Document:

Exhibit 4.2
                                               Preliminary - Subject to Change

                               SERIES SUPPLEMENT

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

                              SERIES 2004-1 TRUST

                                    between

                        ABN AMRO SCORS Depositor Inc.,

                                 as Depositor

                                      and

                                  [       ],

                                  as Trustee

                            Dated as of [   ], 2004

<PAGE>

                               TABLE OF CONTENTS

                                                                         Page

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

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

SECTION 3.    DESIGNATION OF TRUST AND CERTIFICATES.........................6

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

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

SECTION 6.    TRUSTEE'S FEES................................................7

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

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

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

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

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

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

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

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

Section 15.   Voting of Underlying Securities, Modification of
              Indenture....................................................16

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

                                      i

<PAGE>

                               SERIES SUPPLEMENT

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

                              SERIES 2004-1 TRUST

     SERIES SUPPLEMENT, Series 2004-1, dated as of [     ], 2004 (the "Series
Supplement"), by and between ABN AMRO SCORS Depositor Inc., as Depositor (the
"Depositor"), and [ ], as Trustee (the "Trustee").

                             W I T N E S S E T H:

     WHEREAS, the Depositor desires to create the Trust designated herein (the
"Trust") by executing and delivering this Series Supplement, which shall
incorporate the terms of the Standard Terms for Trust Agreements, dated as of
[    ], 2004 (the "Standard Terms"; together with this Series Supplement, the
"Trust Agreement"), by and between the Depositor and the Trustee, as modified
by this Series Supplement;

     WHEREAS, the Depositor desires to deposit the Underlying Securities set
forth on Schedule I attached hereto (the "Underlying Securities Schedule")
into the Trust, subject to the Call Warrants with respect thereto;

     WHEREAS, in connection with the creation of the Trust and the deposit
therein of the Underlying Securities, subject to the Call Warrants with
respect thereto, it is desired to provide for the issuance of a series of
trust certificates evidencing undivided interests in the Trust; and

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

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

     Section 1.  Incorporation of Standard Terms. Except as otherwise
provided herein, all of the provisions of the Standard Terms are hereby
incorporated herein by reference in their entirety, and this Series Supplement
and the Standard Terms shall form a single agreement between the parties. In
the event of any inconsistency between the provisions of this Series
Supplement and the provisions of the Standard Terms, the provisions of this
Series Supplement will control with respect to the Series 2004-1 Certificates
and the transactions described herein.

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                      2
<PAGE>

     "Class A-1 Certificates" shall mean the Certificates, so designated in
Section 3(a), to be issued by the Trust representing a proportionate undivided
beneficial ownership interest in certain distributions to be made by the Trust
and having the characteristics described herein.

     "Class A-2 Certificates" shall mean the Certificates, so designated in
Section 3(a), to be issued by the Trust representing a proportionate undivided
beneficial ownership interest in certain distributions to be made by the Trust
and having the characteristics described herein.

     "Closing Date" shall mean [               ], 2004.

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

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

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

     "Currency" shall mean United States Dollars.

     "Depository" shall mean The Depository Trust Company.

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

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

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

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

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

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

                                      3
<PAGE>

     "Indenture" shall mean the indenture pursuant to which the Underlying
Securities were issued.

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

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

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

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

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

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

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

     "Optional Exchange Date" shall mean any Distribution Date on which
Underlying Securities subject to Optional Exchange are distributed to any
Certificateholder or any other date set forth in Section 7 hereof; provided,
that, such date may not occur more frequently than quarterly.

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

     "Prepaid Ordinary Expenses" shall be $[     ] for this Series.

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

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

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

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

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

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

                                      4
<PAGE>

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

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

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

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

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

     "Series" shall mean Series 2004-1.

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

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

     "Trust Property" shall mean the Underlying Securities described on
Schedule I hereto and the Certificate Account.

     "Underlying Securities" shall mean [           ].

     "Underlying Securities Issuer" shall mean [          ].

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

     "Underlying Securities Trustee" shall mean [           ].

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

     "Voting Rights" shall mean the portion of the Voting Rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Trust Agreement. At all times during the term of this Trust
Agreement, 95.00% of all Voting Rights shall be allocated to the Class A-1
Certificates. At all times during the term of this Trust Agreement, 5.00% of
all Voting Rights shall be allocated to the Class A-2 Certificates. Voting
Rights shall be allocated among the Certificates within each such Class in
proportion to their Certificate Percentage Interests.

     "Warrant Agent" shall mean initially, [       ].

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

                                      5
<PAGE>

     Section 3.  Designation of Trust and Certificates. The Trust
created hereby shall be known as the "ABN AMRO SCORS Trust Certificates,
Series 2004-1 Trust." The Certificates evidencing certain undivided ownership
interests therein shall be known as "ABN AMRO SCORS Trust Certificates, Series
2004-1." The Certificates shall consist of the Class A-1 Certificates and the
Class A-2 Certificates (together, the "Certificates").

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

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

     (c) The holders of the Class A-1 Certificates will be entitled to receive
on each Distribution Date the interest, if any, received on the Underlying
Securities, to the extent necessary to pay interest at a rate of [   ]% per
annum on the outstanding Certificate Principal Balance of the Class A-1
Certificates. The Class A-2 Certificates do not bear interest. On [       ,
2004], the Trustee will pay to the Depositor the amount of interest accrued on
the Underlying Securities from [      ] to but not including the Closing Date,
to the extent such amount is paid on the Underlying Securities on such date
(and to the extent that the amount of such interest accrued on the Underlying
Securities from the Closing Date to but not including [       ] has been fully
paid).

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

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

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

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

                                      6
<PAGE>

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

               (1) subject to Section 7.06(f) of the Standard Terms, first, to
          the Trustee, as reimbursement for any Extraordinary Trust Expenses
          incurred by the Trustee in accordance with Section 6(b) below and
          approved by Certificateholders representing 100% of the Voting
          Rights with respect thereto;

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

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

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

               (1) subject to Section 7.06(f) of the Standard Terms, first, to
          the Trustee, as reimbursement for any remaining Extraordinary Trust
          Expenses incurred by the Trustee in accordance with Section 6(b)
          below and approved by Certificateholders representing 100% of the
          Voting Rights with respect thereto; and

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

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

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

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

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

                                      7
<PAGE>

     (b) Notwithstanding any other provision hereof (other than Section 3(c)
and Section 7) if the Underlying Securities are redeemed, prepaid or
liquidated in whole or in part for any reason (including, without limitation,
an Event of Default) other than at their maturity, the Trustee shall apply
Available Funds on the related Distribution Date (or Special Distribution
Date, if applicable) in the same order of priority as is set forth in Section
5(a). If some but not all of the Underlying Securities are redeemed, prepaid
or liquidated in full, the Class A-1 Certificates to be retired shall be
selected by the Trustee or DTC by lot.

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

     (d) In the event that the Trustee receives non-cash property in respect
of the Underlying Securities as a result of a payment default on the
Underlying Securities (including from the sale thereof), the Trustee will give
10 days notice to the Depositary, or for any Certificates which are not then
held by DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid, and to the Warrant Agent. Such
notice shall state that the Trustee shall, and the Trustee shall, not later
than 30 days after the receipt of such moneys or other property, allocate and
distribute such property to the holders of Class A-1 Certificates and Class
A-2 Certificates then outstanding and unpaid (after deducting the costs
incurred in connection therewith) in accordance with the priorities of
distribution established

                                      8
<PAGE>

pursuant to Section 5(a) hereof. Property other than cash will be liquidated
by the Trustee, and the proceeds thereof distributed in cash, only to the
extent necessary to avoid distribution of fractional securities to
Certificateholders. In-kind distribution of such property to
Certificateholders will be deemed to reduce the Certificate Principal Balance
of Certificates on a dollar-for-dollar basis.

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

     (f) If a payment with respect to the Underlying Securities is made to the
Trustee (i) after the payment date of the Underlying Securities on which such
payment was due or (ii) after the Underlying Securities are redeemed, prepaid
or liquidated in whole or in part for any reason other than at their maturity,
then the Trustee will distribute any such amounts received on the next
occurring Business Day (a "Special Distribution Date") as if the funds had
constituted Available Funds on the Distribution Date immediately preceding
such Special Distribution Date; provided, however, that the Record Date for
such Special Distribution Date shall be five (5) Business Days prior to the
day on which the related payment was received from the Underlying Securities
Trustee.

     (g) [Reserved].

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

     Section 6. Trustee's Fees.

     (a) As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Fee as agreed to separately in a fee agreement among
the Depositor and the Trustee. The Trustee Fee shall be paid by the Depositor
and not from Trust Property. The Trustee shall bear all Ordinary Expenses.
Failure by the Depositor to pay such amount shall not entitle the Trustee to
any payment or reimbursement from the Trust, nor shall such failure release
the Trustee from the duties it is required to perform under the Trust
Agreement.

                                      9
<PAGE>

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

     Section 7. Optional Exchange; Optional Redemption.

     (a) (i) Any Certificateholder may exchange Class A-1 Certificates, Class
A-2 Certificates and Call Warrants in the amounts set forth in subsection
7(a)(iv) below (each in the same proportion as the exchanged security bears to
the then outstanding securities held by the Trust for which it is being
exchanged), on each Distribution Date; provided, however, that such exchange
may not occur more frequently than quarterly (provided, further, that a
Certificateholder may exchange all Certificates and Call Warrants on any date
if it exercises all of the Certificates and Call Warrants). Any exchanging
Certificateholder will receive an in-kind distribution of the related
Underlying Securities representing a percentage of the related Underlying
Securities equal to the proportionate amount of the Class A-1 Certificates,
Class A-2 Certificates and Call Warrants being tendered as compared to the
then outstanding securities of the same designation; provided, however, that
any right to exchange shall be exercisable only if (a) the Trustee receives an
Opinion of Counsel that such exchange is consistent with applicable
requirements for exemption under Rule 3a-7 (or other applicable rule or
exemption) under the Investment Company Act of 1940, as amended, and all
applicable rules and regulations thereunder, and such exchange would not cause
the Trust to be treated as a corporation or publicly traded partnership
taxable as a corporation for federal income tax purposes and (b) to the extent
permitted under Section 7(a)(iv) hereof.

          (ii) Any such Certificateholder must provide notice to the Trustee
     (an "Exchange Request") at least 20 days but not more than 30 days prior
     to an Optional Exchange Date that it requests an Optional Exchange of
     Certificates on such Optional Exchange Date.

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

          (iv) Any such Optional Exchange will be subject to the following
     restrictions: (a) the Class A-1 Certificates to be exchanged have been
     held for a minimum of six months and (b) except where all of the
     Certificates and Call Warrants are exercised by one Certificateholder,
     each Optional Exchange is limited in amount to a maximum of 5% of the
     initial outstanding amount of Class A-1 Certificates, Class A-2
     Certificates and Call Warrants.

