Document:

Exhibit 4.1
                                                                     -----------

                                 TRUST AGREEMENT

               TRUST AGREEMENT, between MSDW Structured Asset Corp. (the
"Depositor") and LaSalle Bank National Association (the "Trustee"), made as of
the date set forth in Schedule I attached hereto, which Schedule together with
Schedules II and III attached hereto, are made a part hereof and are hereinafter
referred to collectively as the "Terms Schedule". The terms of the Standard
Terms for Trust Agreements, dated July 7, 1999 (the "Standard Terms") are,
except to the extent otherwise expressly stated, hereby incorporated by
reference herein in their entirety with the same force and effect as though set
forth herein. Capitalized terms used herein and not defined shall have the
meanings defined in the Standard Terms. References to "herein", "hereunder",
"this Trust Agreement" and the like shall include the Terms Schedule attached
hereto and the Standard Terms so incorporated by reference.

               WHEREAS, the Depositor and the Trustee desire to establish the
Trust identified in Schedule I attached hereto (the "Trust") for the primary
purposes of (i) holding the Securities, (ii) entering into any Swap Agreement
with the Swap Counterparty and (iii) issuing the Units;

               WHEREAS, the Depositor desires that the respective beneficial
interests in the Trust be divided into transferable fractional shares, such
shares to be represented by the Units;

               WHEREAS, the Depositor desires to appoint the Trustee as trustee
of the Trust and the Trustee desires to accept such appointment;

               WHEREAS, the Depositor shall transfer, convey and assign to the
Trust without recourse, and the Trust shall acquire, all of the Depositor's
right, title and interest in and under the Securities and other property
identified in Schedule II to the Trust Agreement (the "Trust Property"); and

               WHEREAS, the Trust agrees to acquire the Trust Property specified
herein in consideration for Units having an initial Unit Principal Balance
identified in Schedule I attached hereto, subject to the terms and conditions
specified in the Trust Agreement;

               NOW THEREFORE, the Depositor hereby appoints the Trustee as
trustee hereunder and hereby requests the Trustee to receive the Securities from
the Depositor and to issue in accordance with the instructions of the Depositor
Units having the terms specified in Schedule I attached hereto, and the Trustee
accepts such appointment and, for itself and its successors and assigns, hereby
declares that it shall hold all the estate, right, title and interest in any
property contributed to the trust account established hereunder (except property
to be applied to the payment or reimbursement of or by the Trustee for any fees
or expenses which under the terms hereof is to be so applied) in trust for the
benefit of all present and future Holders of the fractional shares of beneficial
interest issued hereunder, namely, the Unitholders, and subject to the terms and
provisions hereof and of the Standard Terms.

<PAGE>

               IN WITNESS WHEREOF, each of the undersigned has executed this
instrument as of the date set forth in the Terms Schedule attached hereto.

                           LASALLE BANK NATIONAL ASSOCIATION
                              as  Trustee  on  behalf  of  the  Trust
                              identified  in Schedule
                              I hereto, and not in its individual capacity

                           By: /s/ Ann M. Kelly
                              --------------------------------------------
                               Name:  Ann M. Kelly
                               Title: Assistant Vice President

                           MSDW STRUCTURED ASSET CORP.

                           By: /s/ John Kehoe
                              --------------------------------------------
                               Name:  John Kehoe
                               Title: Vice President

Attachments: Terms Schedule (consisting of Schedules I, II and III)

<PAGE>

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                              SATURNS Trust No. 2002-13

Date of Trust Agreement:            October 29, 2002

Trustee:                            LaSalle Bank National Association.
                                    References to Chase Bank of Texas, National
                                    Association in the Standard Terms shall be
                                    inapplicable.

Units:                              The Trust will issue two classes of Units:
                                    the Class A Units and the Class B Units.
                                    Only the Class A Units will be publicly
                                    offered.

Initial Unit Principal Balance
of the Class A Units:               $25,000,000

Initial Notional Amount
of the Class B Units:               $25,000,000

Issue Price of Units:               Class A Units: 100%

                                    Class B Units: $1,781,000

Number of Units:                    Class A Units:

                                    1,000,000 (Unit Principal Balance of $25
                                    each)

                                    Class B Units:

                                    Initially, one (1) Unit representing 100% of
                                    the Notional Amount of the Class B Units

Minimum Denomination:               Class A Units:

                                    $25 and $25 increments in excess thereof.
                                    The minimum denomination specified in
                                    Section 5.01(a) of the Standard Terms shall
                                    not apply to the Class A Units. Each $25 of
                                    Unit Principal Balance is a Unit.

                                    Class B Units:

                                    $100,000 and $1,000 increments in excess
                                    thereof.

Cut-off Date:                       October 29, 2002

Closing Date:                       October 29, 2002

Specified Currency:                 United States dollars

Business Day:                       New York, New York and Chicago, Illinois

Interest Rate:                      Class A Units:

                                    6.25% per annum on the basis of a 360 day
                                    year consisting of twelve 30 day months.

                                    Class B Unit Units:

                                    0.705% per annum on the basis of a 360 day
                                    year consisting of twelve 30 day months.

                                    The right of the Class A Units to accrued
                                    interest is pari passu with the right of the
                                    Class B Units to accrued interest from
                                    accrued interest on the securities.

Interest Reset Period:              Not Applicable

Rating:                             Class A Units and Class B Units:

                                    Aa1 on watch for possible downgrade by
                                    Moody's

                                    AA- credit watch negative by S&P

                                    Both Moody's and S&P have indicated in their
                                    initial rating of the Units that the Units
                                    are on watch for a possible downgrade. Any
                                    such downgrade will result in a downgrade of
                                    the respective agency's rating with respect
                                    to the Units.

Rating Agencies:                    Moody's and S&P

Scheduled Final Distribution Date:  February 15, 2026. The Units will have the
                                    same final maturity as the Securities.

Prepayment/Redemption:              The Trust Property is subject to call in
                                    accordance with Schedule III. Any such call
                                    will result in the redemption of a
                                    proportional amount of the Class A Units and
                                    a proportional reduction in the Notional
                                    Amount of the Class B Units.

                                    If the call rights under the Swap Agreement
                                    are partially exercised, (i) the Trustee
                                    will randomly select Class A Units to be
                                    redeemed in full from the proceeds of such
                                    partial exercise of the Swap Agreement and
                                    (ii) the Trustee will allocate distributions
                                    with respect to the Class B Units and the
                                    corresponding reduction in the Notional
                                    Amount of the Class B Units (A) (1) if one
                                    Swap Counterparty exercises call rights in
                                    connection therewith, first to such Swap
                                    Counterparty unless such Swap Counterparty
                                    waives this right in whole or in part, (2)
                                    if more than one Swap Counterparty exercises
                                    call rights in connection therewith, first
                                    to each such Swap Counterparty pro rata up
                                    to an amount equal to the Class B Unit
                                    Corresponding Portion (based upon the Class
                                    B Unit Corresponding Portion allocable to
                                    each such Swap Counterparty) then to each
                                    such Swap Counterparty pro rata up to an
                                    amount equal to the remaining amount
                                    exercised (expressed by principal amount of
                                    Securities) by such Swap Counterparties
                                    (based upon the proportional amount of such
                                    remaining amount allocable to each such Swap
                                    Counterparty) and any such Swap Counterparty
                                    may waive this right in whole or in part
                                    (and its related exercise shall be excluded
                                    for all purposes of this Clause (A) to the
                                    extent of such waiver) and then (B) the
                                    Trustee shall randomly select Class B Units
                                    or portions thereof (including Class B Units
                                    for which a Swap Counterparty waived its
                                    rights under clause (A)) for any remaining
                                    amount to be distributed and the
                                    corresponding reduction in Notional Amount
                                    of such Class B Units.

Additional Distribution:            If the Security Issuer gives notice of a
                                    self-tender as to Securities held by the
                                    Trust and the Swap Counterparty exercises
                                    its call rights under the Swap Agreement
                                    prior to October 29, 2007, each redeemed
                                    Unitholder will receive an additional
                                    distribution of $1.50 per Class A Unit.

                                    The Class B Units are also entitled to the
                                    Class B Unit Payment Obligation of the Swap
                                    Counterparty specified in Schedule III.
                                    Distribution of the Class B Unit Payment
                                    Obligation with respect to the Class B Units
                                    shall result in a reduction of the Notional
                                    Amount of the Class B Units equal to the
                                    Class B Unit Corresponding Portion. Amounts
                                    received by the Trust from the Swap
                                    Counterparty in respect of the Class B Unit
                                    Payment Obligation may only be distributed
                                    with respect to the Class B Units.

Corporate Trust Office:             The definition of "Corporate Trust Office"
                                    in the Standard Terms shall not apply.

                                    The Corporate Trust Office shall be the
                                    Trustee's Asset-Backed Securities Trust
                                    Services Group having an office at 135 S.
                                    LaSalle Street, Suite 1625, Chicago,
                                    Illinois 60603 or such other addresses as
                                    the Trustee may designate from time to time
                                    by notice to the Unitholders, the Depositor,
                                    the Swap Counterparty and the Guarantor.

Swap Agreement:                     The ISDA Master Agreement referred to in
                                    Schedule III and any assignment thereof. In
                                    addition, in connection with an additional
                                    issuance of Units, any additional Swap
                                    Agreement entered into in connection
                                    therewith.

Swap Counterparty:                  Party A to the Swap Agreement referred to in
                                    Schedule III or any assignee thereof. In
                                    addition, in connection with an additional
                                    issuance of Units, Party A to any additional
                                    Swap Agreement or any assignee thereof.

Guaranty:                           Morgan Stanley (formerly known as Morgan
                                    Stanley Dean Witter & Co., the "Guarantor")
                                    shall guarantee the obligations of Morgan
                                    Stanley & Co. International Limited ("MSIL")
                                    for so long as MSIL is Party A to any Swap
                                    Agreement with the Trust.

Swap Notional Amount:               The notional amount specified in Schedule
                                    III.

Swap Payment Date:                  Not Applicable

Swap Rate:                          Not Applicable

Additional Swap Agreements:         In connection with an additional issuance of
                                    Units, the Depositor may arrange for the
                                    Trust to enter into an additional Swap
                                    Agreement with identical terms to those of
                                    the Swap Agreement entered into as of the
                                    Closing Date, except that such Swap
                                    Agreement may have a different Swap
                                    Counterparty, number of options, and premium
                                    amount than the Swap Agreement entered into
                                    on the Closing Date. The Rating Agency
                                    Condition must be satisfied prior to the
                                    effectiveness of such additional Swap
                                    Agreement. Each Swap Counterparty must
                                    consent to any additional issuance.

Distribution Date:                  Each February 15 and August 15, or the next
                                    succeeding Business Day if such day is not a
                                    Business Day, commencing February 15, 2003.

                                    If any payment with respect to the
                                    Securities held by the Trust is not received
                                    by the Trustee by 12 noon (New York City
                                    time) on a Distribution Date, the
                                    corresponding distribution on the Units will
                                    not occur until the next Business Day that
                                    the Trust is in receipt of proceeds of such
                                    payment prior to 12 noon, with no adjustment
                                    to the amount distributed.

Record Date:                        Each February 1 and August 1, regardless of
                                    whether such day is a Business Day.

Form:                               Global Security

Depositary:                         DTC

Trustee Fees and Expenses:          As compensation for and in payment of trust
                                    expenses related to its services hereunder
                                    other than Extraordinary Trust Expenses, the
                                    Trustee will receive Trustee Fees on each
                                    Distribution Date in the amount equal to
                                    $3,750. The Trustee Fee shall cease to
                                    accrue after termination of the Trust. The
                                    "Trigger Amount" with respect to
                                    Extraordinary Trust Expenses for the Trust
                                    is $25,000 and the Maximum Reimbursable
                                    Amount is $100,000. The Trustee Fee will be
                                    paid by the Expense Administrator. Expenses
                                    will be reimbursed by the Expense
                                    Administrator in accordance with the Expense
                                    Administration Agreement.

Expense Administrator:              The Depositor will act as Expense
                                    Administrator on behalf of the Trust
                                    pursuant to an Expense Administration
                                    Agreement, dated as of the date of the Trust
                                    Agreement (the "Expense Administration
                                    Agreement"), between the Depositor as
                                    Expense Administrator (the "Expense
                                    Administrator") and the Trust.

                                    The Expense Administrator will receive a fee
                                    equal $5,575 payable on each Distribution
                                    Date (the "Expense Administrator's Fee").
                                    The Expense Administrator's Fee is payable
                                    only from available interest receipts
                                    received with respect to the Securities
                                    after application of such receipts to
                                    payment of accrued interest on the Units.

                                    The Expense Administrator will be
                                    responsible for paying the Trustee Fee and
                                    reimbursing certain other expenses of the
                                    Trust in accordance with the Expense
                                    Administration Agreement.

Listing:                            The Depositor has applied to list the Class
                                    A Units on the New York Stock Exchange.

ERISA Restrictions:                 None of the restrictions in the Standard
                                    Terms relating to the Employee Retirement
                                    Income Security Act of 1974, as amended, and
                                    related matters shall apply to the Class A
                                    Units.

                                    The restrictions shall apply to the Class B
                                    Units and no ERISA Benefit Plan may acquire
                                    an interest in the Class B Units.

Alternative ERISA Restrictions:     Not Applicable

Deemed Representations:             Not Applicable

QIB Restriction:                    Applicable to the Class B Units. Not
                                    applicable to the Class A Units.

Trust Wind-Up Event:                The Trust Wind-Up Events specified in
                                    Sections 9.01(a), 9.01(c), 9.01(d), 9.01(f)
                                    and 9.01(h) shall not apply. The Trust Wind
                                    Events specified in Sections 9.01(b)
                                    (Security Default), 9.01(e) (Early
                                    Termination Date designated due to
                                    "illegality" or "tax event" under the Swap
                                    Agreement), 9.01(g) (Disqualified
                                    Securities), 9.01(i) (Excess Expense Event)
                                    shall apply. Pursuant to Section 9.01(j),
                                    the following event also shall constitute
                                    Trust Wind-Up Events: exercise of the call
                                    rights under the Swap Agreement as to all
                                    Securities held by the Trust.

                                    If (i) cash settlement applies under the
                                    Swap Agreement, (ii) a Trust Wind-Up Event
                                    has occurred in connection with the exercise
                                    of any Option under the Swap Agreement and
                                    (iii) the Selling Agent cannot obtain a bid
                                    for the Securities in excess of the amount
                                    specified in the Swap Agreement, then the
                                    Securities will not be sold, the Swap
                                    Counterparty's exercise of the call option
                                    will be rescinded (and the Swap Counterparty
                                    shall be entitled to exercise such options
                                    in the future) and any related Trust Wind-Up
                                    Event will be deemed not to have occurred.

Termination:                        If a Trust Wind-Up Event occurs, any
                                    Securities held by the Trust will be
                                    liquidated (pursuant to the terms of the
                                    Swap Agreement in the event of an exercise
                                    of the Swap Agreement or otherwise by sale
                                    thereof).

                                    If the related Trust Wind-Up Event occurs
                                    due to an exercise of the call rights under
                                    the Swap Agreement as to all Securities held
                                    by the Trust, (i) amounts received as
                                    accrued interest on the Securities will be
                                    applied to the Class A Units and the Class B
                                    Units pro rata in proportion to the amount
                                    of accrued interest outstanding on each such
                                    Class, (ii) amounts received as principal or
                                    par on the Securities will be applied to the
                                    Unit Principal Balance of the Class A Units
                                    up to 100% of the Unit Principal Balance of
                                    each Class A Unit, and (iii) if prior to
                                    October 29, 2007, in connection with a
                                    self-tender, an additional amount of $1.50
                                    per Class A Unit. Remaining accrued interest
                                    will be applied to the Expense
                                    Administrator's fee. Any remaining amounts
                                    (other than the Class B Unit Payment
                                    Obligation of the Swap Counterparty) will be
                                    paid to the Swap Counterparty as a Swap
                                    Termination Payment under the Swap
                                    Agreement.

                                    If the Trust is terminated for any other
                                    reason, the proceeds of liquidation will be
                                    applied to redeem the Class A Units and the
                                    Class B Units. The Class A Units will have a
                                    claim on the proceeds of the liquidation
                                    equal to their aggregate Unit Principal
                                    Balance plus accrued interest. The Class B
                                    Units will have a claim on the proceeds of
                                    liquidation equal to the value calculated
                                    (x) by discounting each remaining scheduled
                                    payment at a rate of 7.000% (on the basis of
                                    a 360 day consisting of twelve 30 day
                                    months) and adding (y) accrued interest. If
                                    the proceeds of the liquidation are less
                                    than the combined claim amounts of the Class
                                    A Units and the Class B Units, the proceeds
                                    will be distributed in proportion to the
                                    claim amounts of the Class A Units and the
                                    Class B Units in full satisfaction of the
                                    claims of the Units. If the proceeds of
                                    liquidation exceed the claims of the Class A
                                    Units and the Class B Units, the excess will
                                    be paid to the Swap Counterparty as a Swap
                                    Termination Payment under the Swap
                                    Agreement.

Self-Tenders by Security Issuer:    The Trust will not participate in any
                                    self-tender by the Security Issuer for the
                                    Securities and the Trustee will not accept
                                    any instructions to the contrary from the
                                    Unitholders. However, the Swap Counterparty
                                    may exercise its call rights in connection
                                    with any self-tender in accordance with the
                                    Swap Agreement.

Exchangeable Series Terms:          The Exchangeable Series provisions only
                                    apply to the Depositor as a Unitholder (or
                                    beneficial owner of Units). No Unitholder
                                    (or beneficial owner of a Unit) other than
                                    the Depositor may exchange Units for
                                    Securities.

                                    The Depositor may exchange Units for a pro
                                    rata portion of the Trust Property (less any
                                    amount sold to pay any swap termination
                                    payment or other fee or payment required by
                                    the Swap Counterparty); provided that: (i)
                                    the exchange is made with respect to a
                                    minimum Unit Principal Balance of $250,000
                                    and in $25 integral multiples in excess
                                    thereof; (ii) such exchange is to be
                                    effected on any January 1, April 1, July 1
                                    or October 1 (or the succeeding Business Day
                                    if such date is not a Business Day) with 45
                                    days notice; (iii) the Swap Counterparty
                                    consents to the exchange and (iv) the
                                    Expense Administrator consents to the
                                    exchange.

Terms of Retained Interest:         Notwithstanding any other provision herein
                                    or in the Standard Terms, the Depositor
                                    retains the right to receive any and all
                                    interest that accrues on the Securities
                                    prior to the Closing Date. The Depositor
                                    will receive such accrued interest on the
                                    first Distribution Date (or redemption date
                                    if earlier) for the Units and such amount
                                    shall be paid from the interest payment made
                                    with respect to the Securities on the first
                                    Distribution Date.

                                    The amount of the Retained Interest is
                                    $357,410.

                                    If a Security Default occurs on or prior to
                                    the first Distribution Date and the
                                    Depositor does not receive such Retained
                                    Interest amount in connection with such
                                    Distribution Date, the Depositor will have a
                                    claim for such Retained Interest, and will
                                    share pro rata with holders of the Units to
                                    the extent of such claim in the proceeds
                                    from the recovery on the Securities.

Call Option Terms:                  Not Applicable.

Security Default:                   The definition of Security Default in the
                                    Standard Terms shall not apply. A "Security
                                    Default" shall mean one of the following
                                    events: (i) the acceleration of the
                                    outstanding Securities under the terms of
                                    the Securities and/or the applicable
                                    Security Agreement and failure to pay the
                                    accelerated amount on the acceleration date;
                                    (ii) the failure of the Security Issuer to
                                    pay an installment of principal of, or any
                                    amount of interest due on, the Securities
                                    after the due date thereof and after the
                                    expiration of any applicable grace period;
                                    (iii) the initiation by the Security Issuer
                                    of any proceedings seeking a judgment of
                                    insolvency or bankruptcy or seeking relief
                                    under bankruptcy or insolvency laws or
                                    similar laws affecting creditor's rights; or
                                    (iv) if not otherwise addressed in (iii),
                                    the passage of thirty (30) calendar days
                                    since the day upon which any person or
                                    entity initiates any proceedings against the
                                    Security Issuer seeking a judgment of
                                    insolvency or bankruptcy or seeking relief
                                    under bankruptcy or insolvency laws or
                                    similar laws affecting creditor's rights and
                                    such proceeding has not been dismissed prior
                                    to such thirtieth day.

Sale of Securities:                 If the Trust must sell the Securities it
                                    holds, the Trust will sell the Securities
                                    through the Selling Agent in accordance with
                                    Section 9.03(b) and the following terms. The
                                    Selling Agent must solicit at least three
                                    bids for all of the Securities held by the
                                    Trust. The Selling Agent must solicit at
                                    least three of such bids from registered
                                    broker-dealers of national reputation, but
                                    additional bids may be solicited from one or
                                    more financial institutions or other
                                    counterparties with credit worthiness
                                    acceptable to the Selling Agent in its
                                    discretion. The Selling Agent will, on
                                    behalf of the Trust, sell the Securities at
                                    the highest bid price received. None of the
                                    Selling Agent, its affiliates or its agents,
                                    may bid for the Securities. If the Swap
                                    Counterparty is not an affiliate of the
                                    Selling Agent, the Selling Agent will extend
                                    a right of first refusal to the Swap
                                    Counterparty to purchase the Securities at
                                    the highest bid received by the Selling
                                    Agent.

                                    If cash settlement applies and if the Swap
                                    Counterparty exercises any of its call
                                    rights other than in connection with a
                                    self-tender for the Securities by the
                                    Security Issuer, a number of Securities
                                    corresponding to the number of call rights
                                    exercised by the Swap Counterparty will be
                                    sold by the Selling Agent on behalf of the
                                    Trust. If the Selling Agent cannot obtain a
                                    bid for the Securities in excess of the
                                    amount specified in the Swap Agreement, then
                                    the Securities will not be sold, the Swap
                                    Counterparty's exercise will be rescinded
                                    (and the Swap Counterparty shall be entitled
                                    to exercise such call rights in the future)
                                    and any related Trust Wind-Up Event will be
                                    deemed not to have occurred.

Additional Issuance of Units:       Upon no less than 5 days' notice to the
                                    Trustee, the Depositor may deposit
                                    additional Securities at any time in
                                    exchange for additional Units in a minimum
                                    aggregate amount of $250,000 (with respect
                                    to the Class A Units issued ) and, if in
                                    excess of such amount, in a $25 integral
                                    multiple in excess thereof (with respect to
                                    the Class A Units issued). The principal
                                    amount of Securities deposited must be in
                                    the same ratio to the Unit Principal Balance
                                    (and Notional Amount with respect to the
                                    Class B Units) of the Units received for
                                    such deposit as the ratio of the aggregate
                                    principal amount of the Securities deposited
                                    on the Closing Date to the aggregate Unit
                                    Principal Balance (and aggregate Notional
                                    Amount with respect to the Class B Units) on
                                    the Closing Date. The Depositor must either
                                    arrange for the Swap Counterparty and the
                                    Trust to increase proportionally the
                                    notional amount under the Swap Agreement or
                                    arrange for an additional Swap Agreement,
                                    with a notional amount equal to the
                                    principal amount of the additional
                                    Securities deposited, to be entered into
                                    between the Trust and an additional Swap
                                    Counterparty (or a combination of an
                                    additional Swap Agreement and a notional
                                    balance increase of the existing Swap
                                    Agreement(s), with the combined effect of
                                    such proportional increase in the notional
                                    amount of the Swap Agreements). The
                                    Depositor must also arrange the issuance of
                                    Class B Units with a Notional Amount equal
                                    to the Unit Principal Balance of the Class A
                                    Units being issued in connection with an
                                    additional issuance. Any accrued interest
                                    will be reflected in the price of additional
                                    Units and the Securities. The Rating Agency
                                    Condition must be satisfied in connection
                                    with any such additional issuance. Each Swap
                                    Counterparty must consent to any additional
                                    issuance.

