicable, as shall be necessary to effectuate transfer of the Mortgage Loans
and REO Properties to the Master Servicer, the Special Servicer, the purchasing
Controlling Class Certificateholder, Lehman Brothers or the Depositor (or their
respective designees), as applicable. Any transfer of Mortgage Loans, except in
the case of the Dadeland Mall Mortgage Loan, pursuant to this paragraph shall be
on a servicing-released basis; and, if any Mortgage Loan purchased pursuant to
this Section 9.01 is the Dadeland Mall Mortgage Loan, the release, endorsement
or assignment of the documents constituting the related Mortgage File and
Servicing File shall be in the manner contemplated by Section 3.25 hereof.

                  Notice of any termination shall be given promptly by the
Trustee by letter to Certificateholders and the Dadeland Mall Companion Loan
Noteholder mailed (a) if such notice is given in connection with the
Depositor's, the Master Servicer's, the Special Servicer's, Lehman Brothers' or
a Controlling Class Certificateholder's purchase of the Mortgage Loans and each
REO Property remaining in REMIC I, not earlier than the 15th day and not later
than the 25th day of the month next preceding the month of the final
distribution on the Certificates or (b) otherwise during the month of such final
distribution on or before the eighth day of such month, in each case specifying
(i) the Distribution Date upon which the Trust Fund will terminate and final
payment of the Certificates will be made, (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such Distribution
Date is not applicable, payments being made only upon presentation and surrender
of the Certificates at the offices of the Certificate Registrar or such other
location therein designated. The Trustee shall give such notice to the Master
Servicer, the Special Servicer and the Depositor at the time such notice is
given to Certificateholders.

                  Upon presentation and surrender of the Certificates by the
Certificateholders on the final Distribution Date, the Trustee shall distribute
to each Certificateholder so presenting and surrendering its Certificates such
Certificateholder's Percentage Interest of that portion of the amounts then on
deposit in the Collection Account that are allocable to payments on the Class of
Certificates so presented and surrendered. Amounts on deposit in the Collection
Account as of the final Distribution Date, exclusive of any portion thereof that
would be payable to any Person in accordance with clauses (ii) through (vi) of
Section 3.05(b), and further exclusive of any portion thereof that represents
Prepayment Premiums, Yield Maintenance Charges and/or Additional Interest, shall
be allocated in the following order of priority, in each case to the extent of
remaining available funds:

                                     -247-
<PAGE>

                      (i) to distributions of interest to the Holders of the
           respective Classes of the Senior Certificates, up to an amount equal
           to, and pro rata in accordance with, all Distributable Certificate
           Interest in respect of each such Class of Certificates for such
           Distribution Date and, to the extent not previously paid, for all
           prior Distribution Dates;

                      (ii) to distributions of principal to the Holders of the
           respective Classes of Class A Certificates, up to an amount equal to,
           and pro rata in accordance with, the Class Principal Balance of each
           such Class of Certificates outstanding immediately prior to such
           Distribution Date;

                      (iii) to distributions to the Holders of the respective
           Classes of Class A Certificates, up to an amount equal to, pro rata
           in accordance with, and in reimbursement of, all Realized Losses and
           Additional Trust Fund Expenses, if any, previously allocated to each
           such Class of Certificates pursuant to Section 4.04(a) and not
           previously reimbursed;

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

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

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

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

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

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

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

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

                                     -248-
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                     -249-
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                     -250-
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                     -251-
<PAGE>

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

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

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

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

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

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

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

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

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

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

                      (lv) to distributions to the Holders of the Class R-III
           Certificates, up to an amount equal to the excess, if any, of (A) the
           aggregate distributions (other than distributions of Net Prepayment
           Consideration) deemed made in respect of the REMIC II Regular
           Interests on such Distribution Date pursuant to Section 4.01(j), over
           (B) the aggregate distributions made in

                                     -252-
<PAGE>

           respect of the Regular Interest Certificates on such Distribution
           Date pursuant to clauses (i) through (liv) above;

                      (lvi) to distributions to the Holders of the Class R-II
           Certificates, up to an amount equal to the excess, if any, of (A) the
           aggregate distributions (other than distributions of Net Prepayment
           Consideration) deemed made in respect of the REMIC I Regular
           Interests on such Distribution Date pursuant to Section 4.01(k), over
           (B) the aggregate distributions (other than distributions of Net
           Prepayment Consideration) deemed made in respect of the REMIC II
           Regular Interests on such Distribution Date pursuant to Section
           4.01(j); and

                      (lvii) to distributions to the Holders of the Class R-I
           Certificates, up to an amount equal to the balance, if any, of the
           Available Distribution Amount for such Distribution Date remaining
           after the distributions to be made on such Distribution Date pursuant
           to clauses (i) through (lvi) above.

                  All distributions of interest made in respect of the Class
X-CP Certificates and the Class X-CL Certificates on the final Distribution Date
pursuant to clause (i) above, shall be deemed to have been made, in the case of
each such Class, in respect of the respective REMIC III Components of such
Class, pro rata in accordance with the respective amounts of Distributable
Component Interest in respect of such REMIC III Components for such Distribution
Date and, to the extent not previously deemed paid pursuant to Section 4.01(a),
for all prior Distribution Dates.

                  Any Prepayment Premiums and Yield Maintenance Charges on
deposit in the Collection Account as of the final Distribution Date (net of any
Workout Fees and/or Liquidation Fees payable therefrom) shall be distributed
among the Holders of the Class X-CL, Class X-D, Class A-1, Class A-2, Class A-3,
Class A-4, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class
J and Class K Certificates in accordance with Section 4.01(c).

                  Any amounts representing Additional Interest on deposit in the
Collection Account as of the Final Distribution Date shall be distributed to the
Holders of the Class V Certificates in accordance with Section 4.01(d).

                  Any funds not distributed to any Holder or Holders of
Certificates of such Class on such Distribution Date because of the failure of
such Holder or Holders to tender their Certificates shall, on such date, be set
aside and held uninvested in trust and credited to the account or accounts of
the appropriate non-tendering Holder or Holders. If any Certificates as to which
notice has been given pursuant to this Section 9.01 shall not have been
surrendered for cancellation within six months after the time specified in such
notice, the Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Trustee, directly or through an agent, shall take such
reasonable steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate. The
costs and expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder. If by the second anniversary of the delivery of such
second notice, all of the Certificates shall not have been surrendered for
cancellation, then,

                                     -253-
<PAGE>

subject to applicable law, the Trustee shall distribute to the Class R-III
Certificateholders all unclaimed funds and other assets which remain subject
hereto.

                  All actual distributions on the respective Classes of REMIC
III Certificates on the final Distribution Date in accordance with foregoing
provisions of this Section 9.01 shall be deemed to first have been distributed
from REMIC I to REMIC II on the various REMIC I Regular Interests in accordance
with Section 4.01(k) and then from REMIC II to REMIC III on the various REMIC II
Regular Interests in accordance with Section 4.01(j).

                  SECTION 9.02. Additional Termination Requirements.

                  (a) If the Depositor, Lehman Brothers, any Controlling Class
Certificateholder, the Special Servicer or the Master Servicer purchases all of
the Mortgage Loans and each REO Property remaining in REMIC I as provided in
Section 9.01, the Trust Fund (and, accordingly, each REMIC Pool) shall be
terminated in accordance with the following additional requirements, unless the
Person effecting such purchase obtains at its own expense and delivers to the
Trustee and the Tax Administrator, an Opinion of Counsel, addressed to the
Trustee and the Tax Administrator, to the effect that the failure of the Trust
Fund to comply with the requirements of this Section 9.02 will not result in an
Adverse REMIC Event or an Adverse Grantor Trust Event:

                      (i) the Tax Administrator shall specify the first day in
           the 90-day liquidation period in a statement attached to the final
           Tax Return for each REMIC Pool pursuant to Treasury regulation
           section 1.860F-1 and shall satisfy all requirements of a qualified
           liquidation under Section 860F of the Code and any regulations
           thereunder as set forth in the Opinion of Counsel obtained pursuant
           to Section 9.01 from the party effecting the purchase of all the
           Mortgage Loans and REO Property remaining in REMIC I;

                      (ii) during such 90-day liquidation period and at or prior
           to the time of making of the final payment on the Certificates, the
           Trustee shall sell all of the assets of REMIC I to the Master
           Servicer, Lehman Brothers, the purchasing Controlling Class
           Certificateholder, the Special Servicer or the Depositor, as
           applicable, for cash; and

                      (iii) at the time of the making of the final payment on
           the Certificates, the Trustee shall distribute or credit, or cause to
           be distributed or credited, to the Certificateholders in accordance
           with Section 9.01 all cash on hand (other than cash retained to meet
           claims), and each REMIC Pool shall terminate at that time.

                  (b) By their acceptance of Certificates, the Holders thereof
hereby agree to authorize the Tax Administrator to specify the 90-day
liquidation period for each REMIC Pool, which authorization shall be binding
upon all successor Certificateholders.

                                     -254-
<PAGE>

                                   ARTICLE X

                            ADDITIONAL TAX PROVISIONS

                  SECTION 10.01. REMIC Administration.

                  (a) The Tax Administrator shall elect to treat each REMIC Pool
as a REMIC under the Code and, if necessary, under applicable state law. Such
election will be made on Form 1066 or other appropriate federal or state Tax
Returns for the taxable year ending on the last day of the calendar year in
which the Certificates are issued.

                  (b) The REMIC I Regular Interests, the REMIC II Regular
Interests and the Regular Interest Certificates (or, in the case of the Class
X-CP and Class X-CL Certificates, each of the REMIC III Components of each such
Class) are hereby designated as "regular interests" (within the meaning of
Section 860G(a)(1) of the Code) in REMIC I, REMIC II and REMIC III,
respectively. The Class R-I Certificates, the Class R-II Certificates and the
Class R-III Certificates are hereby designated as the single class of "residual
interests" (within the meaning of Section 860G(a)(2) of the Code) in REMIC I,
REMIC II and REMIC III, respectively. None of the Master Servicer, the Special
Servicer or the Trustee shall (to the extent within its control) permit the
creation of any other "interests" in REMIC I, REMIC II or REMIC III (within the
meaning of Treasury regulation section 1.860D-1(b)(1)).

                  (c) The Closing Date is hereby designated as the "startup day"
of each REMIC Pool within the meaning of Section 860G(a)(9) of the Code.

                  (d) The related Plurality Residual Interest Certificateholder
as to the applicable taxable year is hereby designated as the Tax Matters Person
of each REMIC Pool, and shall act on behalf of the related REMIC in relation to
any tax matter or controversy and shall represent the related REMIC in any
administrative or judicial proceeding relating to an examination or audit by any
governmental taxing authority; provided that the Tax Administrator is hereby
irrevocably appointed to act and shall act (in consultation with the Tax Matters
Person for each REMIC Pool) as agent and attorney-in-fact for the Tax Matters
Person for each REMIC Pool in the performance of its duties as such.

                  (e) For purposes of Treasury regulation section
1.860G-1(a)(4)(iii), the related Legal Final Distribution Date has been
designated the "latest possible maturity date" of each REMIC I Regular Interest,
each REMIC II Regular Interest and each Class of Regular Interest Certificates
(or, in the case of the Class X-CP and Class X-CL Certificates, each REMIC III
Component of each such Class).

                  (f) Except as otherwise provided in Section 3.17(a) and
subsections (i) and (j) below, the Tax Administrator shall pay out of its own
funds any and all routine tax administration expenses of the Trust Fund incurred
with respect to each REMIC Pool (but not including any professional fees or
expenses related to audits or any administrative or judicial proceedings with
respect to the Trust Fund that involve the IRS or state tax authorities which
extraordinary expenses shall be payable or reimbursable to the Tax Administrator
from the Trust Fund (exclusive of the Grantor Trusts Assets), unless otherwise
provided in Section 10.01(i) or 10.01(j)).

                                     -255-
<PAGE>

                  (g) Within 30 days after the Closing Date, the Tax
Administrator shall prepare and file with the IRS Form 8811, "Information Return
for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of
Collateralized Debt Obligations" for the Trust Fund. In addition, the Tax
Administrator shall prepare, sign and file all of the other Tax Returns in
respect of each REMIC Pool. The expenses of preparing and filing such returns
shall be borne by the Tax Administrator without any right of reimbursement
therefor. The other parties hereto shall provide on a timely basis to the Tax
Administrator or its designee such information with respect to each REMIC Pool
as is in its possession and reasonably requested by the Tax Administrator to
enable it to perform its obligations under this Section 10.01. Without limiting
the generality of the foregoing, the Depositor, within ten days following the
Tax Administrator's request therefor, shall provide in writing to the Tax
Administrator such information as is reasonably requested by the Tax
Administrator for tax purposes, as to the valuations and issue prices of the
Certificates, and the Tax Administrator's duty to perform its reporting and
other tax compliance obligations under this Section 10.01 shall be subject to
the condition that it receives from the Depositor such information possessed by
the Depositor that is necessary to permit the Tax Administrator to perform such
obligations.

                  (h) The Tax Administrator shall perform on behalf of each
REMIC Pool all reporting and other tax compliance duties that are the
responsibility of each such REMIC Pool under the Code, the REMIC Provisions or
other compliance guidance issued by the IRS or any state or local taxing
authority. Included among such duties, the Tax Administrator shall provide to:
(i) any Transferor of a Residual Interest Certificate, such information as is
necessary for the application of any tax relating to the transfer of a Residual
Interest Certificate to any Person who is not a Permitted Transferee; (ii) the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions, including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption as
required hereunder); and (iii) the IRS, the name, title, address and telephone
number of the Person who will serve as the representative of each REMIC Pool.

                  (i) The Tax Administrator shall perform its duties hereunder
so as to maintain the status of each REMIC Pool as a REMIC under the REMIC
Provisions (and the Trustee, the Master Servicer and the Special Servicer shall
assist the Tax Administrator to the extent reasonably requested by the Tax
Administrator and to the extent of information within the Trustee's, the Master
Servicer's or the Special Servicer's possession or control). None of the Tax
Administrator, the Master Servicer, the Special Servicer, or the Trustee shall
knowingly take (or cause any REMIC Pool to take) any action or fail to take (or
fail to cause to be taken) any action that, under the REMIC Provisions, if taken
or not taken, as the case may be, could (i) endanger the status of any REMIC
Pool as a REMIC, or (ii) except as provided in Section 3.17(a), result in the
imposition of a tax upon any REMIC Pool (including, but not limited to, the tax
on prohibited transactions as defined in Section 860F(a)(2) of the Code and the
tax on contributions to a REMIC set forth in Section 860G(d) of the Code) or
result in the imposition of a tax on "net income from foreclosure property" as
defined in Section 860G(c) of the Code (any such endangerment of REMIC status
or, except as provided in Section 3.17(a), imposition of a tax, an "Adverse
REMIC Event"), unless the Tax Administrator has obtained or received an Opinion
of Counsel (at the expense of the party requesting such action or at the expense
of the Trust Fund if the Tax Administrator seeks to take such action or to
refrain from acting for the benefit of the Certificateholders) to the effect
that the contemplated action will not result in an Adverse REMIC Event or an
Adverse Grantor Trust Event. None of the other parties hereto shall take any
action or fail to take any action (whether or not authorized hereunder) as to
which the Tax Administrator has advised it in writing that the Tax Administrator
has received or obtained an Opinion of Counsel to the effect that an Adverse

                                     -256-
<PAGE>

REMIC Event or an Adverse Grantor Trust Event could result from such action or
failure to act. In addition, prior to taking any action with respect to any
REMIC Pool, or causing any REMIC Pool to take any action, that is not expressly
permitted under the terms of this Agreement, the Master Servicer and the Special
Servicer shall consult with the Tax Administrator or its designee, in writing,
with respect to whether such action could cause an Adverse REMIC Event or an
Adverse Grantor Trust Event to occur. The Tax Administrator may consult with
counsel to make such written advice, and the cost of same shall be borne by the
party seeking to take the action not permitted by this Agreement, but in no
event at the cost or expense of the Trust Fund or the Trustee. At all times as
may be required by the Code, the Tax Administrator shall make reasonable efforts
to ensure that substantially all of the assets of each REMIC Pool will consist
of "qualified mortgages" as defined in Section 860G(a)(3) of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

                  (j) If any tax is imposed on any REMIC Pool, including
"prohibited transactions" taxes as defined in Section 860F(a)(2) of the Code,
any tax on "net income from foreclosure property" as defined in Section 860G(c)
of the Code, any taxes on contributions to any REMIC Pool after the Startup Day
pursuant to Section 860G(d) of the Code, and any other tax imposed by the Code
or any applicable provisions of State or Local Tax laws (other than any tax
permitted to be incurred by the Special Servicer pursuant to Section 3.17(a)),
such tax, together with all incidental costs and expenses (including penalties
and reasonable attorneys' fees), shall be charged to and paid by: (i) the Tax
Administrator, if such tax arises out of or results from a breach by the Tax
Administrator of any of its obligations under this Section 10.01; (ii) the
Special Servicer, if such tax arises out of or results from a breach by the
Special Servicer of any of its obligations under Article III or this Section
10.01; (iii) the Master Servicer, if such tax arises out of or results from a
breach by the Master Servicer of any of its obligations under Article III or
this Section 10.01; (iv) the Trustee, if such tax arises out of or results from
a breach by the Trustee of any of its obligations under Article IV, Article VIII
or this Section 10.01; (v) the Depositor, if such tax was imposed due to the
fact that any of the Lehman Mortgage Loans did not, at the time of their
transfer to REMIC I, constitute a "qualified mortgage" as defined in Section
860G(a)(3) of the Code; or (vi) the Trust Fund, excluding the portion thereof
constituting the Grantor Trust, in all other instances. Any tax permitted to be
incurred by the Special Servicer pursuant to Section 3.17(a) shall be charged to
and paid by the Trust Fund (exclusive of the Grantor Trust Assets). Any such
amounts payable by the Trust Fund shall be paid by the Trustee upon the written
direction of the Tax Administrator out of amounts on deposit in the Collection
Account in reduction of the Available Distribution Amount pursuant to Section
3.05(b).

                  (k) The Tax Administrator shall, for federal income tax
purposes, maintain books and records with respect to each REMIC Pool on a
calendar year and on an accrual basis.

                  (l) Following the Startup Day, none of the Trustee, the Master
Servicer and the Special Servicer shall accept any contributions of assets to
any REMIC Pool unless it shall have received an Opinion of Counsel (at the
expense of the party seeking to cause such contribution and in no event at the
expense of the Trust Fund or the Trustee) to the effect that the inclusion of
such assets in such REMIC Pool will not cause: (i) such REMIC Pool to fail to
qualify as a REMIC at any time that any Certificates are outstanding; or (ii)
the imposition of any tax on such REMIC Pool under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.

                  (m) None of the Trustee, the Master Servicer and the Special
Servicer shall consent to or, to the extent it is within the control of such
Person, permit: (i) the sale or disposition of any of the

                                     -257-
<PAGE>

Mortgage Loans (except in connection with (A) the default or reasonably
foreseeable material default of a Mortgage Loan, including, but not limited to,
the sale or other disposition of a Mortgaged Property acquired by deed in lieu
of foreclosure, (B) the bankruptcy of any REMIC Pool, (C) the termination of any
REMIC Pool pursuant to Article IX of this Agreement, or (D) a purchase of
Mortgage Loans pursuant to or as contemplated by Article II or III of this
Agreement); (ii) the sale or disposition of any investments in the Pool
Custodial Account or the Pool REO Account for gain; or (iii) the acquisition of
any assets for any REMIC Pool (other than a Mortgaged Property acquired through
foreclosure, deed in lieu of foreclosure or otherwise in respect of a defaulted
Mortgage Loan and other than Permitted Investments acquired in connection with
the investment of funds in the Pool Custodial Account or the Pool REO Account);
in any event unless it has received an Opinion of Counsel (at the expense of the
party seeking to cause such sale, disposition, or acquisition but in no event at
the expense of the Trust Fund or the Trustee) to the effect that such sale,
disposition, or acquisition will not cause: (x) any REMIC Pool to fail to
qualify as a REMIC at any time that any Certificates are outstanding; or (y) the
imposition of any tax on any REMIC Pool under the REMIC Provisions or other
applicable provisions of federal, state and local law or ordinances.

                  (n) Except as permitted by Section 3.17(a), none of the
Trustee, the Master Servicer and the Special Servicer shall enter into any
arrangement by which any REMIC Pool will receive a fee or other compensation for
services nor permit any REMIC Pool to receive any income from assets other than
"qualified mortgages" as defined in Section 860G(a)(3) of the Code or "permitted
investments" as defined in Section 860G(a)(5) of the Code.

                  SECTION 10.02. Grantor Trust Administration.

                  (a) The Tax Administrator shall treat the Grantor Trust, for
tax return preparation purposes, as a grantor trust under the Code and, if
necessary, under applicable state law and will file appropriate federal or state
Tax Returns for each taxable year ending on or after the last day of the
calendar year in which the Certificates are issued.

                  (b) The Tax Administrator shall pay out of its own funds any
and all routine tax administration expenses of the Trust Fund incurred with
respect to the Grantor Trust (but not including any professional fees or
expenses related to audits or any administrative or judicial proceedings with
respect to the Trust Fund that involve the IRS or state tax authorities which
extraordinary expenses shall be payable or reimbursable to the Tax Administrator
from the Grantor Trust Assets in the Trust Fund unless otherwise provided in
Section 10.02(e) or 10.02(f)).

                  (c) The Tax Administrator shall prepare, sign and file all of
the Tax Returns in respect of the Grantor Trust. The expenses of preparing and
filing such returns shall be borne by the Tax Administrator without any right of
reimbursement therefor. The Tax Administrator shall comply with such requirement
by filing Form 1041, indicating the name and address of the Trust and signed by
the Tax Administrator but otherwise left blank. There shall be appended to each
such form a schedule for each Certificateholder indicating such
Certificateholder's share of income and expenses of the Trust for the portion of
the preceding calendar year in which such Certificateholder possessed an
Ownership Interest in a Certificate. Such form shall be prepared in sufficient
detail to enable reporting on the cash or accrual method of accounting, as
applicable, and to report on such Certificateholder's fiscal year if other than
the calendar year. The other parties hereto shall provide on a timely basis to
the Tax Administrator or its designee such information with respect to the
Grantor Trust as is in its possession

                                     -258-
<PAGE>

and reasonably requested by the Tax Administrator to enable it to perform its
obligations under this Section 10.02. Without limiting the generality of the
foregoing, the Depositor, within ten days following the Tax Administrator's
request therefor, shall provide in writing to the Tax Administrator such
information as is reasonably requested by the Tax Administrator for tax
purposes, and the Tax Administrator's duty to perform its reporting and other
tax compliance obligations under this Section 10.02 shall be subject to the
condition that it receives from the Depositor such information possessed by the
Depositor that is necessary to permit the Tax Administrator to perform such
obligations.

                  (d) The Tax Administrator shall perform on behalf of the
Grantor Trust all reporting and other tax compliance duties that are required in
respect thereof under the Code, the Grantor Trust Provisions or other compliance
guidance issued by the IRS or any state or local taxing authority, including the
furnishing to Certificateholders of the schedules described in Section 10.01(c).

                  (e) The Tax Administrator shall perform its duties hereunder
so as to maintain the status of the Grantor Trust as a grantor trust under the
Grantor Trust Provisions (and the Trustee, the Master Servicer and the Special
Servicer shall assist the Tax Administrator to the extent reasonably requested
by the Tax Administrator and to the extent of information within the Trustee's,
the Master Servicer's or the Special Servicer's possession or control). None of
the Tax Administrator, Master Servicer, the Special Servicer or the Trustee
shall knowingly take (or cause the Grantor Trust to take) any action or fail to
take (or fail to cause to be taken) any action that, under the Grantor Trust
Provisions, if taken or not taken, as the case may be, could endanger the status
of the Grantor Trust as a grantor trust under the Grantor Trust Provisions or
result in the imposition of a tax upon the Grantor Trust or its assets or
transactions (any such endangerment or imposition, an "Adverse Grantor Trust
Event"), unless the Tax Administrator has obtained or received an Opinion of
Counsel (at the expense of the party requesting such action or at the expense of
the Trust Fund if the Tax Administrator seeks to take such action or to refrain
from taking any action for the benefit of the Certificateholders) to the effect
that the contemplated action will not result in an Adverse Grantor Trust Event.
None of the other parties hereto shall take any action or fail to take any
action (whether or not authorized hereunder) as to which the Tax Administrator
has advised it in writing that the Tax Administrator has received or obtained an
Opinion of Counsel to the effect that an Adverse Grantor Trust Event could
result from such action or failure to act. In addition, prior to taking any
action with respect to the Grantor Trust, or causing the Trust Fund to take any
action, that is not expressly permitted under the terms of this Agreement, the
Master Servicer and the Special Servicer shall consult with the Tax
Administrator or its designee, in writing, with respect to whether such action
could cause an Adverse Grantor Trust Event to occur. The Tax Administrator may
consult with counsel to make such written advice, and the cost of same shall be
borne by the party seeking to take the action not permitted by this Agreement,
but in no event at the cost or expense of the Trust Fund, the Tax Administrator
or the Trustee.

                  (f) If any tax is imposed on the Grantor Trust, such tax,
together with all incidental costs and expenses (including penalties and
reasonable attorneys' fees), shall be charged to and paid by: (i) the Tax
Administrator, if such tax arises out of or results from a breach by the Tax
Administrator of any of its obligations under this Section 10.02; (ii) the
Special Servicer, if such tax arises out of or results from a breach by the
Special Servicer of any of its obligations under Article III or this Section
10.02; (iii) the Master Servicer, if such tax arises out of or results from a
breach by the Master Servicer of any of its obligations under Article III or
this Section 10.02; (iv) the Trustee, if such tax arises out of or results from
a breach by the Trustee of any of its obligations under Article IV, Article VIII
or this Section 10.02; or (v) the portion of the Trust Fund constituting the
Grantor Trust in all other instances.

                                     -259-
<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

                  SECTION 11.01. Amendment.

                  (a) This Agreement may be amended from time to time by the
mutual agreement of the parties hereto, without the consent of any of the
Certificateholders or the Dadeland Mall Companion Loan Noteholder, (i) to cure
any ambiguity, (ii) to correct, modify or supplement any provision herein which
may be inconsistent with any other provision herein or with the description
thereof in the Prospectus or the Prospectus Supplement, (iii) to add any other
provisions with respect to matters or questions arising hereunder which shall
not be inconsistent with the existing provisions hereof, (iv) to relax or
eliminate any requirement hereunder imposed by the REMIC Provisions if the REMIC
Provisions are amended or clarified such that any such requirement may be
relaxed or eliminated, (v) to relax or eliminate any requirement imposed by the
Securities Act or the rules thereunder if the Securities Act or those rules are
amended or clarified so as to allow for the relaxation or elimination of that
requirement; (vi) as evidenced by an Opinion of Counsel delivered to the Master
Servicer, the Special Servicer and the Trustee, either (A) to comply with any
requirements imposed by the Code or any successor or amendatory statute or any
temporary or final regulation, revenue ruling, revenue procedure or other
written official announcement or interpretation relating to federal income tax
laws or any such proposed action which, if made effective, would apply
retroactively to any of the REMIC Pools or the Grantor Trust at least from the
effective date of such amendment, or (B) to avoid the occurrence of a prohibited
transaction or to reduce the incidence of any tax that would arise from any
actions taken with respect to the operation of any REMIC Pool or the Grantor
Trust; (vii) as provided in Section 5.02(d)(iv), to modify, add to or eliminate
any of the provisions of Section 5.02(d)(i), (ii) or (iii); or (viii) to
otherwise modify or delete existing provisions of this Agreement; provided that
such amendment (other than any amendment for any of the specific purposes
described in clauses (i), (ii), (iv), (v), (vi) and (vii) above) shall not
adversely affect in any material respect the interests of any Certificateholder
or the Dadeland Mall Companion Loan Noteholder, as evidenced by either an
Opinion of Counsel delivered to the Trustee and each other party hereto to such
effect or, in the case of a Class of Certificates or a class of Dadeland Mall
Companion Loan Securities to which a rating has been assigned by one or more
Rating Agencies, written confirmation from each applicable Rating Agency to the
effect that such amendment shall not result in an Adverse Rating Event; and
provided, further, that such amendment shall not significantly change the
activities of the Trust.

                  (b) This Agreement may also be amended from time to time by
the agreement of the parties hereto with the consent of the Holders of
Certificates entitled to at least 66-2/3% of the Voting Rights allocated to the
affected Classes for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Holders of Certificates; provided, however, that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments received or advanced on Loans which are required to be distributed
on any Certificate, without the consent of the Holder of such Certificate, or
which are required to be distributed to the Dadeland Mall Companion Loan
Noteholder, without the consent of the Dadeland Mall Companion Loan Noteholder,
(ii) adversely affect in any material respect the interests of the Holders of
any Class of Certificates or the interests of the Dadeland Mall Companion Loan
Noteholder in a manner other than as described in the immediately preceding
clause (i), without the consent of the Holders of all Certificates of such Class
or the consent of the Dadeland Mall

                                     -260-
<PAGE>

Companion Loan Noteholder, as the case may be, (iii) significantly change the
activities of the Trust, without the consent of the Holders of Certificates
entitled to 51% of all the Voting Rights (without regard to Certificates held by
the Depositor or any of the Depositor's Affiliates and/or agents), (iv) modify
the provisions of this Section 11.01, without the consent of the Holders of all
Certificates then outstanding and the consent of the Dadeland Mall Companion
Loan Noteholder, (v) modify the provisions of Section 3.20 or the Servicing
Standard, without the consent of the Holders of all Regular Interest
Certificates then outstanding and the consent of the Dadeland Mall Companion
Loan Noteholder, or (vi) modify the specified percentage of Voting Rights which
are required to be held by Certificateholders to consent or not to object to any
particular action pursuant to any provision of this Agreement, without the
consent of the Holders of all Certificates then outstanding. Notwithstanding any
other provision of this Agreement, for purposes of the giving or withholding of
consents pursuant to this Section 11.01(b), Certificates registered in the name
of any party hereto or any Affiliate thereof shall be entitled to the same
Voting Rights with respect to matters described above as they would if any other
Person held such Certificates, so long as the subject amendment does not relate
to increasing its rights or reducing or limiting its obligations hereunder as a
party to this Agreement.

                  (c) Notwithstanding any contrary provision of this Agreement,
the Trustee shall not consent to any amendment to this Agreement unless it shall
first have obtained or been furnished with an Opinion of Counsel (at the expense
of the party seeking such amendment) addressed to the Trustee and each other
party hereto, to the effect that (i) such amendment or the exercise of any power
granted to the Trustee, the Master Servicer or the Special Servicer in
accordance with such amendment will not result in the imposition of a tax on any
REMIC Pool pursuant to the REMIC Provisions, cause any REMIC Pool to fail to
qualify as a REMIC or cause the Grantor Trust to fail to qualify as a grantor
trust within the meaning of the Grantor Trust Provisions at any time that any
Certificates are outstanding and (ii) such amendment complies in all material
respects with the provisions of this Section 11.01.

                  (d) Promptly after the execution of any such amendment, the
Trustee shall send a copy thereof to each Certificateholder and the Dadeland
Mall Companion Loan Noteholder.

                  (e) It shall not be necessary for the consent of
Certificateholders under this Section 11.01 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.

                  (f) Each of the Master Servicer, the Special Servicer and the
Trustee may but shall not be obligated to enter into any amendment pursuant to
this section that affects its rights, duties and immunities under this Agreement
or otherwise.

                  (g) The cost of any Opinion of Counsel to be delivered
pursuant to Section 11.01(a) or (c) shall be borne by the Person seeking the
related amendment, except that if the Master Servicer, the Special Servicer or
the Trustee requests any amendment of this Agreement that protects or is in
furtherance of the rights and interests of Certificateholders, the cost of any
Opinion of Counsel required in connection therewith pursuant to Section 11.01(a)
or (c) shall be payable out of the Pool Custodial Account, in the case of the
Master Servicer and the Special Servicer, pursuant to Section 3.05(a), or out of
the Collection Account, in the case of the Trustee, pursuant to Section 3.05(b).

                                     -261-
<PAGE>

                  SECTION 11.02. Recordation of Agreement; Counterparts.

                  (a) To the extent permitted by applicable law, this Agreement
is subject to recordation in all appropriate public offices for real property
records in all the counties or other comparable jurisdictions in which any or
all of the properties subject to the Mortgages are situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Master Servicer at the expense of the Trust Fund, but only upon
direction accompanied by an Opinion of Counsel (the cost of which may be paid
out of the Pool Custodial Account pursuant to Section 3.05(a) or, to the extent
that it benefits the Dadeland Mall Companion Loan Noteholder, out of the
Dadeland Mall Custodial Account pursuant to Section 3.05(A)(a)) to the effect
that such recordation materially and beneficially affects the interests of the
Certificateholders and/or the Dadeland Mall Companion Loan Noteholder; provided,
however, that the Trustee shall have no obligation or responsibility to
determine whether any such recordation of this Agreement is required.

                  (b) For the purpose of facilitating the recordation of this
Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and such counterparts shall
constitute but one and the same instrument.

                  SECTION 11.03. Limitation on Rights of Certificateholders and
                                 the Dadeland Mall Companion Loan Noteholder.

                  (a) The death or incapacity of any Certificateholder or the
Dadeland Mall Companion Loan Noteholder shall not operate to terminate this
Agreement or the Trust Fund, nor entitle such Certificateholder's or the
Dadeland Mall Companion Loan Noteholder's legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a
partition or winding up of the Trust Fund, nor otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

                  (b) The Certificateholders and the Dadeland Mall Companion
Loan Noteholder (except as expressly provided for herein) shall not have any
right to vote or in any manner otherwise control the operation and management of
the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders and/or the Dadeland Mall Companion Loan
Noteholder from time to time as partners or members of an association; nor shall
any Certificateholder or the Dadeland Mall Companion Loan Noteholder be under
any liability to any third party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

                  (c) Neither any of the Certificateholders nor the Dadeland
Mall Companion Loan Noteholder shall have any right by virtue of any provision
of this Agreement to institute any suit, action or proceeding in equity or at
law upon or under or with respect to this Agreement or any Loan, unless, with
respect to any suit, action or proceeding upon or under or with respect to this
Agreement, such Person previously shall have given to the Trustee a written
notice of default hereunder, and of the continuance thereof, as hereinbefore
provided, and unless also (except in the case of a default by the Trustee) the
Holders of Certificates entitled to at least 25% of the Voting Rights shall have
made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its

                                     -262-
<PAGE>

receipt of such notice, request and offer of indemnity, shall have neglected or
refused to institute any such action, suit or proceeding. It is understood and
intended, and expressly covenanted by each Certificateholder with every other
Certificateholder and the Trustee, that no one or more Holders of Certificates
shall have any right in any manner whatsoever by virtue of any provision of this
Agreement to affect, disturb or prejudice the rights of the Holders of any other
of such Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder, which priority or preference is not otherwise provided
for herein, or to enforce any right under this Agreement, except in the manner
herein provided and for the equal, ratable and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of this
section, each and every Certificateholder and the Trustee shall be entitled to
such relief as can be given either at law or in equity.

                  SECTION 11.04. Governing Law; Consent to Jurisdiction.

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

                  SECTION 11.05. Notices.

