Document:

Exhibit 4.1

                         CERTIFICATE OF DESIGNATIONS OF

              5 3/8% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK

                   OF THE INTERPUBLIC GROUP OF COMPANIES, INC.

                         Pursuant to Section 151 of the
                General Corporation Law of the State of Delaware

         The Interpublic Group of Companies, Inc., a Delaware corporation (the
"Company"), certifies that pursuant to the authority contained in Article 4 of
its Restated Certificate of Incorporation, as amended (the "Restated Certificate
of Incorporation"), and in accordance with the provisions of Section 151 of the
General Corporation Law of the State of Delaware (the "DGCL"), the Pricing
Committee designated by the Board of Directors of the Company (the "Board of
Directors") by resolution adopted by unanimous written consent, pursuant to
Section 141(f) of the DGCL, on December 16, 2003, duly approved and adopted the
following resolution, which resolution remains in full force and effect on the
date hereof:

                  RESOLVED, that pursuant to the authority vested in
         the Pricing Committee by the Board of Directors, and in the
         Board of Directors by the Restated Certificate of
         Incorporation, as amended, the Pricing Committee designated
         by the Board of Directors does hereby designate, create,
         authorize and provide for the issue of a series of the
         Company's preferred stock without par value, with a
         liquidation preference of $50.00 per share plus an amount
         equal to the sum of all accumulated and unpaid dividends,
         subject to adjustment as provided in Section 12(ii) hereof
         (the "Liquidation Preference"), which shall be designated as
         5 3/8% Series A Mandatory Convertible Preferred Stock (the
         "Series A Mandatory Convertible Preferred Stock") consisting
         of 7,475,000 shares, no shares of which have heretofore been
         issued by the Company, having the following powers,
         designations, preferences and relative, participating,
         optional and other special rights, and qualifications,
         limitations and restrictions thereof:

         Section 1. Ranking. The Series A Mandatory Convertible Preferred Stock
shall rank, with respect to payment of dividends and distribution of assets upon
the liquidation, winding-up or dissolution of the Company, (i) senior to the
common stock, par value $0.10 per share, of the Company (the "Common Stock"),
whether now outstanding or hereafter issued, and to each other class or series
of stock of the Company (including any series of preferred stock established
after December 16, 2003 by the Board of Directors) the terms of which do not
expressly provide that such class or series will rank senior to or pari passu
with the Series A Mandatory Convertible Preferred Stock as to payment of
dividends and distribution of assets upon the liquidation, winding-up or
dissolution of the Company (collectively referred to as "Junior Securities");
(ii) pari passu with each class or series of stock of the Company, the terms of
which expressly provide that such class or series will rank pari passu with the
Series A Mandatory Convertible Preferred Stock as to payment of dividends and
distribution of assets upon the liquidation, winding-up or dissolution of the
Company (collectively referred to as "Parity Securities"); and (iii) junior to
each other class or series of stock of the Company, the terms of which expressly
provide that such class or series will rank senior to the Series A Mandatory
Convertible Preferred Stock as to payment of dividends and distribution of
assets upon the liquidation, winding-up or dissolution of the Company
(collectively referred to as "Senior Securities"). The Company's ability to
issue capital stock that ranks senior to its Series A Mandatory Convertible
Preferred Stock shall be subject to the provisions of Section 4 herein.

         Section 2. Dividends.

         (i) General. Dividends on the Series A Mandatory Convertible Preferred
Stock shall be payable quarterly, when, as and if declared by the Board of
Directors or a duly authorized committee thereof, out of the assets of the
Company legally available therefor, on the 15th calendar day (or the following
Business Day, as defined below, if the 15th is not a Business Day) of March,
June, September and December of each year (each such date being referred to
herein as a "Dividend Payment Date") at the annual rate of $2.6875 per share,
subject to adjustment as provided in Section 12(ii). The initial dividend on the
Series A Mandatory Convertible Preferred Stock for the dividend period
commencing on December 19, 2003, to but excluding March 15, 2004, will be
$0.6420 per share, and shall be payable, when, as and if declared, on March 15,
2004. The dividend on the Series A Mandatory Convertible Preferred Stock for
each subsequent dividend period shall be $0.6719 per share. The amount of
dividends payable on each share of Series A Mandatory Convertible Preferred
Stock for each full quarterly period thereafter shall be computed by dividing
the annual dividend rate by four. The amount of dividends payable for any other
period that is shorter or longer than a full quarterly dividend period will be
computed on the basis of a 360-day year consisting of twelve 30-day months.

         A dividend period with respect to a Dividend Payment Date is the period
commencing on the preceding Dividend Payment Date or, if none, the date of issue
and ending on the day immediately prior to the next Dividend Payment Date.
Dividends payable, when, as and if declared, on a Dividend Payment Date shall be
payable to Holders (as defined below) of record as they appear on the stock
books of the Company on the later of (i) the close of business on the first
calendar day (or the following Business Day if such first calendar day is not a
Business Day) of the calendar month in which the applicable Dividend Payment
Date falls and (ii) the close of business on the day on which the Board of
Directors or a duly authorized committee thereof declares the dividend payable
(each, a "Dividend Record Date").

         Dividends on the Series A Mandatory Convertible Preferred Stock shall
be cumulative if the Company fails to declare one or more dividends on the
Series A Mandatory Convertible Preferred Stock in any amount, whether or not
there are assets of the Company legally available for the payment of such
dividends in whole or in part.

         The Company may pay dividends, at its sole option, (a) in cash, (b) by
delivering shares of Common Stock to the Transfer Agent (as defined below) on
behalf of the Holders, to be sold for cash or (c) any combination thereof (other
than dividends payable in connection with a provisional conversion at the option
of the Company, as set forth in Section 6 herein, which dividends the Company
must pay in cash). By and upon acquiring the Series A Mandatory Convertible
Preferred Stock, each Holder is deemed to appoint the Company as such Holder's
agent in causing the Transfer Agent to deliver the shares for sale. To pay
dividends in shares of Common Stock, the Company must deliver to the Transfer
Agent a number of shares of Common Stock which, when sold on the Holders'
behalf, will result in net cash proceeds to be distributed to the Holders in an
amount equal to the cash dividend otherwise payable to the Holders.

         If the Company pays dividends in shares of Common Stock by delivering
them to the Transfer Agent, those shares shall be owned by the Holders upon
delivery to the Transfer Agent, and the Transfer Agent shall hold those shares
and the net cash proceeds from the sale of those shares for the exclusive
benefit of the Holders until the Dividend Payment Date, or such other date as is
fixed by the Board of Directors or a duly authorized committee thereof pursuant
to the terms and conditions set forth in the last paragraph of this Section
2(i), at which time the portion of such net cash proceeds equal to the non-cash
component of the declared dividend of the Series A Mandatory Convertible
Preferred Stock shall be distributed to the Holders entitled thereto and,
subject to the following paragraph, any remainder shall continue to be held by
the Transfer Agent for the exclusive benefit of the Holders and pooled with the
net cash proceeds from future sales of Common Stock delivered to the Transfer
Agent pursuant to this paragraph.

         Holders shall not be entitled to any dividend, whether payable in cash,
property or stock, in excess of the then-applicable full dividends calculated
pursuant to this Section 2(i) (including accumulated dividends, if any) on
shares of Series A Mandatory Convertible Preferred Stock. No interest or sum of
money in lieu of interest shall be payable in respect of any dividend or payment
which may be in arrears. Any balance of dividends payable on shares of Series A
Mandatory Convertible Preferred Stock in cash, property or stock in excess of
the then-applicable full dividends calculated pursuant to this Section 2(i)
(including accumulated dividends, if any) shall be repaid, together with any
interest or other earnings thereon, to the Company as soon as practicable after
December 15, 2006.

         Dividends in arrears on the Series A Mandatory Convertible Preferred
Stock not declared for payment or not paid on any Dividend Payment Date may be
declared by the Board of Directors or a duly authorized committee thereof and
paid on any date fixed by the Board of Directors or a duly authorized committee
thereof, whether or not a Dividend Payment Date, to the Holders of record as
they appear on the stock register of the Company on a record date selected by
the Board of Directors or a duly authorized committee thereof, which shall (i)
not precede the date the Board of Directors or an authorized committee thereof
declares the dividend payable and (ii) not be more than 60 days prior to the
date the dividend is paid.

         (ii) In order to pay dividends on any Dividend Payment Date, or such
other date as is fixed by the Board of Directors or a duly authorized committee
thereof pursuant to the terms and conditions set forth in the last paragraph of
Section 2(i) hereof, in shares of Common Stock, (a) the shares of Common Stock
delivered to the Transfer Agent shall have been duly authorized, (b) the Company
shall have provided to the Transfer Agent an effective registration statement
under the Securities Act of 1933, as amended, and the rules and regulations
thereunder (the "Securities Act"), permitting the immediate sale of the shares
of Common Stock in the public market, (c) the shares of Common Stock, once
purchased by the purchasers thereof, shall be validly issued, fully paid and
non-assessable and (d) such shares shall have been registered under the
Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder, if required, and shall be listed or admitted for trading on each
U.S. national or regional securities exchange on which the Common Stock is then
listed.

         (iii) Payment Restrictions. The Company may not declare or pay any
dividend or make any distribution of assets (other than dividends paid or other
distributions made in Junior Securities) on, whether in cash, property or
otherwise, or redeem, purchase or otherwise acquire (except upon conversion or
exchange for Junior Securities), pay or make available any monies for a sinking
fund for, Junior Securities, unless all accumulated and unpaid dividends on the
Series A Mandatory Convertible Preferred Stock for all prior dividend periods
have been or contemporaneously are declared and paid and the full quarterly
dividend on the Series A Mandatory Convertible Preferred Stock for the current
dividend period have been or contemporaneously are declared and paid or, in the
case of dividends payable in whole or in part in cash, declared and set apart
for payment.

         Unless all accumulated and unpaid dividends on the Series A Mandatory
Convertible Preferred Stock for all prior dividend periods and the full
quarterly dividend on the Series A Mandatory Convertible Preferred Stock for the
current dividend period have been or contemporaneously are declared and paid or,
in the case of dividends payable in whole or in part in cash, declared and set
apart for payment, the Company may not redeem, purchase or otherwise acquire
Parity Securities (except upon conversion into or exchange for other Parity
Securities or Junior Securities, so long as (i) such other Parity Securities
contain terms and conditions (including, without limitation, with respect to the
payment of dividends, dividend rates, liquidation preferences, voting and
representation rights, payment restrictions, antidilution rights, change of
control rights, covenants, remedies and conversion and redemption rights) that
are not materially less favorable, taken as a whole, to the Company or to the
Holders than those contained in the Parity Securities that are converted into or
exchanged for such other Parity Securities, (ii) the aggregate amount of the
liquidation preference of such other Parity Securities does not exceed the
aggregate amount of the liquidation preference, plus accumulated and unpaid
dividends, of the Parity Securities that are converted into or exchanged for
such other Parity Securities and (iii) the aggregate number of shares of Common
Stock issuable upon conversion, redemption or exchange of such other Parity
Securities does not exceed the aggregate number of shares of Common Stock
issuable upon conversion, redemption or exchange of the Parity Securities that
are converted into or exchanged for such other Parity Securities).

         Section 3. Liquidation Preference. In the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Company, the Holders
shall be entitled to receive out of the assets of the Company available for
distribution to stockholders of the Company, before any distribution of assets
is made on the Common Stock or any other Junior Securities, $50.00 per share,
subject to adjustment as provided in Section 12(ii) hereof, plus an amount equal
to the sum of all accumulated and unpaid dividends (whether or not declared) for
the then-current dividend period and all dividend periods prior thereto.

         Neither the sale of all or substantially all of the property or
business of the Company (other than in connection with the voluntary or
involuntary liquidation, dissolution or winding up of the Company), nor the
merger, conversion or consolidation of the Company into or with any other
Person, nor the merger, conversion or consolidation of any other Person into or
with the Company shall constitute a voluntary or involuntary liquidation,
dissolution or winding up of the Company for the purposes of the foregoing
paragraph. After the payment to the Holders of the full preferential amounts
provided for above, the Holders as such shall have no right or claim to any of
the remaining assets of the Company.

         In the event the assets of the Company available for distribution to
the Holders upon any voluntary or involuntary liquidation, dissolution or
winding up of the Company shall be insufficient to pay in full all amounts to
which such Holders are entitled as provided above, no such distribution shall be
made on account of any other stock of the Company ranking pari passu with the
Series A Mandatory Convertible Preferred Stock as to the distribution of assets
upon such liquidation, dissolution or winding up, unless a pro rata distribution
is made on the Series A Mandatory Convertible Preferred Stock and such other
stock of the Company, with the amount allocable to each series of such stock
determined on the basis of the aggregate liquidation preference of the
outstanding shares of each series and distributions to the shares of each series
being made on a pro rata basis.

         Section 4. Voting Rights.

         (i) The Holders shall have no voting rights, except as set forth below
or as expressly required by applicable state law. In exercising any such vote,
each outstanding share of Series A Mandatory Convertible Preferred Stock shall
be entitled to one vote.