Selling Agent:                      Morgan Stanley & Co. Incorporated.
                                    Notwithstanding any provision of the
                                    Standard Terms to the contrary, any sale of
                                    the Securities shall be conducted by and
                                    through the Selling Agent and not the
                                    Trustee.

Rating Agency Condition:            The definition of Rating Agencies Condition
                                    in the Standard Terms shall not apply.

                                    "Rating Agency Condition": With respect to
                                    any specified action or determination, means
                                    receipt of (i) oral or written confirmation
                                    by Moody's (for so long as the Units are
                                    outstanding and rated by Moody's) and (ii)
                                    written confirmation by S&P (for so long as
                                    the Units are outstanding and rated by S&P),
                                    that such specified action or determination
                                    will not result in the reduction or
                                    withdrawal of their then-current ratings on
                                    the Units; provided, however, that if the
                                    Rating Agency Condition specified herein is
                                    to be satisfied only with respect to Moody's
                                    or S&P, only clause (i) or clause (ii) shall
                                    be applicable. Such satisfaction may relate
                                    either to a specified transaction or may be
                                    a confirmation with respect to any future
                                    transactions which comply with generally
                                    applicable conditions published by the
                                    applicable rating agency.

Eligible Account:                   The definition of "Eligible Account" in the
                                    Standard Terms shall not apply.

                                    "Eligible Account": A non-interest bearing
                                    account, held in the United States, in the
                                    name of the Trustee for the benefit of the
                                    Trust that is either (i) a segregated
                                    account or segregated accounts maintained
                                    with a Federal or State chartered depository
                                    institution or trust company the short-term
                                    and long-term unsecured debt obligations of
                                    which (or, in the case of a depository
                                    institution or trust company that is the
                                    principal subsidiary of a holding company,
                                    the short-term and long-term unsecured debt
                                    obligations of such holding company) are
                                    rated P-1 and Aa2 by Moody's, A-1+ and AA by
                                    S&P, and, if rated by Fitch, F1 and AA by
                                    Fitch at the time any amounts are held on
                                    deposit therein including when such amounts
                                    are initially deposited and all times
                                    subsequent or (ii) a segregated trust
                                    account or segregated accounts maintained as
                                    a segregated account or as segregated
                                    accounts and held by the Trustee in its
                                    Corporate Trust Office in trust for the
                                    benefit of the Unitholders.

Permitted Investments:              The following shall be a Permitted
                                    Investment in addition to the investments
                                    specified in the Standard Terms:

                                    Units of the Dreyfus Cash Management Fund
                                    Investor Shares or any other money market
                                    funds which are rated in the highest
                                    applicable rating category by each Rating
                                    Agency (or such lower rating if the Rating
                                    Agency Condition is satisfied).

Amendment of Trust Agreement:       Section 12.01(a) of the Standard Terms shall
                                    be replaced with the following:

                                    (a) The Trust Agreement may be amended from
                                    time to time by the Depositor and the
                                    Trustee without the consent of any of the
                                    Unitholders, upon delivery by the Depositor
                                    of an Opinion of Counsel acceptable to the
                                    Trustee to the effect that such amendment
                                    will not materially and adversely affect the
                                    interests of any holder of a Class of Units
                                    that is not voting with respect to such
                                    amendment pursuant to Section 12.01(b), for
                                    any of the following purposes: (i) to cure
                                    any ambiguity or defect or to correct or
                                    supplement any provision in the Trust
                                    Agreement which may be defective or
                                    inconsistent with any other provision in the
                                    Trust Agreement; (ii) to provide for any
                                    other terms or modify any other terms with
                                    respect to matters or questions arising
                                    under the Trust Agreement; (iii) to amend
                                    the definitions of Trigger Amount and
                                    Maximum Reimbursable Amount so as to
                                    increase, but not decrease, the respective
                                    amounts contained in such definitions or to
                                    otherwise amend or waive the terms of
                                    Section 10.05(b) in any manner which shall
                                    not adversely affect the Unitholders in any
                                    material respect; (iv) to amend or correct
                                    or to cure any defect with respect to the
                                    Trustee Fee or Expense Administrator's fee;
                                    (v) to evidence and provide for the
                                    acceptance of appointment under the Trust
                                    Agreement by a successor Trustee; or (vi) to
                                    add or change any of the terms of the Trust
                                    Agreement as shall be necessary to provide
                                    for or facilitate the administration of the
                                    Trust, including any amendment necessary to
                                    ensure the classification of the Trust as a
                                    grantor trust for United States federal
                                    income tax purposes; provided, however, that
                                    in the case of any amendment pursuant to any
                                    of clauses (i) through (vi) above, the
                                    Rating Agency Condition shall be satisfied
                                    with respect to such amendment. If more than
                                    one Class of Units has been issued under the
                                    Trust Agreement, the provisions of this
                                    Section 12.01(a) shall apply to each Class
                                    of Units that is not materially and
                                    adversely affected by such amendment.

                                    Section 12.01(c) shall be re-designated
                                    Section 12.01(d).

                                    Section 12.01(b) shall be re-designated
                                    Section 12.01(c).

                                    The following shall constitute Section
                                    12.01(b):

                                    (b) The Trust Agreement may be amended from
                                    time to time by the Depositor and the
                                    Trustee with the consent of a 100% of the
                                    outstanding Unit Principal Balance of each
                                    Class of Units materially and adversely
                                    affected thereby. The Rating Agency
                                    Condition shall be satisfied with respect to
                                    such amendment unless Units representing
                                    100% of the Unit Principal Balance of all
                                    affected Units vote in favor of such
                                    amendment with notice that the Rating Agency
                                    Condition will not be satisfied.

                                    The following shall constitute Section
                                    12.01(e):

                                    (e) For purposes of this Section 12.01,
                                    Schedule III to any Trust Agreement and any
                                    Swap Agreements entered into in connection
                                    with any related Trust shall not be
                                    considered part of the Trust Agreement.
                                    Section 7.02 shall govern action taken under
                                    the Trust Agreement with respect to any
                                    amendments to such Swap Agreements.

Securities Intermediary:            LaSalle Bank National Association acting in
                                    the capacity of securities intermediary.

Additional Representations
Of Trustee and Securities
Intermediary:                       The Unit Account is a "securities account"
                                    within the meaning of Section 8-501 of the
                                    UCC and is held only in the name of the
                                    Trust. The Securities Intermediary is acting
                                    with respect to the Unit Account in the
                                    capacity of a "securities intermediary"
                                    within the meaning of Section 8-102(a)(l4)
                                    of the UCC.

                                    All Securities have been (i) delivered to
                                    the Securities Intermediary pursuant to the
                                    Trust Agreements; (ii) credited to the Unit
                                    Account; and (iii) registered in the name of
                                    the Securities Intermediary or its nominee,
                                    indorsed to the Securities Intermediary or
                                    in blank or credited to another securities
                                    account maintained in the name of the
                                    Securities Intermediary. In no case will any
                                    Securities or other financial asset credited
                                    to a Unit Account be registered in the name
                                    of the Depositor, payable to the order of
                                    the Depositor or specially indorsed to the
                                    Depositor except to the extent the foregoing
                                    have been specially indorsed to the
                                    Securities Intermediary or in blank.

                                    The Unit Account is an account to which
                                    financial assets are or may be credited, and
                                    the Securities Intermediary shall treat the
                                    Trustee as entitled to exercise the rights
                                    that comprise any financial asset credited
                                    to the account.

                                    The Securities Intermediary hereby agrees
                                    that the Securities credited to the Unit
                                    Account shall be treated as a "financial
                                    asset" within the meaning of Section
                                    8-102(a)(9) of the UCC.

                                    If at any time the Securities Intermediary
                                    shall receive any order from the Trustee
                                    directing the transfer of any Securities on
                                    deposit in any Unit Account, the Securities
                                    Intermediary shall comply with such
                                    entitlement order without further consent by
                                    the Depositor or any other Person. The
                                    Securities Intermediary shall take all
                                    instructions (including without limitation
                                    all notifications and entitlement orders)
                                    with respect to each Unit Account solely
                                    from the Trustee.

                                    The Securities Intermediary hereby confirms
                                    and agrees that:

                                    (a) There are no other agreements entered
                                    into between the Securities Intermediary and
                                    the Depositor with respect to any Unit
                                    Account;

                                    (b) It has not entered into, and until the
                                    termination of this Agreement will not enter
                                    into, any agreement with any other Person
                                    relating to any Unit Account and/or any
                                    financial assets credited thereto pursuant
                                    to which it has agreed to comply with
                                    entitlement orders (as defined in Section
                                    8-102(a)(8) of the UCC) of such other
                                    Person; and

                                    (c) It has not entered into, and until the
                                    termination of the Trust Agreements will not
                                    enter into, any agreement with the Depositor
                                    or the Trustee purporting to limit or
                                    condition the obligation of the Securities
                                    Intermediary to comply with entitlement
                                    orders as set forth above

                                    The Trustee hereby represents and warrants
                                    as follows:

                                    (a) The Trustee maintains its books and
                                    records with respect to its securities
                                    accounts in the State of Illinois; and

                                    (b) The Trustee has not granted any lien on
                                    the Securities nor are the Securities
                                    subject to any lien on properties of the
                                    Trustee in its individual capacity; the
                                    Trustee has no actual knowledge and has not
                                    received actual notice of any lien on the
                                    Securities (other than any liens of the
                                    Trustee in favor of the beneficiaries of the
                                    Trust Agreements); other than the interests
                                    of the Unitholders and the potential
                                    interests of the Call Option holders, the
                                    books and records of the Trustee do not
                                    identify any Person as having an interest in
                                    the Securities.

                                    The Trustee makes no representation as to
                                    (i) the validity, legality, sufficiency or
                                    enforceability of any of the Securities or
                                    (ii) the collectability, insurability,
                                    effectiveness or suitability of any of the
                                    Securities.

Additional Depositor
Representations:                    The Depositor hereby represents and warrants
                                    to the Trustee as follows (with respect to
                                    the Closing Date and any additional
                                    issuance):

                                    (a) Immediately prior to the transfer of the
                                    Securities to the applicable Trust, the
                                    Depositor owned and had good and marketable
                                    title to the Securities free and clear of
                                    any lien, claim or encumbrance of any
                                    Person.

                                    (b) The Depositor has received all consents
                                    and approvals required by the terms of the
                                    Securities to the transfer to the Trustee of
                                    its interest and rights in the Securities as
                                    contemplated by the Trust Agreements.

                                    (c) The Depositor has not assigned, pledged,
                                    sold, granted a security interest in or
                                    otherwise conveyed any interest in the
                                    Securities (or, if any such interest has
                                    been assigned, pledged or otherwise
                                    encumbered, it has been released), except
                                    such interests granted pursuant to the Trust
                                    Agreements. The Depositor has not authorized
                                    the filing of and is not aware of any
                                    financing statements against the Depositor
                                    that includes a description of the
                                    Securities, other than any such filings
                                    pursuant to the Trust Agreements. The
                                    Depositor is not aware of any judgment or
                                    tax lien filings against Depositor.

Other Terms:                        The Trust shall not merge or consolidate
                                    with any other trust, entity or person and
                                    the Trust shall not acquire the assets of,
                                    or an interest in, any other trust, entity
                                    or person except as specifically
                                    contemplated herein.

                                    The Trustee shall provide to the Unitholders
                                    and the Swap Counterparties copies of any
                                    notices it receives with respect to a
                                    self-tender offer for the Securities or an
                                    exercise of the call rights under the Swap
                                    Agreement and any other notices with respect
                                    to the Securities. The Trustee shall provide
                                    to the Swap Counterparty any notice from the
                                    Securities Issuer regarding a self-tender
                                    offer for the Securities within two (2)
                                    Business Days of receipt of such notice.

                                    The reference to "B2" in the definition of
                                    Certificate in the Standard Terms shall be
                                    replaced with "Exhibit B2".

                                    The reference to "Section 10.02(ix)" in the
                                    definition of Available Funds in the
                                    Standard Terms shall be replaced with
                                    "Section 10.02(a)(ix)".

                                    The reference to "Section 3.04" in the
                                    definition of Unit Account in the Standard
                                    Terms shall be replaced with "Section 3.05".

                                    The transfer by the Depositor to the Trustee
                                    specified in Section 2.01(a) of the Standard
                                    Terms shall be in trust.

                                    Section 2.06 of the Standard Terms shall be
                                    incorporated herein by inserting "cash in an
                                    amount equal to the premium under the Swap
                                    Agreement and" after the phrase
                                    "constituting the Trust Property," therein.

                                    The reference to "calendar day" in the last
                                    sentence of Section 3.06 of the Standard
                                    Terms shall be replaced with "Business Day".

                                    Section 4.02(d) of the Standard Terms shall
                                    be incorporated herein by striking "and the
                                    Trustee on behalf of the Unitholders" from
                                    the first sentence of the second paragraph
                                    thereof.

                                    Section 5.03(c) of the Standard Terms shall
                                    be incorporated herein by striking "(if so
                                    required by the Trustee or the Unit
                                    Registrar)" from the first sentence thereof.

                                    Section 7.01(c)(i) of the Standard Terms
                                    shall be incorporated herein by replacing
                                    the first word thereof ("after") with
                                    "alter".

                                    Section 7.01(c) of the Standard Terms shall
                                    be incorporated herein by inserting "(i)"
                                    between "Securities" and "would" in the
                                    clause that begins "and provided, further,"
                                    and adding at the end of the same sentence
                                    "and (ii) will not alter the classification
                                    of the Trust for Federal income tax
                                    purposes."

                                    Section 7.02 of the Standard Terms shall be
                                    incorporated herein by striking "(i) the
                                    Trustee determines that such amendment will
                                    not adversely affect the interests of the
                                    Unitholders and (ii)" from the first
                                    sentence thereof, inserting "on which it may
                                    conclusively rely" after "Opinion of
                                    Counsel" in such sentence, and striking
                                    "clause (ii)" from the second sentence of
                                    such Section.

                                    For the avoidance of doubt, Section 9.03(c)
                                    of the Standard Terms shall not be
                                    incorporated herein. For the avoidance of
                                    doubt, the Securities may not be distributed
                                    to Unitholders under any circumstances,
                                    other than to the Depositor exercising
                                    exchangeable series rights.

                                    Section 9.03(i) of the Standard Terms shall
                                    be incorporated herein by striking "or oral"
                                    after the phrase "at any time by" in the
                                    third sentence thereof.

                                    Clause (ix) of Section 10.02(a) shall not
                                    apply.

                                    Section 10.02(a)(x) of the Standard Terms
                                    shall be replaced with the following:

                                    (x) the Trustee shall have the power to sell
                                    the Securities and other Trust Property, in
                                    accordance with Article IX and XI, through
                                    the Selling Agent or, if the Selling Agent
                                    shall have resigned or declined to sell some
                                    or all of the Securities, any broker
                                    selected by the Trustee (at the direction of
                                    the Depositor) with reasonable care, in an
                                    amount sufficient to pay any amount due to
                                    the Swap Counterparty under the Swap
                                    Agreement (including Termination Payments)
                                    or reimbursable to itself in respect of
                                    unpaid Extraordinary Trust Expenses and to
                                    use the proceeds thereof to make such
                                    payments after the distribution of funds or
                                    Trust Property to Unitholders. Any such
                                    broker shall be instructed by the Trustee to
                                    sell such Trust Property in a reasonable
                                    manner designed to maximize the sale
                                    proceeds.

                                    Section 10.05(b) of the Standard Terms shall
                                    be incorporated herein by replacing ",
                                    pursuant to the first sentence of this
                                    paragraph" with "the Trustee shall be
                                    indemnified by the Trust, however," in the
                                    last sentence thereof.

                                    Section 10.06(a) of the Standard Terms shall
                                    be incorporated herein by inserting "or
                                    association" after the word "corporation" in
                                    the second sentence thereof.

                                    Section 10.07(a) of the Standard Terms shall
                                    be incorporated herein by replacing "notice
                                    or resignation" with "notice of resignation"
                                    in the second sentence thereof and striking
                                    the last two sentences thereof.

                                    Section 10.10(b) of the Standard Terms shall
                                    be incorporated herein by inserting "The
                                    Trustee shall not be liable for the acts or
                                    omissions of any co-trustee." after the last
                                    sentence thereof.

                                    Section 10.14 of the Standard Terms shall be
                                    replaced with the following:

                                    SECTION 10.14. Non-Petition. Prior to the
                                    date that is one year and one day after all
                                    distributions in respect of the Units have
                                    been made, none of the Trustee, the Trust or
                                    the Depositor shall take any action,
                                    institute any proceeding, join in any action
                                    or proceeding or otherwise cause any action
                                    or proceeding against any of the others
                                    under the United States Bankruptcy Code or
                                    any other liquidation, insolvency,
                                    bankruptcy, moratorium, reorganization or
                                    similar law ("Insolvency Law") applicable to
                                    any of them, now or hereafter in effect, or
                                    which would be reasonably likely to cause
                                    any of the others to be subject to, or seek
                                    the protection of, any such Insolvency Law.

                                    Section 12.01(a) of the Standard Terms shall
                                    be incorporated herein by replacing "(v)"
                                    with "(vi)" in the last proviso thereof.

                                    Section 12.01(c) of the Standard Terms shall
                                    be incorporated herein by inserting ",
                                    provided at the expense of the party
                                    requesting such amendment," after "Opinion
                                    of Counsel".

                                    Section 12.05 of the Standard Terms shall be
                                    incorporated herein by striking "the Trustee
                                    and" in the last sentence of the second
                                    paragraph thereof.

                                    The reference to "its President, its
                                    Treasurer, or one of its Vice Presidents,
                                    Assistant Vice Presidents or Trust Officers"
                                    in the first sentence of Section 5.02(a) of
                                    the Standard Terms shall be replaced with "a
                                    Responsible Officer".

                                    The reference to "the proper officers" in
                                    the second sentence of Section 5.02(a) of
                                    the Standard Terms shall be replaced with "a
                                    Responsible Officer".

                                    The reference to "one of its authorized
                                    signatories" in the first sentence of
                                    Section 5.02(d) of the Standard Terms shall
                                    be replaced with "a Responsible Officer".

                                    The reference to the "Trust" in the first
                                    sentence of Section 5.08(b) of the Standard
                                    Terms shall be replaced with the "Trustee".

                                    References to D&P in the Standard Terms
                                    shall be incorporated as references to Fitch
                                    Inc. ("Fitch").

<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Securities:                         General Electric Global Insurance Holding
                                    Corporation 7.000% debentures due February
                                    15, 2026

Security Issuer:                    General Electric Global Insurance Holding
                                    Corporation

                                    The Security Issuer will be treated as an
                                    Eligible Issuer if (i) it is an Eligible
                                    Issuer or (ii) it is a Reporting Issuer and
                                    a wholly owned subsidiary (direct or
                                    indirect) of an Eligible Issuer.

Principal Amount:                   $25,000,000

Security Rate:                      7.000%

Credit Ratings:                     Aa1 on watch for possible downgrade by
                                    Moody's

                                    AA- credit watch negative by S&P

Listing:                            Luxembourg Stock Exchange

Security Agreement:                 An indenture dated as of February 1, 1996
                                    between the Security Issuer and the Security
                                    Trustee as supplemented and amended from
                                    time to time.

Form:                               Global

Currency of
Denomination:                       United States dollars

Acquisition Price by Trust:         $26,056,000

Security Payment Date:              Each February 15 and August 15

Original Issue Date:                The Securities were originally issued in a
                                    public offering on or about February 26,
                                    1996 in a principal amount of $600,000,000.

Maturity Date:                      February 15, 2026

Sinking Fund Terms:                 Not Applicable

Redemption Terms:                   Not Applicable.

CUSIP No.:/ISIN No.                 36158FAA8

Security Trustee:                   JPMorgan Chase Bank

Available Information
Regarding the Security Issuer
(if other than U.S.
Treasury obligations):              The Security Issuer is subject to the
                                    informational requirements of the Securities
                                    Exchange Act of 1934, as amended, and in
                                    accordance therewith files reports and other
                                    information with the Securities and Exchange
                                    Commission (the "Commission"). Such reports
                                    and other information can be inspected and
                                    copied at the public reference facilities
                                    maintained by the Commission at 450 Fifth
                                    Street, N.W., Washington, D.C. 20549 and at
                                    the following Regional Offices of the
                                    Commission: Woolworth Building, 233
                                    Broadway, New York, New York 10279, and
                                    Northwest Atrium Center, 500 West Madison
                                    Street, Chicago, Illinois 60661. Copies of
                                    such materials can be obtained from the
                                    Public Reference Section of the Commission
                                    at 450 Fifth Street, N.W., Washington,
                                    District of Columbia 20549 at prescribed
                                    rates.

<PAGE>

                                  Schedule III
                              (Call Option Confirm)

<PAGE>

--------------------------------------------------------------------------------
Date:     October 29, 2002

To:       SATURNS Trust No. 2002-13        From:    Morgan  Stanley  & Co.
                                                    International Limited

Attn:     Asset-Backed Securities Group    Contact: Chris Boas
          SATURNS Trust No. 2002-13

Fax:      312-904-2084                     Fax:     212-761-0406

Tel:      312-904-9387                     Tel:     212-761-1395
--------------------------------------------------------------------------------

Re: Bond Option Transaction. MS Reference Number SQ1U1

        The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between you and Morgan Stanley & Co.
International Limited ("MSIL"), with Morgan Stanley & Co. Incorporated
("MS&Co."), as agent, on the Trade Date specified below (the "Transaction").
This letter agreement constitutes a "Confirmation" as referred to in the
Agreement below.

        The definitions and provisions contained in the 1997 ISDA Government
Bond Option Definitions as published by the International Swaps and Derivatives
Association, Inc. ("ISDA") are incorporated into this Confirmation and this
transaction shall be deemed a "Government Bond Option Transaction" for purposes
of such definitions. In the event of any inconsistency between those definitions
and this Confirmation, this Confirmation will govern.

        1. This Confirmation supplements, forms a part of, and is subject to,
the ISDA Master Agreement dated as of the date hereof, as amended and
supplemented from time to time (the "Agreement"), between you and us. All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below.

        2. The terms of the particular Transaction to which this Confirmation
relates are as follows:

I. General Terms

Trade Date:                         October 11, 2002

Option Style:                       American

Option Type:                        Call

Buyer:                              MSIL ("Party A")

Seller:                             SATURNS Trust No. 2002-13 ("Party B")
<TABLE>
<CAPTION>

Bonds:                              The obligation identified as follows:
<S>                                 <C>                    <C>
                                    Bond Issuer:           General Electric Global
                                                           Insurance Holding Corporation
                                    Issue:                 7.000% debentures due 2026
                                    CUSIP:                 36158FAA8
                                    Coupon:                7.000%
                                    Maturity Date:         February 15, 2026
                                    Face Amount Purchased: USD 25,000,000
</TABLE>

Premium:                            USD 62,500

Premium Payment Date:               October 29, 2002

Number of Options:                  25,000

Option Entitlement:                 USD 1,000 of face amount of the Bonds per
                                    Option.

Strike Price:                       (i) For any Exercise Date prior to October
                                    29, 2007, in the case of an exercise related
                                    to a self-tender by the Bond Issuer for
                                    Bonds held by the Trust, 106% of the face
                                    amount of the Bonds exclusive of accrued
                                    interest or (ii) for any Exercise Date on or
                                    after October 29, 2007, 100% of the face
                                    amount of the Bonds exclusive of accrued
                                    interest.

Calculation Agent:                  Party A

II. Exercise Terms

Automatic Exercise:                 Inapplicable

Exercise Period:                    Any Business Day from, and including, 9:00
                                    a.m. (New York time) on October 29, 2007,
                                    to, and including, the Expiration Time on
                                    the Expiration Date; provided, however, the
                                    Exercise Period shall also include any
                                    Business Day prior to October 29, 2007, if
                                    notice of self-tender has been delivered by
                                    the Bond Issuer as to Bonds held by the
                                    Trust.