                  Any communications provided for or permitted hereunder shall
be in writing and, unless otherwise expressly provided herein, shall be deemed
to have been duly given when delivered to: (i) in the case of the Depositor,
Structured Asset Securities Corporation, 745 Seventh Avenue, New York, New York
10019, Attention: Scott Lechner--LB-UBS Commercial Mortgage Trust 2002-C2,
facsimile number: (646) 758-4203; (ii) in the case of the Master Servicer,
Wachovia Bank, National Association, NC 1075, 8739 Research Drive, URP 4,
Charlotte, North Carolina 28288 1075, Attention: LB-UBS Mortgage Trust 2002-C2;
facsimile number: (704) 593-7735; (iii) in the case of the Special Servicer,
Lend Lease Asset Management, L.P., 700 North Pearl Street, Suite 2400, Dallas,
Texas 75201, Attention: Michael O'Hanlon, LB-UBS Commercial Mortgage Trust
2002-C2, facsimile number (214) 720-1553; (iv) in the case of the Trustee,
LaSalle Bank National Association, 135 South LaSalle Street, Suite 1625,
Chicago, Illinois 60603, Attention: Asset-Backed Securities Trust Services
Group--LB-UBS Commercial Mortgage Trust 2002-C2, facsimile number: (312)
904-2084; (v) in the case of the Fiscal Agent, ABN AMRO Bank N.V., 135 South
LaSalle Street, Suite 1625, Chicago, Illinois 60603, Attention: Asset-Backed
Securities Trust Services Group--LB-UBS Commercial Mortgage Trust 2002-C2,
facsimile number: (312) 904-2084; (vi) in the case of the Underwriters, (A)
Lehman Brothers, Inc., 745 Seventh Avenue, New York, New York 10019, Attention:
Scott Lechner--LB-UBS Commercial Mortgage Trust 2002-C2, facsimile number: (646)
758-4203, (B) UBS Warburg LLC, 1285 Avenue of the Americas, New York, New York
10019, Attention: Ahmed Alali, facsimile number: (212) 713-2099, with a copy to
Robert C. Dinerstein, General Counsel, and (C) Deutsche Bank Securities, 31 West
52nd Street, New York, New York 10019, Attention: Tom Traynor, Commercial
Mortgage-Backed Securities, facsimile number: (212) 469-5125; (vii) in the case
of the Rating Agencies, (A) Moody's

                                     -263-
<PAGE>

Investors Services, Inc., 99 Church Street, New York, New York 10007, Attention:
CMBS Monitoring, facsimile number: (212) 553-1350, and (B) Standard & Poor's
Rating Services, a division of the McGraw-Hill Companies, Inc., 55 Water Street,
10th Floor, New York, New York 10004, Attention: CMBS Surveillance Department,
facsimile number: (212) 438-2662; and (viii) in the case of the Fiscal Agent, to
the Trustee on behalf of the Fiscal Agent; or, as to each such Person, such
other address as may hereafter be furnished by such Person to the parties hereto
in writing. Any communication required or permitted to be delivered to a
Certificateholder shall be deemed to have been duly given when mailed first
class, postage prepaid, to the address of such Holder as shown in the
Certificate Register.

                  SECTION 11.06. Severability of Provisions.

                  If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of
this Agreement or of the Certificates or the rights of the Holders thereof.

                  SECTION 11.07. Grant of a Security Interest.

                  The Depositor and the Trustee agree that it is their intent
that the conveyance of the Depositor's right, title and interest in and to the
Mortgage Loans pursuant to this Agreement shall constitute a sale and not a
pledge of security for a loan. If such conveyance is deemed to be a pledge of
security for a loan, however, the Depositor and the Trustee agree that it is
their intent that the rights and obligations of the parties to such loan shall
be established pursuant to the terms of this Agreement. The Depositor and the
Trustee also intend and agree that, in such event, (i) in order to secure
performance of the Depositor's obligations hereunder and payment of the
Certificates, the Depositor shall be deemed to have granted, and does hereby
grant, to the Trustee (in such capacity) a first priority security interest in
the Depositor's entire right, title and interest in and to the assets
constituting the Trust Fund, including the Mortgage Loans, all principal and
interest received or receivable with respect to the Mortgage Loans (other than
principal and interest payments due and payable prior to the Cut-off Date and
any Principal Prepayments received on or prior to the Cut-off Date), all amounts
held from time to time in the Pool Custodial Account, the Collection Account,
the Interest Reserve Account and, if established, the Pool REO Account and the
Defeasance Deposit Account and any and all reinvestment earnings on such
amounts, and all of the Depositor's right, title and interest in and to the
proceeds of any title, hazard or other Insurance Policies related to such
Mortgage Loans, and (ii) this Agreement shall constitute a security agreement
under applicable law. The Depositor shall file or cause to be filed, as a
precautionary filing, a Form UCC-1 substantially in the form attached as Exhibit
J hereto in the State of Delaware promptly following the initial issuance of the
Certificates, and the Trustee shall prepare, execute and file at each such
office, with the consent of the Depositor hereby given, continuation statements
with respect thereto, in each case within six months prior to the fifth
anniversary of the immediately preceding filing. The Depositor shall cooperate
in a reasonable manner with the Trustee and the Master Servicer in preparing and
filing such continuation statements. This Section 11.07 shall constitute notice
to the Trustee pursuant to any of the requirements of the UCC.

                  SECTION 11.08. Streit Act.

                  Any provisions required to be contained in this Agreement by
Section 126 of Article 4-A of the New York Real Property Law are hereby
incorporated herein, and such provisions shall be in

                                     -264-
<PAGE>

addition to those conferred or imposed by this Agreement; provided, however,
that to the extent that such Section 126 shall not have any effect, and if said
Section 126 should at any time be repealed or cease to apply to this Agreement
or be construed by judicial decision to be inapplicable, said Section 126 shall
cease to have any further effect upon the provisions of this Agreement. In case
of a conflict between the provisions of this Agreement and any mandatory
provisions of Article 4-A of the New York Real Property Law, such mandatory
provisions of said Article 4-A shall prevail, provided that if said Article 4-A
shall not apply to this Agreement, should at any time be repealed, or cease to
apply to this Agreement or be construed by judicial decision to be inapplicable,
such mandatory provisions of such Article 4-A shall cease to have any further
effect upon the provisions of this Agreement.

                  SECTION 11.09. Successors and Assigns; Beneficiaries.

                  The provisions of this Agreement shall be binding upon and
inure to the benefit of the respective successors and assigns of the parties
hereto, and all such provisions shall inure to the benefit of the
Certificateholders. Each Underwriter shall be a third party beneficiary to this
Agreement solely with respect to its right to receive the reports, statements
and other information to which it is entitled hereunder, to preserve such
Underwriter's rights under Sub-Servicing Agreements as contemplated by Section
3.22(d) and, in the case of Lehman Brothers, to terminate the Trust Fund
pursuant to Section 9.01. Each of the Sub-Servicers that is a party to a
Sub-Servicing Agreement in effect on the Closing Date (or being negotiated as of
the Closing Date and in effect within 90 days thereafter) shall be a third party
beneficiary to obligations of a successor Master Servicer under Section 3.22,
provided that the sole remedy for any claim by a Sub-Servicer as a third party
beneficiary pursuant to this Section 11.09 shall be against a successor Master
Servicer solely in its corporate capacity and no Sub-Servicer shall have any
rights or claims against the Trust Fund or any party hereto (other than a
successor Master Servicer in its corporate capacity as set forth in this Section
11.09) as a result of any rights conferred on such Sub-Servicer as a third party
beneficiary pursuant to this Section 11.09. The Dadeland Mall Companion Loan
Noteholder and any designees thereof acting on behalf of or exercising the
rights of the Dadeland Mall Companion Loan Noteholder shall be third-party
beneficiaries to this Agreement with respect to their rights as specifically
provided for herein. The Dadeland Mall Trustee and the Dadeland Mall Fiscal
Agent shall be third-party beneficiaries to this Agreement solely with respect
to reimbursement of P&I Advances made by such Persons, with interest, as
provided in Section 3.05A hereof. This Agreement may not be amended in any
manner that would adversely affect the rights of any such third party
beneficiary without its consent. No other Person, including any Mortgagor, shall
be entitled to any benefit or equitable right, remedy or claim under this
Agreement.

                  SECTION 11.10. Article and Section Headings.

                  The article and section headings herein are for convenience of
reference only, and shall not limit or otherwise affect the meaning hereof.

                  SECTION 11.11. Notices to Rating Agencies.

                  (a) The Trustee shall promptly provide notice to each Rating
Agency with respect to each of the following of which it has actual knowledge:

                      (i) any material change or amendment to this Agreement;

                      (ii) the occurrence of any Event of Default that has not
           been cured;

                                     -265-
<PAGE>

                      (iii) the resignation or termination of the Fiscal Agent,
           the Master Servicer or the Special Servicer;

                      (iv) the repurchase of Mortgage Loans by the Depositor
           pursuant to Section 2.03;

                      (v) any change in the location of the Collection Account
           or the Interest Reserve Account;

                      (vi) the final payment to any Class of Certificateholders;
           and

                      (vii) any sale or disposition of any Mortgage Loan or REO
           Property.

                  (b) The Master Servicer shall promptly provide notice to each
Rating Agency with respect to each of the following of which it has actual
knowledge:

                      (i) the resignation or removal of the Trustee; and

                      (ii) any change in the location of any Custodial Account.

                  (c) The Special Servicer shall furnish each Rating Agency with
respect to a Specially Serviced Loan such information as the Rating Agency shall
reasonably request and which the Special Servicer can reasonably provide in
accordance with applicable law, with copies to the Trustee.

                  (d) To the extent applicable, each of the Master Servicer and
the Special Servicer shall promptly furnish to each Rating Agency copies of the
following items:

                      (i) each of its annual statements as to compliance
           described in Section 3.13;

                      (ii) each of its annual independent public accountants'
           servicing reports described in Section 3.14; and

                      (iii) any Officer's Certificate delivered by it to the
           Trustee pursuant to Section 3.11(h), 4.03(c) or 4.03A(c).

                  (e) The Trustee shall (i) make available to each Rating
Agency, upon reasonable notice, the items described in Section 8.14(b) and (ii)
promptly deliver to each Rating Agency a copy of any notices given pursuant to
Section 7.03(a) or Section 7.03(b).

                  (f) The Trustee shall promptly deliver to each Rating Agency a
copy of each of the statements and reports described in Section 4.02(a) that is
prepared by it.

                  (g) Each of the Trustee, the Master Servicer and the Special
Servicer shall provide to each Rating Agency such other information with respect
to the Mortgage Loans and the Certificates, to the extent such party possesses
such information, as such Rating Agency shall reasonably request.

                                     -266-
<PAGE>

                  SECTION 11.12. Global Opinions.

                  Notwithstanding anything herein to the contrary, where any
party hereto is required or permitted to rely upon an Opinion of Counsel with
respect to any particular matter, such Opinion of Counsel need not specifically
reference such particular matter, but rather such Opinion of Counsel may address
general matters of law in respect of nonspecific circumstances which clearly
encompass the facts of such particular matter (any such Opinion of Counsel, a
"Global Opinion"); provided that no Global Opinion may be relied upon if it is
more than 12 months old or if the subject party has reason to believe that such
Global Opinion no longer expresses a correct legal opinion.

                  SECTION 11.13. Complete Agreement.

                  This Agreement embodies the complete agreement among the
parties and may not be varied or terminated except by a written agreement
conforming to the provisions of Section 11.01. All prior negotiations or
representations of the parties are merged into this Agreement and shall have no
force or effect unless expressly stated herein.

                                     -267-
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused their names
to be signed hereto by their respective officers thereunto duly authorized, in
each case as of the day and year first above written.

                                  STRUCTURED ASSET SECURITIES CORPORATION
                                    Depositor

                                  By: /s/ Precilla G. Torres
                                     -----------------------------------------
                                  Name:  Percilla G. Torres
                                  Title: Senior Vice President

                                  WACHOVIA BANK, NATIONAL ASSOCIATION
                                    Master Servicer

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

                                  LEND LEASE ASSET MANAGEMENT, L.P.
                                    Special Servicer

                                  By: PEARL MORTGAGE, INC.,
                                      Its General Partner

                                  By: /s/ Michael O'Hanlon
                                     -----------------------------------------
                                  Name:  Michael O'Hanlon
                                  Title: Vice President

                                  LASALLE BANK NATIONAL ASSOCIATION
                                    Trustee

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

<PAGE>

                                  ABN AMRO BANK N.V.
                                    Fiscal Agent

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

                                  By: /s/ Barbara A. Wolf
                                     -----------------------------------------
                                  Name: Barbara A. Wolf
                                  Title: Vice President

<PAGE>

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

     On the ______ day of _____________, 2002, before me, a notary public in and
for said State, personally appeared ______________________________________,
known to me to be a _________________________________ of STRUCTURED ASSET
SECURITIES CORPORATION, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity,
and acknowledged to me that such entity executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  ------------------------------
                                                           Notary Public

[Notarial Seal]

<PAGE>

STATE OF ___________________     )
                                 )  ss.:
COUNTY OF _________________      )

     On the ______ day of _____________, 2002, before me, a notary public in and
for said State, personally appeared ______________________________________,
known to me to be a ___________________________________ of WACHOVIA BANK,
NATIONAL ASSOCIATION, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity,
and acknowledged to me that such entity executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  ------------------------------
                                                           Notary Public

[Notarial Seal]

<PAGE>

STATE OF __________________   )
                              )  ss.:
COUNTY OF _________________   )

     On the ______ day of _____________, 2002, before me, a notary public in and
for said State, personally appeared ______________________________________,
known to me to be a ___________________________________ of PEARL MORTGAGE, INC.,
the general partner of LEND LEASE ASSET MANAGEMENT, L.P., 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 _____________, 2002, before me, a notary public in and
for said State, personally appeared ______________________________________,
known to me to be a ___________________________________ of LASALLE BANK NATIONAL
ASSOCIATION, one of the entities that executed the within instrument, and also
known to me to be the person who executed it on behalf of such entity, and
acknowledged to me that such entity executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  ------------------------------
                                                           Notary Public

[Notarial Seal]

<PAGE>

STATE OF ___________________         )
                                     )  ss.:
COUNTY OF _________________          )

     On the ______ day of _____________, 2002, before me, a notary public in and
for said State, personally appeared ______________________________ and
___________________________, known to me to be a _____________________________
and _______________________, respectively, of ABN AMRO BANK N.V., one of the
entities that executed the within instrument, and also known to me to be the
persons who executed it on behalf of such entity, and acknowledged to me that
such entity executed the within instrument.

     IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

                                                  ------------------------------
                                                           Notary Public

[Notarial Seal]

<PAGE>

<TABLE>
<CAPTION>
 MORTGAGE
   LOAN
  NUMBER    PROPERTY NAME                                           ADDRESS
------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                                                     <C>
     1      Dadeland Mall                                           7535 North Kendall Drive
     2      Square One Mall                                         125 Westchester Avenue
     3      250 Park Avenue                                         250 Park Avenue
     4      1750 Pennsylvania Avenue                                1750 Pennsylvania Avenue
     5      Lembi Portfolio                                         Various
     6      21 Chelsea                                              120 West 21st Street
     7      The Center Building                                     33-00 Northern Boulevard
     8      Bank of America Tower                                   One Progress Plaza
     9      White Flint Plaza                                       5100-5628 Nicholson Lane
    10      The Loop                                                90 Pleasant Valley Street (Route 113)
    11      Monte Villa Farms                                       3301, 3303, 3305, and 3307 Monte Villa Parkway
    12      Northridge Plaza                                        NEC of 119th and Strang Line Road
    13      Newpointe Shopping Center                               504 Emily Drive
    14      Greenbriar Club Apartments                              3901 Conshohocken Avenue
    15      Brandywine Portfolio                                    Various
    16      Cendant Tower                                           6262 Sunset Drive
    17      The Meadows                                             401 North Thompson Drive
    18      Market Square Shopping Center                           5515 and 5601 Concord Pike
    19      145 Huguenot Street                                     145 Huguenot Street
    20      Little River Turnpike                                   7610-7630 Little River Turnpike
    21      Southern Shopping Center                                7525 Tidewater Drive
    22      Windsor Commons                                         3101-3195 Cape Horn Road
    23      Home Depot Center                                       4925-4937 West Slauson Avenue
    24      101 Fifth Avenue                                        101 Fifth Avenue
    25      Oakland Park Towers                                     930 John Road
    26      Springtree Meadows/Crossing                             2615 Amherst Road
    27      Shoppes at Hickory Hollow                               NWC of Mt. View Road and Bell Road
    28      Sunhill Shopping Center                                 10401-10521 Sunland Boulevard and 8756-8846 Foothill Boulevard
    29      Soledad Shopping Center                                 18820-18840 Soledad Canyon Road
    30      250 West Nyack Drive                                    240-280 West Nyack Road
    31      Tower Place Festival                                    8652-8706 Pineville-Matthews Road
    32      Mission Hills I & II                                    7755 South Scepter Drive
    33      Anaheim Business Center                                 100-392 West Cerritos Avenue
    34      10 & 14 Pidgeon Hill                                    10 & 14 Pidgeon Hill Drive
    35      River Place Apartments                                  4241 West Hawthorne Trace Road
    36      Centennial Corporate Center                             1991 South Centennial Avenue
    37      The Corner at Seven Corners                             6270-6290 Arlington Boulevard
    38      Campus Courtyard Apartments                             1541 East Bulldog Lane
    39      Kensington Park Apartments                              3413 West County Club Drive
    40      Village Landing                                         3601 San Jose Avenue
    41      218 Route 17 North                                      218 Route 17 North
    42      South Rivers Market                                     1831 Highway 1 South
    43      MATCO Portfolio                                         Various
    44      Computer Sciences Building                              150 West John H. Carpenter Freeway
    45      Conifer Village                                         81 Downer Street
    46      Brott Portfolio                                         Various
    47      Chamblee Heights Apartments                             3265 Chamblee Dunwoody Road
    48      Riverside                                               3808 Riverside Drive
    49      Brady Station Apartments                                4401 East 52nd Street
    50      Staples Mill Shopping Center                            14640 Minnieville Road
    51      Square 67 Shopping Center                               2550 West Red Bird Lane
    52      Silver Lake Apartments & Jefferson Gardens              Various
    53      Wendover - Morningstar Portfolio                        3710 Monroe Road
    54      L'Opera                                                 115 Pine Avenue
    55      Shoppes at Addison Place North                          16850 Jog Road
    56      Sun Valley Apartments                                   261 Sun Valley Drive
    57      600 Parker Square                                       600 Parker Square
    58      Sun City Shopping Center                                1625 Sun City Center Boulevard
    59      South Dade Portfolio                                    Various
    60      One Royal Palm Place                                    1877 South Federal Highway
    61      Radford Portfolio                                       Various
    62      Shadow Ridge Apartments                                 4001 Hamilton Circle
    63      Oak Creek Apartments                                    2600 Art Museum Drive
    64      401 North Frederick                                     401 Frederick Avenue
    65      Knightdale Crossing                                     7132 U.S. Highway 64 East
    66      Atlantic Ave- Morningstar Portfolio                     4222 Atlantic Avenue
    67      Morningstar - Salisbury                                 1730 West Jake Alexander Boulevard
    68      Mulberry Village Apartments                             1202 East Mulberry Avenue
    69      29 Avenue C                                             29 Avenue C
    70      Lake Front North                                        5550 Sterret Place
    71      Mountain View Plaza                                     1205,1217,1330 Plaza Boulevard
    72      Bolivar Square                                          3602,3619 and 3636 Bolivar Square
    73      Carter Plaza                                            15200 Municipal Drive
    74      Walgreens - Lithonia                                    6671 Covington Highway
    75      50-54 Kent Street                                       50-54 Kent Street
    76      Valkill Park East & Moorgate MHP                        Various
    77      Crossroads Apartments                                   7409 South I-35
    78      The Terrace Shops                                       5115 Buffalo Speedway
    79      Ludlam Gardens                                          4444, 4450, 4590 SW 67th Avenue and 6780 SW 44th Street
    80      3450 Medical Plaza                                      3450 East Flectcher Avenue
    81      Edgewood Square Shopping Center                         2261 Edgewood Avenue
    82      Westside Plaza Shopping Center                          5040 West Broadway
    83      38C Grove Street                                        38C Grove Street
    84      The Plazas at Park 10 Shopping Center                   1029 State Highway 6 North
    85      River Oaks Apartments                                   4400 Troup Highway
    86      Stonebridge Apartments                                  1261 Village Drive
    87      Morningstar - Garner's Ferry                            7923 Garners Ferry Road
    88      Morningstar - Monroe                                    1516 Walkup Avenue
    89      The Plazas at Midtown I Shopping Center                 2501 Bagby Street
    90      34 West 22nd Street                                     34 West 22nd Street
    91      Beltway 8 Office Warehouses Numbers 7 and 8             5829 West Sam Houston Parkway
    92      East Palo Alto                                          1735-1745 East Bayshore Road
    93      Morningstar - Amity                                     3150 Amity Court
    94      Friendly Avenue - Morningstar Portfolio                 321 North Chimney Rock Road
    95      Northwood Village Apartments                            45 Silverhorn Court
    96      Belmar Medical Center                                   8015 West Alameda Avenue
    97      Decatur Towne Square                                    SEC of West Ponce De Leon Avenue and Church Street
    98      Buford Heights Apartments                               3610 Buford Highway
    99      Wal-Mart Plaza                                          655 Farmington Avenue
    100     Locust Grove Apartments                                 250 Locust Grove Court
    101     Centre Court                                            616 South Lewis
    102     1461-1465 Burlingame Avenue                             1461-1465 Burlingame Avenue
    103     Gold Rush Shopping Center                               316 Mine Street
    104     Poole Rd - Morningstar Portfolio                        4243 Poole Road
    105     Premier Centre Outparcel                                3424-3426 U.S. Highway 190
    106     Greens Landing Shopping Center                          10701 North Freeway
    107     Hill & Dale Apartments                                  463-467 Pedretti Avenue
    108     Glenwood - Morningstar Portfolio                        8733 Glenwood Avenue
    109     Lake Orion Self Storage                                 180 West Church Street
    110     Garner - Morningstar Portfolio                          3701 South Wilmington Street
    111     Morningstar - Spartanburg                               625 West Blackstock Road
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
 MORTGAGE
   LOAN                                                                            CUT-OFF DATE           MONTHLY P&I
  NUMBER    CITY                             STATE           ZIP CODE                BALANCE                PAYMENT
------------------------------------------------------------------------------------------------------------------------
<S>         <C>                               <C>             <C>                 <C>                      <C>
     1      Miami                             FL              33156               175,000,000.00           1,170,092.88
     2      Saugus                            MA               1906                94,788,018.96             614,968.85
     3      New York                          NY              10177                79,000,000.00             536,874.31
     4      Washington                        DC              20006                50,000,000.00             341,393.42
     5      San Francisco                     CA             Various               36,800,000.00             238,837.54
     6      New York                          NY              10011                35,000,000.00             227,242.04
     7      Long Island City                  NY              11101                34,454,683.16             238,871.03
     8      St. Petersburg                    FL              33701                33,899,534.79             248,315.62
     9      Rockville                         MD              20852                27,788,486.14             203,857.61
    10      Methuen                           MA               1844                27,229,783.43             170,629.00
    11      Bothell                           WA              98021                25,986,440.25             183,043.64
    12      Olathe                            KS              66062                23,758,980.58             171,060.29
    13      Clarksburg                        WV              26301                19,935,533.21             134,946.25
    14      Philadelphia                      PA              19131                18,500,000.00             127,774.90
    15      Various                           NY             Various               17,978,099.25             128,332.83
    16      South Miami                       FL              33143                16,590,932.75             115,274.97
    17      Madison                           WI              53714                16,514,023.97             109,130.04
    18      Wilmington                        DE              19803                16,500,000.00             113,343.55
    19      New Rochelle                      NY              10801                14,000,000.00              94,008.97
    20      Annandale                         VA              22003                13,100,000.00              88,655.37
    21      Norfolk                           VA              23509                12,818,027.10              89,316.99
    22      Red Lion                          PA              17356                12,614,356.66              84,944.84
    23      Baldwin Hills                     CA              90056                12,600,000.00              85,783.35
    24      New York                          NY              10003                12,484,513.82              88,517.22
    25      Troy                              MI              48083                11,700,000.00              77,134.49
    26      Middleton                         WI              53562                11,520,948.50              76,134.18
    27      Nashville                         TN              37013                11,243,734.26              77,662.62
    28      Sunland                           CA              91040                10,635,798.78              73,303.03
    29      Santa Clarita                     CA              91351                10,613,796.22              81,364.68
    30      West Nyack                        NY              10994                10,119,816.35              71,664.12
    31      Pineville                         NC              28226                10,055,299.94              76,562.98
    32      Franklin                          WI              53132                 9,866,556.27              65,201.41
    33      Anaheim                           CA              92805                 9,818,856.95              65,365.97
    34      Sterling                          VA              20165                 9,394,229.11              62,917.67
    35      Brown Deer                        WI              53209                 9,019,427.70              59,603.31
    36      Aiken                             SC              29803                 8,991,501.64              66,158.36
    37      Falls Church                      VA              22044                 8,983,059.53              62,191.44
    38      Fresno                            CA              93710                 8,943,937.15              57,930.59
    39      Irving                            TX              75062                 8,394,539.04              55,153.96
    40      Merced                            CA              95348                 8,095,297.65              55,201.35
    41      Rochelle Park                     NJ               7662                 8,000,000.00              53,719.41
    42      Greensville                       MS              38701                 6,430,479.70              44,922.80
    43      Various                         Various          Various                6,350,000.00              44,052.79
    44      Irving                            TX              75039                 6,131,016.15              42,413.67
    45      Baldwinsville                     NY              13027                 5,996,538.72              40,971.28
    46      Various                           NM             Various                5,794,897.87              43,809.07
    47      Chamblee                          GA              30341                 5,530,000.00              43,741.30
    48      Burbank                           CA              91505                 5,500,000.00              38,118.42
    49      Odessa                            TX              79762                 5,489,449.25              37,743.79
    50      Dale City                         VA              22193                 5,443,090.59              38,256.58
    51      Dallas                            TX              75237                 5,393,497.65              38,648.95
    52      Various                           NY             Various                5,350,000.00              35,917.65
    53      Charlotte                         NC              28216                 5,200,000.00              38,732.47
    54      Long Beach                        CA              90802                 4,947,189.47              33,969.41
    55      Delray Beach                      FL              33446                 4,741,348.50              33,212.69
    56      Mesquite                          NV              89027                 4,697,025.61              31,143.06
    57      Flower Mound                      TX              75028                 4,566,690.23              32,020.40
    58      Sun City Center                   FL              33570                 4,486,245.84              31,187.80
    59      Various                           FL             Various                4,396,000.00              30,317.15
    60      Boca Raton                        FL              33432                 3,857,898.46              26,831.27
    61      Various                           VA              24060                 3,840,000.00              26,902.45
    62      Arlington                         TX              76013                 3,797,529.57              24,950.60
    63      Jacksonville                      FL              32207                 3,695,463.11              26,303.00
    64      Gaithersburg                      MD              20877                 3,638,843.85              25,296.77
    65      Knightdale                        NC              27545                 3,446,188.95              24,195.47
    66      Raleigh                           NC              27604                 3,400,000.00              25,325.08
    67      Salisbury                         NC              28147                 3,356,850.59              25,381.66
    68      San Antonio                       TX              78209                 3,297,854.62              21,667.63
    69      New York                          NY              10009                 3,177,720.03              22,123.42
    70      Columbia                          MD              21044                 3,143,957.29              21,616.90
    71      Central Point                     OR              97502                 3,108,608.20              21,148.70
    72      Dallas                            TX              75220                 3,089,238.80              20,127.15
    73      Madeira Beach                     FL              33708                 3,065,896.08              21,109.65
    74      Lithonia                          GA              30058                 3,000,000.00              21,244.13
    75      Brookline                         MA               2445                 2,998,208.63              20,262.20
    76      Various                           NY             Various                2,913,507.62              20,632.19
    77      Oklahoma City                     OK              73149                 2,891,033.86              18,955.59
    78      Houston                           TX              77005                 2,848,518.61              20,083.97
    79      Miami                             FL              33155                 2,842,549.72              20,069.53
    80      Tampa                             FL              33613                 2,836,074.36              20,380.17
    81      Jacksonville                      FL              32254                 2,788,756.80              19,750.85
    82      Pearland                          TX              77581                 2,743,904.34              21,160.60
    83      Ridgefield                        CT               6877                 2,700,000.00              18,130.30
    84      Houston                           TX              77079                 2,688,815.81              18,765.04
    85      Tyler                             TX              75703                 2,684,938.37              17,764.15
    86      Lexington                         KY              40504                 2,489,313.16              17,173.27
    87      Columbia                          SC              29209                 2,461,690.42              18,613.22
    88      Monroe                            NC              28110                 2,237,900.37              16,921.11
    89      Houston                           TX              77006                 2,152,731.56              14,254.67
    90      New York                          NY              10027                 2,092,710.16              13,634.52
    91      Houston                           TX              77041                 2,013,086.40              15,650.96
    92      East Palo Alto                    CA              94303                 1,996,337.12              13,956.91
    93      Charlotte                         NC              28215                 1,939,513.67              14,664.96
    94      Grennsboro                        NC              27410                 1,900,000.00              14,152.25
    95      Merced                            CA              95348                 1,898,896.98              12,948.46
    96      Lakewood                          CO              80226                 1,699,137.01              12,061.74
    97      Decatur                           GA              30338                 1,595,308.97              11,319.20
    98      Atlanta                           GA              30319                 1,500,000.00              12,881.65
    99      New Britain                       CT               6053                 1,474,202.20              10,273.04
    100     Lower Paxton                      PA              17109                 1,275,000.00               9,422.14
    101     New Iberia                        LA              70560                 1,237,971.43               9,359.69
    102     Burlingame                        CA              94010                 1,200,000.00               7,788.18
    103     McCormick                         SC              29835                 1,200,000.00               8,390.57
    104     Raleigh                           NC              27610                 1,150,000.00               8,565.84
    105     Mandeville                        LA              70471                 1,125,000.00               7,997.53
    106     Houston                           TX              77037                   923,971.06               6,813.13
    107     Cincinnati                        OH              45238                   916,000.00               6,392.27
    108     Raleigh                           NC              27603                   900,000.00               6,703.70
    109     Lake Orion                        MI              48362                   842,715.76               8,014.40
    110     Raleigh                           NC              27603                   700,000.00               5,213.99
    111     Spartanburg                       SC              29301                   497,311.18               3,760.25
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
 MORTGAGE                                REMAINING                                     REMAINING              INTEREST
   LOAN            MORTGAGE               TERM TO               MATURITY-            AMORTIZATION             ACCRUAL
  NUMBER             RATE                 MATURITY                 ARD                   TERM                  BASIS
------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                      <C>                <C>                      <C>                 <C>
     1               6.828                    116                2/11/12                  356                 Act/360
     2               6.731                    117                3/11/12                  357                 Act/360
     3               6.570                    120                 6/8/12                  300                 Act/360
     4               7.259                    120                6/11/12                  360                 Act/360
     5               6.650                     60                6/11/07                  348                 Act/360
     6               6.760                    120                6/11/12                  360                 Act/360
     7               7.400                     70                4/11/08                  358                 Act/360
     8               7.970                    118                4/11/12                  358                 Act/360
     9               7.900                    107                5/11/11                  347                 Act/360
    10               6.410                     83                5/11/09                  359                 Act/360
    11               7.570                    119                5/11/12                  359                 Act/360
    12               7.470                    118                4/11/12                  322                 Act/360
    13               7.140                    116                2/11/12                  356                 Act/360
    14               7.375                    120                6/11/12                  360                 Act/360
    15               7.700                    118                4/11/12                  358                 Act/360
    16               7.430                    119                5/11/12                  359                 Act/360
    17               6.900                     56                2/11/07                  356                 Act/360
    18               7.320                    120                6/11/12                  360                 Act/360
    19               7.092                     84                6/11/09                  360                 Act/360
    20               7.170                    120                6/11/12                  360                 Act/360
    21               7.400                    111                9/11/11                  351                 Act/360
    22               7.100                    117                3/11/12                  357                 Act/360
    23               7.230                    120                6/11/12                  360                 Act/360
    24               7.630                    118                4/11/12                  358                 Act/360
    25               6.910                    120                7/11/12                  360                 Act/360
    26               6.900                     56                2/11/07                  356                 Act/360
    27               7.370                     83                5/11/09                  359                 Act/360
    28               7.340                    118                4/11/12                  358                 Act/360
    29               8.280                     55                 1/1/07                  331                 Act/360
    30               7.625                    119                5/11/12                  359                 Act/360
    31               7.820                    118                4/11/12                  298                 Act/360
    32               6.900                     56                2/11/07                  356                 Act/360
    33               7.000                     59                5/11/07                  359                 Act/360
    34               7.060                     83                5/11/09                  359                 Act/360
    35               6.900                     56                2/11/07                  356                 Act/360
    36               7.440                    119                5/11/12                  299                 Act/360
    37               7.380                    117                3/11/12                  357                 Act/360
    38               6.730                     59                5/11/07                  359                 Act/360
    39               6.870                     59                5/11/07                  359                 Act/360
    40               7.240                    119                5/11/12                  359                 Act/360
    41               7.092                     84                6/11/09                  360                 Act/360
    42               7.460                    116                2/11/12                  356                 Act/360
    43               7.420                    120                6/11/12                  360                 Act/360
    44               7.360                    116                2/11/12                  356                 Act/360
    45               7.260                    119                5/11/12                  359                 Act/360
    46               7.750                    119                5/11/12                  299                 Act/360
    47               7.260                    120                6/11/12                  240                 Act/360
    48               7.410                    120                6/11/12                  360                 Act/360
    49               7.310                     81                3/11/09                  357                 Act/360
    50               7.540                    118                4/11/12                  358                 Act/360
    51               7.740                    118                4/11/12                  358                 Act/360
    52               7.090                    120                6/11/12                  360                 Act/360
    53               7.590                     60                6/11/07                  300                 Act/360
    54               7.310                    119                5/11/12                  359                 Act/360
    55               7.500                    117                3/11/12                  357                 Act/360
    56               6.960                     83                5/11/09                  359                 Act/360
    57               7.510                    117                3/11/12                  357                 Act/360
    58               7.410                    116                2/11/12                  356                 Act/360
    59               7.360                    120                6/11/12                  360                 Act/360
    60               7.440                    119                5/11/12                  359                 Act/360
    61               7.520                    120                6/11/12                  360                 Act/360
    62               6.870                     59                5/11/07                  359                 Act/360
    63               7.670                    118                4/11/12                  358                 Act/360
    64               7.410                    116                2/11/12                  356                 Act/360
    65               7.500                    114                12/11/11                 354                 Act/360
    66               7.590                     60                6/11/07                  300                 Act/360
    67               7.700                    115                1/11/12                  295                 Act/360
    68               6.870                     59                5/11/07                  359                 Act/360
    69               7.385                    110                8/11/11                  350                 Act/360
    70               7.310                    117                3/11/12                  357                 Act/360
    71               7.170                    113                11/11/11                 353                 Act/360
    72               6.760                     56                2/11/07                  356                 Act/360
    73               7.330                    118                4/11/12                  358                 Act/360
    74               7.630                    120                6/11/12                  360                 Act/360
    75               7.150                    119                5/11/12                  359                 Act/360
    76               7.625                    119                5/11/12                  359                 Act/360
    77               6.470                     57                3/11/07                  321                 Act/360
    78               7.580                    119                5/11/12                  359                 Act/360
    79               7.250                    117                3/11/12                  321                 Act/360
    80               7.130                     56                2/11/07                  296                 Act/360
    81               7.590                    114                12/11/11                 354                 Act/360
    82               8.410                    100                10/1/10                  340                 Act/360
    83               7.092                     84                6/11/09                  360                 Act/360
    84               7.110                     68                2/11/08                  320                 Act/360
    85               6.890                    113                11/11/11                 353                 Act/360
    86               7.320                    114                12/11/11                 354                 Act/360
    87               7.700                    115                1/11/12                  295                 Act/360
    88               7.700                    115                1/11/12                  295                 Act/360
    89               6.920                     56                2/11/07                  356                 Act/360
    90               6.760                     80                2/11/09                  356                 Act/360
    91               8.610                    118                4/11/12                  358                 Act/360
    92               7.480                    117                3/11/12                  357                 Act/360
    93               7.700                    115                1/11/12                  295                 Act/360
    94               7.590                     60                6/11/07                  300                 Act/360
    95               7.240                    119                5/11/12                  359                 Act/360
    96               7.650                    119                5/11/12                  359                 Act/360
    97               7.620                    116                2/11/12                  356                 Act/360
    98               7.330                    120                6/11/12                  204                 Act/360
    99               7.460                    119                5/11/12                  359                 Act/360
    100              7.500                    120                6/11/12                  300                 Act/360
    101              7.650                    111                9/11/11                  291                 Act/360
    102              6.650                     60                6/11/07                  348                 Act/360
    103              7.500                     84                6/11/09                  360                 Act/360
    104              7.590                     60                6/11/07                  300                 Act/360
    105              7.670                    102                12/11/10                 360                 Act/360
    106              8.040                    118                4/11/12                  358                 Act/360
    107              7.480                    120                6/11/12                  360                 Act/360
    108              7.590                     60                6/11/07                  300                 Act/360
    109              7.875                    179                5/11/17                  179                 Act/360
    110              7.590                     60                6/11/07                  300                 Act/360
    111              7.700                    115                1/11/12                  295                 Act/360
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
 MORTGAGE                               MASTER
   LOAN         ADMINISTRATIVE        SERVICING             GROUND               MORTGAGE
  NUMBER          COST RATE              FEE                LEASE?              LOAN SELLER                     DEFEASANCE
-----------------------------------------------------------------------------------------------------------------------------------
<S>                 <C>                  <C>              <C>                       <C>          <C>
     1              0.0516               0.05             Fee Simple                LB           Defeasance
     2              0.0516               0.05             Fee Simple                UBS          Defeasance
     3              0.0516               0.05             Fee Simple                LB           Defeasance
     4              0.0516               0.05             Fee Simple                UBS          Defeasance
     5              0.0516               0.05             Fee Simple                UBS          Defeasance
     6              0.0516               0.05             Fee Simple                LB           Defeasance
     7              0.0516               0.05             Fee Simple                UBS          Defeasance
     8              0.0516               0.05             Fee Simple                UBS          Defeasance
     9              0.0516               0.05             Fee Simple                LB           Defeasance
    10              0.0516               0.05             Fee Simple                LB           Defeasance
    11              0.0516               0.05             Fee Simple                UBS          Defeasance
    12              0.1066              0.105             Fee Simple                LB           Defeasance
    13              0.0516               0.05             Fee Simple                LB           Defeasance
    14              0.0516               0.05             Fee Simple                UBS          Defeasance
    15              0.1066              0.105             Fee Simple                LB           Defeasance
    16              0.0516               0.05             Fee Simple                UBS          Defeasance
    17              0.0516               0.05             Fee Simple                LB           Defeasance
    18              0.0516               0.05             Fee Simple                UBS          Defeasance
    19              0.0516               0.05             Fee Simple                UBS          Defeasance/Fixed Penalty
    20              0.0516               0.05             Fee Simple                UBS          Defeasance
    21              0.1066              0.105             Fee Simple                LB           Defeasance
    22              0.0516               0.05             Fee Simple                LB           Defeasance
    23              0.0516               0.05             Fee Simple                UBS          Defeasance
    24              0.0516               0.05             Fee Simple                UBS          Defeasance
    25              0.0516               0.05             Fee Simple                LB           Defeasance
    26              0.0516               0.05             Fee Simple                LB           Defeasance
    27              0.0516               0.05             Fee Simple                LB           Defeasance
    28              0.0966              0.095             Fee Simple                LB           Defeasance
    29              0.0516               0.05             Fee Simple                LB           Defeasance
    30              0.0516               0.05             Fee Simple                UBS          Defeasance
    31              0.0516               0.05             Fee Simple                LB           Defeasance
    32              0.0516               0.05             Fee Simple                LB           Defeasance
    33              0.0516               0.05             Fee Simple                UBS          Defeasance
    34              0.0516               0.05             Fee Simple                LB           Defeasance
    35              0.0516               0.05             Fee Simple                LB           Defeasance
    36              0.0516               0.05             Fee Simple                LB           Defeasance
    37              0.0516               0.05             Fee Simple                LB           Defeasance
    38              0.1066              0.105             Fee Simple                LB           Defeasance
    39              0.1066              0.105             Fee Simple                LB           Defeasance
    40              0.0516               0.05             Fee Simple                LB           Defeasance
    41              0.0516               0.05             Fee Simple                UBS          Defeasance/Fixed Penalty
    42              0.1066              0.105             Fee Simple                LB           Defeasance
    43              0.0516               0.05             Fee Simple                UBS          Defeasance
    44              0.0516               0.05             Fee Simple                UBS          Defeasance
    45              0.0516               0.05             Fee Simple                LB           Defeasance
    46              0.0516               0.05             Fee Simple                UBS          Defeasance
    47              0.0516               0.05             Fee Simple                UBS          Defeasance
    48              0.1066              0.105             Fee Simple                LB           Defeasance
    49              0.0516               0.05             Fee Simple                LB           Defeasance
    50              0.1066              0.105             Fee Simple                LB           Defeasance
    51              0.0516               0.05             Fee Simple                LB           Defeasance
    52              0.0516               0.05             Fee Simple                LB           Defeasance
    53              0.0516               0.05             Fee Simple                LB           Defeasance
    54              0.1066              0.105             Fee Simple                LB           Defeasance
    55              0.0516               0.05             Fee Simple                LB           Defeasance
    56              0.0516               0.05             Fee Simple                LB           Defeasance
    57              0.1066              0.105             Fee Simple                LB           Defeasance
    58              0.0516               0.05             Fee Simple                LB           Defeasance
    59              0.0516               0.05             Fee Simple                UBS          Defeasance
    60              0.0516               0.05             Fee Simple                UBS          Defeasance
    61              0.0516               0.05             Fee Simple                UBS          Defeasance
    62              0.1066              0.105             Fee Simple                LB           Defeasance
    63              0.1066              0.105             Fee Simple                LB           Defeasance
    64              0.0516               0.05             Fee Simple                LB           Defeasance
    65              0.0516               0.05             Fee Simple                LB           Defeasance
    66              0.0516               0.05             Fee Simple                LB           Defeasance
    67              0.1066              0.105             Fee Simple                LB           Defeasance
    68              0.1066              0.105             Fee Simple                LB           Defeasance
    69              0.0516               0.05             Fee Simple                UBS          Defeasance
    70              0.1066              0.105             Fee Simple                LB           Defeasance
    71              0.0516               0.05             Fee Simple                LB           Defeasance
    72              0.1066              0.105             Fee Simple                LB           Defeasance
    73              0.1066              0.105             Fee Simple                LB           Defeasance
    74              0.0516               0.05             Fee Simple                UBS          Defeasance
    75              0.0516               0.05             Fee Simple                LB           Defeasance
    76              0.0516               0.05             Fee Simple                UBS          Defeasance
    77              0.0516               0.05             Fee Simple                LB           Defeasance
    78              0.0516               0.05             Fee Simple                LB           Defeasance
    79              0.0516               0.05             Fee Simple                LB           Defeasance
    80              0.0516               0.05             Fee Simple                LB           Defeasance
    81              0.0516               0.05             Fee Simple                LB           Defeasance
    82              0.0516               0.05             Fee Simple                UBS          Defeasance
    83              0.0516               0.05             Fee Simple                UBS          Defeasance/Fixed Penalty
    84              0.0516               0.05             Fee Simple                LB           Greater of Yield Maintenance or 1%
    85              0.0516               0.05             Fee Simple                LB           Defeasance
    86              0.0516               0.05             Fee Simple                LB           Defeasance
    87              0.1066              0.105             Fee Simple                LB           Defeasance
    88              0.1066              0.105             Fee Simple                LB           Defeasance
    89              0.0516               0.05             Fee Simple                LB           Greater of Yield Maintenance or 1%
    90              0.0516               0.05             Fee Simple                LB           Defeasance
    91              0.0516               0.05             Fee Simple                UBS          Greater of Yield Maintenance or 1%
    92              0.1066              0.105             Fee Simple                LB           Defeasance
    93              0.1066              0.105             Fee Simple                LB           Defeasance
    94              0.0516               0.05             Fee Simple                LB           Defeasance
    95              0.0516               0.05             Fee Simple                LB           Defeasance
    96              0.0516               0.05             Fee Simple                LB           Defeasance
    97              0.1066              0.105             Fee Simple                LB           Defeasance
    98              0.0516               0.05             Fee Simple                UBS          Defeasance
    99              0.0516               0.05             Fee Simple                UBS          Defeasance
    100             0.0516               0.05             Fee Simple                UBS          Defeasance
    101             0.0516               0.05             Fee Simple                LB           Defeasance
    102             0.0516               0.05             Fee Simple                UBS          Defeasance
    103             0.0516               0.05             Fee Simple                UBS          Defeasance
    104             0.0516               0.05             Fee Simple                LB           Defeasance
    105             0.0516               0.05             Fee Simple                UBS          Defeasance
    106             0.1066              0.105             Fee Simple                LB           Defeasance
    107             0.0516               0.05             Fee Simple                UBS          Defeasance
    108             0.0516               0.05             Fee Simple                LB           Defeasance
    109             0.0516               0.05             Fee Simple                UBS          Defeasance
    110             0.0516               0.05             Fee Simple                LB           Defeasance
    111             0.1066              0.105             Fee Simple                LB           Defeasance
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                                     CREDIT LEASE
 MORTGAGE            ARD                ANTICIPATED                                  LOAN (TENANT,             LEASE
   LOAN            MORTGAGE              REPAYMENT                 ARD               GUARANTOR OR           ENHANCEMENT
  NUMBER             LOAN                   DATE                  SPREAD             RATED PARTY)              POLICY
------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                  <C>                      <C>                    <C>                  <C>
     1               Yes                  2/11/12                  5.00                   No
     2                No                                           0.00                   No
     3               Yes                   6/8/12                  5.00                   No
     4               Yes                  6/11/12                  2.00                   No
     5                No                                           0.00                   No
     6               Yes                  6/11/12                  5.00                   No
     7               Yes                  4/11/08                  2.00                   No
     8               Yes                  4/11/12                  2.00                   No
     9                No                                           0.00                   No
    10               Yes                  5/11/09                  5.00                   No
    11                No                                           0.00                   No
    12                No                                           0.00                   No
    13                No                                           0.00                   No
    14                No                                           0.00                   No
    15                No                                           0.00                   No
    16               Yes                  5/11/12                  2.00                   No
    17                No                                           0.00                   No
    18                No                                           0.00                   No
    19                No                                           0.00                   No
    20                No                                           0.00                   No
    21                No                                           0.00                   No
    22                No                                           0.00                   No
    23                No                                           0.00                   No
    24                No                                           0.00                   No
    25                No                                           0.00                   No
    26                No                                           0.00                   No
    27                No                                           0.00                   No
    28                No                                           0.00                   No
    29                No                                           0.00                   No
    30                No                                           0.00                   No
    31                No                                           0.00                   No
    32                No                                           0.00                   No
    33                No                                           0.00                   No
    34                No                                           0.00                   No
    35                No                                           0.00                   No
    36                No                                           0.00                   No
    37               Yes                  3/11/12                  2.00                   No
    38                No                                           0.00                   No
    39                No                                           0.00                   No
    40                No                                           0.00                   No
    41                No                                           0.00                   No
    42                No                                           0.00                   No
    43               Yes                  6/11/12                  2.00                   No
    44               Yes                  2/11/12                  2.00                   No
    45                No                                           0.00                   No
    46                No                                           0.00                   No
    47                No                                           0.00                   No
    48                No                                           0.00                   No
    49                No                                           0.00                   No
    50                No                                           0.00                   No
    51                No                                           0.00                   No
    52                No                                           0.00                   No
    53                No                                           0.00                   No
    54                No                                           0.00                   No
    55                No                                           0.00                   No
    56                No                                           0.00                   No
    57                No                                           0.00                   No
    58                No                                           0.00                   No
    59                No                                           0.00                   No
    60                No                                           0.00                   No
    61                No                                           0.00                   No
    62                No                                           0.00                   No
    63                No                                           0.00                   No
    64               Yes                  2/11/12                  2.00                   No
    65                No                                           0.00                   No
    66                No                                           0.00                   No
    67                No                                           0.00                   No
    68                No                                           0.00                   No
    69                No                                           0.00                   No
    70                No                                           0.00                   No
    71                No                                           0.00                   No
    72                No                                           0.00                   No
    73                No                                           0.00                   No
    74                No                                           0.00                   No
    75                No                                           0.00                   No
    76                No                                           0.00                   No
    77                No                                           0.00                   No
    78                No                                           0.00                   No
    79                No                                           0.00                   No
    80                No                                           0.00                   No
    81                No                                           0.00                   No
    82                No                                           0.00                   No
    83                No                                           0.00                   No
    84                No                                           0.00                   No
    85                No                                           0.00                   No
    86                No                                           0.00                   No
    87                No                                           0.00                   No
    88                No                                           0.00                   No
    89                No                                           0.00                   No
    90                No                                           0.00                   No
    91                No                                           0.00                   No
    92                No                                           0.00                   No
    93                No                                           0.00                   No
    94                No                                           0.00                   No
    95                No                                           0.00                   No
    96                No                                           0.00                   No
    97                No                                           0.00                   No
    98                No                                           0.00                   No
    99                No                                           0.00                   No
    100               No                                           0.00                   No
    101               No                                           0.00                   No
    102               No                                           0.00                   No
    103               No                                           0.00                   No
    104               No                                           0.00                   No
    105               No                                           0.00                   No
    106               No                                           0.00                   No
    107               No                                           0.00                   No
    108               No                                           0.00                   No
    109               No                                           0.00                   No
    110               No                                           0.00                   No
    111               No                                           0.00                   No
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
 MORTGAGE          RESIDUAL                                      MORTGAGE
   LOAN             VALUE                  CROSS               LOAN SELLER
  NUMBER          INSURANCE            COLLATERALIZED            LOAN ID
---------------------------------------------------------------------------------
<S>                   <C>                    <C>                 <C>
     1                No                     No                  LG014
     2                No                     No                  8502
     3                No                     No                  LG020
     4               Yes                     No                  8832
     5               Yes                  Yes (A)                9001
     6               Yes                     No                  LG021
     7               Yes                     No                  8787
     8               Yes                     No                  8745
     9               Yes                     No                  10301011
    10                No                     No                  LG022
    11               Yes                     No                  8841
    12               Yes                     No                  011102008E
    13               Yes                     No                  10315014
    14               Yes                     No                  8763
    15               Yes                     No                  20128001
    16               Yes                     No                  8876
    17               Yes                  Yes (C)                20111003
    18               Yes                     No                  9999
    19               Yes                     No                  8906
    20               Yes                     No                  8918
    21               Yes                     No                  10321004
    22               Yes                     No                  10326011
    23               Yes                     No                  8872
    24               Yes                     No                  8786
    25               Yes                     No                  20228002
    26               Yes                  Yes (C)                11011004
    27               Yes                     No                  20125001
    28               Yes                     No                  11015001
    29               Yes                     No                  990929013
    30               Yes                     No                  8439
    31               Yes                     No                  20110002
    32               Yes                  Yes (C)                20111001
    33               Yes                     No                  8727
    34               Yes                     No                  20124006
    35               Yes                  Yes (C)                20111002
    36               Yes                     No                  20131004
    37               Yes                     No                  11011009
    38               Yes                     No                  20326001
    39               Yes                     No                  20307003
    40               Yes                     No                  20207003
    41               Yes                     No                  8937
    42               Yes                     No                  10710003
    43               Yes                     No                  8799
    44               Yes                     No                  8730
    45               Yes                     No                  20205001
    46               Yes                     No                  8747
    47               Yes                     No                  8764
    48               Yes                     No                  11102005
    49               Yes                     No                  11204004
    50               Yes                     No                  10816001
    51               Yes                     No                  10926001
    52               Yes                     No                  20129002
    53               Yes                  Yes (G)                20123006
    54               Yes                     No                  11102003
    55               Yes                     No                  10710008
    56                No                     No                  10907003
    57               Yes                     No                  11031001
    58               Yes                     No                  11005001
    59               Yes                     No                  8898
    60               Yes                     No                  8705
    61               Yes                     No                  8674
    62               Yes                     No                  20307001
    63               Yes                     No                  20207007
    64               Yes                     No                  11003003
    65                No                     No                  10726001
    66               Yes                  Yes (G)                20123007
    67               Yes                  Yes (J)                11206008
    68               Yes                     No                  20307002
    69               Yes                     No                  7719
    70               Yes                     No                  11101001
    71               Yes                     No                  10308003
    72               Yes                     No                  11207001
    73               Yes                     No                  11220002
    74                No                     No                  8854
    75               Yes                     No                  20122002
    76               Yes                     No                  8604
    77               Yes                     No                  11017002
    78               Yes                     No                  10307002
    79               Yes                     No                  10927001
    80               Yes                     No                  11130003
    81               Yes                     No                  10823002
    82               Yes                     No                  10896
    83               Yes                     No                  8952
    84               Yes                     No                  10628004
    85               Yes                     No                  10501001
    86               Yes                     No                  10727001
    87               Yes                  Yes (J)                11206003
    88               Yes                  Yes (J)                11206005
    89               Yes                     No                  10628007
    90               Yes                     No                  11101002
    91               Yes                     No                  8788
    92               Yes                     No                  11204003
    93               Yes                  Yes (J)                11206002
    94               Yes                  Yes (G)                20123008
    95               Yes                     No                  20207004
    96               Yes                     No                  20208002
    97               Yes                     No                  10605004
    98               Yes                     No                  8765
    99                No                     No                  8710
    100              Yes                     No                  8843
    101               No                     No                  10406001
    102              Yes                  Yes (A)                9002
    103              Yes                     No                  8894
    104              Yes                  Yes (G)                20123011
    105              Yes                     No                  8743
    106              Yes                     No                  11206010
    107              Yes                     No                  8536
    108              Yes                  Yes (G)                20123010
    109              Yes                     No                  8768
    110              Yes                  Yes (G)                20123009
    111              Yes                  Yes (J)                11206007
</TABLE>