         (ii) So long as any Series A Mandatory Convertible Preferred Stock is
outstanding, in addition to any other vote of stockholders of the Company
required under applicable law or the Restated Certificate of Incorporation, the
affirmative vote or consent of the Holders of at least 66 2/3% of the
outstanding shares of the Series A Mandatory Convertible Preferred Stock will be
required (a) for any amendment by merger, consolidation or otherwise, of the
Restated Certificate of Incorporation if the amendment would alter or change the
powers, preferences, privileges or rights of the Holders so as to affect them
adversely, (b) to issue, authorize or increase the authorized amount of, or
issue or authorize any obligation or security convertible into or evidencing a
right to purchase, by merger, consolidation or otherwise, any class or series of
stock ranking senior to the Series A Mandatory Convertible Preferred Stock as to
payment of dividends or distribution of assets upon the dissolution, liquidation
or winding-up of the Company, or (c) to reclassify by merger, consolidation or
otherwise, any authorized stock of the Company into any class or series of
stock, or any obligation or security convertible into or evidencing a right to
purchase any class or series of stock, ranking senior to the Series A Mandatory
Convertible Preferred Stock as to payment of dividends or distribution of assets
upon the liquidation, winding-up or dissolution of the Company; provided that no
such vote shall be required for the Company to issue, authorize or increase the
authorized amount of, or issue or authorize any obligation or security
convertible into or evidencing a right to purchase, any class or series of stock
ranking pari passu with or junior to the Series A Mandatory Convertible
Preferred Stock as to payment of dividends or distribution of assets upon the
liquidation, winding-up or dissolution of the Company.

         (iii) If and whenever six full quarterly dividends, whether or not
consecutive, payable on any series of preferred stock of the Company, including
the Series A Mandatory Convertible Preferred Stock, are not paid, the number of
directors constituting the Board of Directors will be increased by two and the
holders of all series of the preferred stock of the Company (including the
Series A Mandatory Convertible Preferred Stock) then outstanding, voting
together as a class, shall have a right to elect those additional directors to
the Board of Directors until all accumulated and unpaid dividends on the
cumulative preferred stock of the Company have been paid in full or, with
respect to any series of non-cumulative preferred stock of the Company, until
non-cumulative dividends have been paid regularly for at least a year. To
exercise this right, any holder of any series of the Company's preferred stock
then outstanding, including the Series A Mandatory Convertible Preferred Stock,
may by written notice request that the Company call a special meeting of the
holders of the Company's preferred stock for the purpose of electing the
additional directors and, if such non-payment of dividends is continuing, the
Company shall call such meeting within 35 days of the date of such written
request. If the Company fails to call such a meeting upon request, any holder at
such time of any series of the Company's preferred stock then outstanding,
including the Series A Mandatory Convertible Preferred Stock, may call a
meeting. Upon payment of all accumulated and unpaid dividends on the cumulative
preferred stock of the Company or, in the case of any series of non-cumulative
preferred stock of the Company, upon such time when non-cumulative dividends
have been paid regularly for at least a year, the holders of the Company's
preferred stock then outstanding will no longer have the right to vote on
directors and the term of office of each director so elected will terminate and
the number of directors will, without further action, be reduced by two.

         (iv) In any case where the Holders are entitled to vote as a class with
holders of Parity Securities, each holder shall be entitled to one vote for each
share of such preferred stock (including the Series A Mandatory Convertible
Preferred Stock) held by such holder. In any case where the Holders are entitled
to vote as a class, each Holder shall be entitled to one vote for each share of
the Series A Mandatory Convertible Preferred Stock held by such Holder.

         Section 5. Automatic Conversion. Each share of Series A Mandatory
Convertible Preferred Stock will automatically convert (unless previously
converted at the option of the Company in accordance with Section 6 or at the
option of the Holder in accordance with Section 7, or a Merger Early Settlement,
as defined in Section 8 hereof, has occurred in accordance with Section 8), on
December 15, 2006 (the "Conversion Date"), into a number of newly issued shares
of Common Stock equal to the Conversion Rate (as defined below). The Holders on
the Conversion Date shall have the right to receive a dividend payment of cash,
shares of Common Stock, or any combination thereof, as the Company determines in
its sole discretion, in an amount equal to any accumulated and unpaid dividends
on the Series A Mandatory Convertible Preferred Stock as of the Conversion Date
(other than previously declared dividends on the Series A Mandatory Convertible
Preferred Stock payable to a Holder of record as of a prior date), whether or
not declared, out of legally available assets of the Company. To the extent the
Company has such assets available and pays some or all of such dividend in
shares of Common Stock, the number of shares of Common Stock issuable to a
Holder in respect of such accumulated and unpaid dividends shall equal the
amount of accumulated and unpaid dividends on the Series A Mandatory Convertible
Preferred Stock on the Conversion Date that the Company determines to pay in
shares of Common Stock divided by the Current Market Price (as defined below).
In the event the Company elects to pay some or all of the dividend in shares of
Common Stock, the Company shall notify the Holders of shares of Series A
Mandatory Convertible Preferred Stock whether the dividend will be payable in
full in shares of Common Stock or any combination of cash and shares of Common
Stock, and shall specify such combination in such notice, at least 10 days prior
to the Conversion Date.

         Dividends on the shares of Series A Mandatory Convertible Preferred
Stock shall cease to accrue and such shares of Series A Mandatory Convertible
Preferred Stock shall cease to be outstanding on the Conversion Date. The
Company shall make such arrangements as it deems appropriate for the issuance of
certificates, if any, representing shares of Common Stock (both for purposes of
the automatic conversion of shares of Series A Mandatory Convertible Preferred
Stock and for purposes of any dividend payment by the Company of shares of
Common Stock in respect of accumulated and unpaid dividends on the Series A
Mandatory Convertible Preferred Stock) and for any payment of cash in respect of
accumulated and unpaid dividends on the Series A Mandatory Convertible Preferred
Stock or cash in lieu of fractional shares, if any, in exchange for and
contingent upon the surrender of certificates representing the shares of Series
A Mandatory Convertible Preferred Stock (if such shares are held in certificated
form), and the Company may defer the payment of dividends on such shares of
Common Stock and the voting thereof until, and make such payment and voting
contingent upon, the surrender of such certificates representing the shares of
Series A Mandatory Convertible Preferred Stock, provided that the Company shall
give the Holders such notice of any such actions as the Company deems
appropriate and upon such surrender such Holders shall be entitled to receive
such dividends declared and paid on such shares of Common Stock subsequent to
the Conversion Date. Amounts payable in cash in respect of the shares of Series
A Mandatory Convertible Preferred Stock or in respect of such shares of Common
Stock shall not bear interest.

         Section 6. Provisional Conversion at the Option of the Company.

         (i) Prior to the Conversion Date, the Company may, at its option, cause
the conversion of all, but not less than all, the shares of Series A Mandatory
Convertible Preferred Stock then outstanding for shares of Common Stock at a
rate of 3.0358 shares of Common Stock for each share of Series A Mandatory
Convertible Preferred Stock (the "Provisional Conversion Rate"), subject to
adjustment as set forth in Section 9(ii) below (as though references in Section
9(ii) to the Conversion Rate were replaced with references to the Provisional
Conversion Rate); provided that the Closing Price of the Common Stock has
exceeded 150% of $16.47 (the "Threshold Appreciation Price"), or $24.71, for at
least 20 Trading Days (as defined below) within a period of 30 consecutive
Trading Days ending on the Trading Day prior to the date on which the Company
notifies the Holders (pursuant to paragraph (ii) below) that it is exercising
its option to cause the conversion of the Series A Mandatory Convertible
Preferred Stock pursuant to this Section 6 (the "Provisional Conversion Notice
Date"). The Company shall be able to cause this conversion only if, in addition
to issuing the Holders shares of Common Stock as described above, the Company
pays the Holders in cash (a) an amount equal to any accumulated and unpaid
dividends on the shares of Series A Mandatory Convertible Preferred Stock then
outstanding, whether or not declared, and (b) the present value of all remaining
dividend payments on the shares of Series A Mandatory Convertible Preferred
Stock then outstanding, through and including December 15, 2006, in each case,
out of legally available assets of the Company. The present value of the
remaining dividend payments will be computed using a discount rate equal to the
Treasury Yield (as defined below).

         (ii) A written notice (the "Provisional Conversion Notice") shall be
sent by or on behalf of the Company, by first class mail, postage prepaid, to
the Holders of record as they appear on the stock register of the Company on the
Provisional Conversion Notice Date (a) notifying such Holders of the election of
the Company to convert and of the Provisional Conversion Date (as defined
below), which date shall be not less than 30 days nor more than 60 days after
the Provisional Conversion Notice Date, and (b) stating the Corporate Trust
Office (as defined below) of the Transfer Agent at which the shares of Series A
Mandatory Convertible Preferred Stock called for conversion shall, upon
presentation and surrender of the certificate(s) (if such shares are held in
certificated form) evidencing such shares, be converted, and the Provisional
Conversion Rate to be applied thereto.

         (iii) The Company shall deliver to the Transfer Agent irrevocable
written instructions authorizing the Transfer Agent, on behalf and at the
expense of the Company, to cause the Provisional Conversion Notice to be duly
mailed as soon as practicable after receipt of such irrevocable instructions
from the Company and in accordance with the above provisions. The shares of
Common Stock to be issued upon conversion of the Series A Mandatory Convertible
Preferred Stock pursuant to this Section 6 and all funds necessary for the
payment in cash of (a) any accumulated and unpaid dividends on the shares of
Series A Mandatory Convertible Preferred Stock then outstanding, whether or not
declared, and (b) the present value of all remaining dividend payments on the
shares of Series A Mandatory Convertible Preferred Stock then outstanding
through and including December 15, 2006, shall be deposited with the Transfer
Agent in trust at least one Business Day prior to the Provisional Conversion
Date, for the pro rata benefit of the Holders of record as they appear on the
stock register of the Company, so as to be and continue to be available
therefor. Neither failure to mail such Provisional Conversion Notice to one or
more such Holders nor any defect in such Provisional Conversion Notice shall
affect the sufficiency of the proceedings for conversion as to other Holders.

         (iv) If a Provisional Conversion Notice shall have been given as
hereinbefore provided, then each Holder shall be entitled to all preferences and
relative, participating, optional and other special rights accorded by this
Certificate of Designations until and including the Provisional Conversion Date.
From and after the Provisional Conversion Date, upon delivery by the Company of
the Common Stock and payment of the funds to the Transfer Agent as described in
paragraph (iii) above, the Series A Mandatory Convertible Preferred Stock shall
no longer be deemed to be outstanding, and all rights of such Holders shall
cease and terminate, except the right of the Holders, upon surrender of
certificates therefor, to receive Common Stock and any amounts to be paid
hereunder.

         (v) The deposit of monies in trust with the Transfer Agent shall be
irrevocable except that the Company shall be entitled to receive from the
Transfer Agent the interest or other earnings, if any, earned on any monies so
deposited in trust, and the Holders shall have no claim to such interest or
other earnings, and any balance of monies so deposited by the Company and
unclaimed by the Holders entitled thereto at the expiration of two years from
the Provisional Conversion Date shall be repaid, together with any interest or
other earnings thereon, to the Company, and after any such repayment, the
Holders of the shares entitled to the funds so repaid to the Company, shall look
only to the Company for such payment without interest.

         Section 7. Conversion at the Option of the Holder.

         (i) Shares of Series A Mandatory Convertible Preferred Stock are
convertible, in whole or in part, at the option of the Holders thereof
("Optional Conversion"), at any time prior to the Conversion Date, into shares
of Common Stock at a rate of 3.0358 shares of Common Stock for each share of
Series A Mandatory Convertible Preferred Stock (the "Optional Conversion Rate"),
subject to adjustment as set forth in Section 9(ii) below (as though references
in Section 9(ii) to the Conversion Rate were replaced with references to the
Optional Conversion Rate).

         (ii) Optional Conversion of shares of Series A Mandatory Convertible
Preferred Stock may be effected by delivering certificates evidencing such
shares (if such shares are held in certificated form), together with written
notice of conversion and a proper assignment of such certificates to the Company
or in blank (and, if applicable, payment of an amount equal to the dividend
payable on such shares pursuant to paragraph (iii) below), to the Corporate
Trust Office of the Transfer Agent for the Series A Mandatory Convertible
Preferred Stock or to any other office or agency maintained by the Company for
that purpose. Each Optional Conversion shall be deemed to have been effected
immediately prior to the close of business on the date on which the foregoing
requirements shall have been satisfied.