Exercise Date:                      For each Option exercised, the day during
                                    the Exercise Period on which that Option is
                                    exercised.

Rescission of Exercise:             Party A may rescind its notice of exercise
                                    at any time prior to the Settlement Date by
                                    providing notice of rescission to Party B.

                                    If Cash Settlement applies and if Party B
                                    cannot obtain a bid for the Bonds held by
                                    it in excess of the Strike Price together
                                    with accrued interest on the Bonds, then
                                    Party A's notice of exercise shall be
                                    rescinded. If Cash Settlement applies and
                                    Party A exercises its Options in
                                    connection with a self-tender for
                                    settlement prior to October 29, 2007,
                                    Party A's notice of exercise shall be
                                    automatically rescinded if the price
                                    offered by the Bond Issuer does not exceed
                                    the Strike Price together with accrued
                                    interest on the Bonds.

                                    Upon any rescission of exercise (whether
                                    pursuant to the foregoing sentence or
                                    otherwise) the Options for which notice of
                                    exercise was given and for which exercise
                                    was rescinded shall continue in full force
                                    and effect without regard to such
                                    provision of notice.

Multiple Exercise:                  Applicable

Minimum Number of Options:          1

Written Confirmation of Exercise:   Applicable. Buyer shall give exercise notice
                                    which may be given orally (including by
                                    telephone) during the Exercise Period but no
                                    later than the Notification Date. Buyer will
                                    execute and deliver a written exercise
                                    notice confirming the substance of such oral
                                    notice, however, failure to provide such
                                    written notice will not affect the validity
                                    of the oral notice.

Limitation on Rights of MSIL:       Buyer may, by written notice thereof to
                                    Seller, delegate its rights to provide a
                                    notice of exercise hereunder to a third
                                    party (the "Third Party"). Any such
                                    delegation will be irrevocable by Buyer
                                    without the written consent of the Third
                                    Party. Any such Third Party will have the
                                    same rights and obligations regarding
                                    providing notice of exercise hereunder as
                                    the Buyer had prior to such delegation.
                                    While any such delegation is effective,
                                    Seller will only recognize a notice of
                                    exercise that is provided by the Third
                                    Party.

Notification Date:                  The Swap Counterparty may give notice of its
                                    intention to exercise the call rights under
                                    the Swap Agreement on not less than 15 or
                                    more than 60-calendar days' notice. The Swap
                                    Counterparty may give notice of its
                                    intention to exercise its call rights under
                                    the Swap Agreement with respect to Bonds
                                    held by the Trust as to which the Bond
                                    Issuer has given notice of its intention to
                                    redeem or notice of a self-tender with two
                                    business days notice prior to the settlement
                                    of exercise but no later than 4:00 p.m. New
                                    York time on the second Business Day
                                    immediately preceding the scheduled
                                    settlement of such redemption or
                                    self-tender.

Limited Right to Confirm            Inapplicable
Exercise:

Expiration Date:                    February 15, 2023

Expiration Time:                    4:00 p.m. New York time

Business Days:                      New York and Chicago

III. Settlements:

Settlement:                         Cash Settlement if MSIL is Party A;
                                    otherwise Physical Settlement. Party A will
                                    notify Party B separately regarding the
                                    clearance system details for Physical
                                    Settlement.

Spot Price (Cash Settlement Only):  The cash proceeds received by Party B in
                                    connection with sale of the Bonds by Party
                                    B, excluding any amounts in respect of
                                    accrued interest. In the event of a
                                    self-tender by the Bond Issuer, the self
                                    tender price, as applicable, paid by the
                                    Bond Issuer, excluding accrued interest.

Deposit of Bond Payment
(Physical Settlement Only):         Party A must deposit the Bond Payment with
                                    the Trustee on the Business Day prior to the
                                    Exercise Date. The Bonds are to be delivered
                                    "free" to Party A.

Additional  Payment  Obligation
of Party A:                         To the Expense Administrator (the "Expense
                                    Administrator Payment Obligation"):

                                    If any exercise of Options hereunder is an
                                    exercise of less than all Options
                                    remaining unexercised hereunder, Party A
                                    shall pay to the Expense Administrator an
                                    amount equal to the present value of a
                                    stream of payments equal to $5,575 payable
                                    on each payment date for the Bonds until
                                    the maturity of the Bonds discounted at a
                                    rate of 5.0% per annum on the basis of a
                                    360 day year consisting of twelve 30 day
                                    months from the date of such exercise
                                    until the Scheduled Final Distribution
                                    Date (as defined in the Trust Agreement),
                                    assuming for this purpose that the Trust
                                    (as defined in the Trust Agreement) is not
                                    terminated prior to the Scheduled Final
                                    Distribution Date, multiplied by the
                                    Option Entitlement multiplied by the
                                    number of Options exercised and divided by
                                    $25,000,000.

                                    To Party B for Payment on the Class B
                                    Units (the "Class B Unit Payment
                                    Obligation"):

                                    Upon any exercise hereunder, Party A shall
                                    pay to Party B, for distribution with
                                    respect to the Class B Units, the present
                                    value of the Future Class B Unit Interest
                                    in respect of the Class B Unit
                                    Corresponding Portion discounted at a rate
                                    of 7.000% per annum on the basis of a 360
                                    day year consisting of twelve 30 day
                                    months.

Settlement Date:                    For Cash Settlement, as applicable, the
                                    Business Day of settlement of the sale of
                                    the Bonds by Party B. For Physical
                                    Settlement, the Exercise Date.

        3. Additional Definitions.

        "Class B Unit" means the Class B Unit issued under the Trust Agreement.

        "Class B Unit Corresponding Portion" means, at any time, a notional
amount of the Class B Units equal to the number of Options exercised at such
time multiplied by the Option Entitlement.

        "Expense Administration Agreement" means the expense administration
agreement dated as of the date hereof between Party B and the Expense
Administrator.

        "Expense Administrator" means MSDW Structured Asset Corp. acting
pursuant to the Expense Administration Agreement.

        "Future Class B Unit Interest" means at any time and from time to time,
the interest on the Class B Unit Corresponding Portion, other than interest
accrued through the Settlement Date, that would have accrued at the rate and in
the manner specified in the Trust Agreement and would have been payable at the
times specified in the Trust Agreement had the rights to purchase the Bonds
hereunder not been exercised.

        "Trust Agreement" means the trust agreement dated as of the date hereof
between the MSDW Structured Asset Corp. and LaSalle Bank National Association.

        4. Representations. Morgan Stanley & Co. Incorporated is acting as agent
for both parties but does not guarantee the performance of Party A.

        5. Additional Termination Event. As set forth in the Agreement, a Trust
Wind-Up Event will result in an Additional Termination Event under the Agreement
with respect to which Party B shall be the Affected Party and this Transaction
shall be an Affected Transaction.

        6. Swap Termination Payments. In the event an Early Termination Date is
designated with respect to which this Transaction is an Affected Transaction,
there shall be payable to Party A as a termination payment in lieu of the
termination payment determined in accordance with Section 6(e) of the Agreement
an amount equal to the excess (if any) of the sale proceeds, excluding accrued
interest, of the Bonds in excess of the aggregate outstanding Unit Principal
Balance (as defined in the Trust Agreement).

        7. Assignment. The rights under this Confirmation and the Agreement may
be assigned at any time and from time to time in whole or in part; provided that
the Rating Agency Condition (as defined in the Trust Agreement) is satisfied
with respect to such assignment and any transfer. The transferee in any such
assignment or transfer must be a qualified institutional buyer as defined in
Rule 144A under the Securities Act of 1933, as amended.

        8. Account Details.

Payments to Party A:                Citibank, N.A., New York
                                    SWIFT BIC Code: CITIUS33
                                    ABA No.  021 000 089
                                    FAO: Morgan Stanley & Co. International
                                    Limited
                                    Account No. 3042-1519

Operations Contact:                 Barbara Kent
                                    Tel  212-537-1449
                                    Fax  212-537-1868

Payments to Party B:                LaSalle Bank, Chicago, Illinois
                                    ABA No. 071 000 505
                                    Reference:  SATURNS 2002-13
                                    Unit Account / AC-2090067/
                                    Account No.: 67-9102-301

Operations Contact:                 Andy Streepey
                                    Tel:  312-904-9387
                                    Fax: 312-904-2084

<PAGE>

                                                                  MORGAN STANLEY

        Please confirm that the foregoing correctly sets forth the terms of our
agreement MS Reference Number SQ1U1 by executing this Confirmation and returning
it to us.

Best Regards,

MORGAN STANLEY & CO. INTERNATIONAL LIMITED

BBY:   /s/ Chris Boas
    -------------------------------------------------
     Name:   Chris Boas
     Title:  Attorney in fact

Acknowledged and agreed as of the date first written above:

SATURNS TRUST NO. 2002-13
BY:  LaSalle Bank National Association,
     solely as Trustee and not in its individual capacity.

BY:  /s/ Ann M. Kelly
   --------------------------------------------------
     Name:   Ann M. Kelly
     Title:  Assistant Vice-President

MORGAN STANLEY & CO. INCORPORATED hereby agrees to and
acknowledges its role as agent for both parties in accordance with
the Schedule to the Agreement.

BY:   /s/ John Kehoe
    -------------------------------------------------
     Name:  John Kehoe
     Title: Attorney in factEXHIBIT 4.1

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

           BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES 2002-18 TRUST

                                    between

                            LEHMAN ABS CORPORATION,

                                 as Depositor,

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,

                                  as Trustee,

                      CORPORATE BACKED TRUST CERTIFICATES

                          Dated as of October 31, 2002

<PAGE>

                               Table of Contents
                                                                         Page

Section 1. Incorporation of Standard Terms .................................1

Section 2. Definitions. ....................................................1

Section 3. Designation of Trust and Certificates ...........................9

Section 4. Trust Certificates ..............................................12

Section 5. Distributions. ..................................................12

Section 6. Trustee's Fees. .................................................16

Section 7. Optional Call; Optional Exchange. .. ............................16

Section 8. Notices of Events of Default. ...................................20

Section 9. Miscellaneous. ..................................................20

Section 10. Governing Law ..................................................24

Section 11. Counterparts ...................................................24

Section 12. Termination of the Trust .......................................24

Section 13. Sale of Underlying Securities; Optional Exchange ...............24

Section 14. Amendments .....................................................24

Section 15. Voting of Underlying Securities, Modification of Indenture..... 25

Section 16. Additional Depositor Representation ............................26

SCHEDULE I      SERIES 2002-18 UNDERLYING SECURITIES SCHEDULE
EXHIBIT A-1     FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2A    FORM OF TRUST CERTIFICATE CLASS A-2A
EXHIBIT A-2B    FORM OF TRUST CERTIFICATE CLASS A-2B
EXHIBIT B       FORM OF WARRANT AGENT AGREEMENT
EXHIBIT C       FORM OF INVESTMENT LETTER

                                       i
<PAGE>

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

          BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES 2002-18 TRUST

          SERIES SUPPLEMENT, Bristol-Myers Squibb Debenture-Backed Series
2002-18, dated as of October 31, 2002 (the "Series Supplement"), by and between
LEHMAN ABS CORPORATION, as Depositor (the "Depositor"), and U.S. BANK TRUST
NATIONAL ASSOCIATION, as Trustee (the "Trustee").

                              W I T N E S S E T H:

          WHEREAS, the Depositor desires to create the Trust designated
herein (the "Trust") by executing and delivering this Series Supplement,
which shall incorporate the terms of the Standard Terms for Trust Agreements,
dated as of January 16, 2001 (the "Standard Terms" and, together with this
Series Supplement, the "Trust Agreement"), by and between the Depositor and
the Trustee, as modified by this Series Supplement;

          WHEREAS, the Depositor desires to deposit into the Trust the
Underlying Securities set forth on Schedule I attached hereto (the
"Underlying Securities Schedule") the general terms of which are described in
the Prospectus Supplement under the heading "Description of the Deposited
Assets - Underlying Securities;"

          WHEREAS, in connection with the creation of the Trust and the
deposit therein of the Underlying Securities, it is desired to provide for
the issuance of trust certificates  evidencing undivided interests in the
Trust and call warrants related thereto; and

          WHEREAS, the Trustee has joined in the execution of the Standard
Terms and this Series Supplement to evidence the acceptance by the Trustee of
the Trust.

          NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants expressed herein, it is hereby agreed by and between the
Depositor and the Trustee as follows:

     Section 1. Incorporation of Standard Terms. Except as otherwise provided
herein, all of the provisions of the Standard Terms are hereby incorporated
herein by reference in their entirety, and this Series Supplement and the
Standard Terms shall form a single agreement between the parties. In the event
of any inconsistency between the provisions of this Series Supplement and the
provisions of the Standard Terms, the provisions of this Series Supplement will
control with respect to the Bristol-Myers Squibb Debenture-Backed Series
2002-18 Certificates and the transactions described herein.

      Section 2.  Definitions.

      (a)  Except as otherwise specified herein or as the context may
otherwise require, the following terms shall have the respective meanings set
forth below for all purposes under this Series Supplement.  (Section 2(b)
below sets forth terms listed in the Standard Terms which are

                                       1
<PAGE>

not applicable to this Series.) Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Standard Terms.

           "Accredited Investor" shall mean a Person that qualifies as an
"accredited investor" within the meaning of Rule 501(a) under the Securities
Act.

           "Available Funds" shall have the meaning specified in the Standard
Terms, except that proceeds of any redemption of the Underlying Securities
shall be included in Available Funds.

           "Business Day" shall mean any day other than (i) Saturday and
Sunday or (ii) a day on which banking institutions in New York City, New York
are authorized or obligated by law or executive order to be closed for
business or (iii) a day that is not a business day for the purposes of the
Indenture.

           "Calculation Agent" shall mean Lehman ABS Corporation or such
affiliate thereof as shall be designated by Lehman ABS Corporation.

           "Call Date" shall mean any Business Day (i) on or after October 31,
2007, (ii) after the Underlying Securities Issuer announces that it will
redeem (in whole or in part) or otherwise make an unscheduled payment on the
Underlying Securities, (iii) after the Trustee notifies the
Certificateholders of any proposed sale of the Underlying Securities pursuant
to the provisions of this Series Supplement or (iv) on which a tender offer
for some or all of the Underlying Securities is consummated.

           "Call Notice" shall have the meaning specified in Section 1.1 of
the Warrant Agent Agreement.

           "Call Price" shall mean, for each related Call Date, (i) in the
case of the Class A-1 Certificates, 100% of the outstanding Certificate
Principal Balance of the Class A-1 Certificates being purchased pursuant to
the exercise of the Call Warrants, plus any accrued and unpaid interest on
such amount to but excluding the Call Date and (ii) in the case of the Class
A-2 Certificates, the present value of all amounts that would otherwise have
been payable on the Class A-2 Certificates being purchased pursuant to the
exercise of the Call Warrants for the period from the related Call Date to
the Final Scheduled Distribution Date using a discount rate of 8.125% per
annum, assuming no delinquencies, deferrals, redemptions or prepayments on
the Underlying Securities shall occur after the related Call Date.

           "Call Warrants" shall have the meaning specified in Section 3
hereof.

           "Called Certificates" shall have the meaning specified in Section
1.1 (b) of the Warrant Agent Agreement.

           "Certificate Account" shall have the meaning specified in the
Standard Terms.

           "Certificates" shall have the meaning specified in Section 3 hereof.

                                       2
<PAGE>

           "Class A-1 Allocation" shall mean the sum of the present values
(discounted at the rate of 6.25% per annum) of (i) any unpaid interest due or
to become due on the Class A-1 Certificates and (ii) the outstanding
Certificate Principal Balance of the Class A-1 Certificates (in each case
assuming that the Class A-1 Certificates were paid when due and were not
redeemed or prepaid prior to their stated maturity).

           "Class A-1 Certificates" shall mean the Certificates, in the form
attached hereto as Exhibit A-1, to be issued by the Trust representing a
proportionate undivided beneficial ownership interest in certain
distributions to be made by the Trust and having the characteristics
described herein and in the Certificates.

           "Class A-2 Allocation" shall mean the present value (discounted at
the rate of 6.25% per annum) of any unpaid amounts due or to become due on
the outstanding notional amount of the Class A-2 Certificates (assuming that
the Class A-2 Certificates were paid when due and were not redeemed or
prepaid prior to their stated maturity); provided that any amount to be
distributed to the Class A-2 Certificates shall be distributed as between the
Class A-2A Certificates and the Class A-2B Certificates, pro rata in the
proportion of the ratio of the Class A-2A Allocation to the Class A-2B
Allocation.

           "Class A-2A Allocation" shall mean the present value (discounted at
the rate of 6.25% per annum) of any unpaid amounts due or to become due on
the Class A-2A Certificates (assuming that the Class A-2A Certificates were
paid when due and were not redeemed prior to their stated maturity).

           "Class A-2B Allocation" shall mean the present value (discounted at
the rate of 6.25% per annum) of any unpaid amounts due or to become due on
the Class A-2B Certificates (assuming that the Class A-2B Certificates were
paid when due and were not redeemed prior to their stated maturity).

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

           "Class A-2A Certificates" shall mean the Certificates, in the form
attached hereto as Exhibit A-2A, to be issued by the Trust representing a
proportionate undivided beneficial ownership interest in certain
distributions to be made by the Trust on and prior to the Distribution Date
in August 2042 and having the characteristics described herein and in the
Certificates.

           "Class A-2B Certificates" shall mean the Certificates, in the form
attached hereto as Exhibit A-2B, to be issued by the Trust representing a
proportionate undivided beneficial ownership interest in certain
distributions to be made by the Trust subsequent to the Distribution Date in
August 2042 and having the characteristics described herein and in the
Certificates.

           "Closing Date" shall mean October 31, 2002.

           "Code" means the Internal Revenue Code of 1986, as amended.

                                       3
<PAGE>

           "Collection Period" shall mean, (i) with respect to each August
Distribution Date, the period beginning on the day after the February
Distribution Date of such year and ending on such August Distribution Date,
inclusive and, (ii) with respect to each February Distribution Date, the
period beginning on the day after the August Distribution Date of the prior
year and ending on such February Distribution Date, inclusive; provided,
however, that clauses (i) and (ii) shall be subject to Section 9(f) hereof.

           "Corporate Trust Office" shall mean the office of U.S. Bank Trust
National Association located at 100 Wall Street, New York, New York 10005.

           "Currency" shall mean United States Dollars.

           "Depository" shall mean The Depository Trust Company, its nominees
and their respective successors.

           "Distribution Date" shall mean February 1st and August 1st of each
year (or if such date is not a Business Day, the next succeeding Business
Day), commencing on February 1, 2003, and ending on the earlier of the Final
Scheduled Distribution Date and any date on which all Underlying Securities
are redeemed pursuant to the Indenture or prepaid or liquidated in whole for
any reason other than at their maturity.

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

           "Event of Default" shall mean (i) a default in the payment of any
interest on any Underlying Security after the same becomes due and payable
(subject to any applicable grace period), (ii) a default in the payment of
the principal of or any installment of principal of any Underlying Security
when the same becomes due and payable, and (iii) any other event specified as
an "Event of Default" in the Indenture.

           "Exchange Act" shall mean the Securities and Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder.

           "Final Scheduled Distribution Date" shall mean (i) in the case of
the Class A-2A Certificates, the Distribution Date in August 2042 and (ii) in
the Case of the Class A-1 Certificates and the Class A-2B Certificates, the
Distribution Date in August 2097, or, in each case, if such day is not a
Business Day, the next succeeding Business Day.

           "Indenture" shall mean the indenture among the Underlying
Securities Issuer and the Underlying Securities Trustee, pursuant to which
the Underlying Securities were issued.

           "Interest Accrual Period" shall mean for any Distribution Date, the
period from and including the preceding Distribution Date (or in the case of
the first Interest Accrual Period, from and including October 31, 2002) to
but excluding the current Distribution Date.

           "Liquidation Price" shall mean the price at which the Trustee sells
the Underlying Securities.

                                       4
<PAGE>

           "Liquidation Proceeds" shall have the meaning specified in the
Standard Terms.

           "Maturity Date" shall have the meaning specified in Schedule I
hereto.

           "Moody's" shall mean Moody's Investors Service, Inc.

           "Optional Call" shall mean the call of the Certificates by the
Warrant Holder, in whole or in part, resulting from the exercise of Call
Warrants by the Warrant Holder, pursuant to Section 7(d) hereof.

           "Optional Exchange" shall mean the exchange of the Certificates by
the Trust for the Underlying Securities pursuant to Section 7(a) hereof.

           "Optional Exchange Date" shall mean any date on which Underlying
Securities subject to Optional Exchange are distributed to a
Certificateholder.

           "Ordinary Expenses" shall mean the Trustee's ordinary expenses and
overhead in connection with its services as Trustee, including the items
referred to in the definition of Ordinary Expenses in the Standard Terms.

           "Plan" means (a) an employee benefit plan (as defined in Section
3(3) of ERISA), (b) a plan described in Section 4975(e)(1) of the Code or (c)
any entity whose underlying assets are treated as assets of any such plan by
reason of such plan's investment in the entity.

           "Prepaid Ordinary Expenses" shall be zero for this Series.

           "Prospectus Supplement" shall mean the Prospectus Supplement, dated
October 23, 2002, relating to the Certificates.

           "QIB" shall have the meaning set forth in Section 3(e) hereof.

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

           "Record Date" shall mean, with respect to each Distribution Date,
the day immediately preceding the related Distribution Date.

           "Required Percentage-Amendment" shall be 66-2/3% of the aggregate
Voting Rights, unless the subject amendment requires the vote of holders of
only one class of Certificates pursuant to the Standard Terms, in which case
66-2/3% of the Voting Rights of such Class.

           "Required Percentage-Direction of Trustee" shall be 66-2/3% of the
aggregate Voting Rights.

           "Required Percentage-Remedies" shall be 66-2/3% of the aggregate
Voting Rights.

           "Required Percentage-Removal" shall be 66-2/3% of the aggregate
Voting Rights.

                                       5
<PAGE>

           "Required Rating" shall mean, in the case of Moody's, the rating
assigned to the Underlying Securities by Moody's as of the Closing Date, and,
in the case of S&P, the rating assigned to the Underlying Securities by S&P
as of the Closing Date.

           "Resale Restriction Termination Date" shall have the meaning set
forth in Section 3(e) hereof.

           "Rule 144A" shall have the meaning set forth in Section 3(e) hereof.

           "S&P" shall mean Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc.

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

           "Series" shall mean Bristol-Myers Squibb Debenture-Backed Series
2002-18.

           "Special Distribution Date" shall have the meaning specified in
Section 5 hereof.

           "Tax Event" means that the Underlying Securities Issuer shall have
received an opinion of nationally recognized independent tax counsel to the
effect that, as a result of (a) any amendment to, clarification of, or change
(including any announced prospective amendment, clarification or change) in
any law, or any regulation thereunder, of the United States, (b) any judicial
decision, official administrative pronouncement, ruling, regulatory
procedure, regulation, notice or announcement, including any notice or
announcement of intent to adopt or promulgate any ruling, regulatory
procedure or regulation (any of the foregoing, an `Administrative or Judicial
Action'), or (c) any amendment to, clarification of or change in any official
position with respect to, or any interpretation of, any Administrative or
Judicial Action or a law or regulation of the United States that differs from
the theretofore generally accepted position or interpretation, in each case,
occurring on or after August 12, 1997, there is more than insubstantial risk
that interest paid by the Underlying Securities Issuer on the Underlying
Securities is not, or will not be, deductible, in whole or in part, by the
Underlying Securities Issuer for United States federal income tax purposes.

           "Trustee Fee" shall mean the amount paid to the Trustee by the
Depositor on the Closing Date.

           "Trust Property" shall mean the Underlying Securities described on
Schedule I hereto, the Certificate Account and any additional Underlying
Securities sold to the Trust pursuant to Section 3(d) hereof.

