Document:

Exhibit 4.2
                                             Preliminary - Subject to Change

                               SERIES SUPPLEMENT

      ABN AMRO STRUCTURED CORPORATE SECURITIES(SM) ("ABN AMRO SCORS"(SM))
                              TRUST CERTIFICATES

                              SERIES 2004-1 TRUST

                                    between

                        ABN AMRO SCORS Depositor Inc.,

                                 as Depositor

                                      and

                                    [      ],

                                  as Trustee

                             Dated as of [ ], 2004

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                               TABLE OF CONTENTS

                                                                          Page

SECTION 1.    INCORPORATION OF STANDARD TERMS................................1

SECTION 2.    DEFINITIONS....................................................2

SECTION 3.    DESIGNATION OF TRUST AND CERTIFICATES..........................5

SECTION 4.    TRUST CERTIFICATES.............................................6

SECTION 5.    DISTRIBUTIONS..................................................6

SECTION 6.    TRUSTEE'S FEES.................................................9

SECTION 7.    OPTIONAL EXCHANGE; OPTIONAL REDEMPTION........................10

SECTION 8.    EVENTS OF DEFAULT.............................................12

SECTION 9.    MISCELLANEOUS.................................................12

SECTION 10.   GOVERNING LAW.................................................15

SECTION 11.   COUNTERPARTS..................................................15

SECTION 12.   TERMINATION OF THE TRUST......................................15

SECTION 13.   SALE OF UNDERLYING SECURITIES.................................15

SECTION 14.   AMENDMENTS....................................................15

SECTION 15.   VOTING OF UNDERLYING SECURITIES, MODIFICATION OF
              INDENTURE.....................................................16

SCHEDULE I        SERIES 2004-1 UNDERLYING SECURITIES SCHEDULE
SCHEDULE II       CALL SCHEDULE
EXHIBIT A-1       FORM OF TRUST CERTIFICATE CLASS A-1

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                               SERIES SUPPLEMENT

                 ABN AMRO STRUCTURED CORPORATE SECURITIES(SM)
                    ("ABN AMRO SCORS"(SM)) TRUST CERTIFICATES

                              SERIES 2004-1 TRUST

               SERIES SUPPLEMENT, Series 2004-1, dated as of [    ], 2004 (the
"Series Supplement"), by and between ABN AMRO SCORS Depositor Inc., as
Depositor (the "Depositor"), and [     ], 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 [   ], 2004 (the "Standard Terms"; 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 the Underlying
Securities set forth on Schedule I attached hereto (the "Underlying Securities
Schedule") into the Trust, subject to the Call Warrants with respect thereto;

               WHEREAS, in connection with the creation of the Trust and the
deposit therein of the Underlying Securities, subject to the Call Warrants
with respect thereto, it is desired to provide for the issuance of a series of
trust certificates evidencing undivided interests in the Trust; 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 Series 2004-1 Certificates
and the transactions described herein.

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

               "Available Funds" shall have the meaning specified in the
Standard Terms, except that investment income earned on funds invested
pursuant to Section 3.05 of the Standard Terms shall be included in Available
Funds.

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

               "Calculation Agent" shall mean ABN AMRO SCORS Depositor Inc. or
such affiliate thereof as shall be designated by ABN AMRO SCORS Depositor Inc.

               "Call Date" shall mean (i) any Business Day occurring on or
after the Commencement Date; (ii) any earlier date after the announcement by
the Underlying Securities Issuer of any tender offer on the Underlying
Securities (but prior to the date on which the tender period ends); or (iii)
any earlier date after the Trustee notifies the Certificateholders of any
proposed sale of the Underlying Securities pursuant to the provisions of this
Series Supplement.

               "Call Price" shall mean, for each related Call Date, (i) if the
Call Date is prior to the Commencement Date (except in connection with a
proposed sale by the Trustee of the Underlying Securities), [ ]% of the par
value of the Underlying Securities or (ii) if the Call Date is on or after the
Commencement Date or in connection with a proposed sale by the Trustee of the
Underlying Securities, [ ]% of the par value of the Called Underlying
Securities, in each case plus accrued and unpaid interest on the Called
Underlying Securities to the Call Date.

               "Call Request" shall have the meaning specified in Section 7(b)
hereof.

               "Call Rights" shall mean the rights to purchase in whole or in
part at the applicable Call Price the [        ] Underlying Securities pursuant
to the Call Warrants.

               "Call Warrants" shall mean, collectively, those certain call
warrants on the Underlying Securities issued under the Warrant Agent
Agreement.

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

               "Certificate Account" shall mean the Certificate Account
established as specified in the Standard Terms with respect to the Series
2004-1 Certificates and which account shall not apply to or be used in
connection with any other Series.

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

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               "Class A-1 Certificates" shall mean the Certificates, so
designated in Section 3(a), 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.

               "Class A-2 Certificates" shall mean the Certificates, so
designated in Section 3(a), 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.

               "Closing Date" shall mean [     ], 2004.

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

               "Commencement Date" shall mean [    ], 200[  ].

               "Corporate Trust Office" shall mean the office of [trustee]
located at [address].

               "Currency" shall mean United States Dollars.

               "Depository" shall mean The Depository Trust Company.

               "Distribution Date" shall mean [     ] and [    ] of each year
(or if such date is not a Business Day, the next succeeding Business Day),
commencing on [    ], 2004 and ending on the Final Scheduled Distribution Date.

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

               "Eligible Investments" shall be as defined in the Standard
Terms; provided, however, that the rating of any short-term instruments will
be A-1+ by S&P and P1 by Moody's; and provided, further, that any such
investment matures no later than the Business Day prior to any related
Distribution Date and that any such investment be denominated in U.S. dollars.

               "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 permitted deferrals and 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.

               "Extraordinary Trust Expenses" shall have the meaning specified
in the Standard Terms.

               "Final Scheduled Distribution Date" shall mean [   ], 200[   ].

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               "Indenture" shall mean the indenture 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 [   ]) to but excluding
the current Distribution Date.

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

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

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

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

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

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

               "Optional Exchange Date" shall mean any Distribution Date on
which Underlying Securities subject to Optional Exchange are distributed to
any Certificateholder or any other date set forth in Section 7 hereof.

               "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 $[ ] for this Series.

               "Prospectus Supplement" shall mean the Prospectus Supplement,
dated [    ], 2004 relating to the Certificates.

               "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 Interest" shall have the meaning specified in the
Standard Terms.

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

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

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               "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.

               "Rights Holders" shall mean the holders of the Call Rights.

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

               "Series" shall mean Series 2004-1.

               "Special Distribution Date" shall have the meaning specified in
Section 5(f) 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 and the Certificate Account.

               "Underlying Securities" shall mean [     ].

               "Underlying Securities Issuer" shall mean [      ].

               "Underlying Securities Schedule" shall have the meaning
specified in the Recitals hereof.

               "Underlying Securities Trustee" shall mean [     ].

               "Underwriters" shall mean ABN AMRO Incorporated [and      ].

               "Voting Rights" shall, in the entirety, unless otherwise set
forth herein, be allocated among all Certificateholders in proportion to the
then unpaid principal amounts of their respective Certificates.

               "Warrant Agent" shall mean initially, [      ].

               "Warrant Agent Agreement" shall mean that certain Warrant Agent
Agreement, dated as of the date hereof, between the Depositor and [      ], as
Warrant Agent and as Trustee, as the same may be amended from time to time.

               Section 3. Designation of Trust and Certificates. The Trust
created hereby shall be known as the "ABN AMRO SCORS Trust Certificates,
Series 2004-1 Trust." The Certificates evidencing certain undivided ownership
interests therein shall be known as "ABN AMRO

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SCORS Trust Certificates, Series 2004-1." The Certificates shall consist of
the Class A-1 Certificates and the Class A-2 Certificates (together, the
"Certificates").

          (a) The Class A-1 Certificates shall be held through the Depository
in book-entry form and shall be substantially in the form attached hereto as
Exhibit A-1. The Class A-1 Certificates shall be issued in denominations of $[
      ]. The Class A-2 Certificates shall be issued to the Rights Holders as
uncertificated securities having the rights and interests set forth herein and
shall be issued in a denominations equal to their initial Certificate
Principal Balance. The holders of the Class A-2 Certificates shall for so long
as such Certificates are outstanding be the Rights Holders, the
transferability of the Class A-2 Certificates shall be subject to and governed
by the provisions of the Warrant Agent Agreement and the Trustee hereby agrees
that it will treat each Rights Holder as the holder of the proportionate share
of Class A-2 Certificates. In the event that there is more than one Rights
Holder, the Class A-2 Certificates shall be deemed held by each Rights Holder,
with each Rights Holder owning its pro rata share (based on the ratio of the
total principal amount of Underlying Securities callable pursuant to Call
Warrants held by such Rights Holder to the total principal amount of
Underlying Securities held by the Trust) of the Class A-2 Certificates.
Section 5.02 of the Standard Terms shall not apply to the Class A-2
Certificates.

          (b) The Class A-1 Certificates have an initial aggregate Certificate
Principal Balance of $[      ]. The Class A-2 Certificates have an initial
Certificate Principal Balance of $[      ].

          (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 [
    ]% per annum on the outstanding Certificate Principal Balance of the Class
A-1 Certificates. The Class A-2 Certificates do not bear interest. On [     ,
2004], the Trustee will pay to the Depositor the amount of interest accrued on
the Underlying Securities from [     ] to but not including the Closing Date,
to the extent such amount is paid on the Underlying Securities on such date
(and to the extent that the amount of such interest accrued on the Underlying
Securities from the Closing Date to but not including [    ] has been fully
paid).

          (d) The Class A-1 Certificates and the Class A-2 Certificates will
initially be limited to an aggregate principal amount of $[     ] and $[     ],
respectively.

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

               (i)   the Underlying Securities set forth on the Underlying
                     Securities Schedule; and

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

          Section 5. Distributions. b) On each applicable Distribution Date,
the Trustee shall apply Available Funds in the Certificate Account as follows
in the following order of priority:

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              (i) the Trustee will pay the interest portion (including any
     payments received under a Swap Agreement in respect of the interest
     portion) of Available Funds:

                    (1) subject to Section 7.06(f) of the Standard Terms,
              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 Certificateholders
              representing 100% of the Voting Rights with respect thereto;

                    (2) second, to the holders of the Class A-1 Certificates,
              interest accrued and unpaid on such Class; and

                    (3) [third, to the Depositor for the payment of Trust
              expenses but in an amount not to exceed $[ ] in any calendar
              year.]

              (ii) the Trustee will pay the principal portion (including any
     payments received under a Swap Agreement in respect of the principal
     portion) of Available Funds (other than any premium with respect
     thereto):

                    (1) subject to Section 7.06(f) of the Standard Terms,
              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
              Certificateholders representing 100% of the Voting Rights with
              respect thereto; and

                    (2) second, to the holders of the Class A-1 Certificates
              until the Certificate Principal Balance thereof has been
              reduced to zero; and

                    (3) third, to the holders of the Class A-2 Certificates
              until the Certificate Principal Balance thereof has been
              reduced to zero; and

              (iii) the Trustee will pay any premium portion of Available Funds:

                    (1) first, to the holders of the Class A-1 Certificates
              selected by lot for prepayment pursuant to Section 5(b), if
              such prepayment occurs prior to the Commencement Date, in an
              amount equal to each such Class A-1 Certificateholder's pro
              rata share of such premium; provided that such share shall not
              exceed $[ ] per $[ ] of Certificate Principal Balance prepaid
              pursuant to Section 5(c)(ii)(2) above; and

                    (2) second, to the holders of the Class A-2 Certificates,
              pro rata in proportion to the Certificate Principal Balance of
              Class A-2 Certificates held by each such holder (determined
              immediately prior to any payment pursuant to Section
              5(a)(ii)(3) on such date).

          (b) Notwithstanding any other provision hereof (other than Section
3(c) and Section 7) if the Underlying Securities are redeemed, prepaid or
liquidated in whole or in part for any reason (including, without limitation,
an Event of Default) other than at their maturity, the Trustee shall apply
Available Funds on the related Distribution Date (or Special Distribution

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Date, if applicable) in the same order of priority as is set forth in Section
5(a). If some but not all of the Underlying Securities are redeemed, prepaid
or liquidated in full, the Class A-1 Certificates to be retired shall be
selected by the Trustee or DTC by lot.

          (c) Notwithstanding any other provision hereof, if the event of
default is the occurrence of (i) a payment default on the Underlying
Securities or (ii) an acceleration of the date of maturity of the Underlying
Securities in connection with a default thereon, unless otherwise directed by
the holders of the Certificates representing a majority of the Voting Rights
on the Class A-1 Certificates within ten (10) Business Days of notice from the
Trustee of such default, the Trustee shall sell the Underlying Securities and
in conducting such sale 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 (3) leading dealers in the relevant
market. Any of the following dealers (or their successors) shall be deemed to
qualify as leading dealers: [(1) [ABN AMRO Incorporated or an affiliate], (2)
[           ], (3) [            ], (4) [           ], (5) [          ], and
(6) [             ]] The Trustee shall not be responsible for the failure to
obtain a bid so long as it has made reasonable efforts to obtain bids. If a
bid for the sale of the Underlying Securities has been accepted by the Trustee
but the sale has failed to settle on the proposed settlement date, the Trustee
shall request new bids from such leading dealers. In the event of such sale or
of an acceleration and a corresponding payment on the Underlying Securities,
the Trustee shall distribute the proceeds to the Certificateholders no later
than two (2) Business Days after the receipt of immediately available funds in
accordance with Section 5(b) hereof. Notwithstanding the foregoing, by written
notice to the Trustee at least five (5) Business Days prior to any sale of the
Underlying Securities pursuant to this Section 5(c), each Class A-1
Certificateholder may request to have distributed to it its share of the
Underlying Securities in-kind upon payment in cash to the Trustee of the then
current market value of the related Class A-2 Certificates as determined in
the sole discretion of the Calculation Agent and which shall be distributed
pro rata to the holders of such Certificates; provided, however, that if the
Trustee is not able to distribute the exact proportionate share of the
Underlying Securities in-kind to each Class A-1 Certificateholder because of
the amount of the minimum denomination of the Underlying Securities, the
Trustee shall (i) distribute to each Class A-1 Certificateholder its
proportionate share of as many of such Underlying Securities as possible
in-kind, (ii) sell any remaining Underlying Securities in accordance with
Section 5(c) hereof and (iii) distribute the proportionate share of the
proceeds of such sale to each Class A-1 Certificateholder.

          (d) In the event that 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 give
10 days notice to the Depositary, or for any Certificates which are not then
held by DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid, and 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 moneys or other property, allocate and
distribute such property to the holders of Class A-1 Certificates and Class
A-2 Certificates then outstanding and unpaid (after deducting the costs
incurred in connection therewith) in accordance with the priorities of
distribution established pursuant to Section 5(a) 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

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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 any scheduled interest or principal payments due to
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.

          (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
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 five (5) Business Days prior
to the day on which the related payment was received from the Underlying
Securities Trustee.

          (g) [Reserved].

          (h) Notwithstanding Section 3.12 of the Standard Terms, if the
Underlying Securities Issuer confirms in writing that it intends to
permanently cease filing the periodic reports required under the Exchange Act
or if the Underlying Securities Issuer has failed to file any required report
at such time as the Trust is required to file a report under the Exchange Act,
the Depositor shall instruct the Trustee (i) to notify the Warrant Agent that
the Underlying Securities are proposed to be sold and that any Call Warrants
must be exercised no later than the date specified in the notice (which shall
be not less than [25] days after the date of such notice) and (ii) to the
extent that the Rights Holders fail to exercise their Call Warrants 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 order
of priority set forth in Section 5(a), if the Underlying Securities Issuer is
still delinquent in its filing obligations (1) within 30 Business Days after
receiving such written confirmation or (2) on the filing date of the trust's
related periodic report with the Commission.

          Section 6. Trustee's Fees.

          (a) As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Fee as agreed to separately in a fee agreement among
the Depositor and the Trustee. 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 Certificateholders of each of Class A-1 Certificates
then outstanding have voted to require the Trustee to incur such Extraordinary
Expenses. The Trustee may incur other Extraordinary

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Expenses if any lesser percentage of the Certificateholders requesting such
action pursuant hereto reimburse the Trustee for the cost thereof from their
own funds in advance. If Extraordinary Expenses are not approved unanimously
as set forth in the first sentence of this Section 6(b), such Extraordinary
Expenses shall not be an obligation of the Trust, and the Trustee shall not
file any claim against the Trust therefor notwithstanding failure of
Certificateholders to reimburse the Trustee.

          Section 7. Optional Exchange; Optional Redemption.

