Document:

Exhibit 4.1

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

           SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-1 TRUST

                                    between

                            LEHMAN ABS CORPORATION,

                                 as Depositor

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,

                                  as Trustee

                      CORPORATE BACKED TRUST CERTIFICATES

                         Dated as of January 28, 2003

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                               Table of Contents
                                                                          Page

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

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

Section 3.    Designation of Trust and Certificates..........................7

Section 4.    Trust Certificates.............................................8

Section 5.    Distributions..................................................8

Section 6.    Trustee's Fees................................................11

Section 7.    Optional Exchange; Optional Call..............................11

Section 8.    Notices of Events of Default..................................13

Section 9.    Miscellaneous.................................................13

Section 10.   Governing Law.................................................15

Section 11.   Counterparts..................................................16

Section 12.   Termination of the Trust......................................16

Section 13.   Sale of Underlying Securities; Optional Exchange..............16

Section 14.   Amendments....................................................16

Section 15.   Voting of Underlying Securities, Modification of Indenture....17

Section 16.   Additional Depositor Representation...........................18

SCHEDULE I    SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-1 UNDERLYING
              SECURITIES SCHEDULE
EXHIBIT A-1   FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2   FORM OF TRUST CERTIFICATE CLASS A-2
EXHIBIT B     FORM OF WARRANT AGENT AGREEMENT
EXHIBIT C     FORM OF CLASS A-2 CERTIFICATE INVESTMENT LETTER

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                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-1

          SERIES SUPPLEMENT, Sears Roebuck Acceptance Note-Backed Series
2003-1 Trust, dated as of January 28, 2003 (the "Series Supplement"), by and
between LEHMAN ABS CORPORATION, as Depositor (the "Depositor"), and U.S. BANK
TRUST NATIONAL ASSOCIATION, as Trustee (the "Trustee").

                             W I T N E S S E T H:

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

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

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

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

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

     Section 1. Incorporation of Standard Terms. Except as otherwise provided
herein, all of the provisions of the Standard Terms are hereby incorporated
herein by reference in their entirety, and this Series Supplement and the
Standard Terms shall form a single agreement between the parties. In the event
of any inconsistency between the provisions of this Series Supplement and the
provisions of the Standard Terms, the provisions of this Series Supplement
will control with respect to the Sears Roebuck Acceptance Note-Backed Series
2003-1 Certificates and the transactions described herein.

     Section 2. Definitions.

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

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

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

          "Available Funds" shall have the meaning specified in the Standard
Terms.

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

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

          "Call Date" shall mean any Business Day that any Call Warrant holder
designates as a Call Date occurring (i) on or after January 28, 2008, (ii)
after the Underlying Securities Issuer announces that it will redeem
(including as a result of an optional redemption), prepay or otherwise make an
unscheduled payment on the Underlying Securities, (iii) after the Trustee
notifies the Certificateholders of any proposed sale of the Underlying
Securities pursuant to the provisions of this Series Supplement or (iv) on
which a tender offer for some or all of the Underlying Securities is
consummated.

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

          "Call Price" shall mean, for each related Call Date, (i) in the case
of the Class A-1 Certificates, 100% of the outstanding Certificate Principal
Balance of the Class A-1 Certificates being purchased pursuant to the exercise
of the Call Warrants, plus any accrued and unpaid interest on such amount to
but excluding the Call Date and (ii) in the case of the Class A-2 Certificates
being purchased pursuant to the exercise of the Call Warrants, the present
value of all amounts that would otherwise have been payable on the Class A-2
Certificates being purchased pursuant to the exercise of the Call Warrants for
the period from the related Call Date to the Final Scheduled Distribution Date
using a discount rate of 9.0% per annum, assuming no delinquencies, deferrals,
redemptions or prepayments on the Underlying Securities shall occur after the
related Call Date.

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

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

          "Certificates" shall have the meaning set forth in Section 3 hereof.

          "Class A-1 Allocation" shall mean the sum of the present values
(discounted at the rate of 7.25% per annum) of (i) any unpaid interest due or
to become due on the Class A-1 Certificates and (ii) the outstanding
Certificate Principal Balance of the Class A-1 Certificates (in

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each case assuming that the Class A-1 Certificates were paid when due and were
not redeemed or prepaid prior to their stated maturity).

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

          "Class A-2 Allocation" shall mean the present value (discounted at
the rate of 7.25% per annum) of any unpaid principal amounts due or to become
due on the Class A-2 Certificates (assuming that the Class A-2 Certificates
were paid when due and were not redeemed or prepaid prior to their stated
maturity).

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

          "Closing Date" shall mean January 28, 2003.

          "Code" means the Internal Revenue Code of 1986, as amended, and
Treasury Regulations promulgated thereunder.

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

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

          "Currency" shall mean United States Dollars.

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

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

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

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

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

          "Final Scheduled Distribution Date" shall mean June 1, 2032, or, if
such day is not a Business Day, the next succeeding Business Day.

          "Indenture" shall mean the Indenture dated as of May 15, 1995,
between the Underlying Securities Issuer and Underlying Securities Trustee,
pursuant to which the Underlying Securities were issued.

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

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

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

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

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

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

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

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

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

          "Prospectus Supplement" shall mean the Prospectus Supplement, dated
January 16, 2003, relating to the Certificates.

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

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

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

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

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

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

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

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

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

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

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

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

          "Series" shall mean Sears Roebuck Acceptance Note-Backed Series
2003-1.

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

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

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

          "Underlying Securities" shall mean $61,600,000 aggregate principal
amount of 7% Notes due June 1, 2032, issued by the Underlying Securities
Issuer, as set forth in Schedule I attached hereto (subject to Section 3(d)
hereof).

          "Underlying Securities Issuer" shall mean Sears Roebuck Acceptance
Corp.

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          "Underlying Securities Trustee" shall mean JPMorgan Chase Bank.

          "Underwriters" shall mean Lehman Brothers Inc., Wachovia Securities,
Inc. and Prudential Securities Incorporated.

          "Voting Rights" shall, in the entirety, be allocated among all Class
A-1 Certificateholders and Class A-2 Certificateholders in proportion to the
then outstanding Certificate Principal Balances of their respective
Certificates.

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

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

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

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

               "Accounting Date"

               "Administrative Fees"

               "Advance"

               "Allowable Expense Amounts"

               "Basic Documents"

               "Call Premium Percentage"

               "Credit Support"

               "Credit Support Instrument"

               "Credit Support Provider"

               "Cut-off Date"

               "Eligible Expense"

               "Eligible Investment"

               "Exchange Rate Agent"

               "Fixed Pass-Through Rate"

               "Floating Pass-Through Rate"

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               "Guaranteed Investment Contract"

               "Letter of Credit"

               "Limited Guarantor"

               "Limited Guaranty"

               "Minimum Wire Denomination"

               "Notional Amount"

               "Pass-Through Rate"

               "Place of Distribution"

               "Purchase Price"

               "Required Premium"

               "Required Principal"

               "Requisite Reserve Amount"

               "Retained Interest"

               "Sale Procedures"

               "Sub-Administration Account"

               "Sub-Administration Agreement"

               "Sub-Administration Agent"

               "Surety Bond"

               "Swap Agreement"

               "Swap Counterparty"

               "Swap Distribution Amount"

               "Swap Guarantee"

               "Swap Guarantor"

               "Swap Receipt Amount"

               "Swap Termination Payment"

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     Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate Backed Trust Certificates, Sears
Roebuck Acceptance Note-Backed Series 2003-1 Trust." The Certificates
evidencing certain undivided ownership interests therein shall be known as
"Corporate Backed Trust Certificates, Sears Roebuck Acceptance Note-Backed
Series 2003-1." The Certificates shall consist of the Class A-1 Certificates
and the Class A-2 Certificates (together, the "Certificates"). The Trust is
also issuing call warrants with respect to the Certificates ("Call Warrants").

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

     (b) The Class A-1 Certificates have an initial aggregate certificate
principal balance (the "Certificate Principal Balance") of $59,475,000 and the
Class A-2 Certificates are principal-only Certificates, and have an initial
aggregate Certificate Principal Balance of $2,125,000.

     (c) The holders of the Class A-1 Certificates will be entitled to receive
on each Distribution Date the interest, if any, received on the Underlying
Securities, to the extent necessary to pay interest at a rate of 7.25% per
annum on the outstanding Certificate Principal Balance of the Class A-1
Certificates. The holders of the Class A-2 Certificates will not be entitled
to receive interest. On the Distribution Date occurring in June 2003, the
Trustee shall cause the Trust to pay to Lehman ABS an amount equal to interest
accrued and paid on the Underlying Securities from December 1, 2003, to but
not including the Closing Date; provided, however, that in the event an
Optional Exchange shall occur prior to the Distribution Date in June 2003, a
pro rata portion of such amount shall be paid to the Depositor on the Optional
Exchange Date, in accordance with the provisions of Section 7(b)(ix) hereof.
If the Depositor is not paid any such amount on such date, it shall have a
claim for such amount. If Available Funds are insufficient to pay such amount,
the Trustee will pay the Depositor its pro rata share, based on the ratio the
amount owed to the Depositor bears to all amounts owed on the Certificates in
respect of accrued interest, of any proceeds from the recovery on the
Underlying Securities.

     (d) The Depositor may sell to the Trustee additional Underlying
Securities on any date hereafter upon at least three Business Days' notice to
the Trustee (or such shorter period as shall be mutually satisfactory to the
Depositor and the Trustee) and upon (i) satisfaction of the Rating Agency
Condition and (ii) delivery of an Opinion of Counsel to the effect that the
sale of such additional Underlying Securities will not cause the Trust to be
taxed as an association or publicly traded partnership taxable as a
corporation for federal income tax purposes. Each condition to be satisfied
with respect to a sale of Underlying Securities on or prior to the Closing
Date shall be satisfied with respect to a sale of additional Underlying
Securities no later than the

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date of sale thereof, each representation and warranty set forth in the
Standard Terms to be made on the Closing Date shall be made on such date of
sale, and from and after such date of sale, all Underlying Securities held by
the Trustee shall be held on the same terms and conditions. Upon such sale to
the Trustee, the Trustee shall deposit such additional Underlying Securities
in the Certificate Account, and shall authenticate and deliver to the
Depositor, on its order, Class A-1 Certificates and Class A-2 Certificates in
the same proportion as the original Class A-1 Certificates and Class A-2
Certificates, with an aggregate Certificate Principal Balance equal to the
principal amount of such additional Underlying Securities, and the Call
Warrants related thereto as described herein. Any such additional Class A-1
Certificates and Class A-2 Certificates authenticated and delivered shall have
the same terms and rank pari passu with the corresponding classes of
Certificates previously issued in accordance with this Series Supplement.