           "Underlying Securities" shall mean $25,180,000 aggregate principal
amount of  6.875% Notes due August 1, 2097, issued by the Underlying
Securities Issuer, as set forth in Schedule I attached hereto (subject to
Section 3(d) hereof).

           "Underlying Securities Issuer" shall mean Bristol-Myers Squibb
Company.

           "Underlying Securities Trustee" shall mean The Chase Manhattan Bank
(National Association).

                                       6
<PAGE>

           "Underwriters" shall mean Lehman Brothers Inc.

           "Voting Rights" shall be allocated between the holders of the
Class A-1 Certificates and the holders of the Class A-2 Certificates, pro
rata, in proportion to the ratio of  the Class A-1 Allocation to the
Class A-2 Allocation.  The Class A-1 Voting Rights will be allocated among
Class A-1 Certificateholders in proportion to the then unpaid Certificate
Principal Balances of their respective Certificates.  The Class A-2 Voting
Rights will be allocated between the Class A-2A Certificateholders and the
Class A-2B Certificateholders, pro rata, in proportion to the ratio of  the
Class A-2A Allocation to the Class A-2B Allocation.  The Class A-2A Voting
Rights will be allocated among Class A-2A Certificateholders in proportion to
the then outstanding notional amounts of their respective Class A-2A
Certificates and the A-2B Voting Rights will be allocated among Class A-2B
Certificateholders in proportion to the then outstanding notional amounts of
their respective Class A-2B Certificates.

           "Warrant Agent" shall mean initially, U.S. Bank Trust National
Association.

           "Warrant Agent Agreement" shall mean that certain Warrant Agent
Agreement, dated as of the date hereof, between the Depositor and U.S. Bank
Trust National Association, as Warrant Agent and as Trustee, as the same may
be amended from time to time.

           "Warrant Holder" shall mean the holder of a Call Warrant.

      (b)  The terms listed below are not applicable to this Series.

                "Accounting Date"

                "Administrative Fees"

                "Advance"

                "Allowable Expense Amounts"

                "Basic Documents"

                "Call Premium Percentage"

                "Credit Support"

                "Credit Support Instrument"

                "Credit Support Provider"

                "Cut-off Date"

                "Eligible Expense"

                "Eligible Investment"

                "Exchange Rate Agent"

                                       7
<PAGE>

                "Fixed Pass-Through Rate"

                "Floating Pass-Through Rate"

                "Guaranteed Investment Contract"

                "Letter of Credit"

                "Limited Guarantor"

                "Limited Guaranty"

                "Minimum Wire Denomination"

                "Pass-Through Rate"

                "Place of Distribution"

                "Purchase Price"

                "Required Premium"

                "Required Principal"

                "Requisite Reserve Amount"

                "Retained Interest"

                "Sale Procedures"

                "Sub-Administration Account"

                "Sub-Administration Agreement"

                "Sub-Administration Agent"

                "Surety Bond"

                "Swap Agreement"

                "Swap Counterparty"

                "Swap Distribution Amount"

                "Swap Guarantee"

                "Swap Guarantor"

                "Swap Receipt Amount"

                                       8
<PAGE>

                "Swap Termination Payment"

      Section 3.  Designation of Trust and Certificates.  The Trust created
hereby shall be known as the "Corporate Backed Trust Certificates,
Bristol-Myers Squibb Debenture-Backed Series 2002-18 Trust."  The
Certificates evidencing certain undivided ownership interests therein shall
be known as "Corporate Backed Trust Certificates, Bristol-Myers Squibb
Debenture-Backed Series 2002-18."  The Certificates shall consist of the
Class A-1 Certificates and the Class A-2 Certificates (together, the
"Certificates").  The Trust is also issuing call warrants with respect to the
Certificates ("Call Warrants").

      (a)  The Class A-1 Certificates shall be held through the Depository in
book-entry form and shall be substantially in the form attached hereto as
Exhibit A-1.  The Class A-2 Certificates shall initially be held through the
Depository in book-entry form and, as set forth in Section 3(e) below, shall
be held in physical form or through the Depository in book-entry form and
shall be substantially in the forms attached hereto as Exhibits A-2A and
A-2B.  The Class A-1 Certificates shall be issued in denominations of $25.
The Class A-2 Certificates shall be issued in minimum notional denominations
of $100,000 and integral multiples of $1 in excess thereof; provided,
however, that on any Call Date on which a Warrant Holder shall concurrently
exchange Called Certificates for a distribution of Underlying Securities in
accordance with the provisions of Section 7 hereof, Called Certificates may
be issued in other denominations.  Except as provided in the Standard Terms
and in paragraph (d) in this Section, the Trust shall not issue additional
Certificates or additional Call Warrants or incur any indebtedness.

      (b)  The Class A-1 Certificates consist of 1,007,200 Certificates having
an initial aggregate certificate principal amount (the "Certificate Principal
Balance") of $25,180,000.  The Class A-2 Certificates are interest-only
Certificates.  Both the Class A-2A Certificates and the Class A-2B
Certificates shall have an initial aggregate notional amount equal to the
initial Certificate Principal Balance of the Class A-1 Certificates.

      (c)  The holders of the Class A-1 Certificates will be entitled to
receive on each Distribution Date the interest, if any, received on the
Underlying Securities, to the extent necessary to pay interest at a rate of
6.25% per annum on the outstanding Certificate Principal Balance of the
Class A-1 Certificates.  The holders of the Class A-2A Certificates will be
entitled to receive on each Distribution Date occurring on and prior to the
Distribution Date in August 2042, the interest, if any, received on the
Underlying Securities, to the extent necessary to pay interest at a rate of
0.625% per annum on the outstanding notional amount of the Class A-2A
Certificates.  The holders of the Class A-2B Certificates will be entitled to
receive on each Distribution Date subsequent to the Distribution Date in
August 2042, the interest, if any, received on the Underlying Securities, to
the extent necessary to pay interest at a rate of 0.625% per annum on the
outstanding notional amount of the Class A-2B Certificates.  On the
Distribution Date occurring in February 2003, the Trustee shall cause the
Trust to pay to the Depositor the amount of interest accrued and paid on the
Underlying Securities from August 1, 2002, to but not including the Closing
Date; provided, however, that in the event an Optional Exchange Date shall
occur prior to February 1, 2003, a pro rata portion of such amount shall be
paid to the Depositor on the Optional Exchange Date in accordance with the
provisions of Section 7(b)(ix) hereof.  If the Depositor is not paid any such
amount on such date, it shall have a claim for such amount.  If Available
Funds are insufficient to pay such amount, the Trustee will

                                       9
<PAGE>

pay the Depositor its pro rata share, based on the ratio the amount owed to the
Depositor bears to all amounts owed on the Certificates in respect of accrued
interest, of any proceeds from the recovery on the Underlying Securities.

      (d)  The Depositor may sell to the Trustee additional Underlying
Securities on any date hereafter upon at least 3 Business Days' notice to the
Trustee (or such shorter period as shall be mutually satisfactory to the
Depositor and the Trustee) and upon (i) satisfaction of the Rating Agency
Condition and (ii) delivery of an Opinion of Counsel to the effect that the
sale of such additional Underlying Securities will not cause the Trust to be
taxed as an association or publicly traded partnership taxable as a
corporation for federal income tax purposes.  Each condition to be satisfied
with respect to a sale of Underlying Securities on or prior to the Closing
Date shall be satisfied with respect to a sale of additional Underlying
Securities no later than the date of sale thereof, each representation and
warranty set forth in the Standard Terms to be made on the Closing Date shall
be made on such date of sale, and from and after such date of sale, all
Underlying Securities held by the Trustee shall be held on the same terms and
conditions.  Upon such sale to the Trustee, the Trustee shall deposit such
additional Underlying Securities in the Certificate Account, and shall
authenticate and deliver to the Depositor, on its order, Class A-1
Certificates in a Certificate Principal Balance, and Class A-2A Certificates
and Class A-2B Certificates in a notional amount, equal to the principal
amount of such additional Underlying Securities, and the Call Warrants
related thereto.  Any such additional Class A-1 Certificates, Class A-2A
Certificates and Class A-2B Certificates authenticated and delivered shall
have the same terms and rank pari passu with the corresponding classes of
Certificates previously issued in accordance with this Series Supplement.

      (e)  No Class A-2 Certificate may be offered, resold, assigned or
otherwise transferred (including by pledge or hypothecation)  at any time
prior to (x) the date which is two years or such shorter period of time as
permitted by Rule 144(k) under the Securities Act after the later of the
original issue date of such Class A-2 Certificates and the last date on which
the Depositor or any "affiliate" (as defined in Rule 144 under the Securities
Act) of the Depositor was the owner of such Class A-2 Certificates (or any
predecessor thereto) or (y) such later date, if any, as may be required by a
change in applicable securities laws (the "Resale Restriction Termination
Date") unless such offer, resale, assignment or transfer is (i) to the Trust,
(ii) pursuant to an effective registration statement under the Securities
Act, (iii) to a qualified institutional buyer (a "QIB"), as such term is
defined in Rule 144A promulgated under the Securities Act ("Rule 144A"), in
accordance with Rule 144A or (iv) pursuant to another available exemption
from registration provided under the Securities Act (including transfers to
Accredited Investors), and, in each of cases (i) through (iv), in accordance
with any applicable securities laws of any state of the United States and
other jurisdictions.  Prior to any offer, resale, assignment or transfer of
any Class A-2 Certificates in the manner described in clause (iii) above, the
prospective transferee and the prospective transferor shall be required to
deliver to the Trustee an executed copy of an Investment Letter with respect
to the Class A-2 Certificates to be transferred substantially in the form of
Exhibit C hereto and in the event the resale, assignment or transfer shall
involve Class A-2 Certificates then being held in physical form, such A-2
Certificates shall be delivered to the Trustee for cancellation and the
Trustee shall instruct the Depository to increase the aggregate notional
amount of the Class A-2 Certificates held in book-entry form by an amount
equal to the aggregate notional amount of Class A-2 Certificates so resold,
assigned or transferred and to issue a beneficial interest in such global
Class A-2 Certificates to such

                                      10
<PAGE>

transferee. Prior to any offer, resale, assignment or transfer of any Class A-2
Certificates in the manner described in clause (iv) above, the prospective
transferee and the prospective transferor shall be required to deliver to the
Trustee documentation certifying that the offer, resale, assignment or transfer
complies with the provisions of said clause (iv) and, in the event any such
Class A-2 Certificate shall then be held in book-entry form and such resale,
assignment or transfer shall be to an Accredited Investor that is not a QIB,
the Trustee shall instruct the Depository to decrease the aggregate notional
amount of the Class A-2 Certificates held in book-entry form and the Trustee
shall authenticate and deliver one or more Class A-2 Certificates in physical
form in an aggregate notional amount equal to the amount of Class A-2
Certificates resold, assigned or transferred. In addition to the foregoing,
each prospective transferee of any Class A-2 Certificates in the manner
contemplated by clause (iii) above shall acknowledge, represent and agree as
follows:

      (1)  The transferee (A) is an Accredited Investor and, if the Class A-2
           Certificates are to be purchased for one or more accounts
           ("investor accounts") for which it is acting as fiduciary or agent,
           each such investor account is an Accredited Investor on a like
           basis or (B) (x) is a QIB, (y) is aware that the sale to it is
           being made in reliance on Rule 144A and (z) is acquiring such
           Class A-2 Certificates for its own account or for the account of a
           QIB.

      (2)  The transferee understands that the Class A-2 Certificates are
           being offered in a transaction not involving any public offering in
           the United States within the meaning of the Securities Act, and
           that the Class A-2 Certificates have not been and will not be
           registered under the Securities Act.

      (3)  The transferee agrees that (A) if in the future it decides to
           offer, resell, pledge or otherwise transfer the Class A-2
           Certificates prior to the Resale Restriction Termination Date, such
           Class A-2 Certificates shall only be offered, resold, assigned or
           otherwise transferred (i) to the Trust, (ii) pursuant to an
           effective registration statement under the Securities Act, (iii) to
           a QIB, in accordance with Rule 144A or (iv) pursuant to another
           available exemption from registration provided under the Securities
           Act (including any transfer to an Accredited Investor), and, in
           each of cases (i) through (iv), in accordance with any applicable
           securities laws of any state of the United States and other
           jurisdictions and (B) the transferee will, and each subsequent
           holder is required to, notify any subsequent purchaser of such
           Class A-2 Certificates from it of the resale restrictions referred
           to in clause (A) above.

      (f)  The Class A-2 Certificates will, unless otherwise agreed by the
Depositor and the Trustee, bear a legend substantially to the following
effect:

          "THIS CLASS A-2 CERTIFICATE (OR ITS PREDECESSOR) HAS NOT BEEN
          REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
          BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A
          REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN EXEMPTION

                                      11
<PAGE>

          THEREFROM UNDER SUCH ACT. THE CLASS A-2 CERTIFICATE REPRESENTED
          HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THE
          SERIES SUPPLEMENT.

          EACH PURCHASER OF THIS CLASS A-2 CERTIFICATE IS HEREBY NOTIFIED THAT
          THE SELLER OF THIS CLASS A--2 CERTIFICATE MAY BE RELYING ON THE
          EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
          PROVIDED BY RULE 144A THEREUNDER."

      Section 4.  Trust Certificates.  The Trustee hereby acknowledges
receipt, on or prior to the Closing Date, of:

      (a)  the Underlying Securities set forth on Schedule I hereto; and

      (b)  all documents required to be delivered to the Trustee pursuant to
Section 2.01 of the Standard Terms.

      Section 5.  Distributions.

      (a)  Except as otherwise provided in Sections 3(c), 5(c), 5(d) and 5(i),
on each applicable Distribution Date (or such later date as specified in
Section 9(f)), the Trustee shall apply Available Funds in the Certificate
Account as follows:

           (i)  The Trustee will pay the interest portion of Available Funds:

                (1)  on each Distribution Date occurring on or prior to the
           Distribution Date in August 2042:

                     (A)  first, to the Trustee, reimbursement for any
                     extraordinary expenses incurred by the Trustee pursuant
                     to the instructions of all of the certificateholders; and

                     (B)  second, to the holders of the Class A-1 Certificates
                     and the holders of the Class A-2A Certificates, interest
                     accrued and unpaid on each such class, pro rata in
                     proportion to their entitlements thereto.

                (2)  on each Distribution Date occurring after the
           Distribution Date in August 2042:

                     (A)  first, to the Trustee, reimbursement for any
                     extraordinary expenses incurred by the Trustee pursuant
                     to the instructions of all of the certificateholders; and

                                      12
<PAGE>

                     (B)  second, to the holders of the Class A-1 Certificates
                     and the holders of the Class A-2B Certificates, interest
                     accrued and unpaid on each such class, pro rata in
                     proportion to their entitlements thereto.

           (ii) the Trustee will pay the principal portion of Available Funds:

                (1)  first, to the Trustee, as reimbursement for any remaining
           Extraordinary Trust Expenses incurred by the Trustee in accordance
           with Section 6(b) below and approved by 100% of the
           Certificateholders; and

                (2)  second, to the holders of the Class A-1 Certificates, the
           Certificate Principal Balance of the Class A-1 Certificates (the
           Class A-2 Certificates are not entitled to distributions of
           principal).

           (iii)any Available Funds remaining in the Certificate Account after
      the payments set forth in clauses 5(a)(i) and 5(a)(ii) above shall be
      paid to the Trustee as reasonable compensation for services rendered to
      the Depositor, up to $1,000.

           (iv) the Trustee will pay any Available Funds remaining in the
      Certificate Account after the distributions in clauses 5(a)(i) through
      5(a)(iii) above to the holders of the Class A-1 Certificates and Class
      A-2 Certificates pro rata in proportion to their original Certificate
      Principal Balances or notional amount, as applicable; provided that any
      amount to be distributed to the Class A-2 Certificates shall be
      distributed as between the Class A-2A Certificates and the Class A-2B
      Certificates, pro rata in the proportion of the ratio of the Class A-2A
      Allocation to the Class A-2B Allocation.

Any portion of the Available Funds (i) that does not constitute principal of,
or interest on, the Underlying Securities, (ii) that is not received in
connection with a redemption, prepayment or liquidation of the Underlying
Securities and (iii) for which allocation by the Trustee is not otherwise
contemplated by this Series Supplement, shall be remitted by the Trustee to
the Depositor.

      (b)  [Reserved].

      (c)  Notwithstanding the foregoing, if the Underlying Securities are
redeemed (including as a result of an optional redemption), prepaid or
liquidated in whole or in part for any reason other than due to the
occurrence of an Underlying Securities event of default, the cessation of the
Underlying Securities Issuer to file periodic reports as required by the
Exchange Act or at their maturity, the Trustee shall apply Available Funds in
the manner described in Section 5(h) in the following order of priority:

        (i)     first, to the Trustee, as reimbursement for any Extraordinary
                Trust Expenses incurred by the Trustee in accordance with
                Section 6(b) below and approved by 100% of the
                Certificateholders;

        (ii)    second, to the holders of the Class A-1 Certificates, an amount
                equal to the principal amount of Underlying Securities so
                redeemed, prepaid or

                                      13
<PAGE>

                liquidated plus accrued and unpaid interest on the amount of
                Class A-1 Certificates so redeemed;

        (iii)   third, to the holders of the Class A-2 Certificates, an amount
                not to exceed the present value of all amounts that would
                otherwise have been payable on the Class A-2 Certificates for
                the period from the date of such redemption or prepayment to
                the Final Scheduled Distribution Date using a discount rate of
                6.25% per annum, assuming no delinquencies, deferrals,
                redemptions or prepayments on the Underlying Securities, which
                amount shall be distributed, as between the Class A-2A
                Certificates and the Class A-2B Certificates, pro rata in the
                proportion of the ratio of the Class A-2A Allocation to the
                Class A-2B Allocation;

           (iv) fourth, to the Trustee, as reasonable compensation for
                services rendered to the Depositor, any remainder up to
                $1,000; and

           (v)  fifth, any remainder to the holders of the Class A-1
                Certificates and the Class A-2 Certificates pro rata in
                proportion to the ratio of the Class A-1 Allocation to the
                Class A-2 Allocation; provided that any amount to be
                distributed to the Class A-2 Certificates shall be distributed
                as between the Class A-2A Certificates and the Class A-2B
                Certificates, pro rata in the proportion of the ratio of the
                Class A-2A Allocation to the Class A-2B Allocation.

      (d)  Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part due to the occurrence of
an Underlying Securities event of default, the Trustee shall apply Available
Funds to the holders of the Class A-1 Certificates and the holders of the
Class A-2 Certificates in accordance with the ratio of the Class A-1
Allocation to the Class A-2 Allocation and the distribution to the Class A-2
Certificates shall further be determined as between the Class A-2A
Certificates and the Class A-2B Certificates, pro rata in the proportion of
the ratio of the Class A-2A Allocation to the Class A-2B Allocation.

      (e)  Unless otherwise instructed by holders of Certificates representing
a majority of the Voting Rights, thirty (30) days after giving notice
pursuant to Section 8 hereof, the Trustee shall sell the Underlying
Securities pursuant to Section 13 hereof and deposit the Liquidation
Proceeds, if any, into the Certificate Account for distribution not later
than two (2) Business Days after the receipt of immediately available funds
in accordance with Section 5(d) hereof, provided, however, that if any
Warrant Holder designates any day on or prior to the proposed sale date as a
Call Date and Optional Exchange Date pursuant to Section 7, the portion of
Underlying Securities related to such Optional Exchange shall not be sold but
shall be distributed to the Warrant Holder pursuant to Section 7 and the
Warrant Agent Agreement.

      (f)  If the Trustee receives non-cash property in respect of the
Underlying Securities as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depository, or for any Certificates which are not then held by
DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid and to the Warrant Agent.  Such
notice shall state that the Trustee

                                      14
<PAGE>

shall and the Trustee shall, not later than 30 days after the receipt of such
property, allocate and distribute such property to the holders of Class A-1
Certificates and Class A-2 Certificates then outstanding and unpaid (after
deducting the costs incurred in connection therewith) in accordance with
Section 5(d) hereof. Property other than cash will be liquidated by the
Trustee, and the proceeds thereof distributed in cash, only to the extent
necessary to avoid distribution of fractional securities to Certificateholders.
In-kind distribution of such property to Certificateholders, based on the
market value of such property as of the date of distribution to
Certificateholders, will be deemed to reduce the Certificate Principal Balance
of the Class A-1 Certificates on a dollar-for-dollar basis. The outstanding
notional amounts of the Class A-2A Certificates and Class A-2B Certificates
shall be reduced, pro rata among all Class A-2A Certificateholders and Class
A-2B Certificateholders, by an amount equal to the amount by which the
Certificate Principal Balance of the Class A-1 Certificates is reduced.

      (g)  Subject to Section 9(f) hereof, to the extent Available Funds are
insufficient to make any scheduled interest or principal payments on any
class of Certificates on any Distribution Date, any shortfall will be carried
over and will be distributed on the next Distribution Date (or date referred
to in Section 5(h) hereof) on which sufficient funds are available to pay
such shortfall.

      (h)  If a payment with respect to the Underlying Securities is made to
the Trustee (i) after the payment date of the Underlying Securities on which
such payment was due or (ii) in connection with redemption, prepayment or
liquidation, in whole or in part, of the Underlying Securities for any reason
other than due to the occurrence of an Event of Default, the cessation of the
Underlying Securities Issuer to file periodic reports as required by the
Exchange Act or at their maturity, the Trustee will distribute any such
amounts received in accordance with Section 5(c) on the next occurring
Business Day (a "Special Distribution Date") as if the funds had constituted
Available Funds on the Distribution Date immediately preceding such Special
Distribution Date; provided, however, that the Record Date for such Special
Distribution Date shall be one Business Day prior to the day on which the
related payment was received with respect to the Underlying Securities.

      (i)  Notwithstanding Section 3.12 of the Standard Terms, if the
Underlying Securities Issuer ceases to file periodic reports as required
under the Exchange Act, the Depositor shall within a reasonable time instruct
the Trustee to (i) notify the Warrant Agent that the Underlying Securities
are proposed to be sold and that any Call Warrants and related Optional
Exchange rights must be exercised no later than the date specified in the
notice (which shall be not less than ten Business Days after the date of such
notice) and (ii) to the extent that the Warrant Holders fail to exercise
their Call Warrants and related Optional Exchange rights on or prior to such
date, to sell the Underlying Securities and distribute the proceeds of such
sale to the Certificateholders in accordance with the following order of
priority: first, to the Trustee, as reimbursement for any Extraordinary Trust
Expenses incurred by the  Trustee in accordance with Section 6(b) below and
approved by 100% of the Certificateholders; and second, any remainder to the
holders of the Class A-1 Certificates and the Class A-2 Certificates pro rata
in proportion to the ratio of the Class A-1 Allocation to the Class A-2
Allocation, as determined by the Calculation Agent; provided, however, the
Depositor shall not instruct the Trustee to sell the Underlying Securities
(or provide a notice of such instruction to the Warrant Agent) pursuant to
this clause unless the Underlying Securities Issuer has either (x) stated in
writing that it intends permanently to cease

                                      15
<PAGE>

filing reports required under the Exchange Act or (y) failed to file any
required reports for one full calendar year; provided, further, however, that
any amount distributable to the Class A-2 Certificateholders in accordance with
this Section shall be allocated as between the Class A-2A Certificates and the
Class A-2B Certificates, on a pro rata basis, in the proportion of the ratio of
the Class A-2A Allocation to the Class A-2B Allocation.

      (j)  On any date on which Underlying Securities are redeemed, prepaid or
liquidated for any reason, the aggregate outstanding notional amount of the
Class A-2 Certificates shall be reduced by an amount equal to the principal
amount of the Underlying Securities so redeemed, prepaid or liquidated, the
reduction to be allocated pro rata among all Class A-2 Certificates.