          (a) (i) On each Distribution Date, any certificateholder may
exchange Class A-1 Certificates and a proportionate related amount of both
Class A-2 Certificates and Call Warrants (or all Certificates and Call
Warrants if the certificateholder holds all Certificates and Call Warrants, on
any date), may tender such Certificates and Call Warrants to the Trustee and
receive a distribution of Underlying Securities representing a percentage of
the related Underlying Securities equivalent to the percentages of the Class
A-1 Certificates, Class A-2 Certificates and Call Warrants being tendered;
provided, however, that any right to exchange shall be exercisable only if (a)
the Trustee receives an Opinion of Counsel that such exchange is consistent
with applicable requirements for exemption under Rule 3a-7 (or other
applicable rule or exemption) under the Investment Company Act of 1940, as
amended, and all applicable rules and regulations thereunder, and such
exchange would not cause the Trust to be treated as a corporation or publicly
traded partnership taxable as a corporation for federal income tax purposes
and (b) to the extent permitted under Section 7(a)(iv) hereof.

          (ii)     Any such certificateholder must provide notice to the Trustee
     (an "Exchange Request") at least five days (or such shorter period
     acceptable to the Trustee) but not more than 30 days prior to an Optional
     Exchange Date that it requests an Optional Exchange of Certificates on
     such Optional Exchange Date.

          (iii)    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.

          (iv)     Any such Optional Exchange will be subject to the following
     restrictions: (a) Certificates to be exchanged have been held for a
     minimum of six months and (b) except where all of the Certificates and
     Call Warrants are held by one Certificateholder, each Optional Exchange
     is limited in amount to a maximum of an aggregate of 5% of the Class A-1
     Certificates, and Class A-2 Certificates and Call Warrants, provided,
     however, that such restrictions shall not apply to the exchange of
     Certificates that were acquired pursuant to Section 7(b).

          (v)      The provisions of Section 4.07(a) of the Standard Terms shall
     not apply to an Optional Exchange pursuant to this Section. This Section
     7 shall not provide the Depositor with a lien against, an interest in or
     a right to specific performance with respect to the Underlying
     Securities.

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          (b) On any Call Date, Class A-1 Certificates shall be redeemed at
par plus accrued and unpaid interest on such Class A-1 Certificates (or if the
Call Date is prior to the Commencement Date, and the call is not in connection
with a proposed sale by the Trustee of the Underlying Securities, at par plus
a premium equal to $[ ] for every $[ ] of principal paid and plus accrued and
unpaid interest on such Class A-1 Certificates) upon receipt by the Trustee of
the Call Price on or prior to such Call Date. On any Call Date on which one or
more of the Rights Holders duly exercises less than all of the Call Warrants
then outstanding, the Class A-1 Certificates shall be redeemed in part and the
Class A-1 Certificates to be redeemed will be selected by the Trustee or DTC
by lot and will be paid for on the Call Date.

          (i)    Any Rights Holder, in order for it to exercise its Call
     Rights in whole or in part, shall provide notice to the Trustee (a "Call
     Request") no more than 60 nor less than 20 days prior to any Call Date,
     that it is exercising its Call Rights on such Call Date, indicating the
     principal amount of Underlying Securities as to which such call will be
     exercised.

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

          (iii)  The Rights Holder shall provide a certificate of solvency to
     the Trustee.

          (iv)   Deliveries of the Underlying Securities purchased on any Call
     Date by a Rights Holder (the "Purchaser") will only be made against
     payment by the Purchaser of the Call Price with respect to such
     Underlying Securities in immediately available funds. Such payment must
     occur no later than 10:00 a.m. New York City time on the Call Date.
     Delivery of a Call Request made in connection with a proposed sale by the
     Trustee of the Underlying Securities or a tender offer which is
     subsequently withdrawn does not give rise to an obligation on the part of
     the Rights Holder to pay the Call Price. In the event that the Purchaser
     fails to make such payment by such time, the sale shall be voided and the
     exercise of Call Rights will be deemed not to be effective with respect
     to such Call Date, and the Certificates and the Call Rights shall
     continue to remain outstanding. Subject to receipt of the Call Price as
     aforesaid on any Call Date, the Trustee shall pay the corresponding
     redemption price set forth in clause (b), above, to the Class A-1
     Certificateholders on such Call Date.

          (v)    The Trustee shall not consent to any amendment or
     modification of this Agreement (including the Standard Terms) which
     would adversely affect the Rights Holder (including, without limitation,
     any amendment that would alter the timing or amount of any payment of the
     Call Price) without the prior written consent of the Rights Holders.

          (vi)   The Trustee shall not be obligated to determine whether an
     exercise of Call Rights 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.

                                      11
<PAGE>

          (vii)  This Section 7 shall not provide the Rights Holders 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 applicable Rights
     Holder to a distribution of the Underlying Securities.

          (viii) The Rights Holder shall initially be the Depositor and such
     Call Rights may be transferred to one or more holders. However, the
     Trustee is under no obligation to recognize any notice of transfer unless
     it is signed by the transferor and the transferee.

          (ix)   Any exercise of Call Rights by a Rights Holder (or, if
     applicable, by two or more affiliated Rights Holders) must be in a
     minimum principal amount of Underlying Securities equal to $[           ].

          (x)    The exercise of a Call Warrant shall constitute the redemption
     by the Trust of the Class A-2 Certificates deemed held in connection with
     such Call Warrant by the exercising Rights Holder; provided, that no
     payment shall be made on such Class A-2 Certificate by the Trust in
     connection with such redemption.

          (xi)   Any exercise of Call Rights by a Rights Holder must include a
     certification by the Rights Holder that it is solvent as of the Call
     Date.

          Section 8. Events of Default.

               Within 30 days of the occurrence of an Event of Default
actually known to the Trustee, the Trustee will give notice to the
Certificateholders, the Warrant Agent and the Rating Agency, transmitted by
mail, of all such uncured or unwaived Events of Default known to it and
proceed thereafter in accordance with Section 5(c) hereof.

          Section 9. Miscellaneous.

          (a) The provisions of Section 4.04, Advances, of the Standard Terms
shall not apply to the Series 2004-1 Certificates.

          (b) The provisions of Section 4.07, Optional Exchange, of the
Standard Terms shall not apply to the Series 2004-1 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 Series 2004-1 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

                                      12
<PAGE>

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 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, the issuance of the Certificates and
compliance with the terms of 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 its obligations under the Call
Warrants or otherwise incur, assume or guarantee any indebtedness for money
borrowed.

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

          (m) 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.

          (n) 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).

                                      13
<PAGE>

If to the Depositor, to:

                           ABN AMRO SCORS Depositor Inc.
                           c/o ABN AMRO Incorporated
                           Park Avenue Plaza
                           55 East 52nd Street
                           New York, New York 10055
                           Attention:  Laura Schisgall, Esq.
                           Telephone:  (212) 409-5341
                           Facsimile:  (212) 409-1020

If to the Trustee or the Warrant Agent, to:

                           [        ]
                           [Address]
                           Attention: [o]
                           Telephone:  [o]
                           Facsimile:  [o]

If to the Rating Agencies, to:

                           Moody's Investors Service, Inc.
                           99 Church Street
                           New York, New York  10007
                           Attention:  [o]
                           Telephone:  (212) 553-[o]
                           Facsimile:  (212) 553-[o]

and to:

                           Standard & Poor's Ratings Services, Inc., a division
                           of The McGraw Hill Companies, Inc.
                           55 Water Street
                           New York, New York  10041
                           Attention:  [o]
                           Telephone:  (212) 438-[o]
                           Facsimile:  (212) 438-[o]

If to the New York Stock Exchange, to:

                           New York Stock Exchange, Inc.
                           20 Broad Street
                           New York, New York  10005
                           Attention:  [Susan Waiter]
                           Telephone:  (212) 656-[2818]
                           Facsimile:  (212) 656-[o]

                                      14
<PAGE>

         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 Rights 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.

          (o) Each of the representations, covenants and agreements made
herein by each of the Depositor and the Trustee is for the benefit of the
Certificateholders and the Rights Holders.

          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 distribution in full of all proceeds from the
sale of all of the Underlying Securities or the distribution in-kind of all of
the Underlying Securities and all cash assets of the Trust in accordance with
the terms hereof, (ii) the payment in full at maturity of the Underlying
Securities and the distribution in full of all amounts due to the Class A-1
and Class A-2 Certificateholders; (iii) the payment in full of the Class A-1
Certificates upon exercise of all of the issued Call Rights under Section
7(b); 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. In the event of a sale of
the Underlying Securities pursuant to Section 5(c) hereof, the Liquidation
Proceeds, if any, shall be deposited into the Certificate Account for
distribution to the Class A-1 and Class A-2 Certificateholders pursuant to
Section 5(a). The Trustee shall only deliver the Underlying Securities to the
purchaser of such Underlying Securities 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 and subject to Section 7(b)
hereof, the Trustee shall not enter into any amendment or modification of the
Trust Agreement which would adversely affect in any material respect the
interests of the holders of any class of Certificates without the consent of
the holders of 100% of such class of Certificates; provided, however, that no
such amendment or modification will be permitted which would cause the Trust
to be treated as a corporation or publicly traded partnership taxable as a
corporation for federal income tax purposes. Further, no amendment shall be
permitted which would adversely affect in any material respect the interests
of the Class A-1 Certificateholders unless the Rating Agency Condition is
satisfied with respect to such amendment.

                                      15
<PAGE>

          Section 15.

          (a) Voting of Underlying Securities, Modification of Indenture. 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 herein and 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 Certificates) as the Certificates 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, after weighing
the votes of the Certificateholders; provided, however, that, notwithstanding
anything in the Trust Agreement to the contrary but subject to Section 5.20
thereof, 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 treated as a corporation or publicly traded partnership
taxable as a corporation for federal income tax purposes 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 all outstanding Class A-1
Certificateholders and the Class A-2 Certificateholders, 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 Voting
Rights with respect thereto. The Trustee shall have no liability for any
failure to act resulting from Certificateholders' late return of, or failure
to return, directions requested by the Trustee from the Certificateholders.

          (b) In the event that an offer is made by the Underlying Securities
Issuer to issue new obligations in exchange and substitution for any of the
Underlying Securities, pursuant to a plan for the refunding or refinancing of
the outstanding Underlying Securities or any other offer is made for the
Underlying Securities, the Trustee shall notify the Class A-1 and Class A-2
Certificateholders of such offer promptly. Subject to the rights of the Rights
Holders in connection with a tender offer, the Trustee must reject any such
offer unless the Trustee is directed by the affirmative vote of the
Certificateholders representing 100% of the Voting Rights with respect thereto
to accept such offer and the Trustee has received the tax opinion described
above.

          (c) If an event of default under the Indenture occurs and is
continuing, and if directed by Class A-1 Certificateholders representing 51%
or more of the Voting Rights with respect thereto, the Trustee shall vote the
Underlying Securities in favor of directing, or take such other

                                      16
<PAGE>

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.

                                      17
<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.

                                       ABN AMRO SCORS Depositor Inc.,
                                        as Depositor

                                       By:_________________________________
                                          Name:
                                          Title:

                                       [                                  ],
                                          not in its individual capacity
                                          but solely as Trustee on behalf
                                          of the Trust Certificates
                                          Series 2004-1 Trust

                                       By:_________________________________
                                          Name:
                                          Title:

                                      18
<PAGE>

<TABLE>
<CAPTION>

                                                                  SCHEDULE I

                                 SERIES 2004-1

                        UNDERLYING SECURITIES SCHEDULE

<S>                                             <C>
Underlying Securities:                          [   ]%.

Underlying Securities Issuer:                   [                 ]

CUSIP Number:                                   [                 ]

Principal Amount Deposited:                     [                 ]

Original Issue Date:                            [                 ]

Principal Amount of
Underlying Securities
Originally Issued:                              [                 ]

Maturity Date:                                  [                 ]

Principal Payment Date:                         [                 ]

Interest Rate:                                  [   ]%.

Interest Payment Dates:                         [       ] or if not a business day, the next
                                                business day.

Underlying Securities Record Dates:             [The day immediately preceding each
                                                Distribution Date.]

Security                                        The Underlying Securities are unsecured
                                                obligations of the Underlying Securities Issuer.

Redemption/Put/Other Features                   None.

Form of Security                                [Book-entry debt securities with DTC listed on
                                                the New York Stock Exchange.]

Underlying Securities Trustee                   [   ].

Ratings                                         "BBB" by Standard & Poor's Ratings Services,
                                                a division of The McGraw-Hill Companies, Inc.
                                                and "Baa" by Moody's Investors Service, Inc.

                                      19
<PAGE>

Call Warrants                                   The Underlying Securities will be acquired by the Trust
                                                subject to Call Warrants entitling the holders thereof
                                                to purchase the Underlying  Securities from the Trust,
                                                in whole or in part, at the Call Price either on any
                                                Business Day upon not more than 60 nor less than 20 days
                                                prior notice to the Trustee on or after the Commencement
                                                Date or at any earlier date after the commencement by
                                                the Underlying Securities Issuer of any redemption or
                                                other unscheduled payment or tender offer on the
                                                Underlying Securities (but prior to the date on which
                                                the redemption or unscheduled payment occurs or
                                                tender period ends) or after the Trustee notifies the
                                                Certificateholders of any proposed sale of the
                                                Underlying Securities.

</TABLE>

                                      20
<PAGE>
                                                                 SCHEDULE II

                                 CALL SCHEDULE

           Distribution Date                             Value

<PAGE>
                                                                   EXHIBIT A-1

              FORM OF CLASS A-1 ABN AMRO SCORS TRUST CERTIFICATE

NUMBER 1                                 [     ] $[     ] PAR CERTIFICATES
                                             CUSIP NO. [                 ]

                      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.

                         ABN AMRO SCORS DEPOSITOR INC.

                                 [   ] $[   ] PAR

       ABN AMRO STRUCTURED CORPORATE SECURITIES(SM) ("ABN AMRO SCORS"(SM))
                             TRUST CERTIFICATES,

                                 SERIES 2004-1

[  ]% INTEREST RATE

evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of $[     ]
aggregate principal amount of [    ]% [   ] due [      ], issued by [     ]
and all payments received thereon (the "Trust Property"), deposited in trust by
ABN AMRO SCORS Depositor Inc., (the "Depositor").

                                    A-1-1
<PAGE>

THIS CERTIFIES THAT CEDE & CO. is the registered owner of $[     ] DOLLARS
nonassessable, fully-paid, proportionate undivided beneficial ownership
interest in the ABN AMRO SCORS Trust Certificates, Series 2004-1 Trust, formed
by the Depositor.

The Trust was created pursuant to a Standard Terms for Trust Agreements, dated
as of [     ], 2004 (the "Standard Terms"), between the Depositor and [      ],
a national banking association, not in its individual capacity but solely as
Trustee (the "Trustee"), as supplemented by the Series Supplement, Series
2004-1, dated as of [            , 2004] (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
"ABN AMRO SCORS Trust Certificates, Series 2004-1, 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, subject to the Call
Warrants with respect thereto; (ii) all payments on or collections or other
proceeds in respect of the Underlying Securities accrued on or after [    ] and
until, with respect to any portion of the Underlying Securities as to which
the Call Warrants are duly exercised in accordance with the Trust Agreement,
the payment of the related Call Price and the completion of such exercise; and
(iii) all funds from time to time deposited with the Trustee relating to the
Certificates, together with any and all income, proceeds and payments with
respect thereto.

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

                                    A-1-2
<PAGE>

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.

                          ABN AMRO SCORS TRUST CERTIFICATES,
                          SERIES 2004-1 TRUST

                          By:  [                          ]
                          not in its individual capacity but solely as Trustee

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

Dated:  [               ]

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is on one of the ABN AMRO SCORS Trust Certificates, Series 2004-1,
described in the Trust Agreement referred to herein.

[                        ]
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 and 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 Class A-1 Certificates are issuable in fully registered form only in
denominations of $[o].

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 [o].

