Document:

Execution Copy

                              EMPLOYMENT AGREEMENT

          EMPLOYMENT AGREEMENT ("Agreement") dated as of July 26, 2007 between
Scottish Re (U.S.), Inc. (the "Company") and Meredith Ratajczak (the "Employee")
(together, the "Parties").

          WHEREAS, the Parties wish to establish the terms of Employee's
continued employment with the Company.

          Accordingly, the Parties agree as follows:

          1.   Employment and Acceptance. The Company shall employ the Employee,
and Employee shall accept employment, subject to the terms of this Agreement, on
May 7, 2007 (the "Effective Date").

          2.   Term. Subject to earlier termination pursuant to Section 5 of
this Agreement, this Agreement and the employment relationship hereunder shall
continue from the Effective Date until the second anniversary of the Effective
Date and shall renew for two (2) year intervals thereafter unless either party
shall have given at least sixty (60) days advanced written notice to the other
that it does not wish to extend the Term. As used in this Agreement, the "Term"
shall refer to the period beginning on the Effective Date and ending on the date
the Employee's employment terminates in accordance with this Section 2 or
Section 5, including all renewal intervals. In the event of the Employee's
termination of employment during the Term, the Company's obligation to continue
to pay all base salary, as adjusted, bonus and other benefits then accrued shall
terminate except as may be provided for in Section 5 of this Agreement.

               2.1  Change of Control. In the event of a Change of Control of
the Company (as defined below) during the Term, the Term shall renew for a two
(2) year period following the date of the Change of Control, and subsequent
renewal periods shall begin (unless notice of non-renewal is provided) from the
second anniversary of such Change of Control. For purposes of this
sub-paragraph, "Change of Control" means:

               (a)  The acquisition by any person, or group of related persons
                    for purposes of Section 13(d) of the Securities Exchange Act
                    of 1934, as amended, of beneficial ownership of more than
                    fifty percent (50%) of the then outstanding shares of voting
                    stock of the Company;

               (b)  Consummation of a reorganization, merger, consolidation or
                    sale, or other disposition of all or substantially all of
                    the Company's assets, not including transactions where the
                    previous owners of fifty percent (50%) or more of the
                    Company's voting stock continue to own a majority of the
                    voting securities of the surviving entity or assets of the
                    Company; or

               (c)  Approval by the shareholders of the Company of a complete
                    liquidation or dissolution of the Company.

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          3.   Duties and Title.

               3.1  Title. The Company shall employ the Employee to render
exclusive and full-time services to the Company and its subsidiaries. The
Employee shall serve in the capacity of Executive Vice President, Chief Actuary,
and shall report directly to the Chief Executive Officer of North American
Operations of the Company. The Employee shall also serve during the Term in
executive positions for one or more of the Company's subsidiaries and affiliates
for no additional consideration.

               3.2  Duties. The Employee will have such authority and
responsibilities and will perform such executive duties as are customarily
performed by an Executive Vice President, Chief Actuary of a company in similar
lines of business as the Company and its subsidiaries or as may be assigned to
Employee by the Global Chief Executive Officer, the Chief executive Officer of
North American Operations or the Board of Directors of the Company (the
"Board"). The Employee will devote all her full working-time and attention to
the performance of such duties and to the promotion of the business and
interests of the Company and its subsidiaries.

               3.3  Location. The Employee shall perform her full-time services
to the Company and its subsidiaries in the Company's Charlotte, NC office;
provided that the Employee shall be required to travel as necessary to perform
her duties hereunder.

          4.   Compensation and Benefits by the Company. As compensation for all
services rendered pursuant to this Agreement, the Company shall provide the
Employee the following during the Term:

               4.1  Base Salary. During the first year of the Term, the Company
agrees to pay to the Employee an annual base salary of $375,000, payable in
accordance with the customary payroll practices of the Company ("Base Salary").
For the second year of the initial two year Term and in each renewal year, at
the Company's discretion, Employee may receive an increase in Base Salary.

               4.2  Bonuses. During the Term, the Employee shall be eligible to
receive an annual bonus ("Bonus") under a plan established by the Company in the
amount determined by the Board based upon achievement of performance measures
established by the Company and approved by the Board. The Employee's target
bonus shall be seventy five percent (75%) of Base Salary. Notwithstanding the
foregoing, for each of the calendar years ending on December 31, 2007 and
December 31, 2008, Employee shall receive a Bonus of not less than fifty percent
(50%) of her then current Base Salary. The Employee's Bonus shall be payable at
such times and in the manner consistent with the Company's policies regarding
compensation of executive employees. In addition, the Company may pay the
Employee such other bonuses as it may establish within its sole discretion.

               4.3  Signing Bonus. Prior to the date hereof, the Company has
paid to the Employee a one-time, lump-sum payment in the amount of $137,500 (the
"Signing Bonus"). If the Employee's employment with the Company is terminated
(x) by the Company for Cause or (y) by the Employee without Good Reason within
one (1) year of the Effective Date, the Employee agrees to return the entire
amount of the Signing Bonus to the Company.

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               4.4  Participation in Employee Benefit Plans. The Employee shall
be entitled during the Term, if and to the extent eligible, to participate in
all of the applicable benefit plans of the Company, which may be available to
other senior executives of the Company, including, but not limited to any
supplemental health insurance program offered to other senior executives of the
Company. The Company may at any time or from time to time amend, modify, suspend
or terminate any employee benefit plan, program or arrangement for any reason
without the Employee's consent if such amendment, modification, suspension or
termination is consistent with the amendment, modification, suspension or
termination for other executives of the Company.

               4.5  Equity Compensation. During the Term, the Employee shall be
eligible to participate in the 2007 Scottish Re Group Limited Stock Option Plan,
an equity incentive compensation plan established by an affiliate of the Company
(the "Equity Incentive Plan"), pursuant to the terms of the Equity Incentive
Plan and any applicable agreements thereunder as determined from time to time by
the Board. The Employee shall receive an initial grant of the option to purchase
225,000 ordinary shares of an affiliate of the Company (the "Initial Grant")
pursuant to the terms of the Equity Incentive Plan and any applicable agreements
thereunder.

               4.6  Expense Reimbursement. During the Term, the Employee shall
be entitled to receive reimbursement for all appropriate business expenses
incurred by her in connection with her duties under this Agreement in accordance
with the policies of the Company as in effect from time to time.

               4.7  Legal Fees. The Company shall pay or reimburse the Employee
for all reasonable attorneys' fees and costs (not to exceed $10,000) incurred by
the Employee in connection with advice pertaining to and the negotiation of this
Agreement, upon presentation to the Company of bills for such services and such
other supporting information as the Company may reasonably require.

          5.   Termination of Employment.

               5.1  By the Company for Cause or by the Employee Without Good
Reason or Due to Death or Disability. If: (i) the Employee's employment
terminates due to her death; (ii) the Company terminates the Employee's
employment with the Company for Cause (as defined below); (iii) the Company
terminates the Employee's employment with the Company due to the Employee's
Disability (as defined below); or (iv) Employee terminates her employment
without Good Reason (as defined below), provided that the Employee shall be
required to give the Company at least sixty (60) days prior written notice of
such termination, the Employee or the Employee's legal representatives (as
appropriate), shall be entitled to receive the following (the "Accrued
Benefits"):

                    (a) the Employee's accrued but unpaid Base Salary and
benefits set forth in Sections 4.1 and 4.4, if any, to the date of termination;

                    (b) the unpaid portion of the Bonus, if any, relating to the
calendar year prior to the calendar year of the Employee's death, Disability,
termination by the Company for Cause or by the Employee without Good Reason,
payable in accordance with Section 4.2;

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                    (c) in accordance with the Company's policies, any accrued
but unused vacation time or paid time off; and

                    (d) expenses reimbursable under Section 4.6 incurred but not
yet reimbursed to the Employee to the date of termination.

               For the purposes of this Agreement, "Disability" means a
determination by the Company in accordance with applicable law that as a result
of a physical or mental injury or illness, the Employee is unable to perform the
essential functions of her job with or without reasonable accommodation for a
period of (i) ninety (90) consecutive days; or (ii) one hundred eighty (180)
days in any one (1) year period.

               For the purposes of this Agreement, "Cause" means, as determined
by the Board (or its designee), with respect to conduct during the Employee's
employment with the Company, whether or not committed during the Term, (i)
commission of a felony by Employee; (ii) acts of dishonesty by Employee
resulting or intending to result in personal gain or enrichment at the expense
of the Company or its subsidiaries; (iii) Employee's material breach of her
obligations under this Agreement; (iv) conduct by Employee in connection with
her duties hereunder that is fraudulent, unlawful or grossly negligent; (v)
engaging in personal conduct by Employee (including but not limited to employee
harassment or discrimination, the use or possession at work of any illegal
controlled substance) which materially discredits or damages the Company or its
subsidiaries; (vi) contravention of specific lawful direction from the person or
entity to whom the Employee reports or continuing inattention to or continuing
failure to adequately perform the duties to be performed by Employee under the
terms of Section 3.2 of this Agreement or (vii) breach of the Employee's
covenants set forth in Section 6 below before termination of employment;
provided, that, the Employee shall have fifteen (15) days after notice from the
Company to cure the deficiency leading to the Cause determination (except with
respect to (i) above), if curable. A termination for "Cause" shall be effective
immediately (or on such other date set forth by the Company).

               For the purposes of this Agreement, "Good Reason" means, without
the Employee's consent, (i) a material adverse reduction in Employee's
responsibilities or duties; (ii) a reduction in the Employee's Base Salary or
bonus opportunity; provided that, the Company may at any time or from time to
time amend, modify, suspend or terminate any bonus, incentive compensation or
other benefit plan or program provided to the Employee for any reason and
without the Employee's consent if such modification, suspension or termination
(x) is a result of the underperformance of the Employee or the Company under its
business plan, or (y) is consistent with an "across the board" reduction for all
similar level executive employees of the Company, and, in each case, is
undertaken in the Board's reasonable business judgment acting in good faith and
engaging in fair dealing with the Employee; (iii) a requirement that (A) the
Employee relocate her personal residence from the Charlotte, N.C. area or (B)
the Employee regularly commute to a principal place of business outside the
Charlotte, N.C. area (excluding ordinary travel pursuant to Section 3.3), or
(iv) the Company's material breach of the Agreement; provided that a suspension
of the Employee and the requirement that the Employee not report to work shall
not constitute "Good Reason" if the Employee continues to receive the
compensation and benefits required by this Agreement. The Company shall have
thirty (30) days after receipt of notice from the Employee in writing specifying
the deficiency to cure the deficiency that would result in Good Reason.

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               5.2  By the Company Without Cause or By the Employee for Good
Reason. If during the Term the Company terminates Employee's employment without
Cause (which may be done at any time without prior notice) or Employee
terminates her employment for Good Reason, upon at least thirty (30) days prior
written notice, upon execution without revocation of a valid release agreement
in a form reasonably acceptable to the Company and not in violation of any
applicable laws (the "Release"), the Employee shall be entitled to receive:

                    (a) the Accrued Benefits;

                    (b) an amount equal to two (2) times the sum of (x) the
highest Base Salary received by the Employee with respect to any calendar year
during the previous two (2) calendar years of the Term, and (y) the highest
Bonus amount received by the Employee with respect to any calendar year during
the previous two (2) calendar years of the Term (the "Severance Amount"),
payable in twelve (12) equal monthly installments, less standard income and
payroll tax withholding and other authorized deductions. Notwithstanding the
foregoing, if the Employee is a "specified employee," as such term is defined in
Section 409A of the Internal Revenue Code of 1986, as amended, and the
regulations promulgated thereunder (the "Code"), (x) one-half (1/2) of the
Severance Amount shall be payable six (6) months following the date the
Employee's employment terminates and (y) the remainder of the Severance Amount
shall be payable in six (6) equal monthly installments thereafter; and

                    (c) if the Employee elects continuing group coverage
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended ("COBRA"), reimbursement of the cost of such continuation coverage for
the earlier of (x) nine (9) months or (y) such earlier date that the Employee is
covered under another group health plan, subject to the terms of the plans and
applicable law.

          The Company shall have no obligation to provide the benefits set forth
above in the event that Employee breaches the provisions of Section 6. For
purposes of clarity, the Company's failure to renew the Term pursuant to Section
2 hereof, shall not constitute a termination of the Employee's employment
without Cause.

               5.3  Following the Company's Determination Not to Renew the Term.
Should the Employee's employment with the Company terminate following the
Company's determination not to renew the Term pursuant to Section 2, upon
execution without revocation of the Release, the Employee shall be entitled to
receive:

                    (a) Accrued Benefits; and

                    (b) an amount equal to the sum of (x) the Employee's Base
Salary, and (y) the highest Bonus amount received by the Employee with respect
to any calendar year during the previous two (2) calendar years of the Term,
payable in a lump sum within thirty (30) days following the effective date of
the Release, less standard income and payroll tax withholding and other
authorized deductions. Notwithstanding the foregoing, if the Employee is a
"specified employee," as such term is defined in Section 409A of the Code, such
amount shall be payable no earlier than six (6) months following the date the
Employee's employment terminates.

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                    (c) if the Employee elects continuing group coverage
pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended ("COBRA"), reimbursement of the cost of such continuation coverage for
the earlier of (x) nine (9) months or (y) such earlier date that the Employee is
covered under another group health plan, subject to the terms of the plans and
applicable law.

          The Company shall have no obligation to provide the benefits set forth
above in the event that Employee breaches the provisions of Section 6.

               5.4  No Mitigation; No Offset. The Employee shall be under no
obligation to seek other employment after her termination of employment with the
Company and the obligations of the Company to the Employee which arise upon the
termination of her employment pursuant to this Section 5 shall not be subject to
mitigation or offset.

               5.5  Removal from any Boards and Position. If the Employee's
employment is terminated for any reason under this Agreement, she shall be
deemed to resign (i) if a member, from the Board or board of directors of any
subsidiary of the Company or any other board to which she has been appointed or
nominated by or on behalf of the Company and (ii) from any position with the
Company or any subsidiary of the Company, including, but not limited to, as an
officer of the Company and any of its subsidiaries.

               5.6  Continued Employment Beyond the Expiration of the Term.
Unless the parties otherwise agree in writing, continuation of the Employee's
employment with the Company beyond the expiration of the Term or following
non-renewal of this Agreement by either party shall be deemed an employment
at-will and shall not be deemed to extend any of the provisions of this
Agreement, and the Employee's employment may thereafter be terminated at will by
either the Employee or the Company; provided that the provisions of Sections 6,
7, 8.5 and 8.10 of this Agreement shall survive any termination of this
Agreement or the termination of the Employee's employment hereunder.

          6.   Restrictions and Obligations of the Employee.

               6.1  Confidentiality. (a) During the course of the Employee's
employment by the Company (prior to and during the Term), the Employee has had
and will have access to certain trade secrets and confidential information
relating to the Company and its subsidiaries (the "Protected Parties") which is
not readily available from sources outside the Company. The confidential and
proprietary information and, in any material respect, trade secrets of the
Protected Parties are among their most valuable assets, including but not
limited to, their customer, supplier and vendor lists, databases, competitive
strategies, computer programs, frameworks, or models, their marketing programs,
their sales, financial, marketing, training and technical information, their
product development (and proprietary product data) and any other information,
whether communicated orally, electronically, in writing or in other tangible
forms concerning how the Protected Parties create, develop, acquire or maintain
their products and marketing plans, target their potential customers and operate
their retail and other businesses. The Protected Parties invested, and continue
to invest, considerable amounts of time and money in their process, technology,
know-how, obtaining and developing the goodwill of their customers, their other
external relationships, their data systems and data bases, and all the
information described above (hereinafter collectively referred to as
"Confidential Information"),

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and any misappropriation or unauthorized disclosure of Confidential Information
in any form would irreparably harm the Protected Parties. "Confidential
Information" shall not include information which has been published or disclosed
to, or is otherwise generally known to the public (other than through acts of
the Employee or representatives of the Employee in violation of this Agreement).
The Employee acknowledges that such Confidential Information constitutes
valuable, highly confidential, special and unique property of the Protected
Parties. The Employee shall hold in a fiduciary capacity for the benefit of the
Protected Parties all Confidential Information relating to the Protected Parties
and their businesses, which shall have been obtained by the Employee during the
Employee's employment by the Company or its subsidiaries and which shall not be
or become public knowledge (other than by acts by the Employee or
representatives of the Employee in violation of this Agreement). Except as
required by law (including, but not limited to, pursuant to a lawful subpoena)
or an order of a court or governmental agency with jurisdiction, the Employee
shall not, during the period the Employee is employed by the Company or its
subsidiaries or at any time thereafter, disclose any Confidential Information,
directly or indirectly, to any person or entity for any reason or purpose
whatsoever, nor shall the Employee use it in any way, except in the course of
the Employee's employment with, and for the benefit of, the Protected Parties or
to enforce any rights or defend any claims hereunder or under any other
agreement to which the Employee is a party, provided that such disclosure is
relevant to the enforcement of such rights or defense of such claims and is only
disclosed in the formal proceedings related thereto. The Employee shall take all
reasonable steps to safeguard the Confidential Information and to protect it
against disclosure, misuse, espionage, loss and theft. The Employee understands
and agrees that the Employee shall acquire no rights to any such Confidential
Information.

                    (b) All Company files, records, documents, drawings,
specifications, data, computer programs, evaluation mechanisms and analytics and
similar items relating thereto or to the Business (for the purposes of this
Agreement, "Business" shall be as defined in Section 6.3 hereof), as well as all
customer lists, specific customer information, compilations of product research
and marketing techniques of the Company and its subsidiaries, whether prepared
by the Employee or otherwise coming into the Employee's possession, shall remain
the exclusive property of the Company and its subsidiaries, and the Employee
shall not remove any such items from the premises of the Company and its
subsidiaries, except in furtherance of the Employee's duties under any
employment agreement.

                    (c) It is understood that while employed by the Company or
its subsidiaries, the Employee will promptly disclose to it, and assign to it
the Employee's interest in any invention, improvement or discovery made or
conceived by the Employee, either alone or jointly with others, which arises out
of the Employee's employment. At the Company's request and expense, the Employee
will assist the Company and its subsidiaries during the period of the Employee's
employment by the Company or its subsidiaries and thereafter in connection with
any controversy or legal proceeding relating to such invention, improvement or
discovery and in obtaining domestic and foreign patent or other protection
covering the same.

                    (d) As requested by the Company and at the Company's
expense, from time to time and upon the termination of the Employee's employment
with the Company for any reason, the Employee will promptly deliver to the
Company and its subsidiaries all copies and embodiments, in whatever form, of
all Confidential Information in the Employee's possession or within her control
(including, but not limited to, memoranda, records, notes, plans, photographs,

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manuals, notebooks, documentation, program listings, flow charts, magnetic
media, disks, diskettes, tapes and all other materials containing any
Confidential Information) irrespective of the location or form of such material.
If requested by the Company, the Employee will provide the Company with written
confirmation that all such materials have been delivered to the Company as
provided herein.

               6.2  Non-Solicitation or Hire. During the Term and for a period
of twelve (12) months following the termination of the Employee's employment for
any reason, the Employee shall not directly or indirectly willfully solicit or
attempt to solicit or induce, directly or indirectly, (a) any party who is a
customer of the Company or its subsidiaries, that was known to the Employee, or
who was a customer of the Company or its subsidiaries, that was known to the
Employee, at any time during the twelve (12) month period immediately prior to
the date the Employee's employment terminates, for the purpose of marketing,
selling or providing to any such party any services or products offered by or
available from the Company or its subsidiaries, (b) any supplier to or customer
or client of the Company or any subsidiary, that was known to the Employee, to
terminate, reduce or alter negatively its relationship with the Company or any
subsidiary and such supplier, customer or client, or (c) any employee of the
Company or any of its subsidiaries or any person who was an employee of the
Company or any of its subsidiaries during the twelve (12) month period
immediately prior to the date the Employee's employment terminates to terminate
such employee's employment relationship with the Protected Parties in order, in
either case, to enter into a similar relationship with the Employee, or any
other person or any entity in competition with the Business of the Company or
any of its subsidiaries.

               6.3  Non-Competition. During the Term and for a period of twelve
(12) months following the termination of Employee's employment by the Company
(for any reason), the Employee shall not, whether individually, as a director,
manager, member, stockholder, partner, owner, employee, consultant or agent of
any business, or in any other capacity, other than on behalf of the Company or a
subsidiary, organize, establish, own, operate, manage, control, engage in,
participate in, invest in, permit her name to be used by, act as a consultant or
advisor to, render services for (alone or in association with any person, firm,
corporation or business organization), or otherwise assist any person or entity
that engages in or owns, invests in, operates, manages or controls any venture
or enterprise which engages or proposes to engage in the reinsurance business or
any other business conducted by the Company or any of its subsidiaries on the
date of the Employee's termination of employment or within twelve (12) months of
the Employee's termination of employment for which the Employee has performed
services, in each case, in the geographic locations where the Company and its
subsidiaries engage or propose to engage in such business(es) (the "Business").
Notwithstanding the foregoing, nothing in this Agreement shall prevent the
Employee from (a) owning for passive investment purposes not intended to
circumvent this Agreement, less than five percent (5%) of the publicly traded
common equity securities of any company engaged in the Business (so long as the
Employee has no power to manage, operate, advise, consult with or control the
competing enterprise and no power, alone or in conjunction with other affiliated
parties, to select a director, manager, general partner, or similar governing
official of the competing enterprise other than in connection with the normal
and customary voting powers afforded the Employee in connection with any
permissible equity ownership), and (b) serving as an employee, consultant or
advisor (or other similar capacity) to an entity engaged in the Business for a
unit, division, affiliate or department of such entity that does not engage in
the Business in any material respect, so long as

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the Employee is not directly or indirectly involved in the Business activities
performed by such entity.

               6.4  Property. The Employee acknowledges that all originals and
copies of materials, records and documents generated by her or coming into her
possession during her employment by the Company or its subsidiaries are the sole
property of the Company and its subsidiaries ("Company Property"). During the
Term, and at all times thereafter, the Employee shall not remove, or cause to be
removed, from the premises of the Company or its subsidiaries, copies of any
record, file, memorandum, document, computer related information or equipment,
or any other item relating to the business of the Company or its subsidiaries,
except in furtherance of her duties under the Agreement. When the Employee's
employment with the Company terminates, or upon request of the Company at any
time, the Employee shall promptly deliver to the Company all copies of Company
Property in her possession or control.

          7.   Remedies; Specific Performance. The Parties acknowledge and agree
that the Employee's breach or threatened breach of any of the restrictions set
forth in Section 6 will result in irreparable and continuing damage to the
Protected Parties for which there may be no adequate remedy at law and that the
Protected Parties shall be entitled to equitable relief, including specific
performance and injunctive relief as remedies for any such breach or threatened
or attempted breach. The Employee hereby consents to the grant of an injunction
(temporary or otherwise) against the Employee or the entry of any other court
order against the Employee prohibiting and enjoining her from violating, or
directing her to comply with any provision of Section 6. The Employee also
agrees that such remedies shall be in addition to any and all remedies,
including damages, available to the Protected Parties against her for such
breaches or threatened or attempted breaches. In addition, without limiting the
Protected Parties' remedies for any breach of any restriction on the Employee
set forth in Section 6, except as required by law, the Employee shall not be
entitled to any payments set forth in Sections 5.2 and 5.3 hereof if the
Employee has breached the covenants applicable to the Employee contained in
Section 6, the Employee will immediately return to the Protected Parties any
such payments previously received under Sections 5.2 and 5.3 upon such a breach,
and, in the event of such breach, the Protected Parties will have no obligation
to pay any of the amounts that remain payable by the Company under Section 5.2
and 5.3.

          8.   Other Provisions.

               8.1  Notices. Any notice or other communication required or which
may be given hereunder shall be in writing and shall be delivered personally,
telegraphed, telexed, sent by facsimile transmission or sent by certified,
registered or express mail, postage prepaid or overnight mail and shall be
deemed given when so delivered personally, telegraphed, telexed, or sent by
facsimile transmission or, if mailed, four (4) days after the date of mailing or
one (1) day after overnight mail, as follows:

                    (a) If the Company, to:

                        13840 Ballantyne Corporate Place,
                        Suite 500
                        Charlotte, NC 28277

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                        Attention: General Counsel
                        Telephone:
                        Fax:

                    (b) If the Employee, to the Employee's home address
reflected in the Company's records.

               8.2  Entire Agreement. This Agreement contains the entire
agreement between the Parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with respect thereto,
including, without limitation, any prior employment agreement between the
Employee and the Company and its subsidiaries and affiliates.

               8.3  Representations and Warranties by Employee. The Employee
represents and warrants that she is not a party to or subject to any restrictive
covenants, legal restrictions or other agreements in favor of any entity or
person which would in any way preclude, inhibit, impair or limit the Employee's
ability to perform her obligations under this Agreement, including, but not
limited to, non-competition agreements, non-solicitation agreements or
confidentiality agreements.

               8.4  Waiver and Amendments. This Agreement may be amended,
modified, superseded, canceled, renewed or extended, and the terms and
conditions hereof may be waived, only by a written instrument signed by the
Parties or, in the case of a waiver, by the party waiving compliance. No delay
on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any waiver on the part of any
right, power or privilege hereunder, nor any single or partial exercise of any
right, power or privilege hereunder, preclude any other or further exercise
thereof or the exercise of any other right, power or privilege hereunder.

               8.5  Governing Law, Dispute Resolution and Venue.

                    (a) This Agreement shall be governed and construed in
accordance with the laws of the State of New York applicable to agreements made
and not to be performed entirely within such state, without regard to conflicts
of laws principles.

                    (b) The parties agree irrevocably to submit to the exclusive
jurisdiction of the federal courts or, if no federal jurisdiction exists, the
state courts, located in the City of New York, Borough of Manhattan, for the
purposes of any suit, action or other proceeding brought by any party arising
out of any breach of any of the provisions of this Agreement and hereby waive,
and agree not to assert by way of motion, as a defense or otherwise, in any such
suit, action, or proceeding, any claim that it is not personally subject to the
jurisdiction of the above-named courts, that the suit, action or proceeding is
brought in an inconvenient forum, that the venue of the suit, action or
proceeding is improper, or that the provisions of this Agreement may not be
enforced in or by such courts. In addition, the parties agree to waive trial by
jury.

               8.6  Assignability by the Company and the Employee. This
Agreement, and the rights and obligations hereunder, may not be assigned by the
Company or

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the Employee without written consent signed by the other party; provided that
the Company may assign the Agreement to any successor that continues the
business of the Company. The rights and obligations of the Company under this
Agreement shall be binding on any successor entity. The Company agrees that in
the event of a Change of Control, any such transaction shall be conditioned upon
such successor affirmatively acknowledging its continuing obligations to the
Employee under this Agreement.

               8.7  Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same instrument.

               8.8  Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning of terms
contained herein.

               8.9  Severability. If any term, provision, covenant or
restriction of this Agreement, or any part thereof, is held by a court of
competent jurisdiction of any foreign, federal, state, county or local
government or any other governmental, regulatory or administrative agency or
authority to be invalid, void, unenforceable or against public policy for any
reason, the remainder of the terms, provisions, covenants and restrictions of
this Agreement shall remain in full force and effect and shall in no way be
affected or impaired or invalidated. The Employee acknowledges that the
restrictive covenants contained in Section 6 are a condition of this Agreement
and are reasonable and valid in temporal scope and in all other respects.

               8.10  Judicial Modification. If any court determines that any of
the covenants in Section 6, or any part of any of them, is invalid or
unenforceable, the remainder of such covenants and parts thereof shall not
thereby be affected and shall be given full effect, without regard to the
invalid portion. If any court determines that any of such covenants, or any part
thereof, is invalid or unenforceable because of the geographic or temporal scope
of such provision, such court shall reduce such scope to the minimum extent
necessary to make such covenants valid and enforceable.

               8.11  Tax Withholding. The Company or other payor is authorized
to withhold from any benefit provided or payment due hereunder, the amount of
withholding taxes due any federal, state or local authority in respect of such
benefit or payment and to take such other action as may be necessary in the
opinion of the Board to satisfy all obligations for the payment of such
withholding taxes.

                                       11
<PAGE>

          IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound
hereby, have executed this Agreement as of the day and year first above
mentioned.

                                     EMPLOYEE

                                     /s/ Meredith Ratajczak
                                     ------------------------------------------
                                     Meredith Ratajczak

                                     SCOTTISH RE (U.S.), Inc.

                                     By: /s/ Paul Goldean
                                         --------------------------------------
                                         Name:  Paul Goldean
                                         Title:  Directorefc7-2076_6045524ex4pt1pt1.htm

    Exhibit
      4.1.1

     

    FORM
      OF

     

    STANDARD
      TERMS FOR TRUST AGREEMENTS

     

    between

     

    BOND
      PRODUCTS DEPOSITOR LLC,

     

    as
      Depositor

     

    and

     

    [name
      of Trustee],

     

    as
      Trustee

     

    TRUST
      CERTIFICATES

     

    Dated
      as of [      , 200_]

     

    

     

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF CONTENTS

     

    Page

    
       

      ARTICLE
        I

       

      Definitions
        and Assumptions

       

      
        	
                SECTION
                  1.01  Definitions

              	
                5

              
	
                SECTION
                  1.02  Rules of Construction

              	
                20

              
	
                SECTION
                  1.03  Compliance Certificates and Opinions; Record
                  Date

              	
                21

              

      

       

      ARTICLE
        II

       

      Declaration
        of Trust; Issuance of Certificates; Purpose and Classification of
        Trusts

       

      
        	
                SECTION
                  2.01  Creation and Declaration of Trusts; Assignment of the
                  Trust Estate

              	
                22

              
	
                SECTION
                  2.02  Acceptance by Trustee

              	
                23

              
	
                SECTION
                  2.03  Representations and Warranties of the
                  Depositor

              	
                24

              
	
                SECTION
                  2.04  Breach of Depositor’s Representations or
                  Warranties

              	
                24

              
	
                SECTION
                  2.05  Agreement to Authenticate and Deliver
                  Certificates

              	
                25

              

      

       

      ARTICLE
        III

       

      Administration
        of each Trust

       

      
        	
                SECTION
                  3.01  Administration of each Trust

              	
                25

              
	
                SECTION
                  3.02  Collection of Payments on the Trust Estate

              	
                25

              
	
                SECTION
                  3.03  Certificate Account and Reserve Account

              	
                25

              
	
                SECTION
                  3.04  Liquidation of the Underlying Securities

              	
                27

              
	
                SECTION
                  3.05  Investment of Funds in the Accounts

              	
                27

              
	
                SECTION
                  3.06  Maintenance of Credit Support and Other Deposited
                  Assets.