<PAGE>

                                   SCHEDULE II

                SCHEDULE OF EXCEPTIONS TO MORTGAGE FILE DELIVERY

                                      NONE

<PAGE>

                                  SCHEDULE III

          EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
<S>                                             <C>
REPRESENTATION FROM SECTION 2.04                PROPERTY AND EXCEPTION
-------------------------------------------------------------------------------------------------------------------------------
(xix) Environmental Conditions                  Southern Shopping Center--environmental report completed 5/11/01 which is more
                                                than 12 months old
-------------------------------------------------------------------------------------------------------------------------------
(xxvii) Borrower Concentration                  Dadeland Mall Mortgage Loan--A principal in the Dadeland Mall Borrower is also
                                                a principal in the Square One Mall Borrower.
-------------------------------------------------------------------------------------------------------------------------------
(xxx) Property Release                          Brandywine Office Portfolio--permits partial release with defeasance of 125%
                                                or, at Lender's option, partial prepayment.
-------------------------------------------------------------------------------------------------------------------------------
(xxxi)                                          Qualifications; Licensing; Zoning Square 67 Shopping Center--The Property
                                                does not comply with the parking requirements that were in effect at the
                                                time of the construction of the shopping center. An area reserved for
                                                parking is no longer properly paved or striped. A $65,000 holdback has
                                                been taken from the Borrower in order to ensure that such are may be
                                                properly re-paved and re-striped if so required by the City of Dallas
                                                or any tenant of the Property.
-------------------------------------------------------------------------------------------------------------------------------
(xxxiii) Single Purpose Entity                  Brandywine Office Portfolio--For the Brandywine Mortgage Loan, the ground
                                                lessor, which has subjected its fee interest in the related Mortgaged
                                                Property to the related Mortgage given by the related borrower, is not a
                                                Single Purpose Entity and is not limited to the ownership of the related
                                                Mortgaged Property and related assets. White Flint Plaza-- For the White
                                                Flint Plaza Mortgage Loan, the ground lessor, which has subjected its fee
                                                interest in the related Mortgaged Property to the related Mortgage given by
                                                the related borrower, is not a Single Purpose Entity and is not limited to
                                                the ownership of the related Mortgaged Property and related assets.  Dadeland
                                                Mall--The Mortgagor under the Dadeland Mortgage Loan is a trustee under a
                                                Florida land trust  the beneficiaries of which are an SPE and the Equitable
                                                Life Insurance Company of America. The Loop--The related borrower does not
                                                have an independent director.
-------------------------------------------------------------------------------------------------------------------------------
(xlii) Licenses, Permits and                    Square 67 Shopping Center--The Property does not comply with the parking
Authorizations                                  requirements that were in effect at the time of the construction of the
                                                shopping center. An area reserved for parking is no longer properly paved or
                                                striped. A $65,000 holdback has been taken from the Borrower in order to
                                                ensure that such are may be properly re-paved and re-striped if so required
                                                by the City of Dallas or any tenant of the Property.
-------------------------------------------------------------------------------------------------------------------------------
(xl) Engineering Assessments                    Southern Shopping Center--environmental report completed 4/25/01 which is more
                                                than 12 months old.
-------------------------------------------------------------------------------------------------------------------------------
(xlv) (A) Fee Simple and Leasehold              Brandywine Office Portfolio-- One of the mortgaged real properties that
Interest                                        is part of the Brandywine Office Portfolio is subject to a mortgage cap of
                                                $5,700,000.
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   SCHEDULE IV

               SCHEDULE OF ENVIRONMENTALLY INSURED MORTGAGE LOANS

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
    MORTGAGE LOAN                                                                                         CUT-OFF DATE
        NUMBER                      PROPERTY NAME                               ADDRESS                      BALANCE
---------------------------------------------------------------------------------------------------------------------------
<S>                      <C>                                        <C>                                 <C>
          18             Market Square Shopping Center              5515 and 5601 Concord Pike          $     16,500,000
                                                                    Wilmington, DE  19803
---------------------------------------------------------------------------------------------------------------------------
          23             Home Depot Center                          4925-4937 West Slauson Avenue       $     12,600,000
                                                                    Baldwin Hills, CA  90056
---------------------------------------------------------------------------------------------------------------------------
         103             Gold Rush Shopping Center                  316 Mine Street                     $      1,200,000
                                                                    McCormick, SC  29835
---------------------------------------------------------------------------------------------------------------------------

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

---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   SCHEDULE V

                             REFERENCE RATE SCHEDULE

                     [SEE ANNEX E TO PROSPECTUS SUPPLEMENT]

<PAGE>

                                   EXHIBIT A-1

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

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C2
   CLASS [A-1] [A-2] [A-3] [A-4] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                             <C>
Pass-Through Rate:  [___%]                                      Initial Certificate Principal Balance of this Certificate
                                                                as of the Closing Date:
                                                                $__________________

Date of Pooling and Servicing Agreement:                        Class Principal Balance of all the Class [A-1] [A-2] [A-3]
June 11, 2002                                                   [A-4] Certificates as of the Closing Date:
                                                                $__________________

Cut-off Date:  June 11, 2002                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 9, 2002                                     due on or before such date (the "Initial Pool Balance"):

First Distribution Date:  July 17, 2002                         $1,210,452,838

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

Special Servicer:  Lend Lease Asset Management, L.P.            Fiscal Agent:  ABN AMRO Bank N.V.

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

                                     A-1-1
<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY
SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, IF THE
PURCHASE OR HOLDING OF THIS CERTIFICATE OR SUCH INTEREST HEREIN WOULD RESULT IN
A VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION 4975 OF THE CODE OR WOULD
RESULT IN THE IMPOSITION OF AN EXCISE TAX UNDER SECTION 4975 OF THE CODE.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
GENERAL MOTORS INVESTMENT MANAGEMENT CORP., WHICH IS A FIDUCIARY OF THE GENERAL
MOTORS HOURLY EMPLOYEES PENSION PLAN AND THE GENERAL MOTORS SALARIED EMPLOYEES
PENSION PLAN (SUCH PLANS TOGETHER, THE "GM PLANS"); (B) EMPLOYERS WHO HAVE ANY
EMPLOYEES COVERED BY THE GM PLANS; (C) THE EMPLOYEE ORGANIZATIONS WHO HAVE
MEMBERS COVERED BY THE GM PLANS; (D) AN OWNER OF 50% OR MORE OF AN EMPLOYER
LISTED IN (B) OR AN ORGANIZATION LISTED IN (C); (E) SPOUSES, ANCESTORS, LINEAL
DESCENDANTS, OR SPOUSES OF LINEAL DESCENDANTS OF ANY OF THE PERSONS LISTED
ABOVE, EXCEPT PERSONS WHO ARE EMPLOYEE ORGANIZATIONS; (F) CORPORATIONS,
PARTNERSHIPS, TRUSTS OR ESTATES OF WHICH 50% IS OWNED DIRECTLY OR INDIRECTLY BY
PERSONS LISTED ABOVE, EXCEPT PERSONS WHO ARE RELATIVES; (G) EMPLOYEES, OFFICERS,
DIRECTORS OR 10% OR MORE SHAREHOLDERS OF ANY OF THE PERSONS MENTIONED ABOVE,
EXCEPT PERSONS WHO ARE FIDUCIARIES OR RELATIVES; OR (H) 10% OR MORE PARTNERS OR
JOINT VENTURERS OF ANY PERSON LISTED ABOVE, EXCEPT PERSONS WHO ARE FIDUCIARIES
OR RELATIVES.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, WACHOVIA BANK, NATIONAL ASSOCIATION, LEND LEASE
ASSET MANAGEMENT, L.P., LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V.,
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE
LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR
ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

                                     A-1-2
<PAGE>

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

                  This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities Corporation as depositor (the "Depositor", which
term includes any successor entity under the Agreement), Wachovia Bank, National
Association as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lend Lease Asset Management, L.P. as
special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement), LaSalle Bank National Association as trustee (the
"Trustee", which term includes any successor entity under the Agreement) and ABN
AMRO Bank N.V. as fiscal agent (the "Fiscal Agent", which term includes any
successor entity under the Agreement), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the respective meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. In the event of any conflict between any provision of this
Certificate and any provision of the Agreement, such provision of this
Certificate shall be superseded to the extent of such inconsistency.

                  Pursuant to the terms of the Agreement, distributions will be
made on the 4th Business Day following the 11th calendar day of each month (or,
if such 11th calendar day is not a Business Day, then the 5th Business Day
following such 11th calendar day) (each, a "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (or, in the case
of the first Distribution Date, at the close of business on the Closing Date
specified above) ( in any event, the "Record Date"), in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the amount
required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the Class of Certificates to which this
Certificate belongs. All distributions made under the Agreement in respect of
this Certificate will be made by the Trustee by wire transfer in immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with written wiring instructions no less than five (5)
Business Days prior to (or, in the case of the first such distribution, on) the
Record Date for such distribution (which wiring instructions may be in the form
of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder appearing in
the Certificate Register. Notwithstanding the above, the final distribution in
respect of this Certificate (determined without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made after due notice by the Trustee of
the pendency of such distribution and only upon presentation and surrender of
this Certificate at the offices of the Certificate Registrar appointed as
provided in the Agreement or such other location as may be specified in such
notice. Also notwithstanding the foregoing, any distribution that may be made
with respect to this Certificate in reimbursement of any Realized Loss or
Additional Trust Fund Expense previously allocated to this Certificate, which
reimbursement is to occur after the date on which this Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the address of the Holder that surrenders this Certificate as such
address last appeared in the Certificate Register or to any such other address
of which the Trustee is subsequently notified in writing.

                  Any distribution to the Holder of this Certificate in
reduction of the Certificate Principal Balance hereof is binding on such Holder
and all future Holders of this Certificate and any Certificate issued upon the

                                     A-1-3
<PAGE>

transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such distribution is made upon this Certificate.

                  The Certificates are limited in right of distribution to
certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

                  The Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

                  No Transfer of this Certificate or any interest herein shall
be made to any of the following: (i) General Motors Investment Management Corp.,
which is the fiduciary of the General Motors Hourly Employees Pension Plan and
the General Motors Salaried Employees Pension Plan (such plans together, the "GM
Plans") that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM Plans; (iv) an owner of 50% or
more of an employer listed in (ii) or an organization listed in (iii); (v)
spouses, ancestors, lineal descendants, or spouses of lineal descendants of any
of the persons listed above, except persons who are employee organizations; (vi)
corporations, partnerships, trusts or estates of which 50% is owned directly or
indirectly by persons listed above, except persons who are relatives; (vii)
employees, officers, directors or 10% or more shareholders of any of the persons
mentioned above, except persons who are fiduciaries or relatives; or (viii) 10%
or more partners or joint venturers of any person listed above, except persons
who are fiduciaries or relatives.

                  No service charge will be imposed for any registration of
transfer or exchange of Certificates, but the Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                  Notwithstanding the foregoing, for so long as this Certificate
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

                  The Holder of this Certificate, by its acceptance hereof,
shall be deemed to have agreed to keep confidential any information it obtains
from the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

                                     A-1-4
<PAGE>

                  Prior to due presentment of this Certificate for registration
of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Certificate Registrar and any agents of any of
them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar
or any such agent shall be affected by notice to the contrary.

                  Subject to certain terms and conditions set forth in the
Agreement, the Trust and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier of (i) the final payment (or any advance with respect thereto) on or
other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust, and (ii) the purchase by the Depositor, Lehman Brothers Inc., the Master
Servicer, the Special Servicer or any Controlling Class Certificateholder at a
price determined as provided in the Agreement of all Mortgage Loans and any REO
Properties remaining in the Trust. The Agreement permits, but does not require,
the Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer
or any Controlling Class Certificateholder to purchase from the Trust all
Mortgage Loans and any REO Properties remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1% of the Initial Pool Balance
specified on the face hereof.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof, and the modification of the rights and
obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee and the Fiscal Agent thereunder and the rights of the Certificateholders
thereunder, at any time by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
Certificates entitled to at least 66 2/3% of the Voting Rights allocated to the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of any REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

                  Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.

                  The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

                  This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, without applying any conflicts of law principles of
such state (other than the provisions of Section 5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

                                     A-1-5
<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Trustee

                                             By:_______________________________
                                                Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [A-1] [A-2] [A-3] [A-4] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Certificate Registrar

                                             By:_______________________________
                                                Authorized Officer

                                     A-1-6
<PAGE>

                                   ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto __________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________

(please print or typewrite name and address including postal zip code
          of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

                  I (we) further direct the issuance of a new Commercial
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and delivery of such Commercial Mortgage Pass-Through
Certificate to the following address:

Dated:

                           _____________________________________________________
                           Signature by or on behalf of Assignor

                           _____________________________________________________
                           Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to for the account of               .

        Distributions made by check (such check to be made payable to _________)
and all applicable statements and notices should be mailed to__________________
_____________________________________________________________________________ .

        This information is provided by ______________, the assignee named
above, or ______________________, as its agent.

                                     A-1-7
<PAGE>

                                   EXHIBIT A-2

                  FORM OF CLASS [X-CL] [X-CP] [X-D]CERTIFICATE

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C2
     CLASS [X-CL] [X-CP] [X-D] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                             <C>
Pass-Through Rate:  [____%] [Variable]                          Initial Certificate Notional Amount of this Certificate as
                                                                of the Closing Date:
                                                                $_________________

Date of Pooling and Servicing Agreement:                        Class Notional Amount of all the Class [X-CL] [X-CP]
June 11, 2002                                                   [X-D]Certificates as of the Closing Date:
                                                                $_________________

Cut-off Date:  June 11, 2002                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 9, 2002                                     due on or before such date (the "Initial Pool Balance"):

First Distribution Date:  July 17, 2002                         $1,210,452,838

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

Special Servicer:  Lend Lease Asset Management, L.P.            Fiscal Agent:  ABN AMRO Bank N.V.

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

                                     A-2-1
<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR THE
INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR
INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST HEREIN ON BEHALF OF, AS
NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR
OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
GENERAL MOTORS INVESTMENT MANAGEMENT CORP., WHICH IS A FIDUCIARY OF THE GENERAL
MOTORS HOURLY EMPLOYEES PENSION PLAN AND THE GENERAL MOTORS SALARIED EMPLOYEES
PENSION PLAN (SUCH PLANS TOGETHER, THE "GM PLANS"); (B) EMPLOYERS WHO HAVE ANY
EMPLOYEES COVERED BY THE GM PLANS; (C) THE EMPLOYEE ORGANIZATIONS WHO HAVE
MEMBERS COVERED BY THE GM PLANS; (D) AN OWNER OF 50% OR MORE OF AN EMPLOYER
LISTED IN (B) OR AN ORGANIZATION LISTED IN (C); (E) SPOUSES, ANCESTORS, LINEAL
DESCENDANTS, OR SPOUSES OF LINEAL DESCENDANTS OF ANY OF THE PERSONS LISTED
ABOVE, EXCEPT PERSONS WHO ARE EMPLOYEE ORGANIZATIONS; (F) CORPORATIONS,
PARTNERSHIPS, TRUSTS OR ESTATES OF WHICH 50% IS OWNED DIRECTLY OR INDIRECTLY BY
PERSONS LISTED ABOVE, EXCEPT PERSONS WHO ARE RELATIVES; (G) EMPLOYEES, OFFICERS,
DIRECTORS OR 10% OR MORE SHAREHOLDERS OF ANY OF THE PERSONS MENTIONED ABOVE,
EXCEPT PERSONS WHO ARE FIDUCIARIES OR RELATIVES; OR (H) 10% OR MORE PARTNERS OR
JOINT VENTURERS OF ANY PERSON LISTED ABOVE, EXCEPT PERSONS WHO ARE FIDUCIARIES
OR RELATIVES.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, WACHOVIA BANK, NATIONAL ASSOCIATION, LEND LEASE
ASSET MANAGEMENT, L.P., LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V.,
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE
LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR
ANY OTHER PERSON.

                                     A-2-2
<PAGE>

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL BALANCE AND DOES NOT
ENTITLE THE HOLDER HEREOF TO ANY DISTRIBUTIONS OF PRINCIPAL. THE HOLDER HEREOF
WILL BE ENTITLED TO DISTRIBUTIONS OF INTEREST ACCRUED AS PROVIDED IN THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN ON THE CERTIFICATE NOTIONAL AMOUNT OF
THIS CERTIFICATE, WHICH AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.

[FOR A REGULATION S GLOBAL CERTIFICATE: PRIOR TO THE DATE (THE "RELEASE DATE")
THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING OF THE
CERTIFICATES AND (B) JULY 9, 2002, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. NO
BENEFICIAL OWNERS OF THIS CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE
TERMS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

                  This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
notional principal amount of this Certificate (its "Certificate Notional
Amount") as of the Closing Date by the aggregate notional principal amount of
all the Certificates of the same Class as this Certificate (their "Class
Notional Amount") as of the Closing Date) in that certain beneficial ownership
interest in the Trust evidenced by all the Certificates of the same Class as
this Certificate. The Trust was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), among Structured Asset Securities Corporation as depositor (the
"Depositor", which term includes any successor entity under the Agreement),
Wachovia Bank, National Association as master servicer (the "Master Servicer",
which term includes any successor entity under the Agreement), Lend Lease Asset
Management, L.P. as special servicer (the "Special Servicer", which term
includes any successor entity under the Agreement), LaSalle Bank National
Association as trustee (the "Trustee", which term includes any successor entity
under the Agreement) and ABN AMRO Bank N.V. as fiscal agent (the "Fiscal Agent",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. In the event of any conflict between
any provision of this Certificate and any provision of the Agreement, such
provision of this Certificate shall be superseded to the extent of such
inconsistency.