                                      10
<PAGE>

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

          (i) Any Rights Holder, in order for it to exercise its Call Rights
     in whole or in part, shall provide notice to the Trustee (a "Call
     Request") no more than 60 nor less than 20 days prior to any Call Date
     (or not less than five days notice prior to the expiration of a tender
     offer acceptance period), that it is exercising its Call Rights on such
     Call Date, indicating the principal amount of Underlying Securities as to
     which such call will be exercised.

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

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

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

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

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

                                      11
<PAGE>

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

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

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

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

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

     Section 8. Events of Default.

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

     Section 9. Miscellaneous.

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

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

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

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

     (e) The provisions of Section 3.07(d) of the Standard Terms shall not
apply to the Series 2004-1 Certificates.

     (f) If the Trustee has not received payment with respect to a Collection
Period on the Underlying Securities on or prior to the related Distribution
Date, such distribution will be made promptly upon receipt of such payment. No
additional amounts shall accrue on the Certificates

                                      12
<PAGE>

or be owed to Certificateholders as a result of such delay; provided, however,
that any additional interest owed and paid by the Underlying Securities Issuer
as a result of such delay shall be paid to the Certificateholders, pro rata in
proportion to their respective entitlements to such delayed payments.

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

     (h) The Trust may not engage in any business or activities other than in
connection with, or relating to, the holding, protecting and preserving of the
Trust Property, the issuance of the Certificates and compliance with the terms
of the Call Warrants, and other than those required or authorized by the Trust
Agreement or incidental and necessary to accomplish such activities. The Trust
may not issue or sell any certificates or other obligations other than the
Certificates and its obligations under the Call Warrants or otherwise incur,
assume or guarantee any indebtedness for money borrowed.

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

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

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

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

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

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

                                      13
<PAGE>

If to the Depositor, to:

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

If to the Trustee or the Warrant Agent, to:

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

If to the Rating Agencies, to:

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

and to:

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

If to the New York Stock Exchange, to:

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

                                      14
<PAGE>

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

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

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

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

     Section 12. Termination of the Trust. The Trust shall terminate upon the
earliest to occur of (i) the distribution in full of all proceeds from the
sale of all of the Underlying Securities or the distribution in-kind of all of
the Underlying Securities and all cash assets of the Trust in accordance with
the terms hereof, (ii) the payment in full at maturity of the Underlying
Securities and the distribution in full of all amounts due to the Class A-1
and Class A-2 Certificateholders; (iii) the payment in full of the Class A-1
Certificates upon exercise of all of the issued Call Rights under Section
7(b); and (iv) the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United
States to the Court of St. James, living on the date hereof.

     Section 13. Sale of Underlying Securities. In the event of a sale of the
Underlying Securities pursuant to Section 5(c) hereof, the Liquidation
Proceeds, if any, shall be deposited into the Certificate Account for
distribution to the Class A-1 and Class A-2 Certificateholders pursuant to
Section 5(a). The Trustee shall only deliver the Underlying Securities to the
purchaser of such Underlying Securities against payment in same day funds
deposited into the Certificate Account.

     Section 14. Amendments. Notwithstanding anything in the Trust Agreement
to the contrary, in addition to the other restrictions on modification and
amendment contained therein and subject to Section 7(b) hereof, the Trustee
shall not enter into any amendment or modification of the Trust Agreement
which would adversely affect in any material respect the interests of the
holders of any class of Certificates without the consent of the holders of
100% of such class of Certificates; provided, however, that no such amendment
or modification will be permitted which would cause the Trust to be treated as
a corporation or publicly traded partnership taxable as a corporation for
federal income tax purposes. Further, no amendment shall be permitted which
would adversely affect in any material respect the interests of the Class A-1
Certificateholders unless the Rating Agency Condition is satisfied with
respect to such amendment.

                                      15
<PAGE>

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

     (a) The Trustee, as holder of the Underlying Securities, has the right to
vote and give consents and waivers in respect of the Underlying Securities as
permitted by the Depository and except as otherwise limited herein and by the
Trust Agreement. In the event that the Trustee receives a request from the
Depository, the Underlying Securities Trustee or the Underlying Securities
Issuer for its consent to any amendment, modification or waiver of the
Underlying Securities, the Indenture or any other document thereunder or
relating thereto, or receives any other solicitation for any action with
respect to the Underlying Securities, the Trustee shall mail a notice of such
proposed amendment, modification, waiver or solicitation to each
Certificateholder of record as of such date. The Trustee shall request
instructions from the Certificateholders as to whether or not to consent to or
vote to accept such amendment, modification, waiver or solicitation. The
Trustee shall consent or vote, or refrain from consenting or voting, in the
same proportion (based on the relative outstanding Certificate Principal
Balances of the Certificates) as the Certificates were actually voted or not
voted by the Certificateholders thereof as of a date determined by the Trustee
prior to the date on which such consent or vote is required, after weighing
the votes of the Certificateholders; provided, however, that, notwithstanding
anything in the Trust Agreement to the contrary but subject to Section 5.20
thereof, the Trustee shall at no time vote on or consent to any matter (i)
unless such vote or consent would not (based on an opinion of counsel) cause
the Trust to be treated as a corporation or publicly traded partnership
taxable as a corporation for federal income tax purposes or result in the
imposition of tax upon the Certificateholders, (ii) which would alter the
timing or amount of any payment on the Underlying Securities, including,
without limitation, any demand to accelerate the Underlying Securities, except
in the event of a default under the Underlying Securities or an event which
with the passage of time would become an event of default under the Underlying
Securities and with the unanimous consent of all outstanding Class A-1
Certificateholders and the Class A-2 Certificateholders, or (iii) which would
result in the exchange or substitution of any of the outstanding Underlying
Securities pursuant to a plan for the refunding or refinancing of such
Underlying Securities except in the event of a default under the Indenture and
only with the consent of Certificateholders representing 100% of the Voting
Rights with respect thereto. The Trustee shall have no liability for any
failure to act resulting from Certificateholders' late return of, or failure
to return, directions requested by the Trustee from the Certificateholders.

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

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

                                      16
<PAGE>

action as may be appropriate to direct, the Underlying Securities Trustee to
declare the unpaid principal amount of the Underlying Securities and any
accrued and unpaid interest thereon to be due and payable.

                                      17
<PAGE>

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

                                 ABN AMRO SCORS Depositor Inc.,
                                     as Depositor

                                 By:_________________________________________
                                      Name:
                                      Title:

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

                                 By:_________________________________________
                                      Name:
                                      Title:

                                      18
<PAGE>

                                                                    SCHEDULE I

                                 SERIES 2004-1

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:                      [   ]%.

Underlying Securities Issuer:               [                           ]

CUSIP Number:                               [                           ]

Principal Amount Deposited:                 [                           ]

Original Issue Date:                        [                           ]

Principal Amount of
Underlying Securities
Originally Issued:                          [                           ]

Maturity Date:                              [                           ]

Principal Payment Date:                     [                           ]

Interest Rate:                              [   ]%.

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

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

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

Redemption/Put/Other Features               None.

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

Underlying Securities Trustee               [   ].

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

                                      19
<PAGE>

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

                                      20
<PAGE>

                                                                   SCHEDULE II

                                 CALL SCHEDULE

         Distribution Date                               Value

<PAGE>

                                                                   EXHIBIT A-1

              FORM OF CLASS A-1 ABN AMRO SCORS TRUST CERTIFICATE
              --------------------------------------------------

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

                      SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

                         ABN AMRO SCORS DEPOSITOR INC.

                                 [    ] $[     ] PAR

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

                                 SERIES 2004-1

[    ]% INTEREST RATE

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

                                      A-1-1
<PAGE>

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

The Trust was created pursuant to a Standard Terms for Trust Agreements, dated
as of [          ], 2004 (the "Standard Terms"), between the Depositor and
[       ], a national banking association, not in its individual capacity but
solely as Trustee (the "Trustee"), as supplemented by the Series Supplement,
Series 2004-1, dated as of [            , 2004] (the "Series Supplement" and,
together with the Standard Terms, the "Trust Agreement"), between the
Depositor and the Trustee. This Certificate does not purport to summarize the
Trust Agreement and reference is hereby made to the Trust Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and obligations of
the Trustee with respect hereto. A copy of the Trust Agreement may be obtained
from the Trustee by written request sent to the Corporate Trust Office.
Capitalized terms used but not defined herein have the meanings assigned to
them in the Trust Agreement.

This Certificate is one of the duly authorized Certificates designated as the
"ABN AMRO SCORS Trust Certificates, Series 2004-1, Class A-1" (herein called
the "Certificates"). This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. The Trust Property consists of: (i)
Underlying Securities described in the Trust Agreement, subject to the Call
Warrants with respect thereto; (ii) all payments on or collections or other
proceeds in respect of the Underlying Securities accrued on or after [       ]
and until, with respect to any portion of the Underlying Securities as to
which the Call Warrants are duly exercised in accordance with the Trust
Agreement, the payment of the related Call Price and the completion of such
exercise; and (iii) all funds from time to time deposited with the Trustee
relating to the Certificates, together with any and all income, proceeds and
payments with respect thereto.

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

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

                                      A-1-2
<PAGE>

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

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

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

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

                                      A-1-3
<PAGE>

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

                         ABN AMRO SCORS TRUST CERTIFICATES,
                         SERIES 2004-1 TRUST

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

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

Dated:  [                     ]

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

[                                        ]
not in its individual capacity but solely as
Trustee,

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

                                      A-1-4
<PAGE>

                           (REVERSE OF CERTIFICATE)

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

The Trust Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Depositor and the Trustee and the rights of the Certificateholders under the
Trust Agreement at any time by the Depositor and the Trustee with the consent
of the holders of Class A-1 Certificates and Class A-2 Certificates in the
manner set forth in the Series Supplement and the Standard Terms. Any such
consent by the Holder of this Certificate (or any predecessor Certificate)
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent in
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders
of any of the Certificates.

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

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

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

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

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

The Trust and the obligations of the Depositor and the Trustee created by the
Trust Agreement with respect to the Certificates shall terminate upon the
earliest to occur of (i) the payment in full at maturity or sale by the Trust
after a payment default or an acceleration or other early payment of the
Underlying Securities and the distribution in full of all amounts due to the
Class A-1 Certificateholders and Class A-2 Certificateholders; (ii) the
payment in full of the Class A-1 Certificates upon exercise of all of the
issued Call Rights under Section 7(b) of the Series

                                      A-1-5
<PAGE>

Supplement; and (iii) the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the
United States to the Court of St. James, living on the date hereof.