         (iii) Holders of shares of Series A Mandatory Convertible Preferred
Stock at the close of business on a Dividend Record Date shall be entitled to
receive any dividend payable on such shares on the corresponding Dividend
Payment Date (if such dividend has been declared) notwithstanding the Optional
Conversion of such shares following such Dividend Record Rate and prior to such
Dividend Payment Date. However, any shares of Series A Mandatory Convertible
Preferred Stock surrendered for Optional Conversion after the close of business
on a Dividend Record Date and before the opening of business on the
corresponding Dividend Payment Date must be accompanied by payment in cash of an
amount equal to the dividend payable on such shares on such Dividend Payment
Date. Except as provided above, upon any Optional Conversion of shares of Series
A Mandatory Convertible Preferred Stock, the Company shall make no payment or
allowance for unpaid preferred dividends, whether or not in arrears, on such
shares of Series A Mandatory Convertible Preferred Stock as to which Optional
Conversion has been effected or for dividends or distributions on the shares of
Common Stock issued upon such Optional Conversion.

         Section 8. Early Settlement Upon Cash Merger.

         (i) In the event of a merger or consolidation of the Company of the
type described in Section 9(iii)(a) in which the Common Stock outstanding
immediately prior to such merger or consolidation is exchanged for consideration
consisting of at least 30% cash or cash equivalents (any such event a "Cash
Merger"), then the Company (or the successor to the Company hereunder) shall be
required to offer all Holders of shares of Series A Mandatory Convertible
Preferred Stock that remain outstanding after the date of the Cash Merger (if
any) the right to convert their shares of Series A Mandatory Convertible
Preferred Stock prior to the Conversion Date ("Merger Early Settlement") as
provided herein. On or before the fifth Business Day after the consummation of a
Cash Merger, the Company or, at the request and expense of the Company, the
Transfer Agent, shall give all Holders notice of the occurrence of the Cash
Merger and of the right of Merger Early Settlement arising as a result thereof.
The Company shall also deliver a copy of such notice to the Transfer Agent. Each
such notice shall contain:

                  (a) the date, which shall be not less than 20 nor more than 30
         calendar days after the date of such notice, on which the Merger Early
         Settlement will be effected (the "Merger Early Settlement Date");

                  (b) the date, which shall be on or one Business Day prior to
         the Merger Early Settlement Date, by which the Merger Early Settlement
         right must be exercised;

                  (c) the Conversion Rate in effect immediately before such Cash
         Merger and the kind and amount of securities, cash and other property
         receivable by the Holder upon conversion of its shares of Series A
         Mandatory Convertible Preferred Stock pursuant to Section 9(iii); and

                  (d) the instructions a Holder must follow to exercise the
         Merger Early Settlement right.

         (ii) To exercise a Merger Early Settlement right, a Holder shall
deliver to the Transfer Agent at the Corporate Trust Office by 5:00 p.m., New
York City time on or before the date by which the Merger Settlement right must
be exercised as specified in the notice, the certificate(s) (if such shares are
held in certificated form) evidencing the shares of Series A Mandatory
Convertible Preferred Stock with respect to which the Merger Early Settlement
right is being exercised duly endorsed for transfer to the Company or in blank
with a written notice to the Company stating the Holder's intention to convert
early in connection with the Cash Merger and providing the Company with payment
instructions.

         (iii) On the Merger Early Settlement Date, the Company shall deliver or
cause to be delivered the kind and amount of cash, securities or other property
to be received by such exercising Holder determined by assuming the Holder had
converted the shares of Series A Mandatory Convertible Preferred Stock for which
such Merger Early Settlement right was exercised into Common Stock immediately
before the Cash Merger at the Conversion Rate in effect at such time (as
adjusted pursuant to Section 9(ii)).

         (iv) Upon a Merger Early Settlement, the Transfer Agent shall, in
accordance with the instructions provided by the Holder thereof on the notice
provided to the Company as set forth in paragraph (ii) above, deliver to the
Holder such cash, securities or other property issuable upon such Merger Early
Settlement together with payment in lieu of any fractional shares, as provided
herein.

         (v) In the event that Merger Early Settlement is effected with respect
to shares of Series A Mandatory Convertible Preferred Stock representing less
than all the shares of Series A Mandatory Convertible Preferred Stock held by a
Holder, upon such Merger Early Settlement the Company (or the successor to the
Company hereunder) shall execute and the Transfer Agent shall authenticate,
countersign and deliver to the Holder thereof, at the expense of the Company, a
certificate evidencing the shares as to which Merger Early Settlement was not
effected.

         (vi) If the Holder does not elect to exercise the Merger Early
Settlement right pursuant to this Section 8, in lieu of shares of Common Stock,
the Company shall deliver to such Holder on the Conversion Date, at the
Conversion Rate in effect on such date, cash, securities or other property for
which the Common Stock was exchangeable in connection with the Cash Merger.

         Section 9. Definition of Conversion Rate; Anti-dilution Adjustments.

         (i) Subject to the immediately following sentence, the "Conversion
Rate" is equal to, (a) if the Applicable Market Value (as defined below) is
greater than or equal to the Threshold Appreciation Price, 3.0358 shares of
Common Stock per share of Series A Mandatory Convertible Preferred Stock, (b) if
the Applicable Market Value is less than the Threshold Appreciation Price, but
is greater than $13.50 (the "Initial Price"), $50.00 (the "Stated Amount")
divided by the Applicable Market Value, and (c) if the Applicable Market Value
is equal to or less than the Initial Price, 3.7037 shares of Common Stock per
share of Series A Mandatory Convertible Preferred Stock, in each case subject to
adjustment as provided in Section 9(ii) (and in each case rounded upward or
downward to the nearest 1/10,000th of a share). In each of the clauses in the
immediately preceding sentence, the Conversion Rate in respect of a conversion
pursuant to Section 5 shall be increased by an amount equal to any accumulated
and unpaid dividends on the Series A Mandatory Convertible Preferred Stock on
the Conversion Date (taking into account any payment of such dividends on the
Conversion Date) divided by the Current Market Price.

         (ii) In connection with the Conversion Rate as set forth in Section
9(i), the formula for determining the Conversion Rate and the number of shares
of Common Stock to be delivered on the Conversion Date upon conversion as set
forth in Sections 6, 7 or 8 shall be subject to the following adjustments:

                  (a) Stock Dividends. In case the Company shall pay or make a
         dividend or other distribution on the Common Stock in Common Stock, the
         Conversion Rate, as in effect at the opening of business on the day
         following the date fixed for the determination of stockholders of the
         Company entitled to receive such dividend or other distribution shall
         be increased by dividing such Conversion Rate by a fraction of which
         the numerator shall be the number of shares of Common Stock outstanding
         at the close of business on the date fixed for such determination and
         the denominator shall be the sum of such number of shares and the total
         number of shares constituting such dividend or other distribution, such
         increase to become effective immediately after the opening of business
         on the day following the date fixed for such determination.

                  (b) Stock Purchase Rights. In case the Company shall issue to
         all holders of its Common Stock (such issuance not being available on
         an equivalent basis to Holders of the shares of Series A Mandatory
         Convertible Preferred Stock upon conversion) options, warrants or other
         rights, entitling them to subscribe for or purchase shares of Common
         Stock for a period expiring within 60 days from the date of issuance of
         such option, warrants or other rights at a price per share of Common
         Stock less than the Current Market Price on the date fixed for the
         determination of stockholders of the Company entitled to receive such
         rights, options, warrants or securities (other than pursuant to a
         dividend reinvestment, share purchase or similar plan), the Conversion
         Rate in effect at the opening of business on the day following the date
         fixed for such determination shall be increased by dividing such
         Conversion Rate by a fraction, the numerator of which shall be the
         number of shares of Common Stock outstanding at the close of business
         on the date fixed for such determination plus the number of shares of
         Common Stock which the aggregate consideration expected to be received
         by the Company upon the exercise, conversion or exchange of such
         rights, options, warrants or securities (as determined in good faith by
         the Board of Directors, whose determination shall be conclusive and
         described in a Board Resolution) would purchase at such Current Market
         Price and the denominator of which shall be the number of shares of
         Common Stock outstanding at the close of business on the date fixed for
         such determination plus the number of shares of Common Stock so offered
         for subscription or purchase, either directly or indirectly, such
         increase to become effective immediately after the opening of business
         on the day following the date fixed for such determination.

                  (c) Stock Splits; Reverse Splits; and Combinations. In case
         outstanding shares of Common Stock shall be subdivided, split or
         reclassified into a greater number of shares of Common Stock, the
         Conversion Rate in effect at the opening of business on the day
         following the day upon which such subdivision, split or
         reclassification becomes effective shall be proportionately increased,
         and, conversely, in case outstanding shares of Common Stock shall each
         be combined or reclassified into a smaller number of shares of Common
         Stock, the Conversion Rate in effect at the opening of business on the
         day following the day upon which such combination or reclassification
         becomes effective shall be proportionately reduced, such increase or
         reduction, as the case may be, to become effective immediately after
         the opening of business on the day following the day upon which such
         subdivision, split, reclassification or combination becomes effective.

                  (d) Debt, Asset or Security Distributions. (1) In case the
         Company shall, by dividend or otherwise, distribute to all holders of
         its Common Stock evidences of its indebtedness, assets or securities
         (but excluding any options, warrants or other rights referred to in
         paragraph (b) of this Section 9(ii), any dividend or distribution paid
         exclusively in cash and any dividend, shares of capital stock of any
         class or series, or similar equity interests, of or relating to a
         subsidiary or other business unit in the case of a Spin-Off (as defined
         below) referred to in the next subparagraph, or dividend or
         distribution referred to in paragraph (a) of this Section 9(ii)), the
         Conversion Rate shall be increased by dividing the Conversion Rate in
         effect immediately prior to the close of business on the date fixed for
         the determination of stockholders of the Company entitled to receive
         such distribution by a fraction, the numerator of which shall be the
         Current Market Price on the date fixed for such determination less the
         then fair market value (as determined in good faith by the Board of
         Directors, whose determination shall be conclusive and described in a
         Board Resolution) of the portion of the assets or evidences of
         indebtedness so distributed applicable to one share of Common Stock and
         the denominator of which shall be such Current Market Price, such
         adjustment to become effective immediately prior to the opening of
         business on the day following the date fixed for the determination of
         stockholders of the Company entitled to receive such distribution. In
         any case in which this subparagraph (d)(1) is applicable, subparagraph
         (d)(2) of this Section 9(ii) shall not be applicable.

                  (2) In the case of a Spin-Off, the Conversion Rate in effect
         immediately before the close of business on the record date fixed for
         determination of stockholders of the Company entitled to receive that
         distribution will be increased by multiplying the Conversion Rate by a
         fraction, the numerator of which is the Current Market Price plus the
         Fair Market Value (as defined below) of the portion of those shares of
         Capital Stock or similar equity interests so distributed applicable to
         one share of Common Stock and the denominator of which is the Current
         Market Price. Any adjustment to the Conversion Rate under this
         subparagraph (d)(2) will occur on the date that is the earlier of (A)
         the 10th Trading Day from, and including, the effective date of the
         Spin-Off and (B) the date of the securities being offered in the
         Initial Public Offering (as defined below) of the Spin-Off, if that
         Initial Public Offering is effected simultaneously with the Spin-Off.

                  (e) Cash Distributions. In case the Company shall, by dividend
         or otherwise, make distributions to all holders of its Common Stock
         exclusively in cash (excluding any cash that is distributed in a
         Reorganization Event to which Section 9(iii) applies or as part of a
         distribution referred to in paragraph (d) of this Section 9(ii))
         immediately after the close of business on such date for determination,
         the Conversion Rate shall be increased by multiplying the Conversion
         Rate in effect immediately prior to the close of business on the date
         fixed for determination of the stockholders of the Company entitled to
         receive such distribution by a fraction, (A) the numerator of which
         shall be equal to the Current Market Price on the date fixed for such
         determination and (B) the denominator of which shall be equal to the
         Current Market Price on the date fixed for such determination less the
         per share amount of the distribution.

                  (f) Tender Offers. In the case that a tender or exchange offer
         made by the Company or any subsidiary of the Company for all or any
         portion of the Common Stock shall expire and such tender or exchange
         offer (as amended through the expiration thereof) shall require the
         payment to stockholders of the Company (based on the acceptance (up to
         any maximum specified in the terms of the tender or exchange offer) of
         Purchased Shares (as defined below)) of an aggregate consideration
         having a fair market value (as determined in good faith by the Board of
         Directors, whose determination shall be conclusive and described in a
         Board Resolution) per share of the Common Stock that exceeds the
         closing price of the Common Stock on the Trading Day next succeeding
         the last date on which tenders or exchanges may be made pursuant to
         such tender or exchange offer, then, immediately prior to the opening
         of business on the day after the date of the last time (the "Expiration
         Time") tenders could have been made pursuant to such tender or exchange
         offer (as amended through the expiration thereof), the Conversion Rate
         shall be increased by dividing the Conversion Rate immediately prior to
         the close of business on the date of the Expiration Time by a fraction
         (A) the numerator of which shall be equal to (x) the product of (I) the
         Current Market Price on the date of the Expiration Time and (II) the
         number of shares of Common Stock outstanding (including any tendered
         shares) on the date of the Expiration Time less (y) the amount of cash
         plus the fair market value (determined as aforesaid) of the aggregate
         consideration payable to stockholders of the Company pursuant to the
         tender or exchange offer (assuming the acceptance, up to any maximum
         specified in the terms of the tender or exchange offer, of Purchased
         Shares), and (B) the denominator of which shall be equal to the product
         of (x) the Current Market Price on the date of the Expiration Time and
         (y) the number of shares of Common Stock outstanding (including any
         tendered shares) on the date of the Expiration Time less the number of
         all shares validly tendered, not withdrawn and accepted for payment on
         the date of the Expiration Time (such validly tendered shares, up to
         any such maximum, being referred to as the "Purchased Shares").

