Document:

SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES,

               LIBERTY MEDIA DEBENTURE-BACKED SERIES 2001-32 TRUST

                                     between

                             LEHMAN ABS CORPORATION,

                                  as Depositor

                                       and

                      U.S. BANK TRUST NATIONAL ASSOCIATION,

                                   as Trustee

                       CORPORATE BACKED TRUST CERTIFICATES

                           Dated as of August 29, 2001

                           (Liberty Media Corporation)

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                                TABLE OF CONTENTS

                                                                            Page

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

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

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

Section 4.   Trust Certificates..............................................9

Section 5.   Distributions...................................................9

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

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

Section 8.   Notices of Events of Default...................................14

Section 9.   Miscellaneous..................................................14

Section 10.  Governing Law..................................................16

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

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

Section 13.  Sale of Underlying Securities..................................17

Section 14.  Amendments.....................................................17

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

Section 16.  UCC Representations and Warranties.............................18

SCHEDULE I SERIES 2001-32 UNDERLYING SECURITIES SCHEDULE
SCHEDULE II CLASS A-2 CERTIFICATE CALL SCHEDULE
EXHIBIT A-1 FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2 FORM OF TRUST CERTIFICATE CLASS A-2
EXHIBIT B-1 FORM OF CLASS A-1 CALL WARRANT
EXHIBIT B-2 FORM OF CLASS A-2 CALL WARRANT
EXHIBIT C FORM OF WARRANT AGENT AGREEMENT
EXHIBIT D-1 FORM OF INVESTMENT LETTER (CALL WARRANTS)
EXHIBIT D-2 FORM OF INVESTMENT LETTER (CLASS A-2 CERTIFICATES)

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                                SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES,

               LIBERTY MEDIA DEBENTURE-BACKED SERIES 2001-32 TRUST

         SERIES SUPPLEMENT, Series 2001-32, dated as of August 29, 2001 (the
"Series Supplement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the
"Trustee").

                              W I T N E S S E T H:

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

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

         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 Liberty Media Debenture-Backed Series 2001-32
Certificates and the transactions described herein.

         Section 2. Definitions. (a) Except as otherwise specified herein or as
the context may otherwise require, the following terms shall have the respective
meanings set forth below for all purposes under this Series Supplement. (Section
2(b) below sets forth terms listed in the Standard Terms which are not
applicable to this Series.) Capitalized terms used but not defined herein shall
have the meanings assigned to them in the Standard Terms.

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                  "Accreted Principal Amount" for the Class A-2 Certificates
means for each six-month period from and including each date specified in
Schedule II hereof to but excluding the next such date, the amount specified in
Schedule II as the "Ending Balance" for such beginning date.

                  "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, as
well as any reinvestment proceeds on amounts paid in respect of the Underlying
Securities.

                  "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.

                  "Call Date" shall mean any Business Day occurring on or after
August 29, 2006, or after the announcement of any unscheduled payment of the
Underlying Securities on which the Call Warrants are exercised and the proceeds
of an Optional Call are distributed to holders of the Certificates pursuant to
Section 7 hereof.

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

                  "Call Price" shall mean, for each related Call Date, (i) in
the case of the Class A-1 Certificates, the principal amount of the Class A-1
Certificates to be purchased by the Warrant Holder on such date, plus any
accrued and unpaid interest on such amount to but excluding the Call Date and
(ii) in the case of the Class A-2 Certificates, the Accreted Principal Amount of
the Class A-2 Certificates to be purchased by the Warrant Holder on such date.

                  "Call Warrants" shall mean the rights to purchase in whole or
in part at the Call Price the Certificates, and thereby cause an Optional Call
of the Certificates on any Call Date pursuant to the Optional Call provisions of
Section 7 hereof.

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

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

                  "Class A-1 Allocation" shall mean the sum of the present
values (discounted at the rate of 8.75% per annum) of (i) any unpaid interest
due or to become due on the Class A-1 Certificates and (ii) the outstanding
principal amount of the Class A-1 Certificates (in each case assuming that the
Class A-1 Certificates were paid when due).

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

                  "Class A-2 Allocation" shall mean the present value
(discounted at the rate of 8.75% per annum) of the outstanding principal amounts
due or to become due on the Class A-2 Certificates (assuming that the Class A-2
Certificates were paid when due).

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

                  "Closing Date" shall mean August 29, 2001.

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

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

                  "Currency" shall mean United States Dollars.

                  "Depository" shall mean The Depository Trust Company.

                  "Distribution Date" shall mean August 1 and February 1 of each
year (or if such date is not a Business Day, the next succeeding Business Day),
commencing on February 1, 2002 and ending on the Final Scheduled Distribution
Date.

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

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

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

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

                  "Final Scheduled Distribution Date" shall mean February 1,
2030.

                  "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 August 29, 2001)
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
Warrant Holder, in whole or in part, resulting from the exercise of Call
Warrants by the Warrant Holder, pursuant to Section 7(b) hereof.

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

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

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

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

                  "Prospectus Supplement" shall mean the Prospectus Supplement,
dated August 20, 2001, relating to the Certificates.

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

                  "Rating Agency Condition" shall have the meaning specified in
the Standard Terms.

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                  "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.

                  "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.

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

                  "Series" shall mean Series 2001-32.

                  "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 $128,000,000 aggregate
principal amount of 8.25% Senior Debentures due 2030 issued by the Underlying
Securities Issuer (as set forth on Schedule I attached hereto) on the Closing
Date and any additional Underlying Securities transferred to the Trust after the
Closing Date.

                  "Underlying Securities Issuer" shall mean Liberty Media
Corporation and any successor in respect of the Underlying Securities.

                  "Underlying Securities Trustee" shall mean The Bank of New
York.

                  "Underwriters" shall mean Lehman Brothers Inc., an affiliate
of the Depositor, Prudential Securities Incorporated, Dain Rauscher Incorporated
and TD Waterhouse Investor Services, Inc.

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                  "Voting Rights" shall, in the entirety, be allocated among all
Class A-1 Certificateholders and Class A-2 Certificateholders in proportion to
the then unpaid principal amounts of their respective Certificates.

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

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

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

         "Accounting Date"

         "Administrative Fees"

         "Advance"

         "Allowable Expense Amounts"

         "Basic Documents"

         "Calculation Agent"

         "Call Premium Percentage"

         "Credit Support"

         "Credit Support Instrument"

         "Credit Support Provider"

         "Cut-off Date"

         "Eligible Expense"

         "Exchange Rate Agent"

         "Fixed Pass-Through Rate"

         "Floating Pass-Through Rate"

         "Guaranteed Investment Contract"

         "Letter of Credit"

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         "Limited Guarantor"

         "Limited Guaranty"

         "Minimum Wire Denomination"

         "Notional Amount"

         "Pass-Through Rate"

         "Place of Distribution"

         "Purchase Price"

         "Required Premium"

         "Required Principal"

         "Requisite Reserve Amount"

         "Retained Interest"

         "Sale Procedures"

         "Sub-Administration Account"

         "Sub-Administration Agreement"

         "Sub-Administration Agent"

         "Surety Bond"

         "Swap Agreement"

         "Swap Counterparty"

         "Swap Distribution Amount"

         "Swap Guarantee"

         "Swap Guarantor"

         "Swap Receipt Amount"

         "Swap Termination Payment"

         Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate Backed Trust Certificates, Liberty Media
Debenture-Backed Series 2001-32 Trust." The Certificates evidencing certain

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undivided ownership interests therein shall be known as "Corporate Backed Trust
Certificates, Liberty Media Debenture-Backed Series 2001-32." The Certificates
shall consist of the Class A-1 Certificates and Class A-2 Certificates
(together, the "Certificates"). The Trust is also issuing call warrants with
respect to the Certificates ("Call Warrants").

         (a) The Certificates shall be held through the Depository in book-entry
form and shall be substantially in the forms attached hereto as Exhibits A-1 and
A-2. The Class A-1 Certificates shall be issued in denominations of $25. The
Class A-2 Certificates shall be issued in minimum denominations of $1,000,000
and in integral multiples of $1 in excess thereof. Except as provided in the
Standard Terms and in paragraph (c) of this Section, the Trust shall not issue
additional Certificates or incur any indebtedness.

         (b) The Class A-1 Certificates have an initial aggregate certificate
principal amount ("Certificate Principal Amount") of $120,685,700 and the Class
A-2 Certificates have an initial aggregate Certificate Principal Amount of
$7,314,300. 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 8.75%
per annum on the outstanding Certificate Principal Amount of the Class A-1
Certificates. The Class A-2 Certificates shall not bear interest. On February 1,
2002, the Trustee will pay to the Depositor the amount of interest accrued and
paid on the Underlying Securities from August 1, 2001, to but not including the
Closing Date. If Available Funds are insufficient to pay such amount, the
Trustee will pay the Depositor its pro rata share, based on the ratio the amount
owed to the Depositor bears to all amounts owed on the Class A-1 Certificates in
respect of accrued interest, of any proceeds from the recovery on the Underlying
Securities.

         (c) The Depositor may sell to the Trustee additional Underlying
Securities on any date hereafter upon at least 3 Business Days (or such lesser
period as may be agreed by the parties hereto) notice to the Trustee and upon
(i) satisfaction of the Rating Agency Condition and (ii) delivery of an Opinion
of Counsel to the effect that the sale of such additional Underlying Securities
will not materially increase the likelihood that the Trust would fail to qualify
as a grantor trust under the Code. Upon such sale to the Trustee, the Trustee
shall deposit such additional Underlying Securities in the Certificate Account,
and shall authenticate and deliver to the Depositor, on its order, Class A-1
Certificates and Class A-2 Certificates in the same proportion as the original
Class A-1 Certificates and Class A-2 Certificates bear to the initial Underlying
Securities, as well as the Call Warrants related thereto. Any such additional
Class A-1 Certificates and Class A-2 Certificates authenticated and delivered
shall have the same terms and rank pari passu with the original Class A-1
Certificates and Class A-2 Certificates, respectively, issued in accordance with
this Series Supplement.

         (d) As a condition precedent for transferring the Call Warrants, the
prospective transferee shall be required to deliver to the Trustee and the
Depositor, an executed copy of the Investment Letter (set forth as Exhibit D-1
hereto).

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         (e) Unless the Class A-2 Certificates are otherwise publicly offered,
as a condition precedent for transferring the Class A-2 Certificates, the
prospective transferee and the prospective transferor shall be required to
deliver to the Trustee and the Depositor an executed copy of the Investment
Letter (set forth as Exhibit D-2 hereto). No Class A-2 Certificate may be
resold, assigned or transferred (including by pledge or hypothecation) unless
such reoffer, resale, assignment or transfer is (i) pursuant to an effective
registration statement under the United States Securities Act (the "Securities
Act") and any applicable state securities laws, (ii) pursuant to Rule 144A
promulgated under the Securities Act ("Rule 144A"), (iii) pursuant to Regulation
D under the Securities Act ("Regulation D") or (iv) pursuant to another
exemption from the registration requirements of the Securities Act. Prior to any
reoffer, resale, assignment or transfer of the Class A-2 Certificates described
in clause (ii) above, each prospective transferee of the Class A-2 Certificates
shall have acknowledged, represented and agreed as follows:

         1. The purchaser (A)(i) is a qualified institutional investor (as such
term is defined in the Securities Act) (a "QIB"), (ii) is aware that the sale to
it is being made in reliance on Rule 144A and (iii) is acquiring such Class A-2
Certificates for its own account or for the account of a QIB or (B)(i) is an
Accredited Investor (as such term is defined in Rule 501(a) under the Securities
Act), (ii) is aware that the sale to it is being made in reliance on Regulation
D and (iii) is acquiring such Class A-2 Certificates for its own account or for
the account of an Accredited Investor.

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

         3. The purchaser agrees that (A) if in the future it decides to
reoffer, resell, pledge or otherwise transfer the Class A-2 Certificates, such
Class A-2 Certificates may be reoffered, resold, pledged or otherwise
transferred only (i) to the Trust, (ii) inside the United States to a QIB in
accordance with Rule 144A, (iii) inside the United States to an Accredited
Investor pursuant to Regulation D, (iv) pursuant to an exemption from
registration under the Securities Act provided by Rule 144 thereunder (if
available), or (v) pursuant to an effective registration statement under the
Securities Act, and, in each cases (i) through (v), in accordance with any
applicable securities laws of any state of the United States and other
jurisdictions and (B) the purchaser will, and each subsequent holder is required
to, notify any subsequent purchaser of such Class A-2 Certificates from it of
the resale restrictions referred to in clause (A) above.

         4. The purchaser understands that the Class A-2 Certificates will,
unless otherwise agreed by the Trust, bear a legend substantially to the
following effect:

                  THIS CLASS A-2 CERTIFICATE (OR ITS PREDECESSOR) WAS ORIGINALLY
                  ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE
                  UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "UNITED

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                  STATES SECURITIES ACT"), AND MAY NOT BE REOFFERED, RESOLD OR
                  OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR
                  AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS
                  CLASS A-2 CERTIFICATE IS HEREBY NOTIFIED THAT THE SELLER OF
                  THIS CLASS A-2 CERTIFICATE MAY BE RELYING ON THE EXEMPTION
                  FROM THE PROVISIONS OF SECTION 5 OF THE UNITED STATES
                  SECURITIES ACT PROVIDED BY RULE 144A OR REGULATION D
                  THEREUNDER.

                  THE HOLDER OF THIS CLASS A-2 CERTIFICATE AGREES FOR THE
                  BENEFIT OF THE TRUST THAT (A) THIS CLASS A-2 CERTIFICATE MAY
                  BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
                  (I) TO THE TRUST, (II) INSIDE THE UNITED STATES TO A QUALIFIED
                  INSTITUTIONAL BUYER IN ACCORDANCE WITH RULE 144A, (III) INSIDE
                  THE UNITED STATES TO AN ACCREDITED INVESTOR PURSUANT TO
                  REGULATION D, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION
                  UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
                  AVAILABLE), OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION
                  STATEMENT UNDER THE UNITED STATES SECURITIES ACT, AND, IN EACH
                  OF CASES (I) THROUGH (V), IN ACCORDANCE WITH ANY APPLICABLE
                  SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY
                  OTHER JURISDICTIONS AND (B) THE HOLDER WILL, AND EACH
                  SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS
                  CLASS A-2 CERTIFICATE FROM IT OF THE RESALE RESTRICTIONS
                  REFERRED TO IN CLAUSE (A) ABOVE.

         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.

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

         (i) the Trustee will pay the interest portion of Available Funds with
respect to the Underlying Securities (subject to Section 5(b) below):

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

                  (b) second, to the holders of the Class A-1 Certificates,
interest at the rate of 8.75% per annum on the principal amount of the Class A-1
Certificates; and

                  (c) third, to the Depositor, any remainder.

         (ii) the Trustee will pay the principal portion of Available Funds with
respect to the Underlying Securities:

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

                  (b) second, to the holders of the Class A-1 Certificates and
Class A-2 Certificates, the remaining principal portion of Available Funds pro
rata in the proportion that the outstanding principal amount of the Class A-1
Certificates bears to the outstanding principal amount of the Class A-2
Certificates.

         (b) Notwithstanding any other provision hereof, if the Underlying
Securities are prepaid or liquidated in whole or in part for any reason other
than due to the failure of the Underlying Securities Issuer to file periodic
reports as required by the Exchange Act, the Trustee shall apply Available Funds
in the manner described in Section 5(g) in the following order of priority:

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

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

                  (iii) third, to the holders of the Class A-1 Certificates and
Class A-2 Certificates, pro rata in the proportion that the outstanding
principal amount of the Class A-1 Certificates bears to the outstanding
principal amount of the Class A-2 Certificates.

         (c) Notwithstanding the foregoing, if the Underlying Securities are
prepaid or liquidated in whole or in part due to the failure to file periodic
reports, the Trustee shall apply Available Funds in the following order of

                                       11
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priority: (i) to the Trustee, reimbursement for any remaining Extraordinary
Trust Expenses and (ii) to the holders of the Class A-1 Certificates and the
holders of the Class A-2 Certificates in accordance with the ratio of the Class
A-1 Allocation to the Class A-2 Allocation.

         (d) Unless otherwise instructed by holders of Certificates representing
a majority of the Voting Rights within thirty (30) days after the Trustee gives
notice pursuant to Section 8 hereof, the Trustee will sell the Underlying
Securities pursuant to Section 13 hereof and deposit the Liquidation Proceeds,
if any, into the Certificate Account for distribution not later than two (2)
Business Days after the receipt of immediately available funds in accordance
with Section 5(b) hereof.

         (e) In the event that the Trustee receives non-cash property in respect
of the Underlying Securities (other than a scheduled payment on or with respect
to an interest payment date) as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depositary, or for any Certificates which are not then held by DTC
or any other depository, directly to the registered holders of the Certificates
then outstanding and unpaid. Such notice shall state that, not later than 30
days after the receipt of such property, the Trustee will allocate and
distribute such property to the holders of Certificates then outstanding and
unpaid, pro rata by principal amount (after deducting the costs incurred in
connection therewith). Property other than cash will be liquidated by the
Trustee, and the proceeds thereof distributed in cash, only to the extent
necessary to avoid distribution of fractional securities to Certificateholders.
In-kind distribution of such property to Certificateholders will be deemed to
reduce the principal amount of Certificates on a dollar-for-dollar basis.

         (f) Subject to Section 9(f) hereof, to the extent Available Funds are
insufficient to make any required distributions 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(g)
hereof) on which sufficient funds are available to pay such shortfall.