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

                                      A-1-6
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                        *
                                                    Signature Guaranteed:

                                                        *

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

                                      A-1-7

<PAGE>

                                                Preliminary--Subject to Change

                      STANDARD TERMS FOR TRUST AGREEMENTS
                                    between

                        ABN AMRO SCORS Depositor Inc.,

                                 as Depositor

                                      and

                     U.S. Bank Trust National Association,

                                  as Trustee

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

                             Dated as of [o], 2004

<PAGE>

                               TABLE OF CONTENTS

                                                                          Page

                                   ARTICLE I
                          Definitions and Assumptions

SECTION 1.01.   Definitions..................................................1
SECTION 1.02.   Rules of Construction.......................................15
SECTION 1.03.   Compliance Certificates and Opinions; Record Date...........16

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

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

                                  ARTICLE III
                         Administration of each Trust

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

                                  ARTICLE IV
                Distributions and Reports to Certificateholders

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

                                      i
<PAGE>

                                   ARTICLE V
                               The Certificates

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

                                  ARTICLE VI
                                 The Depositor

SECTION 6.01.   Liability of the Depositor..................................45
SECTION 6.02.   Limitation on Liability of the Depositor....................45
SECTION 6.03.   Depositor May Purchase Certificates.........................46
SECTION 6.04.   Merger or Consolidation of the Depositor....................46
SECTION 6.05.   No Liability of the Depositor with Respect to the
                Underlying Securities; Certificateholders to Proceed
                Directly Against the Issuer(s)..............................47

                                  ARTICLE VII
                            Concerning the Trustee

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

                                      ii
<PAGE>

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

                                 ARTICLE VIII
                                 Market Agent

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

                                  ARTICLE IX
                                  Termination

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

                                   ARTICLE X
                           Miscellaneous Provisions

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

                                     iii

<PAGE>

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

                             PRELIMINARY STATEMENT

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

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

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

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

                                  ARTICLE I

                          Definitions and Assumptions

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

          "Account" As defined in Section 3.05.

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

          "Administration Account" As defined in Section 7.02.

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

<PAGE>

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

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

          "Advance" As defined in Section 4.04.

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

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

          "Authenticating Agent" As defined in Section 5.14.

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

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

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

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

                                      2
<PAGE>

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

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

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

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

          "Certificate Account" As defined in Section 3.03.

          "Certificate Owners" As defined in Section 5.08.

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

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

          "Certificateholder" Any Holder of a Certificate.

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

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

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

                                      3
<PAGE>

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

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

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

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

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

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

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

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

          "Currency" shall mean Dollars.

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

          "Definitive Certificates" As defined in Section 5.08.

                                      4
<PAGE>

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

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

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

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

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

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

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

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

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

                                      5
<PAGE>

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

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

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

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

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

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

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

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

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

                                      6
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      7
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      8
<PAGE>

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

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

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

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

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

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

          "Optional Exchange Date" With respect to any Series (or Class with
such Series), as defined, if applicable, in the related Series Supplement;
provided, that, such date may not occur more frequently than quarterly.

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

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

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

               (ii) Certificates in exchange for or in lieu of which other
          Certificates have been authenticated and delivered pursuant to this
          Trust Agreement, unless

                                      9
<PAGE>

          proof satisfactory to the Trustee is presented that any such
          Certificates are held by a bona fide purchaser in whose hands such
          Certificates are valid obligations of the Trust;

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

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

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

          "Paying Agent" As defined in Section 5.13.

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

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

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

                                      10
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      11
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                      12
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      13
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      14
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                      15
<PAGE>

               (iii) "or" is not exclusive;

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

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

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

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

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

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

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

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

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

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

                                      16
<PAGE>

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

                                  ARTICLE II

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

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

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

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

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

                                      17
<PAGE>

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

               (ii) the Underlying Securities so delivered are genuine;

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

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

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

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

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

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

                                      18
<PAGE>

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

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

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

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

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

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

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

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

                                      19
<PAGE>

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

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

                                 ARTICLE III

                         Administration of each Trust

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

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

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

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

                                      20
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                      21
<PAGE>

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

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

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

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

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

                                      22
<PAGE>

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

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

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

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

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

          SECTION 3.08. Retained Interest. The Retained Interest, if any, in
any Underlying Security shall initially be held by the Person so specified in
the related Series Supplement as and to the extent specified therein. With
respect to each Underlying Security, unless otherwise specified in the related
Series Supplement, the Retained Interest shall be deducted by the Trustee from
applicable collections in respect of such Underlying Security.

                                      23
<PAGE>

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

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

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

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

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

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

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

          (b) deliver to the Trustee within 15 days after the Depositor is
required to file the same with the Commission, such additional information,
documents and reports with respect

                                      24
<PAGE>

to compliance by the Depositor with the conditions and covenants of this
Agreement, if any, as is required to be filed with the Commission from time to
time by such rules and regulations;

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

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

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

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

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

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

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

                                      25
<PAGE>

          may be obtained by any Certificateholder by a request in writing
          to the Depositor addressed to the Corporate Trust Office of the
          Trustee.

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

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

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

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

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

                                      26
<PAGE>

                                  ARTICLE IV

                Distributions and Reports to Certificateholders

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

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

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

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

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

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

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

                                      27
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      28
<PAGE>

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

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

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

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

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

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

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

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

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

                                      29
<PAGE>

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

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

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

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

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

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

                                      30
<PAGE>

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

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

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

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

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

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

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

                                      31
<PAGE>

               (4) specified dates during which a Holder may effect such an
          exchange (each, an Optional Exchange Date); provided, that, an
          Optional Exchange Date may not occur more frequently than quarterly;

               (5) a requirement that the Certificates to be exchanged have
          been held by the exchanging Holder for a minimum of six months;

               (6) a requirement that no more than 5% of the initial
          outstanding amount of the Certificates and call warrants can be
          exchanged by a Holder on an Optional Exchange Date, provided that a
          Holder may exchange all of the Certificates and call warrants at any
          time;

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

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

          (b) Unless otherwise provided in the applicable Series Supplement,
no Certificate may be exchanged by a Certificateholder pursuant to the
preceding paragraph unless the Trustee has received notice thereof at least 20
days but not more than 30 days prior to an Optional Exchange Date in
accordance with delivery instructions specified in the applicable Series
Supplement (i) such Certificate with the form entitled "Option to Elect
Exchange" on the reverse thereof duly completed, or (ii) in the case of
Registered Certificates, a telegram, telex, facsimile transmission or letter
from a member of a national securities exchange or the NASD the Depository (in
accordance with its normal procedures) or a commercial bank or trust company
in the United States setting forth the name of the Holder of such Registered
Certificate, the Certificate Principal Balance or Notional Amount of such
Registered Certificate to be exchanged, the Certificate number or a
description of the tenor and the terms of such Registered Certificate, a
statement that the option to elect exchange is being exercised thereby and a
guarantee that the Registered Certificate to be exchanged with the form
entitled "Option to Elect Exchange" on the reverse of the Registered
Certificate duly completed will be received by such Trustee not later than
five Business Days after the date of such telegram, telex, facsimile
transmission or letter. If the procedure described in clause (ii) of the
preceding sentence is followed, then such Registered Certificate and form duly
completed must be received by such Trustee by such fifth Business Day. Any
tender of a Certificate by the Holder thereof for exchange shall be
irrevocable. Unless otherwise provided in the applicable Series Supplement,
the exchange option may be exercised pursuant to this Section by the Holder of
a Certificate for less than the entire Certificate Principal Balance or
Notional Amount of such Certificate provided that the Certificate Principal
Balance or Notional Amount, as applicable, of such Certificate remaining
Outstanding after redemption is an authorized denomination and all other
exchange requirements set forth in the related Series Supplement are
satisfied. Upon such partial exchange, such Certificate shall be cancelled and
a new Certificate or Certificates for the remaining Certificate Principal
Balance or Notional Amount thereof shall be issued (which, in

                                      32
<PAGE>

the case of any Registered Certificate, shall be in the name of the Holder of
such exchanged Certificate).

                                  ARTICLE V

                               The Certificates

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

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

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

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

                                      33
<PAGE>

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

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

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

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

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

                                      34
<PAGE>

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

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

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

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

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

                                      35
<PAGE>

or Notional Amount, as applicable, of the Global Security or Securities
representing Certificates of such Series or Class in exchange for such Global
Security or Securities.

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

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

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

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

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

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

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

                                      36
<PAGE>

Medallion Program (SEMP) or New York Stock Exchange Inc. Medallion Signature
Program (MSP).

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

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

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

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

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

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

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

                                      37
<PAGE>

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

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

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

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

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

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

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

                                      38
<PAGE>

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

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

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

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

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

                                      39
<PAGE>

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

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

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

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

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

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

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

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

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

                                      40
<PAGE>

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

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

          (b) Any institution succeeding to the corporate agency business of
any Authenticating Agent shall continue to be an Authenticating Agent without
the execution or filing of any power or any further act on the part of the
Trustee or such Authenticating Agent. An Authenticating Agent may at any time
resign by giving notice of resignation to the Trustee and to the Depositor.
The Trustee may at any time terminate the agency of an Authenticating Agent by
giving notice of termination to such Authenticating Agent and to the
Depositor. Upon

                                      41
<PAGE>

receiving such a notice of resignation or upon such a termination, or in case
at any time an Authenticating Agent shall cease to be acceptable to the
Trustee or the Depositor, the Trustee promptly may appoint a successor
Authenticating Agent. Any successor Authenticating Agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named
as an Authenticating Agent. No successor Authenticating Agent shall be
appointed unless acceptable to the Depositor. The Trustee agrees to pay to
each Authenticating Agent from time to time reasonable compensation for its
services under this Section. The provisions of Section 7.01, 7.03 and 7.04
shall be applicable to any Authenticating Agent.

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

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

Dated:

                                as Authenticating Agent
                                         for the Trustee,

                                By
                                  -------------------------------------

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

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

                                      42
<PAGE>

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

          (c) By accepting delivery of a Certificate, whether upon original
issuance or subsequent transfer, exchange or replacement thereof, and without
regard to whether ownership is beneficial or otherwise, the Certificateholder
agrees so long as it is an owner of such Certificate that it shall not grant
any consent (i) to any conversion of the timing of payment of, or the method
or rate of accruing of, interest on the Underlying Securities underlying the
Certificates held by such Certificateholder or (ii) to any redemption or
prepayment of the Underlying Securities underlying the Certificates held by
such Certificateholder. The Trustee shall not grant any consent solicited from
the owners of the Underlying Securities with respect to any conversion of the
timing of payment of, or the method or rate of accruing of, interest on the
Underlying Securities underlying the Certificates held by such
Certificateholder or to any redemption or prepayment of the Underlying
Securities nor shall it accept or take any action in respect of any consent,
proxy or instructions received from any Certificateholder in contravention of
the provisions of this Agreement.

          SECTION 5.16. Actions by Certificateholders.