                  Pursuant to the terms of the Agreement, distributions will be
made on the 4th Business Day following the 11th calendar day of each month (or,
if such 11th calendar day is not a Business Day, then the 5th Business Day
following such 11th calendar day) (each, a "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (or, in the case
of the first Distribution Date, at the close of business on the Closing Date
specified above) (in any event, the "Record Date"), in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the amount
required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the

                                     A-2-3
<PAGE>

Class of Certificates to which this Certificate belongs. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, on) the Record Date for such distribution
(which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions as well), or otherwise by check mailed to the
address of such Certificateholder appearing in the Certificate Register.
Notwithstanding the above, the final distribution in respect of this Certificate
will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

                  The Certificates are limited in right of distribution to
certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

                  The Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

                  No direct or indirect transfer, sale, pledge, hypothecation or
other disposition (each, a "Transfer") of this Certificate or any interest
herein shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

                  If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a
Transfer of this Certificate by the Depositor, Lehman Brothers Inc. or any of
their respective Affiliates or, if this Certificate is a Global Certificate, a
Transfer of this Certificate to a successor Depository or to the applicable
Certificate Owner in accordance with Section 5.03 of the Agreement), then the
Certificate Registrar shall refuse to register such Transfer unless it receives
(and, upon receipt, may conclusively rely upon) either: (i) a certificate from
the Certificateholder desiring to effect such Transferee is an Institutional
Accredited Investor or a Qualified Institutional Buyer and such Transfer
substantially in the form attached as Exhibit F-1 to the Agreement and a
certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit F-2A to the Agreement or as Exhibit F-2B
to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Trustee to
the effect that such Transfer may be made without registration under the
Securities Act (which Opinion of Counsel shall not be an expense of the Trust
Fund or of the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to

                                     A-2-4
<PAGE>

effect such Transfer and/or such Certificateholder's prospective Transferee on
which such Opinion of Counsel is based. If any Transferee of this Certificate
does not, in connection with the subject Transfer, deliver to the Certificate
Registrar one of the certifications described in clause (i) of the preceding
sentence or the Opinion of Counsel described in clause (ii) of the preceding
sentence, then such Transferee shall be deemed to have represented and warranted
that all the certifications set forth in either Exhibit F-2A or Exhibit F-2B
attached to the Agreement are, with respect to the subject Transfer, true and
correct.

                  If this Certificate constitutes a Rule 144A Global Certificate
and a Transfer of any interest herein is to be made without registration under
the Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Lehman
Brothers Inc. or any of their respective Affiliates), then the Certificate Owner
desiring to effect such Transfer shall be required to obtain either (i) a
certificate from such Certificate Owner's prospective Transferee substantially
in the form attached as Exhibit F-2C to the Agreement, or (ii) an Opinion of
Counsel to the effect that such Transferee is a Qualified Institutional Buyer
and such Transfer may be made without registration under the Securities Act.
Except as discussed below, an interest in a Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates may not be transferred to any
Person who takes delivery other than in the form of an interest in such Rule
144A Global Certificate. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the second preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in Exhibit F-2C attached to the Agreement are, with
respect to the subject Transfer, true and correct.

                  Notwithstanding the preceding paragraph, any interest in a
Rule 144A Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred (without delivery of any certificate or Opinion
of Counsel described in clauses (i) and (ii) of the first sentence of the
preceding paragraph) by the Depositor or any Affiliate of the Depositor to any
Person who takes delivery in the form of a beneficial interest in the Regulation
S Global Certificate for such Class of Certificates upon delivery to the
Certificate Registrar of (x) a certificate to the effect that the Certificate
Owner desiring to effect such Transfer is the Depositor or an Affiliate of the
Depositor and (y) such written orders and instructions as are required under the
applicable procedures of the Depository, Clearstream and Euroclear to direct the
Trustee to debit the account of a Depository Participant by a denomination of
interests in such Rule 144A Global Certificate, and credit the account of a
Depository Participant by a denomination of interests in such Regulation S
Global Certificate, that is equal to the denomination of beneficial interests in
the subject Class of Certificates to be transferred. Upon delivery to the
Certificate Registrar of such certification and such orders and instructions,
the Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Rule 144A Global Certificate in
respect of the subject Class of Certificates and increase the denomination of
the Regulation S Global Certificate for such Class, by the denomination of the
beneficial interest in such Class specified in such orders and instructions.

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

                                     A-2-5
<PAGE>

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

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

                  Notwithstanding the preceding paragraph, after the Release
Date, any interest in a Regulation S Global Certificate for a Class of
Book-Entry Non-Registered Certificates may be transferred by the Depositor or
any Affiliate of the Depositor to any Person who takes delivery in the form of a
beneficial interest in the Rule 144A Global Certificate for such Class of
Certificates upon delivery to the Certificate Registrar of (x) a certificate to
the effect that the Certificate Owner desiring to effect such Transfer is the
Depositor or an Affiliate of the Depositor and (y) such written orders and
instructions as are required under the applicable procedures of the Depository,
Clearstream and Euroclear to direct the Trustee to debit the account of a
Depository Participant by a denomination of interests in such Regulation S
Global Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Rule 144A Global Certificate, that is equal to
the denomination of beneficial interests in the subject Class of Certificates to
be transferred. Upon delivery to the Certificate Registrar of such certification
and such orders and instructions, the Trustee, subject to and in accordance with
the applicable procedures of the Depository, shall reduce the denomination of
the Regulation S Global Certificate in respect of the subject Class of
Certificates and increase the denomination of the Rule 144A Global Certificate
for such Class, by the denomination of the beneficial interest in such Class
specified in such orders and instructions.

                  None of the Depositor, the Trustee or the Certificate
Registrar is obligated to register or qualify the Class of Certificates to which
this Certificate belongs, under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Lehman Brothers Inc., UBS Warburg LLC, the Trustee,
the Master Servicer, the Special Servicer, the Fiscal Agent, the Certificate
Registrar and their respective Affiliates against any liability that may result
if such Transfer is not exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws or
is not made in accordance with such federal and state laws.

                  No Transfer of this Certificate or any interest herein shall
be made to (A) any employee benefit plan or other retirement arrangement,
including individual retirement accounts and annuities, Keogh plans and
collective investment funds and separate accounts in which such plans, accounts
or arrangements are invested, including insurance company general accounts, that
is subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is
directly or indirectly purchasing this Certificate or such interest herein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan, if
the purchase and holding of this Certificate or such interest herein by the
prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code. Furthermore, no transfer of this Certificate
or any interest herein shall be made to any of the following (each, an
"Ineligible Purchaser"): (i) General Motors Investment Management Corp., which
is the fiduciary of the General Motors Hourly Employees Pension Plan and the
General Motors Salaried Employees Pension Plan (such plans together, the "GM
Plans") that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM

                                     A-2-6
<PAGE>

Plans; (iv) an owner of 50% or more of an employer listed in (ii) or an
organization listed in (iii); (v) spouses, ancestors, lineal descendants, or
spouses of lineal descendants of any of the persons listed above, except persons
who are employee organizations; (vi) corporations, partnerships, trusts or
estates of which 50% is owned directly or indirectly by persons listed above,
except persons who are relatives; (vii) employees, officers, directors or 10% or
more shareholders of any of the persons mentioned above, except persons who are
fiduciaries or relatives; or (viii) 10% or more partners or joint venturers of
any person listed above, except persons who are fiduciaries or relatives. Except
in connection with the initial issuance of the Certificates or any Transfer of
this Certificate or any interest herein by the Depositor, Lehman Brothers Inc.
or any of their respective Affiliates or, if this Certificate constitutes a
Global Certificate, any Transfer of this Certificate to a successor Depository
or to the applicable Certificate Owner in accordance with Section 5.03 of the
Agreement, the Certificate Registrar shall refuse to register the Transfer of
this Certificate unless it has received from the prospective Transferee, and, if
this Certificate constitutes a Global Certificate, any Certificate Owner
transferring an interest herein shall be required to obtain from its prospective
Transferee, (x) a certification to the effect that such prospective Transferee
is not an Ineligible Purchaser and is not directly or indirectly purchasing this
Certificate or such interest herein on behalf of an Ineligible Purchaser and (y)
one of the following: (i) a certification to the effect that such prospective
Transferee is not a Plan and is not directly or indirectly purchasing this
Certificate or such interest herein on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) a certification to the effect that
the purchase and holding of this Certificate or such interest herein by such
prospective Transferee is exempt from the prohibited transaction provisions of
Sections 406(a) and (b) and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Sections 4975(a) and (b) of the Code, by reason of
Sections I and III of Prohibited Transaction Class Exemption 95-60; or (iii) if
this Certificate is rated in one of the four highest generic rating categories
by either Rating Agency, and this Certificate or an interest herein is being
acquired by or on behalf of a Plan in reliance on any of Prohibited Transaction
Exemption 91-14, a certification to the effect that such Plan (X) is an
accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)((B) of
ERISA) by the Trustee, the Depositor, either Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Exemption-Favored Party or
any Mortgagor with respect to Mortgage Loans constituting more than 5% of the
aggregate unamortized principal balance of all the Mortgage Loans determined as
of the Closing Date, or by any Affiliate of such Person, and (Z) agrees that it
will obtain from each of its Transferees that are Plans a written representation
that such Transferee, if a Plan, satisfies the requirements of the immediately
preceding clauses (X) and (Y), together with a written agreement that such
Transferee will obtain from each of its Transferees that are Plans a similar
written representation regarding satisfaction of the requirements of the
immediately preceding clauses (X) and (Y); or (iv) a certification of facts and
an Opinion of Counsel which otherwise establish to the reasonable satisfaction
of the Trustee or such Certificate Owner, as the case may be, that such Transfer
will not result in a violation of Section 406 or 407 of ERISA or Section 4975 of
the Code or result in the imposition of an excise tax under Section 4975 of the
Code. If any Transferee of this Certificate or any interest herein does not, in
connection with the subject Transfer, deliver to the Certificate Registrar (if
this Certificate constitutes a Definitive Certificate) or the Transferor (if
this Certificate constitutes a Global Certificate) a certification and/or
Opinion of Counsel as required by the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that (a) such Transferee is
not an Ineligible Purchaser and (b) either: (i) such Transferee is not a Plan
and is not directly or indirectly purchasing this Certificate or any interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) the purchase and holding of this Certificate or such interest
herein by such Transferee is exempt from the prohibited transaction provisions
of Sections 406(a) and (b) and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Sections 4975(a) and (b) of the Code.

                  No service charge will be imposed for any registration of
transfer or exchange of Certificates, but the Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                                     A-2-7
<PAGE>

                  Notwithstanding the foregoing, for so long as this Certificate
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

                  The Holder of this Certificate, by its acceptance hereof,
shall be deemed to have agreed to keep confidential any information it obtains
from the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

                  Prior to due presentment of this Certificate for registration
of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Certificate Registrar and any agents of any of
them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar
or any such agent shall be affected by notice to the contrary.

                  Subject to certain terms and conditions set forth in the
Agreement, the Trust and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier of (i) the final payment (or any advance with respect thereto) on or
other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust, and (ii) the purchase by the Depositor, Lehman Brothers Inc., the Master
Servicer, the Special Servicer or any Controlling Class Certificateholder at a
price determined as provided in the Agreement of all Mortgage Loans and any REO
Properties remaining in the Trust. The Agreement permits, but does not require,
the Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer
or any Controlling Class Certificateholder to purchase from the Trust all
Mortgage Loans and any REO Properties remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1% of the Initial Pool Balance
specified on the face hereof.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof, and the modification of the rights and
obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee and the Fiscal Agent thereunder and the rights of the Certificateholders
thereunder, at any time by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
Certificates entitled to at least 66 2/3% of the Voting Rights allocated to the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of any REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

                  Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.

                  The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

                                     A-2-8
<PAGE>

                  This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, without applying any conflicts of law principles of
such state (other than the provisions of Section 5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

                                     A-2-9
<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Trustee

                                             By:_______________________________
                                                Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [X-CL] [X-CP] [X-D] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                              LASALLE BANK NATIONAL ASSOCIATION,
                                              as Certificate Registrar

                                              By:______________________________
                                                 Authorized Officer

                                     A-2-10
<PAGE>

                                   ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto __________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________

 (please print or typewrite name and address including postal zip code
    of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

                  I (we) further direct the issuance of a new Commercial
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and delivery of such Commercial Mortgage Pass-Through
Certificate to the following address:

_______________________________________________________________________________
_______________________________________________________________________________

Dated:

                            ____________________________________________________
                            Signature by or on behalf of Assignor

                            ____________________________________________________
                            Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

                  The assignee should include the following for purposes of
distribution:

                  Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available
funds, to______________________________________________________________________
for the account of ____________________________________________________________

                  Distributions made by check (such check to be made payable to
______________________) and all applicable statements and notices should be
mailed to_____________________________________________________________________
_____________________________________________________________________________ .

                  This information is provided by ____________________________,
the assignee named above, or ________________________________, as its agent.

                                     A-2-11

<PAGE>

                                   EXHIBIT A-3

               FORM OF CLASS [B] [C] [D] [E] [F] [G] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C2
   CLASS [B] [C] [D] [E] [F] [G] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                             <C>
Pass-Through Rate:  [____%] [Variable]                          Initial Certificate Principal Balance of this Certificate
                                                                as of the Closing Date:
                                                                $_______________

Date of Pooling and Servicing Agreement:                        Class Principal Balance of all the Class [B] [C] [D] [E]
June 11, 2002                                                   [F] [G] Certificates as of the Closing Date:
                                                                $_______________

Cut-off Date:  June 11, 2002                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 9, 2002                                     due on or before such date (the "Initial Pool Balance"):

First Distribution Date:  July 17, 2002                         $1,210,452,838

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

Special Servicer:  Lend Lease Asset Management, L.P.            Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No. [B] [C] [D] [E] [F] [G]-___                     CUSIP No.:  _____________
</TABLE>

                                     A-3-1

<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY
SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, IF THE
PURCHASE OR HOLDING OF THIS CERTIFICATE OR SUCH INTEREST HEREIN WOULD RESULT IN
A VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION 4975 OF THE CODE OR WOULD
RESULT IN THE IMPOSITION OF AN EXCISE TAX UNDER SECTION 4975 OF THE CODE.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
GENERAL MOTORS INVESTMENT MANAGEMENT CORP., WHICH IS A FIDUCIARY OF THE GENERAL
MOTORS HOURLY EMPLOYEES PENSION PLAN AND THE GENERAL MOTORS SALARIED EMPLOYEES
PENSION PLAN (SUCH PLANS TOGETHER, THE "GM PLANS"); (B) EMPLOYERS WHO HAVE ANY
EMPLOYEES COVERED BY THE GM PLANS; (C) THE EMPLOYEE ORGANIZATIONS WHO HAVE
MEMBERS COVERED BY THE GM PLANS; (D) AN OWNER OF 50% OR MORE OF AN EMPLOYER
LISTED IN (B) OR AN ORGANIZATION LISTED IN (C); (E) SPOUSES, ANCESTORS, LINEAL
DESCENDANTS, OR SPOUSES OF LINEAL DESCENDANTS OF ANY OF THE PERSONS LISTED
ABOVE, EXCEPT PERSONS WHO ARE EMPLOYEE ORGANIZATIONS; (F) CORPORATIONS,
PARTNERSHIPS, TRUSTS OR ESTATES OF WHICH 50% IS OWNED DIRECTLY OR INDIRECTLY BY
PERSONS LISTED ABOVE, EXCEPT PERSONS WHO ARE RELATIVES; (G) EMPLOYEES, OFFICERS,
DIRECTORS OR 10% OR MORE SHAREHOLDERS OF ANY OF THE PERSONS MENTIONED ABOVE,
EXCEPT PERSONS WHO ARE FIDUCIARIES OR RELATIVES; OR (H) 10% OR MORE PARTNERS OR
JOINT VENTURERS OF ANY PERSON LISTED ABOVE, EXCEPT PERSONS WHO ARE FIDUCIARIES
OR RELATIVES.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, WACHOVIA BANK, NATIONAL ASSOCIATION, LEND LEASE
ASSET MANAGEMENT, L.P., LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V.,
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE
LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR
ANY OTHER PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

                                     A-3-2
<PAGE>

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

                  This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities Corporation as depositor (the "Depositor", which
term includes any successor entity under the Agreement), Wachovia Bank, National
Association as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lend Lease Asset Management, L.P. as
special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement), LaSalle Bank National Association as trustee (the
"Trustee", which term includes any successor entity under the Agreement) and ABN
AMRO Bank N.V. as fiscal agent (the "Fiscal Agent", which term includes any
successor entity under the Agreement), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the respective meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. In the event of any conflict between any provision of this
Certificate and any provision of the Agreement, such provision of this
Certificate shall be superseded to the extent of such inconsistency.

                  Pursuant to the terms of the Agreement, distributions will be
made on the 4th Business Day following the 11th calendar day of each month (or,
if such 11th calendar day is not a Business Day, then the 5th Business Day
following such 11th calendar day) (each, a "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (or, in the case
of the first Distribution Date, at the close of business on the Closing Date
specified above) (in any event, the "Record Date"), in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the amount
required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the Class of Certificates to which this
Certificate belongs. All distributions made under the Agreement in respect of
this Certificate will be made by the Trustee by wire transfer in immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with written wiring instructions no less than five (5)
Business Days prior to (or, in the case of the first such distribution, on) the
Record Date for such distribution (which wiring instructions may be in the form
of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder appearing in
the Certificate Register. Notwithstanding the above, the final distribution in
respect of this Certificate (determined without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made after due notice by the Trustee of
the pendency of such distribution and only upon presentation and surrender of
this Certificate at the offices of the Certificate Registrar appointed as
provided in the Agreement or such other location as may be specified in such
notice. Also notwithstanding the foregoing, any distribution that may be made
with respect to this Certificate in reimbursement of any Realized Loss or
Additional Trust Fund Expense previously allocated to this Certificate, which
reimbursement is to occur after the date on which this Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the address of the

                                     A-3-3
<PAGE>

Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

                  Any distribution to the Holder of this Certificate in
reduction of the Certificate Principal Balance hereof is binding on such Holder
and all future Holders of this Certificate and any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such distribution is made upon this Certificate.

                  The Certificates are limited in right of distribution to
certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

                  The Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

                  No Transfer of this Certificate or any interest herein shall
be made to any of the following: (i) General Motors Investment Management Corp.,
which is the fiduciary of the General Motors Hourly Employees Pension Plan and
the General Motors Salaried Employees Pension Plan (such plans together, the "GM
Plans") that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM Plans; (iv) an owner of 50% or
more of an employer listed in (ii) or an organization listed in (iii); (v)
spouses, ancestors, lineal descendants, or spouses of lineal descendants of any
of the persons listed above, except persons who are employee organizations; (vi)
corporations, partnerships, trusts or estates of which 50% is owned directly or
indirectly by persons listed above, except persons who are relatives; (vii)
employees, officers, directors or 10% or more shareholders of any of the persons
mentioned above, except persons who are fiduciaries or relatives; or (viii) 10%
or more partners or joint venturers of any person listed above, except persons
who are fiduciaries or relatives.

                  No service charge will be imposed for any registration of
transfer or exchange of Certificates, but the Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                  Notwithstanding the foregoing, for so long as this Certificate
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

                                     A-3-4

<PAGE>

                  The Holder of this Certificate, by its acceptance hereof,
shall be deemed to have agreed to keep confidential any information it obtains
from the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

                  Prior to due presentment of this Certificate for registration
of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Certificate Registrar and any agents of any of
them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar
or any such agent shall be affected by notice to the contrary.

                  Subject to certain terms and conditions set forth in the
Agreement, the Trust and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier of (i) the final payment (or any advance with respect thereto) on or
other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust, and (ii) the purchase by the Depositor, Lehman Brothers Inc., the Master
Servicer, the Special Servicer or any Controlling Class Certificateholder at a
price determined as provided in the Agreement of all Mortgage Loans and any REO
Properties remaining in the Trust. The Agreement permits, but does not require,
the Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer
or any Controlling Class Certificateholder to purchase from the Trust all
Mortgage Loans and any REO Properties remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1% of the Initial Pool Balance
specified on the face hereof.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof, and the modification of the rights and
obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee and the Fiscal Agent thereunder and the rights of the Certificateholders
thereunder, at any time by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
Certificates entitled to at least 66 2/3% of the Voting Rights allocated to the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of any REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

                  Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.

                  The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

                  This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, without applying any conflicts of law principles of
such state (other than the provisions of Section 5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

                                     A-3-5

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Trustee

                                             By:_______________________________
                                                Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [B] [C] [D] [E] [F] [G] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Certificate Registrar

                                             By:_______________________________
                                                Authorized Officer

                                     A-3-6

<PAGE>

                                   ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto___________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
 (please print or typewrite name and address including postal zip code
   of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

                  I (we) further direct the issuance of a new Commercial
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and delivery of such Commercial Mortgage Pass-Through
Certificate to the following address:

_______________________________________________________________________________
_______________________________________________________________________________

Dated:

                                ________________________________________________
                                Signature by or on behalf of Assignor

                                ________________________________________________
                                Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

                  The assignee should include the following for purposes of
distribution:

                  Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to for the account of ______________
______________________________________________________________________________ .

                  Distributions made by check (such check to be made payable to
______________________) and all applicable statements and notices should be
mailed to______________________________________________________________________
_________________________________________________________________________ .

                  This information is provided by ____________________________,
the assignee named above, or __________________________________, as its agent.

                                     A-3-7

<PAGE>

                                   EXHIBIT A-4

               FORM OF CLASS [H] [J] [K] [L] [M] [N] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C2
   CLASS [H] [J] [K] [L] [M] [N]COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                             <C>
Pass-Through Rate:  [____%] [Variable]                          Initial Certificate Principal Balance of this Certificate
                                                                as of the Closing Date:
                                                                $_________________

Date of Pooling and Servicing Agreement:                        Class Principal Balance of all the Class [H] [J] [K] [L]
June 11, 2002                                                   [M] [N] Certificates as of the Closing Date:
                                                                $_________________

Cut-off Date:  June 11, 2002                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 9, 2002                                     due on or before such date (the "Initial Pool Balance"):

First Distribution Date:  July 17, 2002                         $1,210,452,838

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

Special Servicer:  Lend Lease Asset Management, L.P.            Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [H] [J] [K] [L] [M] [N]-___                    CUSIP No.:  _____________
</TABLE>

<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR,
THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY
SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
GENERAL MOTORS INVESTMENT MANAGEMENT CORP., WHICH IS A FIDUCIARY OF THE GENERAL
MOTORS HOURLY EMPLOYEES PENSION PLAN AND THE GENERAL MOTORS SALARIED EMPLOYEES
PENSION PLAN (SUCH PLANS TOGETHER, THE "GM PLANS"); (B) EMPLOYERS WHO HAVE ANY
EMPLOYEES COVERED BY THE GM PLANS; (C) THE EMPLOYEE ORGANIZATIONS WHO HAVE
MEMBERS COVERED BY THE GM PLANS; (D) AN OWNER OF 50% OR MORE OF AN EMPLOYER
LISTED IN (B) OR AN ORGANIZATION LISTED IN (C); (E) SPOUSES, ANCESTORS, LINEAL
DESCENDANTS, OR SPOUSES OF LINEAL DESCENDANTS OF ANY OF THE PERSONS LISTED
ABOVE, EXCEPT PERSONS WHO ARE EMPLOYEE ORGANIZATIONS; (F) CORPORATIONS,
PARTNERSHIPS, TRUSTS OR ESTATES OF WHICH 50% IS OWNED DIRECTLY OR INDIRECTLY BY
PERSONS LISTED ABOVE, EXCEPT PERSONS WHO ARE RELATIVES; (G) EMPLOYEES, OFFICERS,
DIRECTORS OR 10% OR MORE SHAREHOLDERS OF ANY OF THE PERSONS MENTIONED ABOVE,
EXCEPT PERSONS WHO ARE FIDUCIARIES OR RELATIVES; OR (H) 10% OR MORE PARTNERS OR
JOINT VENTURERS OF ANY PERSON LISTED ABOVE, EXCEPT PERSONS WHO ARE FIDUCIARIES
OR RELATIVES.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, WACHOVIA BANK, NATIONAL ASSOCIATION, LEND LEASE
ASSET MANAGEMENT, L.P., LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V.,
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE
LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR
ANY OTHER PERSON.

                                     A-4-2

<PAGE>

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS, IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

[FOR A REGULATION S GLOBAL CERTIFICATE: PRIOR TO THE DATE (THE "RELEASE DATE")
THAT IS 40 DAYS AFTER THE LATER OF (A) THE COMMENCEMENT OF THE OFFERING OF THE
CERTIFICATES AND (B) JULY 9, 2002, THIS CERTIFICATE MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT EXCEPT PURSUANT TO AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. NO
BENEFICIAL OWNERS OF THIS CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE
TERMS OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.]

                  This certifies that Cede & Co. is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities Corporation as depositor (the "Depositor", which
term includes any successor entity under the Agreement), Wachovia Bank, National
Association as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lend Lease Asset Management, L.P. as
special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement), LaSalle Bank National Association as trustee (the
"Trustee", which term includes any successor entity under the Agreement) and ABN
AMRO Bank N.V. as fiscal agent (the "Fiscal Agent", which term includes any
successor entity under the Agreement), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the respective meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. In the event of any conflict between any provision of this
Certificate and any provision of the Agreement, such provision of this
Certificate shall be superseded to the extent of such inconsistency.

                  Pursuant to the terms of the Agreement, distributions will be
made on the 4th Business Day following the 11th calendar day of each month (or,
if such 11th calendar day is not a Business Day, then the 5th Business Day
following such 11th calendar day) (each, a "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (or, in the case
of the first Distribution Date, at the close of business on the Closing Date
specified above) (in any event, the "Record Date"), in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the amount
required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the

                                     A-4-3

<PAGE>

Class of Certificates to which this Certificate belongs. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, on) the Record Date for such distribution
(which wiring instructions may be in the form of a standing order applicable to
all subsequent distributions as well), or otherwise by check mailed to the
address of such Certificateholder appearing in the Certificate Register.
Notwithstanding the above, the final distribution in respect of this Certificate
(determined without regard to any possible future reimbursement of any Realized
Loss or Additional Trust Fund Expense previously allocated to this Certificate)
will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice. Also notwithstanding the
foregoing, any distribution that may be made with respect to this Certificate in
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate, which reimbursement is to occur after the date on
which this Certificate is surrendered as contemplated by the preceding sentence,
will be made by check mailed to the address of the Holder that surrenders this
Certificate as such address last appeared in the Certificate Register or to any
such other address of which the Trustee is subsequently notified in writing.

                  Any distribution to the Holder of this Certificate in
reduction of the Certificate Principal Balance hereof is binding on such Holder
and all future Holders of this Certificate and any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such distribution is made upon this Certificate.

                  The Certificates are limited in right of distribution to
certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

                  The Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

                  No direct or indirect transfer, sale, pledge, hypothecation or
other disposition (each, a "Transfer") of this Certificate or any interest
herein shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

                  If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a

                                     A-4-4

<PAGE>

Transfer of this Certificate by the Depositor, Lehman Brothers Inc. or any of
their respective Affiliates or, if this Certificate is a Global Certificate, a
Transfer of this Certificate to a successor Depository or to the applicable
Certificate Owner in accordance with Section 5.03 of the Agreement), then the
Certificate Registrar shall refuse to register such Transfer unless it receives
(and, upon receipt, may conclusively rely upon) either: (i) a certificate from
the Certificateholder desiring to effect such Transfer substantially in the form
attached as Exhibit F-1 to the Agreement and a certificate from such
Certificateholder's prospective Transferee substantially in the form attached
either as Exhibit F-2A to the Agreement or as Exhibit F-2B to the Agreement; or
(ii) an Opinion of Counsel satisfactory to the Trustee to the effect that such
Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and such Transfer may be made without registration under the Securities
Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Fiscal Agent or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in either Exhibit F-2A or Exhibit F-2B attached to the Agreement are, with
respect to the subject Transfer, true and correct.

                  If this Certificate constitutes a Rule 144A Global Certificate
and a Transfer of any interest herein is to be made without registration under
the Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Lehman
Brothers Inc. or any of their respective Affiliates), then the Certificate Owner
desiring to effect such Transfer shall be required to obtain either (i) a
certificate from such Certificate Owner's prospective Transferee substantially
in the form attached as Exhibit F-2C to the Agreement, or (ii) an Opinion of
Counsel to the effect that such Transferee is a Qualified Institutional Buyer
and such Transfer may be made without registration under the Securities Act.
Except as discussed below, an interest in a Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates may not be transferred to any
Person who takes delivery other than in the form of an interest in such Rule
144A Global Certificate. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the second preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in Exhibit F-2C attached to the Agreement are, with
respect to the subject Transfer, true and correct.

                  Notwithstanding the preceding paragraph, any interest in a
Rule 144A Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred (without delivery of any certificate or Opinion
of Counsel described in clauses (i) and (ii) of the first sentence of the
preceding paragraph) by the Depositor or any Affiliate of the Depositor to any
Person who takes delivery in the form of a beneficial interest in the Regulation
S Global Certificate for such Class of Certificates upon delivery to the
Certificate Registrar of (x) a certificate to the effect that the Certificate
Owner desiring to effect such Transfer is the Depositor or an Affiliate of the
Depositor and (y) such written orders and instructions as are required under the
applicable procedures of the Depository, Clearstream and Euroclear to direct the
Trustee to debit the account of a Depository Participant by a denomination of
interests in such Rule 144A Global Certificate, and credit the account of a
Depository Participant by a denomination of interests in such Regulation S
Global Certificate, that is equal to the denomination of beneficial interests in
the subject Class of Certificates to be transferred. Upon delivery to the
Certificate Registrar of such certification and such orders and instructions,
the Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Rule 144A Global Certificate in
respect of the subject Class of Certificates and increase the denomination of
the Regulation S Global Certificate for such Class, by the denomination of the
beneficial interest in such Class specified in such orders and instructions.

                                     A-4-5

<PAGE>

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

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

                  Notwithstanding the preceding paragraph, after the Release
Date, any interest in a Regulation S Global Certificate for a Class of
Book-Entry Non-Registered Certificates may be transferred by the Depositor or
any Affiliate of the Depositor to any Person who takes delivery in the form of a
beneficial interest in the Rule 144A Global Certificate for such Class of
Certificates upon delivery to the Certificate Registrar of (x) a certificate to
the effect that the Certificate Owner desiring to effect such Transfer is the
Depositor or an Affiliate of the Depositor and (y) such written orders and
instructions as are required under the applicable procedures of the Depository,
Clearstream and Euroclear to direct the Trustee to debit the account of a
Depository Participant by a denomination of interests in such Regulation S
Global Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Rule 144A Global Certificate, that is equal to
the denomination of beneficial interests in the subject Class of Certificates to
be transferred. Upon delivery to the Certificate Registrar of such certification
and such orders and instructions, the Trustee, subject to and in accordance with
the applicable procedures of the Depository, shall reduce the denomination of
the Regulation S Global Certificate in respect of the subject Class of
Certificates and increase the denomination of the Rule 144A Global Certificate
for such Class, by the denomination of the beneficial interest in such Class
specified in such orders and instructions.

                  None of the Depositor, the Trustee or the Certificate
Registrar is obligated to register or qualify the Class of Certificates to which
this Certificate belongs, under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Lehman Brothers Inc., UBS Warburg LLC, the Trustee,
the Master Servicer, the Special Servicer, the Fiscal Agent, the Certificate
Registrar and their respective Affiliates against any liability that may result
if such Transfer is not exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws or
is not made in accordance with such federal and state laws.

                                     A-4-6
<PAGE>

                  No Transfer of this Certificate or any interest herein shall
be made to (A) any employee benefit plan or other retirement arrangement,
including individual retirement accounts and annuities, Keogh plans and
collective investment funds and separate accounts in which such plans, accounts
or arrangements are invested, including insurance company general accounts, that
is subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is
directly or indirectly purchasing this Certificate or such interest herein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan, if
the purchase and holding of this Certificate or such interest herein by the
prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code. Furthermore, no transfer of this Certificate
or any interest herein shall be made to any of the following (each, an
"Ineligible Purchaser"): (i) General Motors Investment Management Corp., which
is the fiduciary of the General Motors Hourly Employees Pension Plan and the
General Motors Salaried Employees Pension Plan (such plans together, the "GM
Plans") that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM Plans; (iv) an owner of 50% or
more of an employer listed in (ii) or an organization listed in (iii); (v)
spouses, ancestors, lineal descendants, or spouses of lineal descendants of any
of the persons listed above, except persons who are employee organizations; (vi)
corporations, partnerships, trusts or estates of which 50% is owned directly or
indirectly by persons listed above, except persons who are relatives; (vii)
employees, officers, directors or 10% or more shareholders of any of the persons
mentioned above, except persons who are fiduciaries or relatives; or (viii) 10%
or more partners or joint venturers of any person listed above, except persons
who are fiduciaries or relatives. Except in connection with the initial issuance
of the Certificates or any Transfer of this Certificate or any interest herein
by the Depositor, Lehman Brothers Inc. or any of their respective Affiliates or,
if this Certificate constitutes a Global Certificate, any Transfer of this
Certificate to a successor Depository or to the applicable Certificate Owner in
accordance with Section 5.03 of the Agreement, the Certificate Registrar shall
refuse to register the Transfer of this Certificate unless it has received from
the prospective Transferee, and, if this Certificate constitutes a Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, (x) a certification to the
effect that such prospective Transferee is not an Ineligible Purchaser and is
not directly or indirectly purchasing this Certificate or such interest herein
on behalf of an Ineligible Purchaser and (y) one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406(a) and (b) and
407 of ERISA and the excise taxes imposed on such prohibited transactions by
Sections 4975(a) and (b) of the Code, by reason of Sections I and III of
Prohibited Transaction Class Exemption 95-60; or (iii) if this Certificate is
rated in one of the four highest generic rating categories by either Rating
Agency, and this Certificate or an interest herein is being acquired by or on
behalf of a Plan in reliance on any of Prohibited Transaction Exemption 91-14, a
certification to the effect that such Plan (X) is an accredited investor as
defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y) is not
sponsored (within the meaning of Section 3(16)(B) of ERISA) by the Trustee, the
Depositor, either Mortgage Loan Seller, the Master Servicer, the Special
Servicer, any Sub-Servicer, any Exemption-Favored Party or any Mortgagor with
respect to Mortgage Loans constituting more than 5% of the aggregate unamortized
principal balance of all the Mortgage Loans determined as of the Closing Date,
or by any Affiliate of such Person, and (Z) agrees that it will obtain from each
of its Transferees that are Plans a written representation that such Transferee,
if a Plan, satisfies the requirements of the immediately preceding clauses (X)
and (Y), together with a written agreement that such Transferee will obtain from
each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(X) and (Y); or (iv) a certification of facts and an Opinion of Counsel which
otherwise establish to the reasonable satisfaction of the Trustee or such
Certificate Owner, as the case may be, that such Transfer will not result in a
violation of Section 406 or 407 of ERISA or Section 4975 of the Code or result
in the imposition of an excise tax under Section 4975 of the Code. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar (if this
Certificate constitutes a Definitive Certificate) or the Transferor (if this
Certificate constitutes a Global Certificate) a certification and/or Opinion of
Counsel as

                                     A-4-7

<PAGE>

required by the preceding sentence, then such Transferee shall be deemed to have
represented and warranted that (a) such Transferee is not an Ineligible
Purchaser and (b) either: (i) such Transferee is not a Plan and is not directly
or indirectly purchasing this Certificate or any interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) the
purchase and holding of this Certificate or such interest herein by such
Transferee is exempt from the prohibited transaction provisions of Sections
406(a) and (b) and 407 of ERISA and the excise taxes imposed on such prohibited
transactions by Sections 4975(a) and (b) of the Code.

                  No service charge will be imposed for any registration of
transfer or exchange of Certificates, but the Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                  Notwithstanding the foregoing, for so long as this Certificate
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

                  The Holder of this Certificate, by its acceptance hereof,
shall be deemed to have agreed to keep confidential any information it obtains
from the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

                  Prior to due presentment of this Certificate for registration
of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Certificate Registrar and any agents of any of
them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar
or any such agent shall be affected by notice to the contrary.

                  Subject to certain terms and conditions set forth in the
Agreement, the Trust and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier of (i) the final payment (or any advance with respect thereto) on or
other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust, and (ii) the purchase by the Depositor, Lehman Brothers Inc., the Master
Servicer, the Special Servicer or any Controlling Class Certificateholder at a
price determined as provided in the Agreement of all Mortgage Loans and any REO
Properties remaining in the Trust. The Agreement permits, but does not require,
the Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer
or any Controlling Class Certificateholder to purchase from the Trust all
Mortgage Loans and any REO Properties remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1% of the Initial Pool Balance
specified on the face hereof.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof, and the modification of the rights and
obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee and the Fiscal Agent thereunder and the rights of the Certificateholders
thereunder, at any time by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
Certificates entitled to at least 66 2/3% of the Voting Rights allocated to the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of any REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

                                     A-4-8

<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.