     (e) No Class A-2 Certificate may be offered, resold, assigned or
otherwise transferred (including by pledge or hypothecation) at any time prior
to (x) the date which is two years or such shorter period of time as permitted
by Rule 144(k) under the Securities Act, after the later of the original issue
date of such Class A-2 Certificates and the last date on which the Depositor
or any "affiliate" (as defined in Rule 144 under the Securities Act) of the
Depositor was the owner of such Class A-2 Certificates (or any predecessor
thereto), or (y) such later date, if any, as may be required by a change in
applicable securities laws (the "Resale Restriction Termination Date") unless
such offer, resale, assignment or transfer is (i) to the Trust, (ii) pursuant
to an effective registration statement under the Securities Act, (iii) to a
qualified institutional buyer (a "QIB"), as such term is defined in Rule 144A
promulgated under the Securities Act ("Rule 144A"), in accordance with Rule
144A or (iv) pursuant to another available exemption from registration
provided under the Securities Act, and, in each of cases (i) through (iv), in
accordance with any applicable securities laws of any state of the United
States and other jurisdictions. Prior to any offer, resale, assignment or
transfer of any Class A-2 Certificates in the manner described in clause (iii)
above, the prospective transferee and the prospective transferor shall be
required to deliver to the Trustee an executed copy of an Investment Letter
with respect to the Class A-2 Certificates to be transferred substantially in
the form of Exhibit C hereto. Prior to any offer, resale, assignment or
transfer of any Class A-2 Certificates in the manner described in clause (iv)
above, the prospective transferee and the prospective transferor shall be
required to deliver to the Trustee documentation certifying that the offer,
resale, assignment or transfer complies with the provisions of said clause
(iv) and, in the event any such Class A-2 Certificate shall then be held in
book entry form and such resale, assignment or transfer shall be to an
Accredited Investor that is not a QIB, the Trustee shall instruct the
Depository to decrease the aggregate principal amount of the Class A-2
Certificates held in book entry form and the Trustee shall authenticate and
deliver one or more Class A-2 Certificates in physical form in an aggregate
principal amount equal to the amount of Class A-2 Certificates resold,
assigned or transferred. In addition to the foregoing, each prospective
transferee of any Class A-2 Certificates in the manner contemplated by clause
(iii) above shall acknowledge, represent and agree as follows:

     (1)  The transferee (x) is a QIB, (y) is aware that the sale to it is
          being made in reliance on Rule 144A and (z) is acquiring such Class
          A-2 Certificates for its own account or for the account of a QIB.

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

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

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

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

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

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

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

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

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     Section 5. Distributions.

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

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

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

               (2) second, to the holders of the Class A-1 Certificates, as
          interest at the rate of 7.25% per annum on the outstanding
          Certificate Principal Balance of the Class A-1 Certificates.

          The Class A-2 Certificates are not entitled to distributions of
          interest.

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

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

          (2)  second, to the holders of the Class A-1 Certificates and the
               Class A-2 Certificates, the remaining available principal
               portion of Available Funds (in an aggregate amount not to
               exceed the outstanding Certificate Principal Balance of the
               Class A-1 Certificates and Class A-2 Certificates) pro rata in
               proportion to their outstanding Certificate Principal Balances.

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

          (iv) the Trustee will pay any Available Funds remaining in the
     Certificate Account after the distributions in clauses 5(a)(i) through
     5(a)(iii) above to the holders of the Class A-1 Certificates and Class
     A-2 Certificates pro rata in proportion to their original Certificate
     Principal Balances.

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

     (b) Notwithstanding the foregoing, if the Underlying Securities are
redeemed (including as a result of an optional redemption), prepaid or
liquidated in whole or in part for any reason other than the cessation of the
Underlying Securities Issuer to file periodic reports as required by the
Exchange Act or at the Final Scheduled Distribution Date, the Trustee shall
apply Available Funds in the manner described in Section 5(f) in the following
order of priority:

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

          (ii) second, to the holders of the Class A-1 Certificates, an amount
     equal to any accrued and unpaid interest thereon;

          (iii) third, to the holders of the Class A-1 Certificates and Class
     A-2 Certificates, pro rata in proportion to their outstanding Certificate
     Principal Balances;

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

          (v) fifth, to the holders of the Class A-1 Certificates and Class
     A-2 Certificates, any amount remaining after the distributions in clauses
     5(b)(i) through 5(b)(iv) above, pro rata in proportion to their original
     Certificate Principal Balances.

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

     (d) If the Trustee receives non-cash property in respect of the
Underlying Securities as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depository, or for any Certificates which are not then held by
DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid to the Warrant Agent. Such notice
shall state that the Trustee shall and the Trustee shall, not later than 30
days after the receipt of such property, allocate and distribute such property
to the holders of Class A-1 Certificates and Class A-2 Certificates then
outstanding and unpaid, pro rata by outstanding Certificate Principal Balance
(after deducting the costs incurred in connection therewith) in accordance
with Section 5(b) hereof. Property other than cash will be liquidated by the
Trustee, and the proceeds thereof distributed in cash, only to the extent
necessary to avoid distribution of fractional securities to
Certificateholders. In-kind distribution of such property to
Certificateholders, based on the market value of such property as of the date
of distribution to Certificateholders, will be deemed to reduce the
Certificate Principal Balance of Certificates on a dollar-for-dollar basis.

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

                                      12

<PAGE>

     (f) If a payment with respect to the Underlying Securities is made to the
Trustee (i) after the payment date of the Underlying Securities on which such
payment was due or (ii) after the Underlying Securities are redeemed, prepaid
or liquidated in whole or in part for any reason other than the cessation of
the Underlying Securities Issuer to file periodic reports as required by the
Exchange Act or at their maturity, then the Trustee will distribute any such
amounts received on the next occurring Business Day (a "Special Distribution
Date") as if the funds had constituted Available Funds on the Distribution
Date immediately preceding such Special Distribution Date; provided, however,
that the Record Date for such Special Distribution Date shall be the Business
Day prior to the day on which the related payment was received from the
Underlying Securities Trustee.

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

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

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

                                      13

<PAGE>

               (iii) The Call Price shall be deducted from the tender offer
     proceeds and paid to the holders of the Class A-1 Certificates and Class
     A-2 Certificates pro rata in accordance with the provisions of Section
     7(d)(v), and the excess of the tender offer proceeds over the Call Price
     shall be paid to the exercising Warrant Holders pro rata in respect to
     their proportionate exercises of Call Warrants or, if the Call Price
     exceeds the tender offer proceeds the amount of such excess shall be paid
     by the exercising Warrant Holders pro rata in respect to their
     proportionate exercises of Call Warrants.

               (iv) If fewer than all tendered Underlying Securities are
     accepted for payment and paid for, (A) the amount of Call Warrants
     exercised shall be reduced to an amount that corresponds to a number of
     Class A-1 and Class A-2 Certificates that could be exchanged in an Optional
     Exchange for the Underlying Securities accepted for payment and paid for
     (without regard to any restrictions on the amount to be exchanged, so long
     as such restrictions would have been satisfied had all tendered Underlying
     Securities been accepted for payment and paid for); (B) each Warrant
     Holder's exercise shall be reduced by its share (proportionate to the
     amount specified in its exercise notice) of the amount of Underlying
     Securities not accepted for payment and paid for; (C) the Call Price
     shall be determined after giving effect to the reduction specified in
     clause (B); (D) the Call Warrants that relate to the reduction specified
     in clause (B) shall remain outstanding; and (E) the excess of the tender
     offer proceeds over the Call Price shall be allocated in proportion to
     the amount of Call Warrants deemed exercised as set forth in clause (A)
     above or, if the Call Price exceeds the tender offer proceeds the amount
     of such excess shall be paid by the exercising Warrant Holders pro rata
     in respect to their proportionate exercises of Call Warrants.

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

     Section 6. Trustee's Fees.

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

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

                                      14

<PAGE>

Trustee shall not file any claim against the Trust therefor notwithstanding
failure of Certificateholders to reimburse the Trustee.

     Section 7. Optional Exchange; Optional Call.

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

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

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

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

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

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

          (v) If the Certificateholder is the Depositor or any Affiliate of
     the Depositor, (1) the Trustee shall have received a certification from
     the Certificateholder that any Certificates being surrendered have been
     held for at least six months, and (2) the Certificates being surrendered
     may represent no more than 5% (or 25% in the case of

                                      15

<PAGE>

     Certificates acquired by the Underwriters but never distributed to
     investors) of the then outstanding Certificates.

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

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

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

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

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

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

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

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

                                      16

<PAGE>

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

          (iv) Delivery of a Call Notice does not give rise to an obligation
     on the part of the Warrant Holder to pay the Call Price. If, by 10:00
     a.m. (New York City time) on the Call Date, the Warrant Holder has not
     paid the Call Price (except in connection with a Call Notice relating to
     a tender offer for or redemption of the Underlying Securities), then the
     Call Notice shall automatically expire and none of the Warrant Holder,
     the Warrant Agent or the Trustee shall have any obligation with respect
     to the Call Notice. The expiration of a Call Notice shall in no way
     affect the Warrant Holder's right to deliver a Call Notice at a later
     date. The Call Price for a call in connection with a tender offer or
     redemption shall be deducted from the proceeds of a tender offer or
     redemption by the Trust pursuant to Section 5(h)(iii) and 7(d)(iii), as
     applicable.

          (v) Subject to receipt of the Call Price, the Trustee shall pay
     the Call Price to the Certificateholders on the Call Date. The Call Price
     for Class of Certificates in respect of partial calls shall be allocated
     pro rata to the Certificateholders of such Class.

          (vi) The Trustee shall not consent to any amendment or modification
     of this Agreement (including the Standard Terms) which would adversely
     affect the Warrant Holders (including, without limitation, any alteration
     of the timing or amount of any payment of the Call Price or any other
     provision of this Agreement in a manner adverse to the Warrant Holders)
     without the prior written consent of 100% of the Warrant Holders. For
     purposes of this clause, no amendment, modification or supplement
     required to provide for any purchase by the Trustee of additional
     Underlying Securities and authentication and delivery by the Trustee of
     additional certificates and call warrants pursuant to Section 3(d) shall
     be deemed to adversely affect the Warrant Holders.

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

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

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

     (g) (i) If the Trustee receives notice of a redemption by the Underlying
Securities Issuer for some or all of the Underlying Securities, the Trustee
shall, within three Business Days,

                                      17

<PAGE>

notify the Warrant Agent and forward to the Warrant Agent copies of all
materials received by the Trustee in connection therewith. Any Warrant Holder
that desires to call Underlying Securities in connection with a redemption by
the Underlying Securities Issuer shall send a Call Notice to the Trustee no
later than seven Business Days prior to the date such Underlying Securities
are to be redeemed.

          (ii) The Call Date and Optional Exchange Date for any exercise of
     Call Warrants in connection with a redemption by the Underlying
     Securities Issuer shall be deemed to be the Business Day on which such
     Underlying Securities are redeemed by the Underlying Securities Issuer.

          (iii) The Call Price shall be deducted from the redemption proceeds
     and paid to the holders of the Class A-1 Certificates and Class A-2
     Certificates pro rata in accordance with the provisions of Section
     7(d)(v), and the excess of the redemption proceeds over the Call Price
     shall be paid to the exercising Warrant Holders pro rata in respect to
     their proportionate exercises of Call Warrants.

          (iv) If fewer than all Underlying Securities are redeemed by the
     Underlying Securities Issuer and the amount of Call Warrants exercised
     corresponds to a number of Class A-1 and Class A-2 Certificates that
     could be exchanged in an Optional Exchange for a principal amount of
     Underlying Securities that exceeds the principal amount of Underlying
     Securities actually redeemed, then, unless otherwise directed by any
     exercising Warrant Holder, (A) the amount of Call Warrants exercised
     shall be reduced to an amount that corresponds to a number of Class A-1
     and Class A-2 Certificates that could be exchanged in an Optional
     Exchange for the principal amount of Underlying Securities redeemed by
     the Underlying Securities Issuer (without regard to any restrictions on
     the amount to be exchanged); (B) each Warrant Holder's exercise shall be
     reduced by its share (proportionate to the amount specified in its
     exercise notice) of the amount of such excess; (C) the Call Price shall
     be determined after giving effect to the reduction specified in clause
     (B); (D) the Call Warrants that relate to the reduction specified in
     clause (B) shall remain outstanding; and (E) the excess of the redemption
     proceeds over the Call Price shall be allocated in proportion to the
     amount of Call Warrants deemed exercised as set forth in clause (A)
     above.