      Section 6.  Trustee's Fees.

      (a)  As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Fee and any amounts payable under clauses 5(a)(iii)
and 5(b)(iv) above.  The Trustee Fee shall be paid by the Depositor and not
from Trust Property.  The Trustee shall bear all Ordinary Expenses.  Failure
by the Depositor to pay such amount shall not entitle the Trustee to any
payment or reimbursement from the Trust, nor shall such failure release the
Trustee from the duties it is required to perform under the Trust Agreement.

      (b)  Extraordinary Expenses shall not be paid out of the Trust Property
unless all the holders of the Class A-1 Certificates and Class A-2
Certificates then outstanding have directed the Trustee to incur such
Extraordinary Expenses.  The Trustee may incur other Extraordinary Expenses
if any lesser percentage of the Certificateholders requesting such action
pursuant hereto reimburse the Trustee for the cost thereof from their own
funds in advance.  If Extraordinary Expenses are not approved unanimously as
set forth in the first sentence of this Section 6(b), such Extraordinary
Expenses shall not be an obligation of the Trust, and the Trustee shall not
file any claim against the Trust therefor notwithstanding failure of
Certificateholders to reimburse the Trustee.

      Section 7.  Optional Call; Optional Exchange.

      (a)  On (A) any Distribution Date, (B) any date on which a tender offer
for some or all of the Underlying Securities is consummated or (C) any date
on which the Underlying Securities are to be redeemed by the Underlying
Securities Issuer, any holder of Class A-1 Certificates, Class A-2A
Certificates, Class A-2B Certificates and the related Call Warrants, if Call
Warrants related to such Certificates are outstanding, may exchange such
Certificates and, if applicable, Call Warrants, for a distribution of
Underlying Securities representing the same percentage of the Underlying
Securities as such Certificates represent of all outstanding Certificates.
On any Call Date, any Warrant Holder may exchange Called Certificates for a
distribution of Underlying Securities representing the same percentage of
Underlying Securities as such Called Certificates represent of all
outstanding Certificates; provided that any such exchange shall either
(x) result from an exercise of all Call Warrants owned by such Warrant Holder
or (y) occur on a Call Date on which such Warrant Holder, alone or together
with one or more other Warrant Holders, shall exchange Called Certificates
relating to Underlying Securities having an aggregate principal amount equal
to or in excess of the product of (i) 0.1 and (ii) the aggregate principal
amount of the Underlying Securities deposited into the Trust on the Closing
Date.

                                      16
<PAGE>

      (b)  The following conditions shall apply to any Optional Exchange.

           (i)    A notice specifying the number of Certificates being
      surrendered and the Optional Exchange Date shall be delivered to the
      Trustee no less than 5 days (or such shorter period acceptable to the
      Trustee) but not more than 30 days before the Optional Exchange Date;
      provided that for an Optional Exchange to occur on a Call Date, unless
      otherwise specified therein, the Call Notice shall be deemed to be the
      notice required hereunder.

           (ii)   Certificates and, if applicable, the Call Warrants, shall be
      surrendered to the Trustee no later than 10:00 a.m. (New York City time)
      on the Optional Exchange Date; provided that for an Optional Exchange to
      occur on a Call Date, payment of the Call Price to the Warrant Agent
      pursuant to Section 1.1(a)(iii) of the Warrant Agent Agreement shall
      satisfy the requirement to surrender Certificates.

           (iii)  Class A-1 Certificates, Class A-2A Certificates and Class A-2B
      Certificates representing a like percentage of all Class A-1
      Certificates, Class A-2A Certificates and Class A-2B Certificates shall
      be surrendered.

           (iv)   The Trustee shall have received an opinion of counsel stating
      that the Optional Exchange would not cause the Trust to be treated as an
      association or publicly traded partnership taxable as a corporation for
      federal income tax purposes.

           (v)    If the Certificateholder is the Depositor or any Affiliate of
      the Depositor, (1) the Trustee shall have received a certification from
      the Certificateholder that any Certificates being surrendered have been
      held for at least six months, and (2) the Certificates being surrendered
      may represent no more than 5% (or 25% in the case of Certificates
      acquired by the Underwriters but never distributed to investors) of the
      then outstanding Certificates.

           (vi)   The Trustee shall not be obligated to determine whether an
      Optional Exchange complies with the applicable provisions for exemption
      under Rule 3a-7 of the Investment Company Act of 1940, as amended, or
      the rules or regulations promulgated thereunder.

           (vii)  The provisions of Section 4.07 of the Standard Terms shall not
      apply to an Optional Exchange pursuant to this Section 7(b).  This
      Section 7(b) shall not provide any person with a lien against, an
      interest in or a right to specific performance with respect to the
      Underlying Securities; provided that satisfaction of the conditions set
      forth in this Section 7(b) shall entitle the Certificateholder or
      Warrant Holder, as applicable, to a distribution thereof.

           (viii) The aggregate principal amount of Certificates exchanged
      in connection with any Optional Exchange pursuant to this Section shall
      be in an amount that will entitle the Certificateholders thereof to
      Underlying Securities in an even multiple of the minimum denomination of
      such Underlying Securities.

                                      17
<PAGE>

           (ix)   In the event such Optional Exchange shall occur prior to
      February 1, 2003, the Certificateholders shall have paid to the Trustee,
      for distribution to the Depositor, on the Optional Exchange Date an
      amount equal to the sum obtained by multiplying the amount of accrued
      interest on the Underlying Securities from August 1, 2002 through, but
      excluding, the Closing Date by a fraction, the numerator of which shall
      be the number of Certificates being exchanged on such Optional Exchange
      Date and the denominator of which shall be the total number of
      Certificates.

      (c)  Concurrently with the execution of this Series Supplement, the
Trustee, on behalf of the Trust, shall execute the Warrant Agent Agreement
and the Call Warrants, dated as of the date hereof and substantially in the
form of Exhibit B hereto, initially evidencing all of the Call Warrants. The
Trustee shall perform the Trust's obligations under the Warrant Agent
Agreement and the Call Warrants in accordance with their respective terms.

      (d)  Call Warrants may be exercised by the Warrant Holder in whole or in
part on any Call Date. In addition to the conditions set forth in Section 1.1
of the Warrant Agent Agreement, the following conditions shall apply to any
Optional Call.

           (i)    An opinion of counsel to the Warrant Holder shall have been
      delivered to the Rating Agencies, in form satisfactory to the Rating
      Agencies, indicating that payment of the Call Price shall not be
      recoverable as a preferential transfer or fraudulent conveyance under
      the United States Bankruptcy Code. Such opinion may contain customary
      assumptions and qualifications.

           (ii)   The Warrant Holder shall have provided a certificate of
      solvency to the Trustee.

           (iii)  Upon receipt of a Call Notice, the Trustee shall provide a
      conditional call notice to the Depository not less than 3 Business Days
      prior to the Call Date.

           (iv)   Delivery of a Call Notice does not give rise to an obligation
      on the part of the Warrant Holder to pay the Call Price. If, by
      10:00 a.m. (New York City time) on the Call Date, the Warrant Holder has
      not paid the Call Price, except in connection with a Call Notice
      relating to a tender offer for the Underlying Securities, then the Call
      Notice shall automatically expire and none of the Warrant Holder, the
      Warrant Agent or the Trustee shall have any obligation with respect to
      the Call Notice. The expiration of a Call Notice shall in no way affect
      the Warrant Holder's right to deliver a Call Notice at a later date.
      The Call Price for a call in connection with a tender offer shall be
      deducted from the proceeds of a tender offer by the Trust pursuant to
      Section 7(g)(iii).

           (v)    Subject to receipt of the Call Price, the Trustee shall pay
      the applicable portion of the Call Price to the Class A-1, Class A-2A
      and Class A-2B Certificateholders on the Call Date. The Call Price for
      each Class of Certificates in respect of partial calls shall be
      allocated pro rata to the Certificateholders of such Class.

           (vi)   The Trustee shall not consent to any amendment or modification
      of this Agreement (including the Standard Terms) which would adversely
      affect the Warrant Holders (including, without limitation, any
      alteration of the timing or amount of any

                                      18
<PAGE>

      payment of the Call Price or any other provision of this Agreement in a
      manner adverse to the Warrant Holders) without the prior written
      consent of 100% of the Warrant Holders. For purposes of this clause, no
      amendment, modification or supplement required to provide for any
      purchase by the Trustee of additional Underlying Securities and
      authentication and delivery by the Trustee of additional Certificates
      and Call Warrants pursuant to Section 3(d) shall be deemed to adversely
      affect the Warrant Holders.

           (vii)  The Trustee shall not be obligated to determine whether an
      Optional Call complies with the applicable provisions for exemption
      under Rule 3a-7 of the Investment Company Act of 1940, as amended, or
      the rules or regulations promulgated thereunder.

      (e)  This Section 7 shall not provide the Warrant Holder with a lien
against, an interest in or a right to specific performance with respect to
the Underlying Securities; provided that satisfaction of the conditions set
forth in Section 7(b) shall entitle the Certificateholders or the Warrant
Holders, as applicable, to a distribution of the Underlying Securities.

      (f)  The rights of the Certificateholders under the Trust Agreement and
the Certificates are limited by the terms, provisions and conditions of the
Trust Agreement, the Warrant Agent Agreement and the Call Warrants with
respect to the exercise of the Call Warrants by the Warrant Holder.  The
Certificateholders, by their acceptance of Certificates, covenant and agree
to tender any and all Called Certificates to the Trustee upon the Warrant
Holder's exercise of Call Warrants and payment of the Call Price for such
Certificates in accordance with the provisions hereof and of the Warrant
Agent Agreement.

      (g)  (i)  If the Trustee receives notice of a tender offer for some or
all of the Underlying Securities, the Trustee shall within one Business Day
notify the Warrant Agent and forward to the Warrant Agent copies of all
materials received by the Trustee in connection therewith.  If the Trustee
receives a Call Notice from any Warrant Holder no later than five Business
Days prior to the expiration of the tender offer acceptance period that such
Warrant Holder desires to exercise all or a portion of its Call Warrants in
connection with the consummation of any such tender offer, then the Trustee
shall tender, in compliance with the tender offer requirements, an amount of
Underlying Securities equal to the amount of Underlying Securities that would
be distributable to the Warrant Holder with respect to an Optional Exchange
of the Called Certificates called by such Warrant Holder; provided that any
Optional Call or Optional Exchange undertaken in connection with any such
tender offer shall be subject to the provisions of Section 7 hereof.

           (ii) The Call Date and Optional Exchange Date for any exercise of
      Call Warrants in connection with a tender offer shall be deemed to be
      the Business Day on which such Underlying Securities are accepted for
      payment and paid for.

           (iii)  The Call Price shall be deducted from the tender offer
      proceeds and paid to Certificateholders in connection with
      Section 7(d)(v), and the excess of the tender offer proceeds over the
      Call Price shall be paid to the exercising Warrant Holders pro rata in
      respect to their proportionate exercises of Call Warrants or, if the
      Call Price exceeds the

                                      19
<PAGE>

      tender offer proceeds, the amount of such excess shall be paid by the
      exercising Warrant Holders pro rata in respect to their proportionate
      exercises of Call Warrants.

           (iv)   If fewer than all tendered Underlying Securities are accepted
      for payment and paid for, (A) the amount of Call Warrants exercised
      shall be reduced to an amount that corresponds to a number of
      Certificates that could be exchanged in an Optional Exchange for the
      Underlying Securities accepted for payment and paid for (without regard
      to any restrictions on the amount to be exchanged, so long as such
      restrictions would have been satisfied had all tendered Underlying
      Securities been accepted for payment and paid for); (B) each Warrant
      Holder's exercise shall be reduced by its share (proportionate to the
      amount specified in its exercise notice) of the amount of Underlying
      Securities not accepted for payment and paid for; (C) the Call Price
      shall be determined after giving effect to the reduction specified in
      clause (B); (D) the Call Warrants that relate to the reduction specified
      in clause (B) shall remain outstanding; and (E) the excess of the tender
      offer proceeds over the Call Price shall be allocated in proportion to
      the amount of Call Warrants deemed exercised as set forth in clause (A)
      above or, if the Call Price exceeds the tender offer proceeds the amount
      of such excess shall be paid by the exercising Warrant Holders pro rata
      in respect to their proportionate exercises of Call Warrants.

           (v)    If the tender offer is terminated by the Underlying Securities
      Issuer or any other tender offeror without consummation thereof or if
      all tenders by the Trust of Underlying Securities are otherwise
      rejected, then (1) the Call Notices will be of no further force and
      effect, and (2) any Call Warrants relating to such Call Notices will not
      be exercised and will remain outstanding.

      Section 8.  Notices of Events of Default.

           As promptly as practicable after, and in any event within 30 days
after, the occurrence of any Event of Default actually known to the Trustee,
the Trustee shall give notice of such Event of Default to the Depository, or,
if any Certificates are not then held by DTC or any other depository,
directly to the registered holders of such Certificates, and to the Warrant
Agent.  However, except in the case of an Event of Default relating to the
payment of principal of or interest on any of the Underlying Securities, the
Trustee will be protected in withholding such notice if in good faith it
determines that the withholding of such notice is in the interest of the
Certificateholders.

      Section 9.  Miscellaneous.

      (a)  The provisions of Section 4.04, Advances, of the Standard Terms
shall not apply to the Bristol-Myers Squibb Debenture-Backed Series 2002-18
Certificates.

      (b)  The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the Bristol-Myers Squibb Debenture-Backed Series
2002-18 Certificates.

      (c)  The Trustee shall simultaneously forward reports to
Certificateholders pursuant to Section 4.03 of the Standard Terms and to the
New York Stock Exchange.

                                      20
<PAGE>

      (d)  Except as expressly provided herein, the Certificateholders shall
not be entitled to terminate the Trust or cause the sale or other disposition
of the Underlying Securities.

      (e)  The provisions of Section 3.07(d) of the Standard Terms shall not
apply to the Bristol-Myers Squibb Debenture-Backed Series 2002-18
Certificates.

      (f)  If the Trustee has not received payment with respect to a
Collection Period on the Underlying Securities on or prior to the related
Distribution Date, such distribution will be made promptly upon receipt of
such payment.  No additional amounts shall accrue on the Certificates or be
owed to Certificateholders as a result of such delay; provided, however, that
any additional interest owed and paid by the Underlying Securities Issuer as
a result of such delay shall be paid to the Class A-1 Certificateholders and
Class A-2 Certificateholders pro rata in proportion to their respective
entitlements to such delayed payments.

      (g)  The outstanding principal balance of the Certificates shall not be
reduced by the amount of any Realized Losses (as defined in the Standard
Terms).

      (h)  The Trust may not engage in any business or activities other than
in connection with, or relating to, the holding, protecting and preserving of
the Trust Property and the issuance of the Certificates and the Call
Warrants, and other than those required or authorized by the Trust Agreement
or incidental and necessary to accomplish such activities.  The Trust may not
issue or sell any certificates or other obligations other than the
Certificates and the Call Warrants or otherwise incur, assume or guarantee
any indebtedness for money borrowed.  Notwithstanding Section 3.05 of the
Standard Terms, funds on deposit in the Certificate Account shall not be
invested.  Section 2.01(f) of the Standard Terms shall be superseded by this
provision.

      (i)  Notwithstanding anything in the Trust Agreement to the contrary,
the Trustee may be removed upon 60 days prior written notice delivered by the
holders of Class A-1 Certificates and Class A-2 Certificates representing the
Required Percentage-Removal.  Section 2.01(f) of the Standard Terms shall be
superseded by this provision.

      (j)  In the event that the Internal Revenue Service challenges the
characterization of the Trust as a grantor trust, the Trustee shall then file
such forms as the Depositor may specify to establish the Trust's election
pursuant to Section 761 of the Code to exclude the Trust from the application
of Subchapter K of the Code and is hereby empowered to execute such forms on
behalf of the Certificateholders.

      (k)  Notwithstanding anything in the Standard Terms to the contrary, the
Trustee, upon written direction by the Depositor, will execute the
Certificates.

      (l)  In relation to Section 7.01(f) of the Standard Terms, any periodic
reports filed by the Trustee pursuant to the Exchange Act in accordance with
the customary practices of the Depositor, need not contain any independent
reports.

      (m)  Notwithstanding anything in the Trust Agreement to the contrary,
the Trustee will have no recourse to the Underlying Securities.

                                      21
<PAGE>

      (n)  A Plan fiduciary, whether or not a Certificateholder at such time,
may request in writing that the Trustee provide such Plan fiduciary with such
information as shall be necessary for it to determine whether any of the Call
Warrant holders is (i) a "party in interest" (within the meaning of ERISA,
Section 3(14)); or (ii) a "disqualified person" within the meaning of
Internal Revenue Code ("Code") Section 4975(e)(2) with respect to any
employee benefit plan or Plan identified to the Trustee by such Plan
fiduciary at the time such request is made in order for the Plan fiduciary to
determine whether an investment in the Certificates by such Plan is or would
be permissible under ERISA or the Code.  Any such written request of a Plan
fiduciary shall be accompanied by a certification of the Plan fiduciary,
opinion of counsel experienced in such issues, and such other documentation
as the Trustee may require, in order to establish that such disclosure is
necessary for the Plan fiduciary to determine compliance with ERISA and the
Code, as well as a confidentiality agreement, whereby the Plan fiduciary
agrees not to disclose the identity of any Call Warrant holders except to any
legal or other experts as necessary to make such determination.  The holder
of a Call Warrant shall upon reasonable request of the Trustee, in order for
the Trustee to satisfy its obligations to a Plan fiduciary, provide the
Trustee with any one or more of the following, in the sole discretion of the
Call Warrant holder: (i) a certificate that each of the Call Warrant holders
is not (x) a "party in interest" (within the meaning of ERISA, Section 3(14))
with respect to any "employee benefit plan" as defined in ERISA, Section
3(3); or (y) a "disqualified person" within the meaning of Internal Revenue
Code Section 4975(e)(2) with respect to a "Plan" as defined in Code Section
4975(e)(1) except in each case with respect to plans sponsored by the Call
Warrant holder or its affiliates which cover employees of the Call Warrant
holder and/or such affiliates; (ii) a certificate that each of the Call
Warrant holders is not such a "party in interest" or "disqualified person"
with respect to any employee benefit plan or Plan identified to the Trustee
by such Plan fiduciary at the time such request is made; or (iii) a written
consent to the limited disclosure of the respective Call Warrant holder's
identity to a specific Plan fiduciary solely for purposes of allowing the
Trustee to satisfy its obligations to a Plan fiduciary.

      (o)  The Trust will not merge or consolidate with any other entity
without confirmation from each Rating Agency that such merger or
consolidation will not result in the qualification, reduction or withdrawal
of its then-current rating on the Certificates.

      (p)  All directions, demands and notices hereunder or under the Standard
Terms shall be in writing and shall be delivered as set forth below (unless
written notice is otherwise provided to the Trustee).

           If to the Depositor, to:

                Lehman ABS Corporation
                745 Seventh Avenue
                New York, New York  10019
                Attention:  Structured Credit Trading
                Telephone:  (212) 526-6575
                Facsimile:  (201) 508-4621

                                      22
<PAGE>

           If to the Trustee or the Warrant Agent, to:

                U.S. Bank Trust National Association
                100 Wall Street
                New York, New York  10005
                Attention:  Corporate Trust
                Telephone:  (212) 361-2500
                Facsimile:  (212) 809-5459

           If to the Rating Agencies, to:

                Moody's Investors Service, Inc.
                99 Church Street 21W
                New York, New York  10007
                Attention:  CBO/CLO Monitoring Department
                Telephone:  (212) 553-1494
                Facsimile:  (212) 553-0355

      and to:

                Standard & Poor's Ratings Services
                55 Water Street
                New York, New York  10041
                Attention:  Structured Finance Surveillance Group
                Telephone:  (212) 438-2482
                Facsimile:  (212) 438-2664

           If to the New York Stock Exchange, to:

                New York Stock Exchange, Inc.
                20 Broad Street
                New York, New York  10005
                Attention:  Vincent Patten
                Telephone:  (212) 656-5276
                Facsimile:  (212) 656-5780

        Copies of all directions, demands and notices required to be given to
the Certificateholders hereunder or under the Standard Terms will also be
given to the Warrant Holders in writing as set forth in this Section 9, and
copies of all directions, demands and notices required to be given to the
Trustee hereunder or under the Standard Terms will also be given to the
Warrant Agent in writing as set forth in this Section 9(p).

      (q)  Each of the representations, covenants and agreements made herein
by each of the Depositor and the Trustee are for the benefit of the
Certificateholders and the Warrant Holders.

      (r)  The provisions of Section 2.01(d)(iii) of the Standard Terms shall
not apply to the Bristol-Myers Squibb Debenture-Backed Series 2002-18
Certificates and the following shall be deemed to be inserted in its place:

                                      23
<PAGE>

        "at the time of delivery of the Underlying Securities, the Depositor
owns such Underlying Securities, has the right to transfer its interest in
such Underlying Securities and such Underlying Securities are free and clear
of any lien, pledge, encumbrance, right, charge, claim or other security
interest; and

      Section 10.  Governing Law.  THIS SERIES SUPPLEMENT AND THE TRANSACTIONS
DESCRIBED HEREIN SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
WITHIN THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS
PROVISIONS THEREOF.

      Section 11.  Counterparts.  This Series Supplement may be executed in
any number of counterparts, each of which shall be deemed to be an original,
and all such counterparts shall constitute but one and the same instrument.

      Section 12.  Termination of the Trust.  The Trust shall terminate upon
the earliest to occur of (i) the payment in full at maturity or sale by the
Trust after a payment default or an acceleration or other early payment of
the Underlying Securities and the distribution in full of all amounts due to
the Class A-1 Certificateholders and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call Warrants by the Warrant Holder; (iii) the
Final Scheduled Distribution Date and (iv) 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.

      Section 13.  Sale of Underlying Securities; Optional Exchange.  In the
event of a sale of the Underlying Securities pursuant to Section 5(e) hereof
or pursuant to the instructions of the Warrant Agent under Section 1.2 of the
Warrant Agent Agreement, the Trustee shall solicit bids for the sale of the
Underlying Securities with settlement thereof on or before the third (3rd)
Business Day after such sale from three leading dealers in the relevant
market.  Any of the following dealers (or their successors) shall be deemed
to qualify as leading dealers: (1) Credit Suisse First Boston Corporation,
(2) Goldman, Sachs & Co., (3) Merrill Lynch, Pierce, Fenner & Smith
Incorporated, (4) UBS Warburg LLC, (5) Salomon Smith Barney Inc., and
(6) except in the case of a sale related to the exercise of Call Warrants by
the Depositor or any Affiliate thereof, Lehman Brothers Inc.  The Trustee
shall not be responsible for the failure to obtain a bid so long as it has
made reasonable efforts to obtain bids.  If a bid for the sale of the
Underlying Securities has been accepted by the Trustee but the sale has
failed to settle on the proposed settlement date, the Trustee shall request
new bids from such leading dealers to the Class A-1 and Class A-2
Certificateholders.  The Trustee shall not be responsible for the failure to
obtain a bid so long as it has made reasonable efforts to obtain bids.  If a
bid for the sale of the Underlying Securities has been accepted by the
Trustee but the sale has failed to settle on the proposed settlement date,
the Trustee shall request new bids from such leading dealers.  In the event
of an Optional Exchange, the Trustee shall only deliver the Underlying
Securities to the purchaser of such Underlying Securities or sell the
Underlying Securities pursuant to this Section 13, as the case may be,
against payment in same day funds deposited into the Certificate Account.

      Section 14.  Amendments.  Notwithstanding anything in the Trust
Agreement to the contrary, in addition to the other restrictions on
modification and amendment contained therein,

                                      24
<PAGE>

the Trustee shall not enter into any amendment or modification of the Trust
Agreement which would adversely affect in any material respect the interests
of the holders of any class of Certificates without the consent of the holders
of 100% of such class of Certificates; provided, however, that no such
amendment or modification will be permitted which would cause the Trust to be
taxed as an association or publicly traded partnership taxable as a
corporation for federal income tax purposes. Unless otherwise agreed, the
Trustee shall provide five Business Days written notice to each Rating Agency
before entering into any amendment or modification of the Trust Agreement
pursuant to this Section 14.