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
payment in full of the Class A-1 Certificates upon exercise of all of the
issued Call Rights under Section 7(b) of the Series

                                    A-1-5
<PAGE>

Supplement; and (iii) 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 4.2
                                              Preliminary--Subject to Change

                      STANDARD TERMS FOR TRUST AGREEMENTS
                                    between

                        ABN AMRO SCORS Depositor Inc.,

                                 as Depositor

                                      and

                     U.S. Bank Trust National Association,

                                  as Trustee

      ABN AMRO STRUCTURED CORPORATE SECURITIES(SM) ("ABN AMRO SCORS"(SM))
                                 CERTIFICATES

                             Dated as of [o], 2004

<PAGE>
<TABLE>
<CAPTION>

                               TABLE OF CONTENTS
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                                                                                          Page
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                                   ARTICLE I

                          Definitions and Assumptions
<S>              <C>                                                                       <C>
SECTION 1.01.    Definitions................................................................1
SECTION 1.02.    Rules of Construction......................................................15
SECTION 1.03.    Compliance Certificates and Opinions; Record Date..........................16

                                  ARTICLE II
    Declaration of Trusts; Issuance of Certificates; Purpose and Classification of Trusts

SECTION 2.01.    Creation and Declaration of Trusts:  Assignment of Underlying Securities...17
SECTION 2.02.    Acceptance by Trustee......................................................18
SECTION 2.03.    Representations and Warranties of the Depositor............................19
SECTION 2.04.    Breach of Representation, Warranty or Covenant.............................19
SECTION 2.05.    Agreement to Authenticate and Deliver Certificates.........................20

                                  ARTICLE III
                         Administration of each Trust

SECTION 3.01.    Administration of each Trust...............................................20
SECTION 3.02.    Collection of Certain Underlying Security Payments.........................20
SECTION 3.03.    Certificate Account........................................................20
SECTION 3.04.    Liquidation of the Underlying Securities...................................21
SECTION 3.05.    Investment of Funds in the Accounts........................................22
SECTION 3.06.    Maintenance of Credit Support..............................................22
SECTION 3.07.    Realization Upon Defaulted Underlying Securities...........................23
SECTION 3.08.    Retained Interest..........................................................24
SECTION 3.09.    Access to Certain Documentation............................................24
SECTION 3.10.    Preparation of Reports.....................................................24
SECTION 3.11.    Charges and Expenses.......................................................26
SECTION 3.12.    Underlying Securities Reporting Failure....................................26

                                  ARTICLE IV
                       Distributions and Reports to Certificateholders

SECTION 4.01.    Distributions..............................................................27
SECTION 4.02.    Distributions on Certificates..............................................27
SECTION 4.03.    Reports to Certificateholders..............................................28
SECTION 4.04.    Advances...................................................................29
SECTION 4.05.    Allocation of Realized Losses and Trust Expenses...........................30
SECTION 4.06.    Compliance with Withholding Requirements...................................30
SECTION 4.07.    Optional Exchange..........................................................31

                                      i
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                                   ARTICLE V
                               The Certificates

SECTION 5.01.    The Certificates...........................................................32
SECTION 5.02.    Execution, Authentication and Delivery.....................................33
SECTION 5.03.    Temporary Certificates.....................................................34
SECTION 5.04.    Registration; Registration of Transfer and Exchange........................34
SECTION 5.05.    Mutilated, Destroyed, Lost and Stolen Certificates.........................36
SECTION 5.06.    Persons Deemed Owners......................................................37
SECTION 5.07.    Cancellation...............................................................37
SECTION 5.08.    Global Securities..........................................................38
SECTION 5.09.    Notices to Depository......................................................39
SECTION 5.10.    Definitive Certificates....................................................39
SECTION 5.11.    Currency of Distributions in Respect of Certificates.......................39
SECTION 5.12.    Conditions of Authentication and Delivery of New Series....................39
SECTION 5.13.    Appointment of Paying Agent................................................40
SECTION 5.14.    Authenticating Agent.......................................................41
SECTION 5.15.    Voting Rights with Respect to Underlying Securities........................42
SECTION 5.16.    Actions by Certificateholders..............................................43
SECTION 5.17.    Events of Default..........................................................43
SECTION 5.18.    Judicial Proceedings Instituted by Trustee; Trustee May Bring Suit.........43
SECTION 5.19.    Control by Certificateholders..............................................43
SECTION 5.20.    Waiver of Past Defaults....................................................44
SECTION 5.21.    Right of Certificateholders to Receive Payments Not to Be Impaired.........44
SECTION 5.22.    Remedies Cumulative........................................................45

                                  ARTICLE VI
                                 The Depositor

SECTION 6.01.    Liability of the Depositor.................................................45
SECTION 6.02.    Limitation on Liability of the Depositor...................................45
SECTION 6.03.    Depositor May Purchase Certificates........................................46
SECTION 6.04.    Merger or Consolidation of the Depositor...................................46
SECTION 6.05.    No Liability of the Depositor with Respect to the Underlying Securities;
                 Certificateholders to Proceed Directly Against the Issuer(s)...............46

                                  ARTICLE VII
                            Concerning the Trustee

SECTION 7.01.    Duties of Trustee..........................................................47
SECTION 7.02.    Between Trustee, Administrative Agent and Sub-Administrative Agents........50
SECTION 7.03.    Certain Matters Affecting the Trustee......................................52
SECTION 7.04.    Trustee Not Liable for Recitals in Certificates or Underlying Securities...53
SECTION 7.05.    Trustee May Own Certificates...............................................53
SECTION 7.06.    Trustee's Fees and Expenses................................................53
SECTION 7.07.    Eligibility Requirements for Trustee.......................................54
SECTION 7.08.    Resignation or Removal of the Trustee; Appointment of Successor Trustee....55

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SECTION 7.09.    Merger or Consolidation of Trustee.........................................56
SECTION 7.10.    Appointment of Office or Agency............................................56
SECTION 7.11.    Representations and Warranties of Trustee..................................56
SECTION 7.12.    Indemnification of Trustee by the Depositor; Contribution..................57
SECTION 7.13.    Indemnification of Depositor by Trustee....................................58
SECTION 7.14.    No Liability of the Trustee with Respect to the Underlying Securities;
                 Certificateholders to Proceed Directly Against the Issuer(s)...............59
SECTION 7.15.    The Depositor To Furnish Trustee with Names and Addresses of
                 Certificateholders.........................................................59
SECTION 7.16.    Preservation of Information................................................59
SECTION 7.17.    Trustee's Application for Instructions from the Depositor..................59

                                 ARTICLE VIII
                                 Market Agent

SECTION 8.01.    Market Agent...............................................................60

                                  ARTICLE IX
                                  Termination

SECTION 9.01.    Termination upon Liquidation of All Underlying Securities..................60

                                   ARTICLE X
                           Miscellaneous Provisions

SECTION 10.01.   Amendment..................................................................61
SECTION 10.02.   Limitation on Rights of Certificateholders.................................62
SECTION 10.03.   Governing Law..............................................................63
SECTION 10.04.   Notices....................................................................63
SECTION 10.05.   Notice to Rating Agencies..................................................64
SECTION 10.06.   Severability of Provisions.................................................64
SECTION 10.07.   Grant of Security Interest.................................................65
SECTION 10.08.   Nonpetition Covenant.......................................................66
SECTION 10.09.   No Recourse................................................................66
SECTION 10.10.   Article and Section References.............................................66
SECTION 10.11.   Counterparts...............................................................66
SECTION 10.12.   Segregation Provisions.....................................................66

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                                     iii
<PAGE>

        STANDARD TERMS FOR TRUST AGREEMENTS dated as of [o], 2004, among ABN
AMRO SCORS DEPOSITOR INC., a Delaware corporation, as Depositor, and U.S.
Bank Trust National Association, as Trustee.

                             PRELIMINARY STATEMENT

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

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

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

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

                                  ARTICLE I

                          Definitions and Assumptions

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

               "Account" As defined in Section 3.05.

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

               "Administration Account"  As defined in Section 7.02.

               "Administration Agent" Any Person with which the Trustee has
entered into a Administration Agreement and which meets the qualifications of
a Administrative Agent pursuant to Section 7.02.

<PAGE>

               "Administration Agreement" The written contract, if any,
between the Trustee and the Administration Agent and any successor Trustee or
Administration Agent relating to the administration of certain Underlying
Securities as provided in Section 7.02.

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

               "Advance" As defined in Section 4.04.

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

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

               "Authenticating Agent"  As defined in Section 5.14.

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

               "Available Funds" Unless otherwise specified in the applicable
Series Supplement, for any Distribution Date in respect of a given Series or
Class, the sum of (i) all amounts actually received on or with respect to the
Underlying Securities (including Liquidation Proceeds and investment income on
amounts in the Accounts) with respect to such Series during the related
Collection Period, (ii) all amounts received pursuant to any Credit Support
Instruments with respect to such Series for such Distribution Date and (iii)
all other amounts, if any, specified by the applicable Series Supplement.

               "Basic Documents" With respect to any Series, if applicable, as
defined in the related Series Supplement.

               "Beneficial Owner" Shall mean, with respect to Certificates
held through a Depository, the beneficial owner of a Certificate. For purposes
only of Section 5.16, the Trustee shall be obligated to treat a Person who
claims to be a beneficial owner of a Certificate as a "Beneficial Owner"
within the meaning of the Series Supplement only if such Person has first
delivered to the Trustee, (i) a certificate or other writing executed by such
Person stating the full name and address of such Person, the principal
distribution amount of the Certificate with respect to which such Person
claims to be the Beneficial Owner, and the Participant in the Depository
("such Person's Participant") through which such Person holds its beneficial

                                      2
<PAGE>

ownership interest in the Certificates and (ii) a certificate or other writing
executed by such Person's Participant confirming that such Person's
Participant holds on its own books and records Certificates for the account of
such Beneficial Owner and identifying the principal distribution amount held
for such Beneficial Owner.

               "Business Day" With respect to any Certificate means, any day,
other than a Saturday or Sunday, that is (i) not a day on which banking
institutions are authorized or required by law or regulation to be closed in
The City of New York and (ii) if the Pass-Through Rate for such certificate is
based on LIBOR, a London Banking Day.

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

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

               "Certificate Account"  As defined in Section 3.03.

               "Certificate Owners"  As defined in Section 5.08.

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

               "Certificate Register" and "Certificate Registrar" As
respectively defined in Section 5.04.

               "Certificateholder"  Any Holder of a Certificate.

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

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

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

                                      3
<PAGE>

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

               "Code"  The Internal Revenue Code of 1986, as amended.

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

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

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

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

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

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

               "Currency" shall mean Dollars.

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

               "Definitive Certificates"  As defined in Section 5.08.

                                      4
<PAGE>

               "Depositor" ABN AMRO SCORS Depositor Inc., a Delaware
corporation, and, if a successor Person shall have become the Depositor
pursuant to any applicable provisions of this Trust Agreement, "Depositor"
shall mean such successor Person. The Depositor and each successor Depositor
shall be a United States person (within the meaning of Section 7701(a)(30) of
the Code.

               "Depositor Order" or "Depositor Request" A written order or
request, respectively, signed in the name of the Depositor by any of its
President or Vice Presidents.

               "Depository" With respect to the Certificates of any Series (or
Class within such Series) issuable in whole or in part in the form of one or
more Global Securities, the Person designated as Depository by the Depositor
pursuant to Section 5.01 and specified in the related Series Supplement until
a successor Depository shall have become such pursuant to the applicable
provisions of this Trust Agreement, and thereafter "Depository" shall mean or
include each Person who is then a Depository hereunder, and if at any time
there is more than one such Person, "Depository" as used with respect to the
Certificates of any such Series or Class shall mean the Depository with
respect to the Certificates of that Series or Class.

               "Depository Agreement" If applicable, the agreement pursuant to
which the Depository will agree to act as Depository with respect to any
Series (or Class within such Series) of Certificates in accordance with
Section 5.08.

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

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

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

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

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

                                      5
<PAGE>

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

                      (i) direct obligations of, and obligations fully
               guaranteed by, the United States, the Federal Home Loan
               Mortgage Corporation, the Federal National Mortgage
               Association, the Federal Farm Credit System or any agency or
               instrumentality of the United States the obligations of which
               are backed by the full faith and credit of the United States of
               America; provided, however, that obligations of, or guaranteed
               by, the Federal Home Loan Mortgage Corporation, the Federal
               National Mortgage Association or the Federal Farm Credit System
               shall be Eligible Investments only if, at the time of
               investment, it has the rating specified in such Series
               Supplement for Eligible Investments;

                      (ii) demand and time deposits in, certificates of
               deposit of, or banker's acceptances issued by any depository
               institution or trust company (including the Trustee or any
               agent of the Trustee acting in their respective commercial
               capacities) incorporated under the laws of the United States or
               any State and subject to supervision and examination by Federal
               and/or State banking authorities so long as the commercial
               paper and/or the short-term debt obligations of such depository
               institution or trust company (or, in the case of a depository
               institution which is the principal subsidiary of a holding
               company, the commercial paper or other short-term debt
               obligations of such holding company) at the time of such
               investment or contractual commitment providing for such
               investment have the rating specified in such Series Supplement
               for Eligible Investments; provided, however, that such rating
               shall be no lower than the rating on the Underlying Securities
               at the time of purchase of the investments;

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

                      (iv) commercial paper having at the time of such
               investment the rating specified in the Series Supplement for
               Eligible Investments.

               "Event of Default" With respect to any Series (or Class within
such Series) of Certificates, as specified in the related Series Supplement.

               "Exchange Act"  The Securities Exchange Act of 1934, as amended.

               "Exchange Act Reports" As defined in Section 3.10(a).

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

                                      6
<PAGE>

               "Extraordinary Trust Expense" Unless otherwise specified in the
related Series Supplement, any and all costs, expenses or liabilities arising
out of the establishment, existence or administration of the Trust, other than
(i) Ordinary Expenses, and (ii) costs and expenses payable by a particular
Certificateholder, the Trustee or the Depositor pursuant to this Trust
Agreement.

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

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

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

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

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

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

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

               "Holder" With respect to a Registered Certificate, the
Registered Holder thereof.

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

                                      7
<PAGE>

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

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

               "Letter of Credit" With respect to any Series or Class within
such Series, the letter of credit, if any, providing for the payment of all or
a portion of amounts due in respect of such Series or Class, issued to the
Trustee for the benefit of the Holders of such Series or Class, issued by the
related Credit Support Provider, all as specified in the related Series
Supplement.

               "LIBOR" shall mean, the London InterBank Offered Rate.

               "Limited Guarantor" With respect to the Underlying Securities
relating to any series (or Class within such Series), a Person specified in
the related Series Supplement as providing a guarantee or insurance policy or
other credit enhancement supporting the distributions in respect of such
Series (or Class) as and to the extent specified in such Series Supplement.

               "Limited Guaranty" With respect to any Series or Class within
such Series, any guarantee of or insurance policy or other comparable form of
credit enhancement with respect to amounts required to be distributed in
respect of such Series or Class or payments under all or certain of the
Underlying Securities relating to such Series or Class, executed and delivered
by a limited Guarantor in favor of the Trustee, for the benefit of the
Certificateholders, as specified in the related Series Supplement.

               "Liquidation Proceeds" The amounts received by the Trustee in
connection with (i) the liquidation of a defaulted Underlying Security or
collateral, if any, related thereto or (ii) the repurchase, substitution or
sale of a Underlying Security.

               "London Banking Day" with respect to any Series or Class within
such Series, any day on which dealings in deposits in the specified currency
of such Series or Class within such Series are transacted in the London
interbank market.

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

               "Market Agent Agreement" With respect to any Series shall mean
the Market Agent Agreement, dated as of the Closing Date, between the Trustee
and the Market Agent, the form of which will be attached to the Series
Supplement, and any similar agreement with a successor Market Agent, in each
case as from time to time amended or supplemented.

                                      8
<PAGE>

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

               "Moody's" Shall mean Moody's Investors Service, Inc. and any
successors thereto.

               "NASD" Shall mean the NASD, Inc. (formerly, the National
Association of Securities Dealers, Inc.).

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

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

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

               "Optional Exchange Date" With respect to any Series (or Class
with such Series), as defined, if applicable, in the related Series
Supplement.

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

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

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

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

                                      9
<PAGE>

               a bona fide purchaser in whose hands such Certificates are
               valid obligations of the Trust;

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

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

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

               "Paying Agent"  As defined in Section 5.13.

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

               "Permitted Investments" If applicable, with respect to any
Series, as defined in the related Series Supplement.

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

                                      10
<PAGE>

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

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

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

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

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

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

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

               "Realized Losses" With respect to any defaulted and liquidated
Underlying Security, the excess, if any, of (x) the principal amount of such
Underlying Security plus accrued and unpaid interest thereon, plus expenses
incurred by the Trustee in connection with the practices and procedures
referred to in Section 3.07(b) to the extent reimbursable under these Standard
Terms and the related Series Supplement, over (y) Liquidation Proceeds with
respect thereto.

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

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

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

                                      11
<PAGE>

               "Required Interest" Unless otherwise specified in the related
Series Supplement, with respect to the Outstanding Certificates of any Series
or any Class thereof, the accrued and undistributed interest on the
Certificate Principal Balance or Notional Amount of such Outstanding
Certificates, computed at the applicable Pass-Through Rate.

               "Required Percentage--Amendment" Unless otherwise specified in
the related Series Supplement, 66-2/3% of the aggregate Voting Rights of
Certificates of such Series.

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

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

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

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

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

               "Required Principal" As determined for any Distribution Date
for a given Series (or Class within such Series), unless otherwise specified
in the related Series Supplement, the amounts on deposit in the Certificate
Account allocable to principal payments on the Underlying Securities
(including from Credit Support, if any, and Advances, if any, but excluding
amounts in respect of principal payments to the extent that Advances with
respect thereto were distributed as Required Principal on a prior Distribution
Date) and required to be distributed in respect of the Certificates of such
Series (or Class) in accordance with the terms of such Certificates and such
related Series Supplement.

               "Required Rating" With respect to any Series (or Class within
such Series), the rating category (or categories) specified in the Series
Supplement that, as a condition to the issuance of such Series or Class, is
(or are) the lowest category (or categories) in which the Certificates of such
Series or Class may be categorized by the Rating Agency.