                  (g) Calculation of Adjustments. All adjustments to the
         Conversion Rate shall be calculated to the nearest 1/10,000th of a
         share of Common Stock (or if there is not a nearest 1/10,000th of a
         share to the next lower 1/10,000th of a share). No adjustment in the
         Conversion Rate shall be required unless such adjustment would require
         an increase or decrease of at least one percent therein; provided, that
         any adjustments which by reason of this subparagraph are not required
         to be made shall be carried forward and taken into account in any
         subsequent adjustment. If an adjustment is made to the Conversion Rate
         pursuant to paragraph (a), (b), (c), (d), (e), (f) or (h) of this
         Section 9(ii), an adjustment shall also be made to the Threshold
         Appreciation Price and the Initial Price solely to determine which of
         clauses (a), (b) or (c) of the definition of Conversion Rate set forth
         in Section 9(i) will apply on the Conversion Date. Such adjustment
         shall be made by multiplying the Threshold Appreciation Price or the
         Initial Price, as applicable, by a fraction, the numerator of which
         shall be the Conversion Rate immediately before such adjustment and the
         denominator of which shall be the Conversion Rate immediately after
         such adjustment pursuant to paragraph (a), (b), (c), (d), (e), (f) or
         (h) of this Section 9(ii); provided, that if such adjustment to the
         Conversion Rate is required to be made pursuant to the occurrence of
         any of the events contemplated by paragraph (a), (b), (c), (d), (e),
         (f) or (h) of this Section 9(ii) during the period taken into
         consideration for determining the Applicable Market Value, appropriate
         and customary adjustments shall be made to the Conversion Rate.

                  (h) Increase of Conversion Rate. The Company may make such
         increases in the Conversion Rate, in addition to those required by this
         Section 9(ii), as the Board of Directors considers advisable in order
         to avoid or diminish any income tax to any holders of shares of Common
         Stock resulting from any dividend or distribution of stock or issuance
         of rights or warrants to purchase or subscribe for stock or from any
         event treated as such for income tax purposes or for any other reasons.

                  (i) Notice of Adjustment. (1) Whenever the Conversion Rate is
         adjusted in accordance with this Section 9(ii), the Company shall
         forthwith compute the Conversion Rate in accordance with this Section
         9(ii) and prepare and transmit to the Transfer Agent an Officer's
         Certificate (as defined below) setting forth the Conversion Rate, the
         method of calculation thereof in reasonable detail, and the facts
         requiring such adjustment and upon which such adjustment is based. (2)
         As soon as practicable following the occurrence of an event that
         requires an adjustment to the Conversion Rate pursuant to this Section
         9(ii) (or if the Company is not aware of such occurrence, as soon as
         practicable after becoming so aware), the Company or, at the request
         and expense of the Company, the Transfer Agent shall provide a written
         notice to the Holders of the occurrence of such event and a statement
         setting forth in reasonable detail the method by which the adjustment
         to the Conversion Rate was determined and setting forth the adjusted
         Conversion Rate.

         (iii) In the event of:

                  (a) any consolidation or merger of the Company with or into
         another Person or of another Person with or into the Company; or

                  (b) any sale, transfer, lease or conveyance to another Person
         of the property of the Company as an entirety or substantially as an
         entirety; or

                  (c) any reclassification (other than a reclassification to
         which paragraph (c) of Section 9(ii) applies),

(any such event, a "Reorganization Event"), each share of Series A Mandatory
Convertible Preferred Stock prior to such Reorganization Event shall, after such
Reorganization Event, be converted into the right to receive the kind and amount
of securities, cash and other property receivable in such Reorganization Event
(without any interest thereon, and without any right to dividends or
distribution thereon which have a record date that is prior to the date of the
Reorganization Event) per share of Series A Mandatory Convertible Preferred
Stock by a holder of Common Stock that (1) is not a Person with which the
Company consolidated or into which the Company merged or which merged into the
Company or to which such sale or transfer was made, as the case may be (any such
Person, a "Constituent Person"), or an Affiliate (as defined below) of a
Constituent Person to the extent such Reorganization Event provides for
different treatment of Common Stock held by Affiliates of the Company and
non-Affiliates, and (2) has failed to exercise the rights of election, if any,
as to the kind or amount of securities, cash and other property receivable upon
such Reorganization Event (provided that if the kind or amount of securities,
cash and other property receivable upon such Reorganization Event is not the
same for each share of Common Stock held immediately prior to such
Reorganization Event by other than a Constituent Person or an Affiliate thereof
and in respect of which such rights of election shall not have been exercised
("Non-electing Share"), then for the purpose of this Section 9(iii) the kind and
amount of securities, cash and other property receivable upon such
Reorganization Event by each Non-electing Share shall be deemed to be the kind
and amount so receivable per share by a plurality of the Non-electing Shares).
On the Conversion Date, the Conversion Rate then in effect shall be applied to
the value or amount on the Conversion Date of such securities, cash or other
property.

         In the event of such a Reorganization Event, the Person formed by such
consolidation, or merger or the Person which acquires the assets of the Company
shall execute and deliver to the Transfer Agent an agreement supplemental hereto
providing that the Holder of each share of Series A Mandatory Convertible
Preferred Stock that remains outstanding after the Reorganization Event (if any)
shall have the rights provided by this Section 9(iii). Such supplemental
agreement shall provide for adjustments which, for events subsequent to the
effective date of such supplemental agreement, shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Section 9. The above
provisions of this Section 9(iii) shall similarly apply to successive
Reorganization Events.

         (iv) No adjustment to the Conversion Rate need be made if Holders may
participate in the transaction that would otherwise give rise to an adjustment,
so long as the distributed assets or securities the Holders would receive upon
conversion of the Series A Mandatory Convertible Preferred Stock, if
convertible, exchangeable, or exercisable, are convertible, exchangeable or
exercisable, as applicable, without any loss of rights or privileges for a
period of at least 60 days following conversion of the Series A Mandatory
Convertible Preferred Stock.

         The applicable Conversion Rate shall not be adjusted:

                  (a) upon the issuance of any shares of the Common Stock
         pursuant to any present or future plan providing for the reinvestment
         of dividends or interest payable on the Company's securities and the
         investment of additional optional amounts in shares of Common Stock
         under any plan;

                  (b) upon the issuance of any shares of the Common Stock or
         options or rights to purchase those shares pursuant to any present or
         future employee, director or consultant benefit plan or program of or
         assumed by the Company or any of its subsidiaries;

                  (c) upon the issuance of any shares of the Common Stock
         pursuant to any option, warrant, right or exercisable, exchangeable or
         convertible security outstanding as of the date shares of the Series A
         Mandatory Convertible Preferred Stock were first issued;

                  (d) for a change in the par value or no par value of the
         Common Stock; or

                  (e) for accumulated and unpaid dividends.

         Section 10. Definitions.

         (i) "Affiliate" has the same meaning as given to that term in Rule 405
of the Securities Act or any successor rule thereunder.

         (ii) The "Applicable Market Value" means the average of the Closing
Price per share of Common Stock on each of the 20 consecutive Trading Days
ending on the third Trading Day immediately preceding the Conversion Date.

         (iii) "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Transfer Agent.

         (iv) "Business Day" means any day other than a Saturday or Sunday or
any other day on which banks in The City of New York are authorized or required
by law or executive order to close.

         (v) "Capital Stock" of any Person means any and all shares, interests,
participations or other equivalents however designated of corporate stock or
other equity participations, including partnership interests, whether general or
limited, of such Person and any rights (other than debt securities convertible
or exchangeable into an equity interest), warrants or options to acquire an
equity interest in such Person.

         (vi) The "Closing Price" of the Common Stock or any securities
distributed in a Spin-Off, as the case may be, on any date of determination
means the closing sale price (or, if no closing sale price is reported, the last
reported sale price) per share on the New York Stock Exchange ("NYSE") on such
date or, if such security is not listed for trading on the NYSE on any such
date, as reported in the composite transactions for the principal U.S. national
or regional securities exchange on which such security is so listed or quoted,
or if such security is not so listed or quoted on a U.S. national or regional
securities exchange, as reported by the Nasdaq stock market, or, if such
security is not so reported, the last quoted bid price for the such security in
the over-the-counter market as reported by the National Quotation Bureau or
similar organization, or, if such bid price is not available, the market value
of such security on such date as determined by a nationally recognized
independent investment banking firm retained for this purpose by the Company.

         (vii) "Corporate Trust Office" means the principal corporate trust
office of the Transfer Agent at which, at any particular time, its corporate
trust business shall be administered.

         (viii) "Current Market Price" means (a) on any day the average of the
Closing Prices of the Common Stock for the five consecutive Trading Days
preceding the earlier of the day preceding the day in question and the day
before the "ex date" with respect to the issuance or distribution requiring
computation, (b) in the case of any Spin-Off that is effected simultaneously
with an Initial Public Offering of the securities being distributed in the
Spin-Off, the Closing Price of the Common Stock on the Trading Day on which the
initial public offering price of the securities being distributed in the
Spin-Off is determined, and (c) in the case of any other Spin-Off, the average
of the Closing Prices of the Common Stock over the first 10 Trading Days after
the effective date of such Spin-Off. For purposes of this paragraph, the term
"ex date," when used with respect to any issuance or distribution, shall mean
the first date on which the Common Stock trades in a regular way on the NYSE or
other principal U.S. national or regional securities exchange or quotation
system on which the Common Stock is listed or quoted at such time, without the
right to receive such issuance or distribution.

         (ix) "Fair Market Value" means (a) in the case of any Spin-Off that is
effected simultaneously with an Initial Public Offering of the securities being
distributed in the Spin-Off, the initial public offering price of those
securities, and (b) in the case of any other Spin-Off, the average of the
Closing Prices of the securities being distributed in the Spin-Off over the
first 10 Trading Days after the effective date of such Spin-Off.

         (x) "Holder" means the Person in whose name a share of Series A
Mandatory Convertible Preferred Stock is registered.

         (xi) "Initial Public Offering" means the first time securities of the
same class or type as the securities being distributed in the Spin-Off are
offered to the public for cash.

         (xii) "Officer" means the Chairman of the Board and President, Chief
Executive Officer, any Vice President, the Chief Financial Officer, the Chief
Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, any
Assistant Controller, the Secretary or any Assistant Secretary of the Company.

         (xiii) "Officer's Certificate" means a certificate signed by two
Officers.

         (xiv) "Person" means any individual, corporation, limited liability
company, partnership, joint venture, trust, unincorporated organization or
government or any agency or political subdivision thereof.

         (xv) "Provisional Conversion Date" means the date fixed for conversion
of shares of Series A Mandatory Convertible Preferred Stock for shares of Common
Stock pursuant to Section 6 above or, if the Company shall default in the cash
payment of (a) an amount equal to any accumulated and unpaid dividends on the
shares of Series A Mandatory Convertible Preferred Stock then outstanding ,
whether or not declared, and (b) the present value of all remaining dividend
payments on the shares of Series A Mandatory Convertible Preferred Stock then
outstanding, through and including December 15, 2006, in connection with such
conversion on such date, the date the Company actually makes such payment.

         (xvi) "Spin-Off" means payment of a dividend or other distribution of
shares of capital stock of any class or series, or similar equity interests, of
or relating to a subsidiary or other business unit of the Company.

         (xvii) "Subsidiary" means, with respect to any Person, (a) any
corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of that Person (or a
combination thereof) and (b) any partnership (1) the sole general partner or the
managing general partner of which is such Person or a Subsidiary of such Person
or (2) the only general partners of which are such Person or of one or more
Subsidiaries of such Person (or any combination thereof).