          (v) If the Underlying Securities are not redeemed by the Underlying
     Securities Issuer for any reason, then (1) the Call Notices will be of no
     further force and effect, and (2) any Call Warrants relating to such Call
     Notices will not be exercised and will remain outstanding.

     Section 8. Notices of Events of Default.

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

                                      18

<PAGE>

such notice if in good faith it determines that the withholding of such notice
is in the interest of the Certificateholders.

     Section 9. Miscellaneous.

     (a) The provisions of Section 4.04, Advances, of the Standard Terms shall
not apply to the Sears Roebuck Acceptance Note-Backed Series 2003-1
Certificates.

     (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the Sears Roebuck Acceptance Note-Backed Series
2003-1 Certificates.

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

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

     (e) The provisions of Section 3.07(d) of the Standard Terms shall not
apply to the Sears Roebuck Acceptance Note-Backed Series 2003-1 Certificates.

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

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

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

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

     (j) In the event that the Internal Revenue Service challenges the
characterization of the Trust as a grantor trust, the Trustee shall then file
such forms as the Depositor may specify to establish the Trust's election
pursuant to Section 761 of the Code to exclude the Trust from the

                                      19

<PAGE>

application of Subchapter K of the Code and is hereby empowered to execute
such forms on behalf of the Certificateholders.

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

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

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

     (n) The Trustee shall promptly notify each Rating Agency upon its
obtaining actual knowledge of the occurrence of a Defeasance (as defined in
the Indenture) with respect to the Underlying Securities Issuer.

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

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

          If to the Depositor, to:

                Lehman ABS Corporation
                745 Seventh Avenue
                New York, New York 10019
                Attention: Structured Credit Trading
                Telephone: (212) 526-6575
                Facsimile: (212) 524-5451

          If to the Trustee or the Warrant Agent, to:

                U.S. Bank Trust National Association
                100 Wall Street
                New York, New York 10005
                Attention: Corporate Trust
                Telephone: (646) 835-5500
                Facsimile: (646) 835-5541

          If to the Rating Agencies, to:

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

                                      20

<PAGE>

          and to:

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

          If to the New York Stock Exchange, to:

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

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

     (q) The provisions of Section 2.01(d)(iii) of the Standard Terms shall
not apply to the Sears Roebuck Acceptance Note-Backed Series 2003-1
Certificates and the following shall be deemed to be inserted in its place:

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

     (r) A Plan (as herein defined) fiduciary, whether or not a
Certificateholder at such time, may request in writing that the Trustee
provide such Plan fiduciary with such information as shall be necessary for it
to determine whether any of the Call Warrant holders is (i) a "party in
interest" (within the meaning of ERISA, Section 3(14)); or (ii) a
"disqualified person" within the meaning of Internal Revenue Code ("Code")
Section 4975(e)(2) with respect to any employee benefit plan or Plan
identified to the Trustee by such Plan fiduciary at the time such request is
made in order for the Plan fiduciary to determine whether an investment in the
Certificates by such Plan is or would be permissible under ERISA or the Code.
Any such written request of a Plan fiduciary shall be accompanied by a
certification of the Plan fiduciary, opinion of counsel experienced in such
issues, and such other documentation as the Trustee may require, in order to

                                      21

<PAGE>

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

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

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

     Section 12. Termination of the Trust. The Trust shall terminate upon the
earliest to occur of (i) the payment in full at maturity or sale by the Trust
after a payment default or an acceleration or other early payment of the
Underlying Securities and the distribution in full of all amounts due to the
Class A-1 Certificateholders and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call Warrants by the Warrant Holder; (iii) the
Final Scheduled Distribution Date and (iv) the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James, living on the date
hereof.

     Section 13. Sale of Underlying Securities; Optional Exchange. In the
event of a sale of the Underlying Securities pursuant to Section 5(c) hereof
or pursuant to the instructions of the Warrant Agent under Section 1.2 of the
Warrant Agent Agreement, the Trustee shall solicit bids for the sale of the
Underlying Securities with settlement thereof on or before the third (3rd)
Business Day after such sale from three leading dealers in the relevant
market. Any of the following dealers (or their successors) shall be deemed to
qualify as leading dealers: (1) Credit Suisse First Boston Corporation, (2)
Goldman, Sachs & Co., (3) Merrill Lynch, Pierce, Fenner & Smith Incorporated,
(4) UBS Warburg LLC, (5) Salomon Smith Barney Inc., and (6) except in the case
of a sale related to the exercise of Call Warrants by the Depositor or any
Affiliate thereof, Lehman Brothers Inc. The Trustee shall not be responsible
for the failure to obtain a bid

                                      22

<PAGE>

so long as it has made reasonable efforts to obtain bids. If a bid for the
sale of the Underlying Securities has been accepted by the Trustee but the
sale has failed to settle on the proposed settlement date, the Trustee shall
request new bids from such leading dealers. In the event of an Optional
Exchange, the Trustee shall only deliver the Underlying Securities to the
purchaser of such Underlying Securities or sell the Underlying Securities
pursuant to this Section 13, as the case may be, against payment in same day
funds deposited into the Certificate Account.

     Section 14. Amendments. Notwithstanding anything in the Trust Agreement
to the contrary, in addition to the other restrictions on modification and
amendment contained therein, 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. Unless otherwise agreed, the Trustee shall provide five
Business Days written notice to each Rating Agency before entering into any
amendment or modification of the Trust Agreement pursuant to this Section 14.

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

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

                                      23

<PAGE>

shall have no liability for any failure to act resulting from
Certificateholders' late return of, or failure to return, directions requested
by the Trustee from the Certificateholders.

     (b) In the event that an offer is made by the Underlying Securities
Issuer to issue new obligations in exchange and substitution for any of the
Underlying Securities, pursuant to a plan for the refunding or refinancing of
the outstanding Underlying Securities or any other offer is made for the
Underlying Securities, the Trustee shall notify the Class A-1
Certificateholders, Class A-2 Certificateholders and the Warrant Holders of
such offer promptly. Subject to the rights of the Warrant Holders to exercise
Call Warrants in connection with a tender offer or Change of Control Offer for
the Underlying Securities, the Trustee must reject any such offer unless the
Trustee is directed by the affirmative vote of the holders of 100% of the
Class A-1 Certificates, Class A-2 Certificates and Call Warrants to accept
such offer and the Trustee has received the tax opinion described above. If
pursuant to the preceding sentence, the Trustee accepts any such offer the
Trustee shall promptly notify the Rating Agencies.

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

     (d) Subject to the rights of the Warrant Holders pursuant to Section 5(i)
hereof, the Trustee shall not tender Underlying Securities on behalf of the
Trust in connection with a Change of Control Offer, regardless of any vote or
direction of the Certificateholders to the contrary.

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

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

                                      24

<PAGE>

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

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

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

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

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

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

                                      25

<PAGE>

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

                                   LEHMAN ABS CORPORATION,
                                     as Depositor

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

                                   U.S. BANK TRUST NATIONAL ASSOCIATION,
                                     not in its individual capacity
                                     but solely as Trustee on behalf
                                     of the Corporate Backed Trust Certificates
                                     Sears Roebuck Acceptance Note-Backed Series
                                     2003-1 Trust

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

                                      26

<PAGE>

                                                                     SCHEDULE I

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-1

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:                  7% Debentures due June 1, 2032

Issuer:                                 Sears Roebuck Acceptance Corp.

CUSIP Number:                           81240BK6

Principal Amount Deposited:             $61,600,000

Original Issue Date:                    May 29, 2002.

Principal Amount of
Underlying Securities
Originally Issued:                      $1,000,000,000

Maturity Date:                          June 1, 2032

Interest Rate:                          7% per annum.

Interest Payment Dates:                 June 1st and December 1st.

                                     I-1
<PAGE>

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

                             CLASS A-1 CERTIFICATE
                             ---------------------

NUMBER 1                                        2,379,000 $25 PAR CERTIFICATES
                                                         CUSIP NO. 21988G 33 8

                      SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

                                    A-1-1
<PAGE>

                            LEHMAN ABS CORPORATION

                                   2,379,000

                     CORPORATE BACKED TRUST CERTIFICATES,

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-1

7.25% INTEREST RATE

evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$61,600,000 aggregate principal amount of 7.00% Notes due June 1, 2032, issued
by Sears Roebuck Acceptance Corp. (the "Underlying Securities Issuer") and all
payments received thereon (the "Trust Property"), deposited in trust by Lehman
ABS Corporation (the "Depositor").

        THIS CERTIFIES THAT CEDE & CO. is the registered owner of 2,379,000
Corporate Backed Trust Certificates, Sears Roebuck Acceptance Note-Backed
Series 2003-1 Trust (the "Trust"), having an aggregate Certificate Principal
Balance of $59,475,000, representing a nonassessable, fully-paid,
proportionate undivided beneficial ownership interest in the Trust, formed by
the Depositor.

        The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Sears Roebuck Acceptance
Note-Backed Series 2003-1, dated as of January 28, 2003 (the "Series
Supplement" and, together with the Standard Terms, the "Trust Agreement"),
between the Depositor and the Trustee. This Certificate does not purport to
summarize the Trust Agreement and reference is hereby made to the Trust
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee with respect hereto. A copy of the Trust Agreement
may be obtained from the Trustee by written request sent to the Corporate
Trust Office. Capitalized terms used but not defined herein have the meanings
assigned to them in the Trust Agreement.

        This Certificate is one of the duly authorized Certificates designated
as the "Corporate Backed Trust Certificates, Sears Roebuck Acceptance
Note-Backed Series 2003-1, Class A-1" (herein called the "Certificates"). This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. The Trust Property consists of: (i) Underlying Securities
described in the Trust Agreement, and (ii) all payments on or collections in
respect of the Underlying Securities accrued on or after January 28, 2003;
provided, however, that any income from the investment of Trust funds in
certain permitted investments ("Eligible Investments") does not constitute
Trust Property.

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

                                    A-1-2
<PAGE>

Person in whose name this Certificate is registered on the applicable Record
Date, in an amount equal to such Certificateholder's proportionate undivided
beneficial ownership interest in the amount required to be distributed to the
Holders of the Certificates on such Distribution Date. The Record Date
applicable to any Distribution Date is the close of business on the day
immediately preceding such Distribution Date (whether or not a Business Day).
If a payment with respect to the Underlying Securities is made to the Trustee
after the date on which such payment was due, then the Trustee will distribute
any such amounts received on the next occurring Business Day (a "Special
Distribution Date").

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

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

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

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

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

                                    A-1-3
<PAGE>

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

                                 CORPORATE BACKED TRUST
                                 CERTIFICATES, SEARS ROEBUCK
                                 ACCEPTANCE NOTE-BACKED SERIES 2003-1
                                 TRUST

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

                                 By:__________________________________________
                                     Authorized Signatory

Dated:  January 28, 2003

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is on one of the Corporate Backed Trust Certificates, Sears Roebuck
Acceptance Note-Backed Series 2003-1, described in the Trust Agreement
referred to herein.