      Section 15.  Voting of Underlying Securities, Modification of Indenture.

      (a)  The Trustee, as holder of the Underlying Securities, has the right
to vote and give consents and waivers in respect of the Underlying Securities
as permitted by the Depository and except as otherwise limited by the Trust
Agreement.  In the event that the Trustee receives a request from the
Depository, the Underlying Securities Trustee or the Underlying Securities
Issuer for its consent to any amendment, modification or waiver of the
Underlying Securities, the Indenture or any other document thereunder or
relating thereto, or receives any other solicitation for any action with
respect to the Underlying Securities, the Trustee shall mail a notice of such
proposed amendment, modification, waiver or solicitation to each
Certificateholder of record as of such date.  The Trustee shall request
instructions from the Certificateholders as to whether or not to consent to
or vote to accept such amendment, modification, waiver or solicitation.  The
Trustee shall consent or vote, or refrain from consenting or voting, in the
same proportion (based on the relative outstanding Certificate Principal
Balances of the Class A-1 Certificates) as the Certificates of the Trust were
actually voted or not voted by the Certificateholders thereof as of a date
determined by the Trustee prior to the date on which such consent or vote is
required; provided, however, that, notwithstanding anything in the Trust
Agreement to the contrary, the Trustee shall at no time vote on or consent to
any matter (i) unless such vote or consent would not (based on an opinion of
counsel) cause the Trust to be taxed as an association or publicly traded
partnership taxable as a corporation under the Code, (ii) which would alter
the timing or amount of any payment on the Underlying Securities, including,
without limitation, any demand to accelerate the Underlying Securities,
except in the event of a default under the Underlying Securities or an event
which with the passage of time would become an event of default under the
Underlying Securities and with the unanimous consent of holders of all
outstanding Class A-1 Certificates, Class A-2 Certificates and all Warrant
Holders, or (iii) which would result in the exchange or substitution of any
of the outstanding Underlying Securities pursuant to a plan for the refunding
or refinancing of such Underlying Securities except in the event of a default
under the Indenture and only with the consent of Certificateholders
representing 100% of the Class A-1 Certificates, 100% of the Class A-2
Certificates and 100% of the Warrant Holders.  The Trustee shall have no
liability for any failure to act resulting from Certificateholders' late
return of, or failure to return, directions requested by the Trustee from the
Certificateholders.

      (b)  In the event that an offer is made by the Underlying Securities
Issuer to issue new obligations in exchange and substitution for any of the
Underlying Securities, pursuant to a plan for the refunding or refinancing of
the outstanding Underlying Securities or any other offer is made for the
Underlying Securities, the Trustee shall notify the Class A-1
Certificateholders, Class A-2 Certificateholders and the Warrant Holders of
such offer promptly.  Subject to the rights of the Warrant Holders to
exercise Call Warrants in connection with a tender offer for the

                                      25
<PAGE>

Underlying Securities, the Trustee must reject any such offer unless an
Underlying Securities event of default has occurred and the Trustee is
directed by the affirmative vote of the holders of 100% of the Class A-1
Certificates, Class A-2 Certificates and Call Warrants to accept such offer
and the Trustee has received the tax opinion described above. If pursuant to
the preceding sentence, the Trustee accepts any such offer the Trustee shall
promptly notify the Rating Agencies.

      (c)  If an event of default under the Indenture occurs and is
continuing, and if directed by a majority of the outstanding Class A-1
Certificateholders and Class A-2 Certificateholders, the Trustee shall vote
the Underlying Securities in favor of directing, or take such other action as
may be appropriate to direct, the Underlying Securities Trustee to declare
the unpaid principal amount of the Underlying Securities and any accrued and
unpaid interest thereon to be due and payable.

      Section 16.  Additional Depositor Representation.  It is the express
intent of the parties hereto that the conveyance of the Underlying Securities
by the Depositor to the Trustee be, and be construed as, a sale of the
Underlying Securities by the Depositor and not a pledge of any Underlying
Securities by the Depositor to secure a debt or other obligation of the
Depositor. In the event that, notwithstanding the aforementioned intent of
the parties, any Underlying Securities are held to be property of the
Depositor, then, it is the express intent of the parties that such conveyance
be deemed a pledge of such Underlying Securities by the Depositor to the
Trustee to secure a debt or other obligation of the Depositor, pursuant to
Section 10.07 of the Standard Terms.  In connection with any such grant of a
security interest in the Underlying Securities (including any such grant in
connection with any sale of additional Underlying Securities pursuant to
Section 3(d)), the Depositor hereby represents and warrants to Trustee as
follows:

      (i)   In the event the Underlying Securities are held to be property of
            the Depositor, then the Trust Agreement creates a valid and
            continuing security interest (as defined in the applicable Uniform
            Commercial Code) in the Underlying Securities in favor of the
            Trustee which security interest is prior to all other liens, and
            is enforceable as such as against creditors of, and purchasers
            from, the Depositor.

      (ii)  The Underlying Securities have been credited to a trust account
            (the "Securities Account") of the Trustee, or its authorized
            agent, in accordance with Section 2.01 of the Standard Terms. The
            Trustee, as securities intermediary for the Securities Account,
            has agreed to treat the Underlying Securities as "financial
            assets" within the meaning of the Uniform Commercial Code.

      (iii) Immediately prior to the transfer of the Underlying Securities to
            the Trust, Depositor owned and had good and marketable title to
            the Underlying Securities free and clear of any lien, claim or
            encumbrance of any Person.

      (iv)  Depositor has received all consents and approvals required by the
            terms of the Underlying Securities to the transfer to the Trustee
            of its interest and rights in the Underlying Securities as
            contemplated by the Trust Agreement.

                                      26
<PAGE>

      (v)   Depositor has taken all steps necessary to cause the Trustee, as
            securities intermediary for the Securities Account, to identify on
            its records that the Trustee, as the trustee of the Trust, is the
            Person having a security entitlement against the securities
            intermediary in the Securities Account.

      (vi)  Depositor has not assigned, pledged, sold, granted a security
            interest in or otherwise conveyed any interest in the Underlying
            Securities (or, if any such interest has been assigned, pledged or
            otherwise encumbered, it has been released). Depositor has not
            authorized the filing of and is not aware of any financing
            statements against Depositor that includes a description of the
            Underlying Securities. Depositor is not aware of any judgment or
            tax lien filings against Depositor.

      (vii) The Securities Account is not in the name of any Person other than
            the Trust. Depositor has not consented to the compliance by the
            Trustee, as securities intermediary, with entitlement orders of
            any Person other than the Trustee, as trustee of the Trust.

                                      27
<PAGE>

           IN WITNESS WHEREOF, the parties hereto have caused this Series
Supplement to be duly executed by their respective authorized officers as of
the date first written above.

                               LEHMAN ABS CORPORATION,
                                 as Depositor

                               By: /s/Rene Canezin
                                  -----------------------------
                                  Name:  Rene Canezin
                                  Title:  Senior Vice President

                               U.S. BANK TRUST NATIONAL ASSOCIATION,
                                 not in its individual capacity but solely as
                                 Trustee on behalf of the
                                 Corporate Backed Trust Certificates
                                 Bristol-Myers Squibb Debenture-Backed
                                 Series 2002-18 Trust

                               By: /s/David J. Kolibachuk
                                   -----------------------------
                                  Name: David J. Kolibachuk
                                  Title:  Vice President

                                      28
<PAGE>

                                                                    SCHEDULE I

             BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES 2002-18

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:              6.875% Notes due August 1, 2097.

Issuer:                             Bristol-Myers Squibb Company

CUSIP Number:                       110122AC2.

Principal Amount Deposited:         $25,180,000.

Original Issue Date:                August 12, 1997.

Principal Amount of
Underlying Securities
Originally Issued:                  $300,000,000.

Maturity Date:                      August 1, 2097; provided, that
                                    such maturity may under certain
                                    conditions be advanced in the
                                    event of a Tax Event.

Interest Rate:                      6.875% per annum.

Interest Payment Dates:             February 1st and August 1st.

Record Dates:                       January 15th and July 15th.

                                      I-1
<PAGE>

                                  EXHIBIT A-1
                      FORM OF TRUST CERTIFICATE CLASS A-1

                             CLASS A-1 CERTIFICATE

NUMBER 1                                         1,007,200 $25 PAR CERTIFICATES
                                                          CUSIP NO. 21988G 34 6

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL
OWNERSHIP INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN
INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

          THE CERTIFICATEHOLDERS, BY THEIR ACCEPTANCE OF CERTIFICATES,
COVENANT AND AGREE TO TENDER ANY AND ALL CALLED CERTIFICATES TO THE TRUSTEE
UPON THE WARRANT HOLDER'S EXERCISE OF CALL WARRANTS AND PAYMENT OF THE CALL
PRICE FOR SUCH CERTIFICATES IN ACCORDANCE WITH THE PROVISIONS HEREOF AND OF
THE WARRANT AGENT AGREEMENT.

                                    A-1-1
<PAGE>

                            LEHMAN ABS CORPORATION

                               1,007,200 $25 PAR

                     CORPORATE BACKED TRUST CERTIFICATES,

             BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES 2002-18

6.25% INTEREST RATE

          evidencing a proportionate undivided beneficial ownership interest
in the Trust, as defined below, the property of which consists principally of
$25,180,000 aggregate principal amount of 6.875% Notes due August 1, 2097,
issued by Bristol-Myers Squibb Company (the "Underlying Securities Issuer")
and all payments received thereon (the "Trust Property"), deposited in trust
by Lehman ABS Corporation (the "Depositor").

          THIS CERTIFIES THAT CEDE & CO. is the registered owner of an
aggregate of $25,180,000 principal amount nonassessable, fully-paid,
proportionate undivided beneficial ownership interest in the Corporate Backed
Trust Certificates, Bristol-Myers Squibb Debenture-Backed Series 2002-18
Trust, formed by the Depositor.

                                    A-1-2
<PAGE>

          The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement in respect of the
Bristol-Myers Squibb Debenture-Backed Series 2002-18, dated as of October 31,
2002 (the "Series Supplement" and, together with the Standard Terms, the
"Trust Agreement"), between the Depositor and the Trustee. This Certificate
does not purport to summarize the Trust Agreement and reference is hereby made
to the Trust Agreement for information with respect to the interests, rights,
benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Trustee with respect hereto. A copy of the Trust
Agreement may be obtained from the Trustee by written request sent to the
Corporate Trust Office. Capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement.

          This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Bristol-Myers Squibb
Debenture-Backed Series 2002-18, Class A-1" (herein called the
"Certificates"). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound. The Trust Property consists of: (i) Underlying
Securities described in the Trust Agreement, and (ii) all payments on or
collections in respect of the Underlying Securities accrued on or after
October 31, 2002, together with any and all income, proceeds and payments with
respect thereto; provided, however, that any income from the investment of
Trust funds in certain permitted investments ("Eligible Investments") does not
constitute Trust Property.

          Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the
obligation created by the Trust Agreement shall have terminated in accordance
therewith, distributions will be made on each Distribution Date, to the Person
in whose name this Certificate is registered on the applicable Record Date, in
an amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day.

          Each Certificateholder, by its acceptance of a Certificate,
covenants and agrees that such Certificateholder will not at any time
institute against the Trust, or join in any institution against the Trust of,
any bankruptcy proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Certificates
or the Trust Agreement.

          Distributions made on this Certificate will be made as provided in
the Trust Agreement by the Trustee by wire transfer in immediately available
funds, or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the
making of any notation hereon, except that with respect to Certificates
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such

                                    A-1-3
<PAGE>

nominee shall be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Except
as otherwise provided in the Trust Agreement and notwithstanding the above,
the final distribution on 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 Corporate Trust Office or such other
location as may be specified in such notice.

          Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual signature, this Certificate shall not
entitle the Holder hereof to any benefit under the Trust Agreement or be valid
for any purpose.

          THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                    A-1-4
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed as of the date set forth below.

                               CORPORATE BACKED TRUST CERTIFICATES,
                               BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES
                               2002-18 TRUST

                               By: U.S. BANK TRUST NATIONAL ASSOCIATION
                               not in its individual capacity but solely as
                               Trustee,

                               By:
                                  ------------------------------
                                  Authorized Signatory

Dated: October 31, 2002

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Corporate Backed Trust Certificates,
Bristol-Myers Squibb Debenture-Backed Series 2002-18, described in the Trust
Agreement referred to herein.

U.S. BANK TRUST NATIONAL ASSOCIATION
not in its individual capacity but solely as
Trustee,

By:
   --------------------------
   Authorized Signatory

                                    A-1-5
<PAGE>

                           (REVERSE OF CERTIFICATE)

          The Certificates are limited in right of distribution to certain
payments and collections respecting the Underlying Securities, all as more
specifically set forth herein and in the Trust Agreement. The registered
Holder hereof, by its acceptance hereof, agrees that it will look solely to
the Trust Property (to the extent of its rights therein) for distributions
hereunder.

          The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Trustee and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and
the Trustee with the consent of the Holders of Class A-1 Certificates in the
manner set forth in the Series Supplement and the Standard Terms. Any such
consent by the Holder of this Certificate (or any predecessor 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 hereof or in lieu hereof whether or not a notation of such consent is
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders
of any of the Certificates.

          The Certificates are issuable in fully registered form only in
denominations of $25

          As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is
registerable in the Certificate Register upon surrender of this Certificate
for registration of transfer at the offices or agencies of the Certificate
Registrar maintained by the Trustee in the Borough of Manhattan, the City of
New York, duly endorsed by or accompanied by an assignment in the form below
and by such other documents as required by the Trust Agreement, and thereupon
one or more new Certificates of the same class in authorized denominations
evidencing the same principal amount will be issued to the designated
transferee or transferees. The initial Certificate Registrar appointed under
the Trust Agreement is U.S. Bank Trust National Association.

          No service charge will be made for any registration of transfer or
exchange, but the Trustee may require exchange of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Certificates.

          The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Depositor, the Trustee, nor
any such agent shall be affected by any notice to the contrary.

          It is the intention of the parties to the Trust Agreement that the
Trust created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.

          The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i) the payment in full at maturity or
sale by the Trust after a payment default or an acceleration or

                                    A-1-6
<PAGE>

other early payment of the Underlying Securities and the distribution in full
of all amounts due to the Class A-1 Certificateholders and Class A-2
Certificateholders; (ii) the exercise of all outstanding Call Warrants by the
Warrant Holders; (iii) the Final Scheduled Distribution Date and (iv) 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.

          An employee benefit plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), a plan described in Section
4975(e) of the Code, an entity whose underlying assets include plan assets by
reason of any such plan's investment in the entity, including an individual
retirement account or Keogh plan (any such, a "Plan") may purchase and hold
Certificates if the Plan can represent and warrant that its purchase and
holding of the Certificates would not be prohibited under ERISA or the Code.

                                    A-1-7
<PAGE>

                                  ASSIGNMENT

          FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

(Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ______________________ Attorney to
transfer said Certificate on the books of the Certificate Register, with full
power of substitution in the premises.

Dated:

                                                    *

                                            Signature Guaranteed:

                                                    *

*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                    A-1-8
<PAGE>

                                 EXHIBIT A-2A
                     FORM OF TRUST CERTIFICATE CLASS A-2A

                            CLASS A-2A CERTIFICATE

NUMBER 1                                                  CUSIP NO. 21988G CB 0

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS CLASS A-2A CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION UNDER
SUCH ACT IS IN EFFECT OR PURSUANT TO AN EXEMPTION THEREFROM UNDER SUCH ACT.
THE CLASS A-2 CERTIFICATE REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN
ACCORDANCE WITH THE TERMS OF THE SERIES SUPPLEMENT.

          EACH PURCHASER OF THIS CLASS A-2A CERTIFICATE IS HEREBY NOTIFIED
THAT THE SELLER OF THIS CLASS A-2A CERTIFICATE MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

          THE NOTIONAL PRINCIPAL AMOUNT OF THIS CLASS A-2A CERTIFICATE IS AS
SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING NOTIONAL PRINCIPAL AMOUNT OF
THIS CLASS A-2A CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL
OWNERSHIP INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN
INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

                                    A-2A-1
<PAGE>

          THE CERTIFICATEHOLDERS, BY THEIR ACCEPTANCE OF CERTIFICATES,
COVENANT AND AGREE TO TENDER ANY AND ALL CALLED CERTIFICATES TO THE TRUSTEE
UPON THE WARRANT HOLDER'S EXERCISE OF CALL WARRANTS AND PAYMENT OF THE CALL
PRICE FOR SUCH CERTIFICATES IN ACCORDANCE WITH THE PROVISIONS HEREOF AND OF
THE WARRANT AGENT AGREEMENT.

                                    A-2A-2
<PAGE>

                            LEHMAN ABS CORPORATION

                     CORPORATE BACKED TRUST CERTIFICATES,

             BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES 2002-18

                     $25,180,000 NOTIONAL PRINCIPAL AMOUNT

0.625% INTEREST RATE

FINAL SCHEDULED DISTRIBUTION DATE: AUGUST 1, 2042

          evidencing a proportionate undivided beneficial ownership interest
in the Trust, as defined below, the property of which consists principally of
$25,180,000 aggregate principal amount of 6.875% Debentures due August 1,
2097, issued by Bristol-Myers Squibb Company and all payments received thereon
(the "Trust Property"), deposited in trust by Lehman ABS Corporation (the
"Depositor").

          THIS CERTIFIES THAT CEDE & CO. is the registered owner of an
aggregate amount of $25,180,000 notional principal amount nonassessable,
fully-paid, proportionate undivided beneficial ownership interest in the
Corporate Backed Trust Certificates, Bristol-Myers Squibb Debenture-Backed
Series 2002-18 Trust, formed by the Depositor.

          The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association , a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Bristol-Myers Squibb
Debenture-Backed Series 2002-18, dated as of October 31, 2002 (the "Series
Supplement" and, together with the Standard Terms, the "Trust Agreement"),
between the Depositor and the Trustee. This Certificate does not purport to
summarize the Trust Agreement and reference is hereby made to the Trust
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee with respect hereto. A copy of the Trust Agreement
may be obtained from the Trustee by written request sent to the Corporate
Trust Office. Capitalized terms used but not defined herein have the meanings
assigned to them in the Trust Agreement.

          This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Bristol-Myers Squibb
Debenture-Backed Series 2002-18, Class A-2A" (herein called the
"Certificates"). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound. The Trust Property consists of: (i) Underlying
Securities described in the Trust Agreement, and (ii) all payments on or
collections in respect of the Underlying Securities accrued on or after
October 31, 2002, together with any and all income, proceeds and payments

                                    A-2A-3
<PAGE>

with respect thereto; provided, however, that any income from the investment
of Trust funds in certain permitted investments ("Eligible Investments") does
not constitute Trust Property.

          Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the
obligation created by the Trust Agreement shall have terminated in accordance
therewith, distributions of interest will be made on this Certificate on each
Distribution Date until the Distribution Date occurring in August 2042.

          Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the
obligation created by the Trust Agreement shall have terminated in accordance
therewith, distributions will be made on each Distribution Date, to the Person
in whose name this Certificate is registered on the applicable Record Date, in
an amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day.

          Each Certificateholder, by its acceptance of a Certificate,
covenants and agrees that such Certificateholder will not at any time
institute against the Trust, or join in any institution against the Trust of,
any bankruptcy proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Certificates
or the Trust Agreement.

          Distributions made on this Certificate will be made as provided in
the Trust Agreement by the Trustee by wire transfer in immediately available
funds, or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the
making of any notation hereon, except that with respect to Certificates
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee shall be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on 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 Corporate
Trust Office or such other location as may be specified in such notice.

          Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee, by manual signature, this Certificate shall not
entitle the Holder hereof to any benefit under the Trust Agreement or be valid
for any purpose.

                                    A-2A-4
<PAGE>

          THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                    A-2A-5
<PAGE>

           IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed as of the date set forth below.

                               CORPORATE BACKED TRUST CERTIFICATES,
                               BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES
                               2002-18 TRUST

                               By: U.S. BANK TRUST NATIONAL ASSOCIATION
                               not in its individual capacity but solely as
                               Trustee,

                               By:
                                  ---------------------------------
                                  Authorized Signatory

Dated: October 31, 2002

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Corporate Backed Trust Certificates,
Bristol-Myers Squibb Debenture-Backed Series 2002-18, described in the Trust
Agreement referred to herein.

U.S. BANK TRUST NATIONAL ASSOCIATION
not in its individual capacity but solely as
Trustee,

By:
   ------------------------------
   Authorized Signatory

                                    A-2A-6
<PAGE>

                           (REVERSE OF CERTIFICATE)

          The Certificates are limited in right of distribution to certain
payments and collections respecting the Underlying Securities, all as more
specifically set forth herein and in the Trust Agreement. The registered
Holder hereof, by its acceptance hereof, agrees that it will look solely to
the Trust Property (to the extent of its rights therein) for distributions
hereunder.

          The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Trustee and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and
the Trustee with the consent of the holders of Class A-2 Certificates in the
manner set forth in the Series Supplement and the Standard Terms. Any such
consent by the Holder of this Certificate (or any predecessor 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 hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders
of any of the Certificates.

          The Certificates are issuable in fully registered form only in
denominations of $100,000 and in integral multiples of $1 in excess thereof.

          As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is
registerable in the Certificate Register upon surrender of this Certificate
for registration of transfer at the offices or agencies of the Certificate
Registrar maintained by the Trustee in the Borough of Manhattan, the City of
New York, duly endorsed by or accompanied by an assignment in the form below
and by such other documents as required by the Trust Agreement, and thereupon
one or more new Certificates of the same class in authorized denominations
evidencing the same notional principal amount will be issued to the designated
transferee or transferees. The initial Certificate Registrar appointed under
the Trust Agreement is U.S. Bank Trust National Association.

          No service charge will be made for any registration of transfer or
exchange, but the Trustee may require exchange of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Certificates.

          The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Depositor, the Trustee, nor
any such agent shall be affected by any notice to the contrary.

          It is the intention of the parties to the Trust Agreement that the
Trust created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.

          The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i)

                                    A-2A-7
<PAGE>

the payment in full at maturity or sale by the Trust after a payment default
on or an acceleration or other early payment of the Underlying Securities and
the distribution in full of all amounts due to the Class A-1
Certificateholders and Class A-2 Certificateholders; (ii) the exercise of all
outstanding Call Warrants by the Warrant Holders; (iii) the Final Scheduled
Distribution Date and (iv) 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.

          An employee benefit plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), a plan described in Section
4975(e) of the Code, an entity whose underlying assets include plan assets by
reason of any such plan's investment in the entity, including an individual
retirement account or Keogh plan (any such, a "Plan") may purchase and hold
Certificates if the Plan can represent and warrant that its purchase and
holding of the Certificates would not be prohibited under ERISA or the Code.

                                    A-2A-8
<PAGE>

                                  ASSIGNMENT

          FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

(Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ________________Attorney to transfer
said Certificate on the books of the Certificate Register, with full power of
substitution in the premises.

Dated:

                                                               *
                                                     Signature Guaranteed:

                                                               *

*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                    A-2A-9
<PAGE>

                                 EXHIBIT A-2B
                     FORM OF TRUST CERTIFICATE CLASS A-2B

                            CLASS A-2B CERTIFICATE

NUMBER 1                                                  CUSIP NO. 21988G CC 8

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS CLASS A-2B CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION UNDER
SUCH ACT IS IN EFFECT OR PURSUANT TO AN EXEMPTION THEREFROM UNDER SUCH ACT.
THE CLASS A-2B CERTIFICATE REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN
ACCORDANCE WITH THE TERMS OF THE SERIES SUPPLEMENT.