         (g) If a payment with respect to the Underlying Securities is made to
the Trustee after the Distribution Date on which such payment was scheduled to
be distributed in respect of the Certificates, 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 Business Days prior to the day on which the related payment was received
from the Underlying Securities Trustee.

         (h) Notwithstanding Section 3.12 of the Standard Terms, if the
Underlying Securities Issuer ceases to file periodic reports as required under
the Exchange Act, the Depositor shall within a reasonable period of time
instruct the Trustee to (i) distribute the Underlying Securities in-kind to the

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<PAGE>

Certificateholders or (ii) sell the Underlying Securities and distribute the
proceeds of such sale to the Certificateholders in accordance with Section 5(c)
hereof; provided, however, that the Depositor shall not instruct the Trustee
pursuant to this clause unless the Underlying Securities Issuer has either (x)
stated in writing that it intends permanently to cease filing reports required
under the Exchange Act or (y) failed to file any required reports for one full
calendar year.

         Section 6. Trustee's Fees. (a) As compensation for its services
hereunder, the Trustee shall be entitled to the Trustee Fee. 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 of the Certificateholders then outstanding have directed the Trustee
to incur such Extraordinary Expenses. The Trustee may incur other Extraordinary
Expenses if any lesser percentage of the Certificateholders requesting such
action pursuant hereto reimburse the Trustee for the cost thereof from their own
funds in advance. If Extraordinary Expenses are not approved unanimously as set
forth in the first sentence of this Section 6(b), such Extraordinary Expenses
shall not be an obligation of the Trust, and the Trustee shall not file any
claim against the Trust therefor notwithstanding failure of certificateholders
to reimburse the Trustee.

         Section 7. Optional Exchange; Optional Call

         (a) (i) On any Distribution Date, any holder of Class A-1 Certificates
and Class A-2 Certificates and the related Call Warrants, if Call Warrants
related to such Certificates are outstanding, may exchange such Certificates
and, if applicable, the related Call Warrants, for a distribution of Underlying
Securities representing the same percentage of the Underlying Securities as such
Certificates represent of all outstanding Certificates.

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

                           (a) A notice specifying the number of Certificates
                           being surrendered and the Optional Exchange Date
                           shall be delivered to the Trustee no less than 5 days
                           (or such shorter period acceptable to the Trustee)
                           but not more than 30 days before the Optional
                           Exchange Date.

                           (b) Certificates and, if applicable, the Call
                           Warrants, shall be surrendered to the Trustee no
                           later than 10:00 a.m. (New York City time) on the
                           Optional Exchange Date.

                                       13
<PAGE>

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

                           (d) The Trustee shall have received an opinion of
                           counsel stating that the Optional Exchange would not
                           affect the characterization of the Trust as a
                           "grantor trust" for federal income tax purposes.

                           (e) Except in connection with the exchange of
                           Certificates acquired pursuant to Section 7(b), (1)
                           the Trustee shall have received a certification from
                           the Certificateholder that any Certificates being
                           surrendered have been held for at least six months,
                           and (2) the Certificates being surrendered may
                           represent no more than 5% (or 25% in the case of
                           Certificates acquired by the Underwriter but never
                           distributed to investors) of the then outstanding
                           Certificates.

                           (f) 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.

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

         (b) (i) Concurrently with the execution of this Series Supplement, the
Trustee, on behalf of the Trust, shall execute the Warrant Agent Agreement and
the Call Warrants, dated as of the date hereof and substantially in the forms of
Exhibit B-1 and Exhibit B-2 hereto, initially evidencing all of the Call
Warrants. The Trustee shall perform the Trust's obligations under the Warrant
Agent Agreement and the Call Warrants in accordance with their respective terms.
On any Call Date, each class of Certificates may be called at the applicable
Call Price, in whole or in part, by the Warrant Holder, upon payment of such
Call Price on or prior to such Call Date. In the case of a call in part, the
Class A-1 Certificates and Class A-2 Certificates must be called in the same
proportion that each certificate bears to the outstanding principal amount of
the Certificates. In addition to the conditions described in this Section 7(b)
relating to any Optional Call, the conditions set forth in Section 1.1 of the
Warrant Agent Agreement shall also apply.

                  (ii) The Warrant Holder may provide notice to the Trustee (a
"Call Notice") no less than 5 Business Days prior to any Call Date, that it is
exercising its Call Warrants with respect to the Certificates on such Call Date.

                                       14
<PAGE>

Upon request of the Trustee, the Warrant Holder shall deliver the opinion
specified in Section 7(a)(ii)(d) above as a condition to any Optional Call.

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

                  (iv) As a condition to any Optional Call, an opinion of
counsel to the Warrant Holder shall be delivered to the Rating Agencies, in form
satisfactory to the Rating Agencies, indicating that payment of the Call Price
shall not be recoverable as a preferential transfer or fraudulent conveyance
under the United States Bankruptcy Code. Such opinion may contain customary
assumptions and qualifications. In addition, the Warrant Holder shall provide a
certificate of solvency to the Trustee.

                  (v) Deliveries of the Underlying Securities to the Warrant
Holder (the "Purchaser") will only be made against payment by the Purchaser of
the Call Price in immediately available funds. Such payment must occur no later
than 10:00 a.m. New York City time on the Call Date. In the event that the
Purchaser fails to make such payment by such time (a "Purchase Default"), the
sale shall be voided and the Optional Call will be deemed not to be effective
with respect to such Distribution Date, and the Certificates and the Call
Warrants shall continue to remain outstanding. Subject to receipt of the Call
Price as aforesaid, the Trustee shall pay the Call Price to the
Certificateholders on the Call Date in accordance with the definition of "Call
Price". The Call Price in respect of partial calls shall be allocated to the
Certificateholders within each class pro rata to the extent of their
entitlements thereto.

                  (vi) The Trustee shall not consent to any amendment or
modification of this Agreement (including the Standard Terms) which would alter
the timing or amount of any payment of the Call Price without the prior written
consent of 100% of the Warrant Holders.

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

                  (viii) This Section 7 shall not provide the Warrant Holder
with a lien against, an interest in or a right to specific performance with
respect to the Underlying Securities.

                  (ix) The Warrant Holder shall initially be the Depositor.

         Section 8. Notices of Events of Default.

         As promptly as practicable after, and in any event within 30 days
after, the occurrence of any Event of Default actually known to the Trustee, the
Trustee shall give notice of such Event of Default to the Depository, or, if any

                                       15
<PAGE>

Certificates are not then held by DTC or any other depository, directly to the
registered holders of such Certificates. However, except in the case of an Event
of Default relating to the payment of principal of or interest on any of the
Underlying Securities, the Trustee will be protected in withholding such notice
if in good faith it determines that the withholding of such notice is in the
interest of the Certificateholders.

         Section 9. Miscellaneous.

         (a) The provisions of Section 4.04, Advances, of the Standard Terms
shall not apply to the Liberty Media Debenture-Backed Series 2001-32
Certificates.

         (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the Liberty Media Debenture-Backed Series 2001-32
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 Liberty Media Debenture-Backed Series 2001-32 Certificates.

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

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

         (h) The Trust may not engage in any business or activities other than
in connection with, or relating to, the holding, protecting and preserving of
the Trust Property and the issuance of the Certificates, and 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 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 the Certificates representing the Required Percentage-Removal.

                                       16
<PAGE>

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

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

         (l) In relation to Section 7.01(f) of the Standard Terms, any periodic
reports filed by the Trustee pursuant to the Securities and Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder, in
accordance with the customary practices of the Depositor, need not contain any
independent reports.

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

         (n) The 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.

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

         If to the Depositor, to:

         Lehman ABS Corporation
         3 World Financial Center
         New York, New York  10285
         Attention:  Structured Credit Trading
         Telephone:  (212) 526-6570
         Facsimile:  (212) 526-1546

         If to the Trustee, to:

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

         If to the Rating Agencies, to:

                                       17
<PAGE>

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

         and to:

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

         If to the New York Stock Exchange, to:

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

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

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

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

                                       18
<PAGE>

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

         Section 14. Amendments. Notwithstanding anything in the Trust Agreement
to the contrary, in addition to the other restrictions on modification and
amendment contained therein, the Trustee shall not enter into any amendment or
modification of the Trust Agreement which would adversely affect in any material
respect the interests of the holders of any class of Certificates without the
consent of the holders of 100% of such class of Certificates; provided, however,
that no such amendment or modification will be permitted which would alter the
status of the Trust as a grantor trust for federal income tax purposes. Further,
no amendment shall be permitted which would adversely affect in any material
respect the interests of any Class of Certificateholders without confirmation by
each Rating Agency that such amendment will not result in a downgrading or
withdrawal of its rating of such Class of Certificates.

         Section 15. 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 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 principal
balances of the Certificates) as the Certificates of the Trust were actually

                                       19
<PAGE>

voted or not voted by the Certificateholders thereof as of a date determined by
the Trustee prior to the date on which such consent or vote is required,
provided, however, that, notwithstanding anything in the Trust Agreement to the
contrary, the Trustee shall at no time vote on or consent to any matter (i)
unless such vote or consent would not (based on an opinion of counsel) alter the
status of the Trust as a grantor trust 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 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 Class A-1 Certificates and 100% of
the Class A-2 Certificates. 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.

         In the event that an offer is made by the Underlying Securities Issuer
to issue new obligations in exchange and substitution for any of the Underlying
Securities, pursuant to a plan for the refunding or refinancing of the
outstanding Underlying Securities or any other offer is made for the Underlying
Securities, the Trustee shall notify the Class A-1 Certificateholders and Class
A-2 Certificateholders of such offer promptly. The Trustee must reject any such
offer unless the Trustee is directed by the affirmative vote of the holders of
100% of all of the Certificates to accept such offer and the Trustee has
received the tax opinion described above. If pursuant to the preceding sentence,
the Trustee accepts any such offer, the Trustee shall promptly notify the Rating
Agencies.

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

         Section 16. UCC Representations and Warranties.

         It is the express intent of the parties hereto that the conveyance of
the Underlying Securities by the Depositor to the Trustee be, and be construed
as, a sale of the Underlying Securities by the Depositor and not a pledge of any
Underlying Securities by the Depositor to secure a debt or other obligation of
the Depositor. In the event that, notwithstanding the aforementioned intent of
the parties, any Underlying Securities are held to be property of the Depositor,
then, it is the express intent of the parties that such conveyance be deemed a
pledge of such Underlying Securities by the Depositor to the Trustee to secure a

                                       20
<PAGE>

debt or other obligation of the Depositor, pursuant to Section 10.07 of the
Standard Terms. In connection with any such grant of a security interest in the
Underlying Securities, Depositor hereby represents and warrants to Trustee as
follows:

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

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

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

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

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

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

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

                                       21
<PAGE>

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

                        LEHMAN ABS CORPORATION,
                            as Depositor

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

                        U.S. BANK TRUST NATIONAL ASSOCIATION,
                            not in its individual capacity
                            but solely as Trustee on behalf
                            of the Corporate Backed Trust
                            Certificates, Liberty Media
                            Debenture-Backed Series 2001-32
                            Trust

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

                                       22
<PAGE>

                                                                      SCHEDULE I

                                 SERIES 2001-32

                         UNDERLYING SECURITIES SCHEDULE
                         ------------------------------

Underlying Securities:            8.25% Senior Debentures due February 1, 2030.

Underlying Securities Issuer:     Liberty Media Corporation.

CUSIP Number:                     530715AJ0.

Principal Amount Deposited:       $128,000,000.

Original Issue Date:              February 2, 2000.

Maturity Date:                    February 1, 2030.

Principal Payment Date:           February 1, 2030.

Interest Rate:                    8.25% per annum.

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

                                       23
<PAGE>
                                                                     SCHEDULE II

                       CLASS A-2 CERTIFICATE CALL SCHEDULE
                       -----------------------------------

                         Date                Call Price

                        8/29/06                $743,997

                         2/1/07                $775,290

                         8/1/07                $814,054

                         2/1/08                $854,757

                         8/1/08                $897,495

                         2/1/09                $942,370

                         8/1/09                $989,488

                         2/1/10              $1,038,963

                         8/1/10              $1,090,911

                         2/1/11              $1,145,456

                         8/1/11              $1,202,729

                         2/1/12              $1,262,866

                         8/1/12              $1,326,009

                         2/1/13              $1,392,309

                         8/1/13              $1,461,925
                         2/1/14              $1,535,021
                         8/1/14              $1,611,772
                         2/1/15              $1,692,361
                         8/1/15              $1,776,979
                         2/1/16              $1,865,828
                         8/1/16              $1,959,119
                         2/1/17              $2,057,075
                         8/1/17              $2,159,929
                         2/1/18              $2,267,925
                         8/1/18              $2,381,321
                         2/1/19              $2,500,387
                         8/1/19              $2,625,407
                         2/1/20              $2,756,677
                         8/1/20              $2,894,511
                         2/1/21              $3,039,236
                         8/1/21              $3,191,198
                         2/1/22              $3,350,758
                         8/1/22              $3,518,296
                         2/1/23              $3,694,211
                         8/1/23              $3,878,921
                         2/1/24              $4,072,867
                         8/1/24              $4,276,511
                         2/1/25              $4,490,336
                         8/1/25              $4,714,853
                         2/1/26              $4,950,596
                         8/1/26              $5,198,126
                         2/1/27              $5,458,032
                         8/1/27              $5,730,934
                         2/1/28              $6,017,480
                         8/1/28              $6,318,354
                         2/1/29              $6,634,272
                         8/1/29              $6,965,986
                         2/1/30              $7,314,300

                                       24
<PAGE>
                                                                   Exhibit A-1

                       Form of Trust Certificate Class A-1
                       -----------------------------------

NUMBER [_]                                   [4,827,428] $[25] 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.

                             LEHMAN ABS CORPORATION

                              [4,827,428] $[25] PAR

                      CORPORATE BACKED TRUST CERTIFICATES,

                  LIBERTY MEDIA DEBENTURE-BACKED SERIES 2001-32

                               8.75% 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 8.25% Senior Debentures due February 1, 2030,
issued by Liberty Media Corporation (the "Underlying Security Issuer") and all
payments received thereon (the "Trust Property"), deposited in trust by Lehman
ABS Corporation (the "Depositor").

                     THIS CERTIFIES THAT [_______] is the registered owner of
$[_______] DOLLARS nonassessable, fully-paid, proportionate undivided beneficial
ownership interest in the Corporate Backed Trust Certificates, Liberty Media
Debenture-Backed Series 2001-32 Trust, formed by the Depositor.

                                     A-1-1
<PAGE>

                     The Trust was created pursuant to a Standard Terms for
Trust Agreements, dated as of January 16, 2001 (the "Standard Terms"), between
the Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Series 2001-32, dated as
of August 29, 2001 (the "Series Supplement" and, together with the Standard
Terms, the "Trust Agreement"), between the Depositor and the Trustee. This
Certificate does not purport to summarize the Trust Agreement and reference is
hereby made to the Trust Agreement for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby
and the rights, duties and obligations of the Trustee with respect hereto. A
copy of the Trust Agreement may be obtained from the Trustee by written request
sent to the Corporate Trust Office. Capitalized terms used but not defined
herein have the meanings assigned to them in the Trust Agreement.

                     This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Liberty Media
Debenture-Backed Series 2001-32, 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; (ii) all payments on or collections in respect of the
Underlying Securities accrued on or after August 29, 2001 together with any
proceeds thereof; 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; provided, however, that any income from the
investment of Trust funds in certain permitted investments ("Eligible
Investments") does not constitute Trust Property.

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

                             CORPORATE BACKED TRUST CERTIFICATES,
                             LIBERTY MEDIA DEBENTURE-BACKED SERIES 2001-32 TRUST

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

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

Dated: [_______]

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                     This is on one of the Corporate Backed Trust Certificates,
Liberty Media Debenture-Backed Series 2001-32, described in the Trust Agreement
referred to herein.

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

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

                                     A-1-4
<PAGE>

                            (REVERSE OF CERTIFICATE)

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

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

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

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

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

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

                     It is the intention of the parties to the Trust Agreement
that the Trust created thereunder shall constitute a fixed investment trust for
federal income tax purposes under Treasury Regulation Section 301.7701-4, and

                                     A-1-5
<PAGE>

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 distribution in full of all
amounts due to Certificateholders and retirement of the Underlying Securities;
(ii) the distribution in full of all Underlying Securities to the exchanging
Certificateholders on any Optional Exchange Date and any amounts due to
Certificateholders on any Optional Exchange Date; (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 and (iv) the exercise of all outstanding Call Warrants
by the Warrant Holder.

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

                                     A-1-6
<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                          *

                                                 Signature Guaranteed:

                                                          *

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

                                     A-1-7
<PAGE>

                                                                   Exhibit A-2

                       Form of Trust Certificate Class A-2
                       -----------------------------------

NUMBER [_]                                                          $[7,314,300]
                                                            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 [_______] OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO [_______] 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, [_______], 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.

                             LEHMAN ABS CORPORATION

                      CORPORATE BACKED TRUST CERTIFICATES,

                  LIBERTY MEDIA DEBENTURE-BACKED SERIES 2001-32

                          $[7,314,300] PRINCIPAL AMOUNT

evidencing a proportionate undivided beneficial ownership interest in the Trust,
as defined below, the property of which consists principally of $[_______]
aggregate principal amount of 8.25% Senior Debentures due February 1, 2030,
issued by Liberty Media Corporation (the "Underlying Security Issuer") and all
payments received thereon (the "Trust Property"), deposited in trust by Lehman
ABS Corporation (the "Depositor").