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

By:______________________________
    Authorized Signatory

                                    A-1-4
<PAGE>

                           (REVERSE OF CERTIFICATE)

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

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

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

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

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

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

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

The Trust and the obligations of the Depositor and the Trustee created by the
Trust Agreement with respect to the Certificates shall terminate upon the
earliest to occur of (i) the payment in full at maturity or sale by the Trust
after a payment default or an acceleration or other early payment of the
Underlying Securities and the distribution in full of all amounts due to the
Class A-1 Certificateholders and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call

                                    A-1-5
<PAGE>

Warrants by the Warrant Holder; (iii) the Final Scheduled Distribution Date
and (iv) the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the Court of St. James, living on the date hereof.

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

                                    A-1-6
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                                   *

                                                         Signature Guaranteed:

                                                                   *

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

                                    A-1-7

<PAGE>

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

                             CLASS A-2 CERTIFICATE

NUMBER 1                                                CUSIP NO. 21988G CD 6

                      SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

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

                                    A-2-1
<PAGE>

                            LEHMAN ABS CORPORATION

                     CORPORATE BACKED TRUST CERTIFICATES,

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-1

                          $2,125,000 PRINCIPAL AMOUNT

evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$61,600,000 aggregate principal amount of 7.00% Notes due June 1, 2032, issued
by Sears Roebuck Acceptance Corp. (the "Underlying Securities Issuer") and all
payments received thereon (the "Trust Property"), deposited in trust by Lehman
ABS Corporation (the "Depositor").

        THIS CERTIFIES THAT CEDE & CO. is the registered owner of 21.25
Corporate Backed Trust Certificates, Sears Roebuck Acceptance Note-Backed
Series 2003-1 Trust (the "Trust"), having an aggregate Certificate Principal
Balance of $2,125,000, representing a nonassessable, fully-paid, proportionate
undivided beneficial ownership interest in the Trust, formed by the Depositor.

        The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Sears Roebuck Acceptance
Note-Backed Series 2003-1, dated as of January 28, 2003 (the "Series
Supplement" and, together with the Standard Terms, the "Trust Agreement"),
between the Depositor and the Trustee. This Certificate does not purport to
summarize the Trust Agreement and reference is hereby made to the Trust
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee with respect hereto. A copy of the Trust Agreement
may be obtained from the Trustee by written request sent to the Corporate
Trust Office. Capitalized terms used but not defined herein have the meanings
assigned to them in the Trust Agreement.

        This Certificate is one of the duly authorized Certificates designated
as the "Corporate Backed Trust Certificates, Sears Roebuck Acceptance
Note-Backed Series 2003-1, Class A-2" (herein called the "Certificates"). This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. The Trust Property consists of: (i) Underlying Securities
described in the Trust Agreement, and (ii) all payments on or collections in
respect of the Underlying Securities accrued on or after January 28, 2003;
provided, however, that any income from the investment of Trust funds in
certain permitted investments ("Eligible Investments") does not constitute
Trust Property.

        Subject to the terms and conditions of the Trust Agreement (including
the availability of funds for distributions) and until the obligation created
by the Trust Agreement shall have

                                    A-2-2
<PAGE>

terminated in accordance therewith, no distributions of interest will be made
on this Certificate on any Distribution Date.

        Subject to the terms and conditions of the Trust Agreement (including
the availability of funds for distributions) and until the obligation created
by the Trust Agreement shall have terminated in accordance therewith, the
Trust will distribute on the Final Scheduled Distribution Date, to the Person
in whose name this Certificate is registered on the applicable Record Date, an
amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Final Scheduled Distribution Date.

        The Record Date applicable to the Final Scheduled Distribution Date is
the close of business on the day immediately preceding such Final Scheduled
Distribution Date (whether or not a Business Day). If a payment with respect
to the Underlying Securities is made to the Trustee after the date on which
such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day (a "Special Distribution Date").

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

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

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

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

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

                                    A-2-3
<PAGE>

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

                                    A-2-4
<PAGE>

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

                                   CORPORATE BACKED TRUST
                                   CERTIFICATES, SEARS ROEBUCK
                                   ACCEPTANCE NOTE-BACKED SERIES 2003-1
                                   TRUST

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

                                   By:______________________________________
                                             Authorized Signatory

Dated: January 28, 2003

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is on one of the Corporate Backed Trust Certificates, Sears
Roebuck Acceptance Note-Backed Series 2003-1, described in the Trust Agreement
referred to herein.

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

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

                                    A-2-5
<PAGE>

                           (REVERSE OF CERTIFICATE)

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

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

        The Certificates are issuable in fully registered form only in
denominations of $100,000.

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

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

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

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

                                    A-2-6
<PAGE>

        The Trust and the obligations of the Depositor and the Trustee created
by the Trust Agreement with respect to the Certificates shall terminate upon
the earliest to occur of (i) the payment in full at maturity or sale by the
Trust after a payment default or an acceleration or other early payment of the
Underlying Securities and the distribution in full of all amounts due to the
Class A-1 Certificateholders and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call Warrants by the Warrant Holder; (iii) the
Final Scheduled Distribution Date and (iv) the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James, living on the date
hereof.

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

                                    A-2-7
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                                   *

                                                          Signature Guaranteed:

                                                                   *

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

                                    A-2-8

<PAGE>

                                   EXHIBIT B
                        FORM OF WARRANT AGENT AGREEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

                     SEARS ROEBUCK ACCEPTANCE NOTE-BACKED
                              SERIES 2003-1 TRUST

        WARRANT AGENT AGREEMENT, dated as of January 28, 2003 (the "Warrant
Agent Agreement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the "Trustee")
and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the "Warrant
Agent").

                             W I T N E S S E T H:

        WHEREAS, the Depositor created Corporate Backed Trust Certificates,
Sears Roebuck Acceptance Note-Backed Series 2003-1 Trust (the "Trust"), a
trust created under the laws of the State of New York pursuant to a Standard
Terms for Trust Agreements, dated as of January 16, 2001 (the "Agreement"),
between the Depositor and U.S. Bank Trust National Association, a national
banking association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Sears Roebuck Acceptance
Note-Backed Series 2003-1, dated as of January 28, 2003, (the "Series
Supplement" and, together with the Agreement, the "Trust Agreement"), between
the Depositor and the Trustee; and

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

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

                                  ARTICLE I

                           EXERCISE OF CALL WARRANTS

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

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

                                     B-1
<PAGE>

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

             (iii) Except as otherwise provided herein in connection with a
        Call Notice relating to a tender offer for or redemption of the
        Underlying Securities, the Warrant Holder shall have made payment to
        the Warrant Agent, by wire transfer or other immediately available
        funds acceptable to the Warrant Agent, in the amount of the Call
        Price, no later than 10:00 a.m. (New York City time) on the Call
        Date.

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

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

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

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

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

                                      B-2
<PAGE>

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

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

        (a) if Call Warrants are being exercised by any Warrant Holder other
than the Depositor or any Affiliate of the Depositor, to cause the Called
Certificates to reflect the Warrant Holder's beneficial ownership of such
Certificates and if such Call Notice is also deemed to be a notice of Optional
Exchange, to cause a distribution of Underlying Securities to the Warrant
Holder in accordance with Section 7(a) of the Series Supplement, provided,
however, that if such a Call Notice and Optional Exchange is in connection
with a tender offer, the Warrant Agent shall instruct the Trustee to
distribute to the exercising Warrant Holder the excess of the tender offer or
redemption proceeds over the Call Price pursuant to Sections 5(h)(iii) and
7(g)(iii), as applicable, of the Series Supplement, or

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

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

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

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

      Section 1.4 No Rights as Holder of Certificates Conferred by Call
Warrants. Prior to the exercise thereof, Call Warrants shall not entitle the
Warrant Holder to any of the rights of a holder of the Certificates,
including, without limitation, the right to receive the payment of any

                                      B-3
<PAGE>

amount on or in respect of the Certificates or to enforce any of the covenants
of the Trust Agreement.

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

                                  ARTICLE II

                           RESTRICTIONS ON TRANSFER

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

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

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

                                 ARTICLE III

               REGISTRATION AND TRANSFER OF CALL WARRANTS, ETC.

      Section 3.1 Warrant Register; Ownership of Call Warrants. The Warrant
Agent will keep a register in which the Warrant Agent will provide for the
registration of Call Warrants and the registration of transfers of Call
Warrants representing numbers of Call Warrants. The Trustee and the Warrant
Agent may treat the Person in whose name any Call Warrant is registered on
such register as the owner thereof for all purposes, and the Trustee and the
Warrant Agent shall not be affected by any notice to the contrary.

      Section 3.2 Transfer and Exchange of Call Warrants. (a) No Call Warrant
may be offered, resold, assigned or otherwise transferred (including by pledge
or hypothecation) at any

                                     B-4
<PAGE>

time prior to (x) the date which is two years or such shorter period of time
as permitted by Rule 144(k) under the Securities Act after the later of the
original issue date of such Call Warrants and the last date on which the
Depositor or any "affiliate" (as defined in Rule 144 under the Securities Act)
of the Depositor was the owner of such Call Warrant (or any predecessor
thereto) or (y) such later date, if any, as may be required by a change in
applicable securities laws (the "Resale Restriction Termination Date") unless
such offer, resale, assignment or transfer is (i) to the Trust, (ii) pursuant
to an effective registration statement under the Securities Act, (iii) to a
qualified institutional buyer (a "QIB"), as such term is defined in Rule 144A
promulgated under the Securities Act ("Rule 144A"), in accordance with Rule
144A or (iv) pursuant to another available exemption from registration
provided under the Securities Act, and, in each of cases (i) through (iv), in
accordance with any applicable securities laws of any state of the United
States and other jurisdictions. Prior to any offer, resale, assignment or
transfer of any Call Warrant in the manner described in clause (iii) above,
the prospective transferee and the prospective transferor shall be required to
deliver to the Trustee an executed copy of an Investment Letter with respect
to the Call Warrants to be transferred substantially in the form of Exhibit C
to the Series Supplement. Prior to any offer, resale, assignment or transfer
of any Call Warrants in the manner described in clause (iv) above, the
prospective transferee and the prospective transferor shall be required to
deliver to the Trustee documentation certifying that the offer, resale,
assignment or transfer complies with the provisions of said clause (iv). In
addition to the foregoing, each prospective transferee of any Call Warrants in
the manner contemplated by clause (iii) above shall acknowledge, represent and
agree as follows:

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

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

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

        (b) Upon surrender of any Call Warrants for registration of transfer
or for exchange to the Warrant Agent, the Warrant Agent shall (subject to
compliance with Article II) promptly execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in exchange therefor,
a new Call Warrant of like tenor and evidencing a like number of Call

                                     B-5
<PAGE>

Warrants, in the name of such Warrant Holder or as such Warrant Holder (upon
payment by such Warrant Holder of any applicable transfer taxes or government
charges) may direct; provided that as a condition precedent for transferring
the Call Warrants, the prospective transferee shall deliver to the Trustee and
the Depositor an executed copy of the Investment Letter (set forth as Exhibit
C to the Series Supplement), if the same is required pursuant to the
provisions of clause (a) above.

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

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

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

                                  ARTICLE IV

                                  DEFINITIONS

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

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

      "Call Date": Any Business Day (i) on or after January 28, 2008, (ii)
after the Underlying Securities Issuer announces that it will redeem (in whole
or in part), prepay or otherwise make an unscheduled payment on the Underlying
Securities, (iii) after the Trustee notifies the Certificateholders of any
proposed sale of the Underlying Securities pursuant to the provisions of the
Series Supplement or (iv) on which a tender offer for some or all of the
Underlying Securities is consummated.