              	
                28

              
	
                SECTION
                  3.07  Realization Upon Defaulted Deposited
                  Assets

              	
                28

              
	
                SECTION
                  3.08  Retained Interest

              	
                30

              
	
                SECTION
                  3.09  Access to Certain Documentation

              	
                30

              
	
                SECTION
                  3.10  Reports by the Depositor

              	
                30

              
	
                SECTION
                  3.11  Charges and Expenses

              	
                31

              
	
                SECTION
                  3.12  Underlying Securities Reporting Failure

              	
                31

              
	
                SECTION
                  3.13  Bidding Procedures

              	
                31

              
	
                SECTION
                  3.14  Other “in kind” Distributions

              	
                32

              

      

       

      ARTICLE
        IV

       

      Distributions
        and Reports to Certificateholders

       

      
        	
                SECTION
                  4.01  Distributions

              	
                32

              
	
                SECTION
                  4.02  Distributions on Certificates

              	
                33

              
	
                SECTION
                  4.03  Reports to Certificateholders

              	
                34

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                SECTION
                  4.04  Advances

              	
                36

              
	
                SECTION
                  4.05  Allocation of Realized Losses and Trust
                  Expenses

              	
                37

              
	
                SECTION
                  4.06  Compliance with Withholding Requirements

              	
                37

              
	
                SECTION
                  4.07  Optional Exchange

              	
                37

              
	
                SECTION
                  4.08  Call Option Procedures

              	
                39

              
	
                SECTION
                  4.09  Early Termination

              	
                40

              

      

       

      ARTICLE
        V

       

      The
        Certificates

       

      
        	
                SECTION
                  5.01  The Certificates

              	
                40

              
	
                SECTION
                  5.02  Execution, Authentication and Delivery

              	
                41

              
	
                SECTION
                  5.03  Temporary Certificates

              	
                41

              
	
                SECTION
                  5.04  Registration; Registration of Transfer and
                  Exchange

              	
                42

              
	
                SECTION
                  5.05  Mutilated, Destroyed, Lost and Stolen
                  Certificates

              	
                46

              
	
                SECTION
                  5.06  Persons Deemed Owners

              	
                46

              
	
                SECTION
                  5.07  Cancellation

              	
                47

              
	
                SECTION
                  5.08  Global Securities

              	
                47

              
	
                SECTION
                  5.09  Notices to Depository

              	
                48

              
	
                SECTION
                  5.10  Definitive Certificates

              	
                48

              
	
                SECTION
                  5.11  Currency of Distributions in Respect of
                  Certificates

              	
                49

              
	
                SECTION
                  5.12  Conditions of Authentication and Delivery of New
                  Series

              	
                50

              
	
                SECTION
                  5.13  Appointment of Paying Agent

              	
                50

              
	
                SECTION
                  5.14  Authenticating Agent

              	
                51

              
	
                SECTION
                  5.15  Voting Rights with Respect to Underlying
                  Securities

              	
                51

              
	
                SECTION
                  5.16  Actions by Certificateholders

              	
                52

              
	
                SECTION
                  5.17  Termination Events

              	
                52

              
	
                SECTION
                  5.18  Judicial Proceedings Instituted by Trustee; Trustee May
                  Bring Suit

              	
                52

              
	
                SECTION
                  5.19  Control by Certificateholders

              	
                53

              
	
                SECTION
                  5.20  Waiver of Past Defaults

              	
                53

              
	
                SECTION
                  5.21  Right of Certificateholders to Receive Payments Not to Be
                  Impaired

              	
                54

              
	
                SECTION
                  5.22  Remedies Cumulative

              	
                54

              

      

       

      ARTICLE
        VI

       

      The
        Depositor

       

      
        	
                SECTION
                  6.01  Liability of the Depositor

              	
                54

              
	
                SECTION
                  6.02  Limitation on Liability of the Depositor

              	
                54

              
	
                SECTION
                  6.03  Depositor May Purchase Certificates

              	
                55

              
	
                SECTION
                  6.04  Merger or Consolidation of the Depositor

              	
                55

              
	
                SECTION
                  6.05  No Liability of the Depositor with Respect to the
                  Deposited Assets;

                          
                  Certificateholders to Proceed Directly Against the Deposited Asset
                  Providers

              	
                56

              

      

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        VII

       

      Concerning
        the Trustee

       

      
        	
                SECTION
                  7.01  Duties of Trustee

              	
                56

              
	
                SECTION
                  7.02  Between Trustee and Administrative Agents

              	
                59

              
	
                SECTION
                  7.03  Certain Matters Affecting the Trustee

              	
                60

              
	
                SECTION
                  7.04  Trustee Not Liable for Recitals in Certificates or
                  Underlying Securities

              	
                61

              
	
                SECTION
                  7.05  Trustee May Own Certificates

              	
                61

              
	
                SECTION
                  7.06  Trustee’s Fees and Expenses

              	
                61

              
	
                SECTION
                  7.07  Eligibility Requirements for Trustee

              	
                62

              
	
                SECTION
                  7.08  Resignation or Removal of the Trustee; Appointment of
                  Successor Trustee

              	
                63

              
	
                SECTION
                  7.09  Merger or Consolidation of Trustee

              	
                64

              
	
                SECTION
                  7.10  Appointment of Office or Agency

              	
                64

              
	
                SECTION
                  7.11  Representations and Warranties of Trustee

              	
                64

              
	
                SECTION
                  7.12  Indemnification of Trustee by the Depositor;
                  Contribution

              	
                65

              
	
                SECTION
                  7.13  Indemnification of Depositor by Trustee

              	
                66

              
	
                SECTION
                  7.14  No Liability of the Trustee with Respect to the Deposited
                  Assets;

                         
                   Certificateholders to Proceed Directly Against the
                  Issuer(s)

              	
                66

              
	
                SECTION
                  7.15  [RESERVED]

              	
                66

              
	
                SECTION
                  7.16  Preservation of Information

              	
                66

              
	
                SECTION
                  7.17  Reports by Trustee

              	
                67

              
	
                SECTION
                  7.18  Trustee’s Application for Instructions from the
                  Depositor

              	
                67

              
	
                SECTION
                  7.19  Assessment of Compliance by Trustee; Annual Independent
                  

                          
                  Certified Public Accountant's Report.

              	
                67

              

      

       

      ARTICLE
        VIII

       

      Market
        Agent

       

      
        	
                SECTION
                  8.01  Market Agent

              	
                68

              

      

       

      ARTICLE
        IX

       

      [RESERVED]

       

       

      ARTICLE
        X

       

      Miscellaneous
        Provisions

       

      
        	
                SECTION
                  10.01  Amendment

              	
                69

              
	
                SECTION
                  10.02  Limitation on Rights of
                  Certificateholders

              	
                70

              
	
                SECTION
                  10.03  GOVERNING LAW

              	
                71

              
	
                SECTION
                  10.04  Notices

              	
                71

              
	
                SECTION
                  10.05  Notice to Rating Agencies

              	
                72

              
	
                SECTION
                  10.06  Severability of Provisions

              	
                72

              
	
                SECTION
                  10.07  Grant of Security Interest

              	
                73

              

      

       

      
        
          
          

        

        
          iii

          
            

          

        

        
          
          

        

      

      

      
        	
                SECTION
                  10.08  Nonpetition Covenant

              	
                74

              
	
                SECTION
                  10.09  No Recourse

              	
                74

              
	
                SECTION
                  10.10  Article and Section References

              	
                74

              
	
                SECTION
                  10.11  Counterparts

              	
                74

              
	
                SECTION
                  10.12  Trust Indenture Act Controls

              	
                74

              
	
                SECTION
                  10.13  Segregation Provisions

              	
                74

              

      

    

     

    
      
        
        

      

      
        iv

        
          

        

      

      
        
        

      

    

    STANDARD
      TERMS FOR TRUST AGREEMENTS dated as of [ ], 200_, among BOND PRODUCTS DEPOSITOR
      LLC, a Delaware limited liability company, as Depositor, and [name of Trustee],
      [a national banking association], as Trustee.

     

    PRELIMINARY
      STATEMENT

     

    The
      Depositor and the Trustee have duly authorized the execution and delivery of
      these Standard Terms for Trust Agreements (the “Standard Terms”) to provide for
      one or more Series (and one or more Classes within each such Series) of
      Certificates, issuable from time to time as provided in these Standard
      Terms.

     

    Each
      such
      Series (inclusive of any Classes specified within such Series) of Certificates
      will be issued only under a separate Series Supplement to these Standard Terms,
      duly executed and delivered by the Depositor and the Trustee.  With
      respect to each Series, the applicable Series Supplement, together with these
      Standard Terms, shall be known as the “Trust Agreement.”

     

    All
      representations, covenants and agreements made herein by each of the Depositor
      and the Trustee are for the benefit and security of the Certificateholders
      and,
      to the extent provided in the applicable Series Supplement, for the benefit
      and
      security of any Credit Support Provider and/or any other party as may be
      specified therein;

     

    The
      Depositor is entering into these Standard Terms, and the Trustee is accepting
      the trusts created hereby, for good and valuable consideration, the receipt
      and
      sufficiency of which are hereby acknowledged.

     

    ARTICLE
      I

     

    Definitions
      and Assumptions

     

    SECTION
      1.01  Definitions.  Except as otherwise
      specified herein or in the applicable Series Supplement or as the context may
      otherwise require, the following terms have the respective meanings set forth
      below for all purposes of this Trust Agreement.

     

    “Account”
      As defined in Section 3.05.

     

    “Accounting
      Date” With respect to any Series, if applicable, as defined in the related
      Series Supplement.

     

    “Administration
      Account” As defined in Section 7.02(c).

     

    “Administrative
      Agent” Any Person with which the Trustee has entered into an Administration
      Agreement.

     

    “Administration
      Agreement” The written contract, if any, between the Trustee and an
      Administrative Agent and any successor Trustee and Administrative Agent relating
      to the administration of certain duties of the Trustee related to any
      Series.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Administrative
      Fees” With respect to any Series, if applicable, as defined in the related
      Series Supplement.

     

    “Advance”
      As defined in Section 4.04.

     

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

     

    “Allowable
      Expense Amounts” With respect to any Series, as defined in the related Series
      Supplement.

     

    “Authenticating
      Agent” As defined in Section 5.14.

     

    “Authorized
      Newspaper” A newspaper in an official language of the country of publication
      customarily published at least once a day, and customarily published for at
      least five (5) days in each calendar week, and of general circulation in such
      city or cities specified in the related Series Supplement with respect to the
      Certificates of any Series.  Where successive publications are
      required to be made in Authorized Newspapers, the successive publications may
      be
      made in the same or in different newspapers in the same city meeting the
      foregoing requirements and in each case on any Business Day in such
      city.

     

    “Available
      Funds” Unless otherwise specified in the applicable Series Supplement, for any
      Distribution Date in respect of a given Series or Class, the sum of (i) all
      amounts actually received on or with respect to the Underlying Securities
      (including Liquidation Proceeds and investment income on amounts in the
      Accounts) with respect to such Series during the related Collection Period,
      (ii)
      all amounts received by the Trust pursuant to the terms of any Credit Support
      Instruments with respect to such Series for such Distribution Date, (iii) all
      amounts received by the Trust pursuant to the terms of any Other Deposited
      Assets with respect to such Series for such Distribution Date, (iv) all amounts
      transferred on such Distribution Date to the Certificate Account from any
      Reserve Account established under the applicable Series Supplement, and (v)
      all
      other amounts, if any, specified by the applicable Series
      Supplement.

     

    “Basic
      Documents” With respect to any Series, shall mean, the Trust Agreement and if
      applicable, any other documents set forth in the related Series
      Supplement.

     

    “Bearer
      Certificate” Any Certificate (with or without Coupons), title to which passes by
      delivery only, but exclusive of any Coupons.

     

    “Beneficial
      Owner” Shall mean, with respect to Certificates held through a Depository, the
      beneficial owner of a Certificate.  For purposes only of Section 5.16,
      the Trustee shall be obligated to treat a Person who claims to be a beneficial
      owner of a Certificate as a “Beneficial Owner” within the meaning of the Series
      Supplement only if such Person has first delivered to the Trustee, (i) a
      certificate or other writing executed by such Person stating the full name
      and
      address of such Person, the principal distribution amount of the Certificate
      with respect to which such Person claims to be the Beneficial Owner, and the
      Participant in the Depository (“such Person’s Participant”) through which such
      Person holds its beneficial ownership interest in the Certificates and (ii)
      a
      certificate or other writing executed by such Person’s Participant confirming
      that such Person’s Participant holds on its own books and records Certificates
      for the account of such Beneficial Owner and identifying the principal
      distribution amount held for such Beneficial Owner.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Bidding
      Procedures” shall mean those procedures set forth in Section 3.13 of this
      Agreement for the sale of Underlying Securities.

     

    “Business
      Day” Any day that is not (i) a Saturday, a Sunday, (ii) a legal holiday in the
      State of New York and the city and state in which the Corporate Trust Office
      of
      the Trustee is located, or (iii) a day on which banking or savings institutions
      in New York or the city and state in which the Corporate Trust Office of the
      Trustee are located are authorized or obligated by law, regulation or executive
      order to close.

     

    “Calculation
      Agent” With respect to any Series, if applicable, as defined in the related
      Series Supplement.

     

    “Call
      Date” With respect to any Series, if applicable, shall be the date set forth in
      the related Series Supplement.

     

    “Call
      Option” Shall mean the right to purchase the [Certificates][Underlying
      Securities] in whole or in part at the Call Price, on any Call Date pursuant
      to
      Section 4.08 hereof and the terms of the applicable Series
      Supplement.

     

    “Call
      Premium Percentage” With respect to any Series (or Class with such Series), if
      applicable, as defined in the related Series Supplement.

     

    “Call
      Price” With respect to any Series, if applicable, shall be as defined in the
      related Series Supplement.

     

    “Call
      Request” Shall have the meaning specified in Section 4.08 hereof.

     

    “Certificate
      Account” As defined in Section 3.03.

     

    “Certificate
      Owners” As defined in Section 5.08.

     

    “Certificate
      Principal Balance” With respect to an Outstanding Certificate, as determined at
      any time, the maximum amount that the Holder thereof is entitled to receive
      as
      distributions allocable to principal payments on the Deposited
      Assets.  The Certificate Principal Balance, if any, of any Class
      within a given Series (other than those Classes, if any, specified in the
      related Series Supplement), as of any date of determination, shall be equal
      to
      the aggregate initial Certificate Principal Balance thereof less the sum of
      (i)
      all amounts allocable to prior distributions made to such Class in respect
      of
      principal, (ii) any reductions attributable to Certificates surrendered in
      exchange for Underlying Securities, as and to the extent provided in the
      applicable Series Supplement, and (iii) any reductions in the Certificate
      Principal Balance thereof deemed to have occurred in connection with allocations
      of (A) Realized Losses in respect of principal of any Deposited Assets and
      (B)
      Extraordinary Trust Expenses in respect of principal as allocated to such Class
      pursuant to the applicable Series Supplement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Certificate
      Register” and “Certificate Registrar” As respectively defined in Section
      5.04.

     

    “Certificateholder”
      Any Holder of a Certificate.

     

    “Certificates”
      Any trust certificates authorized by, and authenticated and delivered under
      this
      Trust Agreement.

     

    “Class”
      With respect to any Series, any one of the classes of Certificates of such
      Series, each consisting of Certificates having identical terms.

     

    “Clearing
      Agency” An organization registered as a “clearing agency” pursuant to Section
      17A of the Exchange Act.

     

    “Closing
      Date” With respect to any Series, the day on which Certificates of such Series
      are first executed, authenticated and delivered, as specified in the related
      Series Supplement.

     

    “Code”
      The Internal Revenue Code of 1986, as amended, and Treasury Regulations
      promulgated thereunder.

     

    “Collection
      Period” With respect to any Distribution Date for a Series (or Class within such
      Series), the period specified in the related Series Supplement.

     

    “Commission”
      The Securities and Exchange Commission, as from time to time constituted,
      created under the Exchange Act or, if at any time after the execution and
      delivery of this Trust Agreement such Commission is not existing and performing
      the duties now assigned to it, then the body then performing such
      duties.

     

    “Corporate
      Trust Office” The principal corporate trust office of the Trustee located at the
      address set forth in the related Series Supplement or such other addresses
      as
      the Trustee may designate from time to time by notice to the Holders and the
      Depositor, or the principal corporate trust office of any successor Trustee
      (or
      such other addresses as a successor Trustee may designate from time to time
      by
      notice to the Holders and the Depositor).

     

    “Coupon”
      Any interest coupon appertaining to a Bearer Certificate.

     

    “Coupon
      Certificate” Any Bearer Certificate authenticated and delivered with one or more
      Coupons appertaining thereto.

     

    “Credit
      Support” With respect to any Series (or any Class within such Series), a Letter
      of Credit, Surety Bond or other asset intended to support or ensure the timely
      or ultimate distributions of amounts due in respect of all or certain of the
      Underlying Securities for such Series (or Class), which in each case is
      specified as such in the related Series Supplement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Credit
      Support Instrument” The instrument or document pursuant to which the Credit
      Support for a given Series (or any Class within such Series) is provided, as
      specified in the applicable Series Supplement.

     

    “Credit
      Support Provider” With respect to any Series (or any Class within such Series),
      the Person, if any, that will provide any Credit Support with respect to all
      or
      a portion of the Underlying Securities for such Series or Class as specified
      in
      the applicable Series Supplement.

     

    “Currency”
      Dollars or Foreign Currency.

     

    “Cut-Off
      Date” With respect to any Series, the date specified as such in the related
      Series Supplement.  For purposes of this Trust Agreement, any
      Underlying Security acquired by the Depositor after the applicable Cut-Off
      Date
      but prior to the applicable Closing Date and included in the related Trust
      as of
      such Closing Date shall be deemed to have been Outstanding as of such Cut-Off
      Date and references to the principal balance of such Underlying Security as
      of
      such Cut-Off Date shall be deemed to be to the principal balance of such
      Underlying Security as of the date on which it was acquired by the
      Depositor.

     

    “Definitive
      Certificates” As defined in Section 5.08.

     

    “Deposited
      Assets” With respect to any Series shall have the meaning specified in the
      related Series Supplement.

     

    “Deposited
      Assets Provider” With respect to any Series (or any Class within such Series),
      shall mean as applicable, the Underlying Security Provider, the Credit Support
      Provider and the Other Deposited Assets Provider, as applicable.

     

    “Depositor”
      Bond Products Depositor LLC, a Delaware limited liability company, and, if
      a
      successor Person shall have become the Depositor pursuant to any applicable
      provisions of this Trust Agreement, “Depositor” shall mean such successor
      Person.  With respect to any provisions of this Trust Agreement that
      relate to the provisions of the Trust Indenture Act, “Depositor” shall include
      any obligor on the Certificates as the term obligor is defined in the Trust
      Indenture Act.

     

    “Depositor
      Order” A written order or request, respectively, signed in the name of the
      Depositor by any of its Executive Officers.

     

    “Depository”
      With respect to the Certificates of any Series (or Class within such Series)
      issuable in whole or in part in the form of one or more Global Securities,
      the
      Person designated as Depository by the Depositor in the related Series
      Supplement until a successor Depository shall have become such pursuant to
      the
      applicable provisions of this Trust Agreement, and thereafter “Depository” shall
      mean or include each Person who is then a Depository hereunder, and if at any
      time there is more than one such Person, “Depository” as used with respect to
      the Certificates of any such Series or Class shall mean the Depository with
      respect to the Certificates of that Series or Class.

     

    “Discount
      Certificate” Any Certificate that is issued with “original issue discount”
within the meaning of Section 1273(a) of the Code and any other Certificate
      designated by the Depositor as issued with original issue discount for United
      States Federal income tax purposes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Distribution
      Date” With respect to any Series (or Class within such Series) of Certificates,
      each date specified as a “Distribution Date” for such Series (or Class) in the
      related Series Supplement.

     

    “Dollar”
      or “$” or “USD” Such currency of the United States as at the time of payment is
      legal tender for the payment of public and private debts.

     

    “Eligible
      Account” Either (i) a segregated account or accounts maintained with a federal
      or state chartered depository institution the long term unsecured debt
      obligations of which are rated by at least one Rating Agency in the higher
      of
      (x) at least the then current long-term rating of the Certificates or (y) in
      one
      of its [two] highest long-term rating categories (unless otherwise specified
      in
      the Series Supplement) at the time any amounts are held in deposit therein
      or
      (ii) an account(s) maintained as a segregated account(s) and held by a federal
      or state chartered depository institution, a national banking association in
      trust for the benefit of the Certificateholders; provided, however, that such
      depository institution (or its parent) has a long-term rating in one of the
      four
      highest categories by the Rating Agency.

     

    “Eligible
      Expense” With respect to any Series, as specified in the related Series
      Supplement.

     

    “Eligible
      Investments” With respect to any Series, unless otherwise specified in the
      related Series Supplement, any one or more of the following obligations or
      securities; provided, however, that the total stated return specified by the
      terms of each such obligation or security is at least equal to the purchase
      price thereof; and provided, further, that no such instrument may carry the
      symbol “R” in its rating;

     

    (i)           direct
      obligations of, and obligations fully guaranteed by, the United States, the
      Federal Home Loan Mortgage Corporation, the Federal National Mortgage
      Association, the Federal Farm Credit System , the Student Loan Marketing
      Association, the Resolution Funding Corporation, the Federal Home Loan Banks
      (to
      the extent such obligations represent the joint and several obligations of
      the
      twelve Federal Home Loan Banks), the Tennessee Valley Authority, the Federal
      Farm Credit Banks or any agency or instrumentality of the United States the
      obligations of which are backed by the full faith and credit of the United
      States of America; provided, however, that obligations of, or guaranteed by,
      the
      Federal Home Loan Mortgage Corporation, the Federal National Mortgage
      Association, the Federal Farm Credit System , the Student Loan Marketing
      Association, the Resolution Funding Corporation, the Federal Home Loan Banks
      (to
      the extent such obligations represent the joint and several obligations of
      the
      twelve Federal Home Loan Banks), the Tennessee Valley Authority, the Federal
      Farm Credit Banks shall be Eligible Investments only if, at the time of
      investment, they have the rating specified in such Series Supplement for
      Eligible Investments;

     

    (ii)           demand
      and time deposits in, certificates of deposit of, or banker’s acceptances issued
      by any depository institution or trust company (including the Trustee or any
      agent of the Trustee acting in their respective commercial capacities)
      incorporated under the laws of the United States or any state and subject to
      supervision and examination by federal and/or state banking authorities so
      long
      as the commercial paper and/or the short-term debt obligations of such
      depository institution or trust company (or, in the case of a depository
      institution which is the principal subsidiary of a holding company, the
      commercial paper or other short-term debt obligations of such holding company)
      at the time of such investment or contractual commitment providing for such
      investment have the rating specified in such Series Supplement for Eligible
      Investments;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iii)           repurchase
      agreements with respect to (a) any security described in clause (i) above or
      (b)
      any other security issued or guaranteed by an agency or instrumentality of
      the
      United States, with an entity having the credit rating specified in such Series
      Supplement for Eligible Investments;

     

    (iv)           securities
      bearing interest or sold at a discount issued by any corporation incorporated
      under the laws of the United States or any State that have the rating specified
      in such Series Supplement for Eligible Investments at the time of such
      investment or contractual commitment providing for such investment; provided,
      however, that such rating shall be no lower than the rating on the Underlying
      Securities;

     

    (v)           commercial
      paper having at the time of such investment the rating specified in the Series
      Supplement for Eligible Investments; and

     

    (vi)           a
      Guaranteed Investment Contract if and only if specified in the related Series
      Supplement, provided that the Rating Agency Condition is met.

     

    “Exchange
      Act” The Securities Exchange Act of 1934, as amended and the rules and
      regulations promulgated thereunder.

     

    “Exchange
      Rate Agent” With respect to any Series (or Class within such Series) of
      Certificates, if applicable, the Depositor or its agent so specified in the
      related Series Supplement.

     

    “Executive
      Officer” Any one of the duly elected or appointed qualified and acting officers
      of any entity executing a certificate.

     

    “Extraordinary
      Trust Expenses” Unless otherwise specified in the related Series Supplement, any
      and all costs, expenses or liabilities of the Trustee incurred on behalf of
      the
      Trust which [100%] of the Certificateholders have expressly consented to and
      which arise out of the establishment, existence or administration of the Trust,
      other than (i) Ordinary Expenses and (ii) costs and expenses payable by a
      particular Certificateholder, the Trustee or the Depositor pursuant to this
      Trust Agreement.

     

    “Final
      Scheduled Distribution Date” With respect to any Certificate, the date on which
      all the unpaid principal of (and premium, if any, on) such Certificate is
      scheduled, without giving effect to any prepayment, exchange or early
      termination, to become due and payable as provided therein and in the applicable
      Series Supplement.

     

    “Fitch”
      shall, mean, Fitch, Inc., doing business as “Fitch Ratings”, and any successor
      thereto.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Fixed
      Pass-Through Rate” With respect to any Fixed Rate Certificate, as defined in the
      related Series Supplement.

     

    “Fixed
      Rate Certificate” A Certificate that provides for a payment of interest at a
      Fixed Pass-Through Rate.

     

    “Floating
      Pass-Through Rate” With respect to any Floating Rate Certificate, as defined in
      the related Series Supplement.

     

    “Floating
      Rate Certificate” A Certificate that provides for the payment of interest at a
      Floating Pass-Through Rate determined periodically by reference to a formula
      specified in the related Series Supplement.

     

    “Foreign
      Currency” A currency issued by the government of any country other than the
      United States or a composite currency the value of which is determined by
      reference to the values of the currencies of any group of
      countries.

     

    “Global
      Security” A Registered Certificate or Bearer Certificate evidencing all or part
      of a Series (or Class within such Series) of Certificates, issued to the
      Depository for such Series or Class in accordance with Section 5.08 and bearing
      the legend prescribed therein.

     

    “Grant”
      To sell, convey, assign, transfer, create, grant a lien upon and a security
      interest in and right of set-off against, deposit, set over and confirm to
      the
      Trustee pursuant to these Standard Terms and a related Series Supplement; and
      the terms “Granted” and “Granting” have the meanings correlative to the
      foregoing.  A Grant of the Trust Estate or of any other instrument
      shall include all rights, powers and options (but none of the obligations)
      of
      the Granting party thereunder, including the immediate and continuing right
      to
      claim for, collect, receive and give receipt for principal, premium, if any,
      interest and other payments in respect of such Trust Estate or other instruments
      and all other moneys payable thereunder, to give and receive notices and other
      communications, to make waivers or other agreements, to exercise all rights
      and
      options, to bring Proceedings in the name of the Granting party or otherwise,
      and generally to do and receive anything that the Granting party is or may
      be
      entitled to do or receive thereunder or with respect thereto.

     

    “Guaranteed
      Investment Contract” With respect to any Series (or Class within such Series), a
      guaranteed investment contract or surety bond provided for in the related Series
      Supplement, Granted as part of the Trust or to the Trustee for the benefit
      of
      the Certificateholders for such Series, providing for the investment of funds
      in
      a related Account or related Accounts and insuring a minimum or a fixed rate
      of
      return on the investment of such funds, which contract or surety bond shall
      be
      an obligation of an insurance company or other entity whose rating is no lower
      than the rating on the Certificates of any such Series and shall satisfy any
      other requirements specified in such Series Supplement.

     

    “Holder”
      With respect to a Registered Certificate, the Registered Holder thereof and,
      with respect to a Bearer Certificate or a Coupon, the bearer
      thereof.

     

    “Independent”
      When used with respect to any specified Person means that the Person (1) is
      in
      fact independent of the Depositor and of any Affiliate thereof, (2) does not
      have any direct or indirect material financial interest in the Depositor or
      in
      any Affiliate thereof and (3) is not connected with the Depositor as a manager,
      member, officer, employee, promoter, underwriter, trustee, partner or person
      performing similar functions.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Interest
      Proceeds” With respect to any Series, as defined in the related Series
      Supplement.

     

    “Initial
      Accrued Interest” With respect to any Series, shall mean, with respect to each
      Underlying Security, the amount of interest which accrued thereon from the
      Underlying Security Payment Date for such Underlying Security next preceding
      the
      deposit of such Underlying Security hereunder (or, in the event that such
      Underlying Security Payment Date is the first Underlying Security Payment Date
      to occur after the original issuance of such Underlying Security, from the
      dated
      date thereof) to, but excluding, the Closing Date.

     

    “Issuer”
      Shall mean, with respect to an Underlying Security, the issuer thereof
      (including, if applicable, the guarantor of the Underlying Security) as
      identified in Schedule I to the Series Supplement.

     

    “Investment
      Company Act” Shall mean the Investment Company Act of 1940, as amended, and the
      rules, regulations and interpretations thereunder.

     

    “Letter
      of Credit” With respect to any Series or Class within such Series, the letter of
      credit, if any, providing for the payment of all or a portion of amounts due
      in
      respect of such Series or Class, Granted as part of the Trust or to the Trustee
      for the benefit of the Certificateholders of such Series or Class, issued by
      the
      related Credit Support Provider, in each case as specified in the related Series
      Supplement.

     

    “Liquidation
      Proceeds” The amounts received by the Trustee in connection with (i) the
      liquidation of a defaulted Underlying Security or any collateral, if any,
      related thereto, (ii) the repurchase, substitution or sale of an Underlying
      Security, or (iii) the termination of, or the occurrence of a default under,
      any
      Other Deposited Asset or any Credit Support Instrument.