         (xviii) "Trading Day" means a day during which trading in securities
generally occurs on the NYSE or, if the Common Stock or any security distributed
in a Spin-Off, as the case may be, is not listed on the NYSE, on the principal
other U.S. national or regional securities exchange on which the Common Stock or
any security distributed in a Spin-Off, as the case may be, is then listed or,
if the Common Stock or any security distributed in a Spin-Off, as the case may
be, is not listed on a U.S. national or regional securities exchange, as
reported by the Nasdaq stock market or, if the Common Stock or any security
distributed in a Spin-Off, as the case may be, is not so reported, on the
principal other market on which the Common Stock or any security distributed in
a Spin-Off, as the case may be, then traded. No day on which the Common Stock or
any security distributed in a Spin-Off, as the case may be, experiences any of
the following, however, will count as a Trading Day:

         (a)  any suspension of or limitation imposed on trading of the Common
              Stock or any security distributed in a Spin-Off, as the case may
              be, on any U.S. national or regional securities exchange or
              association or over-the-counter market;

         (b)  any event (other than an event listed in subsection (c) below)
              that disrupts or impairs the ability of market participants in
              general to (i) effect transactions in or obtain market values for
              the Common Stock or any security distributed in a Spin-Off, as the
              case may be, on any relevant U.S. national or regional securities
              exchange or association or over-the-counter market, or (ii) effect
              transactions in or obtain market values for, futures or options
              contracts relating to the Common Stock or any security distributed
              in a Spin-Off, as the case may be, on any relevant U.S. national
              or regional securities exchange or association or over-the-counter
              market; or

         (c)  any relevant U.S. national or regional securities exchange or
              association or over-the-counter market on which the Common Stock
              or any security distributed in a Spin-Off, as the case may be,
              trades closes on any exchange business day prior to its scheduled
              closing time unless such earlier closing time is announced by the
              exchange at least one hour prior to the earlier of (i) the actual
              closing time for the regular trading session on such exchange and
              (ii) the submission deadline for orders to be entered into the
              exchange for execution on such business day.

         (xix) "Treasury Yield" means the yield to maturity at the time of
computation of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15 (519) which has become publicly available at least two Business Days prior
to the Provisional Conversion Date (or, if such Statistical Release is no longer
published, any publicly available source for similar market data)) most nearly
equal to the then remaining term to December 15, 2006, provided, however, that
if the then remaining term to December 15, 2006 is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield
is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields
of United States Treasury securities for which such yields are given, except
that if the then-remaining term to December 15, 2006 is less than one year, the
weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year shall be used.

         (xx) "Transfer Agent" means Mellon Investor Services LLC unless and
until a successor is selected by the Company, and then such successor.

         Section 11. Fractional Shares.

         No fractional shares of Common Stock shall be issued to Holders. In
lieu of any fraction of a share of Common Stock which would otherwise be
issuable in respect of the aggregate number of shares of the Series A Mandatory
Convertible Preferred Stock surrendered by the same Holder upon a conversion as
described in Sections 5, 6(i), 7(i) or 8(i) or which would otherwise be issuable
in respect of a stock dividend payment upon a conversion as described in Section
5, such Holder shall have the right to receive an amount in cash (computed to
the nearest cent) equal to the same fraction of (a) in the case of Section 5,
the Current Market Price or (b) in the case of Sections 6(i), 7(i) or 8(i), the
Closing Price of the Common Stock determined as of the second Trading Day
immediately preceding the effective date of conversion. If more than one share
of Series A Mandatory Convertible Preferred Stock shall be surrendered for
conversion at one time by or for the same Holder, the number of full shares of
Common Stock issuable upon conversion thereof shall be computed on the basis of
the aggregate number of shares of the Series A Mandatory Convertible Preferred
Stock so surrendered.

         Section 12. Miscellaneous.

         (i) Procedures for conversion of shares of Series A Mandatory
Convertible Preferred Stock, in accordance with Sections 5, 6, 7 or 8, not held
in certificated form will be governed by arrangements among the depositary of
the shares of Series A Mandatory Convertible Preferred Stock, its participants
and persons that may hold beneficial interests through such participants
designed to permit settlement without the physical movement of certificates.
Payments, transfers, deliveries, exchanges and other matters relating to
beneficial interests in global security certificates may be subject to various
policies and procedures adopted by the depositary from time to time.

         (ii) The Liquidation Preference and the annual dividend rate set forth
herein each shall be subject to equitable adjustment whenever there shall occur
a stock split, combination, reclassification or other similar event involving
the Series A Mandatory Convertible Preferred Stock. Such adjustments shall be
determined in good faith by the Board of Directors and submitted by the Board of
Directors to the Transfer Agent.

         (iii) For the purposes of Section 9, the number of shares of Common
Stock at any time outstanding shall not include shares held in the treasury of
the Company but shall include shares issuable in respect of scrip certificates
issued in lieu of fractions of shares of Common Stock.

         (iv) If the Company shall take any action affecting the Common Stock,
other than any action described in Section 9, that in the opinion of the Board
of Directors would materially adversely affect the conversion rights of the
Holders, then the Conversion Rate, the Provisional Conversion Rate and/or the
Optional Conversion Rate for the Series A Mandatory Convertible Preferred Stock
may be adjusted, to the extent permitted by law, in such manner, and at such
time, as the Board of Directors may determine to be equitable in the
circumstances.

         (v) The Company covenants that it will at all times reserve and keep
available, free from preemptive rights, out of the aggregate of its authorized
but unissued shares of Common Stock for the purpose of effecting conversion of
the Series A Mandatory Convertible Preferred Stock, the full number of shares of
Common Stock deliverable upon the conversion of all outstanding shares of Series
A Mandatory Convertible Preferred Stock not theretofore converted. For purposes
of this Section 12(v), the number of shares of Common Stock that shall be
deliverable upon the conversion of all outstanding shares of Series A Mandatory
Convertible Preferred Stock shall be computed as if at the time of computation
all such outstanding shares were held by a single Holder.

         (vi) The Company covenants that any shares of Common Stock issued upon
conversion of the Series A Mandatory Convertible Preferred Stock or issued in
respect of a stock dividend payment upon a conversion described in Section 5,
shall be validly issued, fully paid and non-assessable.

         (vii) The Company shall use its best efforts to list the shares of
Common Stock required to be delivered upon conversion of the Series A Mandatory
Convertible Preferred Stock or upon issuance in respect of a stock dividend
payment upon a conversion described in Section 5, prior to such delivery, upon
each national securities exchange or quotation system, if any, upon which the
outstanding Common Stock is listed at the time of such delivery.

         (viii) Prior to the delivery of any securities that the Company shall
be obligated to deliver upon conversion of the Series A Mandatory Convertible
Preferred Stock or upon issuance in respect of a stock dividend payment upon a
conversion described in Section 5, the Company shall use its best efforts to
comply with all federal and state laws and regulations thereunder requiring the
registration of such securities with, or any approval of or consent to the
delivery thereof by, any governmental authority.

         (ix) The Company shall pay any and all documentary stamp or similar
issue or transfer taxes payable in respect of the issue or delivery of shares of
Common Stock or other securities or property upon conversion of the Series A
Mandatory Convertible Preferred Stock pursuant thereto or upon issuance in
respect of a stock dividend payment upon a conversion described in Section 5;
provided, however, that the Company shall not be required to pay any tax that
may be payable in respect of any transfer involved in the issue or delivery of
shares of Common Stock or other securities or property in a name other than that
of the Holder of the Series A Mandatory Convertible Preferred Stock to be
converted and no such issue or delivery shall be made unless and until the
person requesting such issue or delivery has paid to the Company the amount of
any such tax or established, to the reasonable satisfaction of the Company, that
such tax has been paid or is not applicable.

         (x) The Series A Mandatory Convertible Preferred Stock is not
redeemable.

         (xi) The Series A Mandatory Convertible Preferred Stock is not entitled
to any preemptive or subscription rights in respect of any securities of the
Company.

         (xii) Whenever possible, each provision hereof shall be interpreted in
a manner as to be effective and valid under applicable law, but if any provision
hereof is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating or otherwise adversely affecting the remaining
provisions hereof. If a court of competent jurisdiction should determine that a
provision hereof would be valid or enforceable if a period of time were extended
or shortened or a particular percentage were increased or decreased, then such
court may make such change as shall be necessary to render the provision in
question effective and valid under applicable law.

         (xiii) Series A Mandatory Convertible Preferred Stock may be issued in
fractions of a share which shall entitle the Holder, in proportion to such
Holder's fractional shares, to exercise voting rights, receive dividends,
participate in distributions and have the benefit of all other rights of Holders
of Series A Mandatory Convertible Preferred Stock.

         (xiv) Subject to applicable escheat laws, any monies set aside by the
Company in respect of any payment with respect to shares of the Series A
Mandatory Convertible Preferred Stock, or dividends thereon, and unclaimed at
the end of two years from the date upon which such payment is due and payable
shall revert to the general funds of the Company, after which reversion the
Holders of such shares shall look only to the general funds of the Company for
the payment thereof. Any interest accumulated on funds so deposited shall be
paid to the Company from time to time.

         (xv) Except as may otherwise be required by law, the shares of Series A
Mandatory Convertible Preferred Stock shall not have any voting powers,
preferences and relative, participating, optional or other special rights, other
than those specifically set forth in this Certificate of Designations or the
Restated Certificate of Incorporation.

         (xvi) The headings of the various subdivisions hereof are for
convenience of reference only and shall not affect the interpretation of any of
the provisions hereof.

         (xvii) If any of the voting powers, preferences and relative,
participating, optional and other special rights of the Series A Mandatory
Convertible Preferred Stock and qualifications, limitations and restrictions
thereof set forth herein is invalid, unlawful or incapable of being enforced by
reason of any rule of law or public policy, all other voting powers, preferences
and relative, participating, optional and other special rights of Series A
Mandatory Convertible Preferred Stock and qualifications, limitations and
restrictions thereof set forth herein which can be given effect without the
invalid, unlawful or unenforceable voting powers, preferences and relative,
participating, optional and other special rights of Series A Mandatory
Convertible Preferred Stock and qualifications, limitations and restrictions
thereof shall, nevertheless, remain in full force and effect, and no voting
powers, preferences and relative, participating, optional or other special
rights of Series A Mandatory Convertible Preferred Stock and qualifications,
limitations and restrictions thereof herein set forth shall be deemed dependent
upon any other such voting powers, preferences and relative, participating,
optional or other special rights of Series A Mandatory Convertible Preferred
Stock and qualifications, limitations and restrictions thereof unless so
expressed herein.

         (xviii) Shares of Series A Mandatory Convertible Preferred Stock that
(a) have not been issued on or before January 18, 2004 or (b) have been issued
and reacquired in any manner, including shares purchased or redeemed or
exchanged or converted, shall (upon compliance with any applicable provisions of
the laws of Delaware) have the status of authorized but unissued shares of
preferred stock of the Company undesignated as to series and may be designated
or redesignated and issued or reissued, as the case may be, as part of any
series of preferred stock of the Company, provided that any issuance of such
shares as Series A Mandatory Convertible Preferred Stock must be in compliance
with the terms hereof.

         (xix) If any of the Series A Mandatory Convertible Preferred Stock
certificates shall be mutilated, lost, stolen or destroyed, the Company shall
issue, in exchange and in substitution for and upon cancellation of the
mutilated Series A Mandatory Convertible Preferred Stock certificate, or in lieu
of and substitution for the Series A Mandatory Convertible Preferred Stock
certificate lost, stolen or destroyed, a new Series A Mandatory Convertible
Preferred Stock certificate of like tenor and representing an equivalent amount
of shares of Series A Mandatory Convertible Preferred Stock, but only upon
receipt of evidence of such loss, theft or destruction of such Series A
Mandatory Convertible Preferred Stock certificate and indemnity, if requested,
satisfactory to the Company and the Transfer Agent. The Company is not required
to issue any certificates representing Series A Mandatory Convertible Preferred
Stock on or after the Conversion Date. In place of the delivery of a replacement
certificate following the Conversion Date, the Transfer Agent, upon delivery of
the evidence and indemnity described above, will deliver the shares of Common
Stock pursuant to the terms of the Series A Mandatory Convertible Preferred
Stock evidenced by the certificate.

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Certificate of
Designations to be duly executed by Nicholas J. Camera, Senior Vice President,
General Counsel and Secretary of the Company, and attested by Marjorie Hoey, its
Vice President, Associate General Counsel and Assistant Secretary, this 17th day
of December 2003.

                             INTERPUBLIC GROUP OF COMPANIES, INC.
                                  By: /s/  Nicholas J. Camera
                                      ----------------------------------------
                                      Name: Nicholas J. Camera
                                      Title: Senior Vice President,
                                             General Counsel and Secretary

ATTEST:

By: /s/  Marjorie Hoey
    -------------------------
    Name: Marjorie Hoey
    Title: Vice President, Associate General Counsel and
           Assistant SecretaryExhibit 4.1

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

             GE GLOBAL INSURANCE NOTE-BACKED SERIES 2003-19 TRUST

                                    between

                            LEHMAN ABS CORPORATION,

                                 as Depositor,

                                      and

                    U.S. BANK TRUST NATIONAL ASSOCIATION,

                                  as Trustee,

                      CORPORATE BACKED TRUST CERTIFICATES

                         Dated as of December 12, 2003

<PAGE>

                               Table of Contents
                                                                          Page
                                                                          ----

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

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

Section 3.  Designation of Trust and Certificates............................5

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

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

Section 6.  Trustee's Fees..................................................12

Section 7.  Optional Call; Optional Exchange................................13

Section 8.  Notices of Events of Default....................................18

Section 9.  Miscellaneous...................................................18

Section 10.  Governing Law..................................................21

Section 11.  Counterparts...................................................22

Section 12.  Termination of the Trust.......................................22

Section 13.  Sale of Underlying Securities; Optional Exchange...............22

Section 14.  Amendments.....................................................22

Section 15.  Voting of Underlying Securities, Modification of Indenture.....22

Section 16.  Additional Depositor Representation............................23

SCHEDULE I      SERIES 2003-19 UNDERLYING SECURITIES SCHEDULE
EXHIBIT A-1     FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2     FORM OF TRUST CERTIFICATE CLASS A-2
EXHIBIT B       FORM OF WARRANT AGENT AGREEMENT
EXHIBIT C       FORM OF INVESTMENT LETTER

                                      i
<PAGE>

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

             GE GLOBAL INSURANCE NOTE-BACKED SERIES 2003-19 TRUST

            SERIES SUPPLEMENT, GE Global Insurance Note-Backed Series 2003-19,
dated as of December 12, 2003 (the "Series Supplement"), by and between LEHMAN
ABS CORPORATION, as Depositor (the "Depositor"), and U.S. BANK TRUST NATIONAL
ASSOCIATION, as Trustee (the "Trustee").