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

      "Call Price": For each related Call Date, (i) in the case of the Class
A-1 Certificates, 100% of the outstanding Certificate Principal Balance of the
Class A-1 Certificates being purchased pursuant to the exercise of the Call
Warrants, plus any accrued and unpaid interest on such amount to but excluding
the Call Date and (ii) in the case of the Class A-2 Certificates

                                     B-6
<PAGE>

being purchased pursuant to the exercise of the Call Warrants, the present
value of all amounts that would otherwise have been payable on the
Class A-2 Certificates being purchased pursuant to the exercise of the Call
Warrants for the period from the related Call Date to the Final Scheduled
Distribution Date using a discount rate of 9.0% per annum, assuming no
delinquencies, deferrals, redemptions or prepayments on the Underlying
Securities shall occur after the related Call Date.

      "Call Warrant": As defined in the recitals.

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

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

      "Closing Date": January, 28, 2003.

      "Depositor": As defined in the recitals.

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

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

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

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

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

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

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

      "Trust": As defined in the recitals.

      "Trust Agreement": As defined in the recitals.

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

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

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

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

                                     B-7
<PAGE>

                                  ARTICLE V

                                 WARRANT AGENT

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

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

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

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

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

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

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

        (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President,
a Managing Director, its Treasurer, an Assistant Treasurer, its

                                     B-8
<PAGE>

Secretary or an Assistant Secretary of the Depositor, and any Responsible
Officer of the Trustee, and to apply to such officers for advice or
instructions in connection with its duties, and it shall not be liable for
any action taken or suffered to be taken by it in good faith in accordance
with instructions of any such officer.

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

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

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

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

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

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

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

                                     B-9
<PAGE>

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

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

                                  ARTICLE VI

                                 MISCELLANEOUS

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

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

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

                                     B-10
<PAGE>

      Section 6.4 Amendment. (a) This Warrant Agent Agreement may be amended
from time to time by the Depositor, the Trustee and the Warrant Agent without
the consent of any Warrant Holder, upon receipt of an opinion of counsel
satisfactory to the Warrant Agent that the provisions hereof have been
satisfied and that such amendment would not cause the Trust to be taxed as an
association or publicly traded partnership taxable as a Corporation under the
Code, for any of the following purposes: (i) to cure any ambiguity or to
correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein or to provide for any other terms
or modify any other provisions with respect to matters or questions arising
under the Call Warrant which shall not adversely affect in any material
respect the interests of the Warrant Holder or any holder of a Certificate;
provided, however that no amendment altering the timing or amount of any
payment of the Call Price shall be effected without the consent of each
Warrant Holder; or (ii) to evidence and provide for the acceptance of
appointment hereunder of a Warrant Agent other than U.S. Bank Trust National
Association.

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

        (c) Promptly after the execution of any such amendment or
modification, the Warrant Agent shall furnish a copy of such amendment or
modification to each Warrant Holder, to the Trustee and to the Rating
Agencies. It shall not be necessary for the consent of Warrant Holders or
holders of Certificates under this Section to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall
approve the substance thereof. The manner of obtaining such consents and of
evidencing the authorization of the execution thereof shall be subject to such
reasonable regulations as the Warrant Agent may prescribe.

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

                                     B-11
<PAGE>

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

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

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

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

                                     B-12
<PAGE>

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

                                  LEHMAN ABS CORPORATION,
                                   as Depositor

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

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

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

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

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

                                     B-13

<PAGE>

                                   EXHIBIT C

                FORM OF CLASS A-2 CERTIFICATE INVESTMENT LETTER

             QUALIFIED INSTITUTIONAL BUYER AND ACCREDITED INVESTOR

                                                Dated:

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

Lehman ABS Corporation
  as Initial Purchaser
745 Seventh Avenue
New York, New York 10019

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

Ladies and Gentlemen:

          In connection with our proposed purchase of $______________
aggregate principal amount of Class A-2 Certificates (the "Class A-2
Certificates") representing an interest in the Corporate Backed Trust
Certificates, Sears Roebuck Acceptance Note-Backed Series 2003-1 Trust (the
"Trust"), the undersigned, by executing this letter (the "Purchaser") confirms
that:

1.   The Purchaser understands that substantial risks are involved in an
     investment in the Class A-2 Certificates. The Purchaser represents that,
     in making its investment decision to acquire the Class A-2 Certificates,
     the Purchaser has not relied on representations, warranties, opinions,
     projections, financial or other information or analysis, if any, supplied
     to it by any person or entity, including the Initial Purchaser, the
     Depositor, or the Trustee, or any of your or their affiliates, except as
     expressly contained in written information, if any. The Purchaser has
     such knowledge and experience in financial and business matters as to be
     capable of evaluating the merits and risks of an investment in the Class
     A-2 Certificates, and the Purchaser is able to bear the substantial
     economic risks of such an investment. The Purchaser has relied upon its
     own tax, legal and financial advisors in connection with its decision to
     purchase the Class A-2 Certificates.

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

                                     C-1

<PAGE>

     (i) (A) a "Qualified Institutional Buyer" (as defined in Rule 144A under
     the Securities Act of 1933, as amended (the "1933 Act" and "Rule 144A"))
     and has delivered to you the certification contained herein as to the
     fact that it is a Qualified Institutional Buyer and (B) acquiring the
     Class A-2 Certificates for its own account or for the account of an
     investor of the type described in clause (A) above as to each of which
     the Purchaser exercises sole investment discretion. The Purchaser is
     aware that the Class A-2 Certificates are being sold to it in reliance on
     the exemption from the provisions of Section 5 of the 1933 Act provided
     buy Rule 144A. The Purchaser is purchasing the Class A-2 Certificates for
     investment purposes and not with a view to, or for, the offer or sale in
     connection with, a public distribution or in any other manner that would
     violate the 1933 Act or the securities or blue sky laws of any state of
     the United States; or

     (ii) an Accredited Investor and, if the Class A-2 Certificates are to be
     purchased for one or more accounts ("investor accounts") for which it is
     acting as fiduciary or agent, each such investor account is an Accredited
     Investor on a like basis; in the normal course of its business, such
     purchaser invests in or purchases securities similar to the Class A-2
     Certificates and such purchaser has such knowledge and experience in
     financial and business matters that such purchaser is capable of
     evaluating the merits and risks of purchasing any of the Class A-2
     Certificates and such purchaser is aware that such purchaser (or any such
     investor account) may be required to bear the economic risk of an
     investment in the Class A-2 Certificates for an indefinite period of time
     and such purchaser (or such investor account) is able to bear such risk
     for an indefinite period and such purchaser has agreed to deliver a
     letter substantially in the form of Exhibit C to the Series Supplement to
     the Initial Purchaser.

3.   The Purchaser understands that the Class A-2 Certificates are being
     offered in a transaction not involving any public offering in the United
     States within the meaning of the 1933 Act, that the Class A-2
     Certificates have not been and will not be registered under the 1933 Act
     or under the securities or blue sky laws of any state, and that (i) if in
     the future it decides to offer, resell, pledge or otherwise transfer the
     Class A-2 Certificates, such Class A-2 Certificates shall only be
     offered, resold, assigned or otherwise transferred (A) to the Trust, (B)
     pursuant to an effective registration statement under the Securities Act,
     (C) to a QIB, in accordance with Rule 144A, (D) to any person or entity
     (including an Accredited Investor within the meaning of Rule 501(a) under
     the Securities Act) pursuant to another available exemption from
     registration provided under the Securities Act, and, in each of cases (A)
     through (D), in accordance with any applicable securities laws of any
     state of the United States and other jurisdictions and (ii) the purchaser
     will, and each subsequent holder is required to, notify any subsequent
     purchaser of such Class A-2 Certificates from it of the resale
     restrictions referred to in clause (i) above. Upon the transfer of Class
     A-2 Certificates held in the form of global certificates to an Accredited
     Investor, the transferor's interest in such global certificates shall be
     exchanged for a Class A-2 Certificate in definitive form. Thereafter,
     upon transfer of a definitive Class A-2 Certificate to a QIB, such
     certificate may be exchanged for a beneficial interest in a global Class
     A-2 Certificate.

4.   The Purchaser understands that each Class A-2 Certificate will, unless
     otherwise agreed to by the Depositor and the Trustee, bear a legend
     substantially to the following effect:

                         "THIS CLASS A-2 CERTIFICATE (OR
                    ITS PREDECESSOR) HAS NOT BEEN REGISTERED
                    UNDER THE SECURITIES

                                     C-2
<PAGE>

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

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

5.   The Purchaser understands that no subsequent transfer of the Class A-2
     Certificates is permitted unless (A) such transfer is of a Class A-2
     Certificate with a denomination of at least $100,000 and (B) it causes
     its proposed transferee to provide to the Trustee and the Initial
     Purchaser a letter in the form of Exhibit C to the Series Supplement and
     otherwise satisfactory to the Trustee and the Initial Purchaser, as
     applicable, or such other written statement as the Depositor shall
     prescribe.

6.   The Purchaser agrees that if at some time in the future it wishes to
     transfer or exchange any of the Class A-2 Certificates, it will not
     transfer or exchange any of the Class A-2 Certificates unless such
     transfer or exchange is in accordance with Section 5.04 of the Trust
     Agreement. The Purchaser understands that any purported transfer of the
     Class A-2 Certificates (or any interest therein) in contravention of any
     of the restrictions and conditions in the agreements, as applicable,
     shall be void, and the purported transferee in such transfer shall not be
     recognized by the Trust or any other Person as a Certificateholder, as
     the case may be, for any purpose.

7.   The purchaser (i) acknowledges that the Depositor, the Initial Purchaser,
     the Trustee and others will rely upon the truth and accuracy of the
     foregoing acknowledgments, representations and agreements and agrees that
     the Depositor, the Initial Purchaser and the Trustee are irrevocably
     authorized to produce this letter or a copy hereof to any interested
     party in any administrative or legal proceeding or official inquiry with
     respect to the matters covered hereby, and (ii) agrees that, if any of
     the acknowledgments, representations, warranties and agreements made or
     deemed to have been made by such purchaser's purchase of the Class A-2
     Certificates are no longer accurate, such purchaser shall promptly notify
     the Depositor and the Initial Purchaser. If the purchaser is acquiring
     any Class A-2 Certificates as a fiduciary or agent for one or more
     investor accounts, it represents that it has sole investment discretion
     with respect to each such account and it has full power to make the
     foregoing acknowledgments, representations and agreements on behalf of
     each such account and that each such investor account is eligible to
     purchase the Class A-2 Certificates.