     

    “Market
      Agent” Shall mean the market agent or market agents appointed pursuant to
      Section 8.01 hereof, and its or their successors or assigns.

     

    “Market
      Agent Agreement” With respect to any Series shall mean the Market Agent
      Agreement, dated as of the Closing Date, between the Trustee and the Market
      Agent, and any similar agreement with a successor Market Agent, in each case
      as
      from time to time amended or supplemented.

     

    “Minimum
      Wire Denomination” If applicable, with respect to any Series, as defined in the
      related Series Supplement.

     

    “Moody’s”
      Shall mean Moody’s Investors Service Inc. and any successor
      thereto.

     

    “Non-Issuing
      Trust” As defined in Section 10.13(e).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Notional
      Amount” With respect to any Class of Certificates, if applicable, the initial
      notional amount specified in the related Series Supplement on which
      distributions of interest may be determined at the applicable Pass-Through
      Rate,
      as the same may be adjusted as specified in such Series Supplement.

     

    “Officer’s
      Certificate” A certificate signed by any (or, if specified in these Standard
      Terms or any Series Supplement, more than one) Executive Officer of the
      Depositor, and delivered to the Trustee.

     

    “Opinion
      of Counsel” A written opinion of counsel, who may, except as otherwise expressly
      provided in this Trust Agreement, be counsel for the Depositor acceptable to
      the
      Trustee, except that any opinion of counsel relating to the qualification of
      any
      account required to be maintained pursuant to this Trust Agreement as an
      Eligible Account must be an opinion of counsel who is in fact Independent of
      the
      Depositor.

     

    “Optional
      Exchange” Shall mean the exchange of the Certificates held by any
      Certificateholder for a corresponding portion of the Underlying Securities
      in
      accordance with the Series Supplement.

     

    “Optional
      Exchange Date” Shall have the meaning set forth in Section 4.07
      hereof.

     

    “Ordinary
      Expenses” The Trustee’s customary fees for its services as Trustee, including
      but not limited to: (i) the costs and expenses of preparing, sending and
      receiving all reports, statements, notices, returns, filings, solicitation
      of
      consent or instructions, or other communications required by this Trust
      Agreement, (ii) the costs and expenses of holding and making ordinary
      collections or payments on the assets of the Trust and of determining and making
      distributions, (iii) the costs and expenses of the Trust’s or Trustee’s counsel,
      accountants and other experts for ordinary or routine consultation or advice
      in
      connection with the establishment, administration and termination of the Trust,
      and (iv) any other costs and expenses that are, or reasonably should have been,
      expected to be incurred in the ordinary course of administration of the
      Trust.

     

    “Organizational
      Documents” Shall mean the Certificate of Formation as filed with the Secretary
      of State of the State of Delaware and the limited liability company agreement
      of
      the Depositor.

     

    “Other
      Deposited Assets” With respect to any Series, shall mean any interest rate
      swaps, currency swaps, floors, collars or caps as described in the related
      Series Supplement.

     

    “Other
      Deposited Assets Provider” With respect to any Series (or any Class within such
      Series), the Person, that acts as a counterparty or issuer of any Other
      Deposited Assets as specified in the applicable Series Supplement.

     

    “Outstanding”
      With respect to Certificates of a specified Series (or Class within such
      Series), as of any date of determination, all such Certificates theretofore
      authenticated and delivered under these Standard Terms and the related Series
      Supplement, except:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)           Certificates
      theretofore cancelled by the Certificate Registrar or delivered to the
      Certificate Registrar for cancellation;

     

    (ii)           Certificates
      in exchange for or in lieu of which other Certificates have been authenticated
      and delivered pursuant to this Trust Agreement, unless proof satisfactory to
      the
      Trustee is presented that any such Certificates are held by a bona fide
      purchaser in whose hands such Certificates are valid obligations of the Trust;
      and

     

    (iii)           Certificates
      exchanged for Underlying Securities as provided herein and in any related Series
      Supplement;

     

    provided,
      however, that in determining whether the Holders of the required percentage
      of
      the aggregate Voting Rights of the Certificates have given any request, demand,
      authorization, direction, notice, consent or waiver hereunder, Certificates
      beneficially owned by the Depositor, the Trustee or any Affiliate thereof,
      shall
      be disregarded and deemed not to be Outstanding, and the Voting Rights to which
      its Holder would otherwise be entitled shall not be taken into account in
      determining whether the requisite percentage of aggregate Voting Rights
      necessary to effect any particular consent or take any particular action has
      been obtained, except that, in determining whether the Trustee shall be
      protected in relying upon any such request, demand, authorization, direction,
      notice, consent or waiver, only Certificates with respect to which the Depositor
      has provided an Officer’s Certificate to the Trustee stating that such
      Certificates are so owned shall be so disregarded.  Certificates so
      owned that have been pledged in good faith may be regarded as Outstanding if
      the
      pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
      act with respect to such Certificates and that the pledgee is not, to the
      knowledge of the Trustee, the Depositor or any Affiliate of any
      thereof.  The principal amount or notional amount, as applicable, of a
      Discount Certificate that shall be deemed to be Outstanding shall be the
      Certificate Principal Balance or Certificate Notional Amount, as applicable,
      with respect thereto as of the date of such determination, and the principal
      amount or notional amount, as applicable, of a Certificate denominated in a
      Foreign Currency that shall be deemed to be Outstanding for purposes of the
      determination referred to in the foregoing provision shall be the amount
      calculated pursuant to Section 5.11(c).

     

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

     

    “Pass-Through
      Rate” With respect to any Series (or Class within such Series) of Certificates
      (except certain Discount Certificates and Certificates entitled to nominal
      or no
      interest distributions) the annual rate at which interest accrues on the
      Certificates of such Series (or Class), which may be a fixed rate or a floating
      rate of interest, determined upon the basis and in the manner specified in
      the
      related Series Supplement.

     

    “Paying
      Agent” As defined in Section 5.13.

     

    “Percentage
      Interest” With respect to a Certificate of any Series or Class within a Series,
      the portion of such Series or Class evidenced by such Certificate, expressed
      as
      a percentage, equal to the product of (x) a fraction, the numerator of which
      is
      the initial Certificate Principal Balance or Notional Amount, as applicable,
      represented by such Certificate and the denominator of which is the aggregate
      initial Certificate Principal Balance or Notional Amount, as applicable, of
      all
      the Certificates of such Series or Class and (y) 100.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    “Place
      of
      Distribution” With respect to any Series (or Class within such Series) of
      Certificates, the place or places where the principal of (and premium, if any)
      and interest on the Certificates or such Series (or Class) are distributable
      as
      specified in the related Series Supplement.

     

    “Predecessor
      Certificate” With respect to any particular Certificate, every previous
      Certificate evidencing all or a portion of the same interest as that evidenced
      by such particular Certificate; and for the purpose of this definition, any
      Certificate authenticated and delivered under Section 5.05 in lieu of a lost,
      destroyed or stolen Certificate shall be deemed to evidence the same interest
      as
      the lost, destroyed or stolen Certificate.

     

    “Premium
      Proceeds” With respect to any Series, as defined in the related Series
      Supplement.

     

    “Premiums”
      With respect to any Series, as defined in the related Series
      Supplement.

     

    “Prepaid
      Ordinary Expenses” Unless otherwise specified in the Series Supplement, the
      amount (if any) paid by the Depositor to the Trustee on or before the Closing
      Date to cover Ordinary Expenses, as specified in the related Series
      Supplement.

     

    “Principal
      Proceeds” With respect to any Series, as defined in the related Series
      Supplement.

     

    “Proceeding”
      Any suit in equity, action at law or other judicial or administrative
      proceeding.

     

    “Purchase
      Price” If applicable, as specified in the related Series
      Supplement.

     

    “Rating
      Agency” With respect to any Series (or Class within such Series), each
      nationally recognized statistical rating organization specified in the related
      Series Supplement that initially rates the Certificates of such Series (or
      Class).

     

    “Rating
      Agency Condition” With respect to any action or occurrence, unless otherwise
      specified in the applicable Series Supplement, that each Rating Agency shall
      have been given ten (10) days (or such shorter period as may be acceptable
      to
      each Rating Agency) prior notice thereof and that each Rating Agency shall
      have
      notified the Depositor and the Trustee in writing that such action or occurrence
      will not result in a reduction, withdrawal or qualification of the then current
      rating of any Certificate of the applicable Series.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Realized
      Losses” Shall mean the sum of (i), with respect to any defaulted and liquidated
      Underlying Security, an amount equal to the excess, if any, of (x) the principal
      amount of such Underlying Security plus accrued and unpaid interest thereon,
      plus expenses of the Trustee incurred in connection with its efforts to
      liquidate or otherwise realize the value of the Underlying Security to the
      extent reimbursable under these Standard Terms or the related Series Supplement,
      over (y) Liquidation Proceeds with respect thereto, (ii) with respect to any
      Other Deposited Asset, [an amount equal to any termination payments or other
      amounts payable to the Other Deposited Assets Provider in accordance with the
      terms of the Other Deposited Assets Agreement] [an amount equal to the
      difference between the amount scheduled to be received under such Other
      Deposited Asset upon the occurrence of a specified event and the amount actually
      received thereunder upon such occurrence], and (iii) with respect to any Credit
      Support Instrument, [an amount equal to the termination penalty under the Credit
      Support Instrument][an amount equal to the difference between the amount
      scheduled to be received under the Credit Support Instrument upon the occurrence
      of a specified event and the amount actually received thereunder upon such
      occurrence].

     

    “Record
      Date” With respect to any Distribution Date for any Series (or Class within such
      Series) of Registered Certificates, the date specified in the related Series
      Supplement.

     

    “Registered
      Certificate” Any Certificate registered as to principal, premium, if any, and
      interest in the Certificate Register.

     

    “Registered
      Holder” The Person in whose name a Registered Certificate is registered in the
      Certificate Register on the applicable Record Date.

     

    “Regulation
      AB” Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
      Sections 229.1100-229.1123, as such may be amended from time to time, and
      subject to such clarification and interpretation as have been provided by the
      Commission in the adopting release (Asset-Backed Securities, Securities Act
      Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff
      of the Commission, or as may be provided by the Commission or its staff from
      time to time.

     

    “Reporting
      Subcontractor” With respect to the Trustee, any agent for the Trustee (whether
      directly or through any other agent) that is “participating in the servicing
      function” within the meaning of Item 1122 of Regulation AB that is required to
      file separate assessment and attestation reports pursuant to Item 1122 of
      Regulation AB.

     

    “Required
      Percentage--Amendment” Unless otherwise specified in the related Series
      Supplement, if a Rating Agency Condition is specified in the related Series
      Supplement and such Rating Agency Condition is met, or, if a Rating Agency
      Condition is not so specified in the related Series Supplement, [66-2/3]% of
      the
      aggregate Voting Rights of Outstanding Certificates of such Series, and [100]%
      otherwise.

     

    “Required
      Percentage--Definitive Certificates” Unless otherwise specified in the related
      Series Supplement, [66-2/3]% of the aggregate Voting Rights of Outstanding
      Certificates of such Series.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Required
      Percentage--Direction of Trustee” Unless otherwise specified in the related
      Series Supplement, [66-2/3]% of the aggregate Voting Rights of Outstanding
      Certificates of such Series.

     

    “Required
      Percentage--Remedies” Unless otherwise specified in the related Series
      Supplement, [66-2/3]% of the aggregate Voting Rights of Outstanding Certificates
      of such Series.

     

    “Required
      Percentage--Removal of Trustee” Unless otherwise specified in the related Series
      Supplement, more than [50]% of the aggregate Voting Rights of Outstanding
      Certificates of such Series.

     

    “Required
      Percentage--Waiver” Unless otherwise specified in the related Series Supplement,
      [66-2/3]% of the aggregate Voting Rights of Outstanding Certificates of such
      Series.

     

    “Required
      Premium Amount” If applicable, unless otherwise specified in the related Series
      Supplement, with respect to the Certificates of any Series or any Class thereof,
      an amount equal to the product, as determined on any Distribution Date with
      respect to such Series and Class, of (i) the Required Principal for such Series
      and Class and (ii) the Call Premium Percentage for such Series and
      Class.

     

    “Requisite
      Reserve Amount” As of any date with respect to any Series (or Class within such
      Series) of Certificates, the amount, if any, required to be maintained in the
      Reserve Account, if any, for such Series or Class as specified in or determined
      pursuant to the related Series Supplement.

     

    “Reserve
      Account” An Eligible Account, if any, created and maintained pursuant to Section
      3.03 and specified in the related Series Supplement.

     

    “Responsible
      Officer” With respect to the Trustee, any officer within the Corporate Trust
      Office of the Trustee, including any Vice President, Assistant Vice President,
      Assistant Treasurer or any other officer of the Trustee customarily performing
      functions similar to those performed by any of the above designated officers
      and
      also, with respect to a particular matter, any other officer to whom such matter
      is referred because of such officer’s actual knowledge of and familiarity with
      the particular subject.

     

    “Retained
      Interest” If applicable, with respect to any Underlying Security, an ownership
      interest in and a right to a portion of the payments thereon by the obligor
      thereof, as specified in the related Series Supplement, held by the Person
      so
      specified in such Series Supplement.

     

    “Rights
      Holder” If applicable, with respect to any Series, as defined in the related
      Series Supplement and the related Certificates.

     

    “S&P”
      Shall mean Standard & Poor’s, a division of The McGraw-Hill Companies,
      Inc.  and any successor thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Series”
      A separate series of Certificates issued pursuant to these Standard Terms and
      a
      related Series Supplement, which series may be divided into two or more Classes,
      as provided in such Series Supplement.

     

    “Series
      Supplement” An agreement incorporating these Standard Terms that authorizes the
      issuance of a particular Series (and each Class within such Series) of
      Certificates.

     

    “Special
      Distribution Date” If applicable, with respect to any Series, as defined in the
      related Series Supplement and the related Certificates.

     

    “Specified
      Currency” As defined in the related Series Supplement.

     

    “Standard
      Terms” As defined in the preliminary statement to this Agreement.

     

    “Surety
      Bond” If so specified in the Series Supplement, with respect to any Series (or
      Class within such Series) of Certificates, the surety bond providing for the
      distribution under certain circumstances specified in such Series Supplement
      of
      amounts to the Certificateholders of such Series (or Class), which surety bond
      will be Granted to the Trustee for the benefit of such Certificateholders of
      such Series or Class, by the related Credit Support Provider, all as specified
      in such Series Supplement.

     

    “Termination
      Events” With respect to any Series (or Class within such Series) of
      Certificates, as specified in the related Series Supplement.

     

    “Trust”
      With respect to any Series the trust created hereby as amended by the related
      Series Supplement and as administered hereunder and thereunder, and consisting
      of the Trust Estate related to such Series and all sums distributed in respect
      thereof that are specified as being part of the Trust for such Series in the
      related Series Supplement, for the benefit of the Certificateholders of such
      Series as of any particular time.

     

    “Trust
      Agreement” With respect to each Series of Certificates, these Standard Terms and
      all amendments hereto and, unless the context otherwise requires, the related
      Series Supplement and all amendments thereto.

     

    “Trust
      Estate” With respect to any Series, shall have the meaning set forth in the
      Series Supplement.

     

    “Trust
      Indenture Act” The Trust Indenture Act of 1939, as amended, as the same is in
      force and effect as of the date hereof.

     

    “Trustee”
      With respect to any Series, the Person so specified in the applicable Series
      Supplement, until a successor Person shall have become the Trustee pursuant
      to
      the applicable provisions of these Standard Terms and the applicable Series
      Supplement, and thereafter “Trustee” shall mean such successor
      Person.

     

    “Underlying
      Security” or “Underlying Securities” With respect to any Series, the fixed
      income securities purchased in the secondary market which may be (a) debt
      securities or a pool of debt securities issued by one or more corporations,
      banking organizations, insurance companies, trusts, limited liability companies
      or partnerships, (b) debt securities or a pool of debt securities which
      represent obligations issued or guaranteed by a foreign government, political
      subdivision or agency or instrumentality thereof, (c) debt obligations of one
      or
      more foreign private issuers or (d) debt securities or a pool of debt securities
      which represent obligations of (x) the United States, (y) any agency of the
      United States with respect to which obligations, the full faith credit of the
      United States is pledged, or (z) a United States governmental sponsored
      organization created pursuant to a federal statute; and in each case, having
      certain characteristics described in the applicable Series Supplement; and
      Granted as part of the Trust for such Series or acquired (or, in the case of
      an
      agreement, entered into) by the Trustee for the benefit of the Holders of such
      Series, all as identified in Schedule I to the related Series
      Supplement.  The Underlying Securities for any such Series or the
      related Trust shall not constitute Underlying Securities for any other Series
      or
      any other Trust.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Underlying
      Security Payment Date” Shall mean a date on which interest, principal and/or
      redemption premium is payable on an Underlying Security in accordance with
      its
      terms.

     

    “Underlying
      Security Provider” With respect to any Series (or any Class within such Series),
      any Person, if any, that sells an Underlying Security to the
      Depositor.

     

    “Uniform
      Commercial Code” The Uniform Commercial Code as in effect in the State of New
      York, as amended from time to time.

     

    “United
      States” The United States of America, its territories, its possessions and other
      areas subject to its jurisdiction.

     

    “Voting
      Rights” With respect to any Series (or Class within such Series) of
      Certificates, the portion of the aggregate voting rights of the Certificates
      of
      such Series or Class which shall be allocated to any Certificate and as
      specified in the applicable Series Supplement.

     

    SECTION
      1.02  Rules of Construction.  Unless the
      context otherwise requires:

     

    (i)           a
      term has the meaning assigned to it;

     

    (ii)           an
      accounting term not otherwise defined has the meaning assigned to it in
      accordance with generally accepted accounting principles as in effect in the
      United States from time to time;

     

    (iii)           “or”
      is not exclusive;

     

    (iv)           the
      words “herein”, “hereof”, “hereunder” and other words of similar import refer to
      this Trust Agreement as a whole and not to any particular Article, Section
      or
      other subdivision;

     

    (v)           “including”
      means including without limitation; and

     

    (vi)           words
      in the singular include the plural and words in the plural include the
      singular.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      1.03  Compliance Certificates and Opinions; Record
      Date.  (a) Upon any application or request by the Depositor to the
      Trustee to take any action under any provision of this Trust Agreement other
      than the initial issuance of the Certificates, the Depositor shall furnish
      to
      the Trustee, an Officer’s Certificate stating that, in the opinion of the signer
      thereof, all conditions precedent, if any, provided for in this Trust Agreement
      relating to the proposed action have been complied with and an Opinion of
      Counsel stating that in the opinion of such counsel all such conditions
      precedent, if any, have been complied with, except that in the case of any
      such
      application or request as to which the furnishing of such documents is
      specifically required by any provision of this Trust Agreement relating to
      such
      particular application or request, no additional certificate or opinion need
      be
      furnished.

     

    Every
      certificate or opinion with respect to compliance with a condition or covenant
      provided for this Trust Agreement (other than a certificate provided pursuant
      to
      Section 3.10(d)) shall include:

     

    (1)
      a
      statement that the individual signing such certificate or opinion has read
      such
      covenant or condition and the definitions herein relating thereto;

     

    (2)
      a
      brief statement as to the nature and scope of the examination or investigation
      upon which the statements or opinions contained in such certificate or opinion
      are based;

     

    (3)
      a
      statement that, in the opinion of such individual, he or she has made such
      examination or investigation as is necessary to enable him or her to express
      an
      informed opinion as to whether or not such covenant or condition has been
      complied with; and

     

    (4)
      a
      statement as to whether, in the opinion of such individual, such condition
      or
      covenant has been complied with.

     

    (b)           The
      Depositor may at its option by delivery of an Officer’s Certificate to the
      Trustee set a Record Date to determine the Holders of any Class of Certificates
      entitled to give any consent, request, demand, authorization, direction, notice,
      waiver or other act.  Notwithstanding Section 316(c) of the Trust
      Indenture Act, such Record Date shall be the Record Date specified in such
      Officer’s Certificate, which shall be a date not more than thirty (30) days
      prior to the first solicitation of Certificateholders in connection
      therewith.  If such a Record Date is fixed, such consent, request,
      demand, authorization, direction, notice, waiver or other act may be given
      before or after such Record Date, but only the Holders of record of Certificates
      of the applicable Class at the close of business on such Record Date shall
      be
      deemed to be Certificateholders of such Class for the purposes of determining
      whether Holders of the requisite aggregate principal amount of Outstanding
      Certificates of such Class have authorized or agreed or consented to such
      consent, request, demand, authorization, direction, notice, waiver or other
      act,
      and for that purpose the aggregate principal amount of the Outstanding
      Certificates of such Class shall be computed as of such Record Date; provided,
      however, that no such consent, request, demand, authorization, direction,
      notice, waiver or other act by the Holders of Certificates of such Class on
      such
      Record Date shall be deemed effective unless it shall become effective pursuant
      to the provisions of this Trust Agreement not later than one year after the
      Record Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      II

     

    Declaration
      of Trust; Issuance of Certificates;

     

    Purpose
      and Classification of Trusts

     

    SECTION
      2.01  Creation and Declaration of Trusts; Assignment of the
      Trust Estate.  (a) Each trust will be created by the Depositor and
      will be either a Delaware statutory trust or a common law trust under the laws
      of the State of Delaware.  The Depositor does hereby agree to Grant to
      the Trustee upon the execution and delivery of the related Series Supplement,
      on
      behalf and for the benefit of the Certificateholders of each given Series of
      Certificates and without recourse, all the right, title and interest of the
      Depositor, including any security interest therein for the benefit of the
      Depositor, in, to and under the Trust Estate, attributable to each such Series
      (other than any Retained Interest attributable to such Series, as specified
      in
      Schedule III to the applicable Series Supplement), then existing or thereafter
      acquired, in each case as identified in the applicable Series Supplement, and
      all other assets included or to be included in the respective Trust for the
      benefit of the Certificateholders of each such Series.  Each such
      Grant will include all interest, premium (if any) and principal due after the
      applicable Cut-Off Date received by or on behalf of the Depositor of, on or
      with
      respect to the Trust Estate, and, unless otherwise specified in the Series
      Supplement, will exclude (i) all interest, premium (if any) and principal of,
      on
      or with respect to the Trust Estate due on or before the applicable Cut-Off
      Date
      and (ii) any Retained Interest in any portion of the Trust Estate.

     

    (b)           In
      connection with each Grant referred to in the preceding paragraph, the Depositor
      shall, not later than the applicable Closing Date, deposit the Underlying
      Securities for a given Series (other than the Retained Interest attributable
      to
      such Series) with the Trustee either (i) by physical delivery of Underlying
      Securities which are in physical form, duly endorsed, to the Trustee or (ii)
      by
      delivery of any other Underlying Securities through a Clearing Agency, in which
      event (A) the Trustee has accepted delivery of such Underlying Securities
      through such Clearing Agency, and (B) the Underlying Securities have been
      credited to custodial account established by the Trustee, or its authorized
      agent for the benefit of the Certificateholders, and the Trustee shall have
      the
      right to hold and maintain such Underlying Securities on deposit with such
      Clearing Agency for all purposes of this Trust Agreement.  In
      addition, the Depositor shall, not later than the applicable Closing Date,
      deliver to the Trustee any related agreements or other instruments with respect
      to the Underlying Securities, [any Other Deposited Assets and Credit Support,
      if
      any,] for a given Series.

     

    (c)           Unless
      otherwise specified in the applicable Series Supplement, any Grant of the Trust
      Estate by the Depositor for a given Series accomplished hereby and by such
      Series Supplement is absolute and is intended by the parties hereto as a
      sale.

     

    (d)           With
      respect to the delivery of the Trust Estate to the Trustee, the Depositor shall
      be deemed thereby to represent and warrant to the Trustee that:

     

    (i)           the
      Depositor is duly authorized to so deliver the Trust Estate;

     

    (ii)           the
      Trust Estate so delivered is genuine;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iii)           at
      the time of delivery of the Trust Estate, the Depositor’s interest in such Trust
      Estate is free and clear of any lien, pledge, encumbrance, right, charge, claim
      or other security interest;

     

    (iv)           such
      delivery is irrevocable and free of any continuing claim by the Depositor except
      such as the Depositor may have as a Certificateholder of a
      Certificate;

     

    (v)           each
      item of the Trust Estate comprised of “securities”, “instruments”, “tangible
      chattel paper”, “accounts”, “security entitlements” or “general intangibles,”
shall in each case have the meaning defined in the Uniform Commercial Code;
      and

     

    (vi)           the
      Depositor has caused or will have caused, within ten (10) days of the Closing
      Date, the filing of all appropriate financing statements in the proper filing
      office in the appropriate jurisdictions under applicable law in order to perfect
      the security interest in the Trust Estate Granted to the Trustee
      hereunder.

     

    The
      above
      representations and warranties shall survive the delivery of such Trust Estate
      to the Trustee and the execution and delivery of the Certificates in respect
      of
      the related Series.  The Depositor shall further be deemed by such
      delivery to have made the further representation that, to the best of its
      knowledge, as of the Closing Date, no default or event of default with respect
      to any of the Trust Estate has occurred and is continuing.

     

    (e)           Unless
      otherwise specified in the related Series Supplement, it is the intention of
      all
      of the parties hereto that the transfer of the Trust property hereunder and
      under any Series Supplement shall constitute a sale and the Trust created
      hereunder and thereunder shall constitute a fixed investment trust for federal
      income tax purposes under Treasury Regulation Section 301.7701-4, and all
      parties hereto and thereto agree to treat the Trust, any distributions therefrom
      and the beneficial interest in the assets of the Trust consistently with such
      characterization.  The provisions of this Trust Agreement shall be
      interpreted consistently with such characterization.

     

    (f)           Unless
      otherwise specified in the related Series Supplement, any Trust created
      hereunder shall 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 other than those
      required or authorized by this Trust Agreement or incidental to and necessary
      to
      accomplish such activities.  Any Trust created hereunder shall not
      issue or sell any certificates or other obligations other than the Certificates
      issued in connection with the related Series or otherwise incur, assume or
      guarantee any indebtedness for money borrowed.

     

    SECTION
      2.02  Acceptance by Trustee.  With respect to
      each Series, the Trustee will acknowledge receipt by it, or by a custodian
      on
      its behalf, of the related Trust Estate now existing or hereafter acquired,
      and
      the related documents referred to in Section 2.01, and declares that it will
      hold such Trust Estate and all other documents delivered to it pursuant to
      this
      Trust Agreement, and that it will hold all such assets and such other assets
      (including Trust Estate acquired from a Person other than the Depositor)
      comprising the Trust for a given Series of Certificates, in trust for the
      exclusive use and benefit of all present and future Certificateholders of such
      Series and for the purposes and subject to the terms and conditions set forth
      in
      this Trust Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      2.03  Representations and Warranties of the
      Depositor.  The Depositor hereby represents and warrants to the
      Trustee that as of the Closing Date or as of such other date specifically
      provided herein or in the applicable Series Supplement:

     

    (i)           the
      Depositor is a limited liability company duly organized, validly existing and
      in
      good standing under the laws of the State of Delaware;

     

    (ii)           with
      respect to each Series Supplement, to the Depositor’s knowledge, the information
      set forth in Schedule I attached thereto with respect to each Underlying
      Security is true and correct in all material respects at the date or dates,
      respecting which, such information is furnished;

     

    (iii)           the
      execution and delivery of this Trust Agreement by the Depositor and its
      performance of and compliance with the terms of this Trust Agreement will not
      violate the Depositor’s Organizational Documents or constitute a default (or an
      event which, with notice or lapse of time, or both, would constitute a default)
      under, or result in the breach or acceleration of, any material contract,
      agreement or other instrument to which the Depositor is a party or which may
      be
      applicable to the Depositor or any of its assets;

     

    (iv)           the
      Depositor has the full power and authority to enter into and consummate all
      transactions contemplated by this Trust Agreement, has duly authorized the
      execution, delivery and performance of this Trust Agreement and has duly
      executed and delivered this Trust Agreement.  This Trust Agreement,
      upon its execution and delivery by the Depositor and assuming due authorization,
      execution and delivery by the Trustee, will constitute a valid, legal and
      binding obligation of the Depositor, enforceable against it in accordance with
      the terms hereof, except as such enforcement may be limited by bankruptcy,
      insolvency, reorganization, receivership, moratorium or other laws relating
      to
      or affecting the rights of creditors generally, and by general equity principles
      (regardless of whether such enforcement is considered a proceeding in equity
      or
      at law); and

     

    (v)           any
      additional representations and warranties, if any, that may be specified in
      the
      applicable Series Supplement.

     

    It
      is
      understood and agreed that the representations and warranties of the Depositor
      set forth in this Section 2.03 shall survive delivery of the Trust Estate to
      the
      Trustee and shall inure to the benefit of the Trustee on behalf of the
      Certificateholders notwithstanding any restrictive or qualified endorsement
      or
      assignment.  Upon discovery by any of the Depositor or the Trustee of
      a breach of any of the foregoing representations and warranties which materially
      and adversely affects the interests of the Certificateholders, the party
      discovering such breach shall give prompt written notice thereof to the other
      party.

     

    SECTION
      2.04  Breach of Depositor’s Representations or
      Warranties.  Within ninety (90) days of the earlier of discovery
      by the Depositor or receipt of notice by the Depositor of a breach of any
      representation or warranty of the Depositor set forth in Section 2.03 that
      materially and adversely affects the interests of the Certificateholders of
      a
      given Series of Certificates, the Depositor shall cure such breach in all
      material respects.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      2.05  Agreement to Authenticate and Deliver
      Certificates.  With respect to each Series of Certificates and the
      related Trust, the Trustee hereby agrees and acknowledges that it will,
      concurrently with the Grant to, and receipt by it of, the related Trust Estate
      and delivery to it by the Depositor of executed Certificates and Coupons, if
      any, of such Series, cause to be authenticated and delivered to or upon the
      written order of the Depositor, in exchange for the Trust Estate constituting
      the Trust for a given Series, Certificates duly authenticated by or on behalf
      of
      the Trustee in authorized denominations evidencing ownership of the entire
      Trust
      for such Series, all in accordance with the terms and subject to the conditions
      of Sections 5.02 and 5.14.