                             W I T N E S S E T H:

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

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

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

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

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

      Section 1. Incorporation of Standard Terms. Except as otherwise provided
herein, all of the provisions of the Standard Terms are hereby incorporated
herein by reference in their entirety, and this Series Supplement and the
Standard Terms shall form a single agreement between the parties. In the event
of any inconsistency between the provisions of this Series Supplement and the
provisions of the Standard Terms, the provisions of this Series Supplement
will control with respect to the GE Global Insurance Note-Backed Series
2003-19 Certificates and the transactions described herein.

      Section 2. Definitions.

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

                                       1
<PAGE>

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

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

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

            "Business Day" shall mean any day other than a Saturday or Sunday,
that is not a legal holiday, or a day on which banks in the City of New York
are not required or authorized by law to be closed.

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

            "Call Date" shall mean any Business Day that any holder of Call
Warrants designates as a Call Date occurring (i) on or after December 12,
2008, (ii) after the Underlying Securities Issuer announces that it will
redeem, prepay or otherwise make an unscheduled payment on the Underlying
Securities, (iii) after the Trustee notifies the Certificateholders of any
proposed sale of the Underlying Securities pursuant to the provisions of
Section 5(e) or 5(i) of this Series Supplement or (iv) on any date on which
the Underlying Securities Issuer consummates a tender offer for some or all of
the Underlying Securities.

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

            "Call Price" shall mean, for each related Call Date, (i) in the
case of the Class A-1 Certificates, the sum of (x) 100% of the outstanding
Certificate Principal Balance of the Class A-1 Certificates being purchased
pursuant to the exercise of the Call Warrants, plus any accrued and unpaid
interest on such amount to, but excluding, the Call Date plus (y) in the event
a holder of a Call Warrant exercises its right to call Class A-1 Certificates
with a settlement date occurring prior to December 12, 2008, an additional
amount, equal to $1.50 per Class A-1 Certificate, and (ii) in the case of the
Class A-2 Certificates, the present value of all amounts that would otherwise
have been payable on the Class A-2 Certificates being purchased pursuant to
the exercise of the Call Warrants for the period from the related Call Date to
the Final Scheduled Distribution Date using a discount rate of 7.00% per
annum, assuming no delinquencies, deferrals, redemptions or prepayments on the
Underlying Securities shall occur after the related Call Date.

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

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

            "Certificate Principal Balance" shall have the meaning specified
in Section 3 hereof.

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

                                      2
<PAGE>

            "Class A-1 Allocation" shall mean the sum of the present values
(discounted at the rate of 6.00% per annum) of (i) any unpaid interest due or
to become due on the Class A-1 Certificates and (ii) the outstanding
Certificate Principal Balance of the Class A-1 Certificates (in each case
assuming that the Class A-1 Certificates were paid when due and were not
redeemed or prepaid prior to their stated maturity).

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

            "Class A-2 Allocation" shall mean the present value (discounted at
the rate of 6.00% per annum) of any unpaid amounts due or to become due on the
outstanding notional amount of the Class A-2 Certificates (assuming that the
Class A-2 Certificates were paid when due and were not redeemed or prepaid
prior to their stated maturity).

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

            "Closing Date" shall mean December 12, 2003.

            "Code" means the Internal Revenue Code of 1986, as amended.

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

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

            "Currency" shall mean United States Dollars.

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

            "Distribution Date" shall mean February 15th and August 15th of
each year (or if such date is not a Business Day, the next succeeding Business
Day), commencing on February 15, 2004, and ending on the earlier of the Final
Scheduled Distribution Date and any date on which all Underlying Securities
are redeemed, prepaid or liquidated in whole for any reason other than at
their maturity.

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

                                      3
<PAGE>

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

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

            "Final Scheduled Distribution Date" shall mean the Distribution
Date in February of 2026, or if such day is not a Business Day, the next
succeeding Business Day.

            "Indenture" shall mean the indenture among the Underlying
Securities Issuer and the Underlying Securities Trustee, as supplemented,
pursuant to which the Underlying Securities were issued.

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

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

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

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

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

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

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

            "Plan" means (a) an employee benefit plan (as defined in Section
3(3) of ERISA), (b) a plan described in Section 4975(e)(1) of the Code or (c)
any entity whose underlying assets are treated as assets of any such plan by
reason of such plan's investment in the entity.

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

            "Prospectus Supplement" shall mean the Prospectus Supplement,
dated December 3, 2003, and a supplement thereto, dated December 12, 2003,
relating to the Class A-1 Certificates.

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

                                      4
<PAGE>

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

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

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

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

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

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

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

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

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

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

            "SEC Reporting Failure" shall mean the date determined by the
Depositor within a reasonable time following the Underlying Securities
Issuer's either (x) having stated in writing that it intends permanently to
cease filing periodic reports required under the Exchange Act or (y) having
failed to file all required periodic reports for one full year.

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

            "Securities Intermediary" shall mean initially, U.S. Bank Trust
National Association.

            "Series" shall mean GE Global Insurance Note-Backed Series
2003-19.

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

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

                                      5
<PAGE>

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

            "UCC" shall mean the Uniform Commercial Code as in effect in the
applicable jurisdiction.

            "Underlying Securities" shall mean $38,000,000 aggregate principal
amount of 7% Notes due February 15, 2026, issued by the Underlying Securities
Issuer, as set forth in Schedule I attached hereto (subject to Section 3(d)
hereof).

            "Underlying Securities Issuer" shall mean GE Global Insurance
Holding Corporation.

            "Underlying Securities Trustee" shall mean JPMorgan Chase Bank
(successor in interest to The Chase Manhattan Bank).

            "Underwriters" shall mean Lehman Brothers Inc.; Banc of America
Securities LLC and J.J.B. Hilliard, W.L. Lyons, Inc.

            "Voting Rights" shall be allocated between the holders of the
Class A-1 Certificates and the holders of the Class A-2 Certificates, pro
rata, in proportion to the ratio of the Class A-1 Allocation to the Class A-2
Allocation as of any applicable record date. The Class A-1 Voting Rights will
be allocated among all of the Class A-1 Certificateholders in proportion to
the respective principal balances of their respective Certificates and the
Class A-2 Voting Rights will be allocated among all of the Class A-2
Certificateholders in proportion to the then outstanding notional amounts of
their respective Certificates.

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

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

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

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

                  "Accounting Date"

                  "Administrative Fees"

                  "Advance"

                  "Allowable Expense Amounts"

                  "Basic Documents"

                  "Call Premium Percentage"

                                      6
<PAGE>

                  "Credit Support"

                  "Credit Support Instrument"

                  "Credit Support Provider"

                  "Cut-off Date"

                  "Eligible Expense"

                  "Eligible Investments"

                  "Exchange Rate Agent"

                  "Fixed Pass-Through Rate"

                  "Floating Pass-Through Rate"

                  "Guaranteed Investment Contract"

                  "Letter of Credit"

                  "Limited Guarantor"

                  "Limited Guaranty"

                  "Minimum Wire Denomination"

                  "Pass-Through Rate"

                  "Place of Distribution"

                  "Purchase Price"

                  "Required Premium"

                  "Required Principal"

                  "Requisite Reserve Amount"

                  "Retained Interest"

                  "Sale Procedures"

                  "Sub-Administration Account"

                  "Sub-Administration Agreement"

                  "Sub-Administration Agent"

                                      7
<PAGE>

                  "Surety Bond"

                  "Swap Agreement"

                  "Swap Counterparty"

                  "Swap Distribution Amount"

                  "Swap Guarantee"

                  "Swap Guarantor"

                  "Swap Receipt Amount"

                  "Swap Termination Payment"

      Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate Backed Trust Certificates, GE Global
Insurance Note-Backed Series 2003-19 Trust." The Certificates evidencing
certain undivided ownership interests therein shall be known as "Corporate
Backed Trust Certificates, GE Global Insurance Note-Backed Series 2003-19."
The Certificates shall consist of the Class A-1 Certificates and the Class A-2
Certificates (together, the "Certificates"). The Trust is also issuing call
warrants with respect to the Certificates ("Call Warrants").

      (a) The 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-2 Certificates shall initially be held through the
Depository in book-entry form and, as set forth in Section 3(e) below, shall
be held subsequent to the Closing Date in physical form or through the
Depository in book-entry form and shall be substantially in the form attached
hereto as Exhibit A-2. The Class A-1 Certificates shall be issued in
denominations of $25. The Class A-2 Certificates shall be issued in minimum
notional denominations of $100,000 and integral multiples of $1 in excess
thereof; provided, however, that on any Call Date on which a Warrant Holder
shall concurrently exchange Called Certificates for a distribution of
Underlying Securities in accordance with the provisions of Section 7 hereof,
Called Certificates may be issued in other denominations. Except as provided
in the Standard Terms and in paragraph (d) in this Section, the Trust shall
not issue additional Certificates or additional Call Warrants or incur any
indebtedness.

      (b) The Class A-1 Certificates shall consist initially of 1,520,000
Certificates having an initial aggregate certificate principal balance (the
"Certificate Principal Balance") of $38,000,000. The Class A-2 Certificates
are interest-only Certificates and shall have an initial aggregate notional
amount equal to the initial Certificate Principal Balance of the Class A-1
Certificates.

      (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
6.00% per annum on the outstanding Certificate Principal Balance of the Class
A-1 Certificates. The holders of the Class A-2 Certificates will be entitled

                                      8
<PAGE>

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
1.00% per annum on the outstanding notional amount of the Class A-2
Certificates, which notional amount shall be equal to the Certificate
Principal Balance of the Class A-1 Certificates. On the Distribution Date
occurring in February 2004, the Trustee shall cause the Trust to pay to the
Depositor the amount of interest accrued and paid on the Underlying Securities
from August 15, 2003, to but not including the Closing Date; provided,
however, that in the event an Optional Exchange Date shall occur prior to the
Distribution Date in February 2004, a pro rata portion of such amount shall be
paid to the Depositor on the Optional Exchange Date in accordance with the
provisions of Section 7(b)(ix) hereof. If the Depositor is not paid any such
amount on such date, it shall have a claim for such amount. If Available Funds
are insufficient to pay such amount, the Trustee will pay the Depositor its
pro rata share, based on the ratio the amount owed to the Depositor bears to
all amounts owed on the Certificates in respect of accrued interest, of any
proceeds from the recovery on the Underlying Securities.

      (d) The Depositor may sell to the Trustee additional Underlying
Securities on any date hereafter upon at least 3 Business Days' notice to the
Trustee (or such shorter period as shall be mutually satisfactory to the
Depositor and the Trustee) and upon (i) satisfaction of the Rating Agency
Condition and (ii) delivery of an Opinion of Counsel to the effect that the
sale of such additional Underlying Securities will not cause the Trust to be
taxed as an association or publicly traded partnership taxable as a
corporation for federal income tax purposes. Each condition to be satisfied
with respect to a sale of Underlying Securities on or prior to the Closing
Date shall be satisfied with respect to a sale of additional Underlying
Securities no later than the date of sale thereof, each representation and
warranty set forth in the Standard Terms to be made on the Closing Date shall
be made on such date of sale, and from and after such date of sale, all
Underlying Securities held by the Trustee shall be held on the same terms and
conditions. Upon such sale to the Trustee, the Trustee shall deposit such
additional Underlying Securities in the Certificate Account, and shall
authenticate and deliver to the Depositor, on its order, Class A-1
Certificates in a Certificate Principal Balance, and Class A-2 Certificates in
a notional amount, equal to the principal amount of such additional Underlying
Securities, and Call Warrants related thereto. Any such additional Class A-1
Certificates and Class A-2 Certificates authenticated and delivered shall have
the same terms and rank pari passu with the corresponding classes of
Certificates previously issued in accordance with this Series Supplement.