                     THIS CERTIFIES THAT [_______] is the registered owner of
$[7,314,300] DOLLARS nonassessable, fully-paid, proportionate undivided
beneficial ownership interest in the Corporate Backed Trust Certificates,
Liberty Media Debenture-Backed Series 2001-32 Trust, formed by the Depositor.

                                     A-2-1
<PAGE>

                     The Trust was created pursuant to a Standard Terms for
Trust Agreements, dated as of January 16, 2001 (the "Standard Terms"), between
the Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Series 2001-32, dated as
of August 29, 2001 (the "Series Supplement" and, together with the Standard
Terms, the "Trust Agreement"). This Certificate does not purport to summarize
the Trust Agreement and reference is hereby made to the Trust Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and obligations of
the Trustee with respect hereto. A copy of the Trust Agreement may be obtained
from the Trustee by written request sent to the Corporate Trust Office.
Capitalized terms used but not defined herein have the meanings assigned to them
in the Trust Agreement.

                     This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Liberty Media
Debenture-Backed Series 2001-32, Class A-2" (herein called the "Certificates").
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such Holder
is bound. The Trust Property consists of: (i) Underlying Securities described in
the Trust Agreement; (ii) all payments on or collections in respect of the
Underlying Securities accrued on or after August 29, 2001 together with any
proceeds thereof; 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; provided, however, that any income from the
investment of Trust funds in certain permitted investments ("Eligible
Investments") does not constitute Trust Property.

                     Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the obligation
created by the Trust Agreement shall have terminated in accordance therewith, no
distributions of interest will be made on this Certificate on any Distribution
Date.

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

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

                                     A-2-2
<PAGE>

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

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

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

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

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

                                     A-2-3
<PAGE>

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

                             CORPORATE BACKED TRUST CERTIFICATES, LIBERTY MEDIA
                             DEBENTURE-BACKED SERIES 2001-32 TRUST

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

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

Dated:  [_______]

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                     This is on one of the Corporate Backed Trust Certificates,
Liberty Media Debenture-Backed Series 2001-32, described in the Trust Agreement
referred to herein.

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

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

                                     A-2-4
<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-2 Certificates in the
manner set forth in the Series Supplement and the Standard Terms. Any such
consent by the Holder of this Certificate (or any predecessor Certificate) shall
be conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent in
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of
any of the Certificates.

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

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

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

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

                     It is the intention of the parties to the Trust Agreement
that the Trust created thereunder shall constitute a fixed investment trust for
federal income tax purposes under Treasury Regulation Section 301.7701-4, and

                                     A-2-5
<PAGE>

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 distribution in full of all
amounts due to Certificateholders and retirement of the Underlying Securities;
(ii) the distribution in full of all Underlying Securities to the exchanging
Certificateholders on any Optional Exchange Date and any amounts due to
Certificateholders on any Optional Exchange Date; (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 and (iv) the exercise of all outstanding Call Warrants
by the Warrant Holder.

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

                                     A-2-6
<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-2-7
<PAGE>

                                                                   Exhibit B-1

                         Form of Class A-1 Call Warrant
                         ------------------------------

               CORPORATE BACKED TRUST CERTIFICATES, LIBERTY MEDIA
                     DEBENTURE-BACKED SERIES 2001-32 TRUST,

                                    CLASS A-1

                                  Call Warrant

                           Dated as of [_______], 2001

THIS CALL WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE
A REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN EXEMPTION THEREFROM
UNDER SUCH ACT. THIS CALL WARRANT REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN
COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THIS CALL WARRANT.

               CORPORATE BACKED TRUST CERTIFICATES, LIBERTY MEDIA
                     DEBENTURE-BACKED SERIES 2001-32 TRUST,

                                    CLASS A-1

                                  Call Warrant

                              [4,827,428] Warrants

 (Each Call Warrant relates to $[25] principal amount of Class A-1 Certificates)

         First Call Date: [_______], 2006 (subject to the terms hereof)

No. W-[__]                                                      [_______], 2001

         Corporate Backed Trust Certificates, Liberty Media Debenture-Backed
Series 2001-32 Trust (the "Trust"), a trust created under the laws of the State
of New York pursuant to a Standard Terms for Trust Agreements, dated as of
January 16, 2001 (the "Agreement"), between Lehman ABS Corporation (the
"Depositor") and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement 2001-32, dated as of
[_______], 2001 (the "Series Supplement") and, together with the Agreement, the
"Trust Agreement"), between the Depositor and the Trustee, for value received,
hereby certifies that [_______] or registered assigns, is entitled to call
4,827,428 8.75% Class A-1 Certificates due February 1, 2030 (the
"Certificates"), issued by Corporate Backed Trust Certificates, Liberty Media
Debenture-Backed Series 2001-32 Trust in whole or in part on any Call Date (as
defined below) designated

                                     B-1-1
<PAGE>

by the holder of this instrument (this "Call Warrant") at a call price equal to
the Call Price (as defined below), all subject to the terms and conditions set
forth below.

           Certain capitalized terms used in this Call Warrant are defined in
Article IV hereof; capitalized terms used but not defined herein shall have the
respective meanings set forth in the Trust Agreement; references to an "Exhibit"
are, unless otherwise specified, to one of the Exhibits attached to this Call
Warrant and references to a "Section" are, unless otherwise specified, to one of
the sections of this Call Warrant.

                                   ARTICLE I

                           Exercise of Call Warrants

           Section 1.1 Manner of Exercise. (a) This Call Warrant may be
exercised by the holder hereof (each, a "Warrant Holder"), in whole or in part,
on any Call Date, set forth in a written notice delivered to the Warrant Agent
and the Trustee at any time on or before the Business Day that is at least 5
Business Days before such Call Date, by surrender of this Call Warrant to the
Warrant Agent at its office set forth in Section 6.3 hereof no later than 10:00
a.m. (New York City time) on such Call Date; provided that such holder shall
have made payment to the Warrant Agent, by wire transfer or other immediately
available funds acceptable to the Warrant Agent, in the amount of the applicable
Call Price, in a manner such that funds are available to the Warrant Agent no
later than 10:00 a.m. (New York City time) on such Call Date, and such holder
shall thereupon be entitled to delivery of the Certificates in a Certificate
Principal Amount equal to $25 per Call Warrant (if exercised in whole); provided
further that the Warrant Holder may only exercise Call warrants if it is
simultaneously exercising Call Warrants relating to Class A-1 Certificates and
Call Warrants relating to Class A-2 Certificates which represent a like
percentage of all Class A-1 Certificates and Class A-2 Certificates,
respectively; provided further that if the Warrant Holder is the Depositor or an
Affiliate thereof, such Warrant Holder shall not be entitled to delivery of the
Certificates being called (the "Called Certificates"), and shall only be
entitled to receive the cash proceeds of the sale of the Underlying Securities
related to such Called Certificates; and provided further that the Warrant
Holder may not exercise this Call Warrant at any time when such Warrant Holder
is insolvent, and in connection therewith, such Warrant Holder shall be required
to certify that it is solvent at the time of exercise settlement, by completing
the Form of Subscription attached to this Call Warrant and delivering such
completed Form of Subscription to the Trustee on or prior to the Call Date and
deliver to the Trustee a form reasonably satisfactory to the Trustee of the
opinion and the solvency certificate required pursuant to Section 7(b)(iv) of
the Series Supplement.

           (b) The Warrant Agent shall notify the Trustee immediately upon
receipt by the Warrant Agent of a notice by the holder of this Call Warrant and
upon receipt of payment of the applicable Call Price from such holder pursuant
to clause (a) of this Section 1.1. The Warrant Agent shall transfer each payment
made by the holder hereof pursuant to clause (a) of this Section 1.1 to the
Trustee in immediately available funds, for application pursuant to the Trust

                                     B-1-2
<PAGE>

Agreement on the applicable Call Date (and, pending such transfer, shall hold
each such payment for the benefit of the holder hereof in a segregated trust
account).

           (c) A notice by the holder of a Call Warrant does not impose any
obligations on a holder of a Call Warrant in any way to pay any Call Price. If,
by 10:00 a.m. (New York City time) on the Call Date, the holder of the Call
Warrant being exercised has not paid the Call Price, then such notice shall
automatically expire and none of the holder of such Call Warrant, the Warrant
Agent and the Trustee shall have any obligations with respect to such notice by
the holder of such Call Warrant. The expiration of a notice by the holder of
this Call Warrant shall in no way affect a holder of a Call Warrant's right to
subsequently deliver a notice which satisfies the terms of the Trust Agreement.

           Section 1.2 Transfer of Certificates. As soon as practicable after
each surrender of this Call Warrant, in whole or in part on the Call Date and
upon satisfaction of all other requirements described in this Call Warrant, the
Warrant Agent shall instruct the Trustee to cause a number of the Class A-1
Certificates equal to the number of the Call Warrants being exercised hereunder
to reflect the new beneficial ownership of the Class A-1 Certificates, and, in
case such exercise is in part only, a new Call Warrant of like tenor,
representing the remaining outstanding Call Warrants of the holder, shall be
delivered by the Warrant Agent to the holder hereof.

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

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

                                   ARTICLE II

                            Restrictions on Transfer

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

           "This Call Warrant has not been registered under the Securities Act
of 1933, as amended, and may not be transferred, sold or otherwise disposed of
except while a registration under such Act is in effect or pursuant to an

                                     B-1-3
<PAGE>

exemption therefrom under such Act. This Call Warrant represented hereby may be
transferred only in compliance with the conditions specified in this Call
Warrant."

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

                                  ARTICLE III

                Registration and Transfer of Call Warrants, etc.

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

           Section 3.2 Transfer and Exchange of Call Warrants. Upon surrender of
any Call Warrant for registration of transfer or for exchange to the Warrant
Agent, the Warrant Agent shall (subject to compliance with Article II) execute
and deliver, and cause the Trustee, on behalf of the Trust, to execute and
deliver, in exchange therefor, a new Call Warrant of like tenor and evidencing a
like whole number of Call Warrants, in the name of such holder or as such holder
(upon payment by such holder of any applicable transfer taxes or government
charges) may direct.

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

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

                                     B-1-4
<PAGE>

                                   ARTICLE IV

                                   Definitions

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

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

           "Call Date": Any day occurring on or after [_______], 2006, or after
the announcement of any redemption or other unscheduled payment of the
Certificates on which the Call Warrants are exercised and the proceeds of an
Optional Call (as defined in the Series Supplement) are distributed to the
Holders of the Certificates pursuant to Section 7 of the Series Supplement.

           "Call Price": An amount paid by the Warrant Holder on each Call Date
equal to the principal amount of the Certificates being purchased pursuant to
the exercise of the Call Warrants plus accrued and unpaid interest (including
any deferred distributions with interest thereon) to and including the Call
Date.

           "Call Warrant": This instrument evidencing the right to call the
Certificates.

           "Closing Date":  [_______], 2001.

           "Depositor": As defined in the introduction to this Call Warrant, or
any successor thereto under the Trust Agreement.

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

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

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

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

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

           "Trust":  As defined in the introduction to this Call Warrant.

           "Trust Agreement": The Standard Terms for Trust Agreements, dated as
of January 16, 2001, between the Depositor and the Trustee, as supplemented by
the Series Supplement 2001-32, dated as of August 29, 2001, between the

                                     B-1-5
<PAGE>

Depositor and the Trustee, incorporating by reference the definitions and
assumptions thereto, as the same may be amended or modified from time to time.

           "Trustee": As defined in the introduction to this Warrant, or any
successor thereto under the Trust Agreement.

           "Warrant Agent": U.S. Bank Trust National Association, a national
banking association, in its capacity as warrant agent hereunder, or any
successor thereto hereunder.

                                   ARTICLE V

                                 Warrant Agent

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

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

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

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

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

                                     B-1-6
<PAGE>

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

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

           (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President, a
Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to
be taken by it in good faith in accordance with instructions of any such
officer.

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

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

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

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

           (k) The Warrant Agent shall not be under any obligation or duty to
institute, appear in or defend any action, suit or legal proceeding in respect
hereof, unless first indemnified to its satisfaction, but this provision shall
not affect the power of the Warrant Agent to take such action as the Warrant
Agent may consider proper, whether with or without such indemnity. The Warrant

                                     B-1-7
<PAGE>

Agent shall promptly notify the Depositor and the Trustee in writing of any
claim made or action, suit or proceeding instituted against it arising out of or
in connection with this Call Warrant.

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

           Section 5.3 Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties hereunder upon thirty (30) days notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and to
the holders of the Call Warrants by first-class mail at the expense of the
Depositor; provided that no such resignation or discharge shall become effective
until a successor Warrant Agent shall have been appointed hereunder. The
Depositor may remove the Warrant Agent or any successor Warrant Agent upon
thirty (30) days notice in writing, mailed to the Warrant Agent or successor
Warrant Agent, as the case may be, and to the holders of the Call Warrants by
first-class mail; provided further that no such removal shall become effective
until a successor Warrant Agent shall have teen appointed hereunder. If the
Warrant Agent shall resign or be removed or shall otherwise become incapable of
acting, the Depositor shall promptly appoint a successor to the Warrant Agent,
which may be designated as an interim Warrant Agent. If an interim Warrant Agent
is designated, the Depositor shall then appoint a permanent successor to the
Warrant Agent, which may be the interim Warrant Agent. If the Depositor shall
fail to make such appointment of a permanent successor within a period of thirty
(30) days after such removal or within sixty (60) days after notification in
writing of such resignation or incapacity by the resigning or incapacitated
Warrant Agent or by the holder of a Call Warrant, then the Warrant Agent or
registered holder of any Warrant may apply to any court of competent
jurisdiction for the appointment of such a successor. Any successor to the
Warrant Agent appointed hereunder must be rated in one on the four highest
rating categories by the Rating Agencies. Any entity which may be merged or
consolidated with or which shall otherwise succeed to substantially all of the
trust or agency business of the Warrant Agent shall be deemed to be the
successor Warrant Agent without any further action.

                                   ARTICLE VI

                                 Miscellaneous

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

                                     B-1-8
<PAGE>

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

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

           Section 6.4 Amendment. (a) This Call Warrant may be amended from time
to time by the Depositor, the Trustee and the Warrant Agent without the consent
of any holder hereof, upon receipt of an opinion of counsel satisfactory to the
Warrant Agent that the provisions hereof have been satisfied and that such
amendment would not alter the status of the Trust as a grantor trust under the
Code, for any of the following purposes: (i) to cure any ambiguity or to correct
or supplement any provision herein which may be defective or inconsistent with
any other provision herein or to provide for any other terms or modify any other
provisions with respect to matters or questions arising under this Warrant which
shall nor adversely affect in any material respect the interests of the holder
hereof or any holder of a Certificate or (ii) to evidence and provide for the
acceptance of appointment hereunder of a Warrant Agent other than U.S. Bank
Trust National Association.

           (b) Without limiting the generality of the foregoing, this Call
Warrant may also be modified or amended from time to time by the Depositor, the
Trustee and the Warrant Agent with the consent of the holders of 66-2/3% of the
Call Warrants, upon receipt of an opinion of counsel satisfactory to the Warrant
Agent that the provisions hereof (including, without limitation, the following
proviso) have seen satisfied, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Call Warrant
or of modifying in any manner the rights of the holders of this Call Warrant;
provided, however, that no such amendment shall (i) adversely affect in any
material respect the interests of holders of Certificates without the consent of
the holders of Certificates evidencing nor less than the Required
Percentage-Amendment of the aggregate Voting Rights of such affected
Certificates (as such terms are defined in the Trust Agreement) and without
written confirmation from the Rating Agencies that such amendment will not
result in a downgrading or withdrawal of its rating of the Certificates; (ii)
alter the dates on which Call Warrants are exercisable or the amounts
deliverable upon exercise of a Warrant without the consent of the holders of
Certificates evidencing not less than 100% of the aggregate Voting Rights of
such affected Certificates and the holders of 100% of the affected Call Warrants
or (iii) reduce the percentage of aggregate Voting Rights required by (i) or
(ii) without the consent of the holders of all such affected Certificates.

                                     B-1-9
<PAGE>

Notwithstanding any other provision of this Warrant, this Section 6.4(b) shall
not be amended without the consent of the holders of 100% of the affected Call
Warrants.

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

           Section 6.5 Expiration. The right to exercise this Call Warrant shall
expire on the earliest to occur of (a) the cancellation hereof, (b) the
termination of the Trust Agreement or (c) the liquidation, disposition, or
maturity of all of the Certificates.

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

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

           Section 6.8 Judicial Proceedings; Waiver of Jury. Any judicial
proceeding brought against the Trust, the Trustee or the Warrant Agent with
respect to this Call Warrant may be brought in any court of competent
jurisdiction in the County of New York, State of New York or of the United
States of America for the Southern District of New York and, by execution and
delivery of this Call Warrant, the Trustee on behalf of the Trust and the
Warrant Agent (a) accept, generally and unconditionally, the nonexclusive
jurisdiction of such courts and any related appellate court, and irrevocably
agree that the Trust, the Trustee and the Warrant Agent shall be bound by any
judgment rendered thereby in connection with this Call Warrant, subject to any
rights of appeal, and (b) irrevocably waive any objection that the Trust or the
Trustee, the Warrant Agent may now or hereafter have as to the venue of any such
suit, action or proceeding brought in such a court or that such court is an
inconvenient forum. Each party hereto hereby waives, to the fullest extent
permitted by law, any right to a trial by jury in respect of any litigation
arising directly or indirectly out of, under or in connection with any of the
transaction documents or any of the transactions contemplated hereunder. Each
party hereto (a) certifies that no representative, agent or attorney of any
party hereto has represented, expressly or otherwise, that it would not, in the
event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it has been induced to enter into the transaction documents to which it is
a party by, among other things, this waiver.