     

    ARTICLE
      III

    

    Administration
      of each Trust

    

    SECTION
      3.01  Administration of each Trust.  (a) The
      Trustee shall administer the Trust Estate for each Trust for the benefit of
      the
      Certificateholders of the related Series.  In engaging in such
      activities, the Trustee shall follow or cause to be followed collection
      procedures in accordance with the terms of: (i) these Standard Terms, (ii)
      the
      applicable Series Supplement, (iii) the respective Underlying Securities, (iv)
      any applicable Credit Support Instruments and (v) any Other Deposited
      Assets.  With respect to each Trust, and subject only to the above-
      described standards, the Trustee shall have full power and authority, acting
      alone or through Administrative Agents as provided in Section 7.02, to do or
      cause to be done any and all things in connection with such administration
      which
      it deems necessary to comply with the terms of these Standard Terms and the
      applicable Series Supplement.

     

    (b)           The
      duties of the Trustee shall be performed in accordance with applicable local,
      state and federal law, and the Trustee shall make any and all filings, reports,
      notices or applications with, and seek any comments and authorizations from,
      the
      Commission and any state securities authority on behalf of the Trust for each
      Series.

     

    SECTION
      3.02  Collection of Payments on the Trust
      Estate.  With respect to any Series or Class of Certificates, the
      Trustee shall make reasonable efforts to collect all payments required to be
      made on the assets which comprise the Trust Estate in a manner consistent with
      the terms of this Trust Agreement and such assets.

     

    SECTION
      3.03  Certificate Account and Reserve
      Account.  (a) For each Series of Certificates, the Trustee shall
      establish and maintain one or more Eligible Accounts (collectively, the
“Certificate Accounts”), held in trust for the benefit of the Certificateholders
      of such Series.  The Trustee on behalf of such Certificateholders
      shall possess all right, title and interest in all funds on deposit from time
      to
      time in each Certificate Account and in all proceeds thereof.  With
      respect to each Series of Certificates, the Certificate Account shall be under
      the sole dominion and control of the Trustee for the benefit of the related
      Certificateholders.  With respect to each Series of Certificates, not
      later than the close of business on the Business Day on which the Trustee
      receives such amounts in the form of immediately available funds (so long as
      such funds are received by the Trustee by 3:00 p.m. New York City time, and
      on
      the next Business Day otherwise), the Trustee shall deposit or cause to be
      deposited in the Certificate Account all amounts received by it with respect
      to
      the Trust Estate related to such Series, and direct the investment of such
      amounts pursuant to the provisions of Section 3.05 hereof, including, without
      limitation:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)           all
      payments on account of principal on the Deposited Assets;

     

    (ii)           all
      payments on account of interest on the Deposited Assets;

     

    (iii)           all
      payments on account of premium (if any) on the Deposited Assets;

     

    (iv)           all
      other payments in respect of the Deposited Assets;

     

    (v)           amounts,
      if any, required to be transferred from the Reserve Account to the Certificate
      Account to cover any shortfall as described in the related Series Supplement
      on
      the related Certificates;

     

    (vi)           any
      Advances made as required pursuant to Section 4.04; and

     

    (vii)           any
      interest or investment income earned on funds deposited in the related
      Accounts.

     

    Unless
      otherwise specified in the applicable Series Supplement, it is understood and
      agreed that payments in the nature of prepayment or redemption penalties, late
      payment charges, default interest or reinvestment income which may be received
      by the Trustee shall be deposited by the Trustee in the Certificate Account
      and
      shall not be retained by the Trustee for its own account.

     

    If,
      at
      any time, the Certificate Account for any Series ceases to be an Eligible
      Account, the Trustee shall within five (5) Business Days (or such longer period,
      not to exceed thirty (30) calendar days, as to which the Rating Agency Condition
      is met) establish a new Certificate Account meeting the conditions specified
      above and the Trustee shall within five (5) Business Days transfer any cash
      and
      any investments on deposit in the Certificate Account to such new Certificate
      Account, and from the date such new Certificate Account is established, it
      shall
      be the Certificate Account for such Series.

     

    (b)           To
      the extent required by the related Series Supplement, the Trustee shall
      establish and maintain separate Eligible Accounts (collectively, the “Reserve
      Accounts”), held in trust for the benefit of the Certificateholders of such
      Series.  The Trustee on behalf of such Certificateholders shall
      possess all right, title and interest in all funds on deposit from time to
      time
      in each Reserve Account and in all proceeds thereof.  With respect to
      each Series of Certificates, the Reserve Account shall be under the sole
      dominion and control of the Trustee for the benefit of the related
      Certificateholders.  To the extent specified in the applicable Series
      Supplement, the Depositor will make or cause to be made any initial deposit
      to
      the Reserve Account for the related Series as of the Closing Date.  If
      a Reserve Account exists for such Series, a portion of the collections with
      respect to the Deposited Assets for such Series not distributed to the
      Certificateholders of such Series may be deposited in the Reserve
      Account.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If,
      at
      any time, the Reserve Account for any Series ceases to be an Eligible Account,
      the Trustee shall within five (5) Business Days (or such longer period, not
      to
      exceed thirty (30) calendar days, as to which the Rating Agency Condition is
      met) establish a new Reserve Account meeting the conditions specified above
      and
      the Trustee shall within five (5) Business Days transfer any cash and any
      investments on deposit in the Reserve Account to such new Reserve Account,
      and
      from the date such new Reserve Account is established, it shall be the Reserve
      Account for such Series.

     

    (c)           Amounts
      on deposit in the Reserve Account for such Series shall be applied by the
      Trustee to make distributions of principal of, premium (if any) and/or interest
      on the Certificates of such Series as set forth in the applicable Series
      Supplement to the extent that funds are not otherwise available for such
      purpose.  If specified in such Series Supplement, immediately after
      each Distribution Date, amounts on deposit in the Reserve Account for such
      Series in excess of a specified amount shall be paid to the Person so specified
      in such Series Supplement.

     

    (d)           The
      Trustee shall give notice to the Depositor and the applicable Rating Agencies
      of
      the new location of any Certificate Account or Reserve Account prior to any
      change thereof.

     

    SECTION
      3.04  Liquidation of the Underlying
      Securities.  If specified in the applicable Series Supplement,
      upon the occurrence of certain specified events, the Trustee shall direct the
      Market Agent to sell the Underlying Securities in compliance with the Bidding
      Procedures and to deposit the Liquidation Proceeds thereof into the Certificate
      Account pursuant to Section 3.03(a) hereof.

     

    SECTION
      3.05  Investment of Funds in the
      Accounts.  The Trustee on behalf of the Trust, shall direct any
      depository institution maintaining the Certificate Account or the Reserve
      Account, if any, for the applicable Series and any other segregated Eligible
      Account the contents of which are held for the benefit of Certificateholders
      of
      such Series (each, an “Account”), to invest the funds therein at the specific
      written direction of the Depositor in one or more Eligible Investments bearing
      interest or sold at a discount, which shall be held to maturity unless payable
      on demand and which funds shall not be reinvested upon the maturity or demand
      for payment of such Eligible Investment.  If the Depositor does not
      provide any investment directions, funds held in any Account will be invested
      in
      the Eligible Investments specified in [clause (ii)] of the definition
      thereof.  Investments of such funds shall be invested in Eligible
      Investments that will mature so that such funds will be available for
      distribution on the next Distribution Date.  Except as otherwise
      provided in the applicable Series Supplement, any earnings with respect to
      such
      Eligible Investments shall be paid to the Certificateholders (and, if
      applicable, the Retained Interest holder) in accordance with the priorities
      set
      forth in the related Series Supplement.  In the event amounts on
      deposit in an Account are at any time invested in an Eligible Investment payable
      on demand, the Trustee shall:

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (y)           demand
      same day payment of all amounts due thereunder upon a determination by the
      Trustee that such Eligible Investment would not constitute an Eligible
      Investment in respect of funds thereafter on deposit in any
      Account.

     

    SECTION
      3.06  Maintenance of Credit Support and Other Deposited
      Assets.

     

    (a)           On
      the applicable Closing Date, the Trustee at the written direction of the
      Depositor or, if so specified in the applicable Series Supplement, the Depositor
      shall, establish and maintain, or enter into, as applicable, in the name of
      the
      Trustee, either as a part of the related Trust or outside of it, for the benefit
      of the Certificateholders of the related Series, the Credit Support specified
      in
      the applicable Series Supplement.

     

    (b)           Amounts
      received by the Trustee pursuant to any Credit Support Instrument for such
      Series shall be applied by the Trustee to make distributions to the
      Certificateholders of the related Series as required pursuant to the terms
      of
      such Credit Support and the applicable Series Supplement.

     

    (c)           On
      the applicable Closing Date, the Trustee at the written direction of the
      Depositor or, if so specified in the applicable Series Supplement, the Depositor
      shall establish and maintain, or enter into, as applicable, in the name of
      the
      Trustee, either as a part of the related Trust or outside of it, for the benefit
      of the Certificateholders of the related Series, the Other Deposited Assets
      specified in the applicable Series Supplement.

     

    (d)           Amounts
      received pursuant to the terms of any Other Deposited Assets for such Series
      shall be applied by the Trustee to make distributions on the Certificates of
      such Series as required pursuant to the terms of such Other Deposited Assets
      and
      the applicable Series Supplement.

     

    SECTION
      3.07  Realization Upon Defaulted Deposited
      Assets.  (a) Unless otherwise set forth in the related Series
      Supplement, in the event of the occurrence of (i) an Event of Default with
      respect to any Underlying Security or (ii) an acceleration of the date of
      maturity of any Underlying Security in connection with a default thereon, the
      Depositor shall, take such action as is set forth in the Series Supplement
      with
      respect to such default, which steps may include, without limitation, (A)
      instructing the Trustee to make a distribution “in-kind” of the related
      Underlying Security to the Certificateholders on a pro rata basis in proportion
      to their outstanding Certificate Principal Balances, (B) instructing the Trustee
      to direct the Market Agent to sell such Underlying Security and distribute
      proceeds of such sale to the Certificateholders pro rata in accordance with
      their respective Certificate Principal Balances or (C) taking such other actions
      as may be described in the applicable Series Supplement.  If the
      Depositor instructs the Trustee to make an “in-kind” distribution to the
      Certificateholders, the provisions of Section 3.07(b) below will
      apply.

     

    (b)           Unless
      otherwise set forth in the related Series Supplement, if the Depositor instructs
      the Trustee to make an “in-kind” distribution to the Certificateholders,
      individual Certificateholders may elect to either (x) receive such “in-kind”
distribution of the related Underlying Security or (y) have the Depositor (or
      its Affiliate) sell their allocable share of such Underlying Security in lieu
      of
      receiving such “in-kind” distribution.  If a Certificateholder
      determines to accept an “in-kind” distribution, the Trustee shall distribute to
      such Certificateholder its pro rata share of the related Underlying
      Security.  If as a result of any minimum denomination requirements
      applicable to the Underlying Securities, the Trustee cannot make a full
      distribution to such Certificateholders of their pro rata share of the
      Underlying Securities, the Depositor will instruct the Trustee to direct the
      Market Agent to sell, in accordance with the Bidding Procedures, the portion
      of
      such Underlying Securities which cannot be sold in compliance with the
      applicable minimum denomination requirements.  The amount of the
      Underlying Securities to be sold by the Market Agent will equal the difference
      between the amount of such Certificateholder’s pro rata share of such Underlying
      Securities held by the Trust and the maximum amount of such Underlying
      Securities that can be distributed to such Certificateholder in compliance
      with
      the applicable minimum denomination requirements applicable to such Underlying
      Securities.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           Unless
      otherwise set forth in the related Series Supplement, in the event the
      Underlying Securities, subject to distribution, are to be sold rather than
      distributed in kind, the Depositor will instruct the Trustee to direct the
      Market Agent to sell the defaulted Underlying Securities in accordance with
      the
      Bidding Procedures and upon the sale of such Underlying Securities, the Trustee
      will distribute the proceeds of such sale to the
      Certificateholder(s).

     

    (d)           In
      the event that the Trustee receives non-cash property in respect of any
      Underlying Security as a result of a payment default on such Underlying Security
      (including from the sale thereof), the Trustee will promptly give notice to
      the
      Depositary (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) of the receipt of such non-cash
      property.  Such notice shall state that not later than thirty days
      after the receipt of such non-cash property, the Market Agent will liquidate
      such property on behalf of the Trust and the Trustee will allocate and
      distribute the amount received to the holders of Certificates, pro rata by
      Certificate Principal Balance (after deducting the costs incurred in connection
      therewith).

     

    (e)           If
      the Liquidation Proceeds of a defaulted Underlying Security are less than the
      sum of (i) the outstanding principal balance of the defaulted Underlying
      Security, (ii) interest accrued but unpaid thereon at the applicable interest
      rate and (iii) the aggregate amount of all reasonable expenses incurred by
      the
      Trustee in connection with the practices and procedures referred to in paragraph
      (a) of this Section 3.07, the Trust for the applicable Series shall recognize
      a
      Realized Loss equal to the amount of such difference.  Any such
      reimbursed Realized Loss shall be allocated pursuant to Section 4.05 among
      the
      Certificateholders of such Series in the manner and priority set forth in the
      related Series Supplement.

     

    (f)           With
      respect to any Underlying Securities specified in a related Series Supplement,
      if any related document or instrument is found to be missing or defective in
      any
      material respect, the Trustee shall immediately notify the Depositor and the
      related Underlying Securities Issuer of such missing or defective
      document.  If, and to the extent specified in the related Series
      Supplement, the Underlying Securities Issuer cannot cure such omission or defect
      within sixty (60) days after receipt of such notice, the Underlying Securities
      Issuer will be obligated to, within [ninety (90)] days of receipt of such
      notice, repurchase the related Underlying Securities from the Trustee at the
      Purchase Price or provide a substitute for such Underlying
      Securities.  Neither the Trustee nor the Depositor shall be obligated
      to repurchase or provide a substitute for such Underlying Securities if the
      Underlying Securities Issuer defaults on its obligations.  Unless
      otherwise specified in the related Series Supplement, if applicable, the
      Underlying Securities Issuer’s repurchase or substitution obligation constitutes
      the sole remedy available to the Certificateholders or the Trustee for omission
      of, or a material defect in, or failure to provide, a constituent
      document.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      3.08  Retained Interest.  The Retained
      Interest, if any, in any Underlying Security shall initially be held by the
      Person so specified in the related Series Supplement as and to the extent
      specified therein.  With respect to each Underlying Security, unless
      otherwise specified in the related Series Supplement, the Retained Interest
      shall be deducted by the Trustee from applicable collections in respect of
      such
      Underlying Security.  Unless otherwise provided in the applicable
      Series Supplement, collections in respect of the Retained Interest shall not
      be
      deposited in the Certificate Account for the applicable Series and shall not
      constitute a part of the Trust for such Series, but shall instead be distributed
      to the holder of such Retained Interest; provided, however, that the Series
      Supplement for any Series with respect to which there is a Retained Interest
      may
      provide that notwithstanding the terms contained herein, commingled amounts
      received in respect of assets inclusive of Underlying Securities and Retained
      Interest may initially be deposited in a segregated account established by
      the
      Trustee and such Series Supplement may provide for additional terms relating
      to
      the distribution of amounts contained therein to the Trustee for the benefit
      of
      the Certificateholders and the holder of the Retained
      Interest.  Unless otherwise provided in the applicable Series
      Supplement, after deduction of all applicable fees as provided for in this
      Trust
      Agreement, on each Distribution Date the Trustee shall allocate on a pari passu
      basis any partial recovery on an Underlying Security between (a) the Retained
      Interest, if any, and (b) distributions to Certificateholders of the applicable
      Series.

     

    SECTION
      3.09  Access to Certain Documentation.  The
      Trustee shall provide to any federal, state or local regulatory authority that
      may exercise authority over any Certificateholder, access to the documentation
      regarding the Trust Estate as required by any applicable law and
      regulation.  Such access shall be afforded without charge, but only
      upon request and during normal business hours at the offices of the Trustee
      designated by it.  In addition, access to the documentation regarding
      the Trust Estate related to a given Series (or Class within such Series) will
      be
      provided to any Certificateholder of such Series (or Class) upon reasonable
      request during normal business hours at the offices of the Trustee designated
      by
      it at the expense of the Certificateholder requesting such access.

     

    SECTION
      3.10  Reports by the Depositor.  The Depositor
      shall:

     

    (a)           file
      with the Trustee, within thirty (30) days after the Depositor is required to
      file the same with the Commission, copies of the annual reports and of the
      information, documents and other reports (or copies of such portions of any
      of
      the foregoing as the Commission may from time to time by rules and regulations
      prescribe), if any, which the Depositor is required to file with the Commission
      pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the
      Depositor is not required to file information, documents or reports pursuant
      to
      either of such sections, then to file with the Trustee and the Commission,
      in
      accordance with rules and regulations prescribed by the Commission, such of
      the
      supplementary and periodic information, documents and reports, if any, which
      may
      be required pursuant to Section 13 of the Exchange Act in respect of a security
      listed and registered on a national securities exchange as may be prescribed
      in
      such rules and regulations; provided, however, that the Trustee shall file
      the
      reports specified in Section 7.01(f) hereof

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)           file
      with the Trustee and the Commission, in accordance with the rules and
      regulations prescribed by the Commission, such additional information, documents
      and reports with respect to compliance by the Depositor with the conditions
      and
      covenants provided for in this Trust Agreement, as may be required by such
      rules
      and regulations;

     

    (c)           transmit
      to all Certificateholders, in the manner and to the extent provided in Section
      313(c) of the Trust Indenture Act, such summaries of any information, documents
      and reports required to be filed by the Company pursuant to subsections (a)
      and
      (b) of this Section 3.10 as may be required by rules and regulations prescribed
      by the Commission; and

     

    (d)           furnish
      to the Trustee, not less often than annually, a certificate from the principal
      executive, financial or accounting officer of the Depositor as to his or her
      knowledge of the Depositor’s compliance with all conditions and covenants under
      this Trust Agreement.  For purposes of this paragraph (d) such
      compliance shall be determined without regard to any period of grace or
      requirement of notice provided under this Trust Agreement.

     

    Any
      reports, statements, documents or other information required to be furnished
      by
      the Depositor to the Trustee pursuant to these Standard Terms or any Series
      Supplement shall be deemed to have been delivered to the Trustee if the Trustee
      is in possession of such reports, statements, documents or other information
      at
      the time they are to be furnished pursuant to these Standard Terms or any Series
      Supplement.

     

    SECTION
      3.11  Charges and Expenses.  Except as
      otherwise provided in this Trust Agreement or the related Series Supplement,
      no
      amounts in the nature of fees or charges shall be payable by or withheld from
      the Trust, the Depositor or any other person.  There shall be no
      recourse or claim against the Trust or the property of the Trust for all or
      any
      part of any fees or charges payable to any person.

     

    SECTION
      3.12  Underlying Securities Reporting
      Failure.  Unless otherwise set forth in the related Series
      Supplement, in the event an issuer of an Underlying Security (the outstanding
      principal balance of which equals or exceeds ten percent (10%) of the aggregate
      principal balance of the Deposited Assets) ceases to file periodic reports
      required under the Exchange Act, the Depositor shall, prior to the next date
      on
      which it is required to file periodic reports on behalf of the related Trust,
      instruct the Trustee to sell such Underlying Securities in order to allow a
      cash
      distribution to Certificateholders in accordance with the procedures that are
      applicable to a default on the Underlying Securities.   If the
      Depositor instructs the Trustee to make an “in-kind” distribution to the
      Certificateholders, the provisions of Section 3.07(b) above will apply with
      respect to such distribution.

     

    SECTION
      3.13  Bidding Procedures.  Unless otherwise
      set forth in the related Series Supplement, prior to selling Underlying
      Securities (or securities received in exchange for Underlying Securities)
      pursuant to either of Sections 3.07 or 3.12 hereof, the Market Agent shall
      solicit bids from not less than 3 dealers in such securities (which bidders
      may
      include Banc of America Securities LLC) for the sale of such Underlying
      Securities (or securities received in exchange for Underlying Securities) with
      settlement thereof on or before the third Business Day after such
      sale.  Each bid shall be solicited from a financial institution with
      not less than $100 million in assets under management or $100 million in
      invested assets.  Neither the Market Agent nor the Trustee shall be
      responsible for the failure to obtain a bid provided the Market Agent has made
      reasonable efforts to obtain bids.  In the event one or more bids are
      received by the Market Agent, the Market Agent shall accept the highest bid
      received, subject to best execution.  If a bid for the purchase of an
      Underlying Security (or security received in exchange for an Underlying
      Security) has been accepted by the Market Agent but the sale has failed to
      settle on the proposed settlement date, the Market Agent shall solicit new
      bids.  Upon any sale of any applicable Underlying Security (or
      security received in exchange for an Underlying Security), the proceeds of
      such
      sale (less expenses and commissions) shall be distributed to the
      Certificateholders pro rata, in proportion to their respective Certificate
      Principal Balances no later than [two] Business Days after receipt of
      immediately available funds.  In the event the Market Agent receives
      no bids to purchase such Underlying Security (or security received in exchange
      for an Underlying Security) by the close of business on the fifth Business
      Day
      after the distribution of bid solicitations, [or is unable to settle with any
      Purchaser within [15] days from the date the Market Agent was first directed
      to
      sell such Underlying Security (or security received in exchange for an
      Underlying Security),] the Trustee shall distribute such Underlying Security
      (or
      security received in exchange for an Underlying Security) in-kind to the
      Certificateholders on a pro rata basis in proportion to their respective
      Certificate Principal Balances; provided, however, that if the bidding process
      is undertaken to comply with any minimum denominations requirement, the Market
      Agent shall repeat the foregoing bidding process until such Underlying
      Securities (or securities received in exchange for Underlying Securities) have
      been sold.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      3.14  Other “in kind” Distributions.  In
      addition to “in kind” distributions to Noteholders of defaulted Underlying
      Securities, Underlying Securities with respect to which the Underlying
      Securities Issuer has failed to file required reports or securities substituted
      by an Underlying Securities Issuer in exchange for an Underlying Security,
      the
      Depositor may determine to make in kind distributions to certificateholders
      under other circumstances as may be described in the related Series
      Supplement.

     

    ARTICLE
      IV

     

    Distributions
      and Reports to Certificateholders

     

    SECTION
      4.01  Distributions.  (a) On each Distribution
      Date for a given Series of Certificates, the Trustee shall distribute Available
      Funds for such Series in the manner and priority set forth in the Series
      Supplement for such Series.  In any event, however, any amounts
      collected during any period shall be distributed to the Certificateholders
      no
      later than the Distribution Date immediately following the receipt
      thereof.

     

    (b)           All
      cash distributions on the Certificates shall be payable only from Available
      Funds, and no provision of this Trust Agreement shall be deemed to create any
      obligation on the part of the Trustee or the Depositor to make any distribution
      in cash from any other source.  All circumstances under which
“in-kind” distributions may be made, shall be as described in Sections 3.07 and
      3.12 hereof and in the related Series Supplement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      4.02  Distributions on Certificates.  (a)
      Distributions on any Registered Certificate that are payable and are punctually
      paid or duly provided for on any Distribution Date shall be distributed to
      the
      Person in whose name such Registered Certificate (or one or more Predecessor
      Certificates) is registered at the close of business on the related Record
      Date
      notwithstanding the cancellation of such Registered Certificate upon any
      transfer or exchange subsequent to such related Record Date.

     

    The
      distribution of interest and principal on Registered Certificates shall be
      made:

     

    (i)           if
      the Certificateholder is a Depository, to the Depository, which shall credit
      the
      relevant Participant’s account at such Depository in accordance with the
      policies and procedures of the Depository, or

     

    (ii)           if
      the Certificateholder is not a Depository, at the Corporate Trust Office (except
      as otherwise specified in the related Series Supplement) or, at the option
      of
      the Trustee, by check mailed to the address of the Person entitled thereto
      as
      such address shall appear in the Certificate Register or, if provided in the
      related Series Supplement and in accordance with arrangements satisfactory
      to
      the Trustee, at the option of the Registered Holder by wire transfer to an
      account designated by the Registered Holder.  Notwithstanding the
      preceding sentence, with respect to a Certificateholder of Certificates not
      held
      in a Depository and having at least the Minimum Wire Denomination, such payment
      shall be made by wire transfer of immediately available funds to the account
      designated by such Certificateholder in a written request received by the
      Trustee not later than ten (10) days prior to such Distribution Date; provided,
      however, that if a wire transfer cannot be made for any reason, payment shall
      be
      made by check.  The Trustee shall not be required to send federal
      funds wires until any corresponding payments which were not same day funds
      when
      received by it have become same day funds.

     

    In
      case a
      Coupon Certificate of any Series (or Class within such Series) is surrendered
      in
      exchange for a Registered Certificate of such Series or Class after the close
      of
      business (at an office or agency in a Place of Distribution for such Series
      or
      Class) on any Record Date and before the opening of business (at such office
      or
      agency) on the next succeeding Distribution Date, such Coupon Certificate shall
      be surrendered without the Coupon relating to such Distribution Date and
      interest will not be payable on the related Distribution Date in respect of
      the
      Registered Certificate issued in exchange for such Coupon Certificate, but
      will
      be distributable only to the Holder of such Coupon when due in accordance with
      the provisions of this Trust Agreement.

     

    (b)           Interest
      on any Coupon Certificate that is distributable and is punctually distributed
      or
      duly provided for on any Distribution Date shall be distributed to the Holder
      of
      the Coupon that has matured on such Distribution Date upon surrender of such
      Coupon on such Distribution Date at the principal London office of the Trustee
      or at such other Place of Distribution outside the United States specified
      in
      the related Series Supplement.

     

    Interest
      on any Bearer Certificate (other than a Coupon Certificate) that is
      distributable and is punctually distributed or duly provided for on any
      Distribution Date shall be distributed to the Holder of the Bearer Certificate
      upon presentation of such Bearer Certificate and notation thereon on such
      Distribution Date at the principal London office of the Trustee or at such
      other
      Place of Distribution outside the United States specified in the related Series
      Supplement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Unless
      otherwise specified in the related Series Supplement, at the direction of the
      holder of any Bearer Certificate or Coupon Certificate payable in Dollars,
      and
      subject to applicable laws and regulations, distributions in respect of such
      Bearer Certificate or Coupon will be made by check or, in accordance with
      arrangements satisfactory to the Trustee, by wire transfer to a Dollar account
      maintained by such Holder with a bank outside the United States.  If
      such distribution at the offices of the Trustee or all Paying Agents, if any,
      outside the United States becomes illegal or is effectively precluded because
      of
      the imposition of exchange controls or similar restrictions on the full
      distribution or receipt of such amounts in Dollars, the Depositor will appoint
      an office or agent in the United States at which such distribution may be
      made.  Unless otherwise specified in the related Series Supplement, at
      the direction of the Holder of any Bearer Certificate or Coupon payable in
      a
      Foreign Currency, distributions on such Bearer Certificate or Coupon will be
      made by a check drawn on a bank outside the United States or, in accordance
      with
      arrangements satisfactory to the Trustee, by wire transfer to an appropriate
      account maintained by such Holder outside the United States.  Except
      as provided in this paragraph, no distribution on any Bearer Certificate or
      Coupon will be made by mail to an address in the United States or by transfer
      to
      an account maintained by the Holder thereof in the United States.

     

    (c)           Subject
      to the foregoing provisions of this Section 4.02, each Certificate delivered
      under this Trust Agreement upon transfer of or in exchange for or in lieu of
      any
      other Certificate shall carry the rights to interest accrued and undistributed,
      and to accrue, that were carried by such other Certificate.

     

    (d)           All
      computations of interest due with respect to any Certificate of any Series
      or
      Class within such Series shall be made as specified in the Series Supplement
      applicable to that particular Series or Class of Certificates.

     

    (e)           With
      respect to any computations or calculations to be made under these Standard
      Terms, the applicable Series Supplement and the Certificates, except as
      otherwise provided, (i) all percentages resulting from any calculation of
      accrued interest will be rounded, if necessary, to the nearest 1/100,000 of
      1%
      (.0000001), with five one-millionths of a percentage point rounded upward,
      and
      (ii) all currency amounts will be rounded to the nearest one-hundredth of a
      unit
      (with .005 of a unit being rounded upward).

     

    (f)           Unless
      specified otherwise in a Series Supplement, the final distribution of principal
      and/or premium shall be made upon presentation and surrender of such
      Certificates at the Corporate Trust Office.

     

    SECTION
      4.03  Reports to Certificateholders.  Unless
      otherwise specified in the applicable Series Supplement, on the next Business
      Day following each such Distribution Date the Trustee shall forward or cause
      to
      be forwarded to the Depositor, each Certificateholder of such Series, to each
      Rating Agency rating such Series and such other Persons as may be specified
      in
      such Series Supplement, a statement setting forth:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)           the
      amounts received by the Trustee as of the last such statement in respect of
      principal, interest and premium (if any) on each of the Underlying Securities,
      the Other Deposited Assets and the Credit Support, if any;

     

    (ii)           all
      amounts due and owing to any Other Deposited Asset Provider with respect to
      any
      Other Deposited Asset or any Credit Support Provider with respect to any Credit
      Support Instrument for such date;

     

    (iii)           the
      amount to be distributed on such Distribution Date to Certificateholders of
      each
      Class of such Series allocable to principal of, and premium, if any, and
      interest on the Certificates of each such Class; and the amount of aggregate
      unpaid interest accrued as of such Distribution Date;

     

    (iv)           in
      the case of each Class of Floating Rate Certificates of such Series, the
      respective Floating Pass-Through Rate applicable to each such Class on such
      Distribution Date, as calculated in accordance with the method specified in
      such
      Certificates and the related Series Supplement and in the case of each Class
      of
      Auction Rate Certificates of such Series, the Auction Rate applicable to such
      class as calculated in accordance with the Auction Procedures;

     

    (v)           the
      amount of Ordinary Expenses paid to the Trustee for the period relating to
      such
      Distribution Date, as well as any Extraordinary Trust Expenses incurred by
      the
      Trustee during such period;

     

    (vi)           the
      balance of the Reserve Account, if any, and the amount, if any, transferred
      to
      the Certificate Account on the related Distribution Date;

     

    (vii)           if
      the Series Supplement provides for Advances, the aggregate amount of Advances,
      if any, included in such distribution, and the aggregate amount of unreimbursed
      Advances, if any, at the close of business on such Distribution
      Date;

     

    (viii)                      
      (A) the aggregate stated principal amount and, if applicable, notional amount
      of
      the Underlying Securities related to such Series, (B) the current ratings
      assigned by the Rating Agencies thereto, (C) the current interest rate or rates
      thereon at the close of business on such Distribution Date, and (D) a
      description of any defaults which occurred during the related period with
      respect to any Underlying Securities;

     

    (ix)           the
      aggregate Certificate Principal Balance (or Notional Amount, if applicable)
      of
      each Class of such series at the close of business on such Distribution Date,
      separately identifying any reduction in such aggregate Certificate Principal
      Balance (or Notional Amount) due to the allocation of any Realized Losses on
      such Distribution Date or otherwise;

     

    (x)           as
      to any Series (or any Class within such Series) for which Credit Support or
      any
      Other Deposited Assets has been obtained, the amount or notional amount of
      each
      element of Credit Support or the Other Deposited Asset (and rating, if any,
      thereof) included therein as of the close of business on such Distribution
      Date;
      and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (xi)           such
      other customary information as the Trustee deems necessary or desirable (or
      that
      any such Certificateholder reasonably requests), to enable such
      Certificateholders to prepare their tax returns.