                  The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

                  This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, without applying any conflicts of law principles of
such state (other than the provisions of Section 5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

                                     A-4-9

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Trustee

                                             By:_______________________________
                                                 Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [H] [J] [K] [L] [M] [N] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Certificate Registrar

                                             By:_______________________________
                                                Authorized Officer

                                     A-4-10

<PAGE>

                                   ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto ___________________________________________________________________________
________________________________________________________________________________
 (please print or typewrite name and address including postal zip code
   of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

                  I (we) further direct the issuance of a new Commercial
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and delivery of such Commercial Mortgage Pass-Through
Certificate to the following address:

_______________________________________________________________________________
_______________________________________________________________________________

Dated:

                              _________________________________________________
                              Signature by or on behalf of Assignor

                              _________________________________________________
                              Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

                  The assignee should include the following for purposes of
distribution:

                  Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to for the account of _______________
______________________________________________________ .

                  Distributions made by check (such check to be made payable to
______________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________
______________________________________________________________________________ .

                  This information is provided by ___________________________,
the assignee named above, or __________________________________, as its agent.

                                     A-4-11

<PAGE>

                                   EXHIBIT A-5

                 FORM OF CLASS [P] [Q] [S] [T] [U] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C2
     CLASS [P] [Q] [S] [T] [U] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                             <C>
Pass-Through Rate:  ____%                                       Initial Certificate Principal Balance of this Certificate
                                                                as of the Closing Date:
                                                                $_______________

Date of Pooling and Servicing Agreement:                        Class Principal Balance of all the Class [P] [Q] [S] [T]
June 11, 2002                                                   [U] Certificates as of the Closing Date:
                                                                $_______________

Cut-off Date:  June 11, 2002                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 9, 2002                                     due on or before such date (the "Initial Pool Balance"):

First Distribution Date: July 17, 2002                          $1,210,452,838

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

Special Servicer:  Lend Lease Asset Management, L.P.            Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [P] [Q] [S] [T] [U]-___                        CUSIP No.:  _____________
</TABLE>

                                     A-5-1

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY
SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
GENERAL MOTORS INVESTMENT MANAGEMENT CORP., WHICH IS A FIDUCIARY OF THE GENERAL
MOTORS HOURLY EMPLOYEES PENSION PLAN AND THE GENERAL MOTORS SALARIED EMPLOYEES
PENSION PLAN (SUCH PLANS TOGETHER, THE "GM PLANS"); (B) EMPLOYERS WHO HAVE ANY
EMPLOYEES COVERED BY THE GM PLANS; (C) THE EMPLOYEE ORGANIZATIONS WHO HAVE
MEMBERS COVERED BY THE GM PLANS; (D) AN OWNER OF 50% OR MORE OF AN EMPLOYER
LISTED IN (B) OR AN ORGANIZATION LISTED IN (C); (E) SPOUSES, ANCESTORS, LINEAL
DESCENDANTS, OR SPOUSES OF LINEAL DESCENDANTS OF ANY OF THE PERSONS LISTED
ABOVE, EXCEPT PERSONS WHO ARE EMPLOYEE ORGANIZATIONS; (F) CORPORATIONS,
PARTNERSHIPS, TRUSTS OR ESTATES OF WHICH 50% IS OWNED DIRECTLY OR INDIRECTLY BY
PERSONS LISTED ABOVE, EXCEPT PERSONS WHO ARE RELATIVES; (G) EMPLOYEES, OFFICERS,
DIRECTORS OR 10% OR MORE SHAREHOLDERS OF ANY OF THE PERSONS MENTIONED ABOVE,
EXCEPT PERSONS WHO ARE FIDUCIARIES OR RELATIVES; OR (H) 10% OR MORE PARTNERS OR
JOINT VENTURERS OF ANY PERSON LISTED ABOVE, EXCEPT PERSONS WHO ARE FIDUCIARIES
OR RELATIVES.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, WACHOVIA BANK, NATIONAL ASSOCIATION, LEND LEASE
ASSET MANAGEMENT, L.P., LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V.,
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE
LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR
ANY OTHER PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS, IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

                                     A-5-2

<PAGE>

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

                  This certifies that _____________________________________ is
the registered owner of the Percentage Interest evidenced by this Certificate
(obtained by dividing the principal balance of this Certificate (its
"Certificate Principal Balance") as of the Closing Date by the aggregate
principal balance of all the Certificates of the same Class as this Certificate
(their "Class Principal Balance") as of the Closing Date) in that certain
beneficial ownership interest in the Trust evidenced by all the Certificates of
the same Class as this Certificate. The Trust was created and the Certificates
were issued pursuant to a Pooling and Servicing Agreement, dated as specified
above (the "Agreement"), among Structured Asset Securities Corporation as
depositor (the "Depositor", which term includes any successor entity under the
Agreement), Wachovia Bank, National Association as master servicer (the "Master
Servicer", which term includes any successor entity under the Agreement), Lend
Lease Asset Management, L.P. as special servicer (the "Special Servicer", which
term includes any successor entity under the Agreement), LaSalle Bank National
Association as trustee (the "Trustee", which term includes any successor entity
under the Agreement) and ABN AMRO Bank N.V. as fiscal agent (the "Fiscal Agent",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. In the event of any conflict between
any provision of this Certificate and any provision of the Agreement, such
provision of this Certificate shall be superseded to the extent of such
inconsistency.

                  Pursuant to the terms of the Agreement, distributions will be
made on the 4th Business Day following the 11th calendar day of each month (or,
if such 11th calendar day is not a Business Day, then the 5th Business Day
following such 11th calendar day) (each, a "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (or, in the case
of the first Distribution Date, at the close of business on the Closing Date
specified above) (in any event, the "Record Date"), in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the amount
required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the Class of Certificates to which this
Certificate belongs. All distributions made under the Agreement in respect of
this Certificate will be made by the Trustee by wire transfer in immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with written wiring instructions no less than five (5)
Business Days prior to (or, in the case of the first such distribution, on) the
Record Date for such distribution (which wiring instructions may be in the form
of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder appearing in
the Certificate Register. Notwithstanding the above, the final distribution in
respect of this Certificate (determined without regard to any possible future
reimbursement of any Realized Loss or Additional Trust Fund Expense previously
allocated to this Certificate) will be made after due notice by the Trustee of
the pendency of such distribution and only upon presentation and surrender of
this Certificate at the offices of the Certificate Registrar appointed as
provided in the Agreement or such other location as may be specified in such
notice. Also notwithstanding the foregoing, any distribution that may be made
with respect to this Certificate in reimbursement of any Realized Loss or
Additional Trust Fund Expense previously allocated to this Certificate, which
reimbursement is to occur after the date on which this Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the address of the Holder that surrenders this Certificate as such
address last appeared in the Certificate Register or to any such other address
of which the Trustee is subsequently notified in writing.

                                     A-5-3

<PAGE>

                  Any distribution to the Holder of this Certificate in
reduction of the Certificate Principal Balance hereof is binding on such Holder
and all future Holders of this Certificate and any Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such distribution is made upon this Certificate.

                  The Certificates are limited in right of distribution to
certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

                  The Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

                  No direct or indirect transfer, sale, pledge, hypothecation or
other disposition (each, a "Transfer") of this Certificate or any interest
herein shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

                  If a Transfer of this Certificate is to be made without
registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a Transfer of this Certificate by the Depositor,
Lehman Brothers Inc. or any of their respective Affiliates), then the
Certificate Registrar shall refuse to register such Transfer unless it receives
(and, upon receipt, may conclusively rely upon) either: (i) a certificate from
the Certificateholder desiring to effect such Transfer substantially in the form
attached as Exhibit F-1 to the Agreement and a certificate from such
Certificateholder's prospective Transferee substantially in the form attached
either as Exhibit F-2A to the Agreement or as Exhibit F-2B to the Agreement; or
(ii) an Opinion of Counsel satisfactory to the Trustee to the effect that such
Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and such Transfer may be made without registration under the Securities
Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Fiscal Agent or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in either Exhibit F-2A or Exhibit F-2B attached to the Agreement are, with
respect to the subject Transfer, true and correct.

                                     A-5-4

<PAGE>

                  None of the Depositor, the Trustee or the Certificate
Registrar is obligated to register or qualify the Class of Certificates to which
this Certificate belongs, under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Lehman Brothers Inc., UBS Warburg LLC, the Trustee,
the Master Servicer, the Special Servicer, the Fiscal Agent, the Certificate
Registrar and their respective Affiliates against any liability that may result
if such Transfer is not exempt from the registration and/or qualification
requirements of the Securities Act and any applicable state securities laws or
is not made in accordance with such federal and state laws.

                  No Transfer of this Certificate or any interest herein shall
be made to (A) any employee benefit plan or other retirement arrangement,
including individual retirement accounts and annuities, Keogh plans and
collective investment funds and separate accounts in which such plans, accounts
or arrangements are invested, including insurance company general accounts, that
is subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is
directly or indirectly purchasing this Certificate on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code. Furthermore, no transfer of this Certificate or any
interest herein shall be made to any of the following (each, an "Ineligible
Purchaser"): (i) General Motors Investment Management Corp., which is the
fiduciary of the General Motors Hourly Employees Pension Plan and the General
Motors Salaried Employees Pension Plan (such plans together, the "GM Plans")
that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM Plans; (iv) an owner of 50% or
more of an employer listed in (ii) or an organization listed in (iii); (v)
spouses, ancestors, lineal descendants, or spouses of lineal descendants of any
of the persons listed above, except persons who are employee organizations; (vi)
corporations, partnerships, trusts or estates of which 50% is owned directly or
indirectly by persons listed above, except persons who are relatives; (vii)
employees, officers, directors or 10% or more shareholders of any of the persons
mentioned above, except persons who are fiduciaries or relatives; or (viii) 10%
or more partners or joint venturers of any person listed above, except persons
who are fiduciaries or relatives. Except in connection with the initial issuance
of the Certificates or any Transfer of this Certificate or any interest herein
by the Depositor, Lehman Brothers Inc. or any of their respective Affiliates,
the Certificate Registrar shall refuse to register the Transfer of this
Certificate unless it has received from the prospective Transferee, (x) a
certification to the effect that such prospective Transferee is not an
Ineligible Purchaser and is not directly or indirectly purchasing this
Certificate on behalf of an Ineligible Purchaser and (y) one of the following:
(i) a certification to the effect that such prospective Transferee is not a Plan
and is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate by such prospective Transferee is exempt from the prohibited
transaction provisions of Sections 406(a) and (b) and 407 of ERISA and the
excise taxes imposed on such prohibited transactions by Sections 4975(a) and (b)
of the Code, by reason of Sections I and III of Prohibited Transaction Class
Exemption 95-60; or (iii) if this Certificate is rated in one of the four
highest generic rating categories by either Rating Agency, and this Certificate
is being acquired by or on behalf of a Plan in reliance on any of Prohibited
Transaction Exemption 91-14, a certification to the effect that such Plan (X) is
an accredited investor as defined in Rule 501(a)(1) of Regulation D of the
Securities Act, (Y) is not sponsored (within the meaning of Section 3(16)(B) of
ERISA) by the Trustee, the Depositor, either Mortgage Loan Seller, the Master
Servicer, the Special Servicer, any Sub-Servicer, any Exemption-Favored Party or
any Mortgagor with respect to Mortgage Loans constituting more than 5% of the
aggregate unamortized principal balance of all the Mortgage Loans determined as
of the Closing Date, or by any Affiliate of such Person, and (Z) agrees that it
will obtain from each of its Transferees that are Plans a written representation
that such Transferee, if a Plan, satisfies the requirements of the immediately
preceding clauses (X) and (Y), together with a written agreement that such
Transferee will obtain from each of its Transferees that are Plans a similar
written representation regarding satisfaction of the requirements of the
immediately preceding clauses (X) and (Y); or (iv)

                                     A-5-5

<PAGE>

a certification of facts and an Opinion of Counsel which otherwise establish to
the reasonable satisfaction of the Trustee that such Transfer will not result in
a violation of Section 406 or 407 of ERISA or Section 4975 of the Code or result
in the imposition of an excise tax under Section 4975 of the Code. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar a certification
and/or Opinion of Counsel as required by the preceding sentence, then such
Transferee shall be deemed to have represented and warranted that (a) such
Transferee is not an Ineligible Purchaser and (b) either: (i) such Transferee is
not a Plan and is not directly or indirectly purchasing this Certificate or such
interest herein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) the purchase and holding of this Certificate or such
interest herein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406(a) and (b) and 407 of ERISA and the excise taxes
imposed on such prohibited transactions by Sections 4975(a) and (b) of the Code.

                  No service charge will be imposed for any registration of
transfer or exchange of Certificates, but the Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                  The Holder of this Certificate, by its acceptance hereof,
shall be deemed to have agreed to keep confidential any information it obtains
from the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

                  Prior to due presentment of this Certificate for registration
of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Certificate Registrar and any agents of any of
them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar
or any such agent shall be affected by notice to the contrary.

                  Subject to certain terms and conditions set forth in the
Agreement, the Trust and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier of (i) the final payment (or any advance with respect thereto) on or
other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust, and (ii) the purchase by the Depositor, Lehman Brothers Inc., the Master
Servicer, the Special Servicer or any Controlling Class Certificateholder at a
price determined as provided in the Agreement of all Mortgage Loans and any REO
Properties remaining in the Trust. The Agreement permits, but does not require,
the Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer
or any Controlling Class Certificateholder to purchase from the Trust all
Mortgage Loans and any REO Properties remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1% of the Initial Pool Balance
specified on the face hereof.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof, and the modification of the rights and
obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee and the Fiscal Agent thereunder and the rights of the Certificateholders
thereunder, at any time by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
Certificates entitled to at least 66 2/3% of the Voting Rights allocated to 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

                                     A-5-6

<PAGE>

amendment thereof, in certain circumstances, including any amendment necessary
to maintain the status of any REMIC Pool as a REMIC, without the consent of the
Holders of any of the Certificates.

                  Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.

                  The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

                  This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, without applying any conflicts of law principles of
such state (other than the provisions of Section 5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

                                     A-5-7

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Trustee

                                             By:_______________________________
                                                Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [P] [Q] [S] [T] [U] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Certificate Registrar

                                             By:_______________________________
                                                Authorized Officer

                                     A-5-8

<PAGE>

                                   ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto _________________________________________________________________________
 (please print or typewrite name and address including postal zip code
    of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

                  I (we) further direct the issuance of a new Commercial
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and delivery of such Commercial Mortgage Pass-Through
Certificate to the following address:

Dated:

                              __________________________________________________
                              Signature by or on behalf of Assignor

                              __________________________________________________
                              Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

                  The assignee should include the following for purposes of
distribution:

                  Distributions shall, if permitted, be made by wire transfer or
otherwise,  in  immediately  available funds, to _______________________________
for the account of ___________________________________________________________ .

                  Distributions made by check (such check to be made payable to
______________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________
_____________________________________________________________________________ .

                  This information is provided by ____________________________,
the assignee named above, or __________________________________, as its agent.

                                     A-5-9

<PAGE>

                                   EXHIBIT A-6

                 FORM OF CLASS [R-I] [R-II] [R-III] CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C2
    CLASS [R-I] [R-II] [R-III] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                             <C>
Date of Pooling and Servicing Agreement:                        Percentage Interest evidenced by this Certificate in the
June 11, 2002                                                   related Class:  ___%

Cut-off Date:  June 11, 2002                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date: July 9, 2002                                      due on or before such date (the "Initial Pool Balance"):

First Distribution Date:  July 17, 2002                         $1,210,452,838

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

Special Servicer:  Lend Lease Asset Management, L.P.            Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  [R-I] [R-II] [R-III]-___                       CUSIP No.:  _____________
</TABLE>

                                     A-6-1

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY
SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
GENERAL MOTORS INVESTMENT MANAGEMENT CORP., WHICH IS A FIDUCIARY OF THE GENERAL
MOTORS HOURLY EMPLOYEES PENSION PLAN AND THE GENERAL MOTORS SALARIED EMPLOYEES
PENSION PLAN (SUCH PLANS TOGETHER, THE "GM PLANS"); (B) EMPLOYERS WHO HAVE ANY
EMPLOYEES COVERED BY THE GM PLANS; (C) THE EMPLOYEE ORGANIZATIONS WHO HAVE
MEMBERS COVERED BY THE GM PLANS; (D) AN OWNER OF 50% OR MORE OF AN EMPLOYER
LISTED IN (B) OR AN ORGANIZATION LISTED IN (C); (E) SPOUSES, ANCESTORS, LINEAL
DESCENDANTS, OR SPOUSES OF LINEAL DESCENDANTS OF ANY OF THE PERSONS LISTED
ABOVE, EXCEPT PERSONS WHO ARE EMPLOYEE ORGANIZATIONS; (F) CORPORATIONS,
PARTNERSHIPS, TRUSTS OR ESTATES OF WHICH 50% IS OWNED DIRECTLY OR INDIRECTLY BY
PERSONS LISTED ABOVE, EXCEPT PERSONS WHO ARE RELATIVES; (G) EMPLOYEES, OFFICERS,
DIRECTORS OR 10% OR MORE SHAREHOLDERS OF ANY OF THE PERSONS MENTIONED ABOVE,
EXCEPT PERSONS WHO ARE FIDUCIARIES OR RELATIVES; OR (H) 10% OR MORE PARTNERS OR
JOINT VENTURERS OF ANY PERSON LISTED ABOVE, EXCEPT PERSONS WHO ARE FIDUCIARIES
OR RELATIVES.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, WACHOVIA BANK, NATIONAL ASSOCIATION, LEND LEASE
ASSET MANAGEMENT, L.P., LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V.,
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE
LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR
ANY OTHER PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS, IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986 (THE "CODE"). CONSEQUENTLY, THE TRANSFER

                                     A-6-2
<PAGE>

OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL TAX RELATED TRANSFER
RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE REGISTERED HOLDER OF
THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER RESTRICTIONS, SUCH REGISTRATION
SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON
SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER OR UNDER
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN, INCLUDING, BUT NOT
LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.

                  This certifies that _______________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate (as
specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), among
Structured Asset Securities Corporation as depositor (the "Depositor", which
term includes any successor entity under the Agreement), Wachovia Bank, National
Association as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Lend Lease Asset Management, L.P. as
special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement), LaSalle Bank National Association as trustee (the
"Trustee", which term includes any successor entity under the Agreement) and ABN
AMRO Bank N.V. as fiscal agent (the "Fiscal Agent", which term includes any
successor entity under the Agreement), a summary of certain of the pertinent
provisions of which is set forth hereafter. To the extent not defined herein,
the capitalized terms used herein have the respective meanings assigned in the
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Holder of
this Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. In the event of any conflict between any provision of this
Certificate and any provision of the Agreement, such provision of this
Certificate shall be superseded to the extent of such inconsistency.

                  Pursuant to the terms of the Agreement, distributions will be
made on the 4th Business Day following the 11th calendar day of each month (or,
if such 11th calendar day is not a Business Day, then the 5th Business Day
following such 11th calendar day) (each, a "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (or, in the case
of the first Distribution Date, at the close of business on the Closing Date
specified above) (in any event, the "Record Date"), in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the amount
required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the Class of Certificates to which this
Certificate belongs. All distributions made under the Agreement in respect of
this Certificate will be made by the Trustee by wire transfer in immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with written wiring instructions no less than five (5)
Business Days prior to (or, in the case of the first such distribution, on) the
Record Date for such distribution (which wiring instructions may be in the form
of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder appearing in
the Certificate Register. Notwithstanding the above, the final distribution in
respect of this Certificate will be made after due notice by the Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the offices of the Certificate Registrar appointed as provided in
the Agreement or such other location as may be specified in such notice.

                  The Certificates are limited in right of distribution to
certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
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.

                                     A-6-3
<PAGE>

                  The Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

                  No direct or indirect transfer, sale, pledge, hypothecation or
other disposition (each, a "Transfer") of this Certificate or any interest
herein shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

                  If a Transfer of this Certificate is to be made without
registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a Transfer of this Certificate by the Depositor,
Lehman Brothers Inc. or any of their respective Affiliates), then the
Certificate Registrar shall refuse to register such Transfer unless it receives
(and, upon receipt, may conclusively rely upon) either: (i) a certificate from
the Certificateholder desiring to effect such Transfer substantially in the form
attached as Exhibit F-1 to the Agreement and a certificate from such
Certificateholder's prospective Transferee substantially in the form attached
either as Exhibit F-2A to the Agreement or as Exhibit F-2B to the Agreement; or
(ii) an Opinion of Counsel satisfactory to the Trustee to the effect that such
Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and such Transfer may be made without registration under the Securities
Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Fiscal Agent or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in either Exhibit F-2A or Exhibit F-2B attached to the Agreement are, with
respect to the subject Transfer, true and correct.

                  None of the Depositor, the Trustee or the Certificate
Registrar is obligated to register or qualify the Class of Certificates to which
this Certificate belongs, under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify
the Depositor, Lehman Brothers Inc., UBS Warburg LLC, the Trustee, the Master
Servicer, the Special Servicer, the Fiscal Agent, the Certificate Registrar and
their respective Affiliates against any liability that may result if such
Transfer is not exempt from the registration and/or qualification requirements
of the Securities Act and any applicable state securities laws or is not made in
accordance with such federal and state laws.

                  No Transfer of this Certificate or any interest herein shall
be made to (A) any employee benefit plan or other retirement arrangement,
including individual retirement accounts and annuities, Keogh plans and
collective investment funds and separate accounts in which such plans, accounts
or arrangements are invested,

                                     A-6-4

<PAGE>

including insurance company general accounts, that is subject to ERISA or the
Code (each, a "Plan"), or (B) any Person who is directly or indirectly
purchasing this Certificate or such interest herein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a violation of Section 406 or 407 of ERISA or Section
4975 of the Code or would result in the imposition of an excise tax under
Section 4975 of the Code. Furthermore, no transfer of this Certificate or any
interest herein shall be made to any of the following (each, an "Ineligible
Purchaser"): (i) General Motors Investment Management Corp., which is the
fiduciary of the General Motors Hourly Employees Pension Plan and the General
Motors Salaried Employees Pension Plan (such plans together, the "GM Plans")
that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM Plans; (iv) an owner of 50% or
more of an employer listed in (ii) or an organization listed in (iii); (v)
spouses, ancestors, lineal descendants, or spouses of lineal descendants of any
of the persons listed above, except persons who are employee organizations; (vi)
corporations, partnerships, trusts or estates of which 50% is owned directly or
indirectly by persons listed above, except persons who are relatives; (vii)
employees, officers, directors or 10% or more shareholders of any of the persons
mentioned above, except persons who are fiduciaries or relatives; or (viii) 10%
or more partners or joint venturers of any person listed above, except persons
who are fiduciaries or relatives. Except in connection with the initial issuance
of the Certificates or any Transfer of this Certificate by the Depositor, Lehman
Brothers Inc. or any of their respective Affiliates, the Certificate Registrar
shall refuse to register the Transfer of this Certificate unless it has received
from the prospective Transferee, (x) a certification to the effect that such
prospective Transferee is not an Ineligible Purchaser and is not directly or
indirectly purchasing this Certificate or such interest herein on behalf of an
Ineligible Purchaser and (y) one of the following: (i) a certification to the
effect that such prospective Transferee is not a Plan and is not directly or
indirectly purchasing this Certificate on behalf of, as named fiduciary of, as
trustee of, or with assets of a Plan; or (ii) a certification of facts and an
Opinion of Counsel which otherwise establish to the reasonable satisfaction of
the Trustee that such Transfer will not result in a violation of Section 406 or
407 of ERISA or Section 4975 of the Code or result in the imposition of an
excise tax under Section 4975 of the Code. If any Transferee of this Certificate
or any interest herein does not, in connection with the subject Transfer,
deliver to the Certificate Registrar a certification and/or Opinion of Counsel
as required by the preceding sentence, then such Transferee shall be deemed to
have represented and warranted that (a) such Transferee is not an Ineligible
Purchaser and (b) either: (i) such Transferee is not a Plan and is not directly
or indirectly purchasing this Certificate or such interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) the
purchase and holding of this Certificate or such interest herein by such
Transferee is exempt from the prohibited transaction provisions of Sections
406(a) and (b) and 407 of ERISA and the excise taxes imposed on such prohibited
transactions by Sections 4975(a) and (b) of the Code.

                  Each Person who has or who acquires any Ownership Interest in
this Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the provisions of Section
5.02(d) of the Agreement and, if any purported Transferee shall become a Holder
of this Certificate in violation of the provisions of such Section 5.02(d), to
have irrevocably authorized the Trustee under clause (ii)(A) of such Section
5.02(d) to deliver payments to a Person other than such Person and to have
irrevocably authorized the Trustee under clause (ii)(B) of such Section 5.02(d)
to negotiate the terms of any mandatory disposition and to execute all
instruments of transfer and to do all other things necessary in connection with
any such disposition. Each Person holding or acquiring any Ownership Interest in
this Certificate must be a Permitted Transferee and shall promptly notify the
Trustee and the Tax Administrator of any change or impending change in its
status as a Permitted Transferee. In connection with any proposed Transfer of
any Ownership Interest in this Certificate, the Certificate Registrar shall
require delivery to it, and shall not register the transfer of this Certificate
until its receipt of, an affidavit and agreement substantially in the form
attached as Exhibit H-1 to the Agreement (a "Transfer Affidavit and Agreement")
from the proposed Transferee, representing and warranting, among other things,
that such Transferee is a Permitted Transferee, that it is not acquiring its
Ownership Interest in this Certificate as a nominee, trustee or agent for any
Person that is not a Permitted Transferee, that for so long as it retains its
Ownership Interest in this Certificate, it will endeavor to remain a Permitted
Transferee, and that it has

                                     A-6-5

<PAGE>

reviewed the provisions of Section 5.02(d) of the Agreement and agrees to be
bound by them. Notwithstanding the delivery of a Transfer Affidavit and
Agreement by a proposed Transferee, if the Certificate Registrar has actual
knowledge that the proposed Transferee is not a Permitted Transferee, the
Certificate Registrar shall not register the Transfer of an Ownership Interest
in this Certificate to such proposed Transferee. In addition, the Certificate
Registrar shall not register the transfer of an Ownership Interest in this
Certificate to any entity classified as a partnership under the Code unless at
the time of transfer, all of its beneficial owners are United States Persons.

                  Each Person holding or acquiring any Ownership Interest in
this Certificate shall agree (x) to require a Transfer Affidavit and Agreement
from any other Person to whom such Person attempts to Transfer its Ownership
Interest herein and (y) not to Transfer its Ownership Interest herein unless it
provides to the Certificate Registrar a certificate substantially in the form
attached as Exhibit H-2 to the Agreement stating that, among other things, it
has no actual knowledge that such other Person is not a Permitted Transferee.
Each Person holding or acquiring an Ownership Interest in this Certificate, by
purchasing such Ownership Interest herein, agrees to give the Trustee and the
Tax Administrator written notice that it is a "pass-through interest holder"
within the meaning of temporary Treasury regulation section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such
Ownership Interest on behalf of, a "pass-through interest holder".

                  The provisions of Section 5.02(d) of the Agreement may be
modified, added to or eliminated, provided that there shall have been delivered
to the Trustee and the Tax Administrator the following: (a) written notification
from each Rating Agency to the effect that the modification of, addition to or
elimination of such provisions will not cause such Rating Agency to withdraw,
qualify or downgrade its then-current rating of any Class of Certificates; and
(b) an opinion of counsel, in form and substance satisfactory to the Trustee and
the Tax Administrator, to the effect that such modification of, addition to or
elimination of such provisions will not (i) cause any REMIC Pool to (A) cease to
qualify as a REMIC or (B) be subject to an entity-level tax caused by the
Transfer of a Residual Interest Certificate to a Person which is not a Permitted
Transferee, or (ii) cause a Person other than the prospective Transferee to be
subject to a REMIC-related tax caused by the Transfer of a Residual Interest
Certificate to a Person that is not a Permitted Transferee.

                  A "Permitted Transferee" is any Transferee that is not (i) a
Disqualified Organization, (ii) any Person as to whom the transfer of this
Certificate may cause any REMIC Pool to fail to qualify as a REMIC, (iii) a
Disqualified Non-United States Tax Person or (iv) a Disqualified Partnership.

                  A "Disqualified Organization" is (i) the United States, any
State or political subdivision thereof, a foreign government, an international
organization, or any agency or instrumentality of any of the foregoing, (ii) any
organization (other than certain farmers' cooperatives described in Section 521
of the Code) that is exempt from the tax imposed by Chapter 1 of the Code
(including the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iii) rural electric and telephone cooperatives described in
Section 1381 of the Code and (iv) any other Person so designated by the Tax
Administrator based upon an opinion of counsel that the holding of an Ownership
Interest in a Residual Interest Certificate by such Person may cause the Trust
or any Person having an Ownership Interest in any Class of Certificates (other
than such Person) to incur a liability for any federal tax imposed under the
Code that would not otherwise be imposed but for the Transfer of an Ownership
Interest in a Residual Interest Certificate to such Person. The terms "United
States", "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

                  A "Disqualified Non-United States Tax Person" is, with respect
to any Residual Interest Certificate, any Non-United States Tax Person or agent
thereof other than: (1) a Non-United States Tax Person that (a) holds such
Residual Interest Certificate and, for purposes of Treasury regulation section
1.860G-3(a)(3), is subject to tax under Section 882 of the Code, (b) certifies
that it understands that, for purposes of Treasury regulation section
1.860E-1(c)(4)(ii), as a holder of such Residual Interest Certificate for United
States federal

                                     A-6-6

<PAGE>

income tax purposes, it may incur tax liabilities in excess of any cash flows
generated by such Residual Interest Certificate and intends to pay taxes
associated with holding such Residual Interest Certificate, and (c) has
furnished the Transferor and the Trustee with an effective IRS Form W-8ECI or
successor form and has agreed to update such form as required under the
applicable Treasury regulations; or (2) a Non-United States Tax Person that has
delivered to the Transferor, the Trustee and the Certificate Registrar an
opinion of nationally recognized tax counsel to the effect that (x) the Transfer
of such Residual Interest Certificate to it is in accordance with the
requirements of the Code and the regulations promulgated thereunder and (y) such
Transfer of such Residual Interest Certificate will not be disregarded for
United States federal income tax purposes.

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

                  A "Non-United States Tax Person" is any Person other than a
United States Tax Person. A "United States Tax Person" is a citizen or resident
of the United States, a corporation, partnership or other entity created or
organized in, or under the laws of, the United States or any political
subdivision thereof, or an estate whose income from sources without the United
States is includable in gross income for United States federal income tax
purposes regardless of its connection with the conduct of a trade or business
within the United States, or a trust if a court within the United States is able
to exercise supervision over the administration of the trust and one or more
United States persons have the authority to control all substantial decisions of
the trust, all within the meaning of Section 7701(a)(30) of the Code.

                  No service charge will be imposed for any registration of
transfer or exchange of Certificates, but the Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                  The Holder of this Certificate, by its acceptance hereof,
shall be deemed to have agreed to keep confidential any information it obtains
from the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

                  Prior to due presentment of this Certificate for registration
of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Certificate Registrar and any agents of any of
them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar
or any such agent shall be affected by notice to the contrary.

                  Subject to certain terms and conditions set forth in the
Agreement, the Trust and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier of (i) the final payment (or any advance with respect thereto) on or
other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust, and (ii) the purchase by the Depositor, Lehman Brothers Inc., the Master
Servicer, the Special Servicer or any Controlling Class Certificateholder at a
price determined as provided in the Agreement of all Mortgage Loans and any REO
Properties remaining in the Trust. The Agreement permits, but does not require,
the Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer
or any Controlling Class Certificateholder to purchase from the Trust all
Mortgage Loans and any REO Properties remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than 1% of the Initial Pool Balance
specified on the face hereof.

                                     A-6-7

<PAGE>

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof, and the modification of the rights and
obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee and the Fiscal Agent thereunder and the rights of the Certificateholders
thereunder, at any time by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
Certificates entitled to at least 66 2/3% of the Voting Rights allocated to the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of any REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

                  Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.

                  The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

                  This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, without applying any conflicts of law principles of
such state (other than the provisions of Section 5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

                                     A-6-8

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Trustee

                                             By:_______________________________
                                                Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class [R-I] [R-II] [R-III] Certificates
referred to in the within-mentioned Agreement.

Dated:  _____________

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Certificate Registrar

                                             By:_______________________________
                                                Authorized Officer

                                     A-6-9

<PAGE>

                                   ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto __________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
 (please print or typewrite name and address including postal zip code
   of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

                  I (we) further direct the issuance of a new Commercial
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and delivery of such Commercial Mortgage Pass-Through
Certificate to the following address:

Dated:

                              _________________________________________________
                              Signature by or on behalf of Assignor

                              _________________________________________________
                              Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

                  The assignee should include the following for purposes of
distribution:

                  Distributions shall, if permitted, be made by wire transfer or
otherwise, in immediately available funds, to __________________________________
for the account of ___________________________________________________________ .

                  Distributions made by check (such check to be made payable to
______________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________
______________________________________________________________________________ .

                  This information is provided by ____________________________,
the assignee named above, or __________________________________, as its agent.

                                     A-6-10

<PAGE>

                                   EXHIBIT A-7

                          FORM OF CLASS V CERTIFICATES

                    LB-UBS COMMERCIAL MORTGAGE TRUST 2002-C2
              CLASS V COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2002-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of multifamily and commercial mortgage loans (the "Mortgage
Loans"), such pool being formed and sold by

                     STRUCTURED ASSET SECURITIES CORPORATION

<TABLE>
<CAPTION>
<S>                                                             <C>
Date of Pooling and Servicing Agreement:                        Percentage Interest evidenced by this Certificate in the
June 11, 2002                                                   related Class:  ___%

Cut-off Date:  June 11, 2002                                    Aggregate unpaid principal balance of the Mortgage Pool as
                                                                of the Cut-off Date, after deducting payments of principal
Closing Date:  July 9, 2002                                     due on or before such date (the "Initial Pool Balance"):

First Distribution Date:  July 17, 2002                         $1,210,452,838

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

Special Servicer:  Lend Lease Asset Management, L.P.            Fiscal Agent:  ABN AMRO Bank N.V.

Certificate No.  V-___                                          CUSIP No.:  _____________
</TABLE>

                                     A-7-1

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B) ANY
PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INTEREST
HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY
SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT, EXCEPT IN
ACCORDANCE WITH THE PROVISIONS OF THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A)
GENERAL MOTORS INVESTMENT MANAGEMENT CORP., WHICH IS A FIDUCIARY OF THE GENERAL
MOTORS HOURLY EMPLOYEES PENSION PLAN AND THE GENERAL MOTORS SALARIED EMPLOYEES
PENSION PLAN (SUCH PLANS TOGETHER, THE "GM PLANS"); (B) EMPLOYERS WHO HAVE ANY
EMPLOYEES COVERED BY THE GM PLANS; (C) THE EMPLOYEE ORGANIZATIONS WHO HAVE
MEMBERS COVERED BY THE GM PLANS; (D) AN OWNER OF 50% OR MORE OF AN EMPLOYER
LISTED IN (B) OR AN ORGANIZATION LISTED IN (C); (E) SPOUSES, ANCESTORS, LINEAL
DESCENDANTS, OR SPOUSES OF LINEAL DESCENDANTS OF ANY OF THE PERSONS LISTED
ABOVE, EXCEPT PERSONS WHO ARE EMPLOYEE ORGANIZATIONS; (F) CORPORATIONS,
PARTNERSHIPS, TRUSTS OR ESTATES OF WHICH 50% IS OWNED DIRECTLY OR INDIRECTLY BY
PERSONS LISTED ABOVE, EXCEPT PERSONS WHO ARE RELATIVES; (G) EMPLOYEES, OFFICERS,
DIRECTORS OR 10% OR MORE SHAREHOLDERS OF ANY OF THE PERSONS MENTIONED ABOVE,
EXCEPT PERSONS WHO ARE FIDUCIARIES OR RELATIVES; OR (H) 10% OR MORE PARTNERS OR
JOINT VENTURERS OF ANY PERSON LISTED ABOVE, EXCEPT PERSONS WHO ARE FIDUCIARIES
OR RELATIVES.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN STRUCTURED
ASSET SECURITIES CORPORATION, WACHOVIA BANK, NATIONAL ASSOCIATION, LEND LEASE
ASSET MANAGEMENT, L.P., LASALLE BANK NATIONAL ASSOCIATION, ABN AMRO BANK N.V.,
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE
LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR
ANY OTHER PERSON.