                                     B-1-10
<PAGE>

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

                                     B-1-11
<PAGE>

           Each of (i) the holder of this Call Warrant, by its acceptance
hereof, and (ii) the Warrant Agent agrees, that it shall not have any recourse
to the Certificates.

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

                                     By:_____________________________________
                                          Authorized Signatory

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

                                     By:_____________________________________
                                          Authorized Signatory

                                     B-1-12
<PAGE>

                              FORM OF SUBSCRIPTION

           [To be executed only upon exercise of Call Warrants]

           To:       Corporate Backed Trust Certificates, Series 2001-32 Trust

                     U.S. Bank Trust National Association, as Trustee
                     100 Wall Street, Suite 1600
                     New York, New York 10005
                     Attention:  Corporate Trust

           The undersigned registered holder of the within Call Warrant, having
previously given notice thereof in accordance with the terms of the Call
Warrant, hereby irrevocably exercises Warrant(s) for, and purchases pursuant
thereto, the Certificates receivable upon such exercise, and herewith makes
payment of $[ ] per Call Warrant therefor, and requests that such Certificates
be transferred to __________ [insert information required for transfer of
Certificates]. In connection therewith, the undersigned hereby certifies that it
is solvent as of the date hereof, as required by Section 1.1 of the Call
Warrant.

Dated:

           (Signature must conform in all respects to name of holder as
specified on the face of Call Warrant)

           (Street Address)
           (City) (State) (Zip Code)

                                     B-1-13
<PAGE>

                               FORM OF ASSIGNMENT

           [To be executed only upon transfer of Call Warrant]

           For value received, the undersigned registered holder of the within
Call Warrant hereby sells, assigns and transfers unto ______ the _______ Call
Warrant(s) [Must be whole number] to purchase Certificates to which such Call
Warrant relates, and appoints Attorney to make such transfer on the books of the
Warrant Agent maintained for such purpose, with full power of substitution in
the premises.

Dated:

           (Signature must conform in all respects to name of holder as
specified on the face of Warrant)

           (Street Address)
           (City State) (Zip Code)

Signed in the presence of:

                                     B-1-14
<PAGE>

                                                                   Exhibit B-2

                         Form of Class A-2 Call Warrant
                         ------------------------------

               CORPORATE BACKED TRUST CERTIFICATES, LIBERTY MEDIA
                     DEBENTURE-BACKED SERIES 2001-32 TRUST,

                                    CLASS A-2

                                  Call Warrant

                           Dated as of [_______], 2001

THIS CALL WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE
A REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN EXEMPTION THEREFROM
UNDER SUCH ACT. THIS CALL WARRANT REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN
COMPLIANCE WITH THE CONDITIONS SPECIFIED IN THIS CALL WARRANT.

               CORPORATE BACKED TRUST CERTIFICATES, LIBERTY MEDIA
                     DEBENTURE-BACKED SERIES 2001-32 TRUST,

                                    CLASS A-2

                                  Call Warrant

                             [73,143] Call Warrants

(Each Call Warrant related to $[100] principal amount of Class A-2 Certificates)

         First Call Date: [_______], 2006 (subject to the terms hereof)

No. W-[__]                                                      [_______], 2001

         Corporate Backed Trust Certificates, Liberty Media Debenture-Backed
Series 2001-32 Trust (the "Trust"), a trust created under the laws of the State
of New York pursuant to a Standard Terms for Trust Agreements, dated as of
January 16, 2001 (the "Agreement"), between Lehman ABS Corporation (the
"Depositor") and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement 2001-32, dated as of
[_______], 2001 (the "Series Supplement") and, together with the Agreement, the
"Trust Agreement"), between the Depositor and the Trustee, for value received,
hereby certifies that [_______] or registered assigns, is entitled to call
$[7,314,300] aggregate principal amount of Class A-2 Certificates due February
1, 2030, issued by Corporate Backed Trust Certificates, Liberty Media
Debenture-Backed Series 2001-32 Trust in whole or part on any Call Date (as
defined below)

                                     B-2-1
<PAGE>

designated by the holder of this instrument (this "Call Warrant") at a call
price equal to the Call Price (as defined below), all subject to the terms and
conditions set forth below.

           Certain capitalized terms used in this Call Warrant are defined in
Article IV hereof; capitalized terms used but not defined herein shall have the
respective meanings set forth in the Trust Agreement; references to an "Exhibit"
are, unless otherwise specified, to one of the Exhibits attached to this Call
Warrant and references to a "Section" are, unless otherwise specified, to one of
the sections of this Call Warrant.

                                   ARTICLE I

                            Exercise of Call Warrants

           Section 1.1 Manner of Exercise. (a) This Call Warrant may be
exercised by the holder hereof (each, a "Warrant Holder"), in whole or in part,
on any Call Date, set forth in a written notice delivered to the Warrant Agent
and the Trustee at any time on or before the Business Day that is at least 5
Business Days before such Call Date, by surrender of this Call Warrant to the
Warrant Agent at its office set forth in Section 6.3 hereof no later than 10:00
a.m. (New York City time) on such Call Date; provided that such holder shall
have made payment to the Warrant Agent, by wire transfer or other immediately
available funds acceptable to the Warrant Agent, in the amount of the applicable
Call Price, in a manner such that funds are available to the Warrant Agent no
later than 10:00 a.m. (New York City time) on such Call Date, and such holder
shall thereupon be entitled to delivery of the Certificates in a Certificate
Principal Amount equal to $25 per Call Warrant (if exercised in whole); provided
further that the Warrant Holder may only exercise Call warrants if it is
simultaneously exercising Call Warrants relating to Class A-1 Certificates and
Call Warrants relating to Class A-2 Certificates which represent a like
percentage of all Class A-1 Certificates and Class A-2 Certificates,
respectively; provided further that if the Warrant Holder is the Depositor or an
Affiliate thereof, such Warrant Holder shall not be entitled to delivery of the
Certificates being called (the "Called Certificates"), and shall only be
entitled to receive the cash proceeds of the sale of the Underlying Securities
related to such Called Certificates; and provided further that the Warrant
Holder may not exercise this Call Warrant at any time when such Warrant Holder
is insolvent, and in connection therewith, such Warrant Holder shall be required
to certify that it is solvent at the time of exercise settlement, by completing
the Form of Subscription attached to this Call Warrant and delivering such
completed Form of Subscription to the Trustee on or prior to the Call Date and
deliver to the Trustee a form reasonably satisfactory to the Trustee of the
opinion and the solvency certificate required pursuant to Section 7(b)(iv) of
the Series Supplement.

           (b) The Warrant Agent shall notify the Trustee immediately upon
receipt by the Warrant Agent of a notice by the holder of this Call Warrant and
upon receipt of payment of the applicable Call Price from such holder pursuant
to clause (a) of this Section 1.1. The Warrant Agent shall transfer each payment
made by the holder hereof pursuant to clause (a) of this Section 1.1 to the
Trustee in immediately available funds, for application pursuant to the Trust
Agreement on the applicable Call Date (and, pending such transfer, shall hold

                                     B-2-2
<PAGE>

each such payment for the benefit of the holder hereof in a segregated trust
account).

           (c) A notice by the holder of a Call Warrant does not impose any
obligations on a holder of a Call Warrant in any way to pay any Call Price. If,
by 10:00 a.m. (New York City time) on the Call Date, the holder of the Call
Warrant being exercised has not paid the Call Price, then such notice shall
automatically expire and none of the holder of such Call Warrant, the Warrant
Agent and the Trustee shall have any obligations with respect to such notice by
the holder of such Call Warrant. The expiration of a notice by the holder of
this Call Warrant shall in no way affect a holder of a Call Warrant's right to
subsequently deliver a notice which satisfies the terms of the Trust Agreement.

           Section 1.2 Transfer of Certificates. As soon as practicable after
each surrender of this Call Warrant, in whole or in part on the Call Date and
upon satisfaction of all other requirements described in this Call Warrant, the
Warrant Agent shall instruct the Trustee to cause a number of the Class A-1
Certificates equal to the number of the Call warrants being exercised hereunder
to reflect the new beneficial ownership fo the Class A-1 Certificates, and, in
case such exercise is in part only, a new Call Warrant of like tenor,
representing the remaining outstanding Call Warrants of the holder, shall be
delivered by the Warrant Agent to the holder hereof.

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

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

                                   ARTICLE II

                            Restrictions on Transfer

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

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

                                     B-2-3
<PAGE>

transferred only in compliance with the conditions specified in this Call
Warrant."

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

                                  ARTICLE III

                Registration and Transfer of Call Warrants, etc.

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

           Section 3.2 Transfer and Exchange of Call Warrants. Upon surrender of
any Call Warrant for registration of transfer or for exchange to the Warrant
Agent, the Warrant Agent shall (subject to compliance with Article II) execute
and deliver, and cause the Trustee, on behalf of the Trust, to execute and
deliver, in exchange therefor, a new Call Warrant of like tenor and evidencing a
like whole number of Call Warrants, in the name of such holder or as such holder
(upon payment by such holder of any applicable transfer taxes or government
charges) may direct.

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

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

                                     B-2-4
<PAGE>

                                   ARTICLE IV

                                   Definitions

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

           "Accreted Principal Amount":  As defined in the Series Supplement.

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

           "Call Date": Any day occurring on or after [_______], 2006, or after
the announcement of any redemption or other unscheduled payment of the
Certificates on which the Call Warrants are exercised and the proceeds of an
Optional Call (as defined in the Series Supplement) are distributed to the
Holders of the Certificates pursuant to Section 7 of the Series Supplement.

           "Call Price": An amount for each Call Date equal to the Accreted
Principal Amount of the Class A-2 Certificates to be purchased by the Warrant
Holder on such date.

           "Call Warrant": This instrument evidencing the right to call the
Certificates.

           "Closing Date":  [_______], 2001.

           "Depositor": As defined in the introduction to this Call Warrant, or
any successor thereto under the Trust Agreement.

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

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

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

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

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

           "Trust":  As defined in the introduction to this Call Warrant.

           "Trust Agreement": The Standard Terms for Trust Agreements, dated as
of January 16, 2001, between the Depositor and the Trustee, as supplemented by
the Series Supplement 2001-32, dated as of August 29, 2001, between the
Depositor and the Trustee, incorporating by reference the definitions and
assumptions thereto, as the same may be amended or modified from time to time.

                                     B-2-5
<PAGE>

           "Trustee": As defined in the introduction to this Warrant, or any
successor thereto under the Trust Agreement.

           "Warrant Agent": U.S. Bank Trust National Association, a national
banking association, in its capacity as warrant agent hereunder, or any
successor thereto hereunder.

                                   ARTICLE V

                                  Warrant Agent

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

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

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

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

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

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

                                     B-2-6
<PAGE>

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

           (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President, a
Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to
be taken by it in good faith in accordance with instructions of any such
officer.

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

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

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

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

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

                                     B-2-7
<PAGE>

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

           Section 5.3 Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties hereunder upon thirty (30) days notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and to
the holders of the Call Warrants by first-class mail at the expense of the
Depositor; provided that no such resignation or discharge shall become effective
until a successor Warrant Agent shall have been appointed hereunder. The
Depositor may remove the Warrant Agent or any successor Warrant Agent upon
thirty (30) days notice in writing, mailed to the Warrant Agent or successor
Warrant Agent, as the case may be, and to the holders of the Call Warrants by
first-class mail; provided further that no such removal shall become effective
until a successor Warrant Agent shall have teen appointed hereunder. If the
Warrant Agent shall resign or be removed or shall otherwise become incapable of
acting, the Depositor shall promptly appoint a successor to the Warrant Agent,
which may be designated as an interim Warrant Agent. If an interim Warrant Agent
is designated, the Depositor shall then appoint a permanent successor to the
Warrant Agent, which may be the interim Warrant Agent. If the Depositor shall
fail to make such appointment of a permanent successor within a period of thirty
(30) days after such removal or within sixty (60) days after notification in
writing of such resignation or incapacity by the resigning or incapacitated
Warrant Agent or by the holder of a Call Warrant, then the Warrant Agent or
registered holder of any Warrant may apply to any court of competent
jurisdiction for the appointment of such a successor. Any successor to the
Warrant Agent appointed hereunder must be rated in one on the four highest
rating categories by the Rating Agencies. Any entity which may be merged or
consolidated with or which shall otherwise succeed to substantially all of the
trust or agency business of the Warrant Agent shall be deemed to be the
successor Warrant Agent without any further action.

                                   ARTICLE VI

                                  Miscellaneous

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

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

                                     B-2-8
<PAGE>

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

           Section 6.4 Amendment. (a) This Call Warrant may be amended from time
to time by the Depositor, the Trustee and the Warrant Agent without the consent
of any holder hereof, upon receipt of an opinion of counsel satisfactory to the
Warrant Agent that the provisions hereof have been satisfied and that such
amendment would not alter the status of the Trust as a grantor trust under the
Code, for any of the following purposes: (i) to cure any ambiguity or to correct
or supplement any provision herein which may be defective or inconsistent with
any other provision herein or to provide for any other terms or modify any other
provisions with respect to matters or questions arising under this Warrant which
shall nor adversely affect in any material respect the interests of the holder
hereof or any holder of a Certificate or (ii) to evidence and provide for the
acceptance of appointment hereunder of a Warrant Agent other than U.S. Bank
Trust National Association.

           (b) Without limiting the generality of the foregoing, this Call
Warrant may also be modified or amended from time to time by the Depositor, the
Trustee and the Warrant Agent with the consent of the holders of 66-2/3% of the
Call Warrants, upon receipt of an opinion of counsel satisfactory to the Warrant
Agent that the provisions hereof (including, without limitation, the following
proviso) have seen satisfied, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Call Warrant
or of modifying in any manner the rights of the holders of this Call Warrant;
provided, however, that no such amendment shall (i) adversely affect in any
material respect the interests of holders of Certificates without the consent of
the holders of Certificates evidencing nor less than the Required
Percentage-Amendment of the aggregate Voting Rights of such affected
Certificates (as such terms are defined in the Trust Agreement) and without
written confirmation from the Rating Agencies that such amendment will not
result in a downgrading or withdrawal of its rating of the Certificates; (ii)
alter the dates on which Call Warrants are exercisable or the amounts
deliverable upon exercise of a Warrant without the consent of the holders of
Certificates evidencing not less than 100% of the aggregate Voting Rights of
such affected Certificates and the holders of 100% of the affected Call Warrants
or (iii) reduce the percentage of aggregate Voting Rights required by (i) or
(ii) without the consent of the holders of all such affected Certificates.
Notwithstanding any other provision of this Warrant, this Section 6.4(b) shall
not be amended without the consent of the holders of 100% of the affected Call
Warrants.

                                     B-2-9
<PAGE>

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

           Section 6.5 Expiration. The right to exercise this Call Warrant shall
expire on the earliest to occur of (a) the cancellation hereof, (b) the
termination of the Trust Agreement or (c) the liquidation, disposition, or
maturity of all of the Certificates.

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

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

           Section 6.8 Judicial Proceedings; Waiver of Jury. Any judicial
proceeding brought against the Trust, the Trustee or the Warrant Agent with
respect to this Call Warrant may be brought in any court of competent
jurisdiction in the County of New York, State of New York or of the United
States of America for the Southern District of New York and, by execution and
delivery of this Call Warrant, the Trustee on behalf of the Trust and the
Warrant Agent (a) accept, generally and unconditionally, the nonexclusive
jurisdiction of such courts and any related appellate court, and irrevocably
agree that the Trust, the Trustee and the Warrant Agent shall be bound by any
judgment rendered thereby in connection with this Call Warrant, subject to any
rights of appeal, and (b) irrevocably waive any objection that the Trust or the
Trustee, the Warrant Agent may now or hereafter have as to the venue of any such
suit, action or proceeding brought in such a court or that such court is an
inconvenient forum. Each party hereto hereby waives, to the fullest extent
permitted by law, any right to a trial by jury in respect of any litigation
arising directly or indirectly out of, under or in connection with any of the
transaction documents or any of the transactions contemplated hereunder. Each
party hereto (a) certifies that no representative, agent or attorney of any
party hereto has represented, expressly or otherwise, that it would not, in the
event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it has been induced to enter into the transaction documents to which it is
a party by, among other things, this waiver.

           Section 6.9 Nonpetition Covenant; No Recourse. Each of (i) the holder
of this Call Warrant by its acceptance hereof, and (ii) the Warrant Agent
agrees, that it shall not (and, in the case of the holder, that it shall not
direct the Warrant Agent to), until the date which is one year and one day after
the payment in full of the Certificates and all other securities issued by the
Trust, the Depositor or entities formed, established or settled by the

                                     B-2-10
<PAGE>

Depositor, acquiesce, petition or otherwise invoke or cause the Trust, the
Depositor, or any such other entity to invoke the process of the United States
of America, any State or other political subdivision thereof or any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government for the purpose of commencing or
sustaining a case by or against the Trust, the Depositor or any such other
entity under a federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Trust, the Depositor or any such other entity or
all or any part of the property or assets of Trust, the Depositor or any such
other entity or ordering the winding up or liquidation of the affairs of the
Trust, the Depositor or any such other entity.