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

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

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

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

          SECTION 5.18. Judicial Proceedings Instituted by Trustee; Trustee
May Bring Suit. If there shall be a failure to make payment of the principal
of or premium, if any, or interest on any Underlying Security, then, subject
to Sections 5.19 and 5.20, the Trustee, in its own name, and as trustee of an
express trust, as holder of such Underlying Security, shall be, to the extent
permitted by and in accordance with the terms of the Underlying Security,
subject to

                                      43
<PAGE>

the limitations on acceleration and the exercise of remedies set forth
therein, entitled and empowered to institute any suits, actions or proceedings
at law, in equity or otherwise, including the power to make a demand on the
trustee in respect of such Underlying Security, if provided for, to take
action to enforce the Underlying Security for the collection of the sums so
due and unpaid on such Underlying Security and may prosecute any such claim or
proceeding to judgment or final decree with respect to the whole amount of any
such sums so due and unpaid.

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

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

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

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

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

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

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

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

          Upon any such direction, the Trustee shall vote such percentage of
the Underlying Securities of the corresponding Series held by the Trustee as
corresponds to the percentage of the aggregate principal amount of the
Outstanding Certificates of such Series held by Holders who directed the
Trustee to waive such default or Event of Default thereunder. Upon any waiver
that

                                      44
<PAGE>

is effective under the terms of such Class of Underlying Securities to
waive such default or Event of Default, such default or Event of Default shall
cease to exist with respect to this Trust Agreement, and, in the case of a
default, any Event of Default arising therefrom shall be deemed to have been
cured for every purpose of this Trust Agreement and any direction given by the
Trustee on behalf of such Certificateholders or in respect of any Underlying
Securities shall be annulled with respect thereto; but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

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

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

                                  ARTICLE VI

                                 The Depositor

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

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

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

          Unless otherwise provided in a related Series Supplement, the Trust
will indemnify and hold harmless the Depositor and any director, officer,
employee or agent of the Depositor against any loss, liability or expense
incurred in connection with any legal action

                                      45
<PAGE>

relating to the Trust Agreement or the Certificates, other than any loss,
liability or expense incurred by reason of willful misfeasance, bad faith or
gross negligence in the performance of duties by the Depositor and any of its
directors, officers, employees or agents hereunder or by reason of reckless
disregard of their obligations and duties hereunder.

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

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

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

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

          SECTION 6.04. Merger or Consolidation of the Depositor. Nothing in
this Trust Agreement shall prevent any consolidation or merger of the
Depositor with or into any other corporation, or any consolidation or merger
of any other corporation with or into the Depositor or any sale or transfer of
all or substantially all of the property and assets of the Depositor to any
other Person lawfully entitled to acquire the same; provided, however, that,
so long as Certificates are outstanding hereunder, the Depositor covenants and
agrees that any such consolidation, merger, sale or transfers shall be upon
the condition that the due and punctual performance and observance of all the
terms, covenants and conditions of this Trust Agreement

                                      46
<PAGE>

to be kept or performed by the Depositor shall be assumed by the Person (if
other than the Depositor) formed by or resulting from any such consolidation
or merger, or which shall have received the transfer of all or substantially
all of the property and assets of the Depositor, just as fully and effectually
as if successor Person had been the original party of the first part hereto;
and in the event of any such sale or transfer the predecessor Depositor may be
dissolved, wound up and liquidated at any time thereafter.

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

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

                                 ARTICLE VII

                            Concerning the Trustee

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

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

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

                                      47
<PAGE>

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

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

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

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

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

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

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

                                      48
<PAGE>

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

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

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

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

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

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

                                      49
<PAGE>

means, with respect to any Class of Certificates, any event that is, or after
notice or lapse of time or both would become, an Event of Default with respect
to such Class of Certificates.

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

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

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

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

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

          SECTION 7.02. Between Trustee, Administrative Agent and
Sub-Administrative Agents. (a) Unless otherwise provided in a Series
Supplement, the Trustee may enter into an Administration Agreement with an
Administrative Agent and the Trustee and any Administrative Agent may enter
into Sub-Administration Agreements with one or more Sub-Administrative Agents
in order to delegate certain administrative obligations with respect to a
related Series under this Trust Agreement to such Administrative Agent and
Sub-Administrative Agents, as applicable; provided, however, that (i) such
delegation shall not release the Trustee or the Administrative Agent, as
applicable, from the duties, obligations, responsibilities or liabilities
arising under this Trust Agreement; (ii) the Rating Agency Condition shall
have been satisfied with respect to the entering into of any such agreement
and (iii) such agreements are consistent with the terms of these Standard
Terms and, with respect to Certificates of any Series, the related Series
Supplement. With respect to any Series (or Class within such Series) of
Certificates, each Administration Agreement and Sub-Administration Agreement
shall impose on the Administrative Agent and the Sub-Administrative Agent, as
applicable, requirements conforming to the provisions set forth in Section
3.01 and provide for administration of the

                                      50
<PAGE>

related Trust and all or certain specified Underlying Securities for such
Series consistent with the terms of this Trust Agreement. Under no
circumstances will an entity affiliated with an Underlying Securities Issuer
be appointed as either an Administrative Agent or a Sub-Administrative Agent.
Additional requirements relating to the scope and contents of any
Administration Agreement or Sub-Administration Agreement, as applicable, may
be provided in the applicable Series Supplement. The Trustee and the
Administrative Agent, if applicable, shall deliver to the Depositor copies of
the Administration Agent Agreement and all such Sub-Administration Agreements
entered into, and any amendments or modifications thereof, promptly upon the
Trustee's or the Administrative Agent's, if applicable, execution and delivery
of any such instruments.

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

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

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

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

                                      51
<PAGE>

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

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

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

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

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

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

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

               (v) the Trustee shall not be bound to make any investigation
          into the facts of matters stated in any resolution, certificate,
          statement, instrument, opinion, report, notice, request, consent,
          order, appraisal, approval, bond or other paper or document believed
          by it to be genuine, unless requested in writing to do so by

                                      52
<PAGE>

          Holders of the Required Percentage -- Direction of Trustee of the
          aggregate Voting Rights of the affected Series (or Class or Classes
          within any such Series), as specified by the applicable Series
          Supplement; provided, however, that if the payment within a
          reasonable time to the Trustee of the costs, expenses or liabilities
          likely to be incurred by it in the making of such investigation is,
          in the opinion of the Trustee, not reasonably assured to the Trustee
          by the security afforded to it by the terms of this Trust Agreement,
          the Trustee may require reasonable indemnity against such expense or
          liability as a condition to taking any such action;

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

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

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

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

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

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

          (b) If the Prepaid Ordinary Expenses set forth in the Series
Supplement is greater than zero, the Trustee acknowledges that the Depositor
has paid to the Trustee an amount

                                      53
<PAGE>

equal to the Prepaid Ordinary Expenses, and the Trustee agrees that the
payment of such amount shall constitute full and final satisfaction of and
payment for all Ordinary Expenses.

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

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

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

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

          SECTION 7.07. Eligibility Requirements for Trustee. The Trustee
hereunder shall at all times be a corporation or an association which is not
an Affiliate of the Depositor, the Underlying Securities Issuer or the Credit
Support Provider (but may have normal banking relationships with such parties
and their Affiliates) organized and doing business under the laws

                                      54
<PAGE>

of any State or the United States, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such corporation or association (or its parent) publishes
reports of conditions at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section the combined capital and surplus of such corporation
or association shall be deemed to be its combined capital and surplus as set
forth in its most recent report of conditions so published. Such corporation
or association (or its parent) must be rated in one of the four highest rating
categories by the Rating Agency. In the event that at any time such Trustee
shall cease to be eligible in accordance with the provisions of this Section,
such Trustee shall resign immediately in the manner and with the effect
specified in Section 7.08.

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

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

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

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

          (e) In case at any time the Trustee acting hereunder notifies the
Depositor that it elects to resign or the Depositor or Holders of the Required
Percentage--Removal of Trustee of Certificates notifies or notify the Trustee
that it or they elects or elect to remove the Trustee as Trustee, the
Depositor shall, within ninety (90) days after the delivery of the notice of
resignation

                                      55
<PAGE>

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

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

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

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

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

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

               (ii) neither the execution nor the delivery by the Trustee of
          this Trust Agreement, nor the consummation by it of the transactions
          contemplated hereby nor compliance by it with any of the terms or
          provisions hereof will contravene any Federal or New York law,
          governmental rule or regulation governing the banking or trust
          powers of the Trustee or any judgment or order binding on it, or

                                      56
<PAGE>

          violate its charter documents or by-laws or constitute a default
          under (or an event which, without notice or lapse of time or both,
          would constitute a default) under, or result in the breach or
          acceleration of any material contract, indenture, mortgage,
          agreement or instrument to which it is a party or by which any of
          its properties may be bound;

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

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

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

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

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

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

                                      57
<PAGE>

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

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

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

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

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

                                      58
<PAGE>

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

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

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

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

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

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

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

          SECTION 7.17. Trustee's Application for Instructions from the
Depositor. Any application by the Trustee for written instructions from the
Depositor may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Trust Agreement and
the date on and/or after which such action shall be taken or such omission
shall be effective, if, but only if, the obligations of the Trustee with
respect to such proposed

                                      59
<PAGE>

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

                                 ARTICLE VIII

                                 Market Agent

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

                                  ARTICLE IX

                                  Termination

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

                                      60
<PAGE>

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

          (c) Upon presentation and surrender of the Certificates by the
Certificateholders to the Trustee at the locations specified in Section 5.05
on the Final Scheduled Distribution Date or the Distribution Date coinciding
with or next following the earlier to occur of the occurrences specified in
9.01(a), with respect to the applicable Series of Certificates, the Trustee
shall, upon its cancellation of each surrendered Certificate, distribute to
each Holder presenting and surrendering its Certificates (i) the amount
otherwise distributable on such Distribution Date in accordance with Section
4.01 in respect of the Certificates so presented and surrendered, or (ii) as
specified in the applicable Series Supplement, if in connection with the
Trustee's sale of all the remaining Underlying Securities. Any funds not
distributed on such Distribution Date shall be set aside and held in trust for
the benefit of Certificateholders not presenting and surrendering their
Certificates in the aforesaid manner, and shall be disposed of in accordance
with this Section 9.01 and Section 4.01 hereof. Immediately following the
deposit of funds in trust hereunder, the Trust for such Series shall
terminate.

                                  ARTICLE X

                           Miscellaneous Provisions

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

          (b) Without limiting the generality of the foregoing, with respect
to any Series, unless otherwise specified in a related Series Supplement, this
Trust Agreement may also

                                      61
<PAGE>

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

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

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

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

          (b) No Certificateholder of a given Series shall have any right to
vote (except as expressly provided for herein) or in any manner otherwise
control the operation and management of any Trust, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Certificates, be construed so as to constitute the Certificateholders
from time to time as partners or members of an association; nor shall any

                                      62
<PAGE>

Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Trust Agreement pursuant to any provision
hereof.