THIS CERTIFICATE IS ENTITLED ONLY TO CERTAIN ADDITIONAL INTEREST (IF ANY)
RECEIVED IN RESPECT OF THE ARD LOANS SUBJECT TO THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

                  This certifies that ________________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate (as
specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Class V Certificates. The Trust was created and the
Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as
specified above (the "Agreement"), among Structured Asset Securities Corporation
as depositor (the "Depositor", which term includes any successor entity under
the Agreement), Wachovia Bank, National Association as master servicer (the
"Master Servicer", which term

                                     A-7-2

<PAGE>

includes any successor entity under the Agreement), Lend Lease Asset Management,
L.P. as special servicer (the "Special Servicer", which term includes any
successor entity under the Agreement), LaSalle Bank National Association as
trustee (the "Trustee", which term includes any successor entity under the
Agreement) and ABN AMRO Bank N.V. as fiscal agent (the "Fiscal Agent", which
term includes any successor entity under the Agreement), a summary of certain of
the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the respective meanings
assigned in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound. In the event of any conflict between any provision
of this Certificate and any provision of the Agreement, such provision of this
Certificate shall be superseded to the extent of such inconsistency.

                  Pursuant to the terms of the Agreement, distributions will be
made on the 4th Business Day following the 11th calendar day of each month (or,
if such 11th calendar day is not a Business Day, then the 5th Business Day
following such 11th calendar day) (each, a "Distribution Date"), commencing on
the first Distribution Date specified above, to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month immediately preceding the month of such distribution (or, in the case
of the first Distribution Date, at the close of business on the Closing Date
specified above) (in any event, the "Record Date"), in an amount equal to the
product of the Percentage Interest evidenced by this Certificate and the amount
required to be distributed pursuant to the Agreement on the applicable
Distribution Date in respect of the Class of Certificates to which this
Certificate belongs. All distributions made under the Agreement in respect of
this Certificate will be made by the Trustee by wire transfer in immediately
available funds to the account of the Person entitled thereto at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided the Trustee with written wiring instructions no less than five (5)
Business Days prior to (or, in the case of the first such distribution, on) the
Record Date for such distribution (which wiring instructions may be in the form
of a standing order applicable to all subsequent distributions as well), or
otherwise by check mailed to the address of such Certificateholder appearing in
the Certificate Register. Notwithstanding the above, the final distribution in
respect of this Certificate will be made after due notice by the Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the offices of the Certificate Registrar appointed as provided in
the Agreement or such other location as may be specified in such notice.

                  The Certificates are limited in right of distribution to
certain collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Custodial Accounts, the Collection Account and,
if established, the REO Accounts may be made from time to time for purposes
other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

                  The Certificates are issuable in fully registered form only
without coupons in minimum denominations specified in the Agreement. As provided
in the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of the same Class in
authorized denominations evidencing the same aggregate Percentage Interest, as
requested by the Holder surrendering the same.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

                                     A-7-3

<PAGE>

                  No direct or indirect transfer, sale, pledge, hypothecation or
other disposition (each, a "Transfer") of this Certificate or any interest
herein shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

                  If a Transfer of this Certificate is to be made without
registration under the Securities Act (other than in connection with the initial
issuance of the Certificates or a Transfer of this Certificate by the Depositor,
Lehman Brothers Inc. or any of their respective Affiliates), then the
Certificate Registrar shall refuse to register such Transfer unless it receives
(and, upon receipt, may conclusively rely upon) either: (i) a certificate from
the Certificateholder desiring to effect such Transfer substantially in the form
attached as Exhibit F-1 to the Agreement and a certificate from such
Certificateholder's prospective Transferee substantially in the form attached
either as Exhibit F-2A to the Agreement or as Exhibit F-2B to the Agreement; or
(ii) an Opinion of Counsel satisfactory to the Trustee to the effect that such
Transferee is an Institutional Accredited Investor or a Qualified Institutional
Buyer and such Transfer may be made without registration under the Securities
Act (which Opinion of Counsel shall not be an expense of the Trust Fund or of
the Depositor, the Master Servicer, the Special Servicer, the Trustee, the
Fiscal Agent or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in either Exhibit F-2A or Exhibit F-2B attached to the Agreement are, with
respect to the subject Transfer, true and correct.

                  None of the Depositor, the Trustee or the Certificate
Registrar is obligated to register or qualify the Class of Certificates to which
this Certificate belongs, under the Securities Act or any other securities law
or to take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify
the Depositor, Lehman Brothers Inc., UBS Warburg LLC, the Trustee, the Master
Servicer, the Special Servicer, the Fiscal Agent, the Certificate Registrar and
their respective Affiliates against any liability that may result if such
Transfer is not exempt from the registration and/or qualification requirements
of the Securities Act and any applicable state securities laws or is not made in
accordance with such federal and state laws.

                  No Transfer of this Certificate or any interest herein shall
be made to (A) any employee benefit plan or other retirement arrangement,
including individual retirement accounts and annuities, Keogh plans and
collective investment funds and separate accounts in which such plans, accounts
or arrangements are invested, including insurance company general accounts, that
is subject to ERISA or the Code (each, a "Plan"), or (B) any Person who is
directly or indirectly purchasing this Certificate or such interest herein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan, if
the purchase and holding of this Certificate or such interest herein by the
prospective Transferee would result in a violation of Section 406 or 407 of
ERISA or Section 4975 of the Code or would result in the imposition of an excise
tax under Section 4975 of the Code. Furthermore, no transfer of this Certificate
or any interest herein shall be made to any of the following (each, an
"Ineligible Purchaser"): (i) General Motors Investment Management Corp., which
is the fiduciary of the General Motors Hourly Employees Pension Plan and the
General Motors Salaried Employees Pension Plan (such plans together, the "GM
Plans") that caused the GM Plans to enter into the 250 Park Mortgage Loan; (ii)
employers who have any employees covered by the GM Plans; (iii) the employee
organizations who have members covered by the GM Plans; (iv) an owner of 50% or
more of an employer listed in (ii) or an organization listed in (iii); (v)
spouses, ancestors, lineal descendants, or spouses of lineal descendants of any
of the persons listed above, except persons who are employee organizations; (vi)
corporations, partnerships, trusts or estates of which 50% is owned directly or
indirectly by persons listed above, except persons who are relatives; (vii)
employees, officers, directors or 10%

                                     A-7-4

<PAGE>

or more shareholders of any of the persons mentioned above, except persons who
are fiduciaries or relatives; or (viii) 10% or more partners or joint venturers
of any person listed above, except persons who are fiduciaries or relatives.
Except in connection with the initial issuance of the Certificates or any
Transfer of this Certificate by the Depositor, Lehman Brothers Inc. or any of
their respective Affiliates, the Certificate Registrar shall refuse to register
the Transfer of this Certificate unless it has received from the prospective
Transferee, (x) a certification to the effect that such prospective Transferee
is not an Ineligible Purchaser and is not directly or indirectly purchasing this
Certificate on behalf of an Ineligible Purchaser and (y) one of the following:
(i) a certification to the effect that such prospective Transferee is not a Plan
and is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406(a) and (b) and
407 of ERISA and the excise taxes imposed on such prohibited transactions by
Sections 4975(a) and (b) of the Code, under Sections I and III of Prohibited
Transaction Class Exemption 95-60; or (iii) a certification of facts and an
Opinion of Counsel which otherwise establish to the reasonable satisfaction of
the Trustee that such Transfer will not result in a violation of Section 406 or
407 of ERISA or Section 4975 of the Code or result in the imposition of an
excise tax under Section 4975 of the Code. If any Transferee of this Certificate
or any interest herein does not, in connection with the subject Transfer,
deliver to the Certificate Registrar a certification and/or Opinion of Counsel
as required by the preceding sentence, then such Transferee shall be deemed to
have represented and warranted that (a) such Transferee is not an Ineligible
Purchaser and (b) either: (i) such Transferee is not a Plan and is not directly
or indirectly purchasing this Certificate or such interest herein on behalf of,
as named fiduciary of, as trustee of, or with assets of a Plan; or (ii) the
purchase and holding of this Certificate or such interest herein by such
Transferee is exempt from the prohibited transaction provisions of Sections
406(a) and (b) and 407 of ERISA and the excise taxes imposed on such prohibited
transactions by Sections 4975(a) and (b) of the Code.

                  No service charge will be imposed for any registration of
transfer or exchange of Certificates, but the Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any transfer or
exchange of Certificates.

                  The Holder of this Certificate, by its acceptance hereof,
shall be deemed to have agreed to keep confidential any information it obtains
from the Trustee (except that such Holder may provide any such information
obtained by it to any other Person that holds or is contemplating the purchase
of this Certificate or an interest herein, provided that such other Person
confirms in writing such ownership interest or prospective ownership interest
and agrees to keep such information confidential).

                  Prior to due presentment of this Certificate for registration
of transfer, the Depositor, the Master Servicer, the Special Servicer, the
Trustee, the Fiscal Agent, the Certificate Registrar and any agents of any of
them may treat the Person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee, the Fiscal Agent, the Certificate Registrar
or any such agent shall be affected by notice to the contrary.

                  Subject to certain terms and conditions set forth in the
Agreement, the Trust and the obligations created by the Agreement shall
terminate upon distribution (or provision for distribution) to the
Certificateholders of all amounts held by or on behalf of the Trustee and
required to be distributed to them pursuant to the Agreement following the
earlier of (i) the final payment (or any advance with respect thereto) on or
other liquidation of the last Mortgage Loan or REO Property remaining in the
Trust, and (ii) the purchase by the Depositor, Lehman Brothers Inc., the Master
Servicer, the Special Servicer or any Controlling Class Certificateholder at a
price determined as provided in the Agreement of all Mortgage Loans and any REO
Properties remaining in the Trust. The Agreement permits, but does not require,
the Depositor, Lehman Brothers Inc., the Master Servicer, the Special Servicer
or any Controlling Class Certificateholder to purchase from the Trust all
Mortgage Loans and any REO Properties remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance

                                     A-7-5

<PAGE>

of the Mortgage Pool at the time of purchase being less than 1% of the Initial
Pool Balance specified on the face hereof.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof, and the modification of the rights and
obligations of the Depositor, the Master Servicer, the Special Servicer, the
Trustee and the Fiscal Agent thereunder and the rights of the Certificateholders
thereunder, at any time by the Depositor, the Master Servicer, the Special
Servicer, the Trustee and the Fiscal Agent with the consent of the Holders of
Certificates entitled to at least 66 2/3% of the Voting Rights allocated to the
affected Classes. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of any REMIC Pool as a REMIC, without the consent of the Holders of any of the
Certificates.

                  Unless the certificate of authentication hereon has been
executed by the Certificate Registrar, by manual signature, this Certificate
shall not be entitled to any benefit under the Agreement or be valid for any
purpose.

                  The registered Holder hereof, by its acceptance hereof, agrees
that it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

                  This Certificate shall be construed in accordance with the
internal laws of the State of New York applicable to agreements made and to be
performed in said State, without applying any conflicts of law principles of
such state (other than the provisions of Section 5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the Holder hereof
shall be determined in accordance with such laws.

                                     A-7-6

<PAGE>

                  IN WITNESS WHEREOF, the Trustee has caused this Certificate to
be duly executed.

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Trustee

                                             By:_______________________________
                                                Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

                  This is one of the Class V Certificates referred to in the
within-mentioned Agreement.

Dated:  _____________

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                             as Certificate Registrar

                                             By:_______________________________
                                                Authorized Officer

                                     A-7-7

<PAGE>

                                   ASSIGNMENT

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto __________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
 (please print or typewrite name and address including postal zip code
   of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

                  I (we) further direct the issuance of a new Commercial
Mortgage Pass-Through Certificate of a like Percentage Interest and Class to the
above named assignee and delivery of such Commercial Mortgage Pass-Through
Certificate to the following address:

Dated:

                              _________________________________________________
                              Signature by or on behalf of Assignor

                              _________________________________________________
                              Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

                  The assignee should include the following for purposes of
distribution:

                  Distributions shall, if permitted, be made by wire transfer or
otherwise,  in  immediately  available funds, to _______________________________
for the account of ___________________________________________________________ .

                  Distributions made by check (such check to be made payable to
______________________) and all applicable statements and notices should be
mailed to _____________________________________________________________________
______________________________________________________________________________ .

                  This information is provided by ____________________________,
the assignee named above, or __________________________________, as its agent.

                                     A-7-8

<PAGE>

                                    EXHIBIT B

                       FORM OF DISTRIBUTION DATE STATEMENT

                     [SEE ANNEX D TO PROSPECTUS SUPPLEMENT]

                                      B-1

<PAGE>

                                    EXHIBIT C

                         FORM OF CUSTODIAL CERTIFICATION

To the parties listed on the attached Schedule A

         Re:  LB-UBS Commercial Mortgage Trust 2002-C2 Commercial Mortgage Pass
              Through Certificates, Series 2002-C2 (the "Certificates")

Ladies and Gentlemen:

                  Pursuant to Section 2.02(b) of the Pooling and Servicing
Agreement dated as of June 11, 2002, relating to the above-referenced
Certificates (the "Agreement"), LaSalle Bank National Association, in its
capacity as trustee (the "Trustee"), hereby certifies as to each Loan subject as
of the date hereof to the Agreement (except as identified in the exception
report attached hereto) that: (i) all documents specified in clauses (i) through
(iv), (vii) and (viii) (without regard to the second parenthetical in such
clause (viii)) of the definition of "Mortgage File") are in its possession or
the possession of a Custodian on its behalf; (ii) the recordation/filing
contemplated by Section 2.01(c) of the Agreement has been completed (based
solely on receipt by the Trustee of the particular recorded/filed documents);
(iii) all documents received by it or any Custodian with respect to such
Mortgage Loan have been reviewed by it or by such Custodian on its behalf and
(A) appear regular on their face (handwritten additions, changes or corrections
shall not constitute irregularities if initialed by the Mortgagor), (B) appear
to have been executed (where appropriate) and (C) purport to relate to such
Loan; and (iv) based on the examinations referred to in Section 2.02(a) of the
Agreement and in this Certification and only as to the foregoing documents, the
information set forth in the Mortgage Loan Schedule with respect to the items
specified in clauses (v) and (vi)(B) of the definition of "Mortgage Loan
Schedule" accurately reflects the information set forth in the Mortgage File.

                  Neither the Trustee nor any Custodian is under any duty or
obligation to inspect, review or examine any of the documents, instruments,
certificates or other papers relating to the Loans delivered to it to determine
that the same are valid, legal, effective, genuine, binding, enforceable,
sufficient or appropriate for the represented purpose or that they are other
than what they purport to be on their face. Furthermore, neither the Trustee nor
any Custodian shall have any responsibility for determining whether the text of
any assignment or endorsement is in proper or recordable form, whether the
requisite recording of any document is in accordance with the requirements of
any applicable jurisdiction, or whether a blanket assignment is permitted in any
applicable jurisdiction. In performing the review contemplated herein, the
Trustee or any Custodian may rely on the Depositor as to the purported
genuineness of any such document and any signature thereon.

                                      C-1
<PAGE>

                  Capitalized terms used herein and not otherwise defined shall
have the respective meanings assigned to them in the Agreement.

                                  Respectfully,

                                  LASALLE BANK NATIONAL ASSOCIATION,
                                  as Trustee

                                  By: _________________________________________
                                  Name:
                                  Title:

                                      C-2

<PAGE>

                                   SCHEDULE A

Wachovia Bank, National Association
8739 Research Drive-URP4
Charlotte, North Carolina 20288
Attn:  LB-UBS Commercial Mortgage Trust 2002-C2

Lend Lease Asset Management, L.P.
700 North Pearl Street, Suite 2400
Dallas, Texas 75201
Attn:  Michael O'Hanlon, LB-UBS Commercial Mortgage Trust 2002-C2

Structured Asset Securities Corporation
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2002-C2

Lehman Brothers Inc.
745 Seventh Avenue
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2002-C2

UBS Warburg LLC
1285 Avenue of the Americas
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2002-C2

Deutsche Bank Securities
Commercial Mortgage-Backed Securities
31 West 52nd Street
New York, New York  10019
Attn:  LB-UBS Commercial Mortgage Trust 2002-C2

[MORTGAGE LOAN SELLERS]

[DADELAND MALL COMPANION LOAN NOTEHOLDER]*

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

*      Only as to the Dadeland Mall Companion Loan.

                                      C-3

<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                   -----------

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services
                  Group-LB-UBS Commercial Mortgage Trust 2002-C2

                  Re:   LB-UBS Commercial Mortgage Trust 2002-C2,
                        Commercial Mortgage Pass-Through Certificates,
                        Series 2002-C2

                  In connection with the administration of the Mortgage Files
held by or on behalf of you as Trustee under that certain Pooling and Servicing
Agreement dated as of June 11, 2002 (the "Pooling and Servicing Agreement"), by
and among Structured Asset Securities Corporation as depositor, the undersigned
as master servicer (the "Master Servicer"), Lend Lease Asset Management, L.P. as
special servicer (the "Special Servicer"), you as trustee (the "Trustee") and
ABN AMRO Bank N.V. as fiscal agent, the undersigned hereby requests a release of
the Mortgage File (or the portion thereof specified below) held by or on behalf
of you as Trustee with respect to the following described Mortgage Loan for the
reason indicated below.

                  Property Name:_______________________________________________

                  Address:_____________________________________________________

                  Control No.:_________________________________________________

                  If only particular documents in the Mortgage File are
requested, please specify which:  _____________________________________________
_______________________________________________________________________________
_______________________________________________________________________________

Reason for requesting file (or portion thereof):

         ______   1.    Mortgage Loan paid in full. The undersigned hereby
                        certifies that all amounts received in connection with
                        the Mortgage Loan that are required to be credited to
                        the Custodial Account pursuant to the Pooling and
                        Servicing Agreement, have been or will be so credited.

         ______   2.    Other.  (Describe) ____________________________________
                        _______________________________________________________
                        _______________________________________________________

                  The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan has been paid in full, in which case the Mortgage File (or such
portion thereof) will be retained by us permanently.

                                     D-1-1

<PAGE>

                  Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

                                            WACHOVIA BANK, NATIONAL ASSOCIATION

                                            By:________________________________
                                               Name:
                                               Title:

                                     D-1-2

<PAGE>

                                   EXHIBIT D-2

                  FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                   -----------

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services
                  Group-LB-UBS Commercial Mortgage Trust 2002-C2

                  Re:    LB-UBS Commercial Mortgage Trust 2002-C2,
                         Commercial Mortgage Pass-Through Certificates,
                         Series 2002-C2

         In connection with the administration of the Mortgage Files held by or
on behalf of you as Trustee under that certain Pooling and Servicing Agreement
dated as of June 11, 2002 (the "Pooling and Servicing Agreement"), by and among
Structured Asset Securities Corporation as depositor, Wachovia Bank, National
Association as master servicer (the "Master Servicer"), the undersigned as
special servicer (the "Special Servicer"), you as trustee (the "Trustee") and
ABN AMRO Bank N.V. as fiscal agent, the undersigned hereby requests a release of
the Mortgage File (or the portion thereof specified below) held by or on behalf
of you as Trustee with respect to the following described Mortgage Loan for the
reason indicated below.

                  Property Name:_______________________________________________

                  Address:_____________________________________________________

                  Control No.:_________________________________________________

                  If only particular documents in the Mortgage File are
requested, please specify which:

Reason for requesting file (or portion thereof):

        ______    1.   Mortgage Loan paid in full. The undersigned hereby
                       certifies that all amounts received in connection with
                       the Mortgage Loan that are required to be credited to the
                       Custodial Account pursuant to the Pooling and Servicing
                       Agreement, have been or will be so credited.

        ______    2.   Other.  (Describe) ____________________________________
                       _______________________________________________________
                       _______________________________________________________

                  The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof (or within such
longer period as we have indicated as part of our reason for the request),
unless the Mortgage Loan has been paid in full or otherwise liquidated, in which
case the Mortgage File (or such portion thereof) will be retained by us
permanently.

                                     D-2-1

<PAGE>

                  Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

                                       LEND LEASE ASSET MANAGEMENT, L.P.

                                       By:_____________________________________
                                          Name:
                                          Title:

                                     D-2-2

<PAGE>

                                    EXHIBIT E

                     FORM OF LOAN PAYOFF NOTIFICATION REPORT

                        LOAN PAYMENT NOTIFICATION REPORT
                           AS OF _____________________
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
      S4            S55          S61      S58       P7        P8        P10           P11          P93           P97
-------------------------------------------------------------------------------------------------------------------------
                                                                                                PRECEDING
                 SHORT NAME                      SCHEDULED   PAID     CURRENT                   FISCAL YR.
                   (WHEN      PROPERTY             LOAN      THRU     INTEREST     MATURITY        DSCR      MOST RECENT
PROSPECTUS ID   APPROPRIATE)    TYPE     STATE    BALANCE    DATE       RATE         DATE          NCR         DSCR NCF
-------------------------------------------------------------------------------------------------------------------------
<S>             <C>           <C>        <C>     <C>        <C>       <C>        <C>           <C>          <C>

-------------------------------------------------------------------------------------------------------------------------
SCHEDULED PAYMENTS
-------------------------------------------------------------------------------------------------------------------------

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

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

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

-------------------------------------------------------------------------------------------------------------------------
UNSCHEDULED PAYMENT
-------------------------------------------------------------------------------------------------------------------------

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

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

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

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

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

-------------------------------------------------------------------------------------------------------------------------
TOTAL:                                          $
-------------------------------------------------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

<CAPTION>

----------------------------------------
     SERVICER ESTIMATED INFORMATION
----------------------------------------

                EXPECTED     EXPECTED
     YIELD       PAYMENT    DISTRIBUTION
  MAINTENANCE     DATE         DATE
----------------------------------------
 <C>           <C>          <C>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

----------------------------------------
</TABLE>

THE BORROWER HAS ONLY REQUESTED THE INFORMATION TO PAY-OFF. THIS DOES NOT
INDICATE A DEFINITE PAYMENT.

                                      E-1

<PAGE>

                                   EXHIBIT F-1

                         FORM OF TRANSFEROR CERTIFICATE
           FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services Group--
                  LB-UBS Commercial Mortgage Trust 2002-C2

         Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial Mortgage
              Pass-Through Certificates,  Series 2002-C2, Class _____, [having
              an initial aggregate  [Certificate Principal Balance] [Certificate
              Notional Amount] as of July 9 2002 (the "Closing  Date") of
              $__________] [representing a ____% Percentage Interest in the
              subject Class]

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
transfer by _________________________ (the "Transferor") to
__________________________ (the "Transferee") of the captioned Certificates (the
"Transferred Certificates"), pursuant to Section 5.02 of the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of June
11, 2002, between Structured Asset Securities Corporation, as Depositor,
Wachovia Bank, National Association, as Master Servicer, Lend Lease Asset
Management, L.P., as Special Servicer, LaSalle Bank National Association, as
Trustee, and ABN AMRO Bank N.V., as Fiscal Agent. All capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in
the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, as Certificate Registrar, and for the benefit of the
Trustee and the Depositor, that:

                  1. The Transferor is the lawful owner of the Transferred
       Certificates with the full right to transfer such Certificates free from
       any and all claims and encumbrances whatsoever.

                  2. Neither the Transferor nor anyone acting on its behalf has
       (a) offered, transferred, pledged, sold or otherwise disposed of any
       Transferred Certificate, any interest in a Transferred Certificate or any
       other similar security to any person in any manner, (b) solicited any
       offer to buy or accept a transfer, pledge or other disposition of any
       Transferred Certificate, any interest in a Transferred Certificate or any
       other similar security from any person in any manner, (c) otherwise
       approached or negotiated with respect to any Transferred Certificate, any
       interest in a Transferred Certificate or any other similar security with
       any person in any manner, (d) made any general solicitation with respect
       to any Transferred Certificate, any interest in a Transferred Certificate
       or any other similar security by means of general advertising or in any
       other manner, or (e) taken any other action with respect to any
       Transferred Certificate, any interest in a Transferred Certificate or any
       other similar security, which (in the case of any of the acts described
       in clauses (a) through (e) hereof) would constitute a distribution of the
       Transferred Certificates under the Securities Act of 1933, as amended
       (the "Securities Act"), would render the disposition of the Transferred
       Certificates a violation of Section 5 of the Securities Act or any state
       securities laws, or would require registration or qualification of the
       Transferred Certificates pursuant to the Securities Act or any state
       securities laws.

                                     F-1-1

<PAGE>

                                     Very truly yours,

                                    ___________________________________________
                                    (Transferor)

                                    By:________________________________________
                                    Name:
                                    Title:

                                     F-1-2

<PAGE>

                                  EXHIBIT F-2A

                        FORM I OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services Group--
                  LB-UBS Commercial Mortgage Trust 2002-C2

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2, Class
                       ___, [having an initial aggregate [Certificate Principal
                       Balance] [Certificate Notional Amount] as of July 9, 2002
                       (the "Closing Date") of $__________] [representing a
                       ____% Percentage Interest in the subject Class]

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
transfer by ____________________________ (the "Transferor") to
________________________________ (the "Transferee") of the captioned
Certificates (the "Transferred Certificates"), pursuant to Section 5.02 of the
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of June 11, 2002, among Structured Asset Securities Corporation, as
Depositor, Wachovia Bank, National Association, as Master Servicer, Lend Lease
Asset Management, L.P., as Special Servicer, LaSalle Bank National Association,
as Trustee, and ABN AMRO Bank N.V., as Fiscal Agent. All capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in
the Pooling and Servicing Agreement. The Transferee hereby certifies, represents
and warrants to you, as Certificate Registrar, and for the benefit of the
Trustee and the Depositor, that:

                  1. The Transferee is a "qualified institutional buyer" (a
         "Qualified Institutional Buyer") as that term is defined in Rule 144A
         ("Rule 144A") under the Securities Act of 1933, as amended (the
         "Securities Act"), and has completed one of the forms of certification
         to that effect attached hereto as Annex 1 and Annex 2. The Transferee
         is aware that the sale to it is being made in reliance on Rule 144A.
         The Transferee is acquiring the Transferred Certificates for its own
         account or for the account of another Qualified Institutional Buyer,
         and understands that such Transferred Certificates may be resold,
         pledged or transferred only (a) to a person reasonably believed to be a
         Qualified Institutional Buyer that purchases for its own account or for
         the account of another Qualified Institutional Buyer and to whom notice
         is given that the resale, pledge or transfer is being made in reliance
         on Rule 144A, or (b) pursuant to another exemption from registration
         under the Securities Act.

                  2. The Transferee has been furnished with all information
         regarding (a) the Depositor, (b) the Transferred Certificates and
         distributions thereon, (c) the nature, performance and servicing of the
         Mortgage Loans, (d) the Pooling and Servicing Agreement and the Trust
         Fund created pursuant thereto, and (e) all related matters, that it has
         requested.

                                     F-2A-1

<PAGE>

                  3. If the Transferee proposes that the Transferred
         Certificates be registered in the name of a nominee, such nominee has
         completed the Nominee 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
(the "Transferred Certificates") described in the Transferee certificate to
which this certification relates and to which this certification is an Annex:

                  1. As indicated below, the undersigned is the chief financial
         officer, a person fulfilling an equivalent function, or other executive
         officer of the entity purchasing the Transferred Certificates (the
         "Transferee").

                  2. The Transferee is a "qualified institutional buyer" as that
         term is defined in Rule 144A ("Rule 144A") under the Securities Act of
         1933, as amended, because (i) [the Transferee] [each of the
         Transferee's equity owners] owned and/or invested on a discretionary
         basis $______________________1 in securities (other than the excluded
         securities referred to below) as of the end of such entity's most
         recent fiscal year (such amount being calculated in accordance with
         Rule 144A) and (ii) the Transferee satisfies the criteria in the
         category marked below.

         _____    Corporation, etc. The Transferee is a corporation (other than
                  a bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or any
                  organization described in Section 501(c)(3) of the Internal
                  Revenue Code of 1986.

         _____    Bank. The Transferee (a) is a national bank or a banking
                  institution organized under the laws of any state, U.S.
                  territory or the District of Columbia, the business of which
                  is substantially confined to banking and is supervised by the
                  state or territorial banking commission or similar official or
                  is a foreign bank or equivalent institution, and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, a copy of which is
                  attached hereto, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S. bank, and not more than 18 months preceding
                  such date of sale in the case of a foreign bank or equivalent
                  institution.

         _____    Savings and Loan. The Transferee (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a state or federal authority having
                  supervision over any such institutions, or is a foreign
                  savings and loan association or equivalent institution and (b)
                  has an audited net worth of at least $25,000,000 as
                  demonstrated in its latest annual financial statements, a copy
                  of which is attached hereto, as of a date not more than 16
                  months preceding the date of sale of the Transferred
                  Certificates in the case of a U.S. savings and

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

1    Transferee or each of its equity owners must own and/or invest on a
     discretionary basis at least $100,000,000 in securities unless Transferee
     or any such equity owner, as the case may be, is a dealer, and, in that
     case, Transferee or such equity owner, as the case may be, must own and/or
     invest on a discretionary basis at least $10,000,000 in securities.

                                     F-2A-3

<PAGE>

                  loan association, and not more than 18 months preceding such
                  date of sale in the case of a foreign savings and loan
                  association or equivalent institution.

         _____    Broker-dealer. The Transferee is a dealer registered pursuant
                  to Section 15 of the Securities Exchange Act of 1934, as
                  amended.

         _____    Insurance Company. The Transferee is an insurance company
                  whose primary and predominant business activity is the writing
                  of insurance or the reinsuring of risks underwritten by
                  insurance companies and which is subject to supervision by the
                  insurance commissioner or a similar official or agency of a
                  state, U.S. territory or the District of Columbia.

         _____    State or Local Plan. The Transferee is a plan established and
                  maintained by a state, its political subdivisions, or any
                  agency or instrumentality of the state or its political
                  subdivisions, for the benefit of its employees.

         _____    ERISA Plan. The Transferee is an employee benefit plan within
                  the meaning of Title I of the Employee Retirement Income
                  Security Act of 1974.

         _____    Investment Advisor. The Transferee is an investment advisor
                  registered under the Investment Advisers Act of 1940.

         _____    QIB Subsidiary. All of the Transferee's equity owners are
                  "qualified institutional buyers" within the meaning of Rule
                  144A.

         _____    Other. (Please supply a brief description of the entity and a
                  cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1) ___________________________
                  _____________________________________________________________
                  ___________________________________________________________ .

                  3. For purposes of determining the aggregate amount of
         securities owned and/or invested on a discretionary basis by any
         Person, the Transferee did not include (i) securities of issuers that
         are affiliated with such Person, (ii) securities that are part of an
         unsold allotment to or subscription by such Person, if such Person is a
         dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
         participations, (v) repurchase agreements, (vi) securities owned but
         subject to a repurchase agreement and (vii) currency, interest rate and
         commodity swaps.

                  4. For purposes of determining the aggregate amount of
         securities owned and/or invested on a discretionary basis by any
         Person, the Transferee used the cost of such securities to such Person,
         unless such Person reports its securities holdings in its financial
         statements on the basis of their market value, and no current
         information with respect to the cost of those securities has been
         published, in which case the securities were valued at market. Further,
         in determining such aggregate amount, the Transferee may have included
         securities owned by subsidiaries of such Person, but only if such
         subsidiaries are consolidated with such Person in its financial
         statements prepared in accordance with generally accepted accounting
         principles and if the investments of such subsidiaries are managed
         under such Person's direction. However, such securities were not
         included if such Person is a majority-owned, consolidated subsidiary of
         another enterprise and such Person is not itself a reporting company
         under the Securities Exchange Act of 1934, as amended.

                                     F-2A-4

<PAGE>

                  5. The Transferee is familiar with Rule 144A and understands
         that the Transferor and other parties related to the Transferred
         Certificates are relying and will continue to rely on the statements
         made herein because one or more sales to the Transferee may be in
         reliance on Rule 144A.

                  ___      ___   Will the Transferee be purchasing the
                  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 Transferee will notify each of the parties to which
         this certification is made of any changes in the information and
         conclusions herein. Until such notice is given, the Transferee's
         purchase of the Transferred Certificates will constitute a
         reaffirmation of this certification as of the date of such purchase. In
         addition, if the Transferee is a bank or savings and loan as provided
         above, the Transferee agrees that it will furnish to such parties any
         updated annual financial statements that become available on or before
         the date of such purchase, promptly after they become available.

                  8. Capitalized terms used but not defined herein have the
         respective meanings ascribed thereto in the Pooling and Servicing
         Agreement pursuant to which the Transferred Certificates were issued.

                                  _____________________________________________
                                  Print Name of Transferee

                                  By:__________________________________________
                                     Name:
                                     Title:
                                     Date:

                                     F-2A-5

<PAGE>

                                                        ANNEX 2 TO EXHIBIT F-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           [FOR TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

                  The undersigned hereby certifies as follows to [name of
Transferor] (the "Transferor") and [name of Certificate Registrar], as
Certificate Registrar, with respect to the mortgage pass-through certificates
(the "Transferred Certificates") described in the Transferee Certificate to
which this certification relates and to which this certification is an Annex:

                  1. As indicated below, the undersigned is the chief financial
         officer, a person fulfilling an equivalent function, or other executive
         officer of the entity purchasing the Transferred Certificates (the
         "Transferee") or, if the Transferee is a "qualified institutional
         buyer" as that term is defined in Rule 144A ("Rule 144A") under the
         Securities Act of 1933, as amended, because the Transferee is part of a
         Family of Investment Companies (as defined below), is an executive
         officer of the investment adviser (the "Adviser").

                  2. The Transferee is a "qualified institutional buyer" as
         defined in Rule 144A because (i) the Transferee is an investment
         company registered under the Investment Company Act of 1940, and (ii)
         as marked below, the Transferee alone owned and/or invested on a
         discretionary basis, or the Transferee's Family of Investment Companies
         owned, at least $100,000,000 in securities (other than the excluded
         securities referred to below) as of the end of the Transferee's most
         recent fiscal year. For purposes of determining the amount of
         securities owned by the Transferee or the Transferee's Family of
         Investment Companies, the cost of such securities was used, unless the
         Transferee or any member of the Transferee's Family of Investment
         Companies, as the case may be, reports its securities holdings in its
         financial statements on the basis of their market value, and no current
         information with respect to the cost of those securities has been
         published, in which case the securities of such entity were valued at
         market.

         ______   The Transferee owned and/or invested on a discretionary basis
                  $___________________ in securities (other than the excluded
                  securities referred to below) as of the end of the
                  Transferee's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         ______   The Transferee is part of a Family of Investment Companies
                  which owned in the aggregate $______________ in securities
                  (other than the excluded securities referred to below) as of
                  the end of the Transferee's most recent fiscal year (such
                  amount being calculated in accordance with Rule 144A).

                  3. The term "Family of Investment Companies" as used herein
         means two or more registered investment companies (or series thereof)
         that have the same investment adviser or investment advisers that are
         affiliated (by virtue of being majority owned subsidiaries of the same
         parent or because one investment adviser is a majority owned subsidiary
         of the other).

                  4. The term "securities" as used herein does not include (i)
         securities of issuers that are affiliated with the Transferee or are
         part of the Transferee's Family of Investment Companies, (ii) bank
         deposit notes and certificates of deposit, (iii) loan participations,
         (iv) repurchase agreements, (v) securities owned but subject to a
         repurchase agreement and (vi) currency, interest rate and commodity
         swaps. For purposes of determining the aggregate amount of securities
         owned and/or invested on a discretionary basis

                                     F-2A-6

<PAGE>

         by the Transferee, or owned by the Transferee's Family of Investment
         Companies, the securities referred to in this paragraph were excluded.