                                     B-2-11
<PAGE>

           Each of (i) the holder of this Call Warrant, by its acceptance
hereof, and (ii) the Warrant Agent agrees, that it shall not have any recourse
to the Certificates.

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

                                  By:_____________________________________
                                       Authorized Signatory

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

                                  By:_____________________________________
                                       Authorized Signatory

                                     B-2-12
<PAGE>

                              FORM OF SUBSCRIPTION

           [To be executed only upon exercise of Call Warrants]

           To:       Corporate Backed Trust Certificates, Series 2001-32 Trust

                     U.S. Bank Trust National Association, as Trustee
                     100 Wall Street, Suite 1600
                     New York, New York 10005
                     Attention:  Corporate Trust

           The undersigned registered holder of the within Call Warrant, having
previously given notice thereof in accordance with the terms of the Call
Warrant, hereby irrevocably exercises Warrant(s) for, and purchases pursuant
thereto, the Certificates receivable upon such exercise, and herewith makes
payment of $[ ] per Call Warrant therefor, and requests that such Certificates
be transferred to __________ [insert information required for transfer of
Certificates]. In connection therewith, the undersigned hereby certifies that it
is solvent as of the date hereof, as required by Section 1.1 of the Call
Warrant.

Dated:

           (Signature must conform in all respects to name of holder as
specified on the face of Call Warrant)

           (Street Address)
           (City) (State) (Zip Code)

                                     B-2-13
<PAGE>

                               FORM OF ASSIGNMENT

           [To be executed only upon transfer of Call Warrant]

           For value received, the undersigned registered holder of the within
Call Warrant hereby sells, assigns and transfers unto ______ the _______ Call
Warrant(s) [Must be whole number] to purchase Certificates to which such Call
Warrant relates, and appoints Attorney to make such transfer on the books of the
Warrant Agent maintained for such purpose, with full power of substitution in
the premises.

Dated:

           (Signature must conform in all respects to name of holder as
specified on the face of Warrant)

           (Street Address)
           (City State) (Zip Code)

Signed in the presence of:

                                     B-2-14
<PAGE>

                                                                       EXHIBIT C

                         FORM OF WARRANT AGENT AGREEMENT
                         -------------------------------

                             WARRANT AGENT AGREEMENT

                       CORPORATE BACKED TRUST CERTIFICATES

               Liberty Media Debenture-Backed Series 2001-32 TRUST

           WARRANT AGENT AGREEMENT, dated as of [_______], 2001 (the "Warrant
Agent Agreement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the
"Warrant Agent").

                              W I T N E S S E T H:

           WHEREAS, the Depositor created Corporate Backed Trust Certificates,
Liberty Media Debenture-Backed Series 2001-32 Trust (the "Trust"), a trust
created under the laws of the State of New York pursuant to a Standard Terms for
Trust Agreements, dated as of January 16, 2001 (the "Agreement"), between Lehman
ABS Corporation (the "Depositor") and U.S. Bank Trust National Association, a
national banking association, not in its individual capacity but solely as
Trustee (the "Trustee"), as supplemented by the Series Supplement 2001-32, dated
as of [_______], 2001 (the "Series Supplement" and, together with the Agreement,
the "Trust Agreement"), between the Depositor and the Trustee; and

           WHEREAS, in connection with the creation of the Trust and the deposit
therein of the Underlying Securities, it is desired to provide for the issuance
of Class A-1 Certificates and related Class A-1 Call Warrants and Class A-2
Certificates (together with the Class A-1 Certificates, the "Certificates") and
related Class A-2 Call Warrants (together with the Class A-1 Call Warrants, the
"Call Warrants"), such Certificates evidencing undivided interests in 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. Definitions. Except as otherwise specified herein or as
the context may otherwise require, capitalized terms used herein but not defined
herein shall have the respective meanings set forth below for all purposes under
the Series Supplement.

                                   ARTICLE I

                            Exercise of Call Warrants

           Section 1.1 Manner of Exercise. (a) The Call Warrants may be
exercised by the holder thereof (each, a "Warrant Holder"), in whole or in part,
on any Call Date, set forth in a written notice (a "Call Notice") delivered to
the Warrant Agent and the Trustee at any time on or before the Business Day that
is at least 5 Business Days before such Call Date, by surrender of the Call
Warrants to the Warrant Agent at its office set forth in Section 6.3 hereof no

                                      C-1
<PAGE>

later than 10:00 a.m. (New York City time) on such Call Date; provided that such
holder shall have made payment to the Warrant Agent, by wire transfer or other
immediately available funds acceptable to the Warrant Agent, in the amount of
the applicable Call Price, in a manner such that funds are available to the
Warrant Agent no later than 10:00 a.m. (New York City time) on such Call Date,
and such holder shall thereupon be entitled to delivery of, in the case of the
Class A-1 Call Warrants, Class A-1 Certificates in a Certificate Principal
Amount equal to $[25] per Class A-1 Call Warrant and, in the case of the Class
A-2 Call Warrants, Class A-2 Certificates in an amount per Call Warrant equal to
a $[100] principal amount of Class A-2 Certificates purchased hereunder in
accordance with this Article I (in each case subject to the provisions of
Section 7(b) of the Series Supplement); provided further that the Warrant Holder
shall exercise Class A-1 Warrants relating to the Class A-1 Certificates and
Class A-2 Call Warrants relating to the Class A-2 Certificates which represent a
like percentage for all Class A-1 Certificates and Class A-2 Certificates,
respectively; and provided further that the Warrant Holder may not exercise the
Call Warrants at any time when such Warrant Holder is insolvent, and in
connection therewith, such Warrant Holder shall be required to certify that it
is solvent at the time of exercise settlement, by completing the Form of
Subscription attached to the Call Warrants and delivering such completed Form of
Subscription to the Trustee on or prior to the Call Date and deliver to the
Trustee a form reasonably satisfactory to the Trustee of the opinion and the
solvency certificate required pursuant to Section 7(b)(iv) of the Series
Supplement.

           (b) Upon exercise of Call Warrants, any Warrant Holder other than the
Depositor or any Affiliate of the Depositor shall be entitled to delivery of the
Called Certificates. The "Called Certificates" shall be, in the case of Class
A-1 Certificates, Class A-1 Certificates having a Certificate Principal Amount
equal to $25 per Class A-1 Call Warrant and, in the case of Class A-2
Certificates, Class A-2 Certificates having a Certificate Principal Amount equal
to $100 per Class A-2 Call Warrant. Any Warrant Holder which is the Depositor or
any Affiliate of the Depositor shall receive the proceeds of the sale of the
Called Underlying Securities and shall not be entitled to receive the related
Called Certificates. "Called Underlying Securities" are Underlying Securities
which represent the same percentage of the Underlying Securities as the Called
Certificates represent of the Class A-1 Certificates and Class A-2 Certificates.

           (c) The Warrant Agent shall notify the Trustee immediately upon
receipt by the Warrant Agent of a Call Notice by the holder of the Call Warrants
and upon receipt of payment of the applicable Call Price from such holder
pursuant to clause (a) of this Section 1.1. The Warrant Agent shall transfer
each payment made by the holder thereof pursuant to clause (a) of this Section
1.1 to the Trustee in immediately available funds, for application pursuant to
the Trust Agreement on the applicable Call Date (and, pending such transfer,
shall hold each such payment for the benefit of the holder thereof in a
segregated trust account).

           (d) A Call Notice by the holder of a Call Warrant does not impose any
obligations on a holder of a Call Warrant in any way to pay any Call Price. If,
by 10:00 a.m. (New York City time) on the Call Date, the holder of the Call
Warrant being exercised has not paid the Call Price, then such Call Notice shall
automatically expire and none of the holder of such Call Warrant, the Warrant

                                      C-2
<PAGE>

Agent and the Trustee shall have any obligations with respect to such Call
Notice by the holder of such Call Warrant. The expiration of a Call Notice by
the holder of this Call Warrant shall in no way affect a holder of a Call
Warrant's right to subsequently deliver a Call Notice which satisfies the terms
of the Trust Agreement.

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

           (a) if Call Warrants are being exercised by any Warrant Holder other
than the Depositor or any Affiliate of the Depositor, to cause the Called
Certificates to reflect the holder's beneficial ownership of such Certificates,
or

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

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

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

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

                                   ARTICLE II

                            Restrictions on Transfer

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

           "This Call Warrant has not been registered under the Securities Act
of 1933, as amended, and may not be transferred, sold or otherwise disposed of
except while a registration under such Act is in effect or pursuant to an

                                      C-3
<PAGE>

exemption therefrom under such Act. The Call Warrant represented hereby may be
transferred only in compliance with the conditions specified in the Call
Warrants."

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

                                  ARTICLE III

                Registration and Transfer of Call Warrants, etc.

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

           Section 3.2 Transfer and Exchange of Call Warrants. Upon surrender of
any Call Warrant for registration of transfer or for exchange to the Warrant
Agent, the Warrant Agent shall (subject to compliance with Article II) execute
and deliver, and cause the Trustee, on behalf of the Trust, to execute and
deliver, in exchange therefor, a new Call Warrant of like tenor and evidencing a
like whole number of Call Warrants, in the name of such holder or as such holder
(upon payment by such holder of any applicable transfer taxes or government
charges) may direct; provided that as a condition precedent for transferring the
Call Warrants, the prospective transferee shall be required to deliver to the
Trustee and the Depositor an executed copy of the Investment Letter (set forth
as Exhibit A hereto).

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

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

                                      C-4
<PAGE>

                                   ARTICLE IV

                                   Definitions

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

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

           "Call Date": Any day occurring on or after [_______], 2006, or after
the announcement of any redemption or other unscheduled payment of the
Certificates on which the Call Warrants are exercised and the proceeds of an
Optional Call (as defined in the Series Supplement) are distributed to the
Holders of the Certificates pursuant to Section 7 of the Series Supplement.

           "Call Price": As defined in the Series Supplement.

           "Call Warrant": As defined in the recitals.

           "Closing Date": [_______], 2001.

           "Depositor": As defined in the recitals.

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

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

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

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

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

           "Trust": As defined in the recitals.

           "Trust Agreement": The Standard Terms for Trust Agreements, dated as
of January 16, 2001, between the Depositor and the Trustee, as supplemented by
the Series Supplement 2001-32, dated as of August 29, 2001, between the
Depositor and the Trustee, incorporating by reference the definitions and
assumptions thereto, as the same may be amended or modified from time to time.

                                      C-5
<PAGE>

           "Trustee": As defined in the introduction to this Warrant, or any
successor thereto under the Trust Agreement.

           "Warrant Agent": U.S. Bank Trust National Association, a national
banking association, in its capacity as warrant agent hereunder, or any
successor thereto.

                                   ARTICLE V

                                  Warrant Agent

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

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

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

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

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

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

           (e) The Warrant Agent shall not have any responsibility in respect of
and makes no representation as to the validity of the Call Warrants or the
execution and delivery thereof (except the due execution hereof by the Warrant

                                      C-6
<PAGE>

Agent); nor shall it be responsible for any breach by the Trust of any covenant
or condition contained in the Call Warrants; nor shall it by any act thereunder
be deemed to make any representation or warranty as to the Certificates to be
purchased thereunder.

           (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President, a
Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to
be taken by it in good faith in accordance with instructions of any such
officer.

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

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

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

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

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

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

                                      C-7
<PAGE>

           Section 5.3 Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties hereunder upon thirty (30) days notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and to
the holders of the Call Warrants by first-class mail at the expense of the
Depositor; provided that no such resignation or discharge shall become effective
until a successor Warrant Agent shall have been appointed hereunder. The
Depositor may remove the Warrant Agent or any successor Warrant Agent upon
thirty (30) days notice in writing, mailed to the Warrant Agent or successor
Warrant Agent, as the case may be, and to the holders of the Call Warrants by
first-class mail; provided further that no such removal shall become effective
until a successor Warrant Agent shall have been appointed hereunder. If the
Warrant Agent shall resign or be removed or shall otherwise become incapable of
acting, the Depositor shall promptly appoint a successor to the Warrant Agent,
which may be designated as an interim Warrant Agent. If an interim Warrant Agent
is designated, the Depositor shall then appoint a permanent successor to the
Warrant Agent, which may be the interim Warrant Agent. If the Depositor shall
fail to make such appointment of a permanent successor within a period of thirty
(30) days after such removal or within sixty (60) days after notification in
writing of such resignation or incapacity by the resigning or incapacitated
Warrant Agent or by the holder of a Call Warrant, then the Warrant Agent or
registered holder of any Warrant may apply to any court of competent
jurisdiction for the appointment of such a successor. Any successor to the
Warrant Agent appointed hereunder must be rated in one on the four highest
rating categories by the Rating Agencies. Any entity which may be merged or
consolidated with or which shall otherwise succeed to substantially all of the
trust or agency business of the Warrant Agent shall be deemed to be the
successor Warrant Agent without any further action.

                                    ARTICLE VI

                                  Miscellaneous

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

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

           Section 6.3 Notices. All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed by
registered or certified mail, return receipt requested, by a nationally
recognized overnight courier, postage prepaid, addressed (a) if to any holder of
any Call Warrants, at the registered address of such holder as set forth in the
register kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust or to

                                      C-8
<PAGE>

such other address notice of which the Warrant Agent shall have given to the
holder thereof and the Trustee or (c) if to the Trust or the Trustee, to the
Corporate Trust Office (as set forth in the Trust Agreement); provided that the
exercise of any Call Warrants shall be effective on the manner provided in
Article I.

           Section 6.4 Amendment. (a) This Warrant Agent Agreement may be
amended from time to time by the Depositor, the Trustee and the Warrant Agent
without the consent of any holder thereof, upon receipt of an opinion of counsel
satisfactory to the Warrant Agent that the provisions hereof have been satisfied
and that such amendment would not alter the status of the Trust as a grantor
trust under the Code, for any of the following purposes: (i) to cure any
ambiguity or to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein or to provide for any
other terms or modify any other provisions with respect to matters or questions
arising under the Call Warrant which shall nor adversely affect in any material
respect the interests of the holder thereof or any holder of a Certificate or
(ii) to evidence and provide for the acceptance of appointment hereunder of a
Warrant Agent other than U.S. Bank Trust National Association.

           (b) Without limiting the generality of the foregoing, the Call
Warrants may also be modified or amended from time to time by the Depositor, the
Trustee and the Warrant Agent with the consent of the holders of 66-2/3% of each
class of the Call Warrants, upon receipt of an opinion of counsel satisfactory
to the Warrant Agent that the provisions hereof (including, without limitation,
the following proviso) have seen satisfied, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Call Warrants or of modifying in any manner the rights of the holders of the
Call Warrants; provided, however, that no such amendment shall (i) adversely
affect in any material respect the interests of holders of Certificates without
the consent of the holders of Certificates evidencing nor less than the Required
Percentage-Amendment of the aggregate Voting Rights of such affected
Certificates (as such terms are defined in the Trust Agreement) and without
written confirmation from the Rating Agencies that such amendment will not
result in a downgrading or withdrawal of its rating of the Certificates; (ii)
alter the dates on which Call Warrants are exercisable or the amounts payable
upon exercise of a Warrant without the consent of the holders of Certificates
evidencing not less than 100% of the aggregate Voting Rights of such affected
Certificates and the holders of 100% of the affected Call Warrants or (iii)
reduce the percentage of aggregate Voting Rights required by (i) or (ii) without
the consent of the holders of all such affected Certificates. Notwithstanding
any other provision of this Warrant, this Section 6.4(b) shall not be amended
without the consent of the holders of 100% of the affected Call Warrants.

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

                                      C-9
<PAGE>

           Section 6.5 Expiration. The right to exercise the Call Warrants shall
expire on the earliest to occur of (a) the cancellation thereof, (b) the
termination of the Trust Agreement, (c) the liquidation, disposition, or
maturity of all of the Certificates, or (d) the occurrence of an Event of
Default under the Trust Agreement.

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

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

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

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

                                      C-10
<PAGE>

           Each of (i) the holder of the Call Warrants, by its acceptance
thereof, and (ii) the Warrant Agent agrees, that it shall not have any recourse
to the Certificates.

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

                                 By:_____________________________________
                                      Authorized Signatory

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

                                 By:_____________________________________
                                      Authorized Signatory

                                      C-11
<PAGE>

                     EXHIBIT A

                            FORM OF INVESTMENT LETTER

                          QUALIFIED INSTITUTIONAL BUYER

                                                                        Dated:

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

Lehman Brothers Inc.
  as Initial Purchaser
3 World Financial Center
New York, New York 10285

Lehman ABS Corporation
3 World Financial Center
New York, New York  10285

Ladies and Gentlemen:

                     In connection with our proposed purchase of $___________
aggregate principal amount of Call Warrants (the "Call Warrants") representing
an interest in the Corporate Backed Trust Certificates Series 2001-32 Trust (the
"Trust"), the investor on whose behalf the undersigned is executing this letter
(the "Purchaser") confirms that:

(a)   Reference is made to the Prospectus Supplement, dated [_______], 2001 (the
      "Prospectus Supplement"), with respect to the Certificates to which the
      Call Warrants relate. Capitalized terms used herein that are not otherwise
      defined shall have the meanings ascribed thereto in the Prospectus
      Supplement. The Purchaser has received a copy of the Prospectus Supplement
      and such other information as the Purchaser deems necessary in order to
      make its investment decision and the Purchaser has been provided the
      opportunity to ask questions of, and receive answers from, the Depositor
      and the Underwriters, concerning the terms and conditions of the Call
      Warrants. The Purchaser has received and understands the above, and
      understands that substantial risks are involved in an investment in the
      Call Warrants. The Purchaser represents that in making its investment
      decision to acquire the Call Warrants, the Purchaser has not relied on
      representations, warranties, opinions, projections, financial or other
      information or analysis, if any, supplied to it by any person, including
      you, the Depositor or the Trustee or any of your or their affiliates,
      except as expressly contained in the Prospectus Supplement and in the
      other written information, if any, discussed above. The Purchaser has such
      knowledge and experience in financial and business matters as to be
      capable of evaluating the merits and risks of an investment in the Call
      Warrants, and the Purchaser is able to bear the substantial economic risks
      of such an investment. The Purchaser has relied upon its own tax, legal
      and financial advisors in connection with its decision to purchase the
      Call Warrants.