     

    In
      the
      case of information furnished pursuant to subclauses (ii), (iii), (v) and (vii)
      above, the amounts shall be expressed as a dollar amount (or the equivalent
      thereof in any other Specified Currency) per minimum denomination of
      Certificates or for such other specified portion thereof.  Within a
      reasonable period of time after the end of each calendar year, the Trustee
      shall
      furnish to each Person who at any time during each such calendar year was a
      Certificateholder a statement containing the information set forth in subclauses
      (ii), (iii), (v), (vii) and (ix) above, aggregated for such calendar year or
      the
      applicable portion thereof during which such person was a
      Certificateholder.  Such obligation of the Trustee shall be deemed to
      have been satisfied to the extent that substantially comparable information
      shall be provided by the Trustee pursuant to any requirements of the Code as
      are
      from time to time in effect.  The Trustee shall supply to
      Certificateholders who so request all materials received by the Trustee from
      the
      Underlying Securities Issuer.

     

    SECTION
      4.04  Advances.  (a) Unless otherwise
      specified in the applicable Series Supplement, the Trustee shall have no
      obligation to make Advances (as defined below) with respect to amounts not
      received in accordance with the terms of the Deposited Assets or in favor of
      the
      Holders of any Series (or Class within such Series) of
      Certificates.

     

    (b)           As
      and to the extent provided in the Series Supplement for a given Series, and
      subject to the terms of paragraphs (b) and (c) of this Section 4.04, on or
      prior
      to each Distribution Date, the Trustee shall advance or cause to be advanced
      in
      immediately available funds for deposit to the Certificate Account for such
      Series, an advance (each, an “Advance”) in an amount equal, unless otherwise
      specified in the related Series Supplement, to the aggregate of distributions
      of
      principal, premium (if any) and interest (net of related administration fees
      and
      any Retained Interest) due on the Deposited Assets for such Series during the
      related Collection Period, to the extent remaining unpaid at the time of such
      Advance.  In satisfaction of its obligation to make such Advances, the
      Trustee shall make such Advances from its own funds.  The Trustee may
      recover Advances from late collections received by the Trustee, Credit Support
      proceeds, and Liquidation Proceeds for such Series or Class, as specified in
      the
      related Series Supplement.

     

    (c)           Notwithstanding
      any provision herein to the contrary, no Advance shall be required to be made
      hereunder if the Trustee reasonably believes that it will be unable to recover
      such Advance from related late collections, the proceeds of any Underlying
      Securities or Other Deposited Assets or Liquidation Proceeds.  It is
      further understood and agreed that the Trustee shall not be obligated to make
      any Advances in respect of reductions in the amount of collections on Deposited
      Assets due to bankruptcy proceedings with respect to the obligors
      thereof.

     

    (d)           Notwithstanding
      any provision herein to the contrary, unless otherwise provided in the Series
      Supplement for a given Series, any Advances made in respect of any Series (or
      Class within such Series) that are subsequently deemed by the Trustee to be
      nonrecoverable from related late collections, the proceeds of any Underlying
      Securities or Other Deposited Assets or Liquidation Proceeds may be reimbursed
      to the Trustee through application of the amounts on deposit in the Certificate
      Account for such series allocable to any of such Deposited Assets prior to
      the
      distributions of interest, premium (if any) and principal with respect to the
      Certificates of such Series or Class.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      4.05  Allocation of Realized Losses and Trust
      Expenses.  With respect to any Series of Certificates, the manner
      and priority of the allocation of Realized Losses, Administrative Fees, Eligible
      Expenses, Allowable Expense Amounts and Extraordinary Trust Expenses, if any,
      on
      any Distribution Date among the Classes, if any, of such Series shall be as
      set
      forth in the related Series Supplement.

     

    SECTION
      4.06  Compliance with Withholding
      Requirements.  (a) Notwithstanding any other provision of this
      Trust Agreement to the contrary, the Trustee shall comply with all federal
      withholding requirements respecting distributions to Certificateholders of
      interest or original issue discount that the Trustee reasonably believes are
      applicable under the Code.  The consent of Certificateholders shall
      not be required for such withholding.

     

    (b)           Each
      Certificateholder will provide the Trustee (and, so long as the Certificates
      are
      held at a Depository in the form of Global Securities, each Beneficial Owner
      of
      the Certificates will provide such Depository and the Trustee) with evidence
      that there should not be any withholding tax assessed for federal income tax
      purposes in respect of distributions to such Certificateholder, such evidence
      to
      take the form of a statement, on a duly executed and up-to-date Internal Revenue
      Service Form W-8BEN (or successor form), Form W-9 (or successor form), or Form
      4224 (or successor form), as applicable, that identifies the Beneficial Owner
      of
      the Certificate; provided, however, that for so long as the Certificates are
      held at a Depository in the form of Global Securities, the Certificateholder
      shall have no obligation to provide the Trustee with any such evidence except
      to
      the extent it has received such evidence from Beneficial Owners of the
      Certificates.  The Trustee shall not be required to accept any such
      Internal Revenue Service forms if it believes that they are not accurate (but
      the Trustee shall not be required to make any independent investigation to
      determine their accuracy).

     

    (c)           If
      any tax or other governmental charge shall become payable by or on behalf of
      the
      Trustee, including any tax or governmental charge required to be withheld from
      any payment by the Trustee under the provisions of any applicable law or
      regulation with respect to any Underlying Securities or the Certificates, such
      tax or governmental charge shall be payable by the Certificateholder and may
      be
      withheld by the Trustee.  The consent of Certificateholder shall not
      be required for such withholding.  In the event the Trustee does
      withhold any amount from interest or original issue discount distributions
      or
      Advances thereof to any Certificateholder pursuant to federal withholding
      requirements, the Trustee shall indicate in the statement required pursuant
      to
      Section 4.03 the amount so withheld.

     

    (d)           The
      Depositor and the Trustee shall have the right to refuse the surrender,
      registration of transfer or exchange of any Certificate with respect to which
      such tax or other governmental charge shall be payable until such payment shall
      have been made by the Certificateholder.

     

    SECTION
      4.07  Optional Exchange.  (a) The terms and
      conditions, if any, upon which Certificates of any Series (or Class within
      such
      Series) held by any Certificateholder may be exchanged for a pro rata portion
      of
      the Underlying Securities of the related Trust will be specified in the related
      Series Supplement; provided, however, that any right of exchange shall be
      exercisable only to the extent that the Depositor provides upon the Trustee’s
      request an opinion of Counsel that (i) such exchange would not be inconsistent
      with the Depositor’s and the Trustee’s continued satisfaction of the applicable
      requirements for exemption under Rule 3a-7 (or other applicable rule or
      exemption) under the Investment Company Act, (ii) such exchange would not affect
      the characterization of the Trust as a “grantor trust” for federal income tax
      purposes, and (iii) such 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.  The terms and conditions of such exchange may
      include, without limitation, the following:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (1)
      a
      requirement that the exchanging Holder tender to the Trustee its
      Certificates;

     

    (2)
      a
      minimum Certificate Principal Balance or Notional Amount, as applicable, with
      respect to Certificates being tendered for exchange by a single
      Holder;

     

    (3)
      a
      requirement that the Certificate Principal Balance or Notional Amount, as
      applicable, of each Certificate tendered for exchange be an integral multiple
      of
      an amount specified in such Series Supplement;

     

    (4)
      specified dates during which a Holder may effect such an exchange (each, an
      “Optional Exchange Date”);

     

    (5)
      limitations on the right of an exchanging Holder to receive any benefit from
      any
      Credit Support or any Other Deposited Asset upon any exchange;

     

    (6)
      adjustments to the value of the proceeds (if any) received upon any exchange
      based upon any required prepayment of future expense allocations and the
      establishment of a reserve for any anticipated Extraordinary Trust Expenses;
      and

     

    (7)
      requirement that the exchanging Certificateholder pay any due and unpaid fees
      and expenses owed to the Trustee.

     

    (b)           Unless
      otherwise provided in the applicable Series Supplement, no Certificate may
      be
      exchanged pursuant to the preceding paragraph unless the Trustee has received
      at
      least thirty (30) days but not more than forty-five (45) days prior to an
      Optional Exchange Date in accordance with delivery instructions specified in
      the
      applicable Series Supplement: (i) such Certificate with the form entitled
“Option to Elect Exchange” on the reverse thereof duly completed, or (ii) in the
      case of Registered Certificates, a telegram, telex, facsimile, electronic
      transmission or letter from a member of a national securities exchange or the
      National Association of Securities Dealers, Inc., the Depository (in accordance
      with its normal procedures) or a commercial bank or trust company in the United
      States setting forth the name of the Holder of such Registered Certificate,
      the
      Certificate Principal Balance or Notional Amount of such Registered Certificate
      to be exchanged and the Certificate number or a description of the tenor and
      the
      terms of such Registered Certificate, a statement that the option to elect
      exchange is being exercised thereby and an assurance that the Registered
      Certificate to be exchanged with the form entitled “Option to Elect Exchange” on
      the reverse of the Registered Certificate duly completed will be received by
      such Trustee not later than five (5) Business Days after the date at such
      telegram, telex, facsimile, electronic transmission or letter, and such
      Registered Certificate and form duly completed must be received by such Trustee
      by such fifth Business Day. Any tender of a Certificate by the Holder thereof
      for exchange shall be irrevocable.  Unless otherwise provided in the
      applicable Series Supplement, the exchange option may be exercised pursuant
      to
      this Section by the Holder of a Certificate for less than the Certificate
      Principal Balance or Notional Amount of such Certificate as long as the
      Certificate Principal Balance or Notional Amount remaining Outstanding after
      such exchange is an authorized denomination and all other exchange requirements
      set forth in the related Series Supplement are satisfied upon such partial
      exchange such Certificate shall be cancelled and a new Certificate or
      Certificates for the remaining Certificate Principal Balance or Notional Amount
      thereof shall be issued (which, in the case of any Registered Certificate,
      shall
      be in the name of the Holder of such exchanged Certificate).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           Upon
      the completion of any such optional exchange, the Trustee shall give prompt
      written notice thereof to each Rating Agency.

     

    SECTION
      4.08  Call Option Procedures.  If the related
      Series Supplement provides for an Call Option with respect to the
      [Certificates][Underlying Securities], the terms upon which the Call Option
      may
      be exercised will be specified in the related Series Supplement; provided,
      however, that unless otherwise specified in the related Series Supplement,
      the
      following procedures will apply to an exercise of an Call Option:

     

    (a)           On
      any Call Date, the [Certificates][Underlying Securities] may be called at the
      Call Price, in whole or in part, by the Rights Holder, or an affiliate thereof,
      upon payment of the Call Price on or prior to such Call Date.

     

    (b)           The
      Rights Holder shall provide notice to the Trustee and to the Rating Agencies
      (a
“Call Request”) no less than five (5) Business Days prior to any Call Date, of
      its intention to exercise its Call Option with respect to the Certificates
      on
      the related Call Date.

     

    (c)           Upon
      receipt of a Call Request, the Trustee shall provide notice of its receipt
      of
      the Call Request to the Depository not less than three (3) Business Days prior
      to the applicable Call Date.

     

    (d)           The
      delivery of the [Certificates][Underlying Securities] to the Rights Holder
      will
      only be made against payment by the Rights Holder of the Call Price to the
      Trustee in immediately available funds.  Such payment must occur no
      later than 10:00 a.m. New York City time on the Call Date.  In the
      event that the Rights Holder fails to make such payment by such time, (i) the
      sale shall be voided, (ii) the Call Option will be deemed not to be effective
      with respect to such Distribution Date, and (iii) the [Certificates][Underlying
      Securities] [and the Call Option] shall continue to remain
      [Outstanding][Deposited Assets].  Subject to receipt of the Call Price
      as aforesaid, the Trustee shall pay the Call Price to the Certificateholders
      on
      the Call Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)           The
      Trustee shall not be obligated to determine whether a Call Option complies
      with
      the applicable provisions for exemption under Rule 3a-7 of the Investment
      Company Act.

     

    (f)           This
      Section 4.08 shall not provide the Rights Holder with a lien against, an
      interest in or a right to specific performance with respect to the Deposited
      Assets.

     

    SECTION
      4.09  Early Termination.  If set forth in the
      related Series Supplement, the Depositor may, at its sole option, purchase
      the
      Underlying Securities and effect an early termination of the Certificates on
      any
      Distribution Date on or after the date on which the aggregate principal amount
      of such Underlying Securities is reduced to less than [ten percent (10%)] of
      the
      aggregate principal amount of the Underlying Securities as of the Cut-Off
      Date.  The purchase price payable by the Depositor in such event shall
      be not less than the aggregate principal amount of such Underlying Securities
      on
      the date of purchase.

     

    ARTICLE
      V

     

    The
      Certificates

     

    SECTION
      5.01  The Certificates.  (a) The Certificates
      of any Series (or Class within such Series) may be issued in (x) fully
      registered form as Registered Certificates or (y) bearer form with or without
      Coupons as Bearer Certificates, and shall be substantially in the form of the
      exhibits with respect thereto attached to the applicable Series
      Supplement.

     

    The
      Certificates may be issued in one or more Series, each of which Series may,
      subject to the provisions of the Code and the intended status of each Series
      Trust to constitute a fixed investment trust for federal income tax purposes,
      be
      issued in one or more Classes, with such further particular designation added
      or
      incorporated in such title for the Certificates of any particular Series or
      Class within such Series as the Depositor may determine.  Each
      Certificate and Coupon shall bear upon its face the designation so selected
      for
      the Series and Class to which it belongs.  All Certificates and all
      Coupons of the same Series and Class shall be identical in all respects except
      for the denominations thereof.  All Certificates of all Classes within
      any one Series at any time Outstanding shall be identical except for differences
      among the Certificates of the different Classes within such Series specified
      in
      the applicable Series Supplement.  Except as otherwise provided in a
      Series Supplement, all Certificates of a particular Series (and all Classes
      within such Series) issued under this Trust Agreement shall be in all respects
      equally and ratably entitled to the benefits hereof without, preference,
      priority or distinction on account of the actual time or times of authentication
      and delivery, all in accordance with the terms and provisions of this Trust
      Agreement.

     

    (b)           Each
      Series (and all Classes within such Series) of Certificates shall be created
      by
      a Series Supplement authorized by the Depositor and establishing the terms
      and
      provisions of such Series.  The several Series may, subject to the
      provisions of the Code and the intended status of each Trust to constitute
      a
      fixed investment trust for federal income tax purposes, differ as between Series
      and any given Class may vary as between the other Classes within any given
      Series.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      5.02  Execution, Authentication and
      Delivery.  (a) The Certificates and the Coupons, if any, shall be
      executed by the Depositor by its President, its Treasurer, or one of its Vice
      Presidents, under its company seal, which may be in facsimile form and imprinted
      or otherwise reproduced thereon and shall be attested by its Secretary or one
      of
      its Assistant Secretaries.  The signature of any of these officers may
      be manual or facsimile.  Certificates and Coupons bearing the manual
      or facsimile signature of individual who were at any time the proper officers
      of
      the Depositor shall be binding, notwithstanding that such individuals or any
      of
      them have ceased to hold such offices prior to the authentication and delivery
      of such Certificates or Coupons or did not hold such offices at the date of
      such
      Certificates and Coupons.  Notwithstanding anything in this Agreement
      to the contrary, the Trustee, upon written direction by the Depositor, will,
      with respect to any Series, execute any related Certificates.  The
      Certificates shall be authenticated upon satisfaction of the conditions set
      forth in the related Series Supplement.

     

    (b)           Each
      Certificate shall be dated as of the later of the date specified in the related
      Series Supplement and the date of its authentication.

     

    (c)           No
      Certificate or Coupon appertaining thereto shall be entitled to any benefit
      under this Trust Agreement or be valid or obligatory for any purpose, unless
      there appears on such Certificate a certificate of authentication substantially
      in one of the forms provided for herein or in the form of Certificate attached
      to the related Series Supplement executed by the Trustee by the manual signature
      of one of its authorized signatories, and such certificate of authentication
      upon any Certificate shall be conclusive evidence, and the only evidence, that
      such Certificate (and any Coupons appertaining thereto) has been duly
      authenticated and delivered hereunder and is entitled to the benefits of this
      Trust Agreement.  Except as permitted by Section 5.04, 5.05 or 5.06,
      the Trustee shall not authenticate and deliver any Bearer Certificate unless
      all
      appurtenant Coupons then matured have been detached and cancelled.

     

    SECTION
      5.03  Temporary Certificates.  Pending the
      preparation of Definitive Certificates of any Series (or Class within each
      such
      Series), the Depositor may execute, and upon receipt of a Depositor Order,
      the
      Trustee shall authenticate and deliver temporary Certificates which are printed,
      lithographed, typewritten, mimeographed or otherwise produced, in any authorized
      denomination, substantially of the tenor of the Definitive Certificates in
      lieu
      of which they are issued, in registered form or, if authorized, in bearer form
      with one or more Coupons or without Coupons, and with such appropriate
      insertions, omissions, substitutions and other variations as may be authorized
      by such Depositor Order.  Any such temporary Certificate may be in
      global form, representing all or a portion of the Outstanding Certificates
      of
      such Series or Class.  Every such temporary Certificate shall be
      executed by the Depositor and shall be authenticated and delivered by the
      Trustee upon the same conditions and in substantially the same manner, and
      with
      the same effect, as the Definitive Certificate or Definitive Certificates in
      lieu of which is issued.

     

    If
      temporary Certificates of any Series (or Class within such Series) are issued,
      the Depositor will cause Definitive Certificates of such Series or Class to
      be
      prepared without unreasonable delay.  Except as otherwise specified in
      the applicable Series Supplement with respect to a Series (or Class within
      such
      Series) of Certificates issuable as Bearer Certificates or as one or more Global
      Securities representing individual Bearer Certificates of such Series or Class,
      (a) after the preparation of Definitive Certificates of such Series or Class,
      the temporary Certificates of such Series or Class shall be exchangeable for
      Definitive Certificates of such Series or Class upon surrender of the temporary
      Certificates of such Series or Class at the office of the Trustee in a Place
      of
      Distribution for such Series or Class, without charge to the Holder, except
      as
      provided in Section 5.04 in connection with a transfer and except that a Person
      receiving definitive Bearer Certificates shall bear the cost of insurance,
      postage, transportation and the like unless otherwise specified in the
      applicable Series Supplement, and (b) upon surrender for cancellation of any
      one
      or more temporary Certificates of any Series or Class within such Series
      (accompanied by any unmatured Coupons appertaining thereto), the Depositor
      shall
      execute and the Trustees shall authenticate and deliver in exchange therefore
      Definitive Certificates with a like Certificate Principal Balance or Notional
      Amount, as applicable, of the same Series (or Class within such Series) of
      authorized denominations and of like tenor; provided, however, that no
      definitive Bearer Certificate shall be delivered in exchange for a temporary
      Registered Certificate; and provided, further, that delivery of a Global
      Security representing individual Bearer Certificates or a Bearer Certificate
      shall occur only outside the United States.  Until so exchanged,
      temporary Certificates of any Series (or Class within such Series) shall in
      all
      respects be entitled to the same benefits under this Trust Agreement as
      Definitive Certificates of such Series or Class, except as otherwise specified
      in the applicable Series Supplement with respect to the payment of interest
      on
      Global Securities in temporary form.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Unless
      otherwise specified in the related Series Supplement, the Depositor will execute
      and deliver individual Bearer Certificates in exchange for beneficial interests
      in the definitive Global Security and each Bearer Certificate to the Trustee’s
      principal office in London or to an authorized agent at such other place outside
      the United States specified in the related Series Supplement.

     

    Upon
      any
      exchange of a portion of a temporary Global Security for a definitive Global
      Security or for the individual Definitive Certificates represented thereby
      pursuant to this Section 5.03 or Section 5.04, the temporary Global Security
      shall be endorsed by the Trustee to reflect the reduction of the aggregate
      Certificate Principal Balance or Notional Amount, as applicable, evidenced
      thereby, whereupon the aggregate Certificate Principal Balance or Notional
      Amount, as applicable, of such temporary Global Security shall be reduced for
      all purposes by the amount so exchanged and endorsed.

     

    SECTION
      5.04  Registration; Registration of Transfer and
      Exchange.  (a) The Trustee shall cause to be kept a register for
      each Series of Registered Certificates (the registers maintained in such office
      and in any other office or agency of the Trustee in a Place of Distribution
      being herein sometimes collectively referred to as the “Certificate Register”)
      in which a transfer agent and registrar (which may be the Trustee) (the
“Certificate Registrar”) shall provide for the registration of Registered
      Certificates and the registration of transfers and exchanges of Registered
      Certificates.  The Trustee is hereby initially appointed Certificate
      Registrar for the purpose of registering Registered Certificates and transfers
      and exchanges of Registered Certificates as herein provided; provided, however,
      that the Trustee may appoint one or more co-Certificate
      Registrars.  Upon any resignation of any Certificate Registrar, the
      Depositor shall promptly appoint a successor or, in the absence of such
      appointment, assume the duties of Certificate Registrar.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    If
      a
      Person other than the Trustee is appointed by the Depositor as Certificate
      Registrar, the Depositor will give the Trustee prompt written notice of the
      appointment of a Certificate Registrar and of the location, and any change
      in
      the location, of the Certificate Register, and the Trustee shall have the right
      to rely upon a certificate executed on behalf of the Certificate Registrar
      by an
      Executive Officer thereof as to the names and addresses of the Holders of the
      Registered Certificates and the principal amounts and numbers of such Registered
      Certificates.

     

    (b)           Upon
      surrender for registration of transfer any Registered Certificate of any Series
      (or Class within such Series) at the office or agency of the Trustee, if the
      requirements of Section 8-4010) of the Uniform Commercial Code are met to the
      Depositor’s satisfaction, the Depositor shall execute, and the Trustee shall
      authenticate and deliver, in the name of the designated transferee or
      transferees, one or more new Registered Certificates of any authorized
      denominations, of a like Series, Class and aggregate Certificate Principal
      Balance or Notional Amount, as applicable.  Except as otherwise
      specified in the related Series Supplement, in no event may Registered
      Certificates, including Registered Certificates received in exchange for Bearer
      Certificates, be exchanged for Bearer Certificates.

     

    (c)           Notwithstanding
      any other provisions of this Section, unless and until it is exchanged in whole
      or in part for the individual Certificates represented thereby, a Global
      Security representing all or a portion of the Certificates of a Series (or
      Class
      within such Series) may not be transferred except as a whole by the Depository
      for such Series or Class to a nominee of such Depository or by a nominee of
      such
      Depository to such Depository or another nominee of such Depository or by such
      Depository or any such nominee to a successor Depository for such Series or
      Class or a nominee of such successor Depository.

     

    (d)           At
      the option of the Holder, Registered Certificates of any Series (or Class within
      such Series) (other than a Global Security, except as set forth below) may
      be
      exchanged for other Registered Certificates of the same Series or Class of
      any
      authorized denomination or denominations of like tenor and aggregate Certificate
      Principal Balance or Notional Amount, as applicable, upon surrender of the
      Registered Certificates to be exchanged at the office or agency of the Trustee
      maintained for such purpose.

     

    (e)           At
      the option of the Holder, except as otherwise specified in the related Series
      Supplement with respect to a Global Security representing Bearer Certificates,
      Bearer Certificates of any Series (or Class within such Series) may be exchanged
      for Registered Certificates (if the Certificates of such Series or Class are
      issuable as Registered Certificates) or Bearer Certificates of the same Series
      or Class, of any authorized denomination or denominations, of like tenor and
      aggregate Certificate Principal Balance or Notional Amount, as applicable,
      upon
      surrender of the Bearer Certificates to be exchanged at the office or agency
      of
      the Trustee maintained for such purpose, with all unmatured Coupons and all
      matured Coupons in default thereto appertaining; provided, however, that
      delivery of a Bearer Certificate shall occur only outside the United
      States.  If the Holder of a Bearer Certificate is unable to produce
      any such unmatured Coupon or Coupons or matured Coupon or Coupons in default,
      such exchange may be effected if the Bearer Certificates are accompanied by
      payment in funds acceptable to the Depositor and the Trustee in an amount equal
      to the face amount of such missing Coupon or Coupons, or the surrender of such
      missing Coupon or Coupons may be waived by the Depositor and the Trustee if
      there be furnished to each of them such security or indemnity as they may
      require to save each of them and any Paying Agent harmless.  If
      thereafter the Holder of such Bearer Certificate shall surrender for payment
      any
      such missing Coupon in respect of which such a payment shall have been made,
      such Holder shall be entitled to receive the amount of such payment; provided,
      however, that, except as otherwise provided in Section 5.06, interest
      represented by Coupons shall be payable only upon presentation and surrender
      of
      those Coupons at an office or agency located outside the United
      States.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Whenever
      any Certificates are so surrendered for exchange, the Depositor shall execute
      and the Trustee shall authenticate and deliver the Certificates that the Holder
      making the exchange is entitled to receive.

     

    Notwithstanding
      the foregoing, the exchange of Bearer Certificates for Registered Certificates
      will be subject to the provisions of United States income tax laws and
      regulations applicable to Certificates in effect at the time of such
      exchange.

     

    (f)           If
      at the time the Depository for the Certificates of a Series (or Class within
      such Series) notifies the Depositor that it is unwilling or unable to continue
      as Depository for the Certificates of such Series or Class or if at any time
      the
      Depository for the Certificates of such Series or Class shall no longer be
      eligible under Section 5.08(b), the Depositor shall appoint a successor
      Depository with respect to the Certificates of such Series or
      Class.  If a successor Depository for the Certificates of such Series
      or Class is not appointed by the Depositor within ninety (90) days after the
      Depositor receives such notice or becomes aware of such ineligibility, the
      Depositor’s election as specified in the related Series Supplement shall no
      longer be effective with respect to the Certificates of such Series or Class
      and
      the Depositor will execute, and the Trustee, upon receipt of a Depositor Order
      for the authentication and delivery of individual Certificates of such Series
      or
      Class, will authenticate and deliver individual Certificates of such Series
      or
      Class in an aggregate Certificate Principal Balance or Notional Amount, as
      applicable, equal to the aggregate Certificate Principal Balance or Notional
      Amount, as applicable, of the Global Security or Securities representing
      Certificates of such Series or Class in exchange for such Global Security or
      Securities.

     

    (g)           The
      Depositor may at any time and in its sole discretion determine that individual
      Certificates of any Series (or Class within such Series) issued in the form
      of
      one or more Global Securities shall no longer be represented by such Global
      Security or Securities.  In such event the Depositor shall execute,
      and the Trustee, upon receipt of a Depositor Order for the authentication and
      delivery of individual Certificates of such Series or Class, shall authenticate
      and deliver, individual Certificates of such Series or Class in an aggregate
      Certificate Principal Balance or Notional Amount, as applicable, equal to the
      aggregate Certificate Principal Balance or Notional Amount, as applicable,
      of
      the Global Security or Securities representing Certificates of such Series
      or
      Class in exchange for such Global Security or Securities.

     

    (h)           If
      specified by the Depositor pursuant to the related Series Supplement with
      respect to a Series (or Class within such Series) of Certificates, the
      Depository for such Series may surrender a Global Security for such Series
      or
      Class in exchange in whole or in part for individual Certificates of such Series
      or Class on such terms as are acceptable to the Depositor and such
      Depository.  Thereupon, tile Depositor shall execute, and the Trustee,
      upon receipt of a Depositor Order, shall authenticate and deliver, without
      service charge,

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)           to
      each Person specified by such Depository a new individual Certificate or
      Certificates of the same Series or Class, of any authorized denomination as
      requested by such Person in an aggregate Certificate Principal Balance or
      Notional Amount, as applicable, equal to and in exchange for such Person’s
      beneficial interest in the Global Security; and

     

    (ii)           to
      such Depository a new Global Security in a denomination equal to the difference,
      if any, between the aggregate Certificate Principal Balance or Notional Amount,
      as applicable, of the surrendered Global Security and the aggregate Certificate
      Principal Balance or Notional Amount, as applicable, of individual Certificates
      delivered to Holders thereof.

     

    In
      any
      exchange provided for in any of the preceding three paragraphs, the Depositor
      shall execute, and the Trustee, upon receipt of a Depositor Order, will
      authenticate and deliver individual Certificates (a) in registered form in
      authorized denominations, if the Certificates of such Series or Class are
      issuable as Registered Certificates, (b) in bearer form in authorized
      denominations, with or without Coupons attached, if the Certificates of such
      Series or Class are issuable as Bearer Certificates or (c) as either Registered
      or Bearer Certificates, if the Certificates of such Series or Class are issuable
      in either form; provided, however, that individual Bearer Certificates shall
      be
      delivered in exchange for a Global Security only in accordance with the
      procedures specified in the related Series Supplement.