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

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

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

          (b) Any notice required to be provided to a Holder of a Registered
Certificate shall be given by first class mail, postage prepaid, at the last
address of such Holder as shown in the Certificate Register. Any notice so
mailed within the time prescribed in this Trust

                                      63
<PAGE>

Agreement shall be conclusively presumed to have been duly given when mailed,
whether or not the Certificateholder receives such notice.

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

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

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

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

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

               (ii) the resignation or termination of the Trustee;

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

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

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

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

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

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

                                      64
<PAGE>

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

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

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

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

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

                                      65
<PAGE>

unconditional sale of the Underlying Securities and assets constituting the
applicable Trust by the Depositor to the Trustee.

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

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

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

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

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

          SECTION 10.12. Segregation Provisions.

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

                                      66
<PAGE>

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

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

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

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

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

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

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

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

                                      67
<PAGE>

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

                                 ABN AMRO SCORS DEPOSITOR INC.,
                                 as Depositor

                                 By:_________________________________________
                                    Name:
                                    Title:

                                 U.S. BANK TRUST NATIONAL ASSOCIATION,
                                 as Trustee

                                 By:__________________________________________
                                    Name:
                                    Title:

                                      68EXHIBIT 4.10

                     AMERICAN HOME MORTGAGE INVESTMENT CORP.

                             ARTICLES SUPPLEMENTARY

                     ESTABLISHING AND FIXING THE RIGHTS AND
                                 PREFERENCES OF
              9.25% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK

      American Home Mortgage Investment Corp., a corporation organized and
existing under the laws of the State of Maryland (the "Corporation"), certifies
to the State Department of Assessments and Taxation of Maryland (the
"Department") that:

      FIRST: Pursuant to the authority expressly vested in the Board of
Directors of the Corporation (sometimes referred to herein as the "Board") by
Article V of the charter (the "Charter") of the Corporation and Section 2-105 of
the Maryland General Corporation Law (the "MGCL"), the Board of Directors of the
Corporation, on April 27, 2004, November 8, 2004 and December 9, 2004, adopted
resolutions authorizing the Corporation, among other things, to issue up to a
stated maximum number of shares of preferred stock, par value $0.01 per share
(the "Preferred Stock"), of the Corporation and appointing, pursuant to the MGCL
and the powers contained in the Bylaws of the Corporation, a committee (the
"Committee" or the "Preferred Stock Transaction Committee") of the Board of
Directors comprised of Michael Strauss and delegating to the Committee, to the
fullest extent permitted by Maryland law and the Charter and Bylaws of the
Corporation, all powers of the Board of Directors with respect to classifying,
authorizing, approving, ratifying and/or confirming the terms of the Preferred
Stock to be issued, including, without limitation, the preferences, conversion
and other rights, voting powers, restrictions, limitations as to dividends and
other distributions, qualifications and terms and conditions of redemption, and
determining the consideration per share to be received in respect of the
issuance and sale of each share of Preferred Stock to be issued and sold, and
the number of shares of Preferred Stock to be so classified or reclassified and
issued by the Corporation, subject to the limitations set forth in the
resolutions of the Board of Directors adopted on April 27, 2004, November 8,
2004 and December 9, 2004.

      SECOND: Pursuant to the authority conferred upon the Committee as
aforesaid, the Committee has on December 9, 2004, adopted resolutions
classifying and designating as a separate series of Preferred Stock the 9.25%
Series B Cumulative Redeemable Preferred Stock, with the preferences,
conversions and other rights, voting powers, restrictions, limitations as to
distributions, qualifications and terms and conditions of redemption and other
terms and conditions of such 9.25% Series B Cumulative Redeemable Preferred
Stock (within the limitations set by the Board of Directors in the resolutions
adopted on April 27, 2004, November 8, 2004 and December 9, 2004 and referred to
in Article FIRST of these Articles Supplementary) and establishing 3,450,000 as
the number of shares initially to be so classified and designated, and
authorizing the issuance of up to 3,450,000 shares of 9.25% Series B Cumulative
Redeemable Preferred Stock. Capitalized terms used in these Articles
Supplementary and not otherwise defined in these Articles Supplementary shall
have the meanings otherwise ascribed thereto in the Charter.

<PAGE>

      THIRD: The separate series of Preferred Stock of the Corporation created
by the resolutions duly adopted by the Board of Directors of the Corporation and
by the Committee and referred to in Articles FIRST and SECOND of these Articles
Supplementary shall have the designation, number of shares, preferences,
conversion and other rights, voting powers, restrictions and limitations as to
dividends, qualifications, terms and conditions of redemption and other terms
and conditions as follows (and which, upon any restatement of the Charter, may
be made a part of Article V thereof, with any necessary or appropriate changes
to the numeration or lettering of the sections or subsections hereof):

      (1) Designation and Number. A series of Preferred Stock, designated the
"9.25% Series B Cumulative Redeemable Preferred Stock" (the "Series B Preferred
Stock"), is hereby established. Pursuant to the Charter of the Corporation, the
Series B Preferred Stock is also a separate class of Preferred Stock. The number
of shares of Series B Preferred Stock initially shall be 3,450,000 (the "Series
B Preferred Shares").

      (2) Rank. The Series B Preferred Stock will rank, with respect to dividend
rights and rights upon voluntary or involuntary liquidation, dissolution or
winding up of the Corporation, (a) senior to all classes or series of Common
Stock (as defined in the Charter) and to all equity securities of the
Corporation the terms of which provide that such equity securities shall rank
junior to such Series B Preferred Stock; (b) on a parity with all equity
securities issued by the Corporation (including the Corporation's 9.75% Series A
Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock")) other
than those referred to in clauses (a) and (c) of this Section 2 (it being the
intent of the Corporation that the Series B Preferred Stock be on a parity with
the Series A Preferred Stock with respect to dividend rights and rights upon
voluntary or involuntary liquidation, dissolution or winding up of the
Corporation, notwithstanding any provision contained in these Articles
Supplementary, which, if given effect, would make the Series B Preferred Stock
not in parity with the Series A Preferred Stock, and any such provision
contained in these Articles Supplementary shall be of no force or effect); and
(c) junior to all equity securities issued by the Corporation the terms of which
provide that such equity securities will rank senior to the Series B Preferred
Stock in accordance with Section 6(d) of this Article THIRD, and to the existing
and future debt of the Corporation, including, prior to conversion of such debt,
any debt convertible into equity securities of the Corporation.

      (3) Dividends.

      (a) Holders of Series B Preferred Shares shall be entitled to receive, if,
when and as declared by the Board, out of funds legally available for the
payment of dividends, cumulative preferential cash dividends at the rate of
9.25% of the $25.00 liquidation preference per annum (equivalent to $2.3125 per
annum per share). Such dividends shall accumulate on a daily basis computed on
the basis of a 360-day year consisting of twelve 30-day months and be cumulative
from the date of original issue of each Series B Preferred Share and shall be
payable quarterly (such quarterly periods for purposes of payment and accrual
will be the quarterly periods ending on the dates specified in this sentence and
not calendar year quarters) in equal amounts in arrears on the last calendar day
of each January, April, July and October, or, if not a business day, the next
succeeding business day, commencing, with respect to the Series B Preferred
Shares issued and outstanding on the corresponding Dividend Record Date (as
defined below), on January 31, 2005 (each, a "Dividend Payment Date"). Dividends
shall be payable to holders of record as they appear in the share records of the
Corporation at the close of business on the applicable

                                       2
<PAGE>

record date (each, a "Dividend Record Date"), which shall be the date designated
by the Board for the payment of dividends that is not more than 30 nor less than
10 days prior to the applicable payment date therefor. Any dividend payable on
the Series B Preferred Shares for any partial dividend period shall be prorated
and computed on the basis of a 360-day year consisting of twelve 30-day months
(it being understood that the dividend payable on January 31, 2005 will be for
less than a regular full dividend period). A "dividend period" shall mean the
period from and excluding the date of initial issuance of any Series B Preferred
Shares to and including the first Dividend Payment Date, and each subsequent
period from and excluding a Dividend Payment Date to and including the next
succeeding Dividend Payment Date or other date as of which accumulated dividends
are to be calculated. If any date on which distributions are to be made on the
Series B Preferred Stock is not a business day, then payment of the distribution
to be made on such date will be made on the next succeeding day that is a
business day (and without any interest or other payment in respect of any such
delay) except that, if such business day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding business day, in
each case with the same force and effect as if made on such date.
Notwithstanding any provision to the contrary contained herein, each outstanding
share of Series B Preferred Stock shall be entitled to receive, and shall
receive, a dividend with respect to any Dividend Record Date equal to the
dividend paid with respect to each other share of Series B Preferred Stock which
is outstanding on such date which shall be equal to the greatest dividend per
share payable on any such share on such date. Accordingly, notwithstanding
anything to the contrary set forth herein, each share of Series B Preferred
Stock issued and outstanding on the record date for the first dividend payment
on the Series B Preferred Stock following the initial issuance of shares of
Series B Preferred Stock on December 15, 2004, shall accumulate dividends from
and excluding the earliest date on which any shares of the Series B Preferred
Stock were issued (December 15, 2004), and shall receive the same dividend
payment regardless of the date on which such share was actually issued.

      (b) No dividend on the Series B Preferred Shares shall be declared by the
Board or be paid or set apart for payment by the Corporation at such time as the
terms and provisions of any agreement of the Corporation, including any
agreement relating to its indebtedness, prohibits such authorization, payment or
setting apart for payment or provides that such authorization, payment or
setting apart for payment would constitute a breach thereof, or a default
thereunder, or if such authorization or payment shall be restricted or
prohibited by law.

      (c) Notwithstanding anything to the contrary contained herein, dividends
on the Series B Preferred Shares shall accumulate whether or not restrictions
exist in respect thereof, whether or not there are funds legally available for
the payment thereof and whether or not such dividends are declared. Accumulated
but unpaid dividends on the Series B Preferred Shares will accumulate as of the
Dividend Payment Date on which they first become payable or on the date of
redemption, as the case may be.