                                      C-12
<PAGE>

(b)   The Purchaser is (A) a "Qualified Institutional Buyer" (as defined in Rule
      144A under the Securities Act of 1933, as amended (the "1933 Act")) and
      (B) acquiring the Call Warrants for its own account or for the account of
      an investor of the type described in clause (A) above as to each of which
      the Purchaser exercises sole investment discretion. The Purchaser is
      purchasing the Call Warrants for investment purposes and not with a view
      to, or for, the offer or sale in connection with, a public distribution or
      in any other manner that would violate the 1933 Act or the securities or
      blue sky laws of any state.

(c)   The Purchaser understands that the Call Warrants have not been and will
      not be registered under the 1933 Act or under the securities or blue sky
      laws of any state, and that (i) if it decides to resell, pledge or
      otherwise transfer any Call Warrant, such Call Warrant may be resold,
      pledged or transferred without registration only to an entity that has
      delivered to the Depositor and the Trustee a certification that it is a
      Qualified Institutional Buyer that purchases (1) for its own account or
      (2) for the account of such a Qualified Institutional Buyer, that is, in
      either case, aware that the resale, pledge or transfer is being made in
      reliance on said Rule 144A and (ii) it will, and each subsequent holder
      will be required to, notify any purchaser of any Call Warrant from it of
      the resale restrictions referred to in clause (i) above.

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

                     "THIS CALL WARRANT HAS NOT BEEN REGISTERED UNDER THE
                     SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
                     TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A
                     REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN
                     EXEMPTION THEREFROM UNDER SUCH ACT. THIS CALL WARRANT
                     REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN COMPLIANCE
                     WITH THE CONDITIONS SPECIFIED IN THIS CALL WARRANT."

(e)   The Purchaser understands that no subsequent transfer of the Call Warrants
      is permitted unless it causes its proposed transferee to provide to the
      Depositor and the Initial Warrant Holder a letter substantially in the
      form of Exhibit D-1 to the Series Supplement, as applicable, or such other
      written statement as the Depositor shall prescribe.

(f)   The Purchaser agrees that if at some time in the future it wishes to
      transfer or exchange any of the Call Warrants, it will not transfer or
      exchange any of the Call Warrants unless such transfer or exchange is in
      accordance with Section 5.04 of the Trust Agreement. The Purchaser
      understands that any purported transfer of the Call Warrants (or any

                                      C-13
<PAGE>

      interest therein) in contravention of any of the restrictions and
      conditions in the Trust Agreement, as applicable, shall be void, and the
      purported transferee in such transfer shall not be recognized by the Trust
      or any other Person as a Warrant Holder for any purpose.

                                      C-14
<PAGE>

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

                                       Very truly yours,

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

                                       [Medallion Stamp to be affixed here]

                                      C-15
<PAGE>

                                                                     EXHIBIT D-1

                            FORM OF INVESTMENT LETTER

                                 (CALL WARRANTS)

                          QUALIFIED INSTITUTIONAL BUYER

                                                  Dated:

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

Lehman Brothers Inc.
  as Initial Purchaser
3 World Financial Center
New York, New York 10285

Lehman ABS Corporation
3 World Financial Center
New York, New York  10285

Ladies and Gentlemen:

                  In connection with our proposed purchase of $___________
aggregate principal amount of Call Warrants (the "Call Warrants") representing
an interest in the Corporate Backed Trust Certificates Liberty Media
Debenture-Backed Series 2001-32 Trust (the "Trust"), the investor on whose
behalf the undersigned is executing this letter (the "Purchaser") confirms that:

                  (i) Reference is made to the Prospectus Supplement, dated
[_______], 2001 (the "Prospectus Supplement"), with respect to the Certificates
to which the Call Warrants relate. Capitalized terms used herein that are not
otherwise defined shall have the meanings ascribed thereto in the Prospectus
Supplement. The Purchaser has received a copy of the Prospectus Supplement and
such other information as the Purchaser deems necessary in order to make its
investment decision and the Purchaser has been provided the opportunity to ask
questions of, and receive answers from, the Depositor and the Underwriters,
concerning the terms and conditions of the offering described in the Prospectus
Supplement. The Purchaser has received and understands the above, and
understands that substantial risks are involved in an investment in the Call
Warrants. The Purchaser represents that in making its investment decision to
acquire the Call Warrants, the Purchaser has not relied on representations,
warranties, opinions, projections, financial or other information or analysis,
if any, supplied to it by any person, including you, the Depositor or the
Trustee or any of your or their affiliates, except as expressly contained in the
Prospectus Supplement and in the other written information, if any, discussed

                                     D-1-1
<PAGE>

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

                  (ii) The Purchaser is (A) a "Qualified Institutional Buyer"
(as defined in Rule 144A under the Securities Act of 1933, as amended (the "1933
Act")) and (B) acquiring the Call Warrants for its own account or for the
account of an investor of the type described in clause (A) above as to each of
which the Purchaser exercises sole investment discretion. The Purchaser is
purchasing the Call Warrants for investment purposes and not with a view to, or
for, the offer or sale in connection with, a public distribution or in any other
manner that would violate the 1933 Act or the securities or blue sky laws of any
state.

                  (iii) The Purchaser understands that the Call Warrants have
not been and will not be registered under the 1933 Act or under the securities
or blue sky laws of any state, and that (i) if it decides to resell, pledge or
otherwise transfer any Call Warrant, such Call Warrant may be resold, pledged or
transferred without registration only to an entity that has delivered to the
Depositor and the Trustee a certification that it is a Qualified Institutional
Buyer that purchases (1) for its own account or (2) for the account of such a
Qualified Institutional Buyer, that is, in either case, aware that the resale,
pledge or transfer is being made in reliance on said Rule 144A and (ii) it will,
and each subsequent holder will be required to, notify any purchaser of any Call
Warrant from it of the resale restrictions referred to in clause (i) above.

                  (iv) The Purchaser understands that each of the Call Warrants
will bear a legend to the following effect, unless otherwise agreed by the
Depositor and the Trustee:

                  "THIS CALL WARRANT HAS NOT BEEN REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
                  TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A
                  REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN
                  EXEMPTION THEREFROM UNDER SUCH ACT. THIS CALL WARRANT
                  REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH
                  THE CONDITIONS SPECIFIED IN THIS CALL WARRANT."

                  (v) The Purchaser understands that no subsequent transfer of
the Call Warrants is permitted unless it causes its proposed transferee to
provide to the Depositor and the Initial Warrant Holder a letter substantially
in the form of Exhibit D-1 to the Series Supplement, as applicable, or such
other written statement as the Depositor shall prescribe.

                                     D-1-2
<PAGE>

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

                                     D-1-3
<PAGE>

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

                             Very truly yours,

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

                             [Medallion Stamp to be affixed here]

                                     D-1-4
<PAGE>

                                                                     EXHIBIT D-2
                                                                     -----------

                            FORM OF INVESTMENT LETTER
                            (CLASS A-2 CERTIFICATES)
                          QUALIFIED INSTITUTIONAL BUYER

                                                  Dated:

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

Lehman Brothers Inc.
  as Initial Purchaser
3 World Financial Center
New York, New York 10285

Lehman ABS Corporation
3 World Financial Center
New York, New York  10285

Ladies and Gentlemen:

                  In connection with our proposed purchase of $___________
aggregate principal amount of Class A-2 Certificates (the "Class A-2
Certificates") representing an interest in the Corporate Backed Trust
Certificates, Liberty Media Debenture-Backed Series 2001-32 Trust (the "Trust"),
the undersigned, by executing this letter (the "Purchaser") confirms that:

                  (i) Reference is made to the Private Placement Memorandum,
dated __________ __, 200_ (the "Memorandum"), relating to the Class A-2
Certificates. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Memorandum. The Purchaser has received
a copy of the Memorandum and such other information as the Purchaser deems
necessary in order to make its investment decision and the Purchaser has been
provided the opportunity to ask questions of, and receive answers from, the
Depositor and the Initial Purchaser, concerning the terms and conditions of the
offering described in the Memorandum. The Purchaser has received and understands
the above, and understands that substantial risks are involved in an investment
in the Class A-2 Certificates. The Purchaser represents that in making its
investment decision to acquire the Class A-2 Certificates, the Purchaser has not
relied on representations, warranties, opinions, projections, financial or other
information or analysis, if any, supplied to it by any person, including the
Initial Purchaser, the Depositor or the Trustee or any of the Initial
Purchaser's, the Depositor's or the Trustee's affiliates, except as expressly
contained in the Memorandum and in the other written information, if any,

                                     D-2-1
<PAGE>

discussed above. The Purchaser acknowledges that it has read and agreed to the
matters stated on pages (S-[ ]) to (S-[ ]) of such Memorandum and the
information under the heading "Transfer Restrictions". The Purchaser has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of an investment in the Class A-2 Certificates,
and the Purchaser is able to bear the substantial economic risks of such an
investment. The Purchaser has relied upon its own tax, legal and financial
advisors in connection with its decision to purchase the Class A-2 Certificates.

                  (ii) The Purchaser is (A) a "Qualified Institutional Buyer"
(as defined in Rule 144A under the Securities Act of 1933, as amended ("Rule
144A" and the "1933 Act")) or an Accredited Investor (as defined in Rule 501(a)
under Regulation D of the 1933 Act ("Regulation D")) and has delivered to the
Initial Purchaser, the Depositor and the Trustee a certification that it is a
Qualified Institutional Buyer (a "QIB") or an Accredited Investor and (B)
acquiring the Class A-2 Certificates for its own account or for the account of
an investor of the type described in clause (A) above as to each of which the
Purchaser exercises sole investment discretion. The Purchaser is aware that the
Class A-2 Certificates are being sold to it in reliance on the exemption from
the provisions of Section 5 of the 1933 Act provided by Rule 144A or Rule 501(a)
under Regulation D. The Purchaser is purchasing the Class A-2 Certificates for
investment purposes and not with a view to, or for, the offer or sale in
connection with, a public distribution or in any other manner that would violate
the 1933 Act or the securities or blue sky laws of any state.

                  (iii) The Purchaser understands that the Class A-2
Certificates have not been and will not be registered under the 1933 Act or
under the securities or blue sky laws of any state, and that (i) if it decides
to resell, pledge or otherwise transfer any Class A-2 Certificate, such Class
A-2 Certificate may be resold, pledged or transferred without registration only
to an entity that has delivered to the Depositor and the Trustee a certification
that it is a QIB or Accredited Investor that purchases (1) for its own account
or (2) for the account of such a QIB or Accredited Investor, that is, in either
case, aware that the reoffer, resale, pledge or transfer is being made in
reliance on Rule 144A or Rule 501(a) under Regulation D and (ii) it will, and
each subsequent holder will be required to, notify any purchaser of any Class
A-2 Certificate from it of the resale restrictions referred to in clause (i)
above.

                  (iv) The Purchaser understands that each Class A-2 Certificate
will bear a legend to the following effect, unless otherwise agreed by the
Initial Purchaser, the Depositor and the Trustee:

                  "THIS CLASS A-2 CERTIFICATE (OR ITS PREDECESSOR) WAS
                  ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION
                  UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
                  (THE "UNITED STATES SECURITIES ACT"), AND MAY NOT BE
                  REOFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF

                                     D-2-2
<PAGE>

                  SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
                  PURCHASER OF THIS CLASS A-2 CERTIFICATE IS HEREBY NOTIFIED
                  THAT THE SELLER OF THIS CLASS A-2 CERTIFICATE MAY BE RELYING
                  ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE
                  UNITED STATES SECURITIES ACT PROVIDED BY RULE 144A OR
                  REGULATION D THEREUNDER.

                  THE HOLDER OF THIS CLASS A-2 CERTIFICATE AGREES FOR THE
                  BENEFIT OF THE TRUST THAT (A) THIS CLASS A-2 CERTIFICATE MAY
                  BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
                  (I) TO THE TRUST, (II) INSIDE THE UNITED STATES TO A QIB IN
                  ACCORDANCE WITH RULE 144A, (III) INSIDE THE UNITED STATES TO
                  AN ACCREDITED INVESTOR PURSUANT TO REGULATION D, (IV) PURSUANT
                  TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
                  PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (V)
                  PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
                  UNITED STATES SECURITIES ACT, AND, IN EACH OF CASES (I)
                  THROUGH (V), IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
                  OF ANY STATE OF THE UNITED STATES AND ANY OTHER JURISDICTIONS
                  AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
                  REQUIRED TO, NOTIFY ANY PURCHASER OF THIS CLASS A-2
                  CERTIFICATE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
                  CLAUSE (A) ABOVE."

                  (v) The Purchaser understands that no subsequent transfer of
the Class A-2 Certificates is permitted unless (A) such transfer is of a Class
A-2 Certificate with a denomination of at least $1,000,000 and (B) it causes its
proposed transferee to provide to the Initial Purchaser, the Depositor and the
Trustee a letter substantially in the form of Exhibit C to the Series
Supplement, as applicable, or such other written statement as the Depositor
shall prescribe.

                  (vi) The Purchaser agrees that if at some time in the future
it wishes to transfer or exchange any of the Class A-2 Certificates, it will not
transfer or exchange any of the Class A-2 Certificates unless such transfer or
exchange is in accordance with Section 5.04 of the Trust Agreement. The
Purchaser understands that any purported transfer of the Class A-2 Certificates

                                     D-2-3
<PAGE>

(or any interest therein) in contravention of any of the restrictions and
conditions in the Trust Agreement, as applicable, shall be void, and the
purported transferee in such transfer shall not be recognized by the Trust or
any other Person as a Certificateholder, as the case may, be for any purpose.

                                     D-2-4
<PAGE>

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

                               Very truly yours,

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

                                     D-2-5EXHIBIT 10.1

                             SHAREHOLDER'S AGREEMENT

      SHAREHOLDER'S AGREEMENT (the "Agreement"), dated as of August 24, 2001, by
and among Steelcase Inc., a Michigan corporation ("Parent"), PV Acquisition,
Inc., a New York corporation and a wholly owned subsidiary of Parent ("Merger
Sub"), and The Alpine Group, Inc. (the "Shareholder"), a Delaware corporation
and a shareholder of PolyVision Corporation, a New York corporation (the
"Company"). Capitalized terms used and not defined herein have the meanings
given them in the Agreement and Plan of Merger, dated as of the date hereof, by
and among Parent, Merger Sub and the Company (as the same may be amended or
supplemented from time to time, the "Merger Agreement").

      WHEREAS, concurrently herewith, Parent, Merger Sub and the Company are
entering into the Merger Agreement, pursuant to which, among other things: (i)
each outstanding share of Company Common Stock shall be canceled and shall be
converted automatically into the right to receive the Common Stock Merger
Consideration; (ii) each outstanding share of Series B Preferred Stock shall be
canceled and shall be converted automatically into the right to receive the
Series B Preferred Stock Merger Consideration; (iii) each outstanding share of
Series C Preferred Stock (all such outstanding shares, together with the
outstanding shares of Company Common Stock and Series B Preferred Stock being
referred to hereinafter collectively as the "Shares") shall be canceled and
shall be converted automatically into the right to receive the Series C
Preferred Stock Merger Consideration; (iv) each outstanding share of Series D
Preferred Stock shall be cancelled and shall be converted automatically into the
right to receive the Series D Preferred Stock Consideration; and (v) Merger Sub
will be merged with and into the Company (the "Merger"), upon the terms and
subject to the conditions set forth in the Merger Agreement;

      WHEREAS, the Shareholder Beneficially Owns (as defined in Section 1(a))
6,820,113 shares of Company Common Stock, 255,000 shares of Series B Preferred
Stock, and 140,000 shares of Series C Preferred Stock;

      WHEREAS,  the  Shareholder  has  received a true and correct copy of the
Merger Agreement; and

      WHEREAS, in order to induce Parent and Merger Sub to enter into the Merger
Agreement and to perform their obligations thereunder and as a condition
thereof, the Shareholder is entering into this Agreement.