                  5. The Transferee is familiar with Rule 144A and understands
         that the Transferor and other parties related to the Transferred
         Certificates are relying and will continue to rely on the statements
         made herein because one or more sales to the Transferee will be in
         reliance on Rule 144A.

                  _____    _____   Will the Transferee be purchasing the
                  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:
                                        Date:

                                     IF AN ADVISER:

                                     __________________________________________
                                     Print Name of Transferee

                                     Date:_____________________________________

                                     F-2A-7

<PAGE>

                                  EXHIBIT F-2B

                        FORM II OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF DEFINITIVE PRIVATELY OFFERED CERTIFICATES

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services Group--
                  LB-UBS Commercial Mortgage Trust 2002-C2

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2, Class
                       _____,[having an initial aggregate [Certificate Principal
                       Balance] [Certificate Notional Amount] as of July 9, 2002
                       (the "Closing Date") of $__________] [representing a
                       ____% Percentage Interest in the subject Class]

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
transfer by _________________________ (the "Transferor") to
__________________________ (the "Transferee") of the captioned Certificates (the
"Transferred Certificates"), pursuant to Section 5.02 of the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of June
11, 2002, between Structured Asset Securities Corporation, as Depositor,
Wachovia Bank, National Association, as Master Servicer, Lend Lease Asset
Management, L.P., as Special Servicer, LaSalle Bank National Association, as
Trustee, and ABN AMRO Bank N.V., as Fiscal Agent. All capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in
the Pooling and Servicing Agreement. The Transferee hereby certifies, represents
and warrants to you, as Certificate Registrar, and for the benefit of the
Trustee and the Depositor, that:

                  1. The Transferee is acquiring the Transferred Certificates
         for its own account for investment and not with a view to or for sale
         or transfer in connection with any distribution thereof, in whole or in
         part, in any manner which would violate the Securities Act of 1933, as
         amended (the "Securities Act"), or any applicable state securities
         laws.

                  2. The Transferee understands that (a) the Transferred
         Certificates have not been and will not be registered under the
         Securities Act or registered or qualified under any applicable state
         securities laws, (b) none of the Depositor, the Trustee or the
         Certificate Registrar is obligated so to register or qualify the Class
         of Certificates to which the Transferred Certificates belong, and (c)
         neither a Transferred Certificate nor any security issued in exchange
         therefor or in lieu thereof may be resold or transferred unless it is
         (i) registered pursuant to the Securities Act and registered or
         qualified pursuant to any applicable state securities laws or (ii) sold
         or transferred in transactions which are exempt from such registration
         and qualification and the Certificate Registrar has received: (A) a
         certification from the Certificateholder desiring to effect such
         transfer substantially in the form attached as Exhibit F-1 to the
         Pooling and Servicing Agreement and a certification from such
         Certificateholder's prospective transferee substantially in the form
         attached either as Exhibit F-2A to the Pooling and Servicing Agreement
         or as Exhibit F-2B to the Pooling and Servicing Agreement; or (B) an
         opinion of counsel satisfactory to the Trustee with respect to, among
         other things, the availability of such exemption from registration
         under the

                                     F-2B-1

<PAGE>

         Securities Act, together with copies of the written certification(s)
         from the transferor and/or transferee setting forth the facts
         surrounding the transfer upon which such opinion is based.

                  3. The Transferee understands that it may not sell or
         otherwise transfer any Transferred Certificate or interest therein,
         except in compliance with the provisions of Section 5.02 of the Pooling
         and Servicing Agreement, which provisions it has carefully reviewed,
         and that each Transferred Certificate will bear the following legends:

                  THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER
                  THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
                  OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE,
                  TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
                  INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY
                  BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
                  REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH
                  THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
                  AGREEMENT REFERRED TO HEREIN.

                  NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE
                  MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN
                  OR ARRANGEMENT THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT
                  INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION
                  4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B)
                  ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
                  CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED
                  FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH
                  RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT,
                  EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
                  THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

                  4. Neither the Transferee nor anyone acting on its behalf has
         (a) offered, pledged, sold, disposed of or otherwise transferred any
         Transferred Certificate, any interest in any Transferred Certificate or
         any other similar security to any person in any manner, (b) solicited
         any offer to buy or accept a pledge, disposition or other transfer of
         any Transferred Certificate, any interest in any Transferred
         Certificate or any other similar security from any person in any
         manner, (c) otherwise approached or negotiated with respect to any
         Transferred Certificate, any interest in any Transferred Certificate or
         any other similar security with any person in any manner, (d) made any
         general solicitation with respect to any Transferred Certificate, any
         interest in any Transferred Certificate or any other similar security
         by means of general advertising or in any other manner, or (e) taken
         any other action with respect to any Transferred Certificate, any
         interest in any Transferred Certificate or any other similar security,
         which (in the case of any of the acts described in clauses (a) through
         (e) above) would constitute a distribution of the Transferred
         Certificates under the Securities Act, would render the disposition of
         the Transferred Certificates a violation of Section 5 of the Securities
         Act or any state securities law or would require registration or
         qualification of the Transferred Certificates pursuant thereto. The
         Transferee will not act, nor has it authorized or will it authorize any
         person to act, in any manner set forth in the foregoing sentence with
         respect to any Transferred Certificate, any interest in any Transferred
         Certificate or any other similar security.

                  5. The Transferee has been furnished with all information
         regarding (a) the Depositor, (b) the Transferred Certificates and
         distributions thereon, (c) the Pooling and Servicing Agreement and

                                     F-2B-2

<PAGE>

         the Trust Fund created pursuant thereto, (d) the nature, performance
         and servicing of the Mortgage Loans, and (e) all related matters, that
         it has requested.

                  6. The Transferee is an "accredited investor" as defined in
         any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the
         Securities Act or an entity in which all of the equity owners come
         within such paragraphs. The Transferee has such knowledge and
         experience in financial and business matters as to be capable of
         evaluating the merits and risks of an investment in the Transferred
         Certificates; the Transferee has sought such accounting, legal and tax
         advice as it has considered necessary to make an informed investment
         decision; and the Transferee is able to bear the economic risks of such
         investment and can afford a complete loss of such investment.

                  7. If the Transferee proposes that the Transferred
         Certificates be registered in the name of a nominee, such nominee has
         completed the Nominee Acknowledgement below.

                                Very truly yours,

                                _______________________________________________
                                (Transferee)

                                By: ___________________________________________
                                    Name:
                                    Title:

                             Nominee Acknowledgement

                  The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial owner
thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                                _______________________________________________
                                (Nominee)

                                By: ___________________________________________
                                    Name:
                                    Title:

                                     F-2B-3

<PAGE>

                                  EXHIBIT F-2C

                         FORM OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF INTERESTS IN RULE 144A GLOBAL CERTIFICATES

                                     [Date]

[TRANSFEROR]

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2, Class
                       _____, having an initial aggregate [Certificate Principal
                       Balance] [Certificate Notional Amount] as of July 9, 2002
                       (the "Closing Date") of $__________

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
Transfer by _________________________ (the "Transferor") to
__________________________ (the "Transferee") through our respective Depository
Participants of the Transferor's beneficial ownership interest (currently
maintained on the books and records of The Depository Trust Company ("DTC") and
the Depository Participants) in the captioned Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of June 11, 2002, between
Structured Asset Securities Corporation, as Depositor, Wachovia Bank, National
Association, as Master Servicer, Lend Lease Asset Management, L.P., as Special
Servicer, LaSalle Bank National Association, as Trustee, and ABN AMRO Bank N.V.,
as Fiscal Agent. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to and
agrees with you, and for the benefit of the Depositor, that:

                  1. The Transferee is a "qualified institutional buyer" (a
         "Qualified Institutional Buyer") as that term is defined in Rule 144A
         ("Rule 144A") under the Securities Act of 1933, as amended (the
         "Securities Act"), and has completed one of the forms of certification
         to that effect attached hereto as Annex 1 and Annex 2. The Transferee
         is aware that the Transfer to it of the Transferor's interest in the
         Transferred Certificates is being made in reliance on Rule 144A. The
         Transferee is acquiring such interest in the Transferred Certificates
         for its own account or for the account of another Qualified
         Institutional Buyer.

                  2. The Transferee understands that (a) the Transferred
         Certificates have not been and will not be registered under the
         Securities Act or registered or qualified under any applicable state
         securities laws, (b) none of the Depositor, the Trustee or the
         Certificate Registrar is obligated so to register or qualify the
         Transferred Certificates and (c) no interest in the Transferred
         Certificates may be resold or transferred unless (i) such Certificates
         are registered pursuant to the Securities Act and registered or
         qualified pursuant any applicable state securities laws, or (ii) such
         interest is sold or transferred in a transaction which is exempt from
         such registration and qualification and the Transferor desiring to
         effect such transfer has received (A) a certificate from such
         Certificate Owner's prospective transferee substantially in the form
         attached as Exhibit F-2C to the Pooling and Servicing Agreement or (B)
         an opinion of counsel to the effect that, among other things, such
         prospective transferee is a Qualified Institutional Buyer and such
         transfer may be made without registration under the Securities Act.

                                     F-2C-1

<PAGE>

                  3. The Transferee understands that it may not sell or
         otherwise transfer the Transferred Certificates or any interest therein
         except in compliance with the provisions of Section 5.02 of the Pooling
         and Servicing Agreement, which provisions it has carefully reviewed,
         and that the Transferred Certificates will bear the following legends:

                  THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER
                  THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
                  OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE,
                  TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
                  INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY
                  BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH
                  REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH
                  THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING
                  AGREEMENT REFERRED TO HEREIN.

                  NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE
                  MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN
                  OR ARRANGEMENT THAT IS SUBJECT TO THE EMPLOYEE RETIREMENT
                  INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION
                  4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE"), OR (B)
                  ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
                  CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED
                  FIDUCIARY OF, AS TRUSTEE OF, OR WITH ASSETS OF ANY SUCH
                  RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT,
                  EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
                  THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

                  4. The Transferee has been furnished with all information
         regarding (a) the Depositor, (b) the Transferred Certificates and
         distributions thereon, (c) the nature, performance and servicing of the
         Mortgage Loans, (d) the Pooling and Servicing Agreement and the Trust
         Fund created pursuant thereto, (e) any credit enhancement mechanism
         associated with the Transferred Certificates, and (f) all related
         matters, that it has requested.

                                Very truly yours,

                                _______________________________________________
                                (Transferee)

                                By: ___________________________________________
                                    Name:
                                    Title:

                                     F-2C-2

<PAGE>

                             ANNEX 1 TO EXHIBIT F-2C
                             -----------------------

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
          [FOR TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

                  The undersigned hereby certifies as follows to [name of
Transferor] (the "Transferor") and for the benefit of Structured Asset
Securities Corporation with respect to the mortgage pass-through certificates
being transferred in book-entry form (the "Transferred Certificates") as
described in the Transferee Certificate to which this certification relates and
to which this certification is an Annex:

                  1. As indicated below, the undersigned is the chief financial
         officer, a person fulfilling an equivalent function, or other executive
         officer of the entity acquiring interests in the Transferred
         Certificates (the "Transferee").

                  2. The Transferee is a "qualified institutional buyer" as that
         term is defined in Rule 144A under the Securities Act of 1933, as
         amended ("Rule 144A"), because (i) [the Transferee] [each of the
         Transferee's equity owners] owned and/or invested on a discretionary
         basis $____________1 in securities (other than the excluded securities
         referred to below) as of the end of such entity's most recent fiscal
         year (such amount being calculated in accordance with Rule 144A) and
         (ii) the Transferee satisfies the criteria in the category marked
         below.

         _____    Corporation, etc. The Transferee is a corporation (other than
                  a bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or any
                  organization described in Section 501(c)(3) of the Internal
                  Revenue Code of 1986.

         _____    Bank. The Transferee (a) is a national bank or a banking
                  institution organized under the laws of any state, U.S.
                  territory or the District of Columbia, the business of which
                  is substantially confined to banking and is supervised by the
                  state or territorial banking commission or similar official or
                  is a foreign bank or equivalent institution, and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, a copy of which is
                  attached hereto, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S. bank, and not more than 18 months preceding
                  such date of sale in the case of a foreign bank or equivalent
                  institution.

         _____    Savings and Loan. The Transferee (a) is a savings and loan
                  association, building and loan association, cooperative bank,
                  homestead association or similar institution, which is
                  supervised and examined by a state or federal authority having
                  supervision over any such institutions or is a foreign savings
                  and loan association or equivalent institution and (b) has an
                  audited net worth of at least $25,000,000 as demonstrated in
                  its latest annual financial statements, a copy of which is
                  attached hereto, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S.

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

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>

                  savings and loan association, and not more than 18 months
                  preceding such date of sale in the case of a foreign savings
                  and loan association or equivalent institution.

         ___      Broker-dealer. The Transferee is a dealer registered pursuant
                  to Section 15 of the Securities Exchange Act of 1934, as
                  amended.

         ___      Insurance Company. The Transferee is an insurance company
                  whose primary and predominant business activity is the writing
                  of insurance or the reinsuring of risks underwritten by
                  insurance companies and which is subject to supervision by the
                  insurance commissioner or a similar official or agency of a
                  state, U.S. territory or the District of Columbia.

         ___      State or Local Plan. The Transferee is a plan established and
                  maintained by a state, its political subdivisions, or any
                  agency or instrumentality of the state or its political
                  subdivisions, for the benefit of its employees.

         ___      ERISA Plan. The Transferee is an employee benefit plan within
                  the meaning of Title I of the Employee Retirement Income
                  Security Act of 1974.

         ___      Investment Advisor. The Transferee is an investment advisor
                  registered under the Investment Advisers Act of 1940, as
                  amended.

         ___      QIB Subsidiary. All of the Transferee's equity owners are
                  "qualified institutional buyers" within the meaning of Rule
                  144A.

         ___      Other. (Please supply a brief description of the entity and a
                  cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1.)

                  3. For purposes of determining the aggregate amount of
         securities owned and/or invested on a discretionary basis by any
         Person, the Transferee did not include (i) securities of issuers that
         are affiliated with such Person, (ii) securities that are part of an
         unsold allotment to or subscription by such Person, if such Person is a
         dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
         participations, (v) repurchase agreements, (vi) securities owned but
         subject to a repurchase agreement and (vii) currency, interest rate and
         commodity swaps.

                  4. For purposes of determining the aggregate amount of
         securities owned and/or invested on a discretionary basis by any
         Person, the Transferee used the cost of such securities to such Person,
         unless such Person reports its securities holdings in its financial
         statements on the basis of their market value, and no current
         information with respect to the cost of those securities has been
         published, in which case the securities were valued at market. Further,
         in determining such aggregate amount, the Transferee may have included
         securities owned by subsidiaries of such Person, but only if such
         subsidiaries are consolidated with such Person in its financial
         statements prepared in accordance with generally accepted accounting
         principles and if the investments of such subsidiaries are managed
         under such Person's direction. However, such securities were not
         included if such Person is a majority-owned, consolidated subsidiary of
         another enterprise and such Person is not itself a reporting company
         under the Securities Exchange Act of 1934, as amended.

                  5. The Transferee acknowledges that it is familiar with Rule
         144A and understands that the Transferor and other parties related to
         the Transferred Certificates are relying and will continue to rely on

                                     F-2C-4
<PAGE>

         the statements made herein because one or more Transfers to the
         Transferee may be in reliance on Rule 144A.

                  ___      ___     Will the Transferee be acquiring interests in
                  Yes      No      the Transferred Certificates only for the
                                   Transferee's own account?

                  6. If the answer to the foregoing question is "no," then in
         each case where the Transferee is acquiring any interest in the
         Transferred Certificates for an account other than its own, such
         account belongs to a third party that is itself a "qualified
         institutional buyer" within the meaning of Rule 144A, and the
         "qualified institutional buyer" status of such third party has been
         established by the Transferee through one or more of the appropriate
         methods contemplated by Rule 144A.

                  7. The Transferee will notify each of the parties to which
         this certification is made of any changes in the information and
         conclusions herein. Until such notice is given, the Transferee's
         acquisition of any interest in of the Transferred Certificates will
         constitute a reaffirmation of this certification as of the date of such
         acquisition. In addition, if the Transferee is a bank or savings and
         loan as provided above, the Transferee agrees that it will furnish to
         such parties any updated annual financial statements that become
         available on or before the date of such acquisition, promptly after
         they become available.

                  8. Capitalized terms used but not defined herein have the
         meanings ascribed thereto in the Pooling and Servicing Agreement
         pursuant to which the Transferred Certificates were issued.

                                  ______________________________________________
                                  (Transferee)

                                  By: _________________________________________
                                      Name:
                                      Title:
                                      Date:

                                     F-2C-5

<PAGE>

                                                         ANNEX 2 TO EXHIBIT F-2C
                                                         -----------------------

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
           [FOR TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

                  The undersigned hereby certifies as follows to [name of
Transferor] (the "Transferor") and for the benefit of Structured Asset
Securities Corporation with respect to the mortgage pass-through certificates
being transferred in book-entry form (the "Transferred Certificates") as
described in the Transferee certificate to which this certification relates and
to which this certification is an Annex:

                  1. As indicated below, the undersigned is the chief financial
         officer, a person fulfilling an equivalent function, or other executive
         officer of the entity acquired interests the Transferred Certificates
         (the "Transferee") or, if the Transferee is a "qualified institutional
         buyer" as that term is defined in Rule 144A under the Securities Act of
         1933, as amended ("Rule 144A"), because the Transferee is part of a
         Family of Investment Companies (as defined below), is an executive
         officer of the investment adviser (the "Adviser").

                  2. The Transferee is a "qualified institutional buyer" as
         defined in Rule 144A because (i) the Transferee is an investment
         company registered under the Investment Company Act of 1940, as
         amended, and (ii) as marked below, the Transferee alone owned and/or
         invested on a discretionary basis, or the Transferee's Family of
         Investment Companies owned, at least $100,000,000 in securities (other
         than the excluded securities referred to below) as of the end of the
         Transferee's most recent fiscal year. For purposes of determining the
         amount of securities owned by the Transferee or the Transferee's Family
         of Investment Companies, the cost of such securities was used, unless
         the Transferee or any member of the Transferee's Family of Investment
         Companies, as the case may be, reports its securities holdings in its
         financial statements on the basis of their market value, and no current
         information with respect to the cost of those securities has been
         published, in which case the securities of such entity were valued at
         market.

         ____     The Transferee owned and/or invested on a discretionary basis
                  $___________________ in securities (other than the excluded
                  securities referred to below) as of the end of the
                  Transferee's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

         ____     The Transferee is part of a Family of Investment Companies
                  which owned in the aggregate $______________ in securities
                  (other than the excluded securities referred to below) as of
                  the end of the Transferee's most recent fiscal year (such
                  amount being calculated in accordance with Rule 144A).

                  3. The term "Family of Investment Companies" as used herein
         means two or more registered investment companies (or series thereof)
         that have the same investment adviser or investment advisers that are
         affiliated (by virtue of being majority owned subsidiaries of the same
         parent or because one investment adviser is a majority owned subsidiary
         of the other).

                  4. The term "securities" as used herein does not include (i)
         securities of issuers that are affiliated with the Transferee or are
         part of the Transferee's Family of Investment Companies, (ii) bank
         deposit notes and certificates of deposit, (iii) loan participations,
         (iv) repurchase agreements, (v) securities owned but subject to a
         repurchase agreement and (vi) currency, interest rate and commodity
         swaps. For purposes of determining the aggregate amount of securities
         owned and/or invested on a discretionary basis by the Transferee, or
         owned by the Transferee's Family of Investment Companies, the
         securities referred to in this paragraph were excluded.

                                     F-2C-6

<PAGE>

                  5. The Transferee is familiar with Rule 144A and understands
         that the Transferor and other parties related to the Transferred
         Certificates are relying and will continue to rely on the statements
         made herein because one or more Transfers to the Transferee will be in
         reliance on Rule 144A.

                  ___      ___     Will the Transferee be acquiring interests in
                  Yes      No      the Transferred Certificates only for the
                                   Transferee's own account?

                  6. If the answer to the foregoing question is "no," then in
         each case where the Transferee is acquiring any interest in the
         Transferred Certificates for an account other than its own, such
         account belongs to a third party that is itself a "qualified
         institutional buyer" within the meaning of Rule 144A, and the
         "qualified institutional buyer" status of such third party has been
         established by the Transferee through one or more of the appropriate
         methods contemplated by Rule 144A.

                  7. The undersigned will notify the parties to which this
         certification is made of any changes in the information and conclusions
         herein. Until such notice, the Transferee's acquisition of any interest
         in the Transferred Certificates will constitute a reaffirmation of this
         certification by the undersigned as of the date of such acquisition.

                  8. Capitalized terms used but not defined herein have the
         meanings ascribed thereto in the Pooling and Servicing Agreement
         pursuant to which the Transferred Certificates were issued.

                                     ___________________________________________
                                     (Transferee or Adviser)

                                     By: _______________________________________
                                         Name:
                                         Title:
                                         Date:

                                     IF AN ADVISER:

                                     __________________________________________
                                     Print Name of Transferee

                                     Date:

                                     F-2C-7

<PAGE>

                                  EXHIBIT F-2D

                         FORM OF TRANSFEREE CERTIFICATE
         FOR TRANSFERS OF INTERESTS IN REGULATION S GLOBAL CERTIFICATES

                                     [Date]

[TRANSFEROR]

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2, Class
                       _____, having an initial aggregate [Certificate Principal
                       Balance] [Certificate Notional Amount] as of July 9, 2002
                       (the "Closing Date") of $__________

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
transfer by _________________________ (the "Transferor") to
__________________________ (the "Transferee") through our respective Depository
Participants of the Transferor's beneficial ownership interest (currently
maintained on the books and records of The Depository Trust Company ("DTC") and
the Depository Participants) in the captioned Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of June 11, 2002, between
Structured Asset Securities Corporation, as Depositor, Wachovia Bank, National
Association, as Master Servicer, Lend Lease Asset Management, L.P., as Special
Servicer, LaSalle Bank National Association, as Trustee, and ABN AMRO Bank N.V.,
as Fiscal Agent. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to and
agrees with you, and for the benefit of the Depositor, that the Transferee is
not a United States Securities Person.

                  For purposes of this certification, "United States Securities
Person" means (i) any natural person resident in the United States, (ii) any
partnership or corporation organized or incorporated under the laws of the
United States; (iii) any estate of which any executor or administrator is a
United States Securities Person, other than any estate of which any professional
fiduciary acting as executor or administrator is a United States Securities
Person if an executor or administrator of the estate who is not a United States
Securities Person has sole or shared investment discretion with respect to the
assets of the estate and the estate is governed by foreign law, (iv) any trust
of which any trustee is a United States Securities Person, other than a trust of
which any professional fiduciary acting as trustee is a United States Securities
Person if a trustee who is not a United States Securities Person has sole or
shared investment discretion with respect to the trust assets and no beneficiary
of the trust (and no settlor if the trust is revocable) is a United States
Securities Person, (v) any agency or branch of a foreign entity located in the
United States, unless the agency or branch operates for valid business reasons
and is engaged in the business of insurance or banking and is subject to
substantive insurance or banking regulation, respectively, in the jurisdiction
where located, (vi) any non-discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary for the benefit or
account of a United States Securities Person, (vii) any discretionary account or
similar account (other than an estate or trust) held by a dealer or other
fiduciary organized, incorporated or (if an individual) resident in the United
States, other than one held for the benefit or account of a non-United States
Securities Person by a dealer or other professional fiduciary organized,
incorporated or (if any individual) resident in the United States, (viii) any
partnership or corporation if (a) organized or incorporated under the laws of
any foreign jurisdiction and (b) formed by a United States Securities Person
principally for the purpose of investing in securities not registered under the
Securities Act, unless it is organized or incorporated, and owned, by
"accredited investors" (as defined in Rule 501(a)) under the United States
Securities Act of 1933, as amended (the "Securities Act"), who are not natural
persons, estates or trusts;

                                     F-2D-1

<PAGE>

provided, however, that the International Monetary Fund, the International Bank
for Reconstruction and Development, the Inter-American Development Bank, the
Asian Development Bank, the African Development Bank, the United Nations and
their agencies, affiliates and pension plans, any other similar international
organizations, their agencies, affiliates and pension plans shall not constitute
United States Securities Persons.

                  We understand that this certification is required in
connection with certain securities laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened in
connection with which this certification is or would be relevant, we irrevocably
authorize you to produce this certification to any interested party in such
proceedings.

Dated:  __________, _____

                                     By: ______________________________________
                                         As, or agent for, the beneficial
                                         owner(s) of the Certificates to which
                                         this certificate relates.

                                     F-2D-2

<PAGE>

                                   EXHIBIT G-1

                        FORM I OF TRANSFEREE CERTIFICATE
        IN CONNECTION WITH ERISA (DEFINITIVE NON-REGISTERED CERTIFICATES)

                               _____________, 20__

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services
                  Group-LB-UBS Commercial Mortgage Trust 2002-C2

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2 (the
                       "Certificates")

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
transfer by _________________ (the "Transferor") to _________________ (the
"Transferee") of Class ______ Certificates [having an initial aggregate
[Certificate Principal Balance] [Certificate Notional Amount] as of July 9, 2002
(the "Closing Date") of $__________] [evidencing a ____% Percentage Interest in
the subject Class] (the "Transferred Certificates"). The Certificates, including
the Transferred Certificates, were issued pursuant to the Pooling and Servicing
Agreement (the "Pooling and Servicing Agreement"), dated as of June 11, 2002,
among Structured Asset Securities Corporation as depositor, Wachovia Bank,
National Association as master servicer, Lend Lease Asset Management, L.P. as
special servicer, LaSalle Bank National Association as trustee and ABN AMRO Bank
N.V. as fiscal agent. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you as
Certificate Registrar, as follows (check the applicable paragraph):

         _____    The Transferee (A) is not an employee benefit plan or other
                  retirement arrangement, including an individual retirement
                  account or annuity, a Keogh plan or a collective investment
                  fund or separate account in which such plans, accounts or
                  arrangements are invested, including, without limitation, an
                  insurance company general account, that is subject to ERISA or
                  the Code (each, a "Plan"), and (B) is not directly or
                  indirectly purchasing the Transferred Certificates on behalf
                  of, as named fiduciary of, as trustee of, or with assets of a
                  Plan; or

         _____    The Transferee is using funds from an insurance company
                  general account to acquire the Transferred Certificates,
                  however, the purchase and holding of such Certificates by such
                  Person is exempt from the prohibited transaction provisions of
                  Sections 406 and 407 of ERISA and the excise taxes imposed on
                  such prohibited transactions by Section 4975 of the Code, by
                  reason of Sections I and III of Prohibited Transaction Class
                  Exemption 95-60.

         _____    The Transferred Certificates are rated in one of the four
                  highest generic rating categories by one of the Rating
                  Agencies and are being acquired by or on behalf of a Plan in
                  reliance on Prohibited Transaction Exemption 91-14; and such
                  Plan (X) is an accredited investor as defined in Rule
                  501(a)(1) of Regulation D of the Securities Act, (Y) is not
                  sponsored (within the meaning of Section 3(16)(B) of ERISA) by
                  the Trustee, the

                                     G-1-1

<PAGE>

                  Depositor, any Mortgage Loan Seller, the Master Servicer, the
                  Special Servicer, any Sub-Servicer or any Mortgagor with
                  respect to Mortgage Loans constituting more than 5% of the
                  aggregate unamortized principal balance of all the Mortgage
                  Loans determined on the date of the initial issuance of the
                  Certificates, or by any Affiliate of such Person, and (Z)
                  agrees that it will obtain from each of its Transferees that
                  are Plans, a written representation that such Transferee, if a
                  Plan, satisfies the requirements of the immediately preceding
                  clauses (X) and (Y), together with a written agreement that
                  such Transferee will obtain from each of its Transferees that
                  are Plans a similar written representation regarding
                  satisfaction of the requirements of the immediately preceding
                  clauses (X) and (Y).

                  The Transferee hereby further certifies, represents and
warrants to you as Certificate Registrar, that the Transferee is not, and is not
acquiring the Transferred Certificates on behalf of, (A) General Motors
Investment Management Corp., which is the fiduciary of the General Motors Hourly
Employees Pension Plan and the General Motors Salaried Employees Pension Plan
(such plans together, the "GM Plans") that caused the GM Plans to enter into the
250 Park Mortgage Loan; (B) employers who have any employees covered by the GM
Plans; (C) the employee organizations who have members covered by the GM Plans;
(D) an owner of 50% or more of an employer listed in (B) or an organization
listed in (C); (E) spouses, ancestors, lineal descendants, or spouses of lineal
descendants of any of the persons listed above, except persons who are employee
organizations; (F) corporations, partnerships, trusts or estates of which 50% is
owned directly or indirectly by persons listed above, except persons who are
relatives; (G) employees, officers, directors or 10% or more shareholders of any
of the persons mentioned above, except persons who are fiduciaries or relatives;
or (H) 10% or more partners or joint venturers of any person listed above,
except persons who are fiduciaries or relatives.

                                Very truly yours,

                                _______________________________________________
                                (Transferee)

                                By: ___________________________________________
                                    Name:
                                    Title:

                                     G-1-2

<PAGE>

                                   EXHIBIT G-2

                        FORM II OF TRANSFEREE CERTIFICATE
                            IN CONNECTION WITH ERISA
                    (BOOK-ENTRY NON-REGISTERED CERTIFICATES)

                                     [Date]

[TRANSFEROR]

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2, (the
                       "Certificates")

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
transfer by ______________________ (the "Transferor") to _________________ (the
"Transferee") through our respective Depository Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Corporation ("DTC") and the Depository Participants) in
Class ___ Certificates [having an initial aggregate [Certificate Principal
Balance] [Certificate Notional Amount] as of July 9, 2002 (the "Closing Date")
of $__________] [evidencing a ____% Percentage Interest in the related Class]
(the "Transferred Certificates"). The Certificates, including the Transferred
Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated
as of June 11, 2002 (the "Pooling and Servicing Agreement"), among Structured
Asset Securities Corporation, as depositor, Wachovia Bank, National Association
as master servicer, Lend Lease Asset Management, L.P. as special servicer,
LaSalle Bank National Association as trustee and ABN AMRO Bank N.V. as fiscal
agent. All capitalized terms used but not otherwise defined herein shall have
the respective meanings set forth in the Pooling and Servicing Agreement. The
Transferee hereby certifies, represents and warrants to you as follows (check
the applicable paragraph):

         ______   The Transferee (A) is not an employee benefit plan or other
                  retirement arrangement, including an individual retirement
                  account or annuity, a Keogh plan or a collective investment
                  fund or separate account in which such plans, accounts or
                  arrangements are invested, including, without limitation, an
                  insurance company general account, that is subject to ERISA or
                  the Code (each, a "Plan"), and (B) is not directly or
                  indirectly purchasing an interest in the Transferred
                  Certificates on behalf of, as named fiduciary of, as trustee
                  of, or with assets of a Plan;

         ______   The Transferee is using funds from an insurance company
                  general account to acquire an interest in the Transferred
                  Certificates, however, the purchase and holding of such
                  interest by such Person is exempt from the prohibited
                  transaction provisions of Sections 406(a) and (b) and 407 of
                  ERISA and the excise taxes imposed on such prohibited
                  transactions by Sections 4975(a) and (b) of the Code, by
                  reason of Sections I and III of Prohibited Transaction Class
                  Exemption 95-60.

         ______   The Transferred Certificates are rated in one of the four
                  highest generic rating categories by one of the Rating
                  Agencies and an interest in such Certificates is being
                  acquired by or on behalf of a Plan in reliance on Prohibited
                  Transaction Exemption 91-14 and such Plan (X) is an accredited
                  investor as defined in Rule 501(a)(1) of Regulation D of the
                  Securities Act, (Y) is not sponsored (within the meaning of
                  Section 3(16)(B) of ERISA) by the Trustee, the Depositor, any
                  Mortgage Loan Seller, the Master Servicer, the Special

                                     G-2-1

<PAGE>

                  Servicer, any Sub-Servicer or any Mortgagor with respect to
                  Mortgage Loans constituting more than 5% of the aggregate
                  unamortized principal balance of all the Mortgage Loans
                  determined on the date of the initial issuance of the
                  Certificates, or by any Affiliate of such Person, and (Z)
                  agrees that it will obtain from each of its Transferees that
                  are Plans, a written representation that such Transferee, if a
                  Plan, satisfies the requirements of the immediately preceding
                  clauses (X) and (Y), together with a written agreement that
                  such Transferee will obtain from each of its Transferees that
                  are Plans a similar written representation regarding
                  satisfaction of the requirements of the immediately preceding
                  clauses (X) and (Y).

                  The Transferee hereby further certifies, represents and
warrants to you as Certificate Registrar, that the Transferee is not, and is not
acquiring the Transferred Certificates on behalf of, (A) General Motors
Investment Management Corp., which is the fiduciary of the General Motors Hourly
Employees Pension Plan and the General Motors Salaried Employees Pension Plan
(such plans together, the "GM Plans") that caused the GM Plans to enter into the
250 Park Mortgage Loan; (B) employers who have any employees covered by the GM
Plans; (C) the employee organizations who have members covered by the GM Plans;
(D) an owner of 50% or more of an employer listed in (B) or an organization
listed in (C); (E) spouses, ancestors, lineal descendants, or spouses of lineal
descendants of any of the persons listed above, except persons who are employee
organizations; (F) corporations, partnerships, trusts or estates of which 50% is
owned directly or indirectly by persons listed above, except persons who are
relatives; (G) employees, officers, directors or 10% or more shareholders of any
of the persons mentioned above, except persons who are fiduciaries or relatives;
or (H) 10% or more partners or joint venturers of any person listed above,
except persons who are fiduciaries or relatives.

                                Very truly yours,

                               ________________________________________________
                               (Transferee)

                               By: ____________________________________________
                                   Name:
                                   Title:

                                     G-2-2

<PAGE>

                                   EXHIBIT H-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
                    REGARDING RESIDUAL INTEREST CERTIFICATES

TRANSFER AFFIDAVIT PURSUANT TO
SECTIONS 860D(A)(6)(A) AND 860E(E)(4) OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2 (the
                       "Certificates"), issued pursuant to the Pooling and
                       Servicing Agreement (the "Pooling and Servicing
                       Agreement"), dated as of June 11, 2002, among Structured
                       Asset Securities Corporation as Depositor, Wachovia Bank,
                       National Association as Master Servicer, Lend Lease Asset
                       Management, L.P. as Special Servicer, LaSalle Bank
                       National Association as Trustee and ABN AMRO Bank N.V. as
                       Fiscal Agent

STATE OF                       )
                               )    ss.:  ____________________
COUNTY OF                      )

                  I, _________________________, under penalties of perjury,
declare that, to the best of my knowledge and belief, the following
representations are true, correct and complete, and being first sworn, depose
and say that:

                  1. I am a __________________________ of
______________________________ (the "Purchaser"), on behalf of which I have the
authority to make this affidavit.

                  2. The Purchaser is acquiring [Class R-I] [Class R-II] [Class
R-III] Certificates representing ________% of the residual interest in [each of]
the real estate mortgage investment conduit[s] ([each,] a "REMIC") designated as
["REMIC I"] ["REMIC II"] ["REMIC III"], [respectively], relating to the
Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986 (the "Code").