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

               "Reserve Account" An Eligible Account, if any, created and
maintained pursuant to Section 3.06 and specified in the related Series
Supplement.

               "Responsible Officer" With respect to the Trustee, any officer
within the Corporate Trust Office of the Trustee, including any Vice
President, Assistant Vice President,

                                      12
<PAGE>

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

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

               "Sale Procedures" Unless otherwise specified in the Series
Supplement, shall mean that, with respect to any sale of one or more
Underlying Securities, the Market Agent, on behalf of the Trust, shall sell
such Underlying Security or Underlying Securities to the highest bidders among
not less than two solicited bidders for such Underlying Securities (one of
which bidders may include ABN AMRO Incorporated or any Affiliate thereof;
provided, however, that neither ABN AMRO Incorporated nor any of its
Affiliates will be under any obligation to bid, and which bidders need not be
limited to recognized broker dealers). In the sole judgment of the Market
Agent, bids may be evaluated on the basis of bids for a single Underlying
Security, a portion of the Underlying Securities or all of the Underlying
Securities being sold or any other basis selected in good faith by the Market
Agent.

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

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

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

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

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

               "Sub-Administration Account" As defined in Section 7.02.

               "Sub-Administration Agreement" The written contract, if any,
between the Trustee or the Administration Agent and a Sub-Administrative Agent
and any successor Trustee, Administration Agent or Sub-Administrative Agent
relating to the administration of certain Underlying Securities as provided in
Section 7.02.

               "Sub-Administration Agent" Any Person with which the Trustee
has entered into a Sub-Administration Agreement and which meets the
qualifications of a Sub-Administrative Agent pursuant to Section 7.02.

                                      13
<PAGE>

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

               "Swap Agreement" If so specified in the Series Supplement, with
respect to any Series, shall mean the ISDA Master Agreement dated as of the
Closing Date by and between the Trust and the Swap Counterparty, the form of
Schedule attached as an exhibit thereto, and the related Confirmation or by
any Confirmations from time to time entered into in connection therewith as
provided herein and therein.

               "Swap Counterparty" If so specified in the Series Supplement,
with respect to any Series, shall be specified in the Series Supplement.

               "Swap Distribution Amount" If so specified in the Series
Supplement, with respect to any Series, shall mean all amounts then due and
owing to the Swap Counterparty pursuant to the Swap Agreement, other than Swap
Termination Payments.

               "Swap Guarantee" If so specified in the Series Supplement, with
respect to any Series, shall mean, the Guarantee issued by the Swap Guarantor
in favor of the Trust substantially in the form attached as an exhibit to the
Swap Agreement.

               "Swap Guarantor" If so specified in the Series Supplement, with
respect to any Series, shall be specified in the Series Supplement.

               "Swap Receipt Amount" If so specified in the Series Supplement,
with respect to any Series, shall mean all amounts due and owing to the Trust
pursuant to the Swap Agreement, other than Swap Termination Payments.

               "Swap Termination Payment" If so specified in the Series
Supplement, with respect to any Series, means the amount payable by the Swap
Counterparty to the Trust, or by the Trust to the Swap Counterparty, pursuant
to Section 6(e) of the Swap Agreement.

               "Treasury Regulations" means regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to
specific provisions of proposed or temporary regulations shall include
analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

               "Trust" With respect to any Series, the segregated asset or
pool of assets subject hereto, constituting the trust created hereby and by
the related Series Supplement and to be administered hereunder and thereunder,
consisting of those Underlying Securities and the Credit Support, if
applicable, and all sums distributed in respect thereof that are specified as
being part of the Trust for such Series in the related Series Supplement, all
for the benefit of the Certificateholders of such Series as of any particular
time.

                                      14
<PAGE>

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

               "Trustee" With respect to any Series, the Person so specified
in the applicable Series Supplement, until a successor Person shall have
become the Trustee pursuant to the applicable provisions of these Standard
Terms and the applicable Series Supplement, and thereafter "Trustee" shall
mean such successor Person. The Trustee and each successor Trustee shall be a
United States person (within the meaning of Section 7701(a)(30) of the Code)
and shall be a bank (as defined in Section 581 of the Code).

               "Trustee's Compliance Certificate" As defined in Section
3.10(d).

               "Underlying Security" or "Underlying Securities" With respect
to any Series, the asset or assets Granted as part of the Trust for such
Series or acquired (or, in the case of an agreement, entered into) by the
Trustee for the benefit of the Holders of such Series, and, if and to the
extent provided in the applicable Series Supplement, for the benefit of any
Credit Support Provider, all as identified in the Schedule I to the related
Series Supplement. The Underlying Securities for any such Series or the
related Trust shall not constitute Underlying Securities for any other Series
or any other Trust.

               "Underlying Security Interest Payment Date" Shall mean, with
respect to an Underlying Security, each date specified in Schedule I to a
Series Supplement as a date on which interest is scheduled, as of the Closing
Date, to be payable by or on behalf of the Issuer on such Underlying Security
in accordance with its terms.

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

               "Uniform Commercial Code" The Uniform Commercial Code as in
effect in the relevant jurisdiction or, with respect to the State of
Louisiana, the equivalent body of statutory and common law.

               "United States" The United States of America (including the
States), its territories, its possessions and other areas subject to its
jurisdiction.

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

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

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

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

                                      15
<PAGE>

                    (iii) "or" is not exclusive;

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

                    (v)   "including" means including without limitation; and

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

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

               Every certificate or opinion with respect to compliance with a
condition or covenant provided for this Trust Agreement shall include:

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

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

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

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

               (b) The Depositor may at its option by delivery of an Officer's
Certificate to the Trustee set a record date to determine the Holders of any
subclass of Certificates entitled to give any consent, request, demand,
authorization, direction, notice, waiver or other act. Such record date shall
be the record date specified in such Officer's Certificate, which shall be a
date not more than 30 days prior to the first solicitation of
Certificateholders in connection therewith. If such a record date is fixed,
such consent, request, demand, authorization, direction, notice, waiver or
other act may be given before or after such record date, but only the Holders
of record of Certificates of the applicable subclass at the close of business
on such record date shall be

                                      16
<PAGE>

deemed to be Certificateholders of such subclass for the purposes of
determining whether Holders of the requisite aggregate principal amount of
Outstanding Certificates of such subclass have authorized or agreed or
consented to such consent, request, demand, authorization, direction, notice,
waiver or other act, and for that purpose the aggregate principal amount of
the Outstanding Certificates of such subclass shall be computed as of such
record date; provided, however, that no such consent, request, demand,
authorization, direction, notice, waiver or other act by the Holders of
Certificates of such subclass on such record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Trust
Agreement not later than one year after the record date.

                                  ARTICLE II

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

               SECTION 2.01. Creation and Declaration of Trusts: Assignment of
Underlying Securities. (a) The Depositor, concurrently with the execution and
delivery hereof, does hereby Grant to the Trustee, on behalf and for the
benefit of the Certificateholders of each given Series of Certificates and
without recourse, all the right, title and interest of the Depositor,
including any security interest therein for the benefit of the Depositor, in,
to and under the Underlying Securities attributable to each such Series, now
existing or hereafter acquired, in each case as identified on the applicable
Schedule I, and all other assets included or to be included in the respective
Trust for the benefit of the Certificateholders of each such Series. Each such
Grant will include all interest, premium (if any) and principal received by or
on behalf of the Depositor of, on or with respect to any such Underlying
Securities due after the applicable Cut-off Date, and, unless otherwise
specified in the Series Supplement, will exclude (i) all interest, premium (if
any) and principal of, on or with respect to any such Underlying Securities
due on or before the applicable Cut-off Date and (ii) any Retained Interest in
any such Underlying Security.

               (b) In connection with each Grant referred to in the preceding
paragraph, the Depositor shall, not later than the applicable Closing Date,
either (i) deposit the Underlying Securities for a given Series (except for
the Underlying Securities attributable to such Series which are to be acquired
from a Person other than the Depositor, as specified on the Underlying
Securities Schedule to the applicable Series Supplement) with the Trustee by
physical delivery of such Underlying Securities, duly endorsed, to the Trustee
or (ii) have delivered such Underlying Securities to a Clearing Agency, in
which event (A) the Trustee has accepted delivery of such Underlying
Securities through such Clearing Agency, and (B) the Underlying Securities
have been credited to a trust account of the Trustee, or its authorized agent,
and the Trustee shall have the right to hold and maintain such Underlying
Securities on deposit with such Clearing Agency for all purposes of this Trust
Agreement.

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

               (d) In the case of each delivery of Underlying Securities to
the Trustee, the Depositor shall be deemed thereby to represent and warrant to
the Trustee that:

                                      17
<PAGE>

                    (i)   the Depositor is duly authorized to so deliver such
               Underlying Securities;

                    (ii)  the Underlying Securities so delivered are genuine;

                    (iii) at the time of delivery of the Underlying
               Securities, such Underlying Securities are free and clear of
               any lien, pledge, encumbrance, right, charge, claim or other
               security interest; and

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

               The above representations and warranties shall survive the
delivery of such Underlying Securities and the Certificates in respect
thereof. The Depositor shall further be deemed by such delivery to have made
the representations that, to the best of its knowledge, as of the Closing
Date, no default or Event of Default with respect to the Underlying Securities
has occurred and is continuing.

               (e) Unless otherwise specified in the related Series
Supplement, it is the intention of all of the parties hereto that the transfer
of the Trust property hereunder and under any Series Supplement shall
constitute a sale and the Trust created hereunder and thereunder shall
constitute a fixed investment trust for federal income tax purposes under
Treasury Regulation Section 301.7701-4 and shall constitute a domestic trust
for federal income tax purposes under Treasury Regulation Section 301.7701-7,
and all parties hereto and thereto agree to treat the Trust, any distributions
therefrom and the beneficial interest in the Certificates consistently with
such characterization. The provisions of this Trust Agreement shall be
interpreted consistently with such characterization.

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

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

                                      18
<PAGE>

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

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

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

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

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

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

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

               SECTION 2.04. Breach of Representation, Warranty or Covenant.
Within 90 days of the earlier of discovery by the Depositor or receipt of
notice by the Depositor of a breach of any representation or warranty of the
Depositor set forth in Section 2.03 that materially and

                                      19
<PAGE>

adversely affects the interests of the Certificateholders of a given Series of
Certificates, the Depositor shall cure such breach in all material respects.

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

                                 ARTICLE III

                         Administration of each Trust

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

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

               SECTION 3.02. Collection of Certain Underlying Security
Payments. With respect to any Series or Class of Certificates, the Trustee
shall make reasonable efforts to collect all payments required to be made
pursuant to the terms of the Underlying Securities in a manner consistent with
the terms of this Trust Agreement, such Underlying Securities and any related
Credit Support Instruments.

               SECTION 3.03. Certificate Account. (a) For each Series of
Certificates, the Trustee shall establish and maintain one or more Eligible
Accounts (collectively, the "Certificate Account"), held in trust for the
benefit of the Certificateholders of such Series. The Trustee on behalf of
such Certificateholders shall possess all right, title and interest in all
funds on deposit from time to time in each Certificate Account and in all
proceeds thereof. With respect to each Series of Certificates, the Certificate
Account shall be under the sole dominion and control of the

                                      20
<PAGE>

Trustee for the benefit of the Certificateholders of the related Series and
shall not relate to or be for the benefit of any other Series or
Certificateholders. With respect to each Series of Certificates, not later
than the close of business on the Business Day on which the Trustee receives
such amounts in the form of immediately available funds (so long as such funds
are received by the Trustee by 3:00 p.m. New York City time, and on the next
Business Day otherwise), the Trustee shall deposit or cause to be deposited in
the Certificate Account all amounts received by it with respect to the
Underlying Securities, any Credit Support, any Swap Agreement and all
Liquidation Proceeds related to such Series including:

                    (i) all payments on account of principal of such
               Underlying Securities;

                   (ii) all payments on account of interest on such
               Underlying Securities;

                  (iii) all payments on account of premium (if any) on such
               Underlying Securities;

                   (iv) any other amounts received on such Underlying
               Securities;

                    (v) any payments in respect of any such Credit Support;

                   (vi) any payments in respect of any such Swap Agreement;

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

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

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

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

               (b) The Trustee shall give notice to the Depositor and the
Rating Agency of the location of each Eligible Account constituting the
Certificate Account and prior to any change thereof.

               SECTION 3.04. Liquidation of the Underlying Securities. If
specified in the applicable Series Supplement, upon the occurrences of
specified events, the Trustee shall direct the Market Agent to sell the
Underlying Securities in compliance with the Sale Procedures and to

                                      21
<PAGE>

deposit the Liquidation Proceeds therefrom into the Certificate Account
pursuant to Section 3.03(a) hereof.

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

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

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

               SECTION 3.06. Maintenance of Credit Support. (a) On the
applicable Closing Date, the Trustee at the written direction of the Depositor
or, if so specified in the applicable Series Supplement, the Depositor shall,
to the extent specified in the applicable Series Supplement, establish and
maintain, or enter into, as applicable, in the name of the Trustee, either as
a part of the related Trust or outside it, for the benefit of the
Certificateholders of the related Series, the Credit Support specified in the
applicable Series Supplement. To the extent specified in the applicable Series
Supplement, the Depositor will make or cause to be made any initial deposit to
the Certificate Account or any Reserve Account for the related Series as of
the Closing Date. If a Reserve Account exists for such Series, collections
with respect to the Underlying Securities for such Series not distributed to
the Certificateholders of such Series shall be deposited in the Reserve
Account if and to the extent specified in the related Series Supplement. The
Reserve Account, if any, shall be an asset of the Depositor (and the income
earned on any amounts held in the Reserve Account shall be allocable to the
Depositor, who agrees to include any such income in its gross income for all
federal, state and local income and franchise tax purposes) and will not be a
part of or otherwise be includible in the Trust but will be held for the
benefit of the Certificateholders.

                                      22
<PAGE>

               (b) Amounts on deposit in the Reserve Account and amounts
available pursuant to any other Credit Support for such Series shall be
applied by the Trustee to make distributions of principal of and premium (if
any) and interest on the Certificates of such Series as required pursuant to
Section 4.01 and the applicable Series Supplement to the extent that funds are
not otherwise available for such purpose. If specified in such Series
Supplement, immediately after each Distribution Date, amounts on deposit in
the Reserve Account for such Series in excess of a specified amount shall be
paid to the Person so specified in such Series Supplement.

               SECTION 3.07. Realization Upon Defaulted Underlying Securities.
(a) The Trustee, on behalf of the Certificateholders, shall assert claims
under each applicable Credit Support Instrument, and shall take such
reasonable steps as are necessary to receive payment or to permit recovery
thereunder with respect to any defaulted Underlying Securities, subject in all
cases to the provisions of Article VII hereof.

               (b) Unless otherwise provided in the related Series Supplement,
if the Trustee is unable to obtain full recovery in respect of a defaulted
Underlying Security and any related Credit Support Instrument pursuant to
Section 3.07(a), the Trustee shall follow or cause to be followed such normal
practices and procedures as it deems necessary or advisable to realize upon
such defaulted Underlying Security and such Credit Support Instrument, subject
in all cases to the provisions of Article VII hereof.

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

               (d) With respect to any Underlying Securities, if specified in
a related Series Supplement, if any constituent document or instrument is
found to be missing or defective in any material respect, the Trustee shall
promptly notify the administrative agent, if any, or cause such defect to be
cured or document to be delivered and the Depositor and the administrative
agent, if any, or the Trustee will promptly notify the Person who sold the
applicable Underlying Securities to the Depositor. If such Person does not
cure or cause to be cured such omission or defect, and the Underlying
Securities indenture or other similar document does not provide a remedy with
respect to such defect or omission, neither the Trustee nor the Depositor
shall be obligated to repurchase or provide a substitute for such Underlying
Securities.

                                      23
<PAGE>

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

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

               SECTION 3.10. Preparation of Reports. The Depositor shall (or
shall engage the Trustee to):

               (a) on behalf of the Trust, prepare and file with the
Commission, within the time period set forth below, or as otherwise permitted
or required under the Exchange Act, copies of the annual reports and of the
information, documents, certifications and other reports (or copies of such
portions of any of the foregoing as the Commission from time to time by rules
and regulations prescribe), if any, which the Depositor on behalf of the Trust
is required to file with the Commission pursuant to Section 13 or Section
15(d) of the Exchange Act (collectively, "Exchange Act Reports") with respect
to the Trust. The names of such Exchange Act Reports and the dates on which
they are required to be filed with the Commission are as follows:

                    (i) Form 8-K, within the time requirement prescribed by
               the Exchange Act if the filing of Form 8-K is necessary;

                   (ii) Form 10-K, within the time requirement prescribed by
               the Exchange Act; and

                                      24
<PAGE>

                    (iii) such other reports as may be required pursuant to
               Section 13 or Section 15(d) of the Exchange Act.