      NOW, THEREFORE, in consideration of the foregoing and the mutual premises,
representations, warranties, covenants and agreements contained herein, the
parties hereby agree as follows:

      Section 1. Agreement to Vote; Irrevocable Proxy. (a) The Shareholder
hereby agrees that during the period commencing on the date of this Agreement
and continuing until (x) if the Option (as defined in Section 2(a)) is
exercised, the Option

<PAGE>

Closing (as defined in Section 2(c)) or (y) if the Option is not exercised, the
Option Expiration Time (as applicable, the "Voting Expiration Time"), at any
meeting of the holders of any of the Shares, however called, or in connection
with any written consent of the holders of any of the Shares, the Shareholder
shall vote (or cause to be voted) the Shares held of record or Beneficially
Owned by the Shareholder, whether owned on the date hereof or hereafter
acquired, (i) in favor of approval of the Merger Agreement, all transactions
contemplated thereby, and any actions required in furtherance thereof and
hereof; (ii) against any action or agreement that is intended, or could
reasonably be expected, to impede, interfere with, or prevent the Merger or
result in a breach in any material respect of any covenant, representation or
warranty or any other obligation or agreement of the Company or any of its
subsidiaries under the Merger Agreement; and (iii) except as specifically
requested in writing in advance by Parent, against any of the following actions
(other than the Merger and the transactions contemplated by the Merger
Agreement) that are submitted to a vote of the holders of the Shares: (A) any
extraordinary corporate transaction, such as a merger, consolidation or other
business combination involving the Company or any of its Subsidiaries; (B) any
sale, lease, transfer or disposition by the Company or any of its Subsidiaries
of any assets which in the aggregate are material to the Company and its
Subsidiaries taken as a whole, or a reorganization, recapitalization,
dissolution or liquidation of the Company or any of its subsidiaries; (C)(1) any
change in the present capitalization of the Company or any amendment of the
Company's certificate of incorporation or by-laws; (2) any other material change
in the corporate structure or business of the Company or any of its
subsidiaries; or (3) any other action or agreement that is intended, or could
reasonably be expected, to impede, interfere with or prevent the Merger or the
transactions contemplated by the Merger Agreement.

      As used in this Agreement, the term "Beneficially Own" or "Beneficial
Ownership" with respect to any securities means having "beneficial ownership" of
such securities as determined pursuant to Rule 13d-3 under the Exchange Act,
including pursuant to any agreement, arrangement or understanding, whether or
not in writing, except that the term shall not include Shares which the
Shareholder has the right to acquire under any options to acquire Shares from
the Company ("Company Stock Options") unless such Shares have been acquired upon
exercise of such Company Stock Options.

            (b) Effective immediately upon the execution of this Agreement, and
in order to secure its obligations hereunder, the Shareholder hereby grants to,
and appoints Parent and any designee of Parent, and each of them individually,
with full power of substitution and resubstitution, the Shareholder's true and
lawful irrevocable (until the Voting Expiration Time) proxy to vote the
Shareholder's Shares, or grant a consent or approval in respect of the
Shareholder's Shares, solely on such matters and as indicated in Section 1(a)
above. The Shareholder (i) agrees to take such further action and execute such
other instruments as may be reasonably necessary to effectuate the intent of
this proxy, (ii) hereby represents that any proxy heretofore given in respect of
the Shareholder's Shares is not irrevocable, and (iii) hereby revokes any proxy
previously granted by the Shareholder with respect to its Shares. The
Shareholder understands and acknowledges that Parent and Merger Sub are entering
into the Merger Agreement in

                                       2
<PAGE>

reliance on the Shareholder's execution and delivery of this irrevocable proxy.
The Shareholder hereby affirms that this irrevocable proxy is given in
connection with the execution of this Agreement and the Merger Agreement, and
further affirms that this irrevocable proxy is coupled with an interest in this
Agreement for the term stated herein and may under no circumstances be revoked
prior to the Voting Expiration Time. This proxy is executed and intended to be
irrevocable for the above-stated term in accordance with the provisions of
Section 609 of the BCL.

      Section 2. Grant of Option. (a) Subject to the terms of this Section 2,
the Shareholder hereby grants to Parent and Merger Sub an irrevocable option
(the "Option") to purchase for cash all, but not less than all, of the Shares
held of record or Beneficially Owned by the Shareholder at a purchase price per
Share equal to the Common Stock Merger Consideration, the Series B Preferred
Stock Merger Consideration, or the Series C Preferred Stock Merger Consideration
(in each case, as applicable, the "Per Share Amount").

            (b) Parent (or Merger Sub) may exercise the Option at any time from
and after any termination of the Merger Agreement and prior to 11:59 p.m.,
Eastern time, on the 30th day after the date of such termination (the "Option
Expiration Time").

            (c) To exercise the Option, Parent (or Merger Sub) shall give
written notice (the "Notice") to the Shareholder specifying the time for the
closing (the "Option Closing") of such purchase. The Option Closing shall be
held at the office of Skadden, Arps, Slate, Meagher & Flom LLP on the date that
is 10 business days after the date of the Notice, subject to the satisfaction of
each of the conditions set forth in Section 2(d) below, or such other date as
may be agreed to by the Shareholder and Parent.

            (d) The occurrence of the Option Closing shall be subject to the
satisfaction of each of the following conditions:

                  (i) to the extent necessary, any applicable waiting periods
            (and any extension thereof) under the HSR Act with respect to the
            purchase of the Shareholder's Shares following the exercise of the
            Option shall have expired or been terminated; and

                  (ii) no preliminary or permanent injunction or other order,
            decree or ruling issued by any court of competent jurisdiction, and
            no statute, law, rule or regulation enacted or promulgated by any
            Governmental Entity, prohibiting the exercise of the Option or the
            delivery of the Shareholder's Shares pursuant thereto shall be in
            effect.

            (e) If Parent exercises the Option, Parent may sell or transfer the
Shares acquired upon exercise of the Option at any time, without the consent of
the Shareholder, to Merger Sub; provided, however, that no such sale or transfer
shall relieve Parent of its liabilities and obligations hereunder, including the
obligation to pay the consideration described in Section 2(a) and to comply with
Section 10.

                                       3
<PAGE>

            (f) At the Option Closing, (i) Parent (or Merger Sub) shall pay, by
wire transfer of immediately available funds to an account designated by the
Shareholder, an amount (the "Option Exercise Price") equal to the sum of (A) the
product of (x) the applicable Per Share Amount and (y) the number of shares of
Company Common Stock delivered at the Option Closing, (B) the product of (x) the
applicable Per Share Amount and (y) the number of shares of Series B Preferred
Stock delivered at the Option Closing and (C) the product of (x) the applicable
Per Share Amount and (y) the number of shares of Series C Preferred Stock
delivered at the Option Closing; and (ii) the Shareholder shall deliver or shall
cause to be delivered to Parent (or Merger Sub) a certificate or certificates
evidencing the Shareholder's Shares, and the Shareholder agrees that such Shares
shall be transferred free and clear of all liens. All such certificates
representing such Shares shall be duly endorsed in blank, or with appropriate
stock powers, duly executed in blank, attached thereto, in proper form for
transfer, and with all applicable taxes paid or provided for, subject to Section
15(i).

      Section 3. After-Acquired Shares. Notwithstanding anything herein to the
contrary, any Shares acquired by the Shareholder after the date hereof, whether
by purchase or exchange, shall be subject to all of the representations,
warranties, covenants and agreements of the Shareholder contained herein. In the
event of a share dividend or distribution, or any change in the Shares by reason
of any share dividend, split-up, recapitalization, combination, exchange of
shares or the like, the term "Shares" shall be deemed to refer to and include
the Shares as well as all such share dividends and distributions and any shares
into which or for which any or all of the Shares may be changed or exchanged.

      Section 4. Other Covenants, Agreements, Representations and Warranties.
The Shareholder hereby represents, warrants and covenants to Parent and Merger
Sub as of the date hereof and as of the Option Closing as follows:

            (a) The Shareholder is the record and Beneficial Owner of the number
of Shares set forth in the Recitals hereto, which constitute all of the Shares
owned of record or Beneficially Owned by the Shareholder on the date hereof. The
Shareholder owns such Shares free and clear of all liens, claims, charges,
security interests, mortgages or other encumbrances, and such Shares are not
subject to any rights of first refusal, put rights, other rights to purchase or
encumber such Shares, or to any agreements other than this Agreement as to the
encumbrance, disposition or voting of such Shares. The Shareholder has sole
voting power and sole power to issue instructions with respect to such Shares,
sole power of disposition, sole power of conversion, sole power to demand
dissenters' rights and sole power to agree to all of the matters set forth in
this Agreement, in each case with respect to all of such Shares.

            (b) The Shareholder is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation.

            (c) The Shareholder has the requisite corporate power and authority
to execute and deliver this Agreement, and has the requisite corporate power and
authority to perform the transactions provided for or contemplated by this
Agreement. The

                                       4
<PAGE>

execution, delivery and performance by the Shareholder of this Agreement, and
the consummation by it of the transactions contemplated hereby, have been duly
and validly authorized by the Shareholder's board of directors, and no other
corporate action on the part of the Shareholder is necessary to authorize the
execution and delivery by the Shareholder of this Agreement and the consummation
by it of the transactions contemplated hereby. This Agreement has been duly
executed and delivered by the Shareholder and, assuming due and valid
authorization, execution and delivery hereof by Parent and Merger Sub, is a
valid and binding obligation of the Shareholder enforceable against the
Shareholder in accordance with its terms, except that (i) such enforcement may
be subject to applicable bankruptcy, insolvency or other similar laws, now or
hereafter in effect, affecting creditors' rights and remedies generally, and
(ii) the remedy of specific performance and injunctive and other forms of
equitable relief may be subject to equitable defenses and to the discretion of
the court before which any proceeding therefor may be brought.

            (d) None of the execution, delivery or performance of this Agreement
by the Shareholder, the consummation by the Shareholder of the transactions
contemplated hereby or compliance by the Shareholder with any of the provisions
of this Agreement will (i) conflict with or result in any breach of any
provision of the certificate of incorporation or the by-laws of the Shareholder,
(ii) require any filing by the Shareholder with, or permit, authorization,
consent or approval of, any Governmental Entity (except for (A) the filing with
the SEC of such reports and statements under the Exchange Act as may be required
in connection with this Agreement and the transactions contemplated hereby and
(B) any filings as may be required under the HSR Act), (iii) result in a
violation or breach of, or constitute (with or without due notice or lapse of
time or both) a default (or give rise to any right of termination, amendment,
cancellation or acceleration) under, any of the terms, conditions or provisions
of any material note, bond, mortgage, lien, indenture, lease, license, contract,
agreement or other instrument or obligation to which the Shareholder or any of
its Subsidiaries (which, for the avoidance of any doubt, does not include the
Company and its Subsidiaries) is a party or by which any of them or any of their
respective properties or assets may be bound, except for those as to which any
required consents, approvals or waivers have been obtained or (iv) violate any
material order, writ, injunction, decree, statute, rule or regulation applicable
to the Shareholder, any of its Subsidiaries (which, for the avoidance of any
doubt, does not include the Company and its Subsidiaries) or any of their
respective properties or assets. The consummation of the Merger will not
conflict with or result in any breach of any of the terms of the Series B
Preferred Stock or the Series C Preferred Stock.

            (e) No broker, finder or investment banker is entitled to any
brokerage, finder's or other similar fee or commission in connection with the
transactions contemplated by the Merger Agreement based upon arrangements made
by or on behalf of the Shareholder.

            (f) The Shareholder shall not, directly or indirectly, encourage,
solicit, participate in or initiate discussions or negotiations with or provide
any non-public information to any Person or group (other than Parent and Merger
Sub or any designees or Parent and Merger Sub) concerning any Acquisition
Proposal. In addition, the

                                       5
<PAGE>

Shareholder will not, and will instruct its agents and affiliates not to,
directly or indirectly, make or authorize any public statement, recommendation
or solicitation in support of any Acquisition Proposal made by any Person or
group (other than Parent or Merger Sub). Notwithstanding the foregoing, any
action taken by the Company or any member of the Company Board of Directors, in
his capacity as such, in accordance with Section 6.3 of the Merger Agreement
shall be deemed not to violate this Section 4(f).

            (g) The Shareholder shall not, directly or indirectly: (i) tender
its Shares in any tender offer or exchange offer for the Shares; (ii) except as
contemplated by this Agreement or the Merger Agreement, otherwise offer for
sale, sell, transfer, tender, pledge, encumber, assign or otherwise dispose of,
or enter into any contract, option or other arrangement or understanding with
respect to or consent to the offer for sale, transfer, tender, pledge,
encumbrance, assignment or other disposition of, any or all of its Shares or any
interest therein; (iii) except as contemplated by this Agreement, grant any
proxies or powers of attorney, deposit any of its Shares into a voting trust or
enter into a voting agreement with respect to any Shares; (iv) take any action
that would make any representation or warranty of the Shareholder contained
herein untrue or incorrect in any material respect or have the effect of
preventing or impairing the Shareholder from performing its obligations under
this Agreement; or (v) enter into any agreement, arrangement or understanding
with the intent or effect of delaying, terminating, preventing or affecting
negatively the consummation of the Merger and the other transactions
contemplated by the Merger Agreement.

            (h) The Shareholder hereby acknowledges and agrees that the Series B
Preferred Stock Merger Consideration and the Series C Preferred Stock Merger
Consideration, or any higher price as may be paid for any such Shares in the
Merger, as the case may be, are in full satisfaction of all obligations of the
Company to the Shareholder related to the Series B Preferred Stock and Series C
Preferred Stock, and upon receipt of such consideration, any and all claims of
the Shareholder against the Company or any of its affiliates relating to the
Series B Preferred Stock or the Series C Preferred Stock shall be waived and
released.

            (i) The Shareholder understands and acknowledges that Parent and
Merger Sub are relying upon the foregoing representations, warranties and
covenants by the Shareholder, and on the Shareholder's execution and delivery of
this Agreement in entering into the Merger Agreement.

      Section 5. Other Representations and Warranties of Parent and Merger Sub.
Parent and Merger Sub hereby represent and warrant to the Shareholder as of the
date hereof and as of the Option Closing as follows:

            (a) Each of Parent and Merger Sub is a corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction of its
incorporation.

            (b) Each of Parent and Merger Sub has the requisite corporate power
and authority to execute and deliver this Agreement, and has the requisite
corporate

                                       6
<PAGE>

power and authority to perform the transactions provided for or contemplated by
this Agreement. The execution, delivery and performance by each of Parent and
Merger Sub of this Agreement, and the consummation by it of the transactions
contemplated hereby, have been duly and validly authorized by its board of
directors, and no other corporate action on the part of Parent or Merger Sub is
necessary to authorize the execution and delivery by Parent and Merger Sub of
this Agreement and the consummation by Parent and Merger Sub of the transactions
contemplated hereby. This Agreement has been duly executed and delivered by each
of Parent and Merger Sub and, assuming due and valid authorization, execution
and delivery hereof by the Shareholder, is a valid and binding obligation of
each of Parent and Merger Sub enforceable against Parent and Merger Sub in
accordance with its terms, except that (i) such enforcement may be subject to
applicable bankruptcy, insolvency or other similar laws, now or hereafter in
effect, affecting creditors' rights generally, and (ii) the remedy of specific
performance and injunctive and other forms of equitable relief may be subject to
equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought.

            (c) None of the execution, delivery or performance of this Agreement
by Parent and Merger Sub, the consummation by Parent and Merger Sub of the
transactions contemplated hereby or compliance by Parent and Merger Sub with any
of the provisions of this Agreement will (i) conflict with or result in any
breach of any provision of their respective certificates of incorporation and
by-laws, (ii) require any filing by Parent or Merger Sub with, or permit,
authorization, consent or approval of, any Governmental Entity (except for (A)
the filing with the SEC of such reports and statements under the Exchange Act as
may be required in connection with this Agreement and the transactions
contemplated hereby and (B) any filings as may be required under the HSR Act),
(iii) result in a violation or breach of, or constitute (with or without due
notice or lapse of time or both) a default (or give rise to any right of
termination, amendment, cancellation or acceleration) under, any of the terms,
conditions or provisions of any material note, bond, mortgage, lien, indenture,
lease, license, contract, agreement or other instrument or obligation to which
Parent or Merger Sub or any of their respective Subsidiaries is a party or by
which any of them or any of their respective properties or assets may be bound,
except for those as to which any required consents, approvals or waivers have
been obtained or (iv) violate any material order, writ, injunction, decree,
statute, rule or regulation applicable to Parent or Merger Sub, any of their
respective Subsidiaries or any of their respective properties or assets.

            (d) Either Parent or Merger Sub has available and has reserved or
has received written commitments from third-party lenders to obtain, sufficient
funds to consummate the Merger, the Offer and the other transactions
contemplated by the Merger Agreement or this Agreement, including payment in
full of (a) the Merger Consideration or the Option Exercise Price, (b) the
amounts payable under Sections 3.5, 3.6 and 3.7 of the Merger Agreement and (c)
all indebtedness (including principal, accrued interest, prepayment fees and
other charges) of the Company outstanding on the date of this Agreement.

      Section 6. Conditions to Obligations of Parent and Merger Sub. The
Shareholder acknowledges that the obligations of Parent and Merger Sub to
consummate

                                       7
<PAGE>

the Merger are subject to the satisfaction or waiver (where permissible) of each
of the conditions set forth in the Merger Agreement, including the compliance by
the Shareholder with the provisions of this Agreement.

      Section 7. Further Assurances. From time to time, at Parent's reasonable
request and without further consideration, the Shareholder agrees to execute and
deliver such additional documents and take all such further lawful action as may
be necessary or desirable to consummate and make effective, in the most
expeditious manner practicable, the transactions contemplated by this Agreement.

      Section 8. Stop Transfer; Form of Legend. The Shareholder agrees and
covenants to Parent that the Shareholder shall not, prior to the Option Closing
or, if the Option is not exercised, prior to the Option Expiration Time, except
as otherwise provided herein or pursuant to the Merger Agreement, (a) transfer
or encumber or agree to transfer or encumber any of the Shareholder's Shares or
(b) request that the Company register the transfer (book-entry or otherwise) of
any certificate or uncertificated interest representing any of the Shareholder's
Shares, in either case without the consent of the Parent. If reasonably
requested by Parent, any certificates representing the Shareholder's Shares
shall contain the following legend:

            "The securities  represented by this certificate are subject
            to certain  restrictions  on  transfer  and other terms of a
            Shareholder's Agreement,  dated as of August 24, 2001, among
            Steelcase Inc., PV Acquisition,  Inc., and The Alpine Group,
            Inc., a copy of which is on file in the principal  office of
            Steelcase Inc."