      (d) Except as provided in Section 3(e) below, no dividends shall be
declared or paid or set apart for payment and no other distribution of cash or
other property may be declared or made, directly or indirectly, on or with
respect to any Common Stock or any other equity securities of the Corporation of
any other class or series ranking, as to dividends or upon voluntary or
involuntary liquidation, dissolution or winding up of the Corporation, on a
parity with or junior to the Series B Preferred Shares (other than a dividend
paid in Common Stock or other equity securities of the Corporation ranking
junior to the Series B Preferred Stock as to

                                       3
<PAGE>

dividends and upon voluntary or involuntary liquidation, dissolution and winding
up of the Corporation) for any period, nor shall any Common Stock or any other
equity securities of the Corporation ranking junior to or on a parity with the
Series B Preferred Stock as to dividends or upon voluntary or involuntary
liquidation, dissolution or winding up of the Corporation be redeemed, purchased
or otherwise acquired for any consideration (or any monies be paid to or made
available for a sinking fund for the redemption of any such securities) by the
Corporation (except by conversion into or exchange for other equity securities
of the Corporation ranking junior to the Series B Preferred Stock as to
dividends and upon voluntary or involuntary liquidation, dissolution and winding
up of the Corporation, and except pursuant to Article V of the Charter to ensure
the Corporation's continued status as a real estate investment trust (a "REIT")
for federal income tax purposes or comparable Charter provisions with respect to
other classes or series of the Corporation's stock under which, among other
things, the Series B Preferred Stock owned in excess of the Ownership Limit or
Series B Preferred Stock Ownership Limit (as defined in Section 7 of this
Article THIRD) will be transferred to a Share Trust and may be purchased by the
Corporation under certain circumstances), unless full cumulative dividends have
been or contemporaneously are declared and paid or declared and a sum sufficient
for the payment thereof set apart for such payment on the Series B Preferred
Shares for all past dividend periods.

      (e) When dividends are not paid in full (or a sum sufficient for such full
payment is not so set apart) upon the Series B Preferred Shares and any other
equity securities ranking as to dividends on a parity with the Series B
Preferred Shares (including the Series A Preferred Stock), all dividends
declared upon the Series B Preferred Shares and any other equity securities of
the Corporation ranking on a parity with the Series B Preferred Shares as to
dividends and upon voluntary or involuntary liquidation, dissolution or winding
up of the Corporation shall be declared pro rata so that the amount of dividends
declared per Series B Preferred Share and each share of such other equity
securities shall in all cases bear to each other the same ratio that accumulated
dividends per Series B Preferred Share and such share of other equity securities
(which shall not include any accumulation in respect of unpaid dividends for
prior dividend periods if such other equity securities do not have a cumulative
dividend) bear to each other. No interest, or sum of money in lieu of interest,
shall be payable in respect of any dividend payment or payments on Series B
Preferred Shares which may be in arrears.

      (f) Accumulated but unpaid dividends on the Series B Preferred Shares will
not bear interest, and holders of Series B Preferred Shares shall not be
entitled to any dividend in excess of full cumulative dividends as described
above. Any dividend payment made on the Series B Preferred Shares shall first be
credited against the earliest accumulated but unpaid dividend due with respect
to such shares which remains payable.

      (g) In determining whether a distribution (other than upon voluntary or
involuntary liquidation, dissolution or winding up of the Corporation) by
dividend, redemption or other acquisition of shares of stock of the Corporation
or otherwise is permitted under the MGCL, no effect shall be given to amounts
that would be needed, if the Corporation were to be dissolved at the time of the
distribution, to satisfy the preferential rights upon dissolution of holders of
the Series B Preferred Stock whose preferential rights upon dissolution are
superior to those receiving the distribution.

                                       4
<PAGE>

      (h) If, for any taxable year, the Corporation elects to designate as a
"capital gain dividend" (as defined in Section 857 of the Internal Revenue Code
of 1986, as amended), any portion (the "Capital Gains Amount") of the dividends
paid or made available for the year to holders of any class or series of stock
of the Corporation, the portion of the Capital Gains Amount that shall be
allocable to holders of the Series B Preferred Stock shall be equal to the total
Capital Gains Amount times the amount that the total dividends (as determined
for federal income tax purposes) paid or made available to the holders of the
Series B Preferred Stock for the year bears to the aggregate amount of dividends
(as determined for federal income tax purposes) paid or made available to the
holders of all classes or series of stock of the Corporation for such year.

      (4) Liquidation Preference.

      (a) In the event of any voluntary or involuntary liquidation, dissolution
or winding up of the Corporation, the holders of Series B Preferred Shares then
outstanding shall be entitled to receive out of the assets of the Corporation
legally available for distribution to its stockholders remaining after payment
or provision for payment of all debts and liabilities of the Corporation, a
liquidation preference in cash of $25.00 per share, plus an amount equal to any
accumulated and unpaid dividends to the date of such payment, before any
distribution of assets is made to holders of Common Stock or any other equity
securities of the Corporation that rank junior to the Series B Preferred Shares
as to liquidation rights.

      (b) If, upon any such voluntary or involuntary liquidation, dissolution or
winding up of the Corporation, the assets of the Corporation are insufficient to
make full payment to holders of Series B Preferred Shares and the corresponding
amounts payable on all shares of other classes or series of equity securities of
the Corporation ranking on a parity with the Series B Preferred Shares as to
liquidation rights (including the Series A Preferred Stock), then the holders of
the Series B Preferred Shares and all other such classes or series of equity
securities shall share ratably in any such distribution of assets in proportion
to the full liquidating distributions to which they would otherwise be
respectively entitled.

      (c) Written notice of any such liquidation, dissolution or winding up of
the Corporation, stating the payment date or dates when, and the place or places
where, the amounts distributable in such circumstances shall be payable, shall
be given by first class mail, postage pre-paid, not less than 30 nor more than
60 days prior to the payment date stated therein, to each record holder of the
Series B Preferred Shares at the respective addresses of such holders as the
same shall appear on the stock transfer records of the Corporation.

      (d) After payment of the full amount of the liquidating distributions to
which they are entitled, the holders of Series B Preferred Shares will have no
right or claim to any of the remaining assets of the Corporation.

      (e) The consolidation or merger of the Corporation with or into another
entity, a merger of another entity with or into the Corporation, a statutory
share exchange by the Corporation or a sale, lease, transfer or conveyance of
all or substantially all of the Corporation's property or business shall not be
deemed to constitute a liquidation, dissolution or winding up of the
Corporation.

                                       5
<PAGE>

      (5) Optional Redemption.

      (a) The Series B Preferred Shares are not redeemable prior to December 15,
2009. To ensure that the Corporation remains a qualified REIT for federal income
tax purposes, however, the Series B Preferred Shares shall be subject to the
provisions of Article V of the Charter and Section 7 of this Article THIRD
pursuant to which, among other things, Series B Preferred Shares owned by a
stockholder in excess of the Ownership Limit applicable with respect to the
Equity Stock (as such terms are defined in Article V of the Charter) of the
Corporation or the Series B Preferred Stock Ownership Limit (as defined in
Section 7 of this Article THIRD), or certain other limitations, shall
automatically be transferred to a Share Trust for the benefit of a Charitable
Beneficiary (as such terms are defined in Article V of the Charter) and the
Corporation shall have the right to purchase such shares, as provided in Article
V of the Charter. On and after December 15, 2009, the Corporation, at its
option, upon giving notice as provided below, may redeem the Series B Preferred
Shares, in whole or from time to time in part, for cash, at a redemption price
of $25.00 per share, plus all accumulated and unpaid dividends (except as
contemplated in Section 5(d) below in respect of dividends declared as of a
Dividend Record Date prior to the date of redemption and to be paid as of a
Dividend Payment Date subsequent to the date of redemption) on such Series B
Preferred Shares to the date fixed for redemption.

      (b) If fewer than all of the outstanding Series B Preferred Shares are to
be redeemed, the shares to be redeemed shall be selected pro rata (as nearly as
practicable without creating fractional shares) or by lot or by any other
equitable method determined by the Corporation. If such redemption is to be by
lot and, as a result of such redemption, any holder of Series B Preferred Shares
would become a holder of a number of Series B Preferred Shares in excess of the
Ownership Limit (or Excepted Holder Limit, as applicable) applicable with
respect to the Equity Stock of the Corporation, or the Series B Preferred Stock
Ownership Limit (or Series B Preferred Stock Excepted Holder Limit, as
applicable) imposed by application of Section 7 of this Article THIRD and
Article V of the Charter (or other limitations set forth in Article V of the
Charter) because such holder's Series B Preferred Shares were not redeemed, or
were only redeemed in part, then, except as otherwise provided in the Charter,
the Corporation will redeem the requisite number of Series B Preferred Shares of
such holder such that no holder will hold in excess of such Ownership Limit or
Series B Preferred Stock Ownership Limit (or such other limits, as applicable)
subsequent to such redemption.

      (c) Notwithstanding anything to the contrary contained herein, unless full
cumulative dividends on all Series B Preferred Shares shall have been or
contemporaneously are declared and paid or declared and a sum sufficient for the
payment thereof set apart for payment for all past dividend periods and the then
current dividend period, no Series B Preferred Shares shall be redeemed unless
all outstanding Series B Preferred Shares are simultaneously redeemed; and
unless full cumulative dividends on all outstanding Series B Preferred Shares
have been or contemporaneously are declared and paid or declared and a sum
sufficient for the payment thereof set apart for payment for all past dividend
periods, the Corporation shall not purchase or otherwise acquire directly or
indirectly any Series B Preferred Shares or any equity securities of the
Corporation ranking junior to or on a parity with the Series B Preferred Shares
as to dividends or upon voluntary or involuntary liquidation, dissolution or
winding up of the Corporation (including the Series A Preferred Stock) (except
by conversion into or exchange for equity securities of the Corporation ranking
junior to the Series B Preferred Shares as to

                                       6
<PAGE>

dividends and upon voluntary or involuntary liquidation, dissolution or winding
up of the Corporation, and except pursuant to Article V of the Charter
(including by application of Section 7 of this Article THIRD) or comparable
Charter provisions with respect to other classes or series of the Corporation's
stock); provided, however, that the foregoing shall not prevent the purchase by
the Corporation of Series B Preferred Shares pursuant to Article V of the
Charter (including by application of Section 7 of this Article THIRD) or
otherwise in order to ensure that the Corporation remains qualified as a REIT
for federal or state income tax purposes, or the purchase or acquisition of
Series B Preferred Shares pursuant to a purchase or exchange offer made on the
same terms to holders of all outstanding Series B Preferred Shares.

      (d) The holders of shares of Series B Preferred Stock at the close of
business on a Dividend Record Date will be entitled to receive the dividend
payable with respect to the shares of Series B Preferred Stock held on the
corresponding Dividend Payment Date notwithstanding the redemption thereof
between such Dividend Record Date and the corresponding Dividend Payment Date or
the Corporation's default in the payment of the dividend due. Except as provided
herein, and except to the extent the redemption price includes all accumulated
and unpaid dividends, the Corporation will make no payment or allowance for
unpaid dividends, whether or not in arrears, on Series B Preferred Shares to be
redeemed.