               (b) deliver to the Trustee within 15 days after the Depositor
is required to file the same with the Commission, such additional information,
documents and reports with respect to compliance by the Depositor with the
conditions and covenants of this Agreement, if any, as is required to be filed
with the Commission from time to time by such rules and regulations;

               (c) deliver to the Trustee who shall then transmit to all
Certificateholders such summaries of any information, documents and reports
required to be filed by the Company pursuant to subsections (a) and (b) of
this Section 3.10 as may be required by rules and regulations prescribed by
the Commission;

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

               (d) The Trustee shall provide to the Depositor an appropriate
compliance certificate (the "Trustee's Compliance Certificate") in connection
with the annual report of a Trust, file such Trustee's Compliance Certificate
together with the annual report pursuant to Section 3.10(a) and, upon the
reasonable request of the Depositor, at other times, with respect to the
Trustee's compliance with its duties and obligations under this Agreement and
any Series Supplement; and

               (e) The Depositor shall appoint a firm of independent certified
public accountants to review each of the distribution reports prepared by the
Trustee pursuant to Section 4.02 and to verify (x) that such reports and the
calculations made therein were made accurately and in accordance with the
terms of the Trust Agreement and (y) that the Depositor and the Trustee have
each fulfilled their obligations under this Trust Agreement. The Trustee shall
instruct the accountants (i) to promptly report to the Trustee any errors in
such distribution reports discovered in verifying such calculations and (ii)
to render to the Trustee an annual examination report, prepared in compliance
with established or stated criteria as set forth in the professional standards
of the American Institute of Certified Public Accountants, no more than 90
days following the trust's fiscal year end (or any shorter period as necessary
to provide for timely filing of the Trust's Form 10-K) that specifies the
calculations made in reviewing the distribution reports prepared by the
Trustee for the trust's fiscal year end and such accountants' associated
findings.

               (f) The Depositor shall deliver to the Trustee, on or before
February 15th of each year, an Officer's Certificate signed by an Executive
Officer of the Depositor stating that:

                    (i) a review of the activities of the Depositor during
               such fiscal year and of the performance under this Agreement
               has been made under such Executive Officer's supervision; and

                                      25
<PAGE>

                    (ii) to the best of such Executive Officer's knowledge,
               based on such review, the Depositor has materially fulfilled
               all of its obligations under this Agreement throughout such
               year, or, if there has been a material default in the
               fulfillment of any such obligation, specifying each such
               default known to such Executive Officer and the nature and
               status thereof. A copy of such certificate may be obtained by
               any Certificateholder by a request in writing to the Depositor
               addressed to the Corporate Trust Office of the Trustee.

               (g) The Trustee shall deliver to the Depositor, on or before
February 15th of each year, an Officer's Certificate signed by an Executive
Officer of the Trustee stating that:

                    (i) a review of the activities of the Trustee during such
               fiscal year and of the performance under this Agreement has
               been made under such Executive Officer's supervision; and

                   (ii) to the best of such Executive Officer's knowledge,
               based on such review, the Trustee has materially fulfilled all
               of its obligations under this Agreement throughout such year,
               or, if there has been a material default in the fulfillment of
               any such obligation, specifying each such default known to such
               Executive Officer and the nature and status thereof. A copy of
               such certificate may be obtained by any Certificateholder by a
               request in writing to the Trustee addressed to the Corporate
               Trust Office of the Trustee.

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

               SECTION 3.12. Underlying Securities Reporting Failure. In the
event that an issuer of an Underlying Security the outstanding principal
balance of which exceeds 10% of the aggregate principal balance of the
Underlying Securities (or the issuers of Underlying Securities the combined
principal balances of which exceed 10% of the aggregate principal balance of
the Underlying Securities) underlying a Series of Certificates confirms in
writing that it intends to permanently cease filing the periodic reports
required under the Exchange Act or if such Underlying Securities Issuer has
failed to file any required report at such time as the Trust is required to
file a report under the Exchange Act, if such Underlying Securities Issuer is
still delinquent in its filing obligations (i)within 30 Business Days after
receiving such written confirmation or (ii) on the filing date of the Trust's
related periodic report with the Commission, the Depositor shall instruct the
Trustee to sell such Underlying Securities in order to allow a cash
distribution to Certificateholders in accordance with the procedures set forth
in the Series Supplement that are applicable to a default on the Underlying
Securities or to distribute such Underlying Securities. Accordingly, the
requirements of this Section 3.12 shall not apply unless an Underlying
Securities issuer (or combined issuers as aforesaid) either (x) states in
writing that it intends permanently to cease filing reports required under the
Exchange Act or (y) fails to file any required reports.

                                      26
<PAGE>

                                  ARTICLE IV

                Distributions and Reports to Certificateholders

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

               (b) All distributions on the Certificates shall be payable only
from Available Funds, and no provision of this Trust Agreement shall be deemed
to create any obligation on the part of the Trustee or the Depositor to make
any distribution from any other source.

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

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

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

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

               (b) Subject to the foregoing provisions of this Section 4.02,
each Certificate delivered under this Trust Agreement upon transfer of or in
exchange for or in lieu of any other

                                      27
<PAGE>

Certificate shall carry the rights to interest accrued and undistributed, and
to accrue, that were carried by such other Certificate.

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

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

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

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

                    (i) the amounts received by the Trustee as of the last
               such statement in respect of principal, interest and premium on
               the Underlying Securities, Swap Receipt Amount, if any, and
               Swap Termination Amounts, if any;

                   (ii) the Swap Distribution Amount, if any, and Swap
               Termination Amount, if any, for such date;

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

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

                    (v) the amount of compensation received by the Trustee for
               the period relating to such Distribution Date, and such other
               customary information as the Trustee deems necessary or
               desirable, (or that any such Certificateholder reasonably
               requests,) to enable such Certificateholders to prepare their
               tax returns;

                   (vi) if the Series Supplement provides for Advances, the
               aggregate amount of Advances, if any, included in such
               distribution, and the aggregate amount of

                                      28
<PAGE>

               unreimbursed Advances, if any, at the close of business on
               such Distribution Date;

                    (vii) the aggregate stated principal amount or, if
               applicable, notional principal amount of the Underlying
               Securities related to such Series and the current interest rate
               or rates thereon at the close of business on such Distribution
               Date;

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

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

                    (x)   the information required to be provided pursuant to
               Treasury Regulations promulgated under Section 671 of the Code,
               if any.

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

               The Trustee shall file a copy of such report with the
Commission on Form 8-K within the time limits prescribed by such form,
otherwise in compliance with the Commission's rules applicable to a Trust, or
as otherwise advised by counsel.

               SECTION 4.04. Advances. (a) Unless otherwise specified in the
applicable Series Supplement, the Trustee shall have no obligation to make
Advances (as defined below) with respect to the Underlying Securities or in
favor of the Holders of any Series (or Class within such Series) of
Certificates.

               (b) However, as and to the extent provided in the Series
Supplement for a given Series, and subject to the terms of paragraphs (b) and
(c) of this Section 4.04, on or prior to each Distribution Date, the Trustee
shall advance or cause to be advanced in immediately available funds for
deposit in the Certificate Account for such Series an advance (each, an
"Advance") in an amount equal, unless otherwise specified in the related
Series Supplement, to

                                      29
<PAGE>

the aggregate of distributions of principal, premium (if any) and interest
(net of related administration fees and any Retained Interest) due on the
Underlying Securities for such Series (or Class) during the related Collection
Period, to the extent remaining unpaid at the time of such Advance. In
satisfaction of its obligation to make such Advances, the Trustee shall make
such Advances from its own funds. The Trustee may recover Advances from late
collections received by the Trustee on the applicable Underlying Securities,
proceeds from any applicable Credit Support, if any, and Liquidation Proceeds
with respect to the Underlying Securities for such Series or Class, as
specified in the related Series Supplement, as to which any such unreimbursed
Advance was made.

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

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

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

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

               (b) Each Certificateholder will provide the Trustee (and, so
long as the Certificates are held at a Depository in the form of Global
Securities, each Beneficial Owner of the Certificates will provide such
Depository and the Trustee) with evidence that there should not be any
withholding tax assessed for federal income tax purposes in respect of
distributions to such Certificateholder, such evidence to take the form of a
statement, on a duly executed and up-to-date Internal Revenue Service Form
W-8BEN (or successor form), Form W-9 (or successor form), or Form W-8ECI (or
successor form), as applicable, that identifies the Beneficial Owner of the
Certificate; provided, however, that for so long as the Certificates are held
at a Depository

                                      30
<PAGE>

in the form of Global Securities, the Certificateholder shall have no
obligation to provide the Trustee with any such evidence except to the
extent it has received such evidence from Beneficial Owners of the
Certificates. The Trustee shall not be required to accept any such Internal
Revenue Service forms if it believes that they are not accurate (but the
Trustee shall not be required to make any independent investigation to
determine their accuracy).

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

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

               SECTION 4.07. Optional Exchange. (a) The terms and conditions,
if any, upon which Certificates of any Series (or Class within such Series)
may be exchanged for a pro rata portion of the Underlying Securities of the
related Trust will be specified in the related Series Supplement; provided,
however, unless otherwise specified in the related Series Supplement, that any
right of exchange shall be exercisable only to the extent that the Trustee
receives an Opinion of Counsel that (i) such exchange is consistent with
applicable requirements for exemption under Rule 3a-7 (or other applicable
rule or exemption) under the Investment Company Act of 1940, as amended, and
all applicable rules and regulations thereunder and (ii) such exchange would
not affect the characterization of the Trust as a "grantor trust" for federal
income tax purposes. Such terms may relate to, but are not limited to, the
following:

                    (1) a requirement that the Certificates of each Class
               within such Series and a proportionate amount of call warrants,
               if any, are tendered to the Trustee;

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

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

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

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<PAGE>

                    (5) limitations on the right of an exchanging Holder to
               receive any benefit upon exchange from any Credit Support or
               Underlying Securities which are not debt securities; and

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

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

                                  ARTICLE V

                               The Certificates

               SECTION 5.01. The Certificates. (a) The Certificates of any
Series (or Class within such Series) may be issued in fully registered form as
Registered Certificates and shall be substantially in the form of the exhibits
with respect thereto attached to the applicable Series Supplement.

                                      32
<PAGE>

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

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

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

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

               (c) No Certificate appertaining thereto shall be entitled to
any benefit under this Trust Agreement or be valid or obligatory for any
purpose, unless there appears on such Certificate a certificate of
authentication substantially in one of the forms provided for herein or in the
form of Certificate attached to the related Series Supplement executed by the
Trustee by the manual signature of one of its authorized signatories, and such
certificate of authentication upon any Certificate shall be conclusive
evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Trust Agreement.

                                      33
<PAGE>

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

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

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

               (b) Upon surrender for registration of transfer any Registered
Certificate of any Series (or Class within such Series) at the office or
agency of the Trustee, if the requirements of Section 8-401(1) of the Uniform
Commercial Code are met to the Depositor's satisfaction, the Depositor shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Certificates
of any authorized denominations, of a like Series, Class and aggregate
Certificate Principal Balance or Notional Amount, as applicable.

               (c) Notwithstanding any other provisions of this Section,
unless and until it is exchanged in whole or in part for the individual
Certificates represented thereby, a Global Security representing all or a
portion of the Certificates of a Series (or Class within such Series)

                                      34
<PAGE>

may not be transferred except as a whole by the Depository for such Series or
Class to a nominee of such Depository or by a nominee of such Depository to
such Depository or another nominee of such Depository or by such Depository or
any such nominee to a successor Depository for such Series or Class or a
nominee of such successor Depository.

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

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

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

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

                    (i) to each Person specified by such Depository a new
               individual Certificate or Certificates of the same Series or
               Class, of any authorized

                                      35
<PAGE>

               denomination as requested by such Person in an aggregate
               Certificate Principal Balance or Notional Amount, as
               applicable, equal to and in exchange for such Person's
               beneficial interest in the Global Security; and

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

               In any exchange provided for in any of the preceding three
paragraphs, the Depositor shall execute, and the Trustee, upon receipt of a
Depositor Order, will authenticate and deliver individual Certificates in
registered form in authorized denominations, if the Certificates of such
Series or Class are issuable as Registered Certificates.

               Upon the exchange of a Global Security for individual
Certificates, such Global Security shall be cancelled by the Trustee.
Individual Registered Certificates issued in exchange for a Global Security
pursuant to this Section 5.04 shall be registered in such names and in such
authorized denominations as the Depository for such Global Security, pursuant
to instructions from its Participants, any indirect participants or otherwise,
shall instruct the Trustee. The Trustee shall deliver such Registered
Certificates to the Person in whose names such Registered Certificates are so
registered.

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

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

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

               SECTION 5.05. Mutilated, Destroyed, Lost and Stolen
Certificates. If (i) any mutilated Certificate is surrendered to the Trustee
at its Corporate Trust Office or (ii) the Depositor and the Trustee receive
evidence to their satisfaction of the destruction, loss or theft of

                                      36
<PAGE>

any Certificate, and there is delivered to the Depositor and the Trustee such
security or indemnity as they may require to hold each of them and any Paying
Agent harmless, and neither the Depositor nor the Trustee receives notice that
such Certificate has been acquired by a bona fide purchaser, then the
Depositor shall execute and the Trustee, upon receipt of a Depositor Order,
shall authenticate and deliver, in exchange for any such mutilated
Certificate, or in lieu of any such destroyed, lost or stolen Certificate, a
new Certificate of the same Series or Class of like tenor, form, terms and
principal amount, bearing a number not contemporaneously Outstanding.

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

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

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

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

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

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

               SECTION 5.08. Global Securities. (a) If the Series Supplement
pursuant to Section 5.01 provides that a Series (or Class within such Series)
of Certificates shall be represented by one or more Global Securities, then
the Depositor shall execute and the Trustee shall authenticate and deliver one
or more Global Securities, that (i) shall represent an aggregate

                                      37
<PAGE>

initial Certificate Principal Balance or Notional Amount, as applicable, equal
to the aggregate initial Certificate Principal Balance or Notional Amount, as
applicable, of the Certificates of such Series or Class to be represented by
such one or more Global Securities, (ii) shall be registered, if in registered
form, in the name of the Depository for such Global Security or Securities or
the nominee of such Depository, (iii) shall be delivered by the Trustee to
such Depository or pursuant to such Depository's instruction and (iv) shall
bear a legend substantially to the following effect: "Unless and until it is
exchanged in whole or in part for the individual Certificates represented
hereby, this Global Security may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository or
by the Depository or any such nominee to a successor Depository or a nominee
of such successor Depository.

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

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

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

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

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

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

                                      38
<PAGE>

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

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

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

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

               SECTION 5.11. Currency of Distributions in Respect of
Certificates. Distributions of the principal of (and premium, if any) and
interest on Registered Certificates of such Series or Class will be made in
Dollars.

               SECTION 5.12. Conditions of Authentication and Delivery of New
Series. Certificates of a new Series may be issued at any time and from time
to time after the execution and delivery of these Standard Terms and the
related Series Supplement. The Depositor shall execute and deliver
Certificates of such Series to the Trustee and the Trustee shall authenticate

                                      39
<PAGE>

and deliver such Certificates upon a Depositor Order and upon delivery by the
Depositor to the Trustee of the following:

                    (1) The delivery of the Underlying Securities in
               accordance with Section 2.01(b);

                    (2) Opinions of Counsel to the Depositor, addressed to the
               Trustee, in a form acceptable to the Trustee;

                    (3) An Officer's Certificate of the Depositor, dated as of
               the Closing Date, to the effect that all of the requirements of
               this Section 5.12 have been satisfied, and that the Depositor
               is not in breach of this Trust Agreement and that the issuance
               of the Certificates will not result in any breach of any of the
               terms, conditions, or provisions of, or constitute a default
               under, the Depositor's Certificate of Incorporation or bylaws,
               or any indenture, mortgage, deed of transfer or other agreement
               or instrument to which the Depositor is a party or by which it
               or its property is bound or any order of any court or
               administrative agency entered in any Proceeding to which the
               Depositor is a party or by which it or its property may be
               bound or to which it or its property may be subject;

                    (4) A Series Supplement consistent with the applicable
               provisions of these Standard Terms;

                    (5) If applicable, a fully executed copy of the Swap
               Agreement, together with all documents and opinions required to
               be delivered to the Trust upon execution thereof pursuant to
               the terms thereof; and

                    (6) Written instructions by the Depositor to the Trustee
               directing the Trustee to enter into and perform any obligations
               under the Swap Agreement, if applicable, and/or the Market
               Agent Agreement, if applicable.

               If all the Certificates of a Series are not to be originally
issued at the same time, then the documents required to be delivered pursuant
to this Section 5.12 must be delivered only once, prior to the authentication
and delivery of the first Certificate of such Series; provided, however, that
any subsequent Depositor Order to the Trustee to authenticate Certificate of
such Series upon original issuance shall constitute a representation and
warranty by the Depositor that, as of the date of such request, the statements
made in this Section 5.12 shall be true and correct as if made on such date.