                                     C-3

<PAGE>

          You and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

                                        Very truly yours,

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

                                     C-4Exhibit 4.1

  
 Exhibit 4.1 
  
 DEED OF TRUST NOTE 
  

	$20,500,000.00 
 	November 28, 2000 
 

 
 FOR VALUE RECEIVED REDINN HOTEL, L.P., a Texas limited partnership, having an address at c/o Western International, One Spurling Plaza, Suite 114, 12850 Spurling Road, Dallas, Texas 75230-1258 (“Maker”), promises to
pay to the order of GMAC COMMERCIAL MORTGAGE CORPORATION, a California corporation (“Payee”), at one of its principal places of business at 200 Witmer Road, P. O. Box 809, Horsham, Pennsylvania 19044, Attn: Servicing –
Accounting Manager, or at such place as the holder hereof may from time to time designate in writing, the principal sum of Twenty Million Five Hundred Thousand and No/100 Dollars ($20,500,000.00) (the “Loan”), in lawful money of the
United States of America, with interest thereof to be computed on the unpaid principal balance from time to time outstanding at the Applicable Interest Rate (as such term is defined in Section 1(a) hereof), and to be paid in installments on the
first (1st) day of each calendar month as follows: 
  

	 	(a)
	 
	A constant payment of principal and interest in the amount of One Hundred Sixty-Three Thousand Three Hundred Forty-Eight and 30/100 Dollars ($163,348.30) (the
“Monthly Debt Service Payment Amount”), on the 1st day of January, 2001 and on the first
day of each of the next succeeding months thereafter (each a “Monthly Payment Date”) through and including the Monthly Payment Date immediately prior to the Maturity Date (as defined below); each of such payments to be (i) computed
based on a three-hundred-sixty (360) day year comprised of twelve (12) months of thirty (30) days each and (ii)(A) applied to the payment of interest then due and payable; and (B) the balance applied toward the reduction of the principal sum, except
as otherwise provided in the Loan Documents (as hereinafter defined); and 
 

  
 (b)    Commencing with the Optional Prepayment Date (as hereinafter defined), in addition to the principal to be repaid pursuant to clause (a) above, Maker shall repay, on each Monthly Payment Date, the principal
of the Loan to the extent provided for under Section 1(d) hereof; and 
  
 (c)    From and after
the Optional Prepayment Date, interest shall accrue at the Revised Interest Rate and shall be payable as provided in Section 1(a) hereof; and 
  
 the balance of said principal sum together with all accrued and unpaid interest thereon shall be due and payable on the first day of December, 2025 (the “Maturity Date”). Interest on the principal sum of this Note
shall be calculated on the basis of a three-hundred-sixty (360) day year and shall be charged on the principal balance outstanding
 

 
from time to time for the actual number of days elapsed. The constant payment required hereunder is based on an amortization schedule of three hundred (300) months. All amounts due under this
Note shall be payable without setoff, counterclaim or any other deduction whatsoever. 
  
 Maker has the option,
effective any time during the term of the Loan, to arrange for the automatic wire transfer on the Monthly Payment Date of the Monthly Debt Service Payment Amount and Accrued Interest, as applicable, from Maker’s bank account to an account
designated by Payee pursuant to the terms and conditions of an automatic payment authorization form, substantially in the form attached as Exhibit A hereto. 
  
 1.    Calculation of Interest; Application of Payments. 
  
 (a) The term “Applicable Interest Rate” as used in this Note shall mean from (1) the date of this Note through but not including the Optional Prepayment
Date (as hereinafter defined), a rate of eight and three hundred seventy-five thousandths percent (8.375%) (the “Initial Interest Rate”), and (2) from and after the Optional Prepayment Date through and including the date this Note
is paid in full, a revised rate per annum equal to the Initial Interest Rate plus two hundred (200) basis points (the “Revised Interest Rate”). For purposes of this Note the term “Optional Prepayment Date” shall
mean, December 1, 2010. 
  
 (b) Payments under this Note shall be applied first to the payment of interest and other
costs and charges due in connection with this Note or the Debt (as such term is defined in Section 4 hereof), as Payee may determine in its sole discretion, and then to reduction of the outstanding principal balance. All amounts due under this Note
shall be payable without setoff, counterclaim or any other deduction whatsoever. 
  
 (c) From and after the Optional
Prepayment Date, interest shall accrue on the unpaid principal balance from time to time outstanding on this Note at the Revised Interest Rate. Interest accrued at the Revised Interest Rate and not paid pursuant to this Section 1(c) shall be
deferred and added to the Debt and shall earn interest at the Revised Interest Rate to the extent permitted by applicable law (such accrued interest is hereinafter defined as “Accrued Interest”). All of the Debt, including any
Accrued Interest, shall be due and payable on the Maturity Date. 
  
 (d) In replacement and not duplication of
Maker’s obligations under the Loan Documents, Maker shall pay on the Optional Prepayment Date and the first day of each calendar month thereafter up to and including the Maturity Date the following payments from Profits (as defined in the
Mortgage) received on or before such day in the listed order of priority. 
  
 (i) First, payments to the Tax and
Insurance Escrow Account (as defined in the Mortgage defined below) in accordance with the terms and conditions of the Mortgage; 

 
 - 2 - 

  
 (ii) Second, the payment of the Monthly Debt Service Payment Amount for the Loan,
which amount shall immediately be available and payable to Payee; 
  
 (iii) Third, payments to the Replacement
Reserve Account (as defined in the Mortgage) in accordance with the terms and conditions of the Mortgage; 
  
 (iv)
Fourth, payments for monthly Cash Expenses (as hereinafter defined), including management fees payable to affiliates of Maker (not to exceed four percent (4%) of gross revenues), pursuant to the terms and conditions of the related Approved Annual
Budget; 
  
 (v) Fifth, payment for Extraordinary Expenses (as hereinafter defined) approved by Payee, if any;

  
 (vi) Sixth, to Payee, to prepay principal due under this Note, until the principal amount of this Note is paid in
full; 
  
 (vii) Seventh, payments to the Payee for Accrued Interest; 
  
 (viii) Eighth, payments to the Payee of any other amounts due under the Loan Documents; and 
  
 (ix) Lastly, payment to the Maker of any excess amounts. 
  
 2.    Security for the Loan. 
  
 (a) This Note is secured by: (i) a Deed of Trust, Assignment of Leases and Profits, Security Agreement and Fixture Filing dated as of the date hereof from Maker, as grantor, to Transnation Title
Insurance Company, as Trustee, for the benefit of Payee, as beneficiary (the “Mortgage”) affecting the Property (as defined in the Mortgage); (ii) a Guaranty of Recourse Obligations dated as of the date hereof from Guarantors for
the benefit of Payee (the “Guaranty”); (iii) an Assignment of Contracts, Licenses, Permits, Agreements, Warranties and Approvals, dated as of the date hereof from Maker for the benefit of Payee (the “Contract
Assignment”); and (iv) such other documents now or hereafter executed by Maker and/or others and by or in favor of Payee, which wholly or partially secure or guarantee payment of this Note including, without limitation, any collateral
assignments, reserve and/or escrow accounts and Uniform Commercial Code Financing Statements (such other documents, collectively, the “Other Security Documents”). 
  
 (b) As used herein, the term “Loan Documents” means, collectively, this Note, the Mortgage, the Guaranty, the Contract Assignment, the Other Security
Documents and any and all other documents executed in connection with the Loan. 

 
 - 3 - 

  
 3.     Late Charge. If any sum payable under
this Note is not paid prior to the fifth (5th) day after the date such payment is due or if the entire
Debt is not paid on or before the Maturity Date, Maker shall pay to Payee on demand an amount equal to the lesser of: (i) five percent (5%) of such overdue and unpaid sum or (ii) the maximum lawful rate of interest permitted on the overdue
obligation outstanding for the period for which such amount is overdue, to defray the expenses incurred by Payee in handling and processing such delinquent payment and to compensate Payee for the loss of the use of such delinquent payment, and such
additional amount shall be secured by the Mortgage and the other Loan Documents. The additional payments required under this paragraph shall be in addition to and shall in no way limit any other rights and remedies provided for in this Note, the
Mortgage or any of the Loan Documents, as well as all other remedies provided by law. 
  
 4.    Events of Default. The entire outstanding principal balance of this Note, together with all accrued and unpaid interest thereon and all other sums due under the Loan Documents (all such sums,
collectively, the “Debt”), or any portion thereof, shall without notice become immediately due and payable at the option of Payee: (a) if any payment required in this Note is not paid prior to the fifth (5th) day after the date when due or on the Maturity Date; (b) upon the occurrence of any other default under this Note,
which continues more than thirty (30) days following written notice thereof from Payee; provided, however, that if the cure of such default cannot reasonably be accomplished within such thirty (30) day period and Maker shall have promptly and
diligently commenced to cure such default within such thirty (30) day period, then the period to cure shall be deemed extended for up to an additional sixty (60) days from Payee’s notice of such default so long as Maker diligently and
continuously proceeds to cure such default to Payee’s satisfaction; or (c) upon the happening of any other Event of Default under and as defined in the Mortgage (each of the foregoing, an “Event of Default”). In the event that
Payee retains counsel to collect the Debt or to protect or foreclose the security provided in connection herewith, Maker also agrees to pay on demand all reasonable costs of collection incurred by Payee, including reasonable attorney’s fees for
the services of counsel whether or not suit is brought. In addition, the prevailing party shall be entitled to recover reasonable attorney fees in any suit or action on appeal. 
  
 5.    Default Rate Interest. Maker does hereby agree that upon the occurrence of an Event of Default, including Maker’s failure to
pay the Debt in full on the Maturity Date, Payee shall be entitled to receive, and Maker shall pay, interest on the entire outstanding principal balance and any other amounts due at the rate equal to the Applicable Interest Rate plus five percent
(5%) (the “Default Rate”), but not to exceed the maximum rate permitted by applicable law. Interest shall accrue and be payable at the Default Rate from the occurrence of the Event of Default until all such Events of Default have
been fully cured. The Default Rate interest shall be deemed secured by the Mortgage. This provision, however, shall not be construed as an agreement or privilege to extend the date of the payment of the Debt, nor as a waiver of any other right or
remedy accruing to Payee by reason of the occurrence of any Event of Default. The additional payments required under this paragraph shall be in addition to and shall in no
 

 
 - 4 - 

 
way limit any other rights and remedies provided for in this Note, the Mortgage or any of the Loan Documents, as well as all other remedies provided by law. 
  
 6.     Prepayment. 
  
 (a) Other than as set forth in Section 8 hereof, Maker shall have no right to prepay all or any portion of the Loan during the period commencing on the date hereof to but
not including the Monthly Payment Date which is one (1) month prior to the Optional Prepayment Date. From and after one (1) month prior to the Optional Prepayment Date, the Loan may be prepaid in whole or in part at any time, together with accrued
interest to the date of such prepayment on the principal amount prepaid, without penalty or premium, providedthat if a prepayment is made otherwise than on a Monthly Payment Date, Maker shall pay interest on the amount prepaid through
the second (2nd) Business Day following the date of prepayment or until the next Monthly Payment Date, if
sooner. Any such prepayment shall be subject, in each case, to the satisfaction of the condition precedent that Maker shall provide not less than thirty (30) days’ prior written notice to Payee specifying the Monthly Payment Date (or, if
applicable, any other date) on which such prepayment is to occur and indicating the principal amount of this Note to be so prepaid. Except as set forth above, this Note may not be prepaid prior to the Optional Prepayment Date; provided,
however, after the initial four (4) years of the Loan term, Maker shall have the right and option to release the Property (as defined in the Mortgage) from the lien of the Mortgage in accordance with the terms and provisions set forth in
Section 68 of the Mortgage. 
  
 (b) Notwithstanding anything herein to the contrary, no prepayment consideration
shall be due in the event that Payee elects to apply the proceeds of a condemnation award or insurance settlement on the Property towards the reduction of the principal balance of this Note pursuant to the terms of the Mortgage. At Payee’s
option, (i) the monthly payments of principal and interest on the Loan shall be reduced to an amount which would amortize the reduced outstanding principal balance of the Loan over the remaining amortization term, or (ii) the monthly payments of
principal and interest shall not be modified and the partial prepayment shall be applied to the payments of principal otherwise due on the remaining monthly payment date(s) in inverse order of maturity, and the term of the Loan shall be reduced, if
necessary, to reflect the actual Loan amortization schedule as modified by the application of this clause (ii). 
  