      (e) The following provisions set forth the procedures for redemption:

            (i) Notice of redemption will be mailed by the Corporation, postage
pre-paid, not less than 30 nor more than 60 days prior to the redemption date,
addressed to the respective holders of record of the Series B Preferred Shares
to be redeemed at their respective addresses as they appear on the share records
of the Corporation. No failure to give such notice or any defect therein or in
the mailing thereof shall affect the validity of the proceedings for the
redemption of any Series B Preferred Shares except as to the holder to whom
notice was defective or not given.

            (ii) In addition to any information required by law or by the
applicable rules of any exchange or automated quotation system upon which the
Series B Preferred Shares may be listed or admitted to trading, such notice
shall state: (A) the redemption date; (B) the redemption price; (C) the number
of Series B Preferred Shares to be redeemed; (D) the place or places where the
certificates evidencing shares of Series B Preferred Shares are to be
surrendered for payment of the redemption price; and (E) that dividends on the
Series B Preferred Shares to be redeemed will cease to accumulate on such
redemption date. If fewer than all of the Series B Preferred Shares held by any
holder are to be redeemed, the notice mailed to such holder shall also specify
the number of Series B Preferred Shares to be redeemed from such holder.

            (iii) On or after the redemption date, each holder of Series B
Preferred Shares to be redeemed shall present and surrender the certificates
representing such holder's Series B Preferred Shares to the Corporation at the
place designated in the notice of redemption and shall be entitled to the
redemption price and any accumulated and unpaid dividends payable upon such
redemption upon such surrender and thereupon the redemption price of such shares
(including all accumulated and unpaid dividends up to the redemption date) shall
be paid to or on the order of the person whose name appears on such certificate
representing Series B Preferred Shares as the owner thereof and each surrendered
certificate shall be canceled. If fewer than all the shares represented by any
such certificate representing Series B Preferred Shares are to be redeemed, a
new certificate shall be issued representing the unredeemed shares.

                                       7
<PAGE>

            (iv) If notice of redemption of any Series B Preferred Shares has
been given and if the funds necessary for such redemption have been set aside by
the Corporation in trust for the benefit of the holders thereof, then from and
after the redemption date all dividends on such Series B Preferred Shares shall
cease to accumulate and any such Series B Preferred Shares will no longer be
deemed outstanding and all rights of the holders thereof will terminate, except
the right to receive the redemption price (including all accumulated and unpaid
dividends up to the redemption date) and such shares shall not thereafter be
transferred (except with the consent of the Corporation) on the Corporation's
stock transfer records. At its election, the Corporation, prior to a redemption
date, may irrevocably deposit the redemption price (including accumulated and
unpaid dividends to the redemption date) of the Series B Preferred Shares so
called for redemption in trust for the holders thereof with a bank or trust
company, in which case the redemption notice to holders of the Series B
Preferred Shares to be redeemed shall (A) state the date of such deposit, (B)
specify the office of such bank or trust company as the place of payment of the
redemption price and (C) require such holders to surrender the certificates
representing such shares at such place on or about the date fixed in such
redemption notice (which may not be later than the redemption date) against
payment of the redemption price (including all accumulated and unpaid dividends
to the redemption date). Any monies so deposited which remain unclaimed by the
holders of the Series B Preferred Shares at the end of two years after the
redemption date shall be returned by such bank or trust company to the
Corporation.

      (f) Any Series B Preferred Shares that shall at any time have been
redeemed shall, after such redemption, have the status of authorized but
unissued Preferred Stock, without further designation as to series or class
until such shares are once more designated as part of a particular series or
class by the Board.

      (6) Voting Rights.

      (a) Holders of the Series B Preferred Shares will not have any voting
rights, except as set forth below.

      (b) (i) Whenever dividends on any Series B Preferred Shares shall remain
unpaid for six or more quarterly periods (whether or not consecutive) (a
"Preferred Dividend Default"), the number of directors then constituting our
Board of Directors shall be increased by two members (if not already increased
by two members by reason of the election of directors by the holders of any
other class or series of our stock, including the Series A Preferred Stock, upon
which like voting rights have been conferred and are exercisable and with which
the Series B Preferred Stock is entitled to vote as a class with respect to the
election of such two directors), and the holders of such Series B Preferred
Shares (voting as a single class with all other equity securities of the
Corporation ranking on a parity with the Series B Preferred Shares as to
dividends and upon voluntary or involuntary liquidation, dissolution or winding
up of the Corporation upon which like voting rights have been conferred and are
exercisable, including the Series A Preferred Stock ("Parity Preferred Stock"))
will be entitled to vote for the election of two additional directors of the
Corporation (the "Preferred Stock Directors"), who will be elected by a
plurality of the votes cast in such election for a one-year term and until their
successors are duly elected and shall qualify (or until such director's right to
hold such office terminates as provided herein, whichever occurs earlier,
subject to such director's earlier death, disqualification, resignation or
removal), at a special meeting called by or at the request of the

                                       8
<PAGE>

holders of at least 20% of the outstanding Series B Preferred Stock or the
holders of shares of any other class or series of Parity Preferred Stock with
respect to which dividends are so unpaid (unless such request is received less
than 120 days before the date fixed for the next annual or special meeting of
stockholders) or, if the request for a special meeting is received by the
Corporation less than 120 days before the date fixed for the next annual or
special meeting of stockholders, at the next annual or special meeting of
stockholders, and at each subsequent annual meeting until all dividends
accumulated on the Series B Preferred Shares for all past dividend periods shall
have been fully paid or declared and a sum sufficient for the payment thereof
set aside for payment in full.

            (ii) At any time when the voting rights described in Section 6(b)(i)
above shall have vested, and in the event that a request for a special meeting
shall have first been made in a manner contemplated by Section 6(b)(i) above, a
proper officer of the Corporation shall thereupon and with reasonable
promptness, call or cause to be called, a special meeting of the holders of
Series B Preferred Stock and all the series of Parity Preferred Stock upon which
like voting rights have been conferred and are exercisable (collectively, the
"Parity Securities") by mailing or causing to be mailed to such holders a notice
of such special meeting to be held not more than 90 days after delivery of such
request. The record date for determining holders of the Parity Securities
entitled to notice of and to vote at such special meeting will be the close of
business on the third business day preceding the day on which such notice is
mailed. At any such special meeting, all of the holders of the Parity
Securities, by plurality vote, voting together as a single class without regard
to series, will be entitled to elect two directors on the basis of one vote per
$25.00 of liquidation preference to which such Parity Securities are entitled by
their terms (excluding amounts in respect of accumulated and unpaid dividends)
and not cumulatively. Notice of all meetings at which holders of the Series B
Preferred Stock shall be entitled to vote will be given to such holders at their
addresses as they appear in the transfer records. If a Preferred Dividend
Default shall terminate after the notice of a special meeting has been given but
before such special meeting has been held, the Corporation shall, as soon as
practicable after such termination, mail or cause to be mailed notice of such
termination to holders of the Series B Preferred Stock that would have been
entitled to vote at such special meeting. So long as otherwise relatively
timely, any such special meeting may be combined and held contemporaneously with
the next special or annual meeting of the stockholders of the Corporation.

      (c) If and when all dividends accumulated on the Series B Preferred Shares
in respect of all past dividend periods shall have been paid in full or declared
by the Corporation and set aside for payment in full, the holders of Series B
Preferred Shares shall be divested of the voting rights set forth in Section
6(b) above (subject to revesting in the event of each and every Preferred
Dividend Default) and, if all dividends accumulated in respect of all past
dividend periods have been paid in full or declared by the Corporation and set
aside for payment in full on all other classes or series of Parity Preferred
Stock upon which like voting rights have been conferred and are exercisable, the
term of office of each Preferred Stock Director so elected shall forthwith
terminate and the number of directors constituting our Board of Directors will
be reduced accordingly. Any Preferred Stock Director elected by the holders of
Series B Preferred Shares and any other such Parity Preferred Stock may be
removed at any time with or without cause by the vote of, and shall not be
removed otherwise than by the vote of, the holders of a majority of the
outstanding Series B Preferred Shares when they only have the voting rights set
forth, or like those set forth, in Section 6(b) above and by the majority vote
of the outstanding

                                       9
<PAGE>

Series B Preferred Shares and all other classes or series of Parity Preferred
Stock upon which like voting rights have been conferred and are exercisable
(voting as a single class) when the Series B Preferred Shares and such Parity
Preferred Stock is entitled to vote thereon. So long as a Preferred Dividend
Default shall continue, any vacancy in the office of a Preferred Stock Director
so elected may be filled by written consent of the Preferred Stock Director so
elected remaining in office, or if none remains in office, by a vote of the
holders of a majority of the outstanding Series B Preferred Shares when they
only have the voting rights set forth, or like those set forth, in Section 6(b)
and by the majority vote of the outstanding Series B Preferred Shares and other
classes or series of Parity Preferred Stock upon which like voting rights have
been conferred and are exercisable (voting as a single class) when the Series B
Preferred Shares and such Parity Preferred Stock is entitled to vote thereon.

      (d) So long as any Series B Preferred Stock remains outstanding, the
Corporation shall not, without the affirmative vote or consent of the holders of
at least two-thirds of the Series B Preferred Stock outstanding at the time,
given in person or by proxy, either in writing or at a meeting (such Series B
Preferred Stock voting separately as a class), (i) authorize or create, or
increase the authorized or issued amount of, any class or series of shares
ranking senior to the Series B Preferred Stock with respect to payment of
dividends or the distribution of assets upon voluntary or involuntary
liquidation, dissolution or winding up of the Corporation or reclassify any
authorized shares of the Corporation into any such shares, or create, authorize
or issue any obligation or security convertible into, exchangeable or
exercisable for, or evidencing the right to purchase any such shares; or (ii)
amend, alter or repeal the provisions of the Charter (including these Articles
Supplementary), whether by merger or consolidation or otherwise (each, an
"Event"), so as to materially and adversely affect any right, preference,
privilege or voting power of the Series B Preferred Stock or the holders
thereof; provided, however, that with respect to the occurrence of any of the
Events set forth in (ii) above, so long as shares of Series B Preferred Stock
(or shares issued by a surviving entity in substitution for the Series B
Preferred Stock) remain outstanding with the terms thereof materially unchanged,
taking into account that upon the occurrence of such an Event, the Corporation
may not be the surviving entity, the occurrence of any such Event shall not be
deemed to materially and adversely affect such rights, preferences, privileges
or voting powers of the holders of the Series B Preferred Stock; and provided
further that (x) any increase in the amount of the authorized Preferred Stock or
Series B Preferred Stock or any issuance of Series B Preferred Stock or (y) the
creation or issuance of any other class or series of Preferred Stock or any
increase in the amount of authorized shares of any other class or series of
Preferred Stock in each case ranking on a parity with or junior to the Series B
Preferred Stock with respect to payment of dividends or the distribution of
assets upon voluntary or involuntary liquidation, dissolution or winding up of
the Corporation, shall not be deemed to materially and adversely affect such
rights, preferences, privileges or voting powers.