               SECTION 5.13. Appointment of Paying Agent. The Trustee may
appoint one or more paying agents (each, a "Paying Agent") with respect to the
Certificates of any Series. Any such Paying Agent shall be authorized to make
distributions to Certificateholders of such Series from the Certificate
Account for such Series pursuant to the provisions of the applicable Series
Supplement and shall report the amounts of such distributions to the Trustee.
Any Paying Agent shall have the revocable power to withdraw funds from such
Certificate Account for the purpose of making the distributions referred to
above. The Trustee may revoke such power and remove the Paying Agent if the
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Trust Agreement in any material
respect. The Paying

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<PAGE>

Agent shall initially be the Trustee and any co-paying agent chosen by the
Trustee and acceptable to the Depositor, including, if and so long as any
Series or Class within such Series is listed on the Luxembourg Stock Exchange
and such exchange so requires, a co-paying agent in Luxembourg or another
European city. Any Paying Agent shall be permitted to resign as Paying Agent
upon 30 days' notice to the Trustee. In the event that the Trustee shall no
longer be the Paying Agent, the Trustee shall appoint a successor or
additional Paying Agent. The Trustee shall cause each successor to act as
Paying Agent to execute and deliver to Trustee an instrument in which such
successor or additional Paying Agent shall agree with the Trustee that it will
hold all sums, if any, held by it for distribution to the Certificateholders
in trust for the benefit of the Certificateholders entitled thereto until such
sums shall be distributed to such Certificateholders. The Paying Agent shall
return all unclaimed funds to the Trustee and upon removal shall also return
all funds in its possession to the Trustee. The provisions of Sections 7.01,
7.03, 7.04 and 7.06 shall apply to the Trustee also in its role as Paying
Agent, for so long as the Trustee shall act as Paying Agent. Any reference in
this Trust Agreement to the Paying Agent shall include any co-paying agent
unless the context requires otherwise. Notwithstanding anything contained
herein to the contrary, the appointment of a Paying Agent pursuant to this
Section 5.13 shall not release the Trustee from the duties, obligations,
responsibilities or liabilities arising under this Trust Agreement other than
with respect to funds paid to such Paying Agent.

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

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

                                      41
<PAGE>

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

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

Dated:

                                            as Authenticating Agent
                                                   for the Trustee,

                                            By_____________________________

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

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

               (b) Unless otherwise specified in the applicable Series
Supplement, the voting rights allocable to the owners of the Underlying
Securities pursuant to the terms thereof shall be allocated among the Class
A-1 Certificateholders pro rata, in the proportion that the denomination of
each Certificate bears to the aggregate denomination of all Certificates.

               (c) By accepting delivery of a Certificate, whether upon
original issuance or subsequent transfer, exchange or replacement thereof, and
without regard to whether ownership is beneficial or otherwise, the
Certificateholder agrees so long as it is an owner of such Certificate that it
shall not grant any consent (i) to any conversion of the timing of payment of,
or the method or rate of accruing of, interest on the Underlying Securities
underlying the

                                      42
<PAGE>

Certificates held by such Certificateholder or (ii) to any redemption or
prepayment of the Underlying Securities underlying the Certificates held by
such Certificateholder. The Trustee shall not grant any consent solicited from
the owners of the Underlying Securities with respect to any conversion of the
timing of payment of, or the method or rate of accruing of, interest on the
Underlying Securities underlying the Certificates held by such
Certificateholder or to any redemption or prepayment of the Underlying
Securities nor shall it accept or take any action in respect of any consent,
proxy or instructions received from any Certificateholder in contravention of
the provisions of this Agreement.

               SECTION 5.16. Actions by Certificateholders.

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

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

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

               SECTION 5.17. Events of Default. If any Event of Default shall
occur and be continuing with respect to any Underlying Securities, then, and
in each and every case, the Trustee shall exercise any rights in respect of
the related Underlying Securities as provided in this Section 5 and otherwise
as provided in Section 5(c) of the applicable Series Supplement.

               SECTION 5.18. Judicial Proceedings Instituted by Trustee;
Trustee May Bring Suit. If there shall be a failure to make payment of the
principal of or premium, if any, or interest on any Underlying Security, then,
subject to Sections 5.19 and 5.20, the Trustee, in its own name, and as
trustee of an express trust, as holder of such Underlying Security, shall be,
to the extent permitted by and in accordance with the terms of the Underlying
Security, subject to the limitations on acceleration and the exercise of
remedies set forth therein, entitled and empowered to institute any suits,
actions or proceedings at law, in equity or otherwise, including the power to
make a demand on the trustee in respect of such Underlying Security, if
provided for, to take action to enforce the Underlying Security for the
collection of the sums so due and unpaid on such Underlying Security and may
prosecute any such claim or proceeding to judgment or final decree with
respect to the whole amount of any such sums so due and unpaid.

               SECTION 5.19. Control by Certificateholders. The Holders of
Certificates of any Class holding Certificates representing not less than the
Required Percentage--Direction of Trustee of the aggregate Voting Rights of
the Outstanding Certificates of such Class shall have

                                      43
<PAGE>

the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee under this Trust Agreement, including any right of
the Trustee as holder of the Underlying Securities; provided, however, that:

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

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

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

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

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

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

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

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

               SECTION 5.21. Right of Certificateholders to Receive Payments
Not to Be Impaired. Anything in this Trust Agreement to the contrary
notwithstanding, the right of any

                                      44
<PAGE>

Certificateholder to receive distributions of payments required pursuant to
Section 4.01 hereof on the Certificates when due, or to institute suit for
enforcement of any such payment on or after the applicable Distribution Date,
Special Distribution Date or other date specified herein for the making of
such payment, shall not be impaired or affected without the consent of such
Certificateholder.

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

                                  ARTICLE VI

                                 The Depositor

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

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

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

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

               (c) The Depositor shall not be under any obligation to appear
in, prosecute or defend any legal action unless such action is related to its
respective duties under this Trust Agreement and, in its opinion, does not
involve it in any expense or liability; provided, however, that the Depositor
may in its discretion undertake any such action which it may deem necessary or
desirable with respect to this Trust Agreement and the rights and duties of
the parties hereto

                                      45
<PAGE>

and the interests of the Certificateholders hereunder. The Depositor shall be
under no obligation whatsoever to appear in, prosecute or defend any action,
suit or other proceeding in respect of any Underlying Securities.

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

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

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

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

               SECTION 6.05. No Liability of the Depositor with Respect to the
Underlying Securities; Certificateholders to Proceed Directly Against the
Issuer(s). (a) The sole obligor with respect to any Underlying Security is the
Issuer thereof. The Depositor shall not have any

                                      46
<PAGE>

obligation on or with respect to the Underlying Securities; and its obligations
with respect to Certificates shall be solely as set forth in this Trust
Agreement.

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

                                 ARTICLE VII

                            Concerning the Trustee

               SECTION 7.01. Duties of Trustee. (a) The Trustee undertakes to
perform such duties and only such duties as are specifically set forth in
these Standard Terms and the related Series Supplement. The Trustee shall
exercise such of the rights and powers vested in it by this Trust Agreement,
and shall use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
such person's own affairs. The Trustee shall exercise those rights in a manner
consistent with the status of any Trust created hereunder as a fixed
investment trust for federal income tax purposes. The Trustee shall not have
any power to vary the investment of any Certificateholders of any Series or to
accept any assets (other than proceeds of the Underlying Securities) other
than the Underlying Securities transferred to it on the Closing Date of any
Series. Any permissive right of the Trustee enumerated in this Trust Agreement
shall not be construed as a duty and shall be interpreted consistently with
the status of the Trust as a fixed investment trust.

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

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

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

                                      47
<PAGE>

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

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

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

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

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

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

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

                                      48
<PAGE>

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

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

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

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

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

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

                                      49
<PAGE>

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

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

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

               (f) Pursuant to Section 3.10 hereof, the Trustee shall prepare
and file periodic reports, including any exhibits thereto, pursuant to the
Securities Exchange Act of 1934 and the rules and regulations promulgated
thereunder or other federal law. At least ten (10) Business Days prior to any
such filing, the Trustee shall distribute a copy thereof to the Depositor
which shall respond reasonably promptly to any inquiry of the Trustee as to
such filing.

               SECTION 7.02. Between Trustee, Administrative Agent and
Sub-Administrative Agents. (a) Unless otherwise provided in a Series
Supplement, the Trustee may enter into an Administration Agreement with an
Administrative Agent and the Trustee and any Administrative Agent may enter
into Sub-Administration Agreements with one or more Sub-Administrative Agents
in order to delegate certain administrative obligations with respect to a
related Series under this Trust Agreement to such Administrative Agent and
Sub-Administrative Agents, as applicable; provided, however, that (i) such
delegation shall not release the Trustee or the Administrative Agent, as
applicable, from the duties, obligations, responsibilities or liabilities
arising under this Trust Agreement; (ii) the Rating Agency Condition shall
have been satisfied with respect to the entering into of any such agreement
and (iii) such agreements are consistent with the terms of these Standard
Terms and, with respect to Certificates of any Series, the related Series
Supplement. With respect to any Series (or Class within such Series) of
Certificates, each Administration Agreement and Sub-Administration Agreement
shall impose on the Administrative Agent and the Sub-Administrative Agent, as
applicable, requirements conforming to the provisions set forth in Section
3.01 and provide for administration of the related Trust and all or certain
specified Underlying Securities for such Series consistent with the terms of
this Trust Agreement. Under no circumstances will an entity affiliated with an
Underlying Securities Issuer be appointed as either an Administrative Agent or
a Sub-Administrative Agent. Additional requirements relating to the scope and
contents of any Administration Agreement or Sub-Administration Agreement, as
applicable, may be provided in the applicable Series Supplement. The Trustee
and the Administrative Agent, if applicable, shall deliver to the Depositor
copies of the Administration Agent Agreement and all such Sub-Administration
Agreements entered into, and any amendments or modifications thereof, promptly
upon the Trustee's or the Administrative Agent's, if applicable, execution and
delivery of any such instruments.

                                      50
<PAGE>

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

               (c) Unless otherwise provided in the applicable Series
Supplement, the termination events of the Administrative Agent or the
Sub-Administrative Agent, as applicable, with respect to any given Series of
certificates will consist of the following:

                    (i) any failure by an Administrative Agent or a
               Sub-Administrative Agent, as applicable, to remit to the
               Trustee or the Administrative Agent, if applicable, any funds
               in respect of collections on the Deposited Assets and credit
               support, if any, as required under the Series Supplement or
               this Agreement, that continues unremedied for five days after
               the giving of written notice of such failure to the
               Administrative Agent or the Sub-Administrative Agent, as
               applicable, by the Trustee, or the Administrative Agent, if
               applicable, or the Depositor, or to the Administrative Agent,
               Sub-Administrative Agent, the Depositor and the Trustee by the
               holders of such certificates evidencing not less than 25% of
               the Voting Rights;

                   (ii) any failure by an Administrative Agent or a
               Sub-Administrative Agent duly to observe or perform in any
               material respect any of its other covenants or obligations
               under the Series Supplement or this Agreement with respect to
               such Series which continues unremedied for thirty days after
               the giving of written notice of such failure to the
               Administrative Agent or the Sub-Administrative Agent, as
               applicable, the Depositor and the Trustee by the holders of
               such certificates evidencing not less than 25% of the Voting
               Rights; and

                   (iii) specified events of insolvency, readjustment of
               debt, marshalling of assets and liabilities or similar
               proceedings and certain actions by or on behalf of an
               Administrative Agent or a Sub-Administrative Agent, as
               applicable, indicating its insolvency or inability to pay its
               obligations.

               (d) Unless otherwise provided in the applicable Series
Supplements, in the event an Administrative Agent or a Sub-Administrative
Agent is administering one or more Underlying Securities pursuant to an
Administration Agreement or a Sub-Administration Agreement, as applicable, the
Administrative Agent or the Sub-Administrative Agent, as applicable, shall be
required immediately to direct the Trustee or the Administrative Agent, as
applicable, to deposit into an Eligible Account established by such
Administrative Agent (an

                                      51
<PAGE>

"Administration Account") or such Sub-Administrative Agent (a
"Sub-Administration Account"), as applicable, any amounts collected with
respect thereto, and all such amounts shall be deposited into the related
Certificate Account not later than the Business Day after receipt thereof.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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               (d) If the Prepaid Ordinary Expenses set forth in the Series
Supplement is zero, the Series Supplement may provide that the Depositor shall
pay to the Trustee from time to time a fee for its services and expenses as
Trustee as set forth in the Series Supplement payable at the times set forth
therein. The Trustee agrees that its right to receive such payments from the
Depositor shall constitute full and final satisfaction of and payment for all
Ordinary Expenses and that the Trustee shall have no claim for payment of
Ordinary Expenses from the Trust. The Trustee further agrees that,
notwithstanding any failure by the Depositor to make such periodic payments of
the Ordinary Expenses, the Trustee shall continue to perform its obligations
under this Trust Agreement. The Depositor's obligations to pay Ordinary
Expenses under this Trust Agreement shall be extinguished and of no further
effect upon the payment of Ordinary Expenses due and owing on the termination
of the Trust pursuant to Section 9.01 hereof.

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

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

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

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

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

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

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

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

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<PAGE>

predecessor hereunder, and shall duly assign, transfer and deliver all right,
title and interest in the Underlying Securities and parts thereof to such
successor Trustee. Any successor Trustee shall promptly give notice of its
appointment to the Certificateholders of Certificates for which it is
successor Trustee in the manner provided in Section 10.04 hereof.

               (f) Any corporation into or with which the Trustee may be
merged, consolidated or converted shall be the successor of such Trustee
without the execution or filing of any document or any further act.

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

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

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

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

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

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

                    (iv) this Trust Agreement has been duly executed and
               delivered by the Trustee and constitutes the legal, valid and
               binding obligation of the Trustee,

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<PAGE>

               enforceable in accordance with its terms, except as enforcement
               may be limited by the applicable bankruptcy, insolvency,
               reorganization, moratorium or similar laws affecting the rights
               of creditors generally and general principles of equity
               (regardless of whether such enforceability is considered in a
               proceeding in equity or at law);

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

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

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

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

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

               (b) If the indemnification provided for in the preceding
paragraph is invalid or unenforceable in accordance with its terms, then the
Depositor shall contribute to the amount paid or payable by the Trustee as a
result of such liability in such proportion as is appropriate to

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<PAGE>

reflect the relative benefits received by the Depositor on one hand and the
Trustee as Trustee on the other hand. For this purpose (i) the benefits
received by the Depositor shall be the aggregate amount received by it upon
the sale of such Certificates, less the costs and expenses of such sale,
including the cost of acquisition of the Underlying Securities or parts
thereof evidenced thereby, and (ii) the benefits received by the Trustee as
Trustee shall be the aggregate amount of fees received by it as Trustee, less
costs and expenses incurred by it as Trustee in relation to such Certificates.
If, however, the allocation provided by the immediately preceding two
sentences is not permitted by applicable law, then the Depositor shall
contribute to such amount paid or payable by the Trustee in such proportion as
is appropriate to reflect not only such relative benefits but also the
relative fault of the Depositor on the one hand and the Trustee on the other
in connection with the actions or omissions which resulted in such liability,
as well as any other relevant equitable considerations.

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

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

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

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

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

               SECTION 7.13. Indemnification of Depositor by Trustee. The
Trustee, in its individual capacity and not from the assets of the Trust,
shall indemnify the Depositor and any successor trustee against any losses,
claims, damages, expenses (including without limitation the Depositor's costs
and expenses in defending itself against any losses, claims or investigations
of

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any nature whatsoever) or other liabilities, joint or several, which may
arise out of acts performed or omitted by the Trustee or its agents due to its
or their negligence, bad faith or willful misconduct.

               SECTION 7.14. No Liability of the Trustee with Respect to the
Underlying Securities; Certificateholders to Proceed Directly Against the
Issuer(s). (a) The Trustee shall not have any obligation on or with respect to
the Underlying Securities; and its obligations with respect to Certificates
will be solely as set forth in the Trust Agreement.

               (b) The Trustee is not authorized to proceed against the Issuer
of any Underlying Security in the event of an Event of Default or to assert
the rights and privileges of Certificateholders of Certificates and has no
duty in respect thereof except as provided in Sections 5.17 and 5.18 or
otherwise as expressly provided herein.

               SECTION 7.15. The Depositor To Furnish Trustee with Names and
Addresses of Certificateholders. The Depositor will furnish to the Trustee
within 15 days after each Record Date with respect to any Distribution Date,
and at such other times as the Trustee may request in writing, within 30 days
after receipt by the Depositor of any such request, a list, in such form as
the Trustee may reasonably require, of all information in the possession or
control of the Depositor as to the names and addresses of the
Certificateholders, in each case as of a date not more than 15 days prior to
the time such list is furnished; provided, however, that so long as the
Trustee is the sole Certificate Registrar, no such list need be furnished.