     

    Upon
      the
      exchange of a Global Security for individual Certificates, such Global Security
      shall be cancelled by the Trustee.  Individual Registered Certificates
      issued in exchange for a Global Security pursuant to this Section 5.04 shall
      be
      registered in such names and in such authorized denominations as the Depository
      for such Global Security, pursuant to instructions from its Participants, any
      indirect participants or otherwise, shall instruct the Trustee.  The
      Trustee shall deliver such Registered Certificates to the Person in whose names
      such Registered Certificates are so registered.  The Trustee shall
      deliver individual Bearer Certificates issued in exchange for a Global Security
      pursuant to this Section 5.04 to the Persons and in such authorized
      denominations as the Depository for such Global Security, pursuant to
      instructions from its Participants, any indirect participants or otherwise,
      shall instruct the Trustee; provided, however, that individual Bearer
      Certificates shall be delivered in exchange for a Global Security only in
      accordance with the procedures as may be specified in the related Series
      Supplement.

     

    Notwithstanding
      the foregoing, the exchange of Bearer Certificates for Registered Certificates
      will be subject to the provisions of United States income tax laws and
      regulations applicable to Certificates in effect at the time of such
      exchange.

     

    (i)           All
      Certificates issued upon any registration of transfer or exchange of
      Certificates shall constitute complete and indefeasible evidence of ownership
      in
      the Trust related to such Certificates and be entitled to the same benefits
      under this Trust Agreement as the Certificates surrendered upon such
      registration of transfer or exchange.

     

    (j)           Every
      Registered Certificate presented or surrendered for registration of transfer
      or
      exchange shall (if so required by the Depositor, the Trustee or the Certificate
      Registrar) be duly endorsed, or be accompanied by a written instrument of
      transfer in form satisfactory to the Depositor, the Trustee or the Certificate
      Registrar, duly executed, by the Holder thereof or his attorney duly authorized
      in writing, with such signature guaranteed by a brokerage firm or financial
      institution that is a member of a Securities Approved Medallion Program such
      as
      Securities Transfer Agents Medallion Program (STAMP), Stock Exchange Medallion
      Program (SEMP) or New York Stock Exchange Inc.  Medallion Signature
      Program (MSP).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (k)           No
      service charge shall be made to a Holder for any registration of transfer or
      exchange of Certificates, but the Depositor may require payment of a sum
      sufficient to cover any tax or other governmental charge that may be imposed
      in
      connection with any registration of transfer or exchange of Certificates, other
      than exchanges pursuant to Section 5.03 not involving any transfer.

     

    SECTION
      5.05  Mutilated, Destroyed, Lost and Stolen
      Certificates.  If (i) any mutilated Certificate or any mutilated
      Coupon with the Coupon Certificate to which it appertains (and all unmatured
      Coupons attached thereto) is surrendered to the Trustee at its Corporate Trust
      Office (in the case of Registered Certificates) or at its principal London
      office (in the case of Bearer Certificates) or (ii) the Depositor and the
      Trustee receive evidence to their satisfaction of the destruction, loss or
      theft
      of any Certificate or any Coupon, and there is delivered to the Depositor and
      the Trustee such security or indemnity as they may require to hold each of
      them
      and any Paying Agent harmless, and neither the Depositor nor the Trustee
      receives notice that such Certificate or Coupon has been acquired by a bona
      fide
      purchaser, then the Depositor shall execute and the Trustee, upon receipt of
      a
      Depositor Order, shall authenticate and deliver, in exchange for any such
      mutilated Certificate, or in lieu of any such destroyed, lost or stolen
      Certificate or in exchange for the Coupon Certificate to which such mutilated,
      destroyed, lost or stolen Coupon appertained, a new Certificate of the same
      Series or Class of like tenor, form, terms and principal amount, bearing a
      number not contemporaneously Outstanding, and, in the case of a Coupon
      Certificate, with such Coupons attached thereto so that neither gain nor loss
      in
      interest shall result from such exchange or substitution.

     

    Upon
      the
      issuance of any new Certificate under this Section, the Depositor may require
      the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in respect thereto and any other expenses (including the
      fees and expenses of the Trustee) connected therewith.

     

    Every
      new
      Certificate of any Series or Class, with its Coupons, if any, issued pursuant
      to
      this Section shall constitute complete and indefeasible evidence of ownership
      in
      the Trust related to such Series, whether or not the destroyed, lost or stolen
      Certificate or Coupon shall be at any time enforceable by anyone, and shall
      be
      entitled to all the benefits of this Trust Agreement equally and proportionately
      with any and all other Certificates of that Series or Class and their Coupons,
      if any, duly issued hereunder.

     

    The
      provisions of this Section are exclusive and shall preclude (to the extent
      lawful) all other rights and remedies with respect to the replacement or payment
      of mutilated, destroyed, lost or stolen Certificates or Coupons.

     

    SECTION
      5.06  Persons Deemed Owners.  (a) The
      Depositor, the Trustee and any agent of the Depositor or the Trustee may treat
      the Person in whose name any Registered Certificate is registered as the owner
      of such Registered Certificate for the purpose of receiving distributions of
      principal of (and premium, if any) and (subject to Section 4.02) interest,
      if
      any, on such Registered Certificate and for all other purposes whatsoever,
      whether or not such Registered Certificate be overdue, and neither the Depositor
      or the Trustee, nor any agent of the Depositor or the Trustee shall be affected
      by notice to the contrary.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)           The
      Depositor, the Trustee and any agent of the Depositor or the Trustee may treat
      the Holder of any Bearer Certificate or of any Coupon as the absolute owner
      of
      such Bearer Certificate or Coupon for the purposes of receiving distributions
      thereof or on account thereof and for all other purposes whatsoever, whether
      or
      not such Bearer Certificate or Coupon be overdue, and neither the Depositor,
      the
      Trustee, nor any agent of the Depositor or the Trustee shall be affected by
      notice to the contrary.  All distributions made to any Holder, or upon
      his order, shall be valid, and, to the extent of the sum or sums paid, effectual
      to satisfy and discharge the liability for moneys distributable upon such
      Certificate or Coupon.

     

    (c)           None
      of the Depositor, the Trustee or any of their agents will have any
      responsibility or liability for any aspect of the records relating to or
      distributions made on account of beneficial ownership interests in a Global
      Security or for maintaining, supervising or reviewing any records relating
      to
      such beneficial ownership interests.

     

    SECTION
      5.07  Cancellation.  Unless otherwise
      specified in the related Series Supplement for Certificates of any Series,
      all
      Certificates surrendered for payment, redemption, transfer or exchange and
      all
      Coupons surrendered for payment or exchange shall, if surrendered to any Person
      other than the Trustee, be delivered to the Trustee and shall be promptly
      cancelled by it.  No Certificates or Coupons shall be authenticated in
      lieu of or in exchange for any Certificates or Coupons cancelled as provided
      in
      this Section, except as expressly permitted by this Trust
      Agreement.

     

    SECTION
      5.08  Global Securities.  (a) If the Series
      Supplement pursuant to Section 5.01 provides that a Series (or Class within
      such
      Series) of Certificates shall be represented by one or more Global Securities,
      then the Depositor shall execute and the Trustee shall authenticate and deliver
      one or more Global Securities, that (i) shall represent an aggregate initial
      Certificate Principal Balance or Notional Amount, as applicable, equal to the
      aggregate initial Certificate Principal Balance or Notional Amount, as
      applicable, of the Certificates of such Series or Class to be represented by
      such one or more Global Securities, (ii) shall be registered, if in registered
      form, in the name of the Depository for such Global Security or Securities
      or
      the nominee of such Depository, (iii) shall be delivered by the Trustee to
      such
      Depository or pursuant to such Depository’s instruction and (iv) shall bear a
      legend substantially to the following effect: “Unless and until it is exchanged
      in whole or in part for the individual Certificates represented hereby, this
      Global Security may not be transferred except as a whole by the Depository
      to a
      nominee of the Depository or by a nominee of the Depository to a successor
      Depository or a nominee of such successor Depository.”

     

    No
      Holder
      of a Certificate of such Series or Class will receive a Definitive Certificate
      representing such Holder’s interest in such Certificate or Certificates, except
      as provided in Section 5.10.  Unless and until definitive, fully
      registered Certificates (the “Definitive Certificates”) have been issued to
      Holders of such Series or Class pursuant to Section 5.11:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)           the
      provisions of this Section 5.09 shall be in full force and effect;

     

    (ii)           the
      Certificate Registrar and the Trustee shall be entitled to deal with the
      Depository, as the sole Holder of the Certificates of such Series or Class,
      for
      all purposes under this Trust Agreement (including the distribution of principal
      of, and premium, if any, and interest on the Certificates and the giving of
      instructions or directions hereunder) and shall have no obligation to the owners
      of beneficial interests in such Series or Class (collectively, the “Certificate
      Owners”);

     

    (iii)           to
      the extent that the provisions of this Section 5.08 conflict with any other
      provisions of this Trust Agreement, the provisions of this Section 5.08 shall
      control;

     

    (iv)           the
      rights of Certificate Owners of such Series or Class shall be exercised only
      through the Depository and shall be limited to those established by law and
      agreements between such Certificate Owners and the Depository or its
      Participants;

     

    (v)           whenever
      this Trust Agreement requires or permits actions to be taken based upon
      instructions or directions of Holders of Certificates of such Series or Class
      evidencing a specified percentage of the aggregate Voting Rights of such Series
      or Class, the Depository shall be deemed to represent such percentage only
      to
      the extent that it has received instructions to such effect from Certificate
      Owners of such Series or Class or Participants in such Depository’s system
      owning or representing, respectively, such required percentage of the beneficial
      interest in the Certificates of such Series or Class and has delivered such
      instructions to the Trustee.

     

    (b)           Each
      Depository designated in the related Series Supplement for a Global Security
      in
      registered form must, at the time of its designation and at all times while
      it
      serves as such Depository, be a clearing agency registered under the Exchange
      Act and any other applicable statute or regulation.

     

    SECTION
      5.09  Notices to Depository.  Whenever a
      notice or other communication to the Holders of a Series or Class within such
      Series represented by one or more Global Securities is required under this
      Trust
      Agreement, unless and until Definitive Certificates for such Series or Class
      shall have been issued to such Certificate Owners pursuant to Section 5.10,
      the
      Trustee shall give all such notices and communications specified herein to
      be
      given to Holders of the Certificates of such Series to the Depository, and
      shall
      have no obligation to the Certificate Owners.

     

    SECTION
      5.10  Definitive Certificates.  If in respect
      of a Series (or Class within such Series) represented by one or more Global
      Securities: (i) the Depositor advises the Trustee in writing that the Depository
      is no longer willing or able to properly discharge its responsibilities with
      respect to the Certificates of such Series or Class and the Depositor is unable
      to locate a qualified successor, (ii) the Depositor at its option advises the
      Trustee in writing that it elects to terminate the book-entry system of such
      Series or Class through the Depository or (iii) Certificate Owners representing
      beneficial interests aggregating at least a majority (or such other Required
      Percentage-Definitive Certificates that may be specified in a Series Supplement)
      of the Voting Rights of the Certificates of such Series or Class advise the
      Depository in writing that the continuation of a book-entry system for such
      Series or Class through the Depository is no longer in the best interests of
      the
      Certificates Owners of such Series or Class, then the Depository shall notify
      all Certificate Owners or Participants in the Depository’s system with respect
      to such Series or Class and the Trustee of the occurrence of any such event
      and
      of the availability of Definitive Certificates for such Series or Class to
      Certificate Owners of such Series or Class requesting the same.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Upon
      surrender to the Trustee of the Global Securities of such Series or Class by
      the
      Depository, accompanied by registration instructions, the Depositor shall
      execute and the Trustee shall authenticate the Definitive Certificates of such
      Series or Class in accordance with the instructions of the
      Depository.  None of the Depositor, the Certificate Registrar or the
      Trustee shall be liable for any delay in delivery of such instructions and
      may
      conclusively rely on, and shall be protected in relying on, such
      instructions.  Upon the issuance of Definitive Certificates of Series
      or Class, the Trustee shall recognize the holders of the Definitive Certificates
      of such Series or Class as Holders.

     

    SECTION
      5.11  Currency of Distributions in Respect of
      Certificates.  (a) Except as otherwise specified in the related
      Series Supplement for Bearer Certificates of any Series (or Class within such
      Series), distributions of the principal of (and premium, if any) and interest
      on
      Bearer Certificates of such Series or Class denominated in any Currency will
      be
      made in such Currency.

     

    (b)           Except
      as otherwise specified in the related Series Supplement for Registered
      Certificates of any Series (or Class within such Series), distributions of
      the
      principal of (and premium, if any) and interest on Registered Certificates
      of
      such Series or Class will be made in Dollars.

     

    (c)           For
      purposes of any provision of the Trust Agreement where the Holders of
      Outstanding Certificates may perform an act that requires that a specified
      percentage of the aggregate Voting Rights of the Certificates of all Series
      perform such act and for purposes of any decision or determination by the
      Trustee of amounts due and not distributed for the principal of (and premium,
      if
      any) and interest on the Certificates of all Series in respect of which moneys
      are to be disbursed ratably, the principal of (and premium, if any) or notional
      amount of, as applicable, and interest on the Outstanding Certificates
      denominated in a Foreign Currency will be the amount in Dollars based upon
      exchange rates, determined as specified in the related Series Supplement for
      Certificates of such Series, as of the date for determining whether the Holders
      entitled to perform such act have performed it or as of the date of such
      decision or determination by the Trustee, as the case may be.

     

    (d)           With
      respect to Certificates of any Series, any decision or determination to be
      made
      regarding exchange rates shall be made by an Exchange Rate Agent appointed
      by
      the Depositor; provided, however, that such Exchange Rate Agent shall accept
      such appointment in writing and the terms of such appointment shall be
      acceptable to the Trustee and shall, in the opinion of the Depositor at the
      time
      of such appointment, require such Exchange Rate Agent to make such determination
      by a method provided in the applicable Series Supplement for the making of
      such
      decision or determination.  All decisions and determinations of such
      Exchange Rate Agent regarding exchange rates shall be in its sole discretion
      and
      shall, in the absence of manifest error, be conclusive for all purposes and
      irrevocably binding upon the Depositor, the Trustee and all Holders of the
      Certificates of such Series.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)           If
      distributions in respect of a Certificate are required to be made in a Specified
      Currency other than Dollars and such currency is unavailable due to the
      imposition of exchange controls or other circumstances beyond the control of
      the
      Trustee and the Depositor or is no longer used by the government of the country
      issuing such Specified Currency or is no longer commonly used for the settlement
      of transactions by public institutions of or within the international banking
      community, then all distributions in respect of such Certificate shall be made
      in Dollars until such Specified Currency is again so used in the manner
      specified in the related Series Supplement.

     

    SECTION
      5.12  Conditions of Authentication and Delivery of New
      Series.  Certificates of a new Series may be issued at any time
      and from time to time after the execution and delivery of these Standard Terms
      and the related Series Supplement.  The Depositor shall execute and
      deliver Certificates of such Series to the Trustee, with appropriate Coupons,
      if
      any, appertaining thereto, and the Trustee shall authenticate and deliver such
      Certificates upon a Depositor Order and upon delivery by the Depositor to the
      Trustee of the documents and satisfaction of the other conditions, each as
      set
      forth in the related Series Supplement.

     

    SECTION
      5.13  Appointment of Paying Agent.  The
      Trustee may appoint one or more paying agents (each, a “Paying Agent”) with
      respect to the Certificates of any Series.  Any such Paying Agent
      shall be authorized to make distributions to Certificateholders of such Series
      from the Certificate Account for such Series pursuant to the provisions of
      the
      applicable Series Supplement and shall report the amounts of such distributions
      to the Trustee.  Any Paying Agent shall have the revocable power to
      withdraw funds from such Certificate Account for the purpose of making the
      distributions referred to above.  The Trustee may revoke such power
      and remove the Paying Agent if the Trustee determines in its sole discretion
      that the Paying Agent shall have failed to perform its obligations under this
      Trust Agreement in any material respect.  The Paying Agent shall
      initially be the Trustee and any co-paying agent chosen by the Trustee and
      acceptable to the Depositor.  Any Paying Agent shall be permitted to
      resign as Paying Agent upon thirty (30) days’ notice to the
      Trustee.  In the event that the Trustee shall no longer be the Paying
      Agent, the Trustee shall appoint a successor or additional Paying
      Agent.  The Trustee shall cause each successor to act as Paying Agent
      to execute and deliver to the Trustee, an instrument in which such successor
      or
      additional Paying Agent shall agree with the Trustee that it will hold all
      sums,
      if any, held by it for distribution to the Certificateholders in trust for
      the
      benefit of the Certificateholders entitled thereto until such sums shall be
      distributed to such Certificateholders and will agree to such other matters
      as
      are required by Section 317(b) of the Trust Indenture Act.  The Paying
      Agent shall return all unclaimed funds to the Trustee and upon removal shall
      also return all funds in its possession to the Trustee.  The
      provisions of Sections 7.01, 7.03, 7.04 and 7.06 shall apply to the Trustee
      also
      in its role as Paying Agent, for so long as the Trustee shall act as Paying
      Agent.  Any reference in this Trust Agreement to the Paying Agent
      shall include any co-paying agent unless the context requires
      otherwise.  Notwithstanding anything contained herein to the contrary,
      the appointment of a Paying Agent pursuant to this Section 5.13 shall not
      release the Trustee from the duties, obligations, responsibilities or
      liabilities arising under this Trust Agreement other than with respect to funds
      paid to such Paying Agent.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      5.14  Authenticating Agent.  (a) The Trustee
      may appoint one or more authenticating agents (each, an “Authenticating Agent”)
      with respect to the Certificates of any Series which shall be authorized to
      act
      on behalf of the Trustee in authenticating such Certificates in connection
      with
      the issuance, delivery and registration of transfer or exchange of such
      Certificates.  Whenever reference is made in this Trust Agreement to
      the authentication of Certificates by the Trustee or the Trustee’s certificate
      of authentication, such reference shall be deemed to include authentication
      on
      behalf of the Trustee by an Authenticating Agent and a certificate of
      authentication executed on behalf of the Trustee by an Authenticating
      Agent.  Each Authenticating Agent must be acceptable to the
      Depositor.  Notwithstanding anything contained herein to the contrary,
      the appointment of an Authenticating Agent pursuant to this Section 5.14 shall
      not release the Trustee from the duties, obligations, responsibilities or
      liabilities arising under this Trust Agreement.

     

    (b)           Any
      institution succeeding to the corporate agency business of any Authenticating
      Agent shall continue to be an Authenticating Agent without the execution or
      filing of any power or any further act on the part of the Trustee or such
      Authenticating Agent.  An Authenticating Agent may at any time resign
      by giving notice of resignation to the Trustee and to the
      Depositor.  The Trustee may at any time terminate the agency of an
      Authenticating Agent by giving notice of termination to such Authenticating
      Agent and to the Depositor.  Upon receiving such a notice of
      resignation or upon such a termination, or in case at any time an Authenticating
      Agent shall cease to be acceptable to the Trustee or the Depositor, the Trustee
      promptly may appoint a successor Authenticating Agent.  Any successor
      Authenticating Agent upon acceptance of its appointment hereunder shall become
      vested with all the rights, powers and duties of its predecessor hereunder,
      with
      like effect as if originally named as an Authenticating Agent.  No
      successor Authenticating Agent shall be appointed unless acceptable to the
      Depositor.  The Trustee agrees to pay to each Authenticating Agent
      from time to time reasonable compensation for its services under this
      Section.  The provisions of Section 7.01, 7.03 and 7.04 shall be
      applicable to any Authenticating Agent.

     

    (c)           Pursuant
      to an appointment made under this Section, the Certificates may have endorsed
      thereon, in lieu of the Trustee’s certificate of authentication, an alternate
      certificate of authentication in substantially the following form:

     

    This
      is
      one of the Certificates described in the Standard Terms and the related Series
      Supplement.

     

    Dated:

     

    as
      Authenticating Agent

    for
      the
      Trustee,

     

    By:________________________

     

    SECTION
      5.15  Voting Rights with Respect to Underlying
      Securities.  (a) Within five (5) Business Days after receipt of
      notice of any meeting of, or other occasion for the exercise of voting rights
      or
      the giving of consents (“Underlying Security Voting Rights”) by, owners of any
      of the Underlying Securities, the Trustee shall give notice to the
      Certificateholders, setting forth (i) such information as is contained in such
      notice to owners of Underlying Securities, (ii) a statement that the
      Certificateholders will be entitled, subject to any applicable provision of
      law
      and any applicable provisions of such Underlying Securities (and to the extent
      of the voting rights allocated to the Certificateholders pursuant to subsection
      5.15(b)), to instruct the Trustee as to the exercise of voting rights, if any,
      pertaining to such Underlying Securities and (iii) a statement as to the manner
      in which instructions may be given to the Trustee to give a discretionary proxy
      to a person designated in the notice received by the Trustee.  Such
      notice shall be given by the Trustee to the Certificateholders of record on
      such
      Record Date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Upon
      the
      written request of the applicable Certificateholder, received on or before
      the
      date established by the Trustee for such purpose, the Trustee shall endeavor,
      insofar as practicable and permitted under any applicable provision of law
      and
      any applicable provision of or governing the Underlying Securities, to vote
      in
      accordance with any nondiscretionary instruction set forth in such written
      request (in each case to the extent of the voting rights allocated pursuant
      to
      subsection 5.15(b) to such Certificateholder).  The Trustee shall not
      vote except as specifically authorized and directed in written instructions
      from
      the applicable Certificateholder entitled to give such
      instructions.

     

    (b)           Unless
      otherwise specified in the applicable Series Supplement, the Underlying Security
      Voting Rights allocable to the owners of the Underlying Securities pursuant
      to
      the terms thereof shall be allocated among the Certificateholders pro rata,
      in
      the proportion that the denomination of each Certificate bears to the aggregate
      denomination of all Certificates.

     

    SECTION
      5.16  Actions by
      Certificateholders.  (a)  Wherever in this Trust
      Agreement a provision is made that an action may be taken or a notice, demand
      or
      instruction given by Certificateholders or Beneficial Owners, such action,
      notice or instruction may be taken or given by any Certificateholder or
      Beneficial Owner.

     

    (b)           Certificateholders
      or Beneficial Owners shall not be required to act in concert with any other
      Certificateholder or Beneficial Owner or any other Person.

     

    (c)           Any
      request, demand, authorization, direction, notice, consent, waiver or other
      act
      by a Certificateholder or Beneficial Owner of a Certificate shall bind such
      Certificateholder or Beneficial Owner and every subsequent Certificateholder
      or
      Beneficial Owner of such Certificate or any Certificate issued upon the
      registration of transfer thereof or in exchange therefor or in lieu thereof
      in
      respect of anything done, suffered or omitted to be done by the
      Certificateholder or Beneficial Owner or the Trustee in reliance thereon,
      whether or not notation of such action is made upon such
      Certificate.

     

    SECTION
      5.17  Termination Events.  If any Termination
      Event shall occur and be continuing with respect to any Class of Certificates,
      then, and in each and every case, the Trustee shall exercise any rights in
      respect of the related Deposited Assets, if any, as provided in the applicable
      Series Supplement.

     

    SECTION
      5.18  Judicial Proceedings Instituted by Trustee; Trustee
      May Bring Suit.  If there shall be a failure to make payment of
      the principal of or premium, if any, or interest on any Deposited Asset, then
      the Trustee, in its own name, and as trustee of an express trust, as holder
      of
      such Deposited Assets, shall be, to the extent permitted by and in accordance
      with the terms of the applicable Deposited Assets, subject to the limitations
      on
      acceleration and the exercise of remedies set forth therein, entitled and
      empowered to institute any suits, actions or proceedings at law, in equity
      or
      otherwise, including the power to make a demand on the trustee in respect of
      such Deposited Assets, if provided for, to take action to enforce the collection
      of the sums so due and unpaid on such Deposited Assets and may prosecute any
      such claim or proceeding to judgment or final decree with respect to the whole
      amount of any such sums so due and unpaid.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      5.19  Control by Certificateholders.  The
      Holders of Certificates of any Class holding Certificates representing not
      less
      than the Required Percentage--Direction of Trustee, of the aggregate Voting
      Rights of the Outstanding Certificates of such Class shall have the right to
      direct the time, method and place of conducting any proceeding for any remedy
      available to the Trustee or exercising any trust or power conferred on the
      Trustee under this Trust Agreement, including any right of the Trustee as holder
      of the Deposited Assets, if any; provided, however, that:

     

    (1)           such
      direction shall not be in conflict with any rule of law or with this Trust
      Agreement and would not involve the Trustee in personal liability or
      expense;

     

    (2)           the
      Trustee shall not determine that the action so directed would be unjustly
      prejudicial to the Holders of Certificates of such Class not taking part in
      such
      direction;

     

    (3)           the
      Trustee may take any other action deemed proper by the Trustee which is not
      inconsistent with such direction.

     

    SECTION
      5.20  Waiver of Past Defaults.  The Holders of
      the Required Percentage--Waiver of any Series: (i) may direct the Trustee to
      vote such percentage of the Underlying Securities held by the Trustee as
      corresponds to the percentage of the aggregate principal amount of the
      Certificates of such Series held by such Holders to waive any past defaults
      with
      respect to such Underlying Security and its consequences or (ii) may instruct
      the Trustee, on behalf of all Certificateholders of such Series, to waive any
      past default under this Trust Agreement and its consequences, except a
      default:

     

    (1)           in
      the payment of the principal of or premium (if any) or interest on the
      Underlying Securities or the Certificates;

     

    (2)           in
      respect of a covenant or provision hereof which under Article X hereof cannot
      be
      modified or amended without the consent of the Holder of each Outstanding
      Certificate affected;

     

    (3)           specified
      in the applicable Series Supplement, if any, unless the applicable Series
      Supplement provides otherwise; or

     

    (4)           [specified
      as a Termination Event under the related Series Supplement.]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Upon
      any
      such direction, the Trustee shall vote such percentage of the Underlying
      Securities of the corresponding Series held by the Trustee as corresponds to
      the
      percentage of the aggregate principal amount of the Outstanding Certificates
      of
      such Series held by Holders who directed the Trustee to waive such default
      thereunder.  Upon any waiver that is effective under the terms of such
      Underlying Security to waive such default, such default shall cease to exist
      with respect to this Trust Agreement, and, in the default arising therefrom
      shall be deemed to have been cured for every purpose of this Trust Agreement
      and
      any prior direction given by the Trustee on behalf of such Certificateholders
      or
      in respect of any Underlying Securities shall be annulled with respect thereto;
      but no such waiver shall extend to any subsequent or other default or impair
      any
      right consequent thereon.

     

    SECTION
      5.21  Right of Certificateholders to Receive Payments Not to
      Be Impaired.  Anything in this Trust Agreement to the contrary
      notwithstanding, the right of any Certificateholder to receive distributions
      of
      payments required pursuant to Section 4.01 hereof on the Certificates when
      due,
      or to institute suit for enforcement of any such payment on or after the
      applicable Distribution Date, Special Distribution Date or other date specified
      herein for the making of such payment, shall not be impaired or affected without
      the consent of such Certificateholder.

     

    SECTION
      5.22  Remedies Cumulative.  Every remedy given
      hereunder to the Trustee or to any of the Certificateholders shall not be
      exclusive of any other remedy or remedies, and every such remedy shall be
      cumulative and in addition to every other remedy given hereunder or now or
      hereafter given by statute, law, equity or otherwise.

     

    ARTICLE
      VI

     

    The
      Depositor

     

    SECTION
      6.01  Liability of the Depositor.  The
      Depositor shall be liable in accordance herewith only to the extent of the
      obligations specifically imposed by these Standard Terms and the related Series
      Supplement.

     

    SECTION
      6.02  Limitation on Liability of the
      Depositor.  (a) The Depositor shall not be under any obligation to
      expend or risk its own funds or otherwise incur financial liability in the
      performance of its duties hereunder or under a Series Supplement or in the
      exercise of any of its rights or power if reasonable grounds exist for believing
      that the repayment or such funds or adequate indemnity against such risk or
      liability is not reasonably assured to it.

     

    (b)           Neither
      the Depositor nor any of its members, managers, officers, employees or agents
      shall be under any liability to any Trust or the Certificateholders of any
      Series for any action taken, or for refraining from the taking of any action,
      in
      good faith pursuant to this Trust Agreement, or for errors in judgment;
      provided, however, that this provision shall not protect the Depositor against
      any breach of representations, warranties or covenants made herein, or against
      any liability which would otherwise be imposed by reason of willful misfeasance,
      bad faith or gross negligence in the performance of duties or by reason of
      reckless disregard of its obligations and duties hereunder.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Unless
      otherwise provided in a related Series Supplement, the Trust will indemnify
      and
      hold harmless the Depositor and any member, manager, officer, employee or agent
      of the Depositor against any loss, liability or expense incurred in connection
      with any legal action relating to the Trust Agreement or the Certificates,
      other
      than any loss, liability or expense incurred by reason of willful misfeasance,
      bad faith or gross negligence in the performance of duties by the Depositor
      and
      any of its members, managers, officers, employees or agents hereunder or by
      reason of reckless disregard of their obligations and duties
      hereunder.

     

    (c)           The
      Depositor shall not be under any obligation to appear in, prosecute or defend
      any legal action unless such action is related to its respective duties under
      this Trust Agreement and, in its opinion, does not involve it in any expense
      or
      liability; provided, however, that the Depositor may in its discretion undertake
      any such action which it may deem necessary or desirable with respect to this
      Trust Agreement and the rights and duties of the parties hereto and the
      interests of the Certificateholders hereunder.  The Depositor shall be
      under no obligation whatsoever to appear in, prosecute or defend any action,
      suit or other proceeding in respect of any Underlying Securities.

     

    (d)           The
      Depositor shall not be liable to any Certificateholder for any action or
      non-action by it in reliance upon the advice of or information from legal
      counsel, accountants, any Certificateholder of a Certificate or any other person
      believed by it in good faith to be competent to give such advice or information,
      including, without limitation, the Calculation Agent, the Market Agent or the
      other party to this Trust Agreement as amended by any Series
      Supplement.  The Depositor may rely and shall be protected in acting
      upon any written notice, request, direction or other document believed by it
      to
      be genuine and to have been signed or presented by the proper party or
      parties.