                  3. The Purchaser is not a "Disqualified Organization" (as
defined below), and that the Purchaser is not acquiring the [Class R-I] [Class
R-II] [Class R-III] Certificates for the account of, or as agent or nominee of,
or with a view to the transfer of direct or indirect record or beneficial
ownership thereof, to a Disqualified Organization. For the purposes hereof, a
Disqualified Organization is any of the following: (i) the United States, (ii)
any state or political subdivision thereof, (iii) any foreign government, (iv)
any international organization, (v) any agency or instrumentality of any of the
foregoing, (vi) any tax-exempt organization (other than a cooperative described
in Section 521 of the Code) which is exempt from the tax imposed by Chapter 1 of
the Code unless such organization is subject to the tax imposed by Section 511
of the Code, (vii) any organization described in Section 1381(a)(2)(C) of the
Code, or (viii) any other entity designated as a "disqualified organization" by
relevant legislation amending the REMIC Provisions and in effect at or proposed
to be effective as of the time of determination. In addition, a corporation will
not be treated as an instrumentality of the United States or of any state or
political subdivision thereof if all of its activities are subject to tax
(except for the Federal Home Loan Mortgage Corporation) and a majority of its
board of directors is not selected by such governmental unit. The terms "United
States" and "international organization" shall have the meanings set forth in
Section 7701 of the Code.

                                     H-1-1

<PAGE>

                  4. The Purchaser acknowledges that Section 860E(e) of the Code
would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in
any [Class R-I] [Class R-II] [Class R-III] Certificates to a Disqualified
Organization.

                  5. No purpose of the acquisition of the [Class R-I] [Class
R-II] [Class R-III] Certificates is to impede the assessment or collection of
tax

                  6. [Check the statement that applies]

         o        If the Transferor requires the safe harbor under Revenue
                  Procedure 2001-12, I.R.B. 2001-2 (December 8, 2000) to apply:

                  a) In accordance with Revenue Procedure 2001-12, I.R.B. 2001-2
         (December 8, 2000), the Purchaser (i) is an "eligible corporation" as
         defined in Section 860L(a)(2) of the Code, as to which the income of
         [Class R-I] [Class R-II] [Class R-III] Certificates will only be
         subject to taxation in the United States, (ii) has, and has had in each
         of its two preceding fiscal years, gross assets for financial reporting
         purposes(excluding any obligation of a person related to the transferee
         within the meaning of Section 860L(g) of the Code) in excess of $100
         million and net assets of $10 million, and (iii) hereby agrees only to
         transfer the Certificate to another corporation meeting the criteria
         set forth in Revenue Procedure 2001-12;                           |_|

                  or

                  b) The Purchaser is a United States Person and the
         consideration paid to the Purchaser for accepting the [Class R-I]
         [Class R-II] [Class R-III] Certificates is greater than the present
         value of the anticipated net federal income taxes and tax benefits
         ("Tax Liability Present Value") associated with owning such
         Certificates, with such present value computed using a discount rate
         equal to the "applicable federal rate" prescribed by Section 1274 of
         the Code as of the date hereof (with all applicable computations done
         in accordance with Revenue Procedure 2001-12) or, to the extent it is
         not, if the Transferee has asserted that it regularly borrows, in the
         ordinary course of its trade or business, substantial funds from
         unrelated third parties at a lower interest rate than such applicable
         federal rate and the consideration paid to the Purchaser is greater
         than the Tax Liability Present Value using such lower interest rate as
         the discount rate, the transactions with the unrelated third party
         lenders, the interest rate or rates, the date or dates of such
         transactions, and the maturity dates or, in the case of adjustable rate
         debt instruments, the relevant adjustment dates or periods, with
         respect to such borrowings, are accurately stated in Exhibit A to this
         letter.                                                           |_|

         o        If the Transferor does not require the safe harbor under
                  Revenue Procedure 2001-12 to apply:

                  a) The Purchaser is a "United States person" as defined in
         Section 7701(a) of the Code and the regulations promulgated thereunder
         (the Purchaser's U.S. taxpayer identification number is __________).
         The Purchaser is not classified as a partnership under the Code (or, if
         so classified, all of its beneficial owners are United States persons);
                                                                            |_|

                  or

                  b) The Purchaser is not a United States person.  However, the
         Purchaser:

                           (a) conducts a trade or business within the United
                  States and, for purposes of Treasury regulation section
                  1.860G-3(a)(3), is subject to tax under Section 882 of the
                  Code;

                                     H-1-2

<PAGE>

                           (b) understands that, for purposes of Treasury
                  regulation section 1.860E-1(c)(4)(ii), as a holder of a [Class
                  R-I] [Class R-II] [Class R-III] Certificate for United States
                  federal income tax purposes, it may incur tax liabilities in
                  excess of any cash flows generated by such [Class R-I] [Class
                  R-II] [Class R-III] Certificate;

                           (c) intends to pay the taxes associated with holding
                  a [Class R-I] [Class R-II] [Class R-III] Certificate; and

                           (d) is not classified as a partnership under the Code
                  (or, if so classified, all of its beneficial owners either
                  satisfy clauses (a), (b) and (c) of this sentence or are
                  United States persons) |_|

                           7. The Purchaser historically has paid its debts as
         they have come due and intends to pay its debts as they come due in the
         future and the Purchaser intends to pay taxes associated with holding
         the [Class R-I] [Class R-II] [Class R-III] Certificates as they become
         due.

                           8. The Purchaser understands that it may incur tax
         liabilities with respect to the [Class R-I] [Class R-II] [Class R-III]
         Certificates in excess of any cash flows generated by such
         Certificates.

                           9. The Purchaser will not transfer the [Class R-I]
         [Class R-II] [Class R-III] Certificates to any person or entity as to
         which the Purchaser has not received an affidavit substantially in the
         form of this affidavit or to any person or entity as to which the
         Purchaser has actual knowledge that the requirements set forth in
         paragraphs 3, 5 or 7 hereof are not satisfied, or to any person or
         entity with respect to which the Purchaser has not (at the time of such
         transfer) satisfied the requirements under the Code to conduct a
         reasonable investigation of the financial condition of such person or
         entity (or its current beneficial owners if such person or entity is
         classified as a partnership under the Code).

                           10. The Purchaser agrees to such amendments of the
         Pooling and Servicing Agreement as may be required to further
         effectuate the prohibition against transferring the [Class R-I] [Class
         R-II] [Class R-III] Certificates to a Disqualified Organization, an
         agent thereof or a person that does not satisfy the requirements of
         paragraphs 5 and 7.

                           11. The Purchaser consents to the designation of the
         Trustee as the agent of the Tax Matters Person of [REMIC I] [REMIC II]
         [REMIC III] pursuant to Section 10.01(d) of the Pooling and Servicing
         Agreement.

                  Capitalized terms used but not defined herein have the
meanings assigned thereto in the Pooling and Servicing Agreement.

                                     H-1-3

<PAGE>

                  IN WITNESS WHEREOF, the Purchaser has caused this instrument
to be duly executed on its behalf by its duly authorized officer this ___ day of
__________________.

                                  By: _________________________________________
                                      Name:
                                      Title:

                  Personally appeared before me ___________________________,
known or proved to me to be the same person who executed the foregoing
instrument and to be a_______________________ of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and as the free
act and deed of the Purchaser.

                                       Subscribed and sworn before me this
                                                  ____ day of _______________.

                                       ________________________________________
                                       Notary Public

                                     H-1-4

<PAGE>

                                   EXHIBIT H-2

                         FORM OF TRANSFEROR CERTIFICATE
                    REGARDING RESIDUAL INTEREST CERTIFICATES

                                     [Date]

LaSalle Bank National Association
135 South LaSalle Street
Chicago, Illinois  60603
Attention:        Asset-Backed Securities Trust Services
                  Group-LB-UBS Commercial Mortgage Trust 2002-C2

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2 (the
                       "Certificates")

Ladies and Gentlemen:

                  This letter is delivered to you in connection with the
transfer by _________________ (the "Transferor") to _________________ (the
"Transferee") of [Class R-I] [Class R-II] [Class R-III] Certificates evidencing
a ____% Percentage Interest in such Class (the "Residual Interest
Certificates"). The Certificates, including the Residual Interest Certificates,
were issued pursuant to the Pooling and Servicing Agreement, dated as of June
11, 2002 (the "Pooling and Servicing Agreement"), among Structured Asset
Securities Corporation, as depositor, Wachovia Bank, National Association as
master servicer, Lend Lease Asset Management, L.P. as special servicer, LaSalle
Bank National Association as trustee and ABN AMRO Bank N.V. as fiscal agent. All
capitalized terms used but not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferor hereby certifies, represents and warrants to you, as Certificate
Registrar, that:

                          1. No purpose of the Transferor relating to the
         transfer of the Residual Interest Certificates by the Transferor to the
         Transferee is or will be to impede the assessment or collection of any
         tax.

                          2. The Transferor understands that the Transferee has
         delivered to you a Transfer Affidavit and Agreement in the form
         attached to the Pooling and Servicing Agreement as Exhibit H-1. The
         Transferor does not know or believe that any representation contained
         therein is false.

                                     H-2-1

<PAGE>

                          3. The Transferor has at the time of this transfer
         conducted a reasonable investigation of the financial condition of the
         Transferee (or the beneficial owners of the Transferee if it is
         classified as a partnership under the Code) as contemplated by Treasury
         regulation section 1.860E-1(c)(4)(i) and, as a result of that
         investigation, the Transferor has determined that the Transferee has
         historically paid its debts as they became due and has found no
         significant evidence to indicate that the Transferee will not continue
         to pay its debts as they become due in the future. The Transferor
         understands that the transfer of the Residual Interest Certificates may
         not be respected for United States income tax purposes (and the
         Transferor may continue to be liable for United States income taxes
         associated therewith) unless the Transferor has conducted such an
         investigation.

                                  Very truly yours,

                                  _____________________________________________
                                  (Transferee)

                                  By: _________________________________________
                                      Name:
                                      Title:

                                     H-2-2

<PAGE>

                                   EXHIBIT I-1

                        FORM OF NOTICE AND ACKNOWLEDGMENT

                                     [Date]

Standard & Poor's Ratings Services
   a division of The McGraw-Hill Companies, Inc.
55 Water Street, 41st  Floor
New York, New York  10041
Attention:  Commercial Surveillance Department

Moody's Investors Service, Inc.
99 Church Street
New York, New York  10007
Attention:  CMBS Monitoring

Ladies and Gentlemen:

                  This notice is being delivered pursuant to Section 6.09 of the
Pooling and Servicing Agreement, dated as of June 11, 2002 and relating to
LB-UBS Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 2002-C2 (the "Agreement"). Capitalized terms used but not otherwise
defined herein shall have respective meanings assigned to them in the Agreement.

                  Notice is hereby given that the Holders of Certificates
evidencing a majority of the Voting Rights allocated to the Controlling Class
have designated ________________ to serve as the Special Servicer under the
Agreement.

                  The designation of __________________ as Special Servicer will
become final if certain conditions are met and you deliver to _________________,
the trustee under the Agreement (the "Trustee"), written confirmation that if
the person designated to become the Special Servicer were to serve as such, such
event would not result in the qualification, downgrade or withdrawal of the
rating or ratings assigned by you to one or more Classes of the Certificates.
Accordingly, such confirmation is hereby requested as soon as possible.

                                     I-1-1

<PAGE>

                  Please acknowledge receipt of this notice by signing the
enclosed copy of this notice where indicated below and returning it to the
Trustee, in the enclosed stamped self-addressed envelope.

                                Very truly yours,

                                LASALLE BANK NATIONAL ASSOCIATION,
                                as Trustee

                                By: ___________________________________________
                                    Name:
                                    Title:

Receipt acknowledged:

STANDARD & POOR'S RATINGS SERVICES

By:  ________________________________
Name:
Title:
Date:

MOODY'S INVESTORS SERVICE, INC.

By:  ________________________________
Name:
Title:
Date:

                                     I-1-2

<PAGE>

                                   EXHIBIT I-2

               FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                     [Date]

[TRUSTEE]
[MASTER SERVICER]
[DEPOSITOR]
[FISCAL AGENT]

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2

Ladies and Gentlemen:

                  Pursuant to Section 6.09 of the Pooling and Servicing
Agreement, dated as of June 11, 2002, relating to LB-UBS Commercial Mortgage
Trust 2002-C2, Commercial Mortgage Pass-Through Certificates, Series 2002-C2
(the "Agreement"), the undersigned hereby agrees with all the other parties to
the Agreement that the undersigned shall serve as Special Servicer under, and as
defined in, the Agreement. The undersigned hereby acknowledges that, as of the
date hereof, it is and shall be a party to the Agreement and bound thereby to
the full extent indicated therein in the capacity of Special Servicer. The
undersigned hereby makes, as of the date hereof, the representations and
warranties set forth in Section 3.24 of the Agreement, with the following
corrections with respect to type of entity and jurisdiction of organization:
____________________.

                                 ______________________________________________

                                 By: __________________________________________
                                     Name:
                                     Title:

                                     I-2-1

<PAGE>

                                    EXHIBIT J

                        FORM OF UCC-1 FINANCING STATEMENT

                                      J-1

<PAGE>

                                                                     SCHEDULE 1

                  This Schedule 1 is attached to and incorporated in a financing
statement pertaining to Structured Asset Securities Corporation as depositor
(referred to as the "Debtor" for the purpose of this financing statement only),
and LaSalle Bank National Association as trustee for the holders of the LB-UBS
Commercial Mortgage Trust 2002-C2, Commercial Mortgage Pass-Through
Certificates, Series 2002-C2 (referred to as the "Secured Party" for purposes of
this financing statement only), under that certain Pooling and Servicing
Agreement, dated as of June 11, 2002 (the "Pooling and Servicing Agreement"),
among the Debtor as depositor, the Secured Party as trustee (the "Trustee"),
Wachovia Bank, National Association as master servicer (the "Master Servicer"),
Lend Lease Asset Management, L.P. as special servicer (the "Special Servicer")
and ABN AMRO Bank N.V. as fiscal agent, relating to the issuance of the LB-UBS
Commercial Mortgage Trust 2002-C2, Commercial Mortgage Pass-Through
Certificates, Series 2002-C2 (the "Series 2002-C2 Certificates"). Capitalized
terms used herein and not defined shall have the respective meanings given to
them in the Pooling and Servicing Agreement.

                  The attached financing statement covers all of the Debtor's
right (including the power to convey title thereto), title and interest in and
to the Trust Fund created pursuant to the Pooling and Servicing Agreement,
consisting of the following:

                  (1) the mortgage loans listed on the Mortgage Loan Schedule
attached hereto as Exhibit A (the "Mortgage Loans");

                  (2) the note or other evidence of indebtedness of the related
borrower under each Mortgage Loan (the "Mortgage Note"), the related mortgage,
deed of trust or other similar instrument securing such Mortgage Note (the
"Mortgage") and each other legal, credit and servicing document related to such
Mortgage Loan (collectively with the related Mortgage Note and Mortgage, the
"Mortgage Loan Documents");

                  (3) (a) the Custodial Accounts and the Defeasance Deposit
Account required to be maintained by the Master Servicer pursuant to the Pooling
and Servicing Agreement, (b) all funds from time to time on deposit in the
Custodial Accounts and the Defeasance Deposit Account, (c) the investments of
any such funds consisting of securities, instruments or other obligations, and
(d) the general intangibles consisting of the contractual right to payment,
including, without limitation, the right to payments of principal and interest
and the right to enforce the related payment obligations, arising from or under
any such investments;

                  (4) all REO Property acquired in respect of defaulted Mortgage
Loans;

                  (5) (a) the REO Accounts required to be maintained by the
Special Servicer pursuant to the Pooling and Servicing Agreement, (b) all funds
from time to time on deposit in the REO Accounts, (c) the investments of any
such funds consisting of securities, instruments or other obligations, and (d)
the general intangibles consisting of the contractual right to payment,
including, without limitation, the right to payments of principal and interest
and the right to enforce the related payment obligations, arising from or under
any such investments;

                  (6) (a) the Servicing Accounts and the Reserve Accounts
required to be maintained by the Master Servicer and/or the Special Servicer
pursuant to the Pooling and Servicing Agreement, (b) all funds from time to time
on deposit in the Servicing Accounts and the Reserve Accounts, (c) the
investments of any such funds consisting of securities, instruments or other
obligations, and (d) the general intangibles consisting of the contractual right
to payment, including, without limitation, the right to payments of principal
and interest and the right to enforce the related payment obligations, arising
from or under any such investments;

                  (7) (a) the Interest Reserve Account required to be maintained
by the Secured Party pursuant to the Pooling and Servicing Agreement, (b) all
funds from time to time on deposit in the Interest Reserve

                                      J-2

<PAGE>

Account, (c) the investments of any such funds consisting of securities,
instruments or other obligations, and (d) the general intangibles consisting of
the contractual right to payment, including, without limitation, the right to
payments of principal and interest and the right to enforce the related payment
obligations, arising from or under any such investments;

                  (8) (a) the Collection Account required to be maintained by
the Secured Party pursuant to the Pooling and Servicing Agreement, (b) all funds
from time to time on deposit in the Collection Account, (c) the investments of
any such funds consisting of securities, instruments or other obligations, and
(d) the general intangibles consisting of the contractual right to payment,
including, without limitation, the right to payments of principal and interest
and the right to enforce the related payment obligations, arising from or under
any such investments;

                  (9) all insurance policies, including the right to payments
thereunder, with respect to the Mortgage Loans required to be maintained
pursuant to the Mortgage Loan Documents and the Pooling and Servicing Agreement,
transferred to the Trust and to be serviced by the Master Servicer or Special
Servicer pursuant to the Pooling and Servicing Agreement;

                  (10) any and all general intangibles (as defined in the
Uniform Commercial Code) consisting of, arising from or relating to any of the
foregoing; and

                  (11) any and all income, payments, proceeds and products of
any of the foregoing.

THE DEBTOR AND THE SECURED PARTY INTEND THE TRANSACTIONS CONTEMPLATED BY THE
POOLING AND SERVICING AGREEMENT TO CONSTITUTE A SALE OF ALL THE DEBTOR'S RIGHT,
TITLE AND INTEREST IN, TO AND UNDER THE MORTGAGE LOANS, THE MORTGAGE NOTES, THE
RELATED MORTGAGES AND THE OTHER RELATED MORTGAGE LOAN DOCUMENTS EVIDENCED BY THE
SERIES 2002-C2 CERTIFICATES, AND THIS FILING SHOULD NOT BE CONSTRUED AS A
CONCLUSION THAT A SALE HAS NOT OCCURRED. THE REFERENCES HEREIN TO MORTGAGE NOTES
SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT ANY MORTGAGE NOTE IS NOT AN
INSTRUMENT WITHIN THE MEANING OF THE UNIFORM COMMERCIAL CODE, AS IN EFFECT IN
ANY APPLICABLE JURISDICTION, OR THAT A FILING IS NECESSARY TO PERFECT THE
OWNERSHIP OR SECURITY INTEREST OF THE SECURED PARTY WITH RESPECT TO THE MORTGAGE
LOANS OR IN ANY MORTGAGE NOTE, MORTGAGE OR OTHER MORTGAGE LOAN DOCUMENT. IN
ADDITION, THE REFERENCES HEREIN TO SECURITIES, INSTRUMENTS AND OTHER OBLIGATIONS
SHOULD NOT BE CONSTRUED AS A CONCLUSION THAT ANY SUCH SECURITY, INSTRUMENT OR
OTHER OBLIGATION IS NOT AN INSTRUMENT, A CERTIFICATED SECURITY OR AN
UNCERTIFICATED SECURITY WITHIN THE MEANING OF THE UNIFORM COMMERCIAL CODE, AS IN
EFFECT IN ANY APPLICABLE JURISDICTION, NOR SHOULD THIS FINANCING STATEMENT BE
CONSTRUED AS A CONCLUSION THAT A FILING IS NECESSARY TO PERFECT THE OWNERSHIP OR
SECURITY INTEREST OF THE SECURED PARTY IN THE CONTRACTUAL RIGHT TO PAYMENT,
INCLUDING, WITHOUT LIMITATION, THE RIGHT TO PAYMENTS OF PRINCIPAL AND INTEREST
AND THE RIGHT TO ENFORCE THE RELATED PAYMENT OBLIGATIONS, ARISING FROM OR UNDER
ANY SUCH SECURITY, INSTRUMENT OR OTHER OBLIGATION. WITH RESPECT TO THE
FOREGOING, THIS FILING IS MADE ONLY IN THE EVENT OF CONTRARY ASSERTIONS BY THIRD
PARTIES.

                                      J-3

<PAGE>

                             EXHIBIT A TO SCHEDULE 1

                      (See attached Mortgage Loan Schedule)

                                      J-4

<PAGE>

                                    EXHIBIT K

        SUB-SERVICERS IN RESPECT OF WHICH SUB-SERVICING AGREEMENTS ARE IN
                EFFECT OR BEING NEGOTIATED AS OF THE CLOSING DATE

Legg Mason Real Estate Services, Inc.

NorthMarq Capital Corporation

Laureate Capital LLC

Wilson, Cantwell & Spelman, Inc. (d/b/a Johnson Capital Group)

GMAC Commercial Mortgage Corp.

LJ Melody & Company of Texas, LP

                                      K-1

<PAGE>

                                   EXHIBIT L-1

      FORM OF INFORMATION REQUEST/INVESTOR CERTIFICATION FOR WEBSITE ACCESS
                        FROM CERTIFICATE [HOLDER] [OWNER]

                                     [Date]

[LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention:      Asset-Backed Securities Trust Services
                Group-LB-UBS Commercial Mortgage Trust 2002-C2]

[Wachovia Bank, National Association
NC 1075
8739 Research Drive-URP4
Charlotte, North Carolina 28288
Attention:        LB-UBS Commercial Mortgage Trust 2002-C2]

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2

                  In accordance with the provisions of the Pooling and Servicing
Agreement, dated as of June 11, 2002 (the "Pooling and Servicing Agreement"),
among Structured Asset Securities Corporation, as depositor (the "Depositor"),
Wachovia Bank, National Association as master servicer, Lend Lease Asset
Management, L.P. as special servicer, LaSalle Bank National Association as
trustee (the "Trustee") and ABN AMRO Bank N.V. as fiscal agent, with respect to
LB-UBS Commercial Mortgage Trust 2002-C2, Commercial Mortgage Pass-Through
Certificates, Series 2002-C2 (the "Certificates"), the undersigned hereby
certifies and agrees as follows:

                  1.   The undersigned is a [beneficial owner] [registered
                       holder] of the Class _____ Certificates.

                  2.   The undersigned is requesting (Please check as
                       applicable):

                       (i) ____ the information (the "Information") identified
                  on the schedule attached hereto pursuant to Section 8.14 of
                  the Pooling and Servicing Agreement; or

                       (ii) ____ a password pursuant to Section 4.02 of the
                  Pooling and Servicing Agreement for access to information
                  (also, the "Information") provided on the [Trustee's] [Master
                  Servicer's] Internet Website.

                  3. In consideration of the [Trustee's] [Master Servicer's]
disclosure to the undersigned of the Information, the undersigned will keep the
Information confidential (except from such outside persons as are assisting it
in evaluating its interest in Certificates, from its accountants and attorneys,
and otherwise from such governmental or banking authorities to which the
undersigned is subject), and such Information will not, without the prior
written consent of the [Trustee] [Master Servicer], be disclosed by the
undersigned or by its officers, directors, partners, employees, agents or
representatives (collectively, the "Representatives") in any manner whatsoever,
in whole or in part; provided that the undersigned may provide all or any part
of the Information to any other person or entity that holds or is contemplating
the purchase of any Certificate or interest therein, but

                                     L-1-1

<PAGE>

only if such person or entity confirms in writing such ownership interest or
prospective ownership interest and agrees to keep it confidential.

                  4. The undersigned will not use or disclose the Information in
any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the "Securities Act"), or the Securities Exchange Act
of 1934, as amended, or would require registration of any Non-Registered
Certificate pursuant to Section 5 of the Securities Act.

                  IN WITNESS WHEREOF, the undersigned has caused its name to be
signed hereto by its duly authorized officer, as of the day and year written
above.

                                     [BENEFICIAL OWNER OF A CERTIFICATE]
                                     [REGISTERED HOLDER OF A CERTIFICATE]

                                     By: ______________________________________
                                         Name:
                                         Title:

                                     __________________________________________

                                     By: ______________________________________
                                         Name:
                                         Title:

                                     L-1-2

<PAGE>

                                   EXHIBIT L-2

         FORM OF INFORMATION REQUEST/INVESTOR CERTIFICATION FOR WEBSITE
                        ACCESS FROM PROSPECTIVE INVESTOR

                                     [Date]

[LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois  60603
Attention:      Asset-Backed Securities Trust Services
                Group-LB-UBS Commercial Mortgage Trust 2002-C2]

[Wachovia Bank, National Association
NC 1075
8739 Research Drive-URP4
Charlotte, North Carolina 28288
Attention:        LB-UBS Commercial Mortgage Trust 2002-C2]

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates, Series 2002-C2

                  In accordance with the provisions of the Pooling and Servicing
Agreement, dated as of June 11, 2002 (the "Pooling and Servicing Agreement"),
among Structured Asset Securities Corporation as depositor (the "Depositor"),
Wachovia Bank, National Association as master servicer, Lend Lease Asset
Management, L.P. as special servicer, LaSalle Bank National Association as
trustee (the "Trustee") and ABN AMRO Bank N.V. as fiscal agent, with respect to
LB-UBS Commercial Mortgage Trust 2002-C2, Commercial Mortgage Pass-Through
Certificates, Series 2002-C2 (the "Certificates"), the undersigned hereby
certifies and agrees as follows:

                  1.   The undersigned is contemplating an investment in the
                       Class _____ Certificates.

                  2.   The undersigned is requesting (please check as
                       applicable):

                           (i) ____ information (the "Information") for use in
                  evaluating the possible investment described above as
                  identified on the schedule attached hereto pursuant to Section
                  8.14 of the Pooling and Servicing Agreement; or

                           (ii) ____ a password pursuant to Section 4.02 of the
                 Pooling and Servicing Agreement for access to information
                 (also, the "Information") provided on the [Trustee's] [Master
                 Servicer's] Internet Website.

                  3. In consideration of the [Trustee's] [Master Servicer's]
disclosure to the undersigned of the Information, the undersigned will keep the
Information confidential (except from such outside persons as are assisting it
in making the investment decision described in paragraph 1 above, from its
accountants and attorneys, and otherwise from such governmental or banking
authorities and agencies to which the undersigned is subject), and such
Information will not, without the prior written consent of the [Trustee] [Master
Servicer], be disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the
"Representatives") in any manner whatsoever, in whole or in part.

                                     L-2-1

<PAGE>

                  4. The undersigned will not use or disclose the Information in
any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended ( the "Securities Act"), or the Securities Exchange Act
of 1934, as amended, or would require registration of any Non-Registered
Certificate pursuant to Section 5 of the Securities Act.

                  IN WITNESS WHEREOF, the undersigned has caused its name to be
signed hereto by its duly authorized officer, as of the day and year written
above.

                                   [PROSPECTIVE PURCHASER OF A CERTIFICATE OR
                                   INTEREST THEREIN]

                                   By: ________________________________________
                                       Name:
                                       Title:

                                   ____________________________________________
                                   By:
                                       Name:
                                       Title:

                                     L-2-2

<PAGE>

                                    EXHIBIT M

                        FORM OF DEFEASANCE CERTIFICATION

                                      M-1

<PAGE>

                        FORM OF NOTICE AND CERTIFICATION
                      REGARDING DEFEASANCE OF MORTGAGE LOAN

              For loans (a) having a balance of $20,000,000 or less or a balance
              of less than 5% of outstanding pool balance, whichever is less) or
              (b) that are not then one of the ten largest (measured by unpaid
              principal balance) in the mortgage pool

To:      Standard & Poor's Ratings Services
         55 Water Street
         New York, New York 10041
         Attn:  Commercial Mortgage Surveillance

From:    _____________________________________, in its capacity as master
         servicer (the "Master Servicer") under the Pooling and Servicing
         Agreement dated as of June 11, 2002 (the "Pooling and Servicing
         Agreement"), among Structured Asset Securities Corporation as
         Depositor, the Master Servicer, Lend Lease Asset Management, L.P. as
         special servicer, LaSalle Bank National Association as trustee (the
         "Trustee"), and ABN AMRO Bank N.V. as fiscal agent.

Date:    _________, 20___

                  Re:  LB-UBS Commercial Mortgage Trust 2002-C2, Commercial
                       Mortgage Pass-Through Certificates Series 2002-C2

                  Mortgage loan (the "Mortgage Loan") identified by loan number
_____ on the Mortgage Loan Schedule attached to the Pooling and Servicing
Agreement and heretofore secured by the Mortgaged [Property] [Properties]
identified on the Mortgage Loan Schedule by the following name[s]: ____________
_______________________________________________________________________________

Reference is made to the Pooling and Servicing Agreement described above.
Capitalized terms used but not defined herein have the meanings assigned to such
terms in the Pooling and Servicing Agreement.

As Master Servicer under the Pooling and Servicing Agreement, we hereby:

                  1. Notify you that the Mortgagor has consummated a defeasance
of the Mortgage Loan pursuant to the terms of the Mortgage Loan, of the type
checked below:

         ____     a full defeasance of the payments scheduled to be due in
                  respect of the entire unpaid principal balance of the Mortgage
                  Loan; or

         ____     a partial defeasance of the payments scheduled to be due in
                  respect of a portion of the unpaid principal balance of the
                  Mortgage Loan that represents ___% of the entire unpaid
                  principal balance of the Mortgage Loan and, under the
                  Mortgage, has an allocated loan amount of $____________ or
                  _______% of the entire unpaid principal balance;

                  2. Certify as to each of the following, and any additional
explanatory notes set forth on Exhibit A hereto:

                                      M-2

<PAGE>

                         a. The Mortgage Loan documents permit the defeasance,
         and the terms and conditions for defeasance specified therein were
         satisfied in all material respects in completing the defeasance.

                         b. The defeasance was consummated on __________, 20__.

                         c. The defeasance collateral consists of securities
         that (i) constitute "government securities" as defined in Section
         2(a)(16) of the Investment Company Act of 1940 as amended (15 U.S.C.
         80a-1), (ii) are listed as "Qualified Investments for `AAA' Financings"
         under Paragraphs 1, 2 or 3 of "Cash Flow Approach" in Standard & Poor's
         Public Finance Criteria 2000, as amended to the date of the defeasance,
         (iii) are rated `AAA' by Standard & Poor's, (iv) if they include a
         principal obligation, provide for a predetermined fixed dollar amount
         of principal due at maturity that cannot vary or change, and (v) are
         not subject to prepayment, call or early redemption. Such securities
         have the characteristics set forth below:

            CUSIP        RATE         MAT        PAY DATES         ISSUED
            -----        ----         ---        ---------         ------

                           d. The Master Servicer received an opinion of counsel
         (from counsel approved by Master Servicer in accordance with the
         Servicing Standard) that the defeasance will not result in an Adverse
         REMIC Event.

                           e. The Master Servicer determined that the defeasance
         collateral will be owned by an entity (the "Defeasance Obligor") as to
         which one of the statements checked below is true:

         ____     the related Mortgagor was a Single-Purpose Entity (as defined
                  in Standard & Poor's Structured Finance Ratings Real Estate
                  Finance Criteria, as amended to the date of the defeasance
                  (the "S&P Criteria")) as of the date of the defeasance, and
                  after the defeasance owns no assets other than the defeasance
                  collateral and real property securing Mortgage Loan included
                  in the pool.

         ____     the related Mortgagor designated a Single-Purpose Entity (as
                  defined in the S&P Criteria) to own the defeasance collateral;
                  or

         ____     the Master Servicer designated a Single-Purpose Entity (as
                  defined in the S&P Criteria) established for the benefit of
                  the Trust to own the defeasance collateral.

                           f. The Master Servicer received a broker or similar
         confirmation of the credit, or the accountant's letter described below
         contained statements that it reviewed a broker or similar confirmation
         of the credit, of the defeasance collateral to an Eligible Account (as
         defined in the S&P Criteria) in the name of the Defeasance Obligor,
         which account is maintained as a securities account by the Trustee
         acting as a securities intermediary.

                           g. As securities intermediary, the Trustee is
         obligated to make the scheduled payments on the Mortgage Loan from the
         proceeds of the defeasance collateral directly to the Master Servicer's
         collection account in the amounts and on the dates specified in the
         Mortgage Loan documents or, in a partial defeasance, the portion of
         such scheduled payments attributed to the allocated loan amount for the
         real property defeased, increased by any defeasance premium specified
         in the Mortgage Loan documents (the "Scheduled Payments").

                           h. The Master Servicer received from the Mortgagor
         written confirmation from a firm of independent certified public
         accountants, who were approved by the Master Servicer in

                                      M-3

<PAGE>

         accordance with the Servicing Standard, stating that (i) revenues from
         principal and interest payments made on the defeasance collateral
         (without taking into account any earnings on reinvestment of such
         revenues) will be sufficient to timely pay each of the Scheduled
         Payments after the defeasance including the payment in full of the
         Mortgage Loan (or the allocated portion thereof in connection with a
         partial defeasance) on its Maturity Date (or, in the case of an ARD
         Loan, on its Anticipated Repayment Date or on the date when any open
         prepayment period set forth in the related Mortgage Loan documents
         commences), (ii) the revenues received in any month from the defeasance
         collateral will be applied to make Scheduled Payments within four (4)
         months after the date of receipt, and (iii) interest income from the
         defeasance collateral to the Defeasance Obligor in any calendar or
         fiscal year will not exceed such Defeasance Obligor's interest expense
         for the Mortgage Loan (or the allocated portion thereof in a partial
         defeasance) for such year.

                           i. The Master Servicer received opinions from
         counsel, who were approved by the Master Servicer in accordance with
         the Servicing Standard, that (i) the agreements executed by the
         Mortgagor and/or the Defeasance Obligor in connection with the
         defeasance are enforceable against them in accordance with their terms,
         and (ii) the Trustee will have a perfected, first priority security
         interest in the defeasance collateral described above.

                           j. The agreements executed in connection with the
         defeasance (i) permit reinvestment of proceeds of the defeasance
         collateral only in Permitted Investments (as defined in the S&P
         Criteria), (ii) permit release of surplus defeasance collateral and
         earnings on reinvestment to the Defeasance Obligor or the Mortgagor
         only after the Mortgage Loan has been paid in full, if any such release
         is permitted, (iii) prohibit any subordinate liens against the
         defeasance collateral, and (iv) provide for payment from sources other
         than the defeasance collateral or other assets of the Defeasance
         Obligor of all fees and expenses of the securities intermediary for
         administering the defeasance and the securities account and all fees
         and expenses of maintaining the existence of the Defeasance Obligor.

                           k. The entire unpaid principal balance of the
         Mortgage Loan as of the date of defeasance was $___________. Such
         Mortgage Loan (a) has a balance of $20,000,000 or less or a balance of
         less than 5% of outstanding pool balance or (b) is not then one of the
         ten largest (measured by unpaid principal balance) in the mortgage
         pool, in each such case, as of the date of the most recent Distribution
         Date Statement received by us (the "Current Report").

                  3. The defeasance described herein, together with all prior
and simultaneous defeasances of Mortgage Loans, brings the total of all fully
and partially defeased Mortgage Loans to $__________________, which is _____% of
the aggregate unpaid principal balance of the Mortgage Pool as of the date of
the Current Report.

                  4. Certify that Exhibit B hereto is a list of the material
agreements, instruments, organizational documents for the Defeasance Obligor,
and opinions of counsel and independent accountants executed and delivered in
connection with the defeasance described above and that originals or copies of
such agreements, instruments and opinions have been transmitted to the Trustee
for placement in the related Mortgage File or, to the extent not required to be
part of the related Mortgage File, are in the possession of the Master Servicer
as part of the Master Servicer's servicing file.

                  5. Certify and confirm that the determinations and
certifications described above were rendered in accordance with the Servicing
Standard set forth in, and the other applicable terms and conditions of, the
Pooling and Servicing Agreement; and

                                      M-4

<PAGE>

                  6. Certify that the individual under whose hand the Master
Servicer has caused this Notice and Certification to be executed did constitute
a Servicing Officer as of the date of the defeasance described above.

                  7. Agree to provide copies of all items listed in Exhibit B to
you upon request.

                  IN WITNESS WHEREOF, the Master Servicer has caused this Notice
and Certification to be executed as of the date captioned above.

                                  [MASTER SERVICER]

                                  By:  ________________________________________
                                       Name:
                                       Title:

                                      M-5

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