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

               SECTION 7.17. Trustee's Application for Instructions from the
Depositor. Any application by the Trustee for written instructions from the
Depositor may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Trust Agreement and
the date on and/or after which such action shall be taken or such omission
shall be effective, if, but only if, the obligations of the Trustee with
respect to such proposed action or omission are not set forth reasonably
clearly in these Standard Terms and the related Series Supplement. The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in
accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than ten (10)
Business Days after the date an officer of the Depositor actually receives
such application, unless any such officer shall have consented in writing to
any earlier date) unless, prior to taking any such action (or the effective
date in the case of an omission), the Trustee shall have received written
instructions in response to such application specifying the action to be taken
or omitted; provided, however, that this provision shall not protect the
Trustee from liability for any action or omission constituting willful
misconduct, bad faith or negligence.

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                                 ARTICLE VIII

                                 Market Agent

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

                                  ARTICLE IX

                                  Termination

               SECTION 9.01. Termination upon Liquidation of All Underlying
Securities. (a) The respective obligations and responsibilities under this
Trust Agreement of the Depositor, and the Trustee (other than the obligations
of the Trustee to make distributions to Holders of the Certificates of any
given Series as hereafter set forth and to provide information reports and
information tax reporting) shall terminate upon the distribution to such
Holders of all amounts held in all the Accounts for such Series and required
to be paid to such Holders pursuant to this Trust Agreement on the
Distribution Date coinciding with the final payment on or other liquidation
(which may include redemption or other purchase thereof by the applicable
Issuer) (or any Advance with respect thereto) of the last Underlying Security
remaining in the Trust for such Series or the disposition of all property
acquired upon liquidation of any such Underlying Security; provided, however,
that in no event shall the Trust created hereby continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph
P. Kennedy, the late ambassador of the United States to the Court of St.
James, living on the date hereof.

               (b) Written notice of any termination shall be provided as set
forth in Section 10.04.

               (c) Upon presentation and surrender of the Certificates by the
Certificateholders to the Trustee at the locations specified in Section 5.05
on the Final Scheduled Distribution Date or the Distribution Date coinciding
with or next following the earlier to occur of the occurrences specified in
9.01(a), with respect to the applicable Series of Certificates, the Trustee
shall, upon its cancellation of each surrendered Certificate, distribute to
each Holder presenting and surrendering its Certificates (i) the amount
otherwise distributable on such Distribution Date in accordance with Section
4.01 in respect of the Certificates so presented and

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<PAGE>

surrendered, or (ii) as specified in the applicable Series Supplement, if in
connection with the Trustee's sale of all the remaining Underlying Securities.
Any funds not distributed on such Distribution Date shall be set aside and
held in trust for the benefit of Certificateholders not presenting and
surrendering their Certificates in the aforesaid manner, and shall be disposed
of in accordance with this Section 9.01 and Section 4.01 hereof. Immediately
following the deposit of funds in trust hereunder, the Trust for such Series
shall terminate.

                                  ARTICLE X

                           Miscellaneous Provisions

               SECTION 10.01. Amendment. (a) This Trust Agreement may be
amended from time to time by the Depositor and the Trustee without the consent
of any of the Certificateholders for any of the following purposes: (i) to
cure any ambiguity, which shall not adversely affect the interests of the
Certificateholders in any material respect; (ii) to correct or supplement any
provision therein which may be defective or inconsistent with any other
provision herein or in the Series Supplement, which shall not adversely affect
the interests of the Certificateholders in any material respect; (iii) to
correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein or in the applicable Series
Supplement, which shall not adversely affect the interests of the
Certificateholders in any material respect ; (iv) to add or supplement any
credit support for the benefit of any Certificateholders (provided that if any
such addition affects any series or class of Certificateholders differently
than any other series or class of Certificateholders, then such addition will
not, as evidenced by an opinion of counsel, have a material adverse effect on
the interests of any affected series or class of Certificateholders; (v) to
add to the covenants, restrictions or obligations of the Depositor, the
Sub-Administrative Agent, if any, or the Trustee for the benefit of the
Certificateholders; (vi) to add, change or eliminate any other provisions with
respect to matters or questions arising under such Trust Agreement, which
shall not adversely affect the interests of the Certificateholders in any
material respect, so long as (x) any such addition, change or elimination will
not, as evidenced by an opinion of counsel, affect the tax status of the Trust
or result in a sale or exchange of any certificate for tax purposes and (y)
the Trustee has received written confirmation from each rating agency rating
such certificates that such amendment will not cause such rating agency to
qualify, reduce or withdraw the then current rating thereof; or (vii) to
comply with any requirements imposed by the Code.

               (b) Without limiting the generality of the foregoing, with
respect to any Series, unless otherwise specified in a related Series
Supplement, this Trust Agreement may also be modified or amended from time to
time by the Depositor and the Trustee with the consent of the Holders of
Certificates representing the Required Percentage-Amendment of the aggregate
Voting Rights of those Certificates to which such modification or amendment
relates for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Trust Agreement or of modifying
in any manner the rights of the Holders of Certificates; provided, however,
that, unless otherwise specified herein or otherwise in a related Series
Supplement, no such amendment shall (i) reduce in any manner the amount of, or
delay the timing of, payments received on Underlying Securities which are
required to be distributed on any Certificate without the consent of the
Holders of such Certificates, (ii) adversely affect in any material respect
the interests of the Holders of any Series (or Class within such Series) of

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Certificates in a manner other than as described in (i), without the consent
of the Holders of Certificates of such Series or Class evidencing not less
than the Required Percentage-- Amendment of the aggregate Voting Rights of
such Series or Class or (iii) reduce the percentage of aggregate Voting Rights
required by (ii), as described in (ii), without the consent of the Holders of
all Certificates of such Series or Class then Outstanding.

               Notwithstanding any other provision of this Trust Agreement,
for purposes of the giving or withholding of consents pursuant to this Section
10.01, Certificates registered in the name of the Depositor or the Trustee or
any Affiliate thereof shall be entitled to Voting Rights with respect to
matters affecting such Certificates; and provided, further, that in the event
the Rating Agency Condition is not satisfied with respect to such modification
or amendment, the Required Percentage--Amendment shall be increased to require
an aggregate percentage of the aggregate Voting Rights in the amount specified
in the applicable Series Supplement. Notwithstanding any other provision of
this Trust Agreement, this Section 10.02(b) shall not be amended without the
unanimous consent of the Holders of all such Certificates.

               (c) Promptly after the execution of any such amendment or
modification, the Trustee shall furnish a copy of such amendment or
modification to each Certificateholder of the affected Series or Class and to
the Rating Agency. It shall not be necessary for the consent of
Certificateholders under this Section to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.

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

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

               (c) No Certificateholder of a given Series shall have any right
by virtue of any provision of this Trust Agreement to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this
Trust Agreement, unless (i) such Holder previously shall have given to the
Trustee a written notice of breach and of the continuance thereof, (ii) the
Holders of Certificates of such Series evidencing not less than the Required
Percentage--Remedies of the aggregate Voting Rights of such Series shall have
made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the costs,

                                      62
<PAGE>

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

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

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

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

               (c) Any and all notices to be given to the Depositor shall be
deemed to have been duly given if sent by facsimile transmission to the
Depositor at Park Avenue Plaza, 55 East 52nd Street, New York New York 10055,
c/o ABN AMRO Incorporated. Attention: Laura Schisgall, Esq., through facsimile
transmission number (212) 409-5341, telephone confirmation number (212)
409-1020. The Depositor may change this information by written notice to the
Trustee.

                                      63
<PAGE>

               (d) Any and all notices to be given to the Trustee shall be
deemed to have been duly given if sent by facsimile transmission to the
Trustee at 100 Wall Street, Suite 1600, New York, New York 10167, Attention:
Marlene Fahey, through facsimile transmission number (212) 809-5459, telephone
confirmation number (212) 361-2510. The Trustee may change this information by
notice to the Depositor.

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

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

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

                   (ii) the resignation or termination of the Trustee;

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

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

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

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

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

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

                    (ii) Any and all notices to be given to S&P shall be
               deemed to have been duly given if sent by facsimile
               transmission to S&P at Standard & Poor's, a division of The
               McGraw-Hill Companies, Inc. 55 Water Street, New York, New
               York, 10041, Attention: [?], facsimile transmission number
               (212) 438-[?], telephone confirmation number (212) 438-[?]. S&P
               may change this information by notice to the Depositor and the
               Trustee.

               SECTION 10.06. Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Trust Agreement shall
be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Trust

                                      64
<PAGE>

Agreement and shall in no way affect the validity or enforceability of the
other provisions of this Trust Agreement or of the Certificates or the rights
of the Holders thereof.

               SECTION 10.07. Grant of Security Interest. (a) It is the express
intent of the parties hereto that each conveyance of any 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.

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

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

               (c) The Depositor and the Trustee shall to the extent
consistent with this Trust Agreement, take such actions as may be necessary to
ensure that, if this Trust Agreement were deemed to create a security interest
in the Underlying Securities, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such for so long as any of the Underlying Securities remain
outstanding. Without limiting the generality of the foregoing, the Trustee
shall file, or shall cause to be filed, all filings necessary to maintain the
effectiveness of any original filings necessary under the Uniform Commercial
Code as in effect in any jurisdiction to perfect the Trustee's security
interest in or lien on the Underlying Securities, including (x) continuation
statements and (y) such other

                                      65
<PAGE>

statements as may be occasioned by (1) any change of name of the Depositor or
the Trustee, (2) any change of location of the place of business or the chief
executive office of the Depositor or (3) any transfer of any interest of the
Depositor in any Underlying Security.

               SECTION 10.08. Nonpetition Covenant. Notwithstanding any prior
termination of this Trust Agreement, each of the Trustee (including any
Sub-Administrative Agent, Authenticating Agent, Calculation Agent, or Paying
Agent), the Depositor and each Certificateholder agrees that it shall not,
until the date which is one year and one day after the termination of the
Trust acquiesce, petition or otherwise invoke or cause the Trust to invoke the
process of the United States of America, any State or other political
subdivision thereof or any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government for the
purpose of commencing or sustaining a case by or against the Trust under a
Federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Trust or all or any part of the property or assets of
the Trust or ordering the winding up or liquidation of the affairs of the
Trust.

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

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

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

               SECTION 10.12. Segregation Provisions.

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

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

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

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

                                      66
<PAGE>

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

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

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

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

               (i) The Depositor agrees that it shall not issue any debt
obligations unless the Rating Agency Condition is satisfied with respect to
such issuance.

                                      67
<PAGE>

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

                                       ABN AMRO SCORS DEPOSITOR INC.,
                                       as Depositor

                                       By:____________________________________
                                          Name:
                                          Title:

                                       U.S. BANK TRUST NATIONAL
                                       ASSOCIATION, as Trustee

                                       By:____________________________________
                                          Name:
                                          Title:

                                      68COMMON STOCK PURCHASE WARRANT

                To Purchase __________ Shares of Common Stock of

                           Mpower Holding Corporation

     THIS COMMON STOCK PURCHASE WARRANT (the "Warrant") CERTIFIES that, for
value received, _____________ (the "Holder"), is entitled, upon the terms and
subject to the limitations on exercise and the conditions hereinafter set forth,
at any time on or after the date hereof (the "Warrant Date") and on or prior to
5:00 p.m. New York City time on the third anniversary of the Warrant Date (the
"Termination Date") but not thereafter, to subscribe for and purchase from
Mpower Holding Corporation, a corporation incorporated in the State of Delaware
(the "Company"), up to ____________ shares (the "Warrant Shares") of Common
Stock, par value $0.001 per share, of the Company (the "Common Stock"). The
purchase price of each Warrant Share (the "Exercise Price") issuable under this
Warrant shall be equal to the average weighted price per share of the Company's
Common Stock on the Warrant Date as quoted by any national or regional
securities exchange on which the Company's Common Stock is then listed or on any
interdealer or over-the counter quotation system on which the Company's common
stock is then quoted (a "Trading Market"), subject to adjustment hereunder. If
the Company's Common Stock is not then listed or quoted, the Exercise Price
shall be equal to the fair value, as determined in good faith by the Company's
Board of Directors, of a share of the Company's common stock on the Warrant
Date. The Exercise Price and the number of Warrant Shares for which the Warrant
is exercisable shall be subject to adjustment as provided herein.

                                       1
<PAGE>

     1. Title to Warrant. Subject to compliance with applicable laws, this
Warrant is non-transferable, and may not be transferred in whole or in part, by
the Holder.

     2. Authorization of Shares. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant,
be duly authorized, validly issued, fully paid and nonassessable and free from
all taxes, liens and charges in respect of the issue thereof (other than taxes
in respect of any transfer occurring contemporaneously with such issue).

     3. Cancellation of Warrant. At any time prior to the Termination Date, the
Company reserves the right, pursuant to the terms of the Mpartner Independent
Agent Agreement, as amended (the "Agent Agreement") between the Company and
certain of its master sales agents, to cancel this Warrant prior to its exercise
upon the occurrence of any of the conditions for termination for cause set forth
in the Agent Agreement. In addition, if a customer or customers provided by the
Holder disconnect(s) the Company's service within one hundred eighty (180) days
of such customer's installation, and as a result of such disconnect(s), a
recalculation of the billings in any given month would result in a reduction of
the number of Warrant Shares for which this Warrant is exercisable, the Company
reserves the right to reduce the number of Warrant Shares for which this Warrant
is exercisable, on a pro rata basis and, if such customer disconnect(s) result
in revised billings in any given month of less than $10,000 over that month's
revenue baseline, the Company reserves the right to cancel this Warrant.

     4. Exercise of Warrant.

          (a) Exercise of the purchase rights represented by this Warrant may be
     made at any time or times on or after the Warrant Date and on or before
     5:00 p.m. New York City time on the Termination Date by delivery to the
     Company of a duly executed facsimile copy of the Notice of Exercise Form
     annexed hereto (or such other office or agency of the Company as it may
     designate by notice in writing to the registered Holder at the address of
     such Holder appearing on the books of the Company); provided, however,
     within 5 Trading Days of the date the Notice of Exercise is delivered to
     the Company, the Holder shall have surrendered this Warrant to the Company
     and the Company shall have received payment of the aggregate Exercise Price
     of the shares thereby purchased by wire transfer or cashier's check drawn
     on a United States bank. Certificates for shares purchased hereunder shall
     be delivered to the Holder within the earlier of (i) 10 Trading Days after
     the date on which the Notice of Exercise shall have been delivered by
     facsimile copy or (ii) 3 Trading Days from the delivery to the Company of
     each of the Notice of Exercise Form by facsimile copy, surrender of this
     Warrant and payment of the aggregate Exercise Price as set forth above
     ("Warrant Share Delivery Date"); provided, however, in the event the
     Warrant is not surrendered or the aggregate Exercise Price is not received
     by the Company within 5 Trading Days after the date on which the Notice of
     Exercise shall be delivered by facsimile copy, the Warrant Share Delivery
     Date shall be terminated or superceded to the extent that such period is
     exceeded. This Warrant shall be deemed to have been exercised on the later
     of the date

                                       2
<PAGE>

     the Notice of Exercise is delivered to the Company by facsimile copy and
     the date the Exercise Price is received by the Company. The Warrant Shares
     shall be deemed to have been issued, and the Holder shall be deemed to have
     become a holder of record of such shares for all purposes, as of the date
     the Warrant has been exercised by payment to the Company of the Exercise
     Price and all taxes required to be paid by the Holder, if any, pursuant to
     Section 6 prior to the issuance of such shares, have been paid. If the
     Company fails to deliver to the Holder a certificate or certificates
     representing the Warrant Shares pursuant to this Section 4(a) by the third
     Trading Day following the Warrant Share Delivery Date, then the Holder will
     have the right to rescind such exercise. Nothing herein shall limit a
     Holder's right to pursue any remedies available to it hereunder, at law or
     in equity including, without limitation, a decree of specific performance
     and/or injunctive relief with respect to the Company's failure to timely
     deliver certificates representing shares of Common Stock upon exercise of
     the Warrant as required pursuant to the terms hereof.

          (b) If this Warrant shall have been exercised in part, the Company
     shall, at the time of delivery of the certificate or certificates
     representing Warrant Shares, deliver to Holder a new Warrant evidencing the
     rights of Holder to purchase the unpurchased Warrant Shares called for by
     this Warrant, which new Warrant shall in all other respects be identical
     with this Warrant.