     

    (e)           The
      Depositor shall not incur any liability to any Certificateholder if, by reason
      of any provision of any present or future law, or regulation thereunder, or
      any
      governmental authority, or by any reason of any act of God or war or other
      circumstance beyond the control of the relevant party, the Depositor shall
      be
      prevented or forbidden from doing or performing any act or thing which the
      terms
      of this Trust Agreement provide shall be done or performed; and the Depositor
      shall not incur any liability to any Certificateholder by reason of any
      non-performance or delay, caused as aforesaid, in the performance of any act
      or
      thing which the terms of this Trust Agreement provide shall or may be done
      or
      performed, or by reason of any exercise of, or failure to exercise, any
      discretion provided for in this Trust Agreement.

     

    SECTION
      6.03  Depositor May Purchase
      Certificates.  The Depositor may at any time purchase Certificates
      in the open market or otherwise.  Certificates so purchased by the
      Depositor may, at the discretion of the Depositor, be held or
      resold.  Certificates beneficially owned by the Depositor will be
      disregarded for purposes of determining whether the required percentage of
      the
      aggregate Voting Rights has given any request, demand, authorization, direction,
      notice, consent or waiver hereunder.

     

    SECTION
      6.04  Merger or Consolidation of the
      Depositor.  Nothing in this Trust Agreement shall prevent any
      consolidation or merger of the Depositor with or into any other corporation,
      or
      any consolidation or merger of any other corporation with or into the Depositor
      or any sale or transfer of all or substantially all of the property and assets
      of the Depositor to any other Person lawfully entitled to acquire the same;
      provided, however, that, so long as Certificates are outstanding hereunder,
      the
      Depositor covenants and agrees that any such consolidation, merger, sale or
      transfers shall be upon the condition that the due and punctual performance
      and
      observance of all the terms, covenants and conditions of this Trust Agreement
      to
      be kept or performed by the Depositor shall be assumed by the Person (if other
      than the Depositor) formed by or resulting from any such consolidation or
      merger, or which shall have received the transfer of all or substantially all
      of
      the property and assets of the Depositor, just as fully and effectually as
      if
      successor Person had been the original party of the first part hereto; and
      in
      the event of any such sale or transfer the predecessor Depositor may be
      dissolved, wound up and liquidated at any time thereafter.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      6.05  No Liability of the Depositor with Respect to the
      Deposited Assets; Certificateholders to Proceed Directly Against the Deposited
      Asset Providers.  (a) The sole obligor with respect to any
      Deposited Asset is the respective Deposited Asset Provider
      thereof.  The Depositor shall not have any obligation on or with
      respect to the Deposited Assets and its obligations with respect to Certificates
      shall be solely as set forth in this Trust Agreement.

     

    (b)           The
      Depositor is not authorized to proceed against the Deposited Asset Provider
      in
      the event of a default or to assert the rights and privileges of
      Certificateholders of Certificates and has no duty in respect
      thereof.

     

    ARTICLE
      VII

     

    Concerning
      the Trustee

     

    SECTION
      7.01  Duties of Trustee.  (a) The Trustee
      undertakes to perform such duties and only such duties as are specifically
      set
      forth in these Standard Terms and the related Series Supplement.  The
      Trustee shall exercise those rights in a manner consistent with the status
      of
      any Trust created hereunder as a fixed investment trust for federal income
      tax
      purposes.  The Trustee shall not have any power to vary the investment
      of any Certificateholders of any Series or to accept any assets (other than
      proceeds of the Trust Estate) other than the Trust Estate transferred to it
      on
      the Closing Date of any Series.  Any permissive right of the Trustee
      enumerated in this Trust Agreement shall not be construed as a duty and shall
      be
      interpreted consistently with the status of the Trust as a fixed investment
      trust.

     

    (b)           The
      Trustee, upon receipt of all resolutions, certificates, statements, opinions,
      reports, documents, orders or other instruments furnished to the Trustee which
      are specifically required to be furnished pursuant to any provision of this
      Trust Agreement, shall examine them to determine whether they conform to the
      requirements of this Trust Agreement.  If any such instrument is found
      not to conform to the requirements of this Trust Agreement, the Trustee shall
      take action as it deems appropriate to have the instrument corrected, and if
      the
      instrument is not corrected to the Trustee’s satisfaction, the Trustee will
      provide notice thereof to the Depositor and Certificateholders.

     

    (c)           No
      provision of this Trust Agreement shall be construed to relieve the Trustee
      from
      liability for its own negligent action, its own negligent failure to act or
      its
      own misconduct; provided, however, that:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)           the
      duties and obligations of the Trustee shall be determined solely by the express
      provisions of this Trust Agreement, the Trustee shall not be liable except
      for
      the performance of such duties and obligations as are specifically set forth
      in
      this Trust Agreement, no implied covenants or obligations shall be read into
      this Trust Agreement against the Trustee and, in the absence of bad faith on
      the
      part of the Trustee, the Trustee may conclusively rely, as to the truth of
      the
      statements and the correctness of the opinions expressed therein, upon any
      certificates or opinions furnished to the Trustee that conform to the
      requirements of this Trust Agreement;

     

    (ii)           the
      Trustee shall not be personally liable for an error of judgment made in good
      faith by a Responsible Officer or Responsible Officers of the Trustee, unless
      it
      shall be proved that the Trustee was negligent in ascertaining the pertinent
      facts;

     

    (iii)           the
      Trustee shall not be personally liable with respect to any action taken,
      suffered or omitted to be taken by it in good faith in accordance with the
      direction of Holders of the Required Percentage--Direction of Trustee of the
      aggregate Voting Rights of a given Series (or Class or group of Classes within
      such Series), as specified in the applicable Series Supplement relating to
      the
      time, method and place of conducting any proceeding for any remedy available
      to
      the Trustee, or exercising any trust or power conferred upon the Trustee, under
      this Trust Agreement;

     

    (iv)           the
      Trustee shall not be required to expend or risk its own funds or otherwise
      incur
      financial liability in the performance of any of its duties hereunder or in
      the
      exercise of any of its rights or powers if there is reasonable ground for
      believing that the repayment of such funds or adequate indemnity against such
      risk or liability is not reasonably assured to it;

     

    (v)           except
      for actions expressly authorized by this Trust Agreement, the Trustee shall
      take
      no actions reasonably likely to impair the interests of the Trust in any
      Deposited Assets now existing or hereafter acquired;

     

    (vi)           except
      as expressly provided in this Trust Agreement, the Trustee shall have no power
      to vary the corpus of the Trust including by (A) accepting any substitute
      obligation or asset for any Deposited Assets initially assigned to the Trustee
      under Section 2.01, (B) adding any other investment, obligation or security
      to
      the Trust or (C) withdrawing from the Trust any Deposited Assets;

     

    (vii)           in
      the event that the Paying Agent or the Certificate Registrar shall fail to
      perform any obligation, duty or agreement in the manner or on the day required
      to be performed by the Paying Agent or Certificate Registrar, as the case may
      be, under this Trust Agreement, the Trustee shall be obligated promptly upon
      its
      knowledge thereof to perform such obligation, duty or agreement in the manner
      so
      required;

     

    (viii)                      the
      Trustee shall not be liable to any Certificateholder for any action or
      non-action by it in reliance upon the advice of or information from legal
      counsel, accountants, any Certificateholder of a Certificate or any other person
      believed by it in good faith to be competent to give such advice or information,
      including, without limitation, the Calculation Agent, the Market Agent or the
      other party to this Trust Agreement.  The Trustee may rely and shall
      be protected in acting upon any written notice, request, direction or other
      document believed by it to be genuine and to have been signed or presented
      by
      the proper party or parties;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (ix)           the
      Trustee shall not incur any liability to any Certificateholder if, by reason
      of
      any provision of any present or future law, or regulation thereunder, or any
      governmental authority, or by any reason of any act of God or war or other
      circumstance beyond the control of the relevant party, the Trustee shall be
      prevented or forbidden from doing or performing any act or thing which the
      terms
      of this Trust Agreement provide shall be done or performed; and the Trustee
      shall not incur any liability to any Certificateholder by reason of any
      non-performance or delay, caused as aforesaid, in the performance of any act
      or
      thing which the terms of this Trust Agreement provide shall or may be done
      or
      performed, or by reason of any exercise of, or failure to exercise, any
      discretion provided for in this Trust Agreement;

     

    (x)           the
      Trustee shall be under no obligation whatsoever to appear in, prosecute or
      defend any action, suit or other proceeding in respect of any Deposited
      Assets;

     

    (xi)           whenever
      in the administration of this Trust Agreement the Trustee shall deem it
      desirable that a matter be proved or established prior to taking, suffering
      or
      omitting any action hereunder, the Trustee (unless other evidence be herein
      specifically prescribed) may, in the absence of bad faith on its part,
      conclusively rely upon an Officers’ Certificate; and

     

    (xii)           the
      Trustee may consult with counsel of its selection and the advice of such counsel
      or any Opinion of Counsel shall be full and complete authorization and
      protection in respect of any action taken, suffered or omitted by it hereunder
      in reliance thereon, unless the Trustee’s taking, suffering or omitting such
      action shall have been willful misconduct, in bad faith or
      negligent.

     

    (d)           As
      promptly as practicable after, and in any event within ten (10) days after,
      the
      occurrence of any default (as such term is defined below) hereunder with respect
      to any Class of Certificates, the Trustee shall transmit by mail to the
      Depositor and the Holders of Certificates of such Class in accordance with
      Section 313(c) of the Trust Indenture Act, notice of such default hereunder
      known to the Trustee, unless such default shall have been cured or waived;
      provided, however, that, except in the case of a default in the payment of
      the
      principal of or premium, if any, or interest on any Deposited Assets, the
      Trustee shall be protected in withholding such notice if and so long as a trust
      committee of Responsible Officers of the Trustee in good faith determine that
      the withholding of such notice is in the interests of the Holders of the
      Certificates of such Class.  For the purpose of this Section, the term
“default” means, with respect to any Class of Certificates, any event that is,
      or after notice or lapse of time or both would become, a Termination Event
      with
      respect to such Class of Certificates.

     

    (e)           Within
      five (5) Business Days after the receipt by the Trustee of a written application
      by any [three or more] Certificateholders stating that the applicants desire
      to
      communicate with other Certificateholders with respect to their rights under
      this Trust Agreement or under the Certificates, and accompanied by a copy of
      the
      form of proxy or other communication which such applicants propose to transmit,
      and by reasonable proof that each such applicant has owned its Certificates
      for
      a period of at least six (6) months preceding the date of such application,
      the
      Trustee shall, at its election, either:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (i)           afford
      to such applicants access to all information so furnished to or received by
      the
      Trustee; or

     

    (ii)           inform
      such applicants as to the approximate number of Certificateholders according
      to
      the most recent information so furnished to or received by the Trustee, and
      as
      to the approximate cost of mailing to such Certificateholders the form of proxy
      or other communication, if any, specified in such application.

     

    If
      the
      Trustee shall elect not to afford to such applicants access to such information,
      the Trustee shall, upon the written request of such applicants, mail to all
      such
      Certificateholders copies of the form of proxy or other communication which
      is
      specified in such request, with reasonable promptness after a tender to the
      Trustee of the material to be mailed and of payment, or provision for the
      payment, of the reasonable expenses of such mailing.

     

    (f)           The
      Trustee shall file periodic reports pursuant to the Exchange Act in accordance
      with the customary practices of the Depositor.  The Depositor will
      respond reasonably promptly to any inquiry of the Trustee as to such customary
      practices of the Depositor.

     

    SECTION
      7.02  Between Trustee and Administrative
      Agents.  (a) Unless otherwise provided in a Series Supplement, the
      Trustee may enter into Administration Agreements with one or more Administrative
      Agents in order to delegate certain of its administrative obligations with
      respect to a related Series under this Trust Agreement to such Administrative
      Agents; provided, however, that (i) such delegation shall not release the
      Trustee from the duties, obligations, responsibilities or liabilities arising
      under this Trust Agreement; (ii) the Rating Agency Condition shall have been
      satisfied with respect to the entering into of any such agreement; and (iii)
      such agreements are consistent with the terms of these Standard Terms and,
      with
      respect to Certificates of any Series, the related Series
      Supplement.  With respect to any Series (or Class within such Series)
      of Certificates, each Administration Agreement shall impose on the
      Administrative Agent requirements conforming to the provisions set forth in
      Section 3.01 and provide for administration of the related Trust and all or
      certain Deposited Assets for such Series consistent with the terms of this
      Trust
      Agreement.  Additional requirements relating to the scope and contents
      of any Administration Agreement may be provided in the applicable Series
      Supplement.  The Trustee shall deliver to the Depositor copies of all
      Administration Agreements which it enters into, and any amendments or
      modifications thereof, promptly upon the Trustee’s execution and delivery of any
      such instruments.

     

    (b)           The
      Trustee shall be entitled to terminate any Administration Agreement which it
      enters into and the rights and obligations of any Administrative Agent under
      any
      Administration Agreement in accordance with the terms and conditions of any
      such
      Administration Agreement.  In the event of a termination of any
      Administration Agreement, the Trustee shall simultaneously reassume direct
      responsibility for all obligations delegated in such Administration Agreement
      without any act or deed on the part of the applicable Administrative Agent,
      the
      Trustee shall administer directly the related Underlying Securities or shall
      enter into a Administration Agreement with a successor Administrative Agent
      which so qualifies under this Section 7.02.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           Unless
      otherwise provided in the applicable Series Supplements, in the event an
      Administrative Agent is administering one or more Underlying Securities pursuant
      to an Administration Agreement, the Administrative Agent shall be required
      immediately to direct the Trustee to deposit into an Eligible Account
      established by such Administrative Agent (an “Administration Account”) any
      amounts collected with respect thereto, and all such amounts shall be deposited
      into the related Certificate Account not later than the Business Day after
      receipt thereof.

     

    SECTION
      7.03  Certain Matters Affecting the
      Trustee.  (a) Except as otherwise provided in this Article
      VII:

     

    (i)           the
      Trustee may request and rely upon and shall be protected in acting or refraining
      from acting upon any resolution, Officer’s Certificate, certificate of auditors
      or any other certificate, statement, instrument, opinion; report, notice,
      request, consent, order, appraisal, bond or other paper or document reasonably
      believed by it to be genuine and to have been signed or presented by the proper
      party or parties;

     

    (ii)           the
      Trustee may consult with counsel and any Opinion of Counsel shall be full and
      complete authorization and protection in respect of any action taken or suffered
      or omitted by it hereunder in good faith and in accordance with such Opinion
      of
      Counsel;

     

    (iii)           the
      Trustee shall be under no obligation to exercise any of the trusts or powers
      vested in it by this Trust Agreement or to institute, conduct or defend any
      litigation hereunder or in relation hereto, at the request, order or direction
      of any of the Certificateholders, pursuant to the provisions of this Trust
      Agreement, unless such Certificateholders shall have offered to the Trustee
      reasonable security or indemnity against the costs, expenses and liabilities
      which may be incurred therein or thereby;

     

    (iv)           the
      Trustee shall not be personally liable for any action taken, suffered or omitted
      by it in good faith and believed by it to be authorized or within the discretion
      or rights or powers conferred upon it by this Trust Agreement;

     

    (v)           the
      Trustee shall not be bound to make any investigation into the facts of matters
      stated in any resolution, certificate, statement, instrument, opinion, report,
      notice, request, consent, order, appraisal, approval, bond or other paper or
      document believed by it to be genuine, unless requested in writing to do so
      by
      Holders of the Required Percentage -- Direction of Trustee, of the aggregate
      Voting Rights of the affected Series (or Class or Classes within any such
      Series), as specified by the applicable Series Supplement; provided, however,
      that if the payment within a reasonable time to the Trustee of the costs,
      expenses or liabilities likely to be incurred by it in the making of such
      investigation is, in the opinion of the Trustee, not reasonably assured to
      the
      Trustee by the security afforded to it by the terms of this Trust Agreement,
      the
      Trustee may require reasonable indemnity against such expense or liability
      as a
      condition to taking any such action;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (vi)           the
      Trustee may execute any of the trusts or powers hereunder or perform any duties
      hereunder either directly or by or through agents or attorneys or a custodian;
      and

     

    (vii)           the
      Trustee shall not be personally liable for any loss resulting from the
      investment of funds held in any Certificate Account or Reserve Account at the
      direction of the Depositor pursuant to Section 3.05.

     

    (b)           All
      rights of action under this Trust Agreement or under any of the Certificates,
      enforceable by the Trustee, may be enforced by it without the possession of any
      of the Certificates of any Series (or Class within such Series), or the
      production thereof at the trial or other Proceeding relating thereto, and any
      such suit, action or proceeding instituted by the Trustee shall be brought
      in
      its name for the benefit of all the Holders of such Certificates, subject to
      the
      provisions of this Trust Agreement.

     

    SECTION
      7.04  Trustee Not Liable for Recitals in Certificates or
      Underlying Securities.  The Trustee assumes no responsibility for
      the correctness of the recitals contained herein and in the Certificates or
      in
      any document issued in connection with the sale of the Certificates (other
      than
      the signature and authentication on the Certificates).  Except as set
      forth in Section 7.11, the Trustee makes no representations or warranties as
      to
      the validity or sufficiency of this Trust Agreement or of the Certificates
      of
      any Series (other than the signature and authentication on the Certificates)
      or
      of any Underlying Security or related document.  The Trustee shall not
      be accountable for the use or application by the Depositor, of any of the
      Certificates or of the proceeds of such Certificates.

     

    SECTION
      7.05  Trustee May Own Certificates.  The
      Trustee in its individual capacity or any other capacity may become the owner
      or
      pledgee of Certificates with the same rights it would have if it were not
      Trustee; provided, however, that in determining whether the required percentage
      of aggregate Voting Rights shall have consented to any action hereunder
      requiring the consent of the Certificateholders, the Trustee’s interest shall be
      excluded.

     

    SECTION
      7.06  Trustee’s Fees and Expenses.  (a) The
      applicable Series Supplement shall specify the amount and circumstances of
      the
      Trustee’s compensation and the source thereof.

     

    (b)           If
      the Prepaid Ordinary Expenses set forth in the Series Supplement are greater
      than zero, the Trustee acknowledges that the Depositor has paid to the Trustee
      an amount equal to the Prepaid Ordinary Expenses, and the Trustee agrees that
      the payment of such amount shall constitute full and final satisfaction of
      and
      payment for all Ordinary Expenses incurred on or prior to the Closing
      Date.

     

    (c)           The
      Series Supplement may indicate that Ordinary Expenses will be paid for by the
      Trust or the Depositor, in which case the Trustee shall be paid on a periodic
      basis by the Trust or the Depositor, as indicated in the Series Supplement,
      at
      the rate or amount and on the terms provided for in the Series
      Supplement.  The Trustee agrees that its right to receive such
      payments shall constitute full and final satisfaction of and payment for all
      Ordinary Expenses and that the Trustee shall have no claim on payment of
      Ordinary Expenses from any other source.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)           The
      Trustee further agrees that, notwithstanding any failure by the Depositor or
      the
      Trust to make such periodic payments of the Ordinary Expenses, the Trustee
      shall
      continue to perform its obligations under this Trust Agreement.  The
      Depositor’s obligations to pay Ordinary Expenses under this Trust Agreement
      shall be extinguished and of no further effect upon the payment of Ordinary
      Expenses due and owing on the termination of the Trust pursuant to Section
      9.01
      hereof.

     

    (e)           Subject
      to subsection 7.06(f), all Extraordinary Trust Expenses, to the extent not
      paid
      by a third party are, and shall be, obligations of the Trust and when due and
      payable shall be satisfied solely by the Trust.

     

    (f)           The
      Trustee shall not take any action, including appearing in, instituting or
      conducting any action or suit hereunder or in relation hereto, which is not
      indemnifiable under Section 7.12 hereof which, in the Trustee’s opinion, would
      or might cause it to incur costs, expenses or liabilities that are Extraordinary
      Trust Expenses unless (i) the Trustee is satisfied that it will have adequate
      security or indemnity in respect of such costs, expenses and liabilities, (ii)
      the Trustee has been instructed to do so by Certificateholders representing
      not
      less than the Required Percentage--Remedies of the aggregate principal amount
      of
      Certificates then outstanding, and (iii) the Certificateholders, pursuant to
      the
      instructions given under clause (ii) above, have agreed that such costs,
      expenses or liabilities shall either be (x) paid by the Trustee from the Trust,
      in the case of a vote of 100% of the aggregate principal amount of Certificates
      then outstanding, or (y) paid by the Trustee (which payment shall be made out
      of
      its own funds and not from monies on deposit in the Trust) in which case the
      Trustee shall be entitled to receive, upon demand, reimbursement from those
      Certificateholders who have agreed to bear the entire amount of such costs,
      expenses or liabilities, on a pro rata basis among such
      Certificateholders.

     

    SECTION
      7.07  Eligibility Requirements for
      Trustee.  (a) The Trustee hereunder shall at all times be a
      corporation or an association which is not an Affiliate of the Depositor, the
      Underlying Securities Issuer or the Credit Support Provider (but may have normal
      banking relationships with such parties and their Affiliates) organized and
      doing business under the laws of any State or the United States, authorized
      under such laws to exercise corporate trust powers which shall be eligible
      to
      act as a trustee under Section 310(a) of the Trust Indenture Act, having a
      combined capital and surplus of at least $50,000,000 and subject to supervision
      or examination by federal or state authority.  If such corporation or
      association (or its parent) publishes reports of conditions at least annually,
      pursuant to law or to the requirements of the aforesaid supervising or examining
      authority, then for the purposes of this Section the combined capital and
      surplus of such corporation or association shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of conditions so
      published.  Such corporation or association (or its parent) must be
      rated in one of the four highest rating categories by the Rating
      Agency.  In the event that at any time such Trustee shall cease to be
      eligible in accordance with the provisions of this Section, such Trustee shall
      resign immediately in the manner and with the effect specified in Section
      7.08.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)           In
      determining whether the Trustee has a conflicting interest with respect to
      any
      Class of Certificates under Section 310(b) of the Trust Indenture Act and this
      Section, each other Class of Certificate will be treated as having been issued
      under an indenture other than this Trust Agreement.

     

    SECTION
      7.08  Resignation or Removal of the Trustee; Appointment of
      Successor Trustee.  (a) The Trustee may at any time resign as
      Trustee hereunder by written notice of its election so to do, delivered to
      the
      Depositor and each Rating Agency, and such resignation shall take effect only
      upon the appointment of a successor Trustee and its acceptance of such
      appointment as hereinafter provided; provided, however, that in the event of
      such resignation, the Trustee shall (a) assist the Depositor in finding a
      successor Trustee acceptable to the Depositor, (b) negotiate in good faith
      concerning any prepaid but unaccrued fees and (c) cooperate fully in effecting
      the orderly transition to the successor trustee of all information related
      to
      the transaction.

     

    (b)           The
      Depositor or Holders of the Required Percentage-- Removal of Trustee of
      Certificates may at any time remove the Trustee as Trustee hereunder by written
      notice delivered to the Trustee and each Rating Agency in the manner provided
      in
      Section 10.04 hereof, and such removal shall take effect only upon the
      appointment of the successor trustee and its acceptance of such appointment
      as
      provided in the succeeding paragraph; provided, however, that in the event
      of
      such removal, the Depositor shall negotiate in good faith with the Trustee
      in
      order to agree regarding payment of the termination costs of the Trustee
      resulting from such removal.

     

    (c)           Upon
      the designation of a successor Trustee, following either resignation or removal
      of the Trustee, the Trustee shall deliver to the successor Trustee all records
      relating to the Certificates in the form and manner then maintained by the
      Trustee, which shall include a hard copy thereof upon written request of the
      successor Trustee.

     

    (d)           If
      at any time the Trustee shall become incapable of acting or shall be adjudged
      a
      bankrupt or insolvent, or a receiver of the Trustee or of its property shall
      be
      appointed, or any public officer shall take charge or control of the Trustee
      or
      of its property of affairs for the purpose of rehabilitation, conservation
      or
      liquidation, the Depositor shall petition any court of competent jurisdiction
      for the removal of the Trustee and the appointment of a successor
      Trustee.  In the event the Trustee resigns or is removed, the Trustee
      shall reimburse the Depositor for any fees or charges previously paid to the
      Trustee in respect of duties not yet performed under this Trust Agreement which
      remain to be performed by a successor Trustee.

     

    (e)           In
      case at any time the Trustee acting hereunder notifies the Depositor that it
      elects to resign or the Depositor or Holders of the Required Percentage--Removal
      of Trustee of Certificates notifies or notify the Trustee that it or they elects
      or elect to remove the Trustee as Trustee, the Depositor shall, within [ninety
      (90)] days after the delivery of the notice of resignation or removal, appoint
      a
      successor Trustee, which shall satisfy the requirements for a trustee under
      Section 7.07.  If no successor Trustee has been appointed within
      ninety (90) days after the Trustee has given written notice of its election
      to
      resign or the Depositor or Holders of the Required Percentage--Removal of
      Trustee of Certificates have given written notice to the Trustee of its or
      their
      election to remove the Trustee, as the case may be, the Trustee may petition
      any
      court of competent jurisdiction for the appointment of a successor
      Trustee.  Every successor Trustee shall execute and deliver to its
      predecessor and to the Depositor an instrument in writing accepting its
      appointment hereunder, and thereupon such successor Trustee, without any further
      act or deed, shall become fully vested with all the rights, powers, duties
      and
      obligations of its predecessor and for all purposes shall be the Trustee under
      this Trust Agreement, and such predecessor, upon payment of all sums due it
      and
      on the written request of the Depositor, shall execute and deliver an instrument
      transferring to such successor all rights, obligations and powers of such
      predecessor hereunder, and shall duly assign, transfer and deliver all right,
      title and interest in the Trust Estate and parts thereof to such successor
      Trustee.  Any successor Trustee shall promptly give notice of its
      appointment to the Certificateholders of Certificates for which it is successor
      Trustee in the manner provided in Section 10.04 hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      7.09  Merger or Consolidation of Trustee.  Any
      corporation or association into which the Trustee may be merged or converted
      or
      with which it may be consolidated or any corporation or association resulting
      from any merger, conversion or consolidation to which the Trustee shall be
      party, or any corporation or association succeeding to the trust business of
      the
      Trustee, shall be the successor of the Trustee hereunder and shall be deemed
      to
      have assumed the Trustee’s obligations hereunder, provided such corporation or
      association shall be eligible under the provisions of Section 7.07, without
      the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding.

     

    SECTION
      7.10  Appointment of Office or Agency.  As
      specified in a Series Supplement, the Trustee shall appoint an office or agency
      in the City of New York where the Certificates may be surrendered for
      registration of transfer or exchange, and presented for the final distribution
      with respect thereto, and where notices and demands to or upon the Trustee
      in
      respect of the Certificates of the related Series and this Trust Agreement
      may
      be served.

     

    SECTION
      7.11  Representations and Warranties of
      Trustee.  The Trustee represents and warrants that:

     

    (i)           the
      Trustee is duly organized, validly existing and in good standing under the
      laws
      of its jurisdiction of incorporation or association;

     

    (ii)           neither
      the execution nor the delivery by the Trustee of this Trust Agreement, nor
      the
      consummation by it of the transactions contemplated hereby nor compliance by
      it
      with any of the terms or provisions hereof will contravene any federal or New
      York law, governmental rule or regulation governing the banking or trust powers
      of the Trustee or any judgment or order binding on it, or violate its charter
      documents or by-laws or constitute a default under (or an event which, without
      notice or lapse of time or both, would constitute a default) under, or result
      in
      the breach or acceleration of any material contract, indenture, mortgage,
      agreement or instrument to which it is a party or by which any of its properties
      may be bound;

     

    (iii)           the
      Trustee has full power, authority and right to execute, deliver and perform
      its
      duties and obligations as set forth herein and in each Series Supplement to
      which it is a party and has taken all necessary action to authorize the
      execution, delivery and performance by it of this Trust Agreement;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (iv)           this
      Trust Agreement has been duly executed and delivered by the Trustee and
      constitutes the legal, valid and binding obligation of the Trustee, enforceable
      in accordance with its terms, except as enforcement may be limited by the
      applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
      affecting the rights of creditors generally and general principles of equity
      (regardless of whether such enforceability is considered in a proceeding in
      equity or at law);

     

    (v)           the
      Trustee is not in violation, and the execution and delivery of the Trust
      Agreement by the Trustee and its performance and compliance with the terms
      thereof will not constitute a violation, of any order or decree of any court
      or
      any order or regulation of any federal, state, municipal or governmental agency
      having jurisdiction over the Trustee or its properties, which violation would
      reasonably be expected to have a material adverse effect on the condition
      (financial or otherwise) or operations of the Trustee or its properties or
      on
      the performance of its duties hereunder;

     

    (vi)           there
      are no actions or proceedings against, or investigations of, the Trustee
      pending, or, to the knowledge of the Trustee, threatened, before any court,
      administrative agency or other tribunal (A) that could reasonably be expected
      to
      prohibit its entering into the Trust Agreement, (B) seeking to prevent the
      issuance of the Certificates contemplated by the Trust Agreement or (C) that
      could reasonably affect the performance by the Trustee of its obligations under,
      or the validity or enforceability against the Trustee of, the Trust Agreement;
      and

     

    (vii)           no
      consent, approval, authorization or order of any court, governmental agency
      or
      body is required for the execution, delivery and performance by the Trustee
      of,
      or compliance by the Trustee with, the Trust Agreement, or for the consummation
      of the transactions contemplated by the Trust Agreement, except for such
      consents, approvals, authorizations and orders, if any, that have been obtained
      prior to the Closing Date.

     

    The
      representations and warranties of the Trustee set forth in this Section 7.11
      shall survive the receipt of the Trust Estate by the Trustee and shall survive
      the delivery of the Trust Agreement by the Trustee to the
      Depositor.