      (e) No Class A-2 Certificate may be offered, resold, assigned or
otherwise transferred (including by pledge or hypothecation) at any time prior
to (x) the date which is two years, or such shorter period of time as
permitted by Rule 144(k) under the Securities Act, after the later of the
original issue date of such Class A-2 Certificates and the last date on which
the Depositor or any "affiliate" (as defined in Rule 144 under the Securities
Act) of the Depositor was the owner of such Class A-2 Certificates (or any
predecessor thereto) or (y) such later date, if any, as may be required by a
change in applicable securities laws (the "Resale Restriction Termination
Date") unless such offer, resale, assignment or transfer is (i) to the Trust,
(ii) pursuant to an effective registration statement under the Securities Act,
(iii) to a qualified institutional buyer (a "QIB"), as such term is defined in
Rule 144A promulgated under the Securities Act ("Rule 144A"), in accordance
with Rule 144A or (iv) pursuant to another available exemption from
registration provided under the Securities Act (including transfers to
Accredited Investors), and, in each of cases (i) through (iv), in accordance
with any applicable securities laws of any state of

                                      9
<PAGE>

the United States and other jurisdictions. Prior to any offer, resale,
assignment or transfer of any Class A-2 Certificates in the manner described
in clause (iii) above, the prospective transferee and the prospective
transferor shall be required to deliver to the Trustee an executed copy of an
Investment Letter with respect to the Class A-2 Certificates to be transferred
substantially in the form of Exhibit C hereto and in the event the resale,
assignment or transfer shall involve Class A-2 Certificates then being held in
physical form, such A-2 Certificates shall be delivered to the Trustee for
cancellation and the Trustee shall instruct the Depository to increase the
aggregate notional amount of the Class A-2 Certificates held in book-entry
form by an amount equal to the aggregate notional amount of Class A-2
Certificates so resold, assigned or transferred and to issue a beneficial
interest in such global Class A-2 Certificates to such transferee. Prior to
any offer, resale, assignment or transfer of any Class A-2 Certificates in the
manner described in clause (iv) above, the prospective transferee and the
prospective transferor shall be required to deliver to the Trustee
documentation certifying that the offer, resale, assignment or transfer
complies with the provisions of said clause (iv) and, in the event any such
Class A-2 Certificate shall then be held in book-entry form and such resale,
assignment or transfer shall be to an Accredited Investor that is not a QIB,
the Trustee shall instruct the Depository to decrease the aggregate notional
amount of the Class A-2 Certificates held in book-entry form and the Trustee
shall authenticate and deliver one or more Class A-2 Certificates in physical
form in an aggregate notional amount equal to the amount of Class A-2
Certificates resold, assigned or transferred. In addition to the foregoing,
each prospective transferee of any Class A-2 Certificates in the manner
contemplated by clause (iii) above shall acknowledge, represent and agree as
follows:

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

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

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

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

                                      10
<PAGE>

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

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

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

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

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

      Section 5. Distributions.

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

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

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

                  (2) second, to the holders of the Class A-1 Certificates and
            the holders of the Class A-2 Certificates, interest accrued and
            unpaid on each such class, pro rata in proportion to their
            entitlements thereto.

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

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

                                      11
<PAGE>

                  (2) second, to the holders of the Class A-1 Certificates, an
            amount equal to the Certificate Principal Balance of the Class A-1
            Certificates (the Class A-2 Certificates are not entitled to
            distributions of principal).

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

            (iv) the Trustee will pay any Available Funds remaining in the
      Certificate Account after the distributions in clauses 5(a)(i) through
      5(a)(iii) above to the holders of the Class A-1 Certificates and Class
      A-2 Certificates pro rata in proportion to the interest rate on each
      such class of Certificates.

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

      (b) [Reserved].

      (c) Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part for any reason other than
due to the occurrence of an Event of Default, an SEC Reporting Failure, or the
Final Scheduled Distribution Date, the Trustee shall apply Available Funds in
the manner described in Section 5(h) in the following order of priority:

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

            (ii)  second, to the holders of the Class A-1 Certificates, an
                  amount equal to the principal amount of Underlying
                  Securities so redeemed, prepaid or liquidated plus accrued
                  and unpaid interest on the amount of Class A-1 Certificates
                  redeemed in connection with such principal payment;

            (iii) third, to the holders of the Class A-2 Certificates, an
                  amount not to exceed the present value of all amounts that
                  would otherwise have been payable on the Class A-2
                  Certificates for the period from the date of such redemption
                  or prepayment to the Final Scheduled Distribution Date using
                  a discount rate of 6.00% per annum, assuming no
                  delinquencies, deferrals, redemptions or prepayments on the
                  Underlying Securities;

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

            (v)   fifth, any remainder to the holders of the Class A-1
                  Certificates and the Class A-2 Certificates pro rata in
                  proportion to the ratio of the Class A-1 Allocation to the
                  Class A-2 Allocation.

                                      12
<PAGE>

      (d) Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part due to the occurrence of
an Event of Default, the Trustee shall distribute Available Funds to the
holders of the Class A-1 Certificates and the holders of the Class A-2
Certificates in accordance with the ratio of the Class A-1 Allocation to the
Class A-2 Allocation.

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

      (f) If the Trustee receives non-cash property in respect of the
Underlying Securities as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depository, or for any Certificates which are not then held by
DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid 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 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 Section 5(d) hereof. Property other than cash
will be liquidated by the Trustee, and the proceeds thereof distributed in
cash, only to the extent necessary to avoid distribution of fractional
securities to Certificateholders. In-kind distribution of such property to
Certificateholders, based on the market value of such property as of the date
of distribution to Certificateholders, will be deemed to reduce the
Certificate Principal Balance of the Class A-1 Certificates on a
dollar-for-dollar basis. The outstanding notional amounts of the Class A-2
Certificates shall be reduced, pro rata among all Class A-2
Certificateholders, by an amount equal to the amount by which the Certificate
Principal Balance of the Class A-1 Certificates is reduced.

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

      (h) 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) in connection with redemption, prepayment or
liquidation, in whole or in part, of the Underlying Securities for any reason
other than due to the occurrence of an Event of Default, an SEC Reporting
Failure or at their maturity, the Trustee will distribute any such amounts
received in accordance with the provisions of this Section 5 on the next
occurring Business Day (a "Special Distribution Date") as if the funds had
constituted Available Funds on the Distribution Date

                                      13
<PAGE>

immediately preceding such Special Distribution Date; provided, however, that
the Record Date for such Special Distribution Date shall be one Business Day
prior to the day on which the related payment was received with respect to the
Underlying Securities.

      (i) Notwithstanding Section 3.12 of the Standard Terms, upon the
occurrence of an SEC Reporting Failure, the Depositor shall instruct the
Trustee within a reasonable time to (i) notify the Warrant Agent that the
Underlying Securities are proposed to be sold and that any Call Warrants and
related Optional Exchange rights must be exercised no later than the date
specified in the notice (which shall be not less than ten Business Days after
the date of such notice) and (ii) to the extent that the Warrant Holders fail
to exercise their Call Warrants and related Optional Exchange rights on or
prior to such date, to sell the Underlying Securities and distribute the
proceeds of such sale to the Certificateholders in accordance with the
following order of priority: first, to the Trustee, as reimbursement for any
Extraordinary Trust Expenses incurred by the Trustee in accordance with
Section 6(b) below and approved by 100% of the Certificateholders; and second,
any remainder to the holders of the Class A-1 Certificates and the Class A-2
Certificates pro rata in proportion to the ratio of the Class A-1 Allocation
to the Class A-2 Allocation, as determined by the Calculation Agent.

      (j) On any date on which Underlying Securities are redeemed, prepaid or
liquidated for any reason, the aggregate outstanding notional amount of the
Class A-2 Certificates shall be reduced by an amount equal to the principal
amount of the Underlying Securities so redeemed, prepaid or liquidated, the
reduction for the Class A-2 Certificates to be allocated pro rata among all
Class A-2 Certificates.

      (k) (i) Within five Business Days (or such longer period as shall be
acceptable to the Trustee) of receipt of notice of an SEC Reporting Failure,
any Class A-1 Certificateholder or Class A-2 Certificateholder may direct the
Trustee to distribute all or a portion of such Certificateholder's pro rata
share of the Underlying Securities to it, in lieu of any proceeds received
upon liquidation of the Underlying Securities. The respective pro rata shares
of the Class A-1 and Class A-2 Certificateholders in the Underlying Securities
shall be determined by allocating the portion of the principal amount
remaining after reimbursement of the Trustee for any Extraordinary Trust
Expenses approved by 100% of the Certificateholders to the Class A-1
Certificateholders and the Class A-2 Certificateholders in accordance with the
ratio of the Class A-1 Allocation to the Class A-2 Allocation. The pro rata
share of each of the Class A-1 Certificateholders in the Underlying Securities
to be distributed shall be determined based on the then unpaid Certificate
Principal Balances of their Class A-1 Certificates and the pro rata share of
each of the Class A-2 Certificateholders in the Underlying Securities to be
distributed shall be determined based on the then outstanding notional amounts
of their respective Certificates.

            (ii) Within five Business Days (or such longer period as shall be
      acceptable to the Trustee) of receipt of notice of an Event of Default
      or any other liquidation of the Underlying Securities by the Trustee,
      any Class A-2 Certificateholder may direct the Trustee to distribute all
      or a portion of such Class A-2 Certificateholder's pro rata share (as
      determined by the Calculation Agent in accordance with this Section
      5(k)) of the Underlying Securities to it, in lieu of any proceeds
      received upon liquidation of the Underlying Securities. Upon the
      occurrence of an Event of Default, each Class A-2 Certificateholder's
      pro rata share of the Underlying Securities shall be determined by

                                      14
<PAGE>

      allocating the principal amount of the Underlying Securities to the
      Class A-1 Certificateholders and the Class A-2 Certificateholders in
      accordance with the ratio of the Class A-1 Allocation to the Class A-2
      Allocation. The pro rata share of each of the Class A-2
      Certificateholders in the Underlying Securities to be distributed shall
      be determined based on the then outstanding notional amounts of their
      respective Certificates. In the event of a liquidation of the Underlying
      Securities by the Trustee for any reason other than upon the occurrence
      of an Event of Default or an SEC Reporting Failure, each Class A-2
      Certificateholder's pro rata share of the Underlying Securities shall be
      equal to the lesser of (1) a pro rata share (based on the proportion of
      the aggregate notional amount of such holder's Class A-2 Certificates to
      the outstanding aggregate notional amount of the Class A-2 Certificates)
      of the principal amount of Underlying Securities remaining after the
      Trustee has allocated Available Funds in accordance with Sections
      5(c)(i) and 5(c)(ii) hereof and (2) the present value of all amounts
      that would otherwise have been payable on such Class A-2 Certificate for
      the period from the date of such redemption or prepayment to the Final
      Scheduled Distribution Date using a discount rate of 6.00% per annum,
      assuming no delinquencies, deferrals, redemptions or prepayments on the
      Underlying Securities.

            (iii) The amount requested to be distributed pursuant to Section
      5(k)(i) or 5(k)(ii) must be in an even multiple of the minimum
      denomination of the Underlying Securities and may not exceed such
      requesting Certificateholder's pro rata share (as determined by the
      Calculation Agent in accordance with this Section 5(k)) of the
      Underlying Securities. Upon receipt of any such direction from a Class
      A-1 Certificateholder or Class A-2 Certificateholder, the Trustee shall
      not liquidate the requested portion of Underlying Securities and instead
      shall cause such Underlying Securities to be distributed to the
      requesting Class A-1 Certificateholder or Class A-2 Certificateholder;
      provided, that the Trustee shall not cause the distribution of any
      Underlying Securities to any Class A-1 Certificateholder or Class A-2
      Certificateholder unless, but for the requesting Class A-1
      Certificateholder or Class A-2 Certificateholder's giving direction in
      accordance with this Section 5(k), such Underlying Securities would be
      liquidated as otherwise provided in this Agreement. Any portion of any
      Class A-1 Certificateholder's or Class A-2 Certificateholder's pro rata
      share of the Underlying Securities that is not distributed, based on the
      failure to meet the minimum denomination requirements or otherwise,
      shall be sold in accordance with the provisions of Section 5(e) or 5(i)
      hereof, as applicable and the proceeds thereof distributed to such Class
      A-1 Certificateholder or Class A-2 Certificateholder.

            (iv) All decisions and determinations of the Calculation Agent
      pursuant to this Section 5(k) shall be in its sole discretion and shall,
      in the absence of manifest error, be conclusive for all purposes and
      irrevocably binding upon the Certificateholders.

      Section 6. Trustee's Fees.

      (a) As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Fee and any amounts payable under clauses 5(a)(iii)
and 5(b)(iv) above. The Trustee Fee shall be paid by the Depositor and not
from Trust Property. The Trustee shall bear all Ordinary Expenses. Failure by
the Depositor to pay such amount shall not entitle the Trustee to

                                      15
<PAGE>

any payment or reimbursement from the Trust, nor shall such failure release
the Trustee from the duties it is required to perform under the Trust
Agreement.

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

      Section 7. Optional Call; Optional Exchange.