          (c) The Company shall not effect any exercise of this Warrant, and the
     Holder shall not have the right to exercise any portion of this Warrant,
     pursuant to Section 4(a) or otherwise, to the extent that after giving
     effect to such issuance after exercise, the Holder (together with the
     Holder's affiliates), as set forth on the applicable Notice of Exercise,
     would beneficially own in excess of 4.99% of the number of shares of the
     Common Stock outstanding immediately after giving effect to such issuance.
     For purposes of the foregoing sentence, the number of shares of Common
     Stock beneficially owned by the Holder and its affiliates shall include the
     number of shares of Common Stock issuable upon exercise of this Warrant
     with respect to which the determination of such sentence is being made, but
     shall exclude the number of shares of Common Stock which would be issuable
     upon (A) exercise of the remaining, nonexercised portion of this Warrant
     beneficially owned by the Holder or any of its affiliates and (B) exercise
     or conversion of the unexercised or nonconverted portion of any other
     securities of the Company (including, without limitation, any other
     Warrants) subject to a limitation on conversion or exercise analogous to
     the limitation contained herein beneficially owned by the Holder or any of
     its affiliates. Except as set forth in the preceding sentence, for purposes
     of this Section 4(c), beneficial ownership shall be calculated in
     accordance with Section 13(d) of the Exchange Act. To the extent that the
     limitation contained in this Section 4(c) applies, the determination of
     whether this Warrant is exercisable (in relation to other securities owned
     by the Holder) and of which a portion of this Warrant is exercisable shall
     be in the sole discretion of such Holder, and the submission of a Notice of
     Exercise shall be deemed to be such Holder's determination of whether this
     Warrant is exercisable (in relation to other securities owned by such
     Holder) and of which portion of this Warrant is exercisable, in each case
     subject to such aggregate percentage limitation, and the Company shall have
     no obligation to verify or confirm the accuracy of such determination. For
     purposes of this Section 4(c), in determining the number of

                                       3
<PAGE>

     outstanding shares of Common Stock, the Holder may rely on the number of
     outstanding shares of Common Stock as reflected in (x) the Company's most
     recent Form 10-Q or Form 10-K, as the case may be, (y) a more recent public
     announcement by the Company or (z) any other notice by the Company or the
     Company's Transfer Agent setting forth the number of shares of Common Stock
     outstanding. Upon the written or oral request of the Holder, the Company
     shall within two Trading Days confirm orally and in writing to the Holder
     the number of shares of Common Stock then outstanding. In any case, the
     number of outstanding shares of Common Stock shall be determined after
     giving effect to the conversion or exercise of securities of the Company,
     including this Warrant, by the Holder or its affiliates since the date as
     of which such number of outstanding shares of Common Stock was reported.
     The provisions of this Section 4(c) may be waived by the Holder upon, at
     the election of the Holder, not less than 61 days' prior notice to the
     Company, and the provisions of this Section 4(c) shall continue to apply
     until such 61st day (or such later date, as determined by the Holder, as
     may be specified in such notice of waiver).

          5. No Fractional Shares or Scrip. No fractional shares or scrip
     representing fractional shares shall be issued upon the exercise of this
     Warrant. As to any fraction of a share which Holder would otherwise be
     entitled to purchase upon such exercise, the Company shall pay a cash
     adjustment in respect of such final fraction in an amount equal to such
     fraction multiplied by the Exercise Price.

          6. Charges, Taxes and Expenses. All incidental expenses and taxes in
     respect of the issuance of certificates for Warrant Shares shall be paid by
     the Holder, and such certificates shall be issued in the name of the
     Holder.

          7. Closing of Books. The Company will not close its stockholder books
     or records in any manner which prevents the timely exercise of this
     Warrant, pursuant to the terms hereof.

          8. No Rights as Shareholder until Exercise. This Warrant does not
     entitle the Holder to any voting rights or other rights as a shareholder of
     the Company prior to the exercise hereof. Upon the surrender of this
     Warrant and the payment of the aggregate Exercise Price, the Warrant Shares
     so purchased shall be and be deemed to be issued to such Holder as the
     record owner of such shares as of the close of business on the later of the
     date of such surrender or payment.

          9. Loss, Theft, Destruction or Mutilation of Warrant. The Company
     covenants that upon receipt by the Company of evidence reasonably
     satisfactory to it of the loss, theft, destruction or mutilation of this
     Warrant or any stock certificate relating to the Warrant Shares, and in
     case of loss, theft or destruction, of indemnity or security reasonably
     satisfactory to it (which, in the case of the Warrant, shall not include
     the posting of any bond), and upon surrender and cancellation of such
     Warrant or stock certificate, if mutilated, the Company will make and
     deliver a new Warrant or stock certificate of like tenor and dated as of
     such cancellation, in lieu of such Warrant or stock certificate.

                                       4
<PAGE>

          10. Saturdays, Sundays, Holidays, etc. If the last or appointed day
     for the taking of any action or the expiration of any right required or
     granted herein shall be a Saturday, Sunday or a legal holiday, then such
     action may be taken or such right may be exercised on the next succeeding
     day not a Saturday, Sunday or legal holiday.

          11. Adjustments of Exercise Price and Number of Warrant Shares.

               (a) Stock Splits, etc. The number and kind of securities
          purchasable upon the exercise of this Warrant and the Exercise Price
          shall be subject to adjustment from time to time upon the happening of
          any of the following. In case the Company shall (i) pay a dividend in
          shares of Common Stock or make a distribution in shares of Common
          Stock to holders of its outstanding Common Stock, (ii) subdivide its
          outstanding shares of Common Stock into a greater number of shares,
          (iii) combine its outstanding shares of Common Stock into a smaller
          number of shares of Common Stock, or (iv) issue any shares of its
          capital stock in a reclassification of the Common Stock, then the
          number of Warrant Shares purchasable upon exercise of this Warrant
          immediately prior thereto shall be adjusted so that the Holder shall
          be entitled to receive the kind and number of Warrant Shares or other
          securities of the Company which it would have owned or have been
          entitled to receive had such Warrant been exercised in advance
          thereof. Upon each such adjustment of the kind and number of Warrant
          Shares or other securities of the Company which are purchasable
          hereunder, the Holder shall thereafter be entitled to purchase the
          number of Warrant Shares or other securities resulting from such
          adjustment at an Exercise Price per Warrant Share or other security
          obtained by multiplying the Exercise Price in effect immediately prior
          to such adjustment by the number of Warrant Shares purchasable
          pursuant hereto immediately prior to such adjustment and dividing by
          the number of Warrant Shares or other securities of the Company
          resulting from such adjustment. An adjustment made pursuant to this
          paragraph shall become effective immediately after the effective date
          of such event retroactive to the record date, if any, for such event.

               (b) Reorganization, Reclassification, Merger, Consolidation or
          Disposition of Assets. In case the Company shall reorganize its
          capital, reclassify its capital stock, consolidate or merge with or
          into another corporation (where the Company is not the surviving
          corporation or where there is a change in or distribution with respect
          to the Common Stock of the Company), or sell, transfer or otherwise
          dispose of its property, assets or business to another corporation
          and, pursuant to the terms of such reorganization, reclassification,
          merger, consolidation or disposition of assets, shares of common stock
          of the successor or acquiring corporation, or any cash, shares of
          stock or other securities or property of any nature whatsoever
          (including warrants or other subscription or purchase rights) in
          addition to or in lieu of common stock of the successor or acquiring
          corporation ("Other Property"), are to be received by or distributed
          to the holders of Common Stock of the Company, then the Holder shall
          have the right thereafter to receive, upon exercise of this Warrant,
          the number of shares of Common Stock of the successor or acquiring
          corporation or of the Company, if it is the surviving corporation, and
          Other Property receivable upon or as a result of such reorganization,
          reclassification, merger, consolidation or disposition of assets by a
          Holder of the number of shares of Common Stock for which this Warrant
          is exercisable immediately prior to such event. In

                                       5
<PAGE>

          case of any such reorganization, reclassification, merger,
          consolidation or disposition of assets, the successor or acquiring
          corporation (if other than the Company) shall expressly assume the due
          and punctual observance and performance of each and every covenant and
          condition of this Warrant to be performed and observed by the Company
          and all the obligations and liabilities hereunder, subject to such
          modifications as may be deemed appropriate (as determined in good
          faith by resolution of the Board of Directors of the Company) in order
          to provide for adjustments of Warrant Shares for which this Warrant is
          exercisable which shall be as nearly equivalent as practicable to the
          adjustments provided for in this Section 11. For purposes of this
          Section 11, "common stock of the successor or acquiring corporation"
          shall include stock of such corporation of any class which is not
          preferred as to dividends or assets over any other class of stock of
          such corporation and which is not subject to redemption and shall also
          include any evidences of indebtedness, shares of stock or other
          securities which are convertible into or exchangeable for any such
          stock, either immediately or upon the arrival of a specified date or
          the happening of a specified event and any warrants or other rights to
          subscribe for or purchase any such stock. The foregoing provisions of
          this Section 10 shall similarly apply to successive reorganizations,
          reclassifications, mergers, consolidations or disposition of assets.

     12. Voluntary Adjustment by the Company. The Company may at any time during
the term of this Warrant reduce the then current Exercise Price to any amount
and for any period of time deemed appropriate by the Board of Directors of the
Company.

     13. Notice of Adjustment. Whenever the number of Warrant Shares or number
or kind of securities or other property purchasable upon the exercise of this
Warrant or the Exercise Price is adjusted, as herein provided, the Company shall
give notice thereof to the Holder, which notice shall state the number of
Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and other
securities or property) after such adjustment, setting forth a brief statement
of the facts requiring such adjustment and setting forth the computation by
which such adjustment was made.

     14. Notice of Corporate Action. If at any time:

          (a) the Company shall take a record of the holders of its Common Stock
     for the purpose of entitling them to receive a dividend or other
     distribution, or any right to subscribe for or purchase any evidences of
     its indebtedness, any shares of stock of any class or any other securities
     or property, or to receive any other right, or

          (b) there shall be any capital reorganization of the Company, any
     reclassification or recapitalization of the capital stock of the Company or
     any consolidation or merger of the Company with, or any sale, transfer or
     other disposition of all or substantially all the property, assets or
     business of the Company to, another corporation or,

          (c) there shall be a voluntary or involuntary dissolution, liquidation
     or winding up of the Company;

                                       6
<PAGE>

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 20 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 20
days' prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to the Holder at
the last address of Holder appearing on the books of the Company and delivered
in accordance with Section 16(d).

     15. Suspension of Exercise. Each Holder agrees by its acquisition of any
Warrants that, upon receipt of a notice from the Company with respect to the
suspension of the prospectus relating to or the registration statement
registering the Warrants and the underlying Common Stock, such Holder will not
exercise such Holder's Warrants until such time as the Holder receives the
supplemented prospectus and/or amended registration statement or until such
Holder is advised in writing by the Company that the use of the applicable
prospectus may be resumed, and, in either case, such Holder has received copies
of any additional or supplemental filings that are incorporated or deemed
incorporated by reference in such prospectus or registration statement. The
Company may provide appropriate stop orders to enforce the provisions of this
Section 15.

     16. Authorized Shares. The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon
which the Common Stock may be listed.

     Except and to the extent as waived or consented to by the Holder, the
Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this
Warrant against impairment. Without limiting the generality

                                       7
<PAGE>

of the foregoing, the Company will (a) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior to
such increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

     Before taking any action which would result in an adjustment in the number
of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof,
or consents thereto, as may be necessary from any public regulatory body or
bodies having jurisdiction thereof.

     17. Miscellaneous.

          (a) Jurisdiction. All questions concerning the construction, validity,
     enforcement and interpretation of the provisions of this Warrant shall be
     governed by and construed and enforced in accordance with the internal laws
     of the State of New York. Each party agrees that all legal proceedings
     concerning the interpretations, enforcement and defense of the transactions
     contemplated by this Warrant (whether brought against a party hereto or its
     respective affiliates, directors, officers, shareholders, employees or
     agents) shall be commenced exclusively in the state and federal courts
     sitting in the City of Rochester, New York. Each party hereto hereby
     irrevocably submits to the exclusive jurisdiction of the state and federal
     courts sitting in the City of Rochester, New York for the adjudication of
     any dispute hereunder or in connection herewith or with any transaction
     contemplated hereby or discussed herein, and hereby irrevocably waives, and
     agrees not to assert in any suit, action or proceeding, any claim that it
     is not personally subject to the jurisdiction of any such court, that such
     suit, action or proceeding is improper. Each party hereto hereby
     irrevocably waives personal service of process and consents to process
     being served in any such suit, action or proceeding by delivering a copy
     thereof via overnight delivery (with evidence of delivery) to such party at
     the address in effect for notices to it under this Warrant and agrees that
     such service shall constitute good and sufficient service of process and
     notice thereof. Nothing contained herein shall be deemed to limit in any
     way any right to serve process in any manner permitted by law. Each party
     hereto (including its affiliates, agents, officers, directors and
     employees) hereby irrevocably waives, to the fullest extent permitted by
     applicable law, any and all right to trial by jury in any legal proceeding
     arising out of or relating to this Warrant or the transactions contemplated
     hereby. If either party shall commence an action or proceeding to enforce
     any provision of the Warrant, then the prevailing party in such action or
     proceeding shall be reimbursed by the other party for its attorneys' fees
     and other costs and expenses incurred with the investigation, preparation
     and prosecution of such action or proceeding.

          (b) Restrictions. The Holder acknowledges that the Warrant Shares
     acquired upon the exercise of this Warrant, if not registered, will have
     restrictions upon resale imposed by state and federal securities laws.

                                       8
<PAGE>

          (c) Nonwaiver. No course of dealing or any delay or failure to
     exercise any right hereunder on the part of Holder shall operate as a
     waiver of such right or otherwise prejudice Holder's rights, powers or
     remedies, notwithstanding all rights hereunder terminate (i) on the
     Termination Date or (ii) upon cancellation of this Warrant in accordance
     with Section 3 hereof.

          (d) Notices. Any and all notices or other communications or deliveries
     required or permitted to be provided hereunder shall be in writing and
     shall be deemed given and effective on the earliest of (a) the date of
     transmission, if such notice or communication is delivered via facsimile at
     the facsimile number set forth below prior to 5:00 p.m. (New York City
     time) on a Trading Day, (b) the next Trading Day after the date of
     transmission, if such notice or communication is delivered via facsimile at
     the facsimile number set forth below on a day that is not a Trading Day or
     later than 5:00 p.m. (New York City time) on any Trading Day, (c) the
     second Trading Day following the date of mailing, if sent by U.S.
     nationally recognized overnight courier service, or (d) upon actual
     receipt. For purposes of the applicable provisions of this Warrant, a
     "Trading Day" is a day on which the Company's Common Stock (a) is not
     suspended from trading on any Trading Market at the close of business and
     (b) has traded at least once on the Trading Market that is the primary
     market for the trading of the Company's Common Stock.

          All notices shall be confirmed to the parties hereto as follows:

          If to the Company:

          Mpower Holding Corporation
          175 Sully's Trail
          Pittsford, New York 14534
          Facsimile:  [   ]-[    ]
          Attention:  General Counsel

          If to the Holder:

          [        ]
          Facsimile:  [   ]-[    ]
          Attention:  [    ]

          (e) Limitation of Liability. No provision hereof, in the absence of
     any affirmative action by Holder to exercise this Warrant or purchase
     Warrant Shares, and no enumeration herein of the rights or privileges of
     Holder, shall give rise to any liability of Holder for the purchase price
     of any Common Stock or as a stockholder of the Company, whether such
     liability is asserted by the Company or by creditors of the Company.

          (f) Successors and Assigns. Subject to applicable securities laws,
     this Warrant and the rights and obligations evidenced hereby shall inure to
     the benefit of and be binding upon the successors of the Company and the
     successors and permitted assigns of Holder. The provisions of this Warrant
     are intended to be for the benefit of all Holders

                                       9
<PAGE>

     from time to time of this Warrant and shall be enforceable by any such
     Holder of Warrant Shares.

          (g) Amendment. This Warrant may be modified or amended or the
     provisions hereof waived with the written consent of the Company and the
     Holder.

          (h) Severability. Wherever possible, each provision of this Warrant
     shall be interpreted in such manner as to be effective and valid under
     applicable law, but if any provision of this Warrant shall be prohibited by
     or invalid under applicable law, such provision shall be ineffective to the
     extent of such prohibition or invalidity, without invalidating the
     remainder of such provisions or the remaining provisions of this Warrant.

          (i) Headings. The headings used in this Warrant are for the
     convenience of reference only and shall not, for any purpose, be deemed a
     part of this Warrant.

                              ********************

                                       10
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its officer thereunto duly authorized.

Dated:  [        ]
                                            MPOWER HOLDING CORPORATION

                                            By:  ______________________________
                                                 Name:
                                                 Title:

                                       11
<PAGE>

                               NOTICE OF EXERCISE

To: Mpower Holding Corporation

     (1) The undersigned has hereby been granted ________ Warrant Shares of
Mpower Holding Corporation pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in
full, together with all applicable transfer and other taxes, if any.

     (2) Payment shall take the form of lawful money of the United States.

     (3) Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned:

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

The Warrant Shares shall be delivered to the following:

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

                                             [PURCHASER]

                                  By: ______________________________
                                  Name:
                                  Title:

                                  Dated:  ________________________

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