     

    SECTION
      7.12  Indemnification of Trustee by the Depositor;
      Contribution.  (a) The Depositor agrees, to the extent the Trustee
      is not reimbursed pursuant to Section 7.06 hereof, to indemnify the Trustee
      against, and hold it harmless from, any loss, expense or liability incurred
      in
      connection with any legal action relating to this Trust Agreement or the
      Certificates or the performance of any of the Trustee’s duties hereunder, other
      than any loss, liability or expense (i) that constitutes a specific liability
      of
      the Trustee under this Trust Agreement or (ii) that is incurred by reason of
      willful misfeasance, bad faith or negligence in the performance of the Trustee’s
      duties hereunder or by reason of reckless disregard of the Trustee’s obligations
      and duties hereunder or as a result of a breach of the Trustee’s obligations and
      duties hereunder.

     

    (b)           In
      case any claim shall be made or action brought against the Trustee for any
      reason for which indemnity may be sought against the Depositor as provided
      above, the Trustee shall promptly notify the Depositor in writing setting forth
      the particulars of such claim or action and the Depositor may assume the defense
      thereof.  In the event that the Depositor assumes the defense, the
      Trustee shall have the right to retain separate counsel in any such action
      but
      shall bear the fees and expenses of such counsel unless: (i) the Depositor
      shall
      have specifically authorized the retaining of such counsel or (ii) the parties
      to such suit include the Trustee and the Depositor, and the Trustee has been
      advised in writing by such counsel that one or more legal defenses may be
      available to it which may not be available to the Depositor, in which case
      the
      Depositor shall not be entitled to assume the defense of such suit
      notwithstanding its obligation to bear the reasonable fees and expenses of
      such
      counsel.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           The
      term “liability,” as used in this Section 7.12, shall include any losses,
      claims, damages, expenses (including without limitation the Trustee’s reasonable
      costs and expenses) in defending itself against any losses, claims or
      investigations of any nature whatsoever.

     

    (d)           The
      obligations of the Depositor under this Section 7.12 shall be in addition to
      any
      liability which the Depositor may otherwise have and shall extend, upon the
      same
      terms and conditions, to each officer and director of the Trustee, and to each
      person, if any, who controls the Trustee within the meaning of the Exchange
      Act.

     

    (e)           Notwithstanding
      anything to the contrary contained in this Section 7.12, the Depositor shall
      not
      be liable for settlement of any such claim by the Trustee entered into without
      the prior written consent of the Depositor, which consent shall not be
      unreasonably withheld.

     

    (f)           The
      indemnity provided in this Section shall survive the termination or discharge
      of
      this Trust Agreement.

     

    SECTION
      7.13  Indemnification of Depositor by
      Trustee.  The Trustee, in its individual capacity and not from the
      assets of the Trust, shall indemnify the Depositor and any successor trustee
      against any losses, claims, damages, expenses (including without limitation
      the
      Depositor’s costs and expenses in defending itself against any losses, claims or
      investigations of any nature whatsoever) or other liabilities, joint or several,
      which may arise out of acts performed or omitted by the Trustee or its agents
      due to its or their negligence, bad faith or willful misconduct.

     

    SECTION
      7.14  No Liability of the Trustee with Respect to the
      Deposited Assets; Certificateholders to Proceed Directly Against the
      Issuer(s).  (a) The sole obligor with respect to any Deposited
      Asset is the Deposited Asset Provider thereof.  Except as set forth
      herein, the Trustee shall not have any obligation on or with respect to the
      Deposited Assets; and its obligations with respect to Certificates shall be
      solely as set forth in this Trust Agreement.

     

    (b)           Except
      as provided herein and in the related Series Supplement, the Trustee is not
      authorized to proceed against any Deposited Assets Provider in the event of
      a
      default or to assert the rights and privileges of Certificateholders of
      Certificates and has no duty in respect thereof except as expressly provided
      herein.

     

    SECTION
      7.15  [RESERVED]

     

    SECTION
      7.16  Preservation of Information.  The
      Trustee shall preserve, in as current a form as is reasonably practicable,
      the
      names and addresses of Certificateholders contained in the most recent list
      furnished to the Trustee as provided in Section 7.15, and the names and
      addresses of Certificateholders received by the Trustee in its capacity as
      Certificate Registrar, if so acting.  The Trustee may destroy any list
      furnished to it as provided in Section 7.15, upon receipt of a new list so
      furnished.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      7.17  Reports by Trustee.  If required, within
      sixty (60) days after [ ] of each year, commencing with the year [ ], the
      Trustee shall transmit to the Certificateholders, as provided in Section 313(a)
      of the Trust Indenture Act, a brief report dated as of such [ ], if any of
      the
      events described in Section 313(a) of the Trust Indenture Act have
      occurred.

     

    SECTION
      7.18  Trustee’s Application for Instructions from the
      Depositor.  Any application by the Trustee for written
      instructions from the Depositor may, at the option of the Trustee, set forth
      in
      writing any action proposed to be taken or omitted by the Trustee under this
      Trust Agreement and the date on and/or after which such action shall be taken
      or
      such omission shall be effective, if, but only if, the obligations of the
      Trustee with respect to such proposed action or omission are not set forth
      reasonably clearly in these Standard Terms and the related Series
      Supplement.  The Trustee shall not be liable for any action taken by,
      or omission of, the Trustee in accordance with a proposal included in such
      application on or after the date specified in such application (which date
      shall
      not be less than ten (10) Business Days after the date an officer of the
      Depositor actually receives such application, unless any such officer shall
      have
      consented in writing to any earlier date) unless, prior to taking any such
      action (or the effective date in the case of an omission), the Trustee shall
      have received written instructions in response to such application specifying
      the action to be taken or omitted; provided, however, that this provision shall
      not protect the Trustee from liability for any action or omission constituting
      willful misconduct, bad faith or negligence.

     

    SECTION
      7.19  Assessment of Compliance by Trustee; Annual Independent
      Certified Public Accountant's Report.

     

    (a)           On
      or prior to March 15 of each year, with respect to any Series, commencing with
      the year following the year of issuance of certificates of such Series, the
      Trustee shall deliver to the Depositor an assessment of compliance (or other
      such form that may be reasonably requested by the Depositor from the Trustee
      to
      conform to the requirements of Regulation AB) that contains the
      following:

     

    (i)           statement
      of the Trustee's responsibility for assessing compliance with the servicing
      criteria applicable to it under the Trust Agreement;

     

    (ii)           a
      statement that the Trustee used the criteria in Item 1122(d) of Regulation
      AB
      (17 CFR 229.1122) to assess compliance with the applicable servicing criteria
      under the Trust Agreement;

     

    (iii)           the
      Trustee's assessment of compliance with the applicable servicing criteria during
      and as of the end of the prior calendar year, setting forth any material
      instance of noncompliance identified by the Trustee; and

     

    (iv)           a
      statement that a registered public accounting firm has issued an attestation
      report on the Trustee's assessment of compliance with the applicable servicing
      criteria under the trust agreement during and as of the end of the prior
      calendar year.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b)           The
      Trustee shall cause a firm of independent certified public accountants to
      deliver to the Depositor on or before March 15 a report with respect to each
      Series, that attests to, and reports on, the Trustee's assessment delivered
      pursuant to Section 7.17(a), which attestation report shall be made in
      accordance with the requirements of Rule 15d-18 under the Exchange
      Act.

     

    (c)           On
      or before March 15 of each calendar year, with respect to each Series,
      commencing the year following the year of issuance of certificates of such
      Series, the Trustee shall deliver to the Depositor a statement of compliance
      addressed to the Depositor and signed by an authorized officer of the Trustee,
      to the effect that (i) a review of the Trustee's activities during the
      immediately preceding calendar year (or applicable portion thereof) and of
      its
      performance under the Trust Agreement during such period has been made under
      such officer's supervision, and (ii) to the best of such officers' knowledge,
      based on such review, the Trustee has fulfilled all of its obligations under
      the
      Trust Agreement in all material respects throughout such calendar year (or
      applicable portion thereof) or, if there has been a failure to fulfill any
      such
      obligation in any material respect, specifically identifying each such failure
      known to such officer and the nature and the status thereof.

     

    (d)           The
      Trustee shall cause any Reporting Subcontractor used by the Trustee or any
      to
      deliver to the Depositor an assessment of compliance and accountants’
attestation as and when provided in this Section 7.19 with respect to the
      servicing criteria in Item 1122(d) that are applicable to such Reporting
      Subcontractor.

     

    ARTICLE
      VIII

     

    Market
      Agent

     

    SECTION
      8.01  Market Agent.  If specified for a
      specific Series, on the Closing Date the Trustee shall enter into a Market
      Agent
      Agreement with [Banc of America Securities LLC], as the initial Market Agent,
      in
      the form attached to the related Series Supplement.  The Market Agent
      shall serve as such under the terms and provisions hereof and of the Market
      Agent Agreement.  The Market Agent, including any successor appointed
      pursuant hereto, shall be a member of the National Association of Securities
      Dealers, Inc., have capitalization of at least $25,000,000, and be authorized
      by
      law to perform all the duties imposed upon it by this Trust Agreement and the
      Market Agent Agreement.  The Market Agent may be removed at any time
      by the Trustee, acting at the direction of the Depositor; provided, however,
      that such removal shall not take effect until the appointment of a successor
      Market Agent.  The Market Agent may resign upon thirty (30) days’
written notice delivered to the Trustee.  The Trustee shall use its
      best efforts to appoint a successor Market Agent that is a qualified
      institution, effective as of the effectiveness of any such resignation or
      removal.

     

    ARTICLE
      IX

     

    [RESERVED]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      X

     

    Miscellaneous
      Provisions

     

    SECTION
      10.01  Amendment.  (a) This Trust Agreement
      may be amended from time to time by the Depositor and the Trustee without the
      consent of any of the Certificateholders 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 this Trust Agreement which shall not adversely affect
      the interests of the Holders in any material respect; (ii) to evidence and
      provide for the acceptance of appointment hereunder of a change in Trustee
      as
      Trustee for a Series of Certificates subsequent to the Closing Date for such
      Series, and to add to or change any of the provisions of this Trust Agreement
      as
      shall be necessary to provide for or facilitate the administration of the
      separate Trusts hereunder by more than one trustee, pursuant to the requirements
      of Section 5.01 hereof; (iii) to evidence and provide for the acceptance of
      appointment hereunder by a successor Trustee with respect to the Certificate
      of
      one or more Series or to add or change any of the provisions of this Trust
      Agreement as shall be necessary to provide for or facilitate the administration
      of the trusts hereunder; or (iv) to provide for the issuance of a new Series
      of
      Certificates pursuant to a Series Supplement issued hereunder pursuant to
      Sections 5.01 and 5.12 hereof; provided, however, that in the case of any
      amendment the Rating Agency Condition shall be satisfied with respect to such
      amendment and that no such amendment shall cause any Trust created hereunder
      (as
      evidenced by an Opinion of Counsel) to fail to qualify as a fixed investment
      trust for federal income tax purposes.

     

    (b)           Without
      limiting the generality of the foregoing, with respect to any Series, unless
      otherwise specified in a related Series Supplement, this Trust Agreement may
      also be modified or amended from time to time by the Depositor and the Trustee
      with the consent of the Holders of Certificates representing the Required
      Percentage-Amendment of the aggregate Voting Rights of those Certificates to
      which such modification or amendment relates for the purpose of adding any
      provisions to or changing in any manner or eliminating any of the provisions
      of
      this Trust Agreement or of modifying in any manner the rights of the Holders
      of
      Certificates; provided, however, that, unless otherwise specified in a related
      Series Supplement, no such amendment shall (i) reduce in any manner the amount
      of, or delay the timing of, payments received on Underlying Securities which
      are
      required to be distributed on any Certificate without the consent of the Holders
      of such Certificates, (ii) adversely affect in any material respect the
      interests of the Holders of any Series (or Class within such Series) of
      Certificates in a manner other than as described in (i), without the consent
      of
      the Holders of Certificates of such Series or Class evidencing not less than
      the
      Required Percentage--Amendment of the aggregate Voting Rights of such Series
      or
      Class or (iii) reduce the percentage of aggregate Voting Rights required by
      (ii), as described in (ii), without the consent of the Holders of all
      Certificates of such Series or Class then Outstanding.

     

    (c)           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 alter the status of the Trust as a
      grantor trust for federal income tax purposes or cause the Trust to be required
      to register as an Investment Company under the Investment Company
      Act.  Further, no amendment shall be permitted which would adversely
      affect in any material respect the interests of any Class of Certificateholders
      without confirmation by each Rating Agency that such amendment will not result
      in a downgrading or withdrawal of its rating of such Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Notwithstanding
      any other provision of this Trust Agreement, for purposes of the giving or
      withholding of consents pursuant to this Section 10.01, Certificates registered
      in the name of the Depositor or the Trustee or any Affiliate thereof shall
      be
      entitled to Voting Rights with respect to matters affecting such Certificates;
      and provided, further, that in the event the Rating Agency Condition is not
      satisfied with respect to such modification or amendment, the Required
      Percentage--Amendment shall be increased to require an aggregate percentage
      of
      the aggregate Voting Rights in the amount specified in the applicable Series
      Supplement.  Notwithstanding any other provision of this Trust
      Agreement, this Section 10.01(b) shall not be amended without the unanimous
      consent of the Holders of all such Certificates.

     

    (d)           Promptly
      after the execution of any such amendment or modification, the Trustee shall
      furnish a copy of such amendment or modification to each Certificateholder
      of
      the affected Series or Class and to the Rating Agency.  It shall not
      be necessary for the consent of Certificateholders 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 by Certificateholders shall be subject to such reasonable regulations
      as
      the Trustee may prescribe.

     

    SECTION
      10.02  Limitation on Rights of
      Certificateholders.  (a)  The death or incapacity of any
      Certificateholder shall not operate to terminate this Trust Agreement or the
      Trust, nor entitle such Certificateholder’s legal representatives or heirs to
      claim an accounting or to take any action or proceeding in any court for a
      partition or winding up of the applicable Trust, nor otherwise affect the
      rights, obligations and liabilities of the parties hereto or any of
      them.

     

    (b)           No
      Certificateholder of a given Series shall have any right to vote (except as
      expressly provided for herein) or in any manner otherwise control the operation
      and management of any Trust, or the obligations of the parties hereto, nor
      shall
      anything herein set forth, or contained in the terms of the Certificates, be
      construed so as to constitute the Certificateholders from time to time as
      partners or members of an association; nor shall any Certificateholder be under
      any liability to any third person by reason of any action taken by the parties
      to this Trust Agreement pursuant to any provision hereof.

     

    (c)           No
      Certificateholder of a given Series shall have any right by virtue of any
      provision of this Trust Agreement to institute any suit, action or proceeding
      in
      equity or at law upon or under or with respect to this Trust Agreement, unless
      (i) such Holder previously shall have given to the Trustee a written notice
      of
      breach and of the continuance thereof, (ii) the Holders of Certificates of
      such
      Series evidencing not less than the Required Percentage--Remedies of the
      aggregate Voting Rights of such Series shall have made written request upon
      the
      Trustee to institute such action, suit or proceeding in its own name as Trustee
      hereunder and shall have offered to the Trustee such reasonable indemnity as
      it
      may require against the costs, expenses and liabilities to be incurred therein
      or thereby, (iii) the Trustee, for [fifteen (15)] days after its receipt of
      such
      notice, request and offer of indemnity, shall have neglected or refused to
      institute any such action, suit or proceeding, and (iv) no direction
      inconsistent with such written request has been given to the Trustee during
      such
      [fifteen (15)]-day period by Certificateholders evidencing not less than the
      Required Percentage--Remedies of the aggregate Voting Rights of such
      Series.  It is understood and agreed that the Trustee shall not be
      obligated to make any investigation of matters arising under this Trust
      Agreement or to institute, conduct or defend any litigation hereunder or in
      relation hereto at the request, order or direction of any Certificateholders
      unless such Certificateholders have offered to the Trustee the reasonable
      security or indemnity referred to above.  It is further understood and
      agreed, and expressly covenanted by each Certificateholder of each Series with
      every other Certificateholder of such Series and the Trustee, that no one or
      more Holders of Certificates of such Series shall have any right in any manner
      whatever by virtue of any provision of this Trust Agreement to affect, disturb
      or prejudice the rights of the Holders of any other of the Certificates of
      such
      Series, or to obtain or seek to obtain priority over or preference to any other
      such Holder, or to enforce any right under this Trust Agreement, except in
      the
      manner herein provided and for the equal, ratable and common benefit of all
      Certificateholders of such Series.  For the protection and enforcement
      of the provisions of this Section, each and every Certificateholder and the
      Trustee shall be entitled to such relief as can be given either at law of in
      equity.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      10.03  GOVERNING LAW.  THIS TRUST AGREEMENT
      SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF
      NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY IN THE
      STATE
      OF NEW YORK AND WITHOUT GIVING EFFECT TO SUCH STATE’S PRINCIPLES OF CONFLICTS OF
      LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
      WOULD
      BE REQUIRED THEREBY, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
      HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    SECTION
      10.04  Notices.  (a) All directions, demands
      and notices hereunder shall be in writing and shall be delivered as set forth
      in
      the applicable Series Supplement.

     

    (b)           Any
      notice required to be provided to a Holder of a Registered Certificate shall
      be
      given by first class mail, postage prepaid, at the last address of such Holder
      as shown in the Certificate Register.  Any notice so mailed within the
      time prescribed in this Trust Agreement shall be conclusively presumed to have
      been duly given when mailed, whether or not the Certificateholder receives
      such
      notice.

     

    (c)           Any
      notice required to be given to a holder of a Bearer Certificate or Coupon shall
      be published in an Authorized Newspaper or Newspapers in such Place or Places
      of
      Distribution as may be specified for a given Series in the applicable Series
      Supplement, and such notice shall be deemed sufficient if published on two
      separate Business Days within two Business Days of the time prescribed in this
      Trust Agreement.

     

    (d)           Any
      and all notices to be given to the Depositor shall be deemed to have been duly
      given if sent by facsimile transmission to Bond Products Depositor LLC,
      attention: Stephen J. Anderson, President (fax no.: (704) 386-3522) and
      confirmed to Bank of America Corporate Center at 100 North Tryon Street,
      Charlotte, North Carolina 28255.  The Depositor may change this
      information by written notice to the Trustee.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e)           Any
      and all notices to be given to the Trustee shall be deemed to have been duly
      given if sent by facsimile transmission to the Trustee at [Trustee contact
      information].  The Trustee may change this information by notice to
      the Depositor.

     

    (f)           Any
      and all notices to be given to the Swap Counterparty, if any, will be specified
      in the Series Supplement.

     

    SECTION
      10.05  Notice to Rating Agencies.  (a) The
      Trustee shall use its best efforts promptly to provide notice to each Rating
      Agency with respect to each of the following of which it has actual
      knowledge:

     

    (i)           any
      change or amendment to this Trust Agreement;

     

    (ii)           the
      resignation or termination of the Trustee;

     

    (iii)           the
      final payment to Holders of the Certificates of any Class;

     

    (iv)           any
      change in the location of the Certificate Account; and

     

    (v)           any
      event that would result in the inability of the Trustee to make
      Advances.

     

    (b)           In
      addition, the Trustee shall promptly furnish to each Rating Agency copies of
      each report to Certificateholders described in Section 4.03.

     

    (c)           Any
      such notice pursuant to this Section shall be in writing and shall be deemed
      to
      have been duly given if personally delivered or mailed by first class mail,
      postage prepaid, or by express delivery service to each Rating Agency at the
      address specified below or in the applicable Series Supplement.

     

    (d)           (i)
      Any and all notices to be given to Moody’s shall be deemed to have been duly
      given if sent by facsimile transmission to Moody’s at Moody’s Investors Service,
      Inc., 99 Church Street 21 W, New York, New York 10007, Attention: [ ], facsimile
      transmission number (212) 553-0335, telephone confirmation number (212)
      553-1494.  Moody’s may change this information by notice to the
      Depositor and the Trustee.

     

    (ii)           Any
      and all notices to be given to S&P shall be deemed to have been duly given
      if sent by facsimile transmission to S&P at Standard & Poor’s, 55 Water
      Street, New York, New York, 10041, Attention: [Structured Finance Surveillance
      Group, facsimile transmission number (212) 438-2664, telephone confirmation
      number (212) 438-2482].  S&P may change this information by notice
      to the Depositor and the Trustee.

     

    SECTION
      10.06  Severability of Provisions.  If any one
      or more of the covenants, agreements, provisions or terms of this Trust
      Agreement shall be for any reason whatsoever held invalid, then such covenants,
      agreements, provisions or terms shall be deemed severable from the remaining
      covenants, agreements, provisions or terms of this Trust Agreement and shall
      in
      no way affect the validity or enforceability of the other provisions of this
      Trust Agreement or of the Certificates or the rights of the Holders
      thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      10.07  Grant of Security Interest.  (a) It is
      the express intent of the parties hereto that each conveyance of any Deposited
      Assets by the Depositor to the Trustee be, and be construed as, a sale of the
      Deposited Assets by the Depositor and not a pledge of any Deposited Assets
      by
      the Depositor to secure a debt or other obligation of the
      Depositor.

     

    (b)           In
      the event that, notwithstanding the aforementioned intent of the parties, any
      Deposited Assets are held to be property of the Depositor, then, (x) it is
      the
      express intent of the parties that such conveyance be deemed a pledge of such
      Deposited Assets by the Depositor to the Trustee to secure a debt or other
      obligation of the Depositor and (y)(1) this Trust Agreement shall also be deemed
      to be a security agreement within the meaning of Articles 8 and 9 of the Uniform
      Commercial Code as in effect from time to time in the State of New York, or
      such
      other State as may be specified in the related Series Supplement; (2) the
      conveyance provided for in Section 2.01 hereof shall be deemed to be a grant
      by
      the Depositor to the Trustee of a security interest in all the Depositor’s
      right, title and interest in and to such Deposited Assets and all amounts
      payable to the holders of such Deposited Assets in accordance with the terms
      hereof and all proceeds of the conversion, voluntary or involuntary, of the
      foregoing into cash, instruments, securities or other property including all
      amounts from time to time held or invested in the applicable Certificate
      Account, whether in the form of cash, instruments, securities or other property;
      (3) the obligations secured by such security agreement shall be deemed to be
      all
      the Depositor’s obligations under this Trust Agreement, including the obligation
      to provide to the Certificateholders the benefits of this Trust Agreement
      relating to such Deposited Assets and the applicable Trust; and (4)
      notifications to persons holding such property, and acknowledgments, receipts
      or
      confirmations from persons holding such property, shall be deemed notifications
      to, or acknowledgments, receipts or confirmations from, financial
      intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
      of perfecting such security interest under applicable law.

     

    Accordingly,
      the Depositor hereby grants to the Trustee a security interest in the Deposited
      Assets and all other property described in clause (y)(2) of the preceding
      paragraph, for the purpose of securing to the Trustee the performance by the
      Depositor of the obligations described in clause (y)(3) of the preceding
      paragraph.  Notwithstanding the foregoing, the parties hereto intend
      the Grant pursuant to Section 2.01 to be a true, absolute and unconditional
      sale
      of the Deposited Assets and assets constituting the applicable Trust by the
      Depositor to the Trustee.

     

    (c)           The
      Depositor and the Trustee shall to the extent consistent with this Trust
      Agreement, take such actions as may be necessary to ensure that, if this Trust
      Agreement were deemed to create a security interest in the Deposited Assets,
      such security interest would be deemed to be a perfected security interest
      of
      first priority under applicable law and will be maintained as such for so long
      as any of the Deposited Assets remain outstanding.  Without limiting
      the generality of the foregoing, the Trustee shall file, or shall cause to
      be
      filed, all filings necessary to maintain the effectiveness of any original
      filings necessary under the Uniform Commercial Code as in effect in any
      jurisdiction to perfect the Trustee’s security interest in or lien on the
      Deposited Assets, including (x) continuation statements and (y) such other
      statements as may be occasioned by (1) any change of name of the Depositor
      or
      the Trustee, (2) any change of location of the place of business or the chief
      executive office of the Depositor or (3) any transfer of any interest of the
      Depositor in any Deposited Asset.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
      10.08  Nonpetition Covenant.  Notwithstanding
      any prior termination of this Trust Agreement, each of the Trustee (including
      any Administrative Agent, Authenticating Agent, Calculation Agent, or Paying
      Agent), the Depositor and each Certificateholder agrees that it shall not,
      until
      the date which is one year and one day after the termination of the Trust
      acquiesce, petition or otherwise invoke or cause the Trust 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 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 or all or any part of the property or assets of the Trust or ordering
      the
      winding up or liquidation of the affairs of the Trust.

     

    SECTION
      10.09  No Recourse.  Neither the Trustee
      (including any Administrative Agent, Authenticating Agent, Calculation Agent,
      or
      Paying Agent) nor the Depositor shall have any recourse to the Underlying
      Securities, except for as specifically provided in the related Series
      Supplement.

     

    SECTION
      10.10  Article and Section References.  All
      article and section references used in these Standard Terms, unless otherwise
      provided, are to articles and sections in these Standard Terms.

     

    SECTION
      10.11  Counterparts.  These Standard Terms may
      be executed simultaneously in any number of counterparts, each of which
      counterparts shall be deemed to be an original, and such counterparts shall
      constitute one and the same instrument.

     

    SECTION
      10.12  Trust Indenture Act Controls.  This
      Trust Agreement is subject to the provisions of the Trust Indenture Act and
      shall, to the extent applicable, be governed by such provisions.  The
      Trustee agrees to take all actions within its control to prevent these Standard
      Terms, as supplemented by any Series Supplements, from failing to qualify under
      the Trust Indenture Act.

     

    SECTION
      10.13  Segregation
      Provisions.  (a)  Each Trust established hereunder is a
      legal entity separate and apart from each other Trust established by the
      Depositor under this Agreement or otherwise.

     

    (b)           Pursuant
      to Section 2.01 hereof, each Trust will issue only one Series of securities,
      unambiguously identified with the Underlying Securities unambiguously identified
      on a series-by-series basis in the Basic Documents, and the Underlying
      Securities will be held separate and apart from the Underlying Securities
      relating to any other Series and separate and apart from any property backing
      any other securities caused to be issued by the Depositor.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c)           Any
      swap transaction entered into by a Trust for a Series will be separate from
      any
      other swap transaction for any other Series.

     

    (d)           A
      first priority ownership or, pursuant to Section 10.07 hereof, security interest
      shall be created and perfected over all of the Underlying Securities with
      respect to each Series and it shall be enforceable notwithstanding the related
      Trust’s insolvency.

     

    (e)           The
      Certificateholders of each Series shall have recourse solely to the Deposited
      Assets deposited in the Trust issuing such Series, and not to any Deposited
      Assets or other property deposited in any other Trust.  If the
      foregoing provisions of this paragraph 10.13(e) are unenforceable for any
      reason, or for any reason notwithstanding such provisions any Certificateholder
      with respect to a Series issued by a Trust is deemed to have an interest in
      the
      assets of a different Trust (the “Non-Issuing Trust”) such interest shall be
      subordinate to the interest of the holders of Certificates issued by the
      Non-Issuing Trust.  Such Certificateholders are deemed to agree that
      the preceding sentence constitutes a subordination agreement for purposes of
      Section 510(a) of the Bankruptcy Code.  Creditors of the Depositor,
      and claimants with respect to trusts established pursuant to other instruments,
      shall have no recourse with respect to the assets of any Trust established
      hereunder.

     

    (f)           Except
      as provided in Section 10.02(c) hereof, only the Trustee shall be entitled
      to
      exercise remedies on behalf of the Certificateholders in accordance with the
      related Series Supplement.

     

    (g)           Any
      difference between the amount realized from the Underlying Securities upon
      enforcement of the Underlying Securities and the amount that otherwise would
      have been due pursuant to the related Series Supplement will not constitute
      a
      claim against the related Trust any other Trust, the Depositor, the Trustee
      or
      any of their Affiliates.

     

    (h)           Each
      Trust shall not sell, assign or transfer the Deposited Assets except as
      expressly provided for herein or in the related Series Supplement.

     

    (i)           The
      Depositor agrees that it shall not issue any debt obligations unless it first
      obtains written confirmation from each relevant Rating Agency that such action
      will not result in the reduction, withdrawal or qualification, of the rating
      of
      any outstanding Series of Certificates.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Depositor and the Trustee have caused their names to be
      signed hereto by their respective officers thereunto duly authorized, in each
      case as of the day and year first above written.

     

    
      	 	
              BOND PRODUCTS
                DEPOSITOR LLC,

              as
                Depositor

            	 
	 	 	 	 
	
               

            	
              By:
                

            	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

    

     

    
       

      
        	 	
                [name of
                  Trustee],

                as
                  Trustee

              	 
	 	 	 	 
	
                 

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Reconciliation
      and tie between the Trust Agreement dated as of [ , 200_], and the Trust
      Indenture Act of 1939 as amended.  This reconciliation does not
      constitute part of Trust Agreement.

     

    
      	
              Trust
                Indenture Act

              of
                1939 Section

            	 	
              Trust

              Agreement
                Section

            
	
              310(a)(1)

            	 	
              7.07

            
	
              (a)(2)

            	 	
              7.07

            
	
              (a)(5)

            	 	
              7.07

            
	
              310(b)

            	 	
              7.07

            
	
              312(a)

            	 	
              7.15

            
	
              313(a)

            	 	
              7.17

            
	
              314(a)

            	 	
              3.10

            
	
              (c)(1)

            	 	
              1.03

            
	
              (c)(2)

            	 	
              1.03

            
	
              (e)

            	 	
              1.03

            
	
              315(a)(1)

            	 	
              7.01(a)

            
	
              315(a)(2)

            	 	
              7.03(a)

            
	
              315(b)

            	 	
              7.01(d)

            
	
              315(d)

            	 	
              7.01(c)

            
	
              316(a)(1)(A)

            	 	
              5.19

            
	
              (a)(1)(B)

            	 	
              5.20

            
	
              (b)

            	 	
              5.21

            
	
              (c)

            	 	
              1.03(b)

            
	
              317(a)(1)

            	 	
              5.18

            
	
              (b)

            	 	
              5.13

            
	
              318(a)

            	 	
              10.12

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