          EACH PURCHASER OF THIS CLASS A-2B CERTIFICATE IS HEREBY NOTIFIED
THAT THE SELLER OF THIS CLASS A-2B CERTIFICATE MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

          THE NOTIONAL PRINCIPAL AMOUNT OF THIS CLASS A-2B CERTIFICATE IS AS
SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING NOTIONAL PRINCIPAL AMOUNT OF
THIS CLASS A-2B CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON
THE FACE HEREOF.

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL
OWNERSHIP INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN
INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

                                    A-2B-1
<PAGE>

          THE CERTIFICATEHOLDERS, BY THEIR ACCEPTANCE OF CERTIFICATES,
COVENANT AND AGREE TO TENDER ANY AND ALL CALLED CERTIFICATES TO THE TRUSTEE
UPON THE WARRANT HOLDER'S EXERCISE OF CALL WARRANTS AND PAYMENT OF THE CALL
PRICE FOR SUCH CERTIFICATES IN ACCORDANCE WITH THE PROVISIONS HEREOF AND OF
THE WARRANT AGENT AGREEMENT.

                                    A-2B-2
<PAGE>

                            LEHMAN ABS CORPORATION

                     CORPORATE BACKED TRUST CERTIFICATES,

             BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES 2002-18

                     $25,180,000 NOTIONAL PRINCIPAL AMOUNT

0.625% INTEREST RATE

          evidencing a proportionate undivided beneficial ownership interest
in the Trust, as defined below, the property of which consists principally of
$25,180,000 aggregate principal amount of 6.875% Notes due August 1, 2097,
issued by Bristol-Myers Squibb Company and all payments received thereon (the
"Trust Property"), deposited in trust by Lehman ABS Corporation (the
"Depositor"). No payments of regularly scheduled interest in respect of this
certificate shall be made until February 1, 2043.

          THIS CERTIFIES THAT CEDE & CO. is the registered owner of an
aggregate amount of $25,180,000 notional principal amount nonassessable,
fully-paid, proportionate undivided beneficial ownership interest in the
Corporate Backed Trust Certificates, Bristol-Myers Squibb Debenture-Backed
Series 2002-18 Trust, formed by the Depositor.

          The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association , a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Bristol-Myers Squibb
Debenture-Backed Series 2002-18, dated as of October 31, 2002 (the "Series
Supplement" and, together with the Standard Terms, the "Trust Agreement"),
between the Depositor and the Trustee. This Certificate does not purport to
summarize the Trust Agreement and reference is hereby made to the Trust
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee with respect hereto. A copy of the Trust Agreement
may be obtained from the Trustee by written request sent to the Corporate
Trust Office. Capitalized terms used but not defined herein have the meanings
assigned to them in the Trust Agreement.

          This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Bristol-Myers Squibb
Debenture-Backed Series 2002-18, Class A-2B" (herein called the
"Certificates"). This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement, to which Trust Agreement the
Holder of this Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound. The Trust Property consists of: (i) Underlying
Securities described in the Trust Agreement, and (ii) all payments on or
collections in respect of the Underlying Securities accrued on or after
October 31, 2002, together with any and all income, proceeds and payments with
respect thereto; provided, however, that any income from the investment of
Trust funds in certain permitted investments ("Eligible Investments") does not
constitute Trust Property.

                                    A-2B-3
<PAGE>

          Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the
obligation created by the Trust Agreement shall have terminated in accordance
therewith, distributions of interest will be made on this Certificate on each
Distribution Date occurring on or after the Distribution Date in February
2043.

          Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the
obligation created by the Trust Agreement shall have terminated in accordance
therewith, distributions will be made on each Distribution Date, to the Person
in whose name this Certificate is registered on the applicable Record Date, in
an amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day.

          Each Certificateholder, by its acceptance of a Certificate,
covenants and agrees that such Certificateholder will not at any time
institute against the Trust, or join in any institution against the Trust of,
any bankruptcy proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Certificates
or the Trust Agreement.

           Distributions made on this Certificate will be made as provided in
the Trust Agreement by the Trustee by wire transfer in immediately available
funds, or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the
making of any notation hereon, except that with respect to Certificates
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee shall be Cede & Co.), payments will be made
by wire transfer in immediately available funds to the account designated by
such nominee.  Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on 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 Corporate
Trust Office or such other location as may be specified in such notice.

           Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

           Unless the certificate of authentication hereon has been executed
by or on behalf of the Trustee, by manual signature, this Certificate shall
not entitle the Holder hereof to any benefit under the Trust Agreement or be
valid for any purpose.

           THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT

                                    A-2B-4
<PAGE>

OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER
HEREOF SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                    A-2B-5
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed as of the date set forth below.

                               CORPORATE BACKED TRUST CERTIFICATES,
                               BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES
                               2002-18 TRUST

                               By: U.S. BANK TRUST NATIONAL ASSOCIATION
                               not in its individual capacity but solely as
                               Trustee,

                               By:
                                  ------------------------------------
                                  Authorized Signatory

Dated: October 31, 2002

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Corporate Backed Trust Certificates,
Bristol-Myers Squibb Debenture-Backed Series 2002-18, described in the Trust
Agreement referred to herein.

U.S. BANK TRUST NATIONAL ASSOCIATION
not in its individual capacity but solely as
Trustee,

By:
   ------------------------------
   Authorized Signatory

                                    A-2B-6
<PAGE>

                           (REVERSE OF CERTIFICATE)

          The Certificates are limited in right of distribution to certain
payments and collections respecting the Underlying Securities, all as more
specifically set forth herein and in the Trust Agreement. The registered
Holder hereof, by its acceptance hereof, agrees that it will look solely to
the Trust Property (to the extent of its rights therein) for distributions
hereunder.

          The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Trustee and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and
the Trustee with the consent of the holders of Class A-2 Certificates in the
manner set forth in the Series Supplement and the Standard Terms. Any such
consent by the Holder of this Certificate (or any predecessor 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 hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders
of any of the Certificates.

          The Certificates are issuable in fully registered form only in
denominations of $100,000 and in integral multiples of $1 in excess thereof.

          As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is
registerable in the Certificate Register upon surrender of this Certificate
for registration of transfer at the offices or agencies of the Certificate
Registrar maintained by the Trustee in the Borough of Manhattan, the City of
New York, duly endorsed by or accompanied by an assignment in the form below
and by such other documents as required by the Trust Agreement, and thereupon
one or more new Certificates of the same class in authorized denominations
evidencing the same notional principal amount will be issued to the designated
transferee or transferees. The initial Certificate Registrar appointed under
the Trust Agreement is U.S. Bank Trust National Association.

          No service charge will be made for any registration of transfer or
exchange, but the Trustee may require exchange of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Certificates.

          The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Depositor, the Trustee, nor
any such agent shall be affected by any notice to the contrary.

          It is the intention of the parties to the Trust Agreement that the
Trust created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.

          The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i)

                                    A-2B-7
<PAGE>

the payment in full at maturity or sale by the Trust after a payment default
on or an acceleration or other early payment of the Underlying Securities and
the distribution in full of all amounts due to the Class A-1
Certificateholders and Class A-2 Certificateholders; (ii) the exercise of all
outstanding Call Warrants by the Warrant Holders; (iii) the Final Scheduled
Distribution Date and (iv) 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.

           An employee benefit plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), a plan described in Section
4975(e) of the Code, an entity whose underlying assets include plan assets by
reason of any such plan's investment in the entity, including an individual
retirement account or Keogh plan (any such, a "Plan") may purchase and hold
Certificates if the Plan can represent and warrant that its purchase and
holding of the Certificates would not be prohibited under ERISA or the Code.

                                    A-2B-8
<PAGE>

                                  ASSIGNMENT

          FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

(Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ______________Attorney to transfer
said Certificate on the books of the Certificate Register, with full power of
substitution in the premises.

Dated:

                                                               *
                                                     Signature Guaranteed:

                                                               *

*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                    A-2B-9
<PAGE>

                                   EXHIBIT B

                        FORM OF WARRANT AGENT AGREEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

          BRISTOL-MYERS SQUIBB DEBENTURE-BACKED SERIES 2002-18 TRUST

          WARRANT AGENT AGREEMENT, dated as of October 31, 2002 (the "Warrant
Agent Agreement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the "Trustee")
and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the "Warrant
Agent").

                             W I T N E S S E T H:

          WHEREAS, the Depositor created Corporate Backed Trust Certificates,
Bristol-Myers Squibb Debenture-Backed Series 2002-18 Trust (the "Trust"), a
trust created under the laws of the State of New York pursuant to a Standard
Terms for Trust Agreements, dated as of January 16, 2001 (the "Agreement"),
between Lehman ABS Corporation (the "Depositor") and U.S. Bank Trust National
Association, a national banking association, not in its individual capacity
but solely as Trustee (the "Trustee"), as supplemented by the Series
Supplement 2002-18, dated as of October 31, 2002 (the "Series Supplement" and,
together with the Agreement, the "Trust Agreement"), between the Depositor and
the Trustee; and

          WHEREAS, in connection with the creation of the Trust and the
deposit therein of the Underlying Securities, it is desired to provide for the
issuance of trust certificates (the "Certificates") evidencing undivided
interests in the Trust and call warrants with respect to the Certificates
("Call Warrants").

          NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants expressed herein, it is hereby agreed by and between the
Depositor, the Warrant Agent and the Trustee that except as otherwise
specified herein or as the context may otherwise require, capitalized terms
used herein but not defined herein shall have the respective meanings set
forth below in the Series Supplement, and as follows:

                                   ARTICLE I

                           EXERCISE OF CALL WARRANTS

      Section 1.1    Manner of Exercise.  (a)  Call Warrants may be exercised
by any holder thereof (each, a "Warrant Holder") in whole or in part on any
Call Date. The following conditions shall apply to any exercise of Call
Warrants:

                (i)   A notice (each, a "Call Notice") specifying the number of
           Call Warrants being exercised and the Call Date shall be delivered
           to the Warrant Agent and the Trustee at least 5 Business Days
           before such Call Date.

                                     B-1
<PAGE>

                (ii)  The Warrant Holder shall surrender the Call Warrants to
           the Warrant Agent at its office specified in Section 6.3 hereof no
           later than 10:00 a.m. (New York City time) on such Call Date.

                (iii)  The Warrant Holder shall have made payment to the Warrant
           Agent, by wire transfer or other immediately available funds
           acceptable to the Warrant Agent, in the amount of the Call Price,
           no later than 10:00 a.m. (New York City time) on the Call Date.

                (iv)  The Warrant Holder shall exercise Call Warrants relating
           to Class A-1 Certificates, Call Warrants relating to the Class A-2A
           Certificates and Call Warrants relating to the Class A-2B
           Certificates which represent a like percentage of all Class A-1
           Certificates, Class A-2A Certificates and Class A-2B Certificates,
           respectively.

                (v)   The Warrant Holder may not exercise the Call Warrants at
           any time when such Warrant Holder is insolvent, and such Warrant
           Holder shall be required to certify that it is solvent at the time
           of exercise, by completing the Form of Subscription attached to the
           Call Warrants and delivering such completed Form of Subscription to
           the Trustee on or prior to the Call Date and by delivering to the
           Trustee a form reasonably satisfactory to the Trustee of the
           opinion and the solvency certificate required pursuant to Section
           7(d)(ii) of the Series Supplement.

                (vi)  The Warrant Holder shall have satisfied any other
           conditions to the exercise of Call Warrants set forth in Section
           7(b) of the Series Supplement.

           (b)  Upon exercise of Call Warrants, any Warrant Holder other than
      the Depositor or any Affiliate of the Depositor shall be entitled to
      delivery by the Trustee of the Called Certificates. The "Called
      Certificates" shall be, in the case of the Class A-1 Certificates, Class
      A-1 Certificates having a Certificate Principal Amount equal to $25 per
      Call Warrant, and in the case of the Class A-2 Certificates, Class A-2
      Certificates having a notional balance equal to $100,000 per Call
      Warrant. Unless otherwise specified therein, such Call Notice shall be
      deemed to be notice of an Optional Exchange pursuant to Section 7(b) of
      the Series Supplement. Any Warrant Holder which is the Depositor or any
      Affiliate of the Depositor shall receive the proceeds of the sale of the
      Called Underlying Securities and shall not be entitled to receive the
      related Called Certificates or Called Underlying Securities. "Called
      Underlying Securities" are Underlying Securities which represent the
      same percentage of the Underlying Securities as the Called Certificates
      represent of the Class A-1 Certificates, the Class A-2A Certificates and
      Class A-2B Certificates.

           (c)  The Warrant Agent shall notify the Trustee immediately upon
      its receipt of a Call Notice and upon receipt of payment of the Call
      Price.  The Warrant Agent shall transfer the amount of any paid Call
      Price to the Trustee in immediately available funds, for deposit in the
      Certificate Account and application pursuant to the Trust Agreement on

                                     B-2
<PAGE>

      the applicable Call Date (and, pending such transfer, shall hold such
      amount for the benefit of the Warrant Holder in a segregated trust
      account).

           (d)  Delivery of a Call Notice does not give rise to an obligation
      on the part of the Warrant Holder to pay the Call Price. If, by 10:00
      a.m. (New York City time) on the Call Date, the Warrant Holder has not
      paid the Call Price, except in connection with a Call Notice relating to
      a tender offer for Underlying Securities, then the Call Notice shall
      automatically expire and none of the Warrant Holder, the Warrant Agent
      or the Trustee shall have any obligation with respect to the Call
      Notice. The expiration of a Call Notice shall in no way affect the
      Warrant Holder's right to deliver a Call Notice at a later date.  The
      Call Price for a call in connection with a tender offer shall be
      deducted from the proceeds of a tender offer by the Trust pursuant to
      Section 7(g)(iii) of the Series Supplement.

      Section 1.2    Transfer of Certificates.  As soon as practicable after
each surrender of Call Warrants in whole or in part on the Call Date and upon
satisfaction of all other requirements described in the Call Warrants and in
Section 1.1 hereof, the Warrant Agent shall instruct the Trustee as follows:

           (a)  if Call Warrants are being exercised by any Warrant Holder
      other than the Depositor or any Affiliate of the Depositor, to cause the
      Called Certificates to reflect the Warrant Holder's beneficial ownership
      of such Certificates and if such Call Notice is also deemed to be a
      notice of Optional Exchange, to cause a distribution of Underlying
      Securities to the Warrant Holder in accordance with Section 7(a) of the
      Series Supplement, provided, however, that if such a Call Notice and
      Optional Exchange is in connection with a tender offer, the Warrant
      Agent shall instruct the Trustee to distribute to the exercising Warrant
      Holder the excess of the tender offer proceeds over the Call Price
      pursuant to Section 7(g)(iii) of the Series Supplement, or

           (b)  if the Call Warrants are being exercised by the Depositor or
      any Affiliate of the Depositor, to cause the Called Underlying
      Securities to be sold pursuant to Section 13 of the Series Supplement
      and to distribute the proceeds of such sale to the Warrant Holder.

      If such exercise is in part only, the Warrant Agent shall instruct the
Trustee to authenticate new Call Warrants of like tenor, representing the
outstanding Call Warrants of the Warrant Holder and the Warrant Agent shall
deliver such Call Warrants to the Warrant Holder.

           In each case, the Trustee shall act in accordance with such
instructions.

      Section 1.3    Cancellation and Destruction of Call Warrants.  All Call
Warrants surrendered to the Warrant Agent for the purpose of exercise (in
whole or in part) pursuant to Section 1.1 and actually exercised, or for the
purpose of transfer or exchange pursuant to Article III, shall be cancelled
by the Warrant Agent, and no Call Warrant (other than that reflecting any
such transfer or exchange) shall be issued in lieu thereof. The Warrant Agent
shall destroy all cancelled Call Warrants.

                                     B-3
<PAGE>

      Section 1.4    No Rights as Holder of Certificates Conferred by Call
Warrants.  Prior to the exercise thereof, Call Warrants shall not entitle the
Warrant Holder to any of the rights of a holder of the Certificates,
including, without limitation, the right to receive the payment of any amount
on or in respect of the Certificates or to enforce any of the covenants of
the Trust Agreement.

      Section 1.5    Pro Rata Reduction of Call Warrants if Partial Redemption
of Underlying Securities.  If Underlying Securities are redeemed in part by
the Underlying Securities Issuer and the Warrant Holders do not exercise
their Call Rights in connection with such partial redemption, the number of
Call Warrants held by each Warrant Holder shall be reduced proportionately so
that the aggregate amount of Class A-1 Certificates callable by Call Warrants
shall equal the amount of outstanding Class A-1 Certificates after giving
effect to such partial redemption, the aggregate notional amount of Class
A-2A Certificates callable by Call Warrants shall equal the outstanding
notional amount of Class A-2A Certificates after giving effect to such
partial redemption and the aggregate notional amount of Class A-2B
Certificates callable by Call Warrants shall equal the outstanding notional
amount of Class A-2B Certificates after giving effect to such partial
redemption.  The Warrant Agent shall make such adjustments to its records as
shall be necessary to reflect such reductions and shall notify each Warrant
Holder of such adjustments.

                                  ARTICLE II

                           RESTRICTIONS ON TRANSFER

      Section 2.1    Restrictive Legends.  Except as otherwise permitted by
this Article II, each Call Warrant (including each Call Warrant issued upon
the transfer of any Call Warrant) shall be issued with a legend in
substantially the following form:

   "This Call Warrant has not been registered under the Securities Act of
   1933, as amended, and may not be transferred, sold or otherwise disposed of
   except while a registration under such Act is in effect or pursuant to an
   exemption therefrom under such Act. The Call Warrant represented hereby may
   be transferred only in compliance with the conditions specified in the Call
   Warrants."

      Section 2.2    Notice of Proposed Transfer; Opinions of Counsel.  Prior
to any transfer of any Call Warrant or portion thereof, the Warrant Holder
will give 5 Business Days (or such lesser period acceptable to the Warrant
Agent) prior written notice to the Warrant Agent of such Warrant Holder's
intention to effect such transfer.

                                  ARTICLE III

               REGISTRATION AND TRANSFER OF CALL WARRANTS, ETC.

      Section 3.1    Warrant Register; Ownership of Call Warrants.  The
Warrant Agent will keep a register in which the Warrant Agent will provide
for the registration of Call Warrants and the registration of transfers of
Call Warrants representing numbers of Call Warrants. The Trustee and the
Warrant Agent may treat the Person in whose name any Call Warrant is
registered on

                                     B-4
<PAGE>

such register as the owner thereof for all purposes, and the Trustee and the
Warrant Agent shall not be affected by any notice to the contrary.

      Section 3.2    Transfer and Exchange of Call Warrants.  (a)  No Call
Warrant may be offered, resold, assigned or otherwise transferred (including
by pledge or hypothecation) at any time prior to (x) the date which is two
years or such shorter period of time as permitted by Rule 144(k) under the
Securities Act after the later of the original issue date of such Call
Warrants and the last date on which the Depositor or any "affiliate" (as
defined in Rule 144 under the Securities Act) of the Depositor was the owner
of such Call Warrant (or any predecessor thereto) or (y) or such later date,
if any, as may be required by a change in applicable securities laws (the
"Resale Restriction Termination Date") unless such offer, resale, assignment
or transfer is (i) to the Trust, (ii) pursuant to an effective registration
statement under the Securities Act, (iii) to a qualified institutional buyer
(a "QIB"), as such term is defined in Rule 144A promulgated under the
Securities Act ("Rule 144A"), in accordance with Rule 144A or (iv) pursuant
to another available exemption from registration provided under the
Securities Act, and, in each of cases (i) through (iv), in accordance with
any applicable securities laws of any state of the United States and other
jurisdictions.  Prior to any offer, resale, assignment or transfer of any
Call Warrant in the manner described in clause (iii) above, the prospective
transferee and the prospective transferor shall be required to deliver to the
Trustee an executed copy of an Investment Letter with respect to the Call
Warrants to be transferred substantially in the form of Exhibit C to the
Series Supplement.  Prior to any offer, resale, assignment or transfer of any
Call Warrants in the manner described in clause (iv) above, the prospective
transferee and the prospective transferor shall be required to deliver to the
Trustee documentation certifying that the offer, resale, assignment or
transfer complies with the provisions of said clause (iv).  In addition to
the foregoing, each prospective transferee of any Call Warrants in the manner
contemplated by clause (iii) above shall acknowledge, represent and agree as
follows:

      (1)  The transferee (x) is a QIB, (y) is aware that the sale to it is
           being made in reliance on Rule 144A and (z) is acquiring such Call
           Warrant for its own account or for the account of a QIB.

      (2)  The transferee understands that the Call Warrant are being offered
           in a transaction not involving any public offering in the United
           States within the meaning of the Securities Act, and that the Call
           Warrants have not been and will not be registered under the
           Securities Act.

      (3)  The transferee agrees that (A) if in the future it decides to
           offer, resell, pledge or otherwise transfer the Call Warrants prior
           to the Resale Restriction Termination Date, such Call Warrants
           shall only be offered, resold, assigned or otherwise transferred
           (i) to the Trust, (ii) pursuant to an effective registration
           statement under the Securities Act, (iii) to a QIB, in accordance
           with Rule 144A or (iv) pursuant to another available exemption from
           registration provided under the Securities Act, and, in each of
           cases (i) through (iv), in accordance with any applicable
           securities laws of any state of the United States and other
           jurisdictions and (B) the transferee will, and each subsequent
           holder is required to, notify any subsequent purchaser of such Call
           Warrants from it of the resale restrictions referred to in clause
           (A) above.

                                     B-5
<PAGE>

           (b)  Upon surrender of any Call Warrant for registration of
      transfer or for exchange to the Warrant Agent, the Warrant Agent shall
      (subject to compliance with Article II) execute and deliver, and cause
      the Trustee, on behalf of the Trust, to execute and deliver, in exchange
      therefor, a new Call Warrant of like tenor and evidencing a like number
      of Call Warrants, in the name of such Warrant Holder or as such Warrant
      Holder (upon payment by such Warrant Holder of any applicable transfer
      taxes or government charges) may direct; provided that as a condition
      precedent for transferring the Call Warrants, the prospective transferee
      shall deliver to the Trustee and the Depositor an executed copy of the
      Investment Letter (set forth as Exhibit C to the Series Supplement) if
      the same is required pursuant to the provisions of clause (a) above.

      Section 3.3    Replacement of Call Warrants.  Upon receipt of evidence
reasonably satisfactory to the Warrant Agent of the loss, theft, destruction
or mutilation of any Call Warrant and, in the case of any such loss, theft or
destruction of any Call Warrant, upon delivery of an indemnity bond in such
reasonable amount as the Warrant Agent may determine, or, in the case of any
such mutilation, upon the surrender of such Call Warrant for cancellation to
the Warrant Agent, the Warrant Agent shall execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in lieu thereof, a
new Call Warrant of like tenor bearing a number not contemporaneously
outstanding.

      Section 3.4    Execution and Delivery of Call Warrants by Trustee.  The
Trustee, on behalf of the Trust, hereby agrees (subject to compliance with
Article II) to execute and deliver such new Call Warrants issued in
accordance with Section 1.2 or this Article III as the Warrant Agent shall
request in accordance herewith.

      Section 3.5    Additional Call Warrants.  The Trustee shall execute and
deliver additional Call Warrants on behalf of the Trust with respect to any
additional Certificates issued by the Trust following the sale of additional
Underlying Securities to the Trust, in accordance with the provisions of
Section 3(d) of the Series Supplement.

                                  ARTICLE IV

                                  DEFINITIONS

   As used herein, unless the context otherwise requires, the following terms
   have the following respective meanings:

   "Business Day":  As defined in the Trust Agreement.