      (e) The foregoing voting provisions shall not apply if, at or prior to the
time when the act with respect to which such vote would otherwise be required
shall be effected, all outstanding Series B Preferred Shares shall have been
redeemed or called for redemption upon proper notice and sufficient funds shall
have been deposited in trust to effect such redemption.

      (7) Restrictions on Ownership and Transfer to Preserve Tax Benefit.

      (a) The Series B Preferred Stock constitutes a class of Preferred Stock,
and shares of Preferred Stock constitute Equity Stock of the Corporation.
Therefore, the Series B Preferred

                                       10
<PAGE>

Stock, being Equity Stock, shall be subject to the Ownership Limit applicable
with respect to Equity Stock generally and all other restrictions and
limitations on the ownership and Transfer of Equity Stock set forth in the
Charter and applicable to Equity Stock, including without limitation Section 2
and Section 4 of Article V (or any successor provision of similar import) of the
Articles of Amendment and Restatement filed with the Department on December 3,
2003 (the "Articles of Amendment and Restatement") and comprising a portion of
the Charter. Capitalized terms used in this Section 7 and not otherwise defined
in these Articles Supplementary shall have the meanings otherwise ascribed
thereto in the Charter.

      (b) In addition to the application of the Ownership Limit and all other
restrictions and limitations on Transfer otherwise imposed by or provided for
under the Charter in respect of the Series B Preferred Stock as Preferred Stock
and, therefore, Equity Stock, there shall be, and there hereby is, imposed on
the Series B Preferred Stock a separate and additional Series B Preferred Stock
Ownership Limit as hereinbelow provided, where "Series B Preferred Stock
Ownership Limit" shall initially mean, with respect to the Series B Preferred
Stock, as a separate class, 9.8% of the more restrictive of (i) the total number
of and (ii) value of the total number of, outstanding shares of Series B
Preferred Stock. The Series B Preferred Stock Ownership Limit is hereby imposed
upon the Series B Preferred Stock and shall be applied separately to the Series
B Preferred Stock (and without regard to any other class or series of Preferred
Stock or other Equity Stock of the Corporation) in the same manner as the
Ownership Limit is applied separately to the Common Stock pursuant to or by
application of Section 2 and Section 4 of Article V (or any successor provisions
of the Charter of similar import) of the Articles of Amendment and Restatement.
Accordingly, the Series B Preferred Stock is subject to two (2) ownership
limits: one, the Ownership Limit as defined in and otherwise imposed pursuant to
the Charter and applicable to the Series B Preferred Stock as Preferred Stock
(and, therefore, Equity Stock), which generally has the effect of, among other
things, initially limiting Beneficial Ownership of Equity Stock to 6.5%; and,
two, the Series B Preferred Stock Ownership Limit hereinabove imposed separately
on the Series B Preferred Stock, which generally has the effect of, among other
things, initially limiting Beneficial Ownership of the Series B Preferred Stock
to 9.8%.

      (c) The application of the Series B Preferred Stock Ownership Limit to the
Series B Preferred Stock as hereinabove provided shall be subject to all of the
terms and provisions of Section 2 and Section 4 of Article V (or any successor
provision of the Charter of similar import) of the Articles of Amendment and
Restatement, including but not limited to the provisions thereof allowing the
Board of Directors (or as provided below in respect of the Series B Preferred
Stock Ownership Limit, the Preferred Stock Transaction Committee) of the
Corporation to waive in whole or in part application of the Ownership Limit (and
accordingly the Series B Preferred Stock Ownership Limit) or establish and/or
waive any Excepted Holder Limit (which as applied to the Series B Preferred
Stock Ownership Limit may be referred to as a "Series B Preferred Stock Excepted
Holder Limit") to any Person; provided, however, that any waiver of the Series B
Preferred Stock Ownership Limit and /or the establishment of a Series B
Preferred Stock Excepted Holder Limit may be granted or established, and all
determinations with respect thereto may be made, by the Preferred Stock
Transaction Committee and need not be granted, established or made by the Board
of Directors acting as a whole.

                                       11
<PAGE>

      (d) Each certificate for shares of Series B Preferred Stock shall bear
substantially the following legend:

      "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO SIGNIFICANT
      RESTRICTIONS ON OWNERSHIP AND TRANSFER. EXCEPT AS OTHERWISE PROVIDED
      PURSUANT TO THE CHARTER OF THE CORPORATION, NO PERSON MAY BENEFICIALLY OWN
      (I) SHARES OF SERIES B PREFERRED STOCK OF THE CORPORATION IN EXCESS OF
      9.8% OF THE MORE RESTRICTIVE OF THE TOTAL NUMBER OF AND VALUE OF THE TOTAL
      NUMBER OF OUTSTANDING SHARES OF SERIES B PREFERRED STOCK OF THE
      CORPORATION, (II) SHARES OF COMMON STOCK OF THE CORPORATION IN EXCESS OF
      6.5% OF THE MORE RESTRICTIVE OF THE TOTAL NUMBER OR VALUE OF THE
      OUTSTANDING SHARES OF COMMON STOCK OF THE CORPORATION, (III) SHARES OF
      EQUITY STOCK OF THE CORPORATION IN EXCESS OF 6.5% OF THE MORE RESTRICTIVE
      OF THE TOTAL NUMBER OR VALUE OF THE OUTSTANDING SHARES OF EQUITY STOCK OF
      THE CORPORATION, (IV) SHARES OF THE CORPORATION'S EQUITY STOCK IF SUCH
      ACQUISITION WOULD RESULT IN THE TRUST BEING "CLOSELY HELD" UNDER SECTION
      856(h) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), (V)
      SHARES OF THE CORPORATION'S EQUITY STOCK IF SUCH ACQUISITION WOULD RESULT
      IN THE EQUITY STOCK BEING BENEFICIALLY OWNED BY FEWER THAN 100 PERSONS
      (DETERMINED WITHOUT REFERENCE TO ANY RULES OF ATTRIBUTION UNDER THE CODE),
      (VI) SHARES OF THE CORPORATION'S EQUITY STOCK IF SUCH ACQUISITION WOULD
      CAUSE THE CORPORATION TO FAIL TO QUALIFY AS A REAL ESTATE INVESTMENT TRUST
      UNDER THE CODE, OR (VII) SHARES OF THE CORPORATION'S COMMON STOCK OR
      EQUITY STOCK (INCLUDING, WITHOUT LIMITATION, SERIES B PREFERRED STOCK) IN
      VIOLATION OF ANY OF THE FURTHER RESTRICTIONS SET FORTH IN THE
      CORPORATION'S CHARTER. ANY PERSON WHO ATTEMPTS OR PROPOSES TO BENEFICIALLY
      OWN SHARES OF THE CORPORATION'S COMMON STOCK, SERIES B PREFERRED STOCK OR
      EQUITY STOCK IN EXCESS OF THE ABOVE LIMITATIONS MUST IMMEDIATELY NOTIFY
      THE CORPORATION IN WRITING. IF AN ATTEMPT IS MADE TO VIOLATE OR THERE IS A
      VIOLATION OF THESE RESTRICTIONS, (A) ANY PURPORTED TRANSFER WILL BE VOID
      AB INITIO AND WILL NOT BE RECOGNIZED BY THE CORPORATION AND (B) THE SHARES
      OF THE CORPORATION'S COMMON STOCK, SERIES B PREFERRED STOCK OR EQUITY
      STOCK IN VIOLATION OF THESE RESTRICTIONS, WHETHER AS A RESULT OF A
      TRANSFER OR NON-TRANSFER EVENT, WILL BE TRANSFERRED AUTOMATICALLY AND BY
      OPERATION OF LAW TO A SHARE TRUST AND SHALL BE DESIGNATED SHARES-IN-TRUST.
      ALL TERMS USED IN THIS LEGEND AND DEFINED IN THE CORPORATION'S CHARTER
      HAVE THE MEANINGS PROVIDED IN THE CORPORATION'S CHARTER, AS THE SAME MAY
      BE AMENDED FROM TIME TO TIME, A COPY OF WHICH, INCLUDING THE RESTRICTIONS
      ON OWNERSHIP AND TRANSFER, WILL BE SENT WITHOUT CHARGE TO EACH STOCKHOLDER
      WHO SO REQUESTS."

                                       12
<PAGE>

      (e) In the case of an ambiguity in the application of any of the
provisions of this Section 7 (or the corresponding provisions of the Charter),
the Board of Directors shall have the power to determine the application of the
provisions of this Section 7 and those other corresponding provisions of the
Charter referred to herein or applicable hereto, in each case with respect to
any situation based on the facts known to it.

      (8) Settlement of New York Stock Exchange Transactions. Nothing in Section
7 above precludes the settlement of transactions entered into through the
facilities of the New York Stock Exchange. Notwithstanding the fact that such
settlement occurs, certain transactions may be subject to the provisions
requiring the Series B Preferred Stock to be held in a Share Trust as set forth
in Section 2(c) of Article V (or any successor provision of the Charter of
similar import) of the Articles of Amendment and Restatement.

      (9) Conversion. The Series B Preferred Shares are not convertible into or
exchangeable for any other property or securities of the Corporation.

      (10) No Sinking Fund. No sinking fund shall be established for the
retirement or redemption of the Series B Preferred Stock.

      (11) No Preemptive Rights. No holder of the Series B Preferred Stock of
the Corporation shall, as such holder, have any preemptive rights to purchase or
subscribe for additional shares of stock of the Corporation or any other
security of the Corporation which it may issue or sell.

      FOURTH: The Series B Preferred Shares have been classified and designated
by the Board under the authority contained in the Charter.

      FIFTH: These Articles Supplementary have been approved by the Board in the
manner and by the vote required by law.

      SIXTH: These Articles Supplementary shall be effective at the time the
Department accepts these Articles Supplementary for record.

      SEVENTH: The undersigned Chief Executive Officer and President of the
Corporation acknowledges these Articles Supplementary to be the act of the
Corporation and, as to all matters or facts required to be verified under oath,
the undersigned Chief Executive Officer and President acknowledges that to the
best of his knowledge, information and belief, these matters and facts are true
in all material respects and that this statement is made under the penalties for
perjury.

                                       13
<PAGE>

      IN WITNESS WHEREOF, the Corporation has caused these Articles
Supplementary to be executed under seal in its name and on its behalf by its
Chief Executive Officer and President and attested to by its Corporate Secretary
on this 14th day of December, 2004.

                                American Home Mortgage Investment Corp.

                                By:   /s/ Michael Strauss
                                   --------------------------------------
                                   Name:  Michael Strauss
                                   Title: Chief Executive Officer and President

[SEAL]

ATTEST:

   /s/ Alan B. Horn
------------------------------------
Name:  Alan B. Horn
Title: Corporate Secretary

                                       14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}]]