 7.     Budget Obligations after Optional Prepayment Date. In the event that the Maker does not prepay the entire principal balance of this Note and any other amounts outstanding on the Optional
Prepayment Date: 
  
 (a) For the calendar year commencing on January 1st of that calendar year in which the Optional Prepayment Date occurs, and for each calendar year thereafter, the Maker shall submit to the Payee for
the Payee’s written approval an annual budget (an “Annual Budget”) not later than sixty (60) days prior to the commencement of such calendar year, in form satisfactory to Payee setting forth in reasonable detail budgeted
monthly operating income and monthly operating capital and other expenses for the
 

 
 - 5 - 

 
Property. Each Annual Budget shall contain, among other things, limitations on management fees, thirty party service fees, and other expenses as the Payee may reasonably determine. Payee shall
have the right to approve such Annual Budget and in the event that Payee objects to the proposed Annual Budget submitted by Maker, Payee shall advise Maker of such objections within fifteen (15) days after receipt thereof (and deliver to Maker a
reasonably detailed description of such objections) and Maker shall within three (3) days after receipt of notice of any such objections revise such Annual Budget and resubmit the same to Payee. Payee shall advise Maker of any objections to such
revised Annual Budget within ten (10) days after receipt thereof (and deliver to Maker a reasonably detailed description of such objections) and Maker shall revise the same in accordance with the process described in this subparagraph until the
Payee approves an Annual Budget, provided, however, that if Payee shall not advise Maker of its objections to any proposed Annual Budget within the applicable time period set forth in this paragraph, then such proposed Annual Budget shall be deemed
approved by Payee. Each such Annual Budget approved by Payee in accordance with terms hereof shall hereinafter be referred to as an “Approved Annual Budget”. Until such time that Payee approves a proposed Annual Budget, the most
recently Approved Annual Budget shall apply; provided that, such Approved Annual Budget shall be adjusted to reflect actual increases in real estate taxes, insurance premiums and utilities expenses. 
  
 (b) In the event that the Maker must incur an extraordinary operating expense or capital expense not set forth in the Annual Budget or
allotted for in the Replacement Reserve Account (each an “Extraordinary Expense”), then the Maker shall promptly deliver to Payee a reasonably detailed explanation of such proposed Extraordinary Expense for Payee’s approval.

  
 (c) For the purposes of this Note, “Cash Expenses” shall mean, for any period, the operating
expenses for the operation and maintenance of the Property as set forth in an Approved Annual Budget to the extent that such expenses are actually incurred by Maker minus payments into the Tax and Insurance Escrow Account and the Replacement Reserve
Account. 
  
 (d) Nothing in this paragraph 7 shall limit, reduce or otherwise affect Maker’s obligations to make
payments of the Monthly Debt Service Payment Amount, payments to the Tax and Insurance Escrow Account, the Replacement Reserve Account and payments of other amounts due hereunder and under the other Loan Documents, whether or not Profits are
available to make such payments. 
  
 8.    Repayment Upon Default. If all or any
part of the principal amount of this Note is prepaid upon acceleration of the Loan following the occurrence of an Event of Default prior to the Monthly Payment Date which is one (1) month immediately preceding the Optional Prepayment Date, then, in
addition to such principal payment, Maker shall be required to make such payments ( the “Yield Maintenance Payments”) in an amount equal to the excess, if any, of (i) the sum of (A) the aggregate respective present values of all
scheduled interest payments payable on each Monthly Payment Date in respect of this Note (or the portion of all such interest payments corresponding to the
 

 
 - 6 - 

 
portion of the principal of this Note to be prepaid upon acceleration) for the period from the date of such prepayment upon acceleration to the Monthly Payment Date which is one (1) month
immediately preceding the Optional Prepayment Date, discounted monthly at a rate equal to the Treasury Constant Maturity Yield Index and based on a 360-day year of twelve 30-day months and (B) the aggregate respective present values of all scheduled
principal payments payable on each Monthly Payment Date in respect of this Note (or the then unpaid portion thereof to be prepaid upon acceleration) assuming the then outstanding principal balance of this Note is paid in full on the Monthly Payment
Date which is one (1) month immediately preceding the Optional Prepayment Date, discounted monthly at a rate equal to the Treasury Constant Maturity Yield Index and based on a 360-day year of twelve 30-day months minus (ii) the then current
outstanding principal amount of this Note (or the then unpaid portion thereof to be prepaid upon acceleration). The Yield Maintenance Payments to be paid in connection with any prepayment under this Section 8 shall be determined in good faith by
Payee and shall be conclusive and binding on Maker (absent manifest error). For purposes of this Section 8, the amount of this Note (or the portion of the principal of this Note to be prepaid upon acceleration) on the date of prepayment shall be
determined after giving effect to any payment of scheduled amortization made on such date. For purposes hereof, “Treasury Constant Maturity Yield Index” shall mean the average yield for “This Week” as reported by the Federal
Reserve Board in Federal Reserve Statistical Release H.15(519) (“FRB Release”) published during the second full week preceding the prepayment date (caused by acceleration of the Loan following the occurrence of an Event of Default)
for instruments having a maturity coterminous with the remaining term of this Note. In the event the FRB Release is no longer published, Payee shall select a comparable publication to determine the Treasury Constant Maturity Yield Index. If there is
no Treasury Constant Maturity Yield Index for instruments having a maturity coterminous with the remaining term of this Note, then the weighted average yield to maturity of the Treasury Constant Maturity Yield Indices with maturities next longer and
shorter than such remaining average life to maturity shall be used, calculated by averaging (and rounding upward to the nearest whole multiple of 1/100 of 1% per annum, if the average is not such a multiple) the yields of the relevant Treasury
Constant Maturity Yield Indices (rounded, if necessary, to the nearest 1/100 of 1% with any figure of 1/200 or above rounded upward). 
  
 9.     Limitations on Recourse. 
  
 (a) Subject to the
qualifications set forth in this Section, neither Maker nor any Guarantor nor any partner, member, shareholder, officer or director of either of them shall be personally liable either at law or in equity for the repayment of the Debt or the failure
of performance of any other obligation evidenced by the Note or contained in the Mortgage or the Other Security Documents, and Payee will satisfy any judgments, orders or decrees on account of the failure to repay such Debt and/or the failure to
perform any such obligation, from the Property and any other real or personal property, tangible or intangible, as Maker, any Guarantor or any other entity shall have pledged or assigned to secure this Note by any of the Loan Documents, except that
Payee may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Payee to enforce and realize upon this Note, the Mortgage, the
 

 
 - 7 - 

 
Other Security Documents, and the interests in the Property and any other collateral given to Payee pursuant to the Mortgage and the Other Security Documents, provided, however,
that, except as specifically provided in this Section, any judgment in any such action or proceeding shall be enforceable against Maker only to the extent of Maker’s interest in the Property and in any other collateral given to Payee. Payee, by
accepting this Note, the Mortgage and the Other Security Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Maker in any such action or proceeding, under, by reason of or in connection with the Mortgage, the
Other Security Documents or this Note. The provisions of this Section shall not, however: (i) constitute a waiver, release or impairment of any obligation evidenced or secured by the Mortgage, the Guaranty or the Other Security Documents or this
Note; (ii) impair the right of Payee to name Maker as a party defendant in any action or suit for foreclosure and sale under the Mortgage; (iii) affect the validity or enforceability of any guaranty or indemnity made in connection with the Mortgage,
this Note or the Other Security Documents; (iv) impair the right of Payee to obtain the appointment of a receiver; (v) impair the right of Payee to bring suit with respect to fraud or misrepresentation by Maker in connection with the Mortgage, this
Note, the Guaranty or the Other Security Documents; (vi) limit the liability of Maker or any Guarantor thereunder; or (vii) affect the validity or enforceability of the Guaranty or limit the liability of any Guarantor thereunder. 

 
 (b) Nothing herein shall be deemed to be a waiver of any right which Payee may have under Section 506(a), 506(b), 1111(b) or
any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt secured by the Mortgage or to require that all collateral shall continue to secure all of the debt owing to Payee in accordance with this Note, the
Mortgage, the Guaranty and the Other Security Documents. 
  
 (c) Notwithstanding the foregoing provisions of this
Section or any other provision in the Loan Documents, Maker and Guarantors, jointly and severally, shall be fully liable for and shall indemnify Payee for any or all loss, costs, liability, judgment, claim, damage or expense sustained, suffered or
incurred by Payee (including, without limitation, Payee’s attorneys’ fees) arising out of or attributable or relating to: 
  
 (i) fraud or misrepresentation by Maker or any Guarantor in connection with the Loan; 
  
 (ii) the gross negligence or willful misconduct of Maker or any Guarantor, their respective agents or employees, or physical waste of the Property; 
  
 (iii) the breach of provisions in the Mortgage concerning Environmental Laws, Hazardous Substances and Asbestos, and any indemnification of Payee therein with respect to
such Environmental Laws, Hazardous Substances and Asbestos; 
  
 (iv) the removal or disposal of any portion of the
Property after default under this Note, the Mortgage, the Guaranty or any other Loan Document; 

 
 - 8 - 

  
 (v) the misapplication or conversion by Maker or any Guarantor of: (A) any
insurance proceeds paid by reason of any loss, damage or destruction to the Property; (B) any awards or other amounts received in connection with the condemnation of all or a portion of the Property; or (C) rents, issues, profits, proceeds, accounts
or other amounts received by Maker or any Guarantor (in the case of clause (C) following an Event of Default under this Note, the Mortgage, the Guaranty or any other Loan Document); 
  
 (vi) Maker’s failure to pay taxes, assessments, charges for labor or materials or other charges that may result in liens on any portion of the Property; provided,
however, that Maker’s and Guarantor’s liability hereunder shall cease with respect to such amounts incurred from and after such times, if any, that Payee forecloses the Mortgage or accepts a deed in lieu of foreclosure of the Mortgage;

  
 (vii) the deductible amount of any insurance maintained in respect of the Property; 
  
 (viii) the costs incurred by Payee (including reasonable attorneys’ fees) in connection with the collection or enforcement of the
Debt; provided, however, that Maker’s and Guarantor’s liability hereunder shall cease with respect to such amounts incurred from and after such times, if any, that Payee forecloses the Mortgage or accepts a deed in lieu of foreclosure of
the Mortgage; 
  
 (ix) Maker’s failure to make any Property repairs or alterations required under the Loan
Documents, including, without limitation, alterations required in order to comply with the Americans With Disabilities Act; 
  
 (x) Maker’s failure to permit on-site inspections of the Property or to provide financial reports and information pertaining to the Property as required by the Mortgage, unless, in either case, such failure is the result of a
good faith error and is cured within ten (10) days after notice; 
  
 (xi) any security deposits or advance deposits
collected with respect to the Property which are not delivered to Payee upon a foreclosure of the Property or action in lieu thereof; 
  
 (xii) Maker fails to obtain Payee’s written consent to any subordinate financing; 
  
 (xiii) Maker’s failure to obtain Payee’s prior written consent to any transfer of the Property or of any ownership interest in Maker to the extent such consent is required under the Mortgage or this Note; and 

 
 (xiv) Maker fails to comply with the provisions of Section 11 of the Mortgage pertaining to its single-purpose entity status.

 
 - 9 - 

  
 (d) Notwithstanding the foregoing, the agreement of Payee not to pursue recourse
liability as set forth in subsection (a) above SHALL BE AND BECOME NULL AND VOID and shall be of no further force or effect if: (i) any financial information concerning Maker or any Guarantor is fraudulent in any respect, contains any fraudulent
information or misrepresents in any material respect the financial condition of Maker or such Guarantor; (ii) a voluntary bankruptcy or insolvency proceeding is commenced by Maker or a general partner of Maker; or (iii) an involuntary bankruptcy or
insolvency proceeding is commenced by any party against Maker or a general partner of Maker and is not unconditionally dismissed within ninety (90) days of filing (except if such involuntary action is brought by Payee). Upon the occurrence of any of
the foregoing events, Maker and Guarantors shall have full joint and several recourse liability for all sums due under the Loan Documents. 
  