      Section 9. Indemnification. (a) The Shareholder agrees to indemnify,
defend and hold Parent, Merger Sub, their officers, directors, employees,
agents, representatives and affiliates ("Indemnified Parties") harmless from and
in respect of any and all losses, damages, costs and expenses (including
demands, suits, claims, actions, assessments, liabilities, judgments, amounts
paid in settlement, expenses of investigation and reasonable fees and
disbursements of counsel and other professionals) (collectively, "Losses"), that
they may incur arising out of or due to (i) the inaccuracy or breach of any
representation or warranty of the Shareholder contained in this Agreement, (ii)
the breach by the Shareholder of any covenant, undertaking or other agreement
contained in this Agreement and (iii) enforcing the indemnification rights
pursuant to this Section 9(a).

            (b) If any Indemnified Party shall believe that such Indemnified
Party is entitled to indemnification pursuant to this Section 9, such
Indemnified Party shall promptly give to the Shareholder written notice thereof.
The failure of such Indemnified Party to give notice of any claim for
indemnification promptly shall not adversely affect such Indemnified Party's
right to indemnity hereunder, except to the extent that the Shareholder is
prejudiced by the delay in giving notice. All such claims for indemnification
shall be made not later than, and the representations and warranties of the
Shareholder contained in this Agreement (other than the representations and
warranties set forth in subsections (a), (b), (c) and (e) of Section 4, which
shall survive indefinitely) shall not survive beyond, midnight on the date that
is one year after the first to occur of

                                       8
<PAGE>

the Effective Time and the Option Closing. The right to indemnification
hereunder shall not be affected by any investigation or any knowledge acquired
(or capable of being acquired) at any time, whether before or after the
execution and delivery of this Agreement.

      Section 10. Obligation  After  Option  Closing to Acquire All  Minority
Interests.

            (a) Parent agrees that, as promptly as reasonably practicable (but,
in any case, not later than five business days) after the Option Closing, Parent
shall commence (within the meaning of Rule 14d-2 under the Exchange Act) an
offer to purchase for cash (the "Offer") all, but not less than all, of the
outstanding shares of Company Common Stock owned by the holders of Company
Common Stock (other than Parent and Merger Sub) and the outstanding shares of
Series D Preferred Stock (collectively, the "Company Securities"), (i) in the
case of the Company Common Stock, at a price per share, net to the seller in
cash, that is not less than the Per Share Amount paid with respect to the
Company Common Stock as part of the Option Exercise Price (the "Common Stock
Reference Price") and (ii) in the case of the Series D Preferred Stock, at a
price per share, net to the seller in cash, that is not less than the Series D
Preferred Stock Merger Consideration (the "Series D Reference Price").

            The obligation of Parent to accept for payment and to pay for
Company Securities validly tendered in the Offer and not subsequently withdrawn
shall be subject only to (i) the condition that there shall not be any statute,
rule, regulation, judgment, order or injunction enacted, entered, enforced or
promulgated by any Governmental Entity which restrains, prevents or prohibits
the making or consummation of the Offer or the consummation of the Secondary
Merger (as defined below); provided, however, that Parent shall use commercially
reasonable efforts to have any such statute, rule, regulation, judgment, order
or injunction vacated or lifted; and (ii) such conditions as, after consultation
with Parent's outside legal counsel, Parent determines in good faith are
required by applicable law with respect to the Offer.

            (b) Following Parent's or Merger Sub's acceptance for payment of and
payment for Company Securities pursuant to the Offer (the "Acceptance Time"),
Parent shall take all action reasonably necessary to cause consummation as
promptly as reasonably practicable of a second-step merger (the "Secondary
Merger") in which (i) the holders of the outstanding Company Securities will
receive per-share consideration, net to such holders in cash, without interest
thereon and less any applicable withholding of taxes, equal to (A) the Series D
Reference Price, in the case of Series D Preferred Stock, or (B) the Common
Stock Reference Price, in the case of Company Common Stock, and (ii) each
option, warrant or other right to purchase Company Common Stock will (1) to the
extent consistent with the terms thereof, be canceled immediately prior to the
consummation of the Secondary Merger, in consideration for which cancellation
the holder of such option, warrant or right shall receive a payment of cash
consideration equal to the product of (A) the total number of shares of Company
Common Stock subject to such option, warrant or right immediately prior to the
consummation of the Secondary Merger and (B) the excess (if any) of (x) the
Common Stock Reference Price over (y) the exercise price per share subject to
such option, warrant or right as in effect

                                       9
<PAGE>

immediately prior to the consummation of the Secondary Merger (such payment to
be without interest thereon and net of any withholding of taxes); (2) to the
extent consistent with the terms thereof, represent the right, from and after
the consummation of the Secondary Merger, upon exercise thereof and payment of
the aggregate exercise price with respect thereto, to receive in cash, without
interest, a single lump sum cash payment equal to the product of (A) the number
of shares of Company Common Stock that would have been subject to issuance upon
the exercise of such option, warrant or right, had such exercise occurred
immediately prior to the consummation of the Secondary Merger, and (B) the
Common Stock Reference Price (such cash payment to be reduced by any required
withholding of taxes); or (3) otherwise be treated in accordance with the terms
thereof.

            Without limiting the generality of any of the foregoing, after
commencement of the Offer, Parent shall use its reasonable best efforts to
acquire (or to cause Merger Sub to acquire) pursuant to the Offer such number of
shares of Company Common Stock that, together with the shares of Company Common
Stock then owned by Parent and Merger Sub, will be sufficient to enable the
Secondary Merger to be consummated pursuant to Section 905 of the BCL (the
"Requisite Number"), and, if the Requisite Number is so acquired in the Offer,
Parent shall, promptly following the Acceptance Time, take all action reasonably
necessary to cause the Secondary Merger to be so consummated as promptly as
reasonably practicable pursuant to Section 905 of the BCL.

            (c) The Offer and the Secondary Merger shall be conducted in
compliance with all applicable laws. Promptly after the Option Closing, Parent
shall make a public announcement stating that it intends promptly to commence
the Offer, describing the terms of the Offer, and stating that the Offer will
not be subject to any financing contingency and will be unconditional (except as
provided in the last sentence of Section 10(a)).

      It is intended by the parties to this Agreement that the Company shall
have the right to take all measures it may deem, in its sole discretion, to be
necessary or desirable for the purpose of enforcing the provisions of this
Section 10.

      At all times prior to the date on which Parent or Merger Sub shall have
acquired all outstanding shares of Company Common Stock (other than shares owned
by Parent or Merger Sub) and options and warrants to purchase Company Common
Stock as provided in this Section 10, the authorization of the Continuing
Directors (as defined below) shall be required (and such authorization shall
constitute the authorization of the full Company Board of Directors and no other
action on the part of the Company, including any action by any other directors
of the Company, shall be required) to enforce on behalf of the Company and the
holders of Company Common Stock (other than Parent or Merger Sub) and options
and warrants to purchase Company Common Stock the provisions of this Section 10,
including any extension of the time for performance of any obligation or action
under this Section 10 or any waiver of compliance by Parent (or Merger Sub) with
the provisions of this Section 10.
                                       10
<PAGE>

      For purposes of this Section 10(c), "Continuing Directors" means the
members of the Special Committee as constituted on the date hereof or any
successor or substitute directors appointed by such members of the Special
Committee serving on the date hereof.

      Section 11. Termination.  This Agreement  shall  terminate at the Option
Expiration Time if the Option has not theretofore been exercised.

      Section 12. Effect of Termination. In the event of a termination of this
Agreement as provided in Section 11 hereof, this Agreement shall forthwith
become void and there shall be no liability or obligation hereunder on the part
of Parent, Merger Sub or the Shareholder thereafter; provided, however, that
nothing herein shall relieve any party for liability for any willful breach
hereof prior to such termination

      Section 13. Non-Competition. Except as set forth in this Section 13, the
Shareholder agrees that, to assure that Parent will retain the value of the
business of the Company and the Company Subsidiaries as a "going concern," for a
period of five years beginning on the earlier of the Effective Time or the
Option Closing, the Shareholder shall not, directly or indirectly, through one
or more affiliates, engage or have an interest, anywhere in the United States or
Europe, alone or in association with others, as partner or stockholder or
through the investment of capital, lending of money or property, or otherwise,
in any business that competes with the products and services provided by the
Company or any Company Subsidiary as of such date; provided, however, that it
shall not be a violation of this Section 13 for the Shareholder or any of its
affiliates to (i) invest in securities representing less than 10 percent of the
outstanding capital stock of any Person, the securities of which are publicly
traded or listed on any securities exchange or automated quotation system, or
(ii) invest in, own an interest in or acquire, in a single transaction or series
of transactions, all or a majority of the equity interests in, or assets of, any
Person that did not derive at least 25 percent of its consolidated net revenue
during its last completed fiscal year from any business that competes with the
products and services provided by the Company or any Company Subsidiary as of
the date referenced above. During the three years beginning on the earlier of
the Effective Time or the Option Closing, the Shareholder shall not, directly or
indirectly, through one or more affiliates, on behalf of itself or any other
Person, (i) recruit or otherwise solicit or induce any person who is an employee
of, or otherwise engaged by, Parent, the Company or any Company Subsidiary or
any of their successors to terminate his or her employment or other relationship
with Parent, the Company or any Company Subsidiary or (ii) offer employment to
or employ a person who is at that time an employee (other than secretarial or
clerical employees) of Parent, the Company or any Company Subsidiary or who was
such an employee within two years of the time of such offer of employment. The
foregoing shall not, however, prohibit the Shareholder or any of its affiliates
from publishing any general public solicitation of employment opportunities.

      Section 14. Jurisdiction. Each of the parties hereto hereby expressly and
irrevocably submits to the non-exclusive personal jurisdiction of the United
States District Court for the Southern District of New York, and to the
jurisdiction of any other competent court of the State of New York located in
New York County (collectively, the

                                       11
<PAGE>

"New York Courts"), preserving, however, all rights of removal to such federal
court under 28 U.S.C. Section 1441, in connection with all disputes arising out
of or in connection with this Agreement or the transactions contemplated hereby
and agrees not to commence any litigation relating thereto except in such
courts. If the aforementioned courts do not have subject matter jurisdiction,
then the proceeding shall be brought in any other state or federal court located
in the State of New York, preserving, however, all rights of removal to such
federal court under 28 U.S.C. Section 1441. Each party hereby waives the right
to any other jurisdiction or venue for any litigation arising out of or in
connection with this Agreement or the transactions contemplated hereby to which
any of them may be entitled by reason of its present or future domicile.

      Section 15. Miscellaneous.

            (a) This Agreement (i) constitutes the entire agreement among
Parent, Merger Sub and the Shareholder with respect to the subject matter hereof
and supersedes all other prior agreements and understandings, both written and
oral, among such parties or any of them with respect to the subject matter
hereof and (ii) except as provided in Section 9, and except for the Company's
right to enforce Section 10, is not intended to confer upon any Person other
than the parties hereto any rights or remedies hereunder.

            (b) All rights, powers and remedies provided under this Agreement or
otherwise available in respect hereof at law or in equity shall be cumulative
and not alternative, and the exercise of any thereof by any party shall not
preclude the simultaneous or later exercise of any other such right, power or
remedy by such party.

            (c) The failure of any party hereto to exercise any right, power or
remedy provided under this Agreement or otherwise available in respect hereof at
law or in equity, or to insist upon compliance by any other party hereto with
its obligations hereunder, shall not constitute a waiver by such party of its
right to exercise any such or other right, power or remedy or to demand such
compliance.

            (d) Subject to applicable law and as otherwise provided in the
Agreement, this Agreement may be amended, modified and supplemented in any and
all respects, by written agreement of Parent, Merger Sub and the Shareholder, by
action taken by their respective boards of directors or equivalent governing
bodies. This Agreement may not be amended except by an instrument in writing
signed on behalf of each of Parent, Merger Sub and the Shareholder; provided,
that no such instrument that amends, modifies or supplements Section 10 shall be
effective unless signed by the Company.

            (e) If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by rule of law or public policy, all
other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner adverse to any
party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the

                                       12
<PAGE>

parties as closely as possible in an acceptable manner to the end that the
transactions contemplated hereby are fulfilled to the extent possible.

            (f) All notices and other communications hereunder shall be in
writing and shall be deemed given if delivered personally, telecopied (which is
confirmed) or sent by a nationally recognized overnight courier service, such as
Federal Express (providing proof of delivery), to the parties at the following
addresses (or at such other address for a party as shall be specified by like
notice):

                        (i)  if to Parent or Merger Sub, to:

                        Steelcase Inc.
                        901 - 44th Street, S.E.
                        Grand Rapids, Michigan 49508
                        Telephone: (616) 246-9600
                        Facsimile: (616) 248-7010
                        Attention: Chief Legal Officer

                        with a copy to:

                        Skadden, Arps, Slate, Meagher & Flom (Illinois)
                        333 West Wacker Drive
                        Chicago, Illinois 60606
                        Telephone: (312) 407-0700
                        Facsimile: (312) 407-0411
                        Attention: Charles W. Mulaney, Jr., Esq.

                        (ii)  if to the Shareholder, to:

                        The Alpine Group, Inc.
                        1790 Broadway
                        New York, New York 10019
                        Telephone: (212) 757-3333
                        Facsimile: (212) 757-3423
                        Attention: Corporate Secretary

                        with a copy to:

                        Proskauer Rose LLP
                        1585 Broadway
                        New York, New York 10036
                        Telephone: (212) 969-3000
                        Facsimile: (212) 969-2900
                        Attention: Ronald R. Papa, Esq.

                        and

                                       13
<PAGE>

                        (iii)  if to the Company, to:

                        PolyVision Corporation
                        4888 S. Old Peachtree Rd.
                        Norcross, Georgia 30071
                        Telephone: (770) 447-5043
                        Facsimile. (770) 446-5951
                        Attention: Michael H. Dunn,
                        President and Chief Executive Officer

                        with a copy to:

                        Greenberg Traurig, LLP
                        The Met Life Building
                        200 Park Avenue
                        New York, New York  10166
                        Telephone:  (212) 801-9200
                        Facsimile:  (212) 801-6400
                        Attention:  Clifford E. Neimeth, Esq.

            (g) This Agreement shall be governed by and construed in accordance
with the internal (substantive and procedural) laws of the State of New York,
without regard to the conflicts of laws principles thereof.

            (h) When a reference is made in this Agreement to Sections, such
reference shall be to a Section of this Agreement unless otherwise indicated.
Whenever the words "include", "includes" or "including" are used in this
Agreement they shall be deemed to be followed by the words "without limitation."
As used in this Agreement, the term "affiliates" shall have the meaning set
forth in Rule 12b-2 of the Exchange Act. The descriptive headings used herein
are inserted for convenience of reference only and are not intended to be part
of or to affect the meaning or interpretation of this Agreement.

            (i) Except as provided in Section 9, all fees, costs and expenses
incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such fees, costs and expenses except
that any transfer, stamp or similar taxes shall be borne by Parent.

            (j) This Agreement shall not be assigned by any of the parties
hereto (whether by operation of law or otherwise) without the prior written
consent of the other parties, except that Merger Sub may assign any or all of
its rights, interests and obligations hereunder to Parent, one or more direct or
indirect wholly-owned Subsidiaries of Parent, or a combination thereof.

            (k) Each of Parent, Merger Sub, the Shareholder and, for purposes of
Section 10 hereof, the Company acknowledges and agrees that in the event of any
breach of this Agreement, each non-breaching party would be irreparably and
immediately harmed and could not be made whole by monetary damages. It is
accordingly agreed that the parties hereto (a) will waive, in any action for
specific performance, the defense of adequacy of a remedy at law and (b) shall
be entitled, in addition to any other remedy to

                                       14
<PAGE>

which they may be entitled at law or in equity, to compel specific performance
of this Agreement.

            (l) This Agreement may be executed manually or by facsimile by the
parties hereto, in any number of counterparts, each of which shall be considered
one and the same agreement and shall become effective when a counterpart hereof
shall have been signed by each of the parties and delivered to the other
parties.

                            [Signature page follows.]

<PAGE>

      IN WITNESS WHEREOF, the Shareholder, Parent and Merger Sub have caused
this Shareholder's Agreement to be duly executed as of the day and year first
above written.

                        STEELCASE INC.

                        By:  /s/ James P. Keane
                             ---------------------------------------------------
                        Name:   James P. Keane
                        Title:  Senior Vice President, Chief Financial Officer

                        PV ACQUISITION, INC.

                        By:  /s/ James P. Keane
                             ---------------------------------------------------
                        Name:   James P. Keane
                        Title:  Treasurer

                        THE ALPINE GROUP, INC.

                        By:  /s/ Bragi F. Schut
                             ---------------------------------------------------
                        Name:   Bragi F. Schut
                        Title:  Executive Vice President

Acknowledged and agreed to as of the day and year first above written, solely
for the purpose of enforcing the provisions of Section 10 hereof

POLYVISION CORPORATION

By:  /s/ Michael H. Dunn
     ---------------------------------------------------
     Name:   Michael H. Dunn
     Title:  President and Chief Executive Officer

                                       15

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