   "Call Date":  Any Business Day (i)  on or after October 31, 2007,
   (ii) after the Underlying Securities Issuer announces that it will redeem
   (in whole or in part) or otherwise make an unscheduled payment on the
   Underlying Securities, (iii) after the Trustee notifies the
   Certificateholders of any proposed sale of the Underlying Securities
   pursuant to the provisions of this Series Supplement or (iv) on which a
   tender offer for some or all of the Underlying Securities is consummated.

   "Call Notice":  As defined in Section 1.1(a)(i) hereof.

                                     B-6
<PAGE>

   "Call Price":  For each related Call Date, (i) in the case of the Class A-1
   Certificates, 100% of the outstanding Certificate Principal Balance of the
   Class A-1 Certificates being purchased pursuant to the exercise of the Call
   Warrants, plus any accrued and unpaid interest on such amount to but
   excluding the Call Date and (ii) in the case of the Class A-2 Certificates,
   present value of all amounts that would otherwise have been payable on the
   Class A-2 Certificates being purchased pursuant to the exercise of the Call
   Warrants for the period from the related Call Date to the Final Scheduled
   Distribution Date using a discount rate of 8.125% per annum, assuming no
   delinquencies, deferrals, redemptions or prepayments on the Underlying
   Securities shall occur after the related Call Date.

   "Call Warrant":  As defined in the recitals.

   "Called Certificates":  As defined in Section 1.1(b) hereof.

   "Called Underlying Securities":  As defined in Section 1.1(b) hereof.

   "Closing Date":  October 31, 2002.

   "Depositor":  As defined in the recitals.

   "Depositor Order":  As defined in the Trust Agreement.

   "Person":  Any individual, corporation, partnership, joint venture,
   association, joint stock company, trust (including any beneficiary
   thereof), unincorporated organization or government or any agency or
   political subdivision thereof.

   "QIB":  As defined in Section 3.2 hereof.

   "Rating Agencies":  Standard & Poor's Ratings Services and Moody's
   Investors Service, Inc. and any successor thereto.

   "Resale Restriction Termination Date":  As defined in Section 3.2 hereof.

   "Responsible Officer":  As defined in the Trust Agreement.

   "Rule 144A":  As defined in Section 3.2.

   "Securities Act":  The Securities Act of 1933, or any similar federal
   statute, and the rules and regulations of the Commission thereunder, all as
   the same shall be in effect at the time.

   "Trust":  As defined in the recitals.

   "Trust Agreement":  As defined in the recitals.

   "Trustee":  As defined in the recitals, or any successor thereto under the
   Trust Agreement.

   "Warrant Agent":  As defined in the recitals, or any successor thereto
   under this Warrant Agent Agreement.

   "Warrant Agent Agreement":  As defined in the recitals.

   "Warrant Holder":  As defined in Section 1.1(a) hereof.

                                   ARTICLE V

                                 WARRANT AGENT

                                     B-7
<PAGE>

      Section 5.1    Limitation on Liability.  The Warrant Agent shall be
protected and shall incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of the Call
Warrants in reliance upon any instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement or other paper or document in good faith believed by
it to be genuine and to be signed, executed and, where necessary, verified
and acknowledged, by the proper Person or Persons.

      Section 5.2    Duties of Warrant Agent.  The Warrant Agent undertakes
only the specific duties and obligations imposed hereunder upon the following
terms and conditions, by all of which the Depositor, the Trust, the Trustee
and each Warrant Holder shall be bound:

           (a)  The Warrant Agent may consult with legal counsel (who may be
      legal counsel for the Depositor), and the opinion of such counsel shall
      be full and complete authorization and protection to the Warrant Agent
      as to any action taken or omitted by it in good faith and in accordance
      with such opinion, provided the Warrant Agent shall have exercised
      reasonable care in the selection by it of such counsel.

           (b)  Whenever in the performance of its duties hereunder, the
      Warrant Agent shall deem it necessary or desirable that any fact or
      matter be proved or established by the Depositor or the Trustee prior to
      taking or suffering any action hereunder, such fact or matter may be
      deemed to be conclusively proved and established by a Depositor Order or
      a certificate signed by a Responsible Officer of the Trustee and
      delivered to the Warrant Agent; and such certificate shall be full
      authorization to the Warrant Agent for any action taken or suffered in
      good faith by it hereunder in reliance upon such certificate.

           (c)  The Warrant Agent shall be liable hereunder only for its own
      negligence, willful misconduct or bad faith.

           (d)  The Warrant Agent shall not be liable for or by reason of any
      of the statements of fact or recitals contained herein or be required to
      verify the same, but all such statements and recitals are and shall be
      deemed to have been made by the Trust and the Depositor only.

           (e)  The Warrant Agent shall not have any responsibility in respect
      of and makes no representation as to the validity of the Call Warrants
      or the execution and delivery thereof (except the due execution hereof
      by the Warrant Agent); nor shall it be responsible for any breach by the
      Trust of any covenant or condition contained in the Call Warrants; nor
      shall it by any act thereunder be deemed to make any representation or
      warranty as to the Certificates to be purchased thereunder.

           (f)  The Warrant Agent is hereby authorized and directed to accept
      instructions with respect to the performance of its duties hereunder
      from the Chairman of the Board, the Chief Executive Officer, Chief
      Financial Officer, Chief Operating Officer, President, a Vice President,
      a Senior Vice President, a Managing Director, its Treasurer, an
      Assistant Treasurer, its Secretary or an Assistant Secretary of the
      Depositor, and any Responsible Officer of the Trustee, and to apply to
      such officers for advice or instructions

                                     B-8
<PAGE>

      in connection with its duties, and it shall not be liable for any
      action taken or suffered to be taken by it in good faith in accordance
      with instructions of any such officer.

           (g)  The Warrant Agent and any shareholder, director, officer or
      employee of the Warrant Agent may buy, sell or deal in any of the Call
      Warrants or other securities of the Trust or otherwise act as fully and
      freely as though it were not Warrant Agent hereunder, so long as such
      persons do so in full compliance with all applicable laws. Nothing
      herein shall preclude the Warrant Agent from acting in any other
      capacity for the Trust, the Depositor or for any other legal entity.

           (h)  The Warrant Agent may execute and exercise any of the rights
      or powers hereby vested in it or perform any duty hereunder either
      itself or by or through its attorneys or agents.

           (i)  The Warrant Agent shall act solely as the agent of the Trust
      hereunder. The Warrant Agent shall not be liable except for the failure
      to perform such duties as are specifically set forth herein, and no
      implied covenants or obligations shall be read into the Call Warrants
      against the Warrant Agent, whose duties shall be determined solely by
      the express provisions thereof. The Warrant Agent shall not be deemed to
      be a fiduciary.

           (j)  The Warrant Agent shall not be responsible for any failure on
      the part of the Trustee to comply with any of its covenants and
      obligations contained herein.

           (k)  The Warrant Agent shall not be under any obligation or duty to
      institute, appear in or defend any action, suit or legal proceeding in
      respect hereof, unless first indemnified to its satisfaction, but this
      provision shall not affect the power of the Warrant Agent to take such
      action as the Warrant Agent may consider proper, whether with or without
      such indemnity. The Warrant Agent shall promptly notify the Depositor
      and the Trustee in writing of any claim made or action, suit or
      proceeding instituted against it arising out of or in connection with
      the Call Warrants.

           (l)  The Trustee will perform, execute, acknowledge and deliver or
      cause to be performed, executed, acknowledged and delivered all such
      further acts, instruments and assurances as may be required by the
      Warrant Agent in order to enable it to carry out or perform its duties
      hereunder.

      Section 5.3    Change of Warrant Agent.  The Warrant Agent may resign
and be discharged from its duties hereunder upon thirty (30) days notice in
writing mailed to the Depositor and the Trustee by registered or certified
mail, and to the Warrant Holders by first-class mail at the expense of the
Depositor; provided that no such resignation or discharge shall become
effective until a successor Warrant Agent shall have been appointed
hereunder. The Depositor may remove the Warrant Agent or any successor
Warrant Agent upon thirty (30) days notice in writing, mailed to the Warrant
Agent or successor Warrant Agent, as the case may be, and to the Warrant
Holders by first-class mail; provided further that no such removal shall
become effective until a successor Warrant Agent shall have been appointed
hereunder. If the Warrant Agent shall resign or be removed or shall otherwise
become incapable of acting, the Depositor shall promptly appoint a successor
to the Warrant Agent, which may be designated as

                                     B-9
<PAGE>

an interim Warrant Agent. If an interim Warrant Agent is designated, the
Depositor shall then appoint a permanent successor to the Warrant Agent, which
may be the interim Warrant Agent. If the Depositor shall fail to make such
appointment of a permanent successor within a period of thirty (30) days after
such removal or within sixty (60) days after notification in writing of such
resignation or incapacity by the resigning or incapacitated Warrant Agent or
by the Warrant Holder, then the Warrant Agent or registered Warrant Holder may
apply to any court of competent jurisdiction for the appointment of such a
successor. Any successor to the Warrant Agent appointed hereunder must be
rated in one of the four highest rating categories by the Rating Agencies. Any
entity which may be merged or consolidated with or which shall otherwise
succeed to substantially all of the trust or agency business of the Warrant
Agent shall be deemed to be the successor Warrant Agent without any further
action.

      Section 5.4    Warrant Agent Transfer Fee.  The Warrant Agent will
assess a fee of $50.00 upon the issue of any new Call Warrant, such fee to be
assessed upon the new Call Warrant Holder.

                                  ARTICLE VI

                                 MISCELLANEOUS

      Section 6.1    Remedies.  The remedies at law of the Warrant Holder in
the event of any default or threatened default by the Warrant Agent in the
performance of or compliance with any of the terms of the Call Warrants are
not and will not be adequate and, to the full extent permitted by law, such
terms may be specifically enforced by a decree for the specific performance
of any agreement contained herein or by an injunction against a violation of
any of the terms thereof or otherwise.

      Section 6.2    Limitation on Liabilities of Warrant Holder.  Nothing
contained in this Warrant Agent Agreement shall be construed as imposing any
obligation on the Warrant Holder to purchase any of the Certificates except
in accordance with the terms thereof.

      Section 6.3    Notices.  All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed
by registered or certified mail, return receipt requested, by a nationally
recognized overnight courier, postage prepaid, addressed (a) if to any
Warrant Holder, at the registered address of such Warrant Holder as set forth
in the register kept by the Warrant Agent or (b) if to the Warrant Agent, to
100 Wall Street, Suite 1600, New York, New York 10005, Attention: Corporate
Trust or to such other address notice of which the Warrant Agent shall have
given to the Warrant Holder and the Trustee or (c) if to the Trust or the
Trustee, to the Corporate Trust Office (as set forth in the Trust Agreement);
provided that the exercise of any Call Warrants shall be effective in the
manner provided in Article I.  The Warrant Agent shall forward to the Warrant
Holder any notices received by it hereunder or pursuant to the Trust
Agreement or this Agreement by facsimile within one Business Day of receipt
thereof.

      Section 6.4    Amendment.  (a)  This Warrant Agent Agreement may be
amended from time to time by the Depositor, the Trustee and the Warrant Agent
without the consent of any Warrant Holder, upon receipt of an opinion of
counsel satisfactory to the Warrant Agent that the

                                     B-10
<PAGE>

provisions hereof have been satisfied and that such amendment would not cause
the Trust to be taxed as an association or publicly traded partnership taxable
as a Corporation under the Code, for any of the following purposes: (i) to
cure any ambiguity or to correct or supplement any provision herein which may
be defective or inconsistent with any other provision herein or to provide for
any other terms or modify any other provisions with respect to matters or
questions arising under the Call Warrant which shall not adversely affect in
any material respect the interests of the Warrant Holder or any holder of a
Certificate; provided, however that no amendment altering the timing or amount
of any payment of the Call Price shall be effected without the consent of each
Warrant Holder; or (ii) to evidence and provide for the acceptance of
appointment hereunder of a Warrant Agent other than U.S. Bank Trust National
Association.

           (b)  Without limiting the generality of the foregoing, the Call
      Warrants may also be modified or amended from time to time by the
      Depositor, the Trustee and the Warrant Agent with the consent of Warrant
      Holders of 66-2/3% of each of the Call Warrants related to the Class A-1
      Certificates,  the Call Warrants related to the Class A-2A Certificates
      and the Call Warrants related to the Class A-2B Certificates, upon
      receipt of an opinion of counsel satisfactory to the Warrant Agent that
      the provisions hereof (including, without limitation, the following
      proviso) have been satisfied, for the purpose of adding any provisions
      to or changing in any manner or eliminating any of the provisions of the
      Call Warrants or of modifying in any manner the rights of the Warrant
      Holders; provided, however, that no such amendment shall (i) adversely
      affect in any material respect the interests of holders of Certificates
      without the consent of the holders of Certificates evidencing not less
      than the Required Percentage--Amendment of the aggregate Voting Rights of
      such affected Certificates (as such terms are defined in the Trust
      Agreement) and without written confirmation from the Rating Agencies
      that such amendment will not result in a downgrading or withdrawal of
      its rating of the Certificates; (ii) alter the terms on which Call
      Warrants are exercisable or the amounts payable upon exercise of a
      Warrant without the consent of the holders of Certificates evidencing
      not less than 100% of the aggregate Voting Rights of such affected
      Certificates and 100% of the affected Warrant Holders or (iii) reduce
      the percentage of aggregate Voting Rights required by (i) or (ii)
      without the consent of the holders of all such affected Certificates.
      Notwithstanding any other provision of this Warrant, this Section 6.4(b)
      shall not be amended without the consent of 100% of the affected Warrant
      Holders.

           (c)  Promptly after the execution of any such amendment or
      modification, the Warrant Agent shall furnish a copy of such amendment
      or modification to each Warrant Holder, to the Trustee and to the Rating
      Agencies. It shall not be necessary for the consent of Warrant Holders
      or holders of Certificates under this Section 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 shall be subject to such reasonable regulations as the Warrant
      Agent may prescribe.

      Section 6.5    Expiration.  The right to exercise the Call Warrants
shall expire on the earliest to occur of (a) the cancellation thereof, (b)
the termination of the Trust Agreement, or (c) the liquidation, disposition,
or maturity of all of the Underlying Securities.

                                     B-11
<PAGE>

      Section 6.6    Descriptive Headings.  The headings in this Warrant Agent
Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

      Section 6.7    GOVERNING LAW.  THIS AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICT OF LAWS.

      Section 6.8    Judicial Proceedings; Waiver of Jury.  Any judicial
proceeding brought against the Trust, the Trustee or the Warrant Agent with
respect to this Warrant Agent Agreement may be brought in any court of
competent jurisdiction in the County of New York, State of New York or of the
United States of America for the Southern District of New York and, by
execution and delivery of the Call Warrants, the Trustee on behalf of the
Trust and the Warrant Agent (a) accept, generally and unconditionally, the
nonexclusive jurisdiction of such courts and any related appellate court, and
irrevocably agree that the Trust, the Trustee and the Warrant Agent shall be
bound by any judgment rendered thereby in connection with this Warrant Agent
Agreement or the Call Warrants, subject to any rights of appeal, and (b)
irrevocably waive any objection that the Trust, the Trustee or the Warrant
Agent may now or hereafter have as to the venue of any such suit, action or
proceeding brought in such a court or that such court is an inconvenient
forum.

      Section 6.9    Nonpetition Covenant; No Recourse.  Each of (i) the
Warrant Holder by its acceptance thereof, and (ii) the Warrant Agent agrees,
that it shall not (and, in the case of the Warrant Holder, that it shall not
direct the Warrant Agent to), until the date which is one year and one day
after the payment in full of the Certificates and all other securities issued
by the Trust, the Depositor or entities formed, established or settled by the
Depositor, acquiesce, petition or otherwise invoke or cause the Trust, the
Depositor, or any such other entity to invoke the process of the United
States of America, any State or other political subdivision thereof or any
entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government for the purpose of
commencing or sustaining a case by or against the Trust, the Depositor or any
such other entity under a federal or state bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Trust, the Depositor or any
such other entity or all or any part of the property or assets of Trust, the
Depositor or any such other entity or ordering the winding up or liquidation
of the affairs of the Trust, the Depositor or any such other entity.

                                     B-12
<PAGE>

           IN WITNESS  WHEREOF,  the parties  hereto have caused their names to
be signed hereto by their  respective duly  authorized  officers as of the date
first above written.

                               LEHMAN ABS CORPORATION,
                               as Depositor

                               By:
                                  ---------------------------------------
                                  Name:
                                  Title:

                               U.S. BANK TRUST NATIONAL ASSOCIATION,
                               not in its individual capacity but solely
                               as Trustee and Authenticating Agent

                               By:
                                  ---------------------------------------
                               Name:
                               Title:

                               U.S. BANK TRUST NATIONAL ASSOCIATION,
                               as Warrant Agent

                               By:
                               Name:
                               Title:

                                     B-13
<PAGE>

                                  EXHIBIT C

                           FORM OF INVESTMENT LETTER

                         QUALIFIED INSTITUTIONAL BUYER

                                      and

                              ACCREDITED INVESTOR

                                                                         [DATE]

U.S. Bank Trust National Association,
as Trustee
100 Wall Street
New York, New York 10005

Lehman Brothers Inc.,
  as Initial Purchaser
745 Seventh Avenue
New York, New York 10019

Lehman ABS Corporation,
as Depositor
745 Seventh Avenue
New York, New York 10019

Ladies and Gentlemen:

          In connection with our proposed purchase of $___________ aggregate
notional amount of [Class A-2A]/[Class A-2B] Certificates (the "Certificates")
representing an interest in the Corporate Backed Trust Certificates,
Bristol-Myers Squibb Debenture-Backed Series 2002-18 Trust (the "Trust"), the
undersigned, by executing this letter (the "Purchaser") confirms that:

      (a)  Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Standard Terms for Trust
Agreements, dated as of January 16, 2001, by and between the Lehman ABS
Corporation, as depositor, and U.S. Bank Trust National Association, as
trustee (the "Standard Terms"), as supplemented by the Series Supplement,
dated October 31, 2002, in respect of the Trust (the "Series Supplement" and
together with the Standard Terms, the "Trust Agreement").  The Purchaser has
received copies of such information as the Purchaser deems necessary in order
to make its investment decision and the Purchaser has been provided the
opportunity to ask questions of, and receive answers from, the Depositor and
the Initial Purchaser, concerning the terms and conditions of the
Certificates.  The Purchaser has received and understands the information
discussed above and understands that substantial risks are involved in an
investment in the Certificates.  The Purchaser represents that, in making its
investment decision to acquire the Certificates, the Purchaser has not relied
on representations, warranties, opinions, projections, financial or other
information or analysis, if any, supplied to it by any person or entity,
including the Initial Purchaser, the Depositor or the

                                     C-1
<PAGE>

Trustee or any of their affiliates. The Purchaser has such knowledge and
experience in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Certificates, and the Purchaser
is able to bear the substantial economic risks of such an investment. The
Purchaser has relied upon its own tax, legal and financial advisors in
connection with its decision to purchase the Certificates.

      (b)  The Purchaser is not an not an "affiliate" (as defined in Rule 144
under the Securities Act) of the Depositor and is either:

           (i)  (A) a "Qualified Institutional Buyer" (as defined in Rule 144A
      under the Securities Act of 1933, as amended (the "1933 Act" and "Rule
      144A")) and has delivered to you the certification contained herein as
      to the fact that it is a Qualified Institutional Buyer and (B) acquiring
      the Certificates for its own account or for the account of an investor
      of the type described in clause (A) above as to each of which the
      Purchaser exercises sole investment discretion.  The Purchaser is aware
      that the Certificates are being sold to it in reliance on the exemption
      from the provisions of Section 5 of the 1933 Act provided by Rule 144A.
      The Purchaser is purchasing the Certificates for investment purposes and
      not with a view to, or for, the offer or sale in connection with a
      public distribution or in any other manner that would violate the 1933
      Act or the securities or blue sky laws of any state of the United
      States; or

           (ii) an Accredited Investor and, if the Certificates are to be
      purchased for one or more accounts ("investor accounts") for which it is
      acting as fiduciary or agent, each such investor account is an
      Accredited Investor on a like basis;  in the normal course of its
      business, such purchaser invests in or purchases securities similar to
      the Certificates and such purchaser has such knowledge and experience in
      financial and business matters that such purchaser is capable of
      evaluating the merits and risks of purchasing any of the Certificates
      and such purchaser is aware that such purchaser (or any such investor
      account) may be required to bear the economic risk of an investment in
      the Certificates for an indefinite period of time and such purchaser (or
      such investor account) is able to bear such risk for an indefinite
      period.

      (c)  The Purchaser understands that the Certificates are being offered
in a transaction not involving any public offering in the United States
within the meaning of the 1933 Act, that the Certificates have not been and
will not be registered under the 1933 Act or under the securities or blue sky
laws of any state, and that (i) if in the future it decides to offer, resell,
pledge or otherwise transfer the Certificates, such Certificates shall only
be offered, resold, assigned or otherwise transferred (A) to the Trust, (B)
pursuant to an effective registration statement under the Securities Act, (C)
to a QIB, in accordance with Rule 144A or (D) pursuant to another available
exemption from registration provided under the Securities Act (including any
transfer to an Accredited Investor), and, in each of cases (A) through (D),
in accordance with any applicable securities laws of any state of the United
States and other jurisdictions and (ii) the purchaser will, and each
subsequent holder is required to, notify any subsequent purchaser of such
Certificates from it of the resale restrictions referred to in clause (i)
above.

      (d)  The Purchaser understands that each Certificate will, unless
otherwise agreed to by the Depositor and the Trustee, bear a legend
substantially to the following effect:

                                     C-2
<PAGE>

           "THIS CERTIFICATE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED
           UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
           TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A
           REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN
           EXEMPTION THEREFROM UNDER SUCH ACT.  THE CERTIFICATE REPRESENTED
           HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THE
           SERIES SUPPLEMENT.

           EACH PURCHASER OF THIS CERTIFICATE IS HEREBY NOTIFIED THAT THE
           SELLER OF THIS CERTIFICATE MAY BE RELYING ON THE EXEMPTION FROM THE
           PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
           THEREUNDER."

      (e)  The Purchaser understands that no subsequent transfer of the
Certificates is permitted unless (A) such transfer is of a Certificate with a
denomination of at least $100,000 and (B) it causes its proposed transferee
to provide to the Trustee and the Initial Purchaser a letter substantially in
the form of Exhibit C to the Series Supplement and otherwise satisfactory to
the Trustee and Initial Purchaser, as applicable, or such other written
statement as the Depositor shall prescribe.

      (f)  The Purchaser agrees that, if at some time in the future it wishes
to transfer or exchange any of the Certificates, it will not transfer or
exchange any of the Certificates unless such transfer or exchange is in
accordance with Section 5.04 of the Trust Agreement.  The Purchaser
understands that any purported transfer of the Certificates (or any interest
therein) in contravention of any of the restrictions and conditions in the
Trust Agreement, as applicable, shall be void, and the purported transferee
in such transfer shall not be recognized by the Trust or any other Person as
a Certificateholder, as the case may be, for any purpose.

                                     C-3
<PAGE>

      (g)  The purchaser (i) acknowledges that the Depositor, the Initial
Purchaser, the Trustee and others will rely upon the truth and accuracy of
the foregoing acknowledgments, representations and agreements and agrees that
the Depositor, the Initial Purchaser, the Trustee are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the
matters covered hereby, and (ii) agrees that, if any of the acknowledgments,
representations, warranties and agreements made or deemed to have been made
by such purchaser's purchase of the Certificates are no longer accurate, such
purchaser shall promptly notify the Depositor and the Initial Purchaser. If
the purchaser is acquiring any Certificates as a fiduciary or agent for one
or more investor accounts, it represents that it has sole investment
discretion with respect to each such account and it has full power to make
the foregoing acknowledgments, representations and agreements on behalf of
each such account and that each such investor account is eligible to purchase
the Certificates.

                               Very truly yours,

                               By:
                                  ----------------------------------
                                    Name:
                                    Title:

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