 (e) Nothing in this Section shall be interpreted or construed to impair, limit the liability of or otherwise affect the terms, conditions, requirements and obligations of any Guarantor under the Guaranty or Maker.

  
 10.    No Usury. It is expressly stipulated and agreed to be the intent of
Maker and Payee at all times to comply with applicable state law or applicable United States federal law (to the extent that it permits Payee to contract for, charge, take, reserve, or receive a greater amount of interest than under state law) and
that this Section shall control every other covenant and agreement in this Note and the other Loan Documents. If the applicable law (state or federal) is ever judicially interpreted so as to render usurious any amount called for under this Note or
under any of the other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the Debt, or if Payee’s exercise of the option to accelerate the maturity of this Note, or if any prepayment by Maker results in
Maker having paid any interest in excess of that permitted by applicable law, then it is Maker’s and Payee’s express intent that all excess amounts theretofore collected by Payee shall be credited on the principal balance of this Note and
all other Debt (or, if this Note and all other Debt have been or would thereby be paid in full, refunded to Maker), and the provisions of this Note and the other Loan Documents immediately be deemed reformed and the amounts thereafter collectible
hereunder and thereunder reduced, without the necessity of the execution of any new documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums
paid or agreed to be paid to Payee for the use, forbearance, or detention of the Debt shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Debt until payment in full
so that the rate or amount of interest on account of the Debt does not exceed the maximum lawful rate from time to time in effect and applicable to the Debt for so long as the Debt is outstanding. Notwithstanding anything to the contrary contained
herein or in any of the other Loan Documents, it is not the intention of Payee to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.
Maker represents, covenants and warrants that (i) the indebtedness evidenced by this Note is being obtained for the purpose of acquiring and carrying on a business
 

 
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or commercial enterprise, (ii) all proceeds of such indebtedness will be used solely in connection with such business or commercial enterprise, and (iii) the proceeds of such indebtedness will
not be used for the purchase or registered equity securities within the purview of Regulation “U” issued by the Board of Governors at the Federal Reserve System. 
  
 11.     Transfers Not Permitted. Without the prior written consent of Payee, Maker shall not sell, convey, alienate, mortgage, encumber,
pledge or otherwise transfer, or permit the transfer of, directly or indirectly, the Property or ownership interests of Maker or Maker’s managing member except for transfers otherwise permitted in the Mortgage. 
  
 12.     Authority. Maker represents that Maker has full power, authority and legal right to execute,
deliver and perform its obligations pursuant to this Note, the Mortgage and the other Loan Documents to which it is a party and that this Note, the Mortgage and the other Loan Documents constitute valid and binding obligations of Maker.

  
 13.     Notices. All notices or other communications required or permitted to
be given pursuant hereto shall be given in the manner specified in the Mortgage directed to the parties at their respective addresses as provided therein. 
  
 14.     Loan Assumption. The Loan may not be assumed by any third party prior to the first (1st) anniversary of the date hereof. Thereafter, the Loan may be assumed by a third party approved by Payee in its sole and absolute discretion. Any
approved assumption shall be subject to delivery to Payee of (a) an assumption agreement in form and substance acceptable to Payee; (b) an assumption fee equal to one percent (1%) of the then unpaid principal balance of the Loan; (c) payment of all
costs and expenses incurred by Payee in connection with the assumption; and (d) such other documents and legal opinions as Payee may require in its sole and absolute discretion, including without limitation, a substantive non-consolidation legal
opinion and written confirmation from all applicable rating agencies that such assumption will not cause such rating agency to withdraw, downgrade or qualify any then-current ratings for any securities backed by a pool of mortgage loans that
includes the Loan. 
  
 15.     Governing Law. The Note shall be governed by and
construed in accordance with the laws of the State in which the real property encumbered by the Mortgage is located and the applicable laws of the United States of America. 
  
 16.     Time of Essence. Time is of the essence of each liability and obligation of Maker hereunder. 
  
 17.     Certain Waivers. To the fullest extent permitted by law, Maker and all guarantors, sureties and
endorsers, severally waive all applicable exemption rights, whether under any state constitution, homestead laws or otherwise, and also severally waive diligence, valuation and appraisement, presentment for payment, protest and
 

 
 - 11 - 

 
demand, notice of protest, notice of default, notice of intention to accelerate all sums under the Note or the Loan Documents, notice of acceleration of all sums under the Note or the Loan
Documents, demand and dishonor and diligence in collection and nonpayment of this Note and all other notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note (except notice of default and
any other notice as specifically provided for in this Note, the Mortgage or the Loan Documents). To the fullest extent permitted by law, Maker further waives all benefit that might accrue to Maker by virtue of any present or future laws exempting
the Property, or any other property, real or personal, or the proceeds arising from any sale of any such property, from attachment, levy, or sale under execution, or providing for any stay of execution to be issued on any judgment recovered on this
Note or in any action to foreclose the Mortgage, injunction against sale pursuant to power of sale, exemption for civil process or extension of time for payment. Maker agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue of this Note, or any writ of execution issued thereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 
  
 18.     Effect of Waiver. No failure to exercise, and no delay in exercising any right, power or remedy hereunder or under any other Loan Document shall impair any
right, power or remedy which Payee may have, nor shall any such delay be construed to be a waiver of any of such rights, powers or remedies, or an acquiescence in any breach or default under this Note or any other Loan Document, nor shall any waiver
of any breach or default of Maker hereunder or under any other Loan Document be deemed a waiver of any default or breach subsequently occurring. The rights and remedies herein specified are cumulative and not exclusive of any rights or remedies
which Payee would otherwise have. 
  
 19.     Severability of Provisions. In case
any one or more of the provisions contained in this Note should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby. 
  
 20.    Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of Maker, Payee and their respective successors and assigns; provided, however, that, except as specifically provided herein or in the Mortgage, Maker may not directly or indirectly, sell, assign or otherwise
transfer all or any part of the Property or any interest therein, or any of Maker’s rights and obligations under this Agreement, or take or permit any other action prohibited by the Mortgage, without the prior written consent of Payee, which
Payee may give or withhold in its absolute discretion. 
  
 21.    Transfer of Loan.

  
 (a) Payee may, at any time, sell, transfer or assign this Note, the Mortgage and the other Loan Documents,
and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private
 

 
 - 12 - 

 
placement. Payee may forward to each purchaser, transferee, assignee, servicer, participant or investor in such securities or any credit rating agency rating such securities (collectively, the
“Investor”) and each prospective Investor, all documents and information which Payee now has or may hereafter acquire relating to Maker, Guarantors and the Property, whether furnished by Maker, Guarantors or otherwise, as Payee
determines necessary or desirable consistent with full disclosure for purposes of marketing and underwriting the Loan; provided, however, that Payee shall use reasonable efforts not to unnecessarily disclose Maker’s and
Guarantors’ confidential information. Maker shall furnish and hereby consents to Payee furnishing to such Investors or such prospective Investors any and all information concerning Maker, Guarantors and the Property as may be requested by
Payee, any Investor or any prospective Investor in connection with any sale, transfer or participation interest. 
  
 (b) Upon any transfer or proposed transfer contemplated above and by the Loan Documents, at Payee’s request, Maker and each Guarantor shall provide an estoppel certificate to the Investor or any prospective Investor in such
form, substance and detail as Payee, such Investor or prospective Investor may require. 
  
 22.    Remedies Available. The remedies of Payee, as provided herein or in any other Loan Document, shall be cumulative and concurrent, and may be pursued singularly, successively or together, at the
sole discretion of Payee, and may be exercised as often as occasion therefor shall arise. No act of omission or commission of Payee, including specifically any failure to exercise any right, remedy or recourse, shall be deemed to be a waiver or
release of the same, and any waiver or release with reference to any one event shall not be construed as continuing or as a bar to, or as a waiver or release of, any subsequent right, remedy or recourse as to a subsequent event. 

 
 23.     Maker’s Covenants. Maker agrees that (a) the obligation evidenced by this Note
is an exempted transaction under the Truth-in-Lending Act, 15 U.S.C. § 1601, etseq. (1982); (b) said obligation constitutes a business loan within the purview of applicable Washington law for the purpose of the application of any
laws that distinguish between consumer loans and business loans and that have as their purpose the protection of consumers in the State of Washington; and (c) at the option of the Payee, the United States District Court for the district in which the
Property is located and any court of competent jurisdiction of the state in which the Property is located shall have jurisdiction in any action, suit or other proceeding arising out of or relating to any act taken or omitted hereunder or the
enforcement of this Note, the Mortgage and the Loan Documents and Maker shall assert in any such action, suit or other proceeding that it is not personally subject to the jurisdiction of the courts in this subsection (c) that the action, suit or
other proceeding is brought in an inconvenient forum or that the venue of the action, suit or other proceeding is improper; and (d) it hereby waives any objections to venue. 
  
 24.    Extension of Time. Maker consists to any extension of time for the payment hereof, release of all or any part of the security for
the payment hereof or release of any party liable for Maker’s liabilities or obligations hereunder or under any of the
 

 
 - 13 - 

 
other Loan Documents. Any such extension or release may be made without notice to Maker and without discharging Maker’s liability. 
  
 25.    Payee. Reference in this Note to “Payee” shall mean the original Payee hereunder so long as such Payee shall be the
holder of this Note and thereafter shall mean any subsequent holder of this Note. 
  
 26.    Miscellaneous. 
  
 (a) No release of any security for the
Debt or any person liable for payment of the Debt, no extension of time for payment of this Note or any installment hereof, and no alteration, amendment or waiver of any provision of the Loan Documents made by agreement between Payee and any other
person or party shall release, modify, amend, waive, extend, change, discharge, terminate or affect the liability of Maker, and any other person or party who might be or become liable for the payment of all or any part of the Debt, under the Loan
Documents. 
  
 (b) This Note may not be modified, amended, waived, extended, changed, discharged or terminated orally
or by any act or failure to act on the part of Maker or Payee, but only by an agreement or other document in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is
sought. 
  
 (c) Whenever used, the singular number shall include the plural, the plural the singular, and the words
“Payee” and “Maker” shall include their respective successors, assigns, heirs, executors and administrators. 
  
 (d) If Maker consents of more than one person or party, the obligations and liabilities of each such person or party shall be joint and several. 
  
 27.    Tax Identification Number. Maker represents and warrants that is current tax identification number is 75-2719343. 
  
 ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT, OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE
UNDER WASHINGTON LAW. 
  
 [SIGNATURE APPEARS ON FOLLOWING PAGE] 

 
 - 14 - 

 
IN WITNESS
WHEREOF, Maker has duly executed and delivered this Deed of Trust Note under seal as of the day and year first above written. 
 
MAKER: 
 
REDINN HOTEL, L.P., a Texas limited partnership 
 
By:  Redinn Associates, L.L.C., a Texas limited liability 
company, its sole general partner 
 
By:    /s/    TOM
MASTOR                            (SEAL) 
Name:    Tom
Mastor                             
Title:        Vice
President                       
 
PAY TO THE ORDER OF 
 
______________________________________________ 
WITHOUT REPRESENTATION OR RECOURSE 
 
GMAC COMMERCIAL MORTGAGE CORPORATION 
 
By:                                     
                   (SEAL) 
Name:                                    
                 
Title:                                    
                   
 
Date:                         
 

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