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

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

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

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

                                      16
<PAGE>

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

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

            (v) If the Certificateholder is the Depositor or any Affiliate of
      the Depositor, (1) the Trustee shall have received a certification from
      the Certificateholder that any Certificates being surrendered have been
      held for at least six months, and (2) the Certificates being surrendered
      may represent no more than 5% (or 25% in the case of Certificates
      acquired by the Underwriters but never distributed to investors) of the
      then outstanding Certificates.

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

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

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

            (ix) In the event such Optional Exchange shall occur prior to the
      Distribution Date in February 2004, the Certificateholders shall have
      paid to the Trustee, for distribution to the Depositor, on the Optional
      Exchange Date an amount equal to the sum obtained by multiplying the
      amount of accrued interest on the Underlying Securities from August 15,
      2003 through, but excluding, the Closing Date by a fraction, the
      numerator of which shall be the number of Certificates being exchanged
      on such Optional Exchange Date and the denominator of which shall be the
      total number of Certificates.

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

                                      17
<PAGE>

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

            (i) [Reserved.]

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

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

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

            (v) Subject to receipt of the Call Price, the Trustee shall pay
      the applicable portion of the Call Price to the Class A-1 and Class A-2
      Certificateholders on the Call Date. The Call Price for each Class of
      Certificates in respect of partial calls shall be allocated pro rata to
      the Certificateholders of such Class.

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

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

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

                                      18
<PAGE>

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

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

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

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

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

                                      19
<PAGE>

      exercising Warrant Holders pro rata in respect to their proportionate
      exercises of Call Warrants.

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

      (h) (i) If the Trustee receives notice of a redemption by the Underlying
Securities Issuer for some or all of the Underlying Securities, the Trustee
shall, within three Business Days, notify the Warrant Agent and forward to the
Warrant Agent copies of all materials received by the Trustee in connection
therewith. Any Warrant Holder that desires to call Underlying Securities in
connection with a redemption by the Underlying Securities Issuer shall send a
Call Notice to the Trustee no later than seven Business Days prior to the date
such Underlying Securities are to be redeemed.

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

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

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

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

                                      20
<PAGE>

      Section 8. Notices of Events of Default.

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

      Section 9. Miscellaneous.

      (a) The provisions of Section 4.04, Advances, of the Standard Terms
shall not apply to the GE Global Insurance Note-Backed Series 2003-19
Certificates.

      (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the GE Global Insurance Note-Backed Series 2003-19
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 GE Global Insurance Note-Backed Series 2003-19 Certificates.

      (f) If the Trustee has not received payment with respect to a Collection
Period on the Underlying Securities on or prior to the related Distribution
Date, such distribution will be made promptly upon receipt of such payment. No
additional amounts shall accrue on the Certificates or be owed to
Certificateholders as a result of such delay; provided, however, that any
additional interest owed and paid by the Underlying Securities Issuer as a
result of such delay shall be paid to the Class A-1 Certificateholders and
Class A-2 Certificateholders pro rata in proportion to their respective
entitlements to such delayed payments.

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

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

                                      21
<PAGE>

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

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

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

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

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

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

                                      22
<PAGE>

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

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

            If to the Depositor, to:

                  Lehman ABS Corporation
                  745 Seventh Avenue
                  New York, New York  10019
                  Attention: Structured Credit Trading
                  Telephone: (212) 526-6575
                  Facsimile: (201) 508-4621

            If to the Trustee or the Warrant Agent, to:

                  U.S. Bank Trust National Association
                  100 Wall Street
                  New York, New York  10005
                  Attention: Corporate Trust
                  Telephone: (646) 835-5500
                  Facsimile: (212) 809-5459

                  If to the Rating Agencies, to:

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

      and to:

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

                                      23
<PAGE>

            If to the New York Stock Exchange, to:

                  New York Stock Exchange, Inc.
                  20 Broad Street
                  New York, New York  10005
                  Attention: Susan G. Waiter, Managing Director, Investment
                             BankingServices/Structured Products
                  Telephone: (212)-656-2818
                  Facsimile: (212) 656-5780

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

      (q) Each of the representations, covenants and agreements made herein by
each of the Depositor and the Trustee are for the benefit of the
Certificateholders and the Warrant Holders.

      (r) The provisions of Section 2.01(d)(iii) of the Standard Terms shall
not apply to the GE Global Insurance Note-Backed Series 2003-19 Certificates
and the following shall be deemed to be inserted in its place:

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

      (s) The Trustee shall appoint a firm of independent certified public
accountants to review each of the distribution reports prepared by the Trustee
pursuant to Section 4.03 of the Standard Terms and to verify (x) that such
reports and the calculations made therein were made accurately and in
accordance with the terms of the Trust Agreement and (y) that the Depositor
and the Trustee have each fulfilled their obligations under this Trust
Agreement. The Trustee shall instruct the accountants (i) to promptly report
to the Trustee any errors in such distribution reports discovered in verifying
such calculations and (ii) to render to the Trustee an annual examination
report, prepared in compliance with established or stated criteria as set
forth in the professional standards of the American Institute of Certified
Public Accountants, within 45 days (or such longer period as may be acceptable
to the Trustee) following the end of each calendar year that specifies the
calculations made in reviewing the distribution reports prepared by the
Trustee for the previous calendar year and such accountants' associated
findings.

      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.

                                      24
<PAGE>

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

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

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

      Section 14.  Amendments. Notwithstanding anything in the Trust Agreement
to the contrary, in addition to the other restrictions on modification and
amendment contained therein, the Trustee shall not enter into any amendment or
modification of the Trust Agreement which would adversely affect in any
material respect the interests of the holders of any class of Certificates
without the consent of the holders of 100% of such class of Certificates;
provided, however, that no such amendment or modification will be permitted
which would cause the Trust to be taxed as an association or publicly traded
partnership taxable as a corporation for federal income tax purposes. Unless
otherwise agreed, the Trustee shall provide five Business Days written notice
to each Rating Agency before entering into any amendment or modification of
the Trust Agreement pursuant to this Section 14.

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

      (a) The Trustee, as holder of the Underlying Securities, has the right
to vote and give consents and waivers in respect of the Underlying Securities
as permitted by the Depository and except as otherwise limited by the Trust
Agreement. In the event that the Trustee receives a request from the
Depository, the Underlying Securities Trustee or the Underlying Securities

                                      25
<PAGE>

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 as the Voting Rights of the Trust were actually voted or not
voted by the Certificateholders thereof as of a date determined by the Trustee
prior to the date on which such consent or vote is required; provided,
however, that, notwithstanding anything in the Trust Agreement to the
contrary, the Trustee shall at no time vote on or consent to any matter (i)
unless such vote or consent would not (based on an opinion of counsel) cause
the Trust to be taxed as an association or publicly traded partnership taxable
as a corporation under the Code, (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 Certificateholders representing 100% of the aggregate
Voting Rights and 100% of the Warrant Holders, or (iii) which would result in
the exchange or substitution of any of the outstanding Underlying Securities
pursuant to a plan for the refunding or refinancing of such Underlying
Securities except in the event of a default under the Indenture and only with
the consent of Certificateholders representing 100% of the aggregate Voting
Rights and 100% of the Warrant Holders. 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
Certificateholders, Class A-2 Certificateholders and the Warrant Holders of
such offer promptly. Subject to the rights of the Warrant Holders to exercise
Call Warrants in connection with a tender offer for the Underlying Securities,
the Trustee must reject any such offer unless an Underlying Securities event
of default has occurred and the Trustee is directed by the affirmative vote of
Certificateholders representing 100% of the aggregate Voting Rights to accept
such offer and the Trustee has received the tax opinion described above. If
pursuant to the preceding sentence, the Trustee accepts any such offer the
Trustee shall promptly notify the Rating Agencies.

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

      Section 16. Additional Depositor Representation. It is the express
intent of the parties hereto that the conveyance of the Underlying Securities
by the Depositor to the Trustee be, and be construed as, a sale of the
Underlying Securities by the Depositor and not a pledge of any

                                      26
<PAGE>

Underlying Securities by the Depositor to secure a debt or other obligation of
the Depositor. In the event that, notwithstanding the aforementioned intent of
the parties, any Underlying Securities are held to be property of the
Depositor, then, it is the express intent of the parties that such conveyance
be deemed a pledge of such Underlying Securities and all proceeds thereof by
the Depositor to the Trustee to secure a debt or other obligation of the
Depositor, pursuant to Section 10.07 of the Standard Terms. In connection with
any such grant of a security interest in the Underlying Securities and all
proceeds thereof (including any such grant in connection with any sale of
additional Underlying Securities pursuant to Section 3(d)), the Depositor
hereby represents and warrants to Trustee as follows:

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

      (ii)  The Underlying Securities have been credited to a trust account
            (the "Securities Account") established in the name of the Trustee
            in accordance with Section 2.01 of the Standard Terms. U.S. Bank
            Trust National Association, as securities intermediary (the
            "Securities Intermediary") has established the Securities Account
            and has agreed to treat the Underlying Securities as "financial
            assets" within the meaning of the UCC.

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

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

      (v)   The Depositor has taken all steps necessary to cause the
            Securities Intermediary to identify on its records that the
            Trustee is the Person owning the security entitlements credited to
            the Securities Account.

      (vi)  Other than the security interest granted to the Trust pursuant to
            this Agreement, the Depositor has not assigned, pledged, sold,
            granted a security interest in or otherwise conveyed any interest
            in the Underlying Securities (or, if any such interest has been
            assigned, pledged or otherwise encumbered, it has been released).
            The Depositor has not authorized the filing of and is not aware of
            any financing statements against the Depositor that include a
            description of the Underlying Securities other than any financing
            statement relating to the security interest granted to the Trust
            hereunder. The Depositor is not aware of any judgment or tax lien
            filings against the Depositor.

                                      27
<PAGE>

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

                                      28
<PAGE>

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

                                   LEHMAN ABS CORPORATION,
                                     as Depositor

                                   By: /s/ Paul Mitrokostas
                                       -------------------------
                                      Name:  Paul Mitrokostas
                                      Title: Senior Vice President

                                   U.S. BANK TRUST NATIONAL ASSOCIATION,
                                      not in its individual capacity but solely
                                      as Trustee on behalf of the Corporate
                                      Backed Trust Certificates GE Global
                                      Insurance Note-Backed Series 2003-19
                                      Trust

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

                                      29
<PAGE>

                                                                   SCHEDULE I

                GE GLOBAL INSURANCE NOTE-BACKED SERIES 2003-19

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:             7% Notes due February 15, 2026.

Issuer:                            GE Global Insurance Holding Corporation.

CUSIP Number:                      36158FAA8.

Principal Amount Deposited:        $38,000,000.

Original Issue Date:               February 26, 1996.

Principal Amount of
Underlying Securities
Originally Issued:                 $600,000,000.

Maturity Date:                     February 15, 2026.

Interest Rate:                     7.00% per annum.

Interest Payment Dates:            February 15th and August 15th.

                                      I-1
<PAGE>

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

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

NUMBER 1                                        1,520,000 $25 PAR CERTIFICATES
                                                         CUSIP NO. 21988K 60 2

                      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 NOR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

            THE CERTIFICATEHOLDERS, BY THEIR ACCEPTANCE OF CERTIFICATES,
COVENANT AND AGREE TO TENDER ANY AND ALL CALLED CERTIFICATES TO THE TRUSTEE
UPON THE WARRANT HOLDER'S EXERCISE OF CALL WARRANTS AND PAYMENT OF THE CALL
PRICE FOR SUCH CERTIFICATES IN ACCORDANCE WITH THE PROVISIONS HEREOF AND OF
THE WARRANT AGENT AGREEMENT.

                                     A-1-1
<PAGE>

                            LEHMAN ABS CORPORATION

                               1,520,000 $25 PAR

                     CORPORATE BACKED TRUST CERTIFICATES,

                GE GLOBAL INSURANCE NOTE-BACKED SERIES 2003-19

6.00% INTEREST RATE

            evidencing a proportionate undivided beneficial ownership interest
in the Trust, as defined below, the property of which consists principally of
$38,000,000 aggregate principal amount of 7% Notes due February 15, 2026,
issued by GE Global Insurance Holding Corporation (the "Underlying Securities
Issuer") and all payments received thereon (the "Trust Property"), deposited
in trust by Lehman ABS Corporation (the "Depositor").

            THIS CERTIFIES THAT CEDE & CO. is the registered owner of an
aggregate of $38,000,000 principal amount nonassessable, fully-paid,
proportionate undivided beneficial ownership interest in the Corporate Backed
Trust Certificates, GE Global Insurance Note-Backed Series 2003-19 Trust,
formed by the Depositor.

            The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement in respect of the GE
Global Insurance Note-Backed Series 2003-19, dated as of December 12, 2003
(the "Series Supplement" and, together with the Standard Terms, the "Trust
Agreement"), between the Depositor and the Trustee. This Certificate does not
purport to summarize the Trust Agreement and reference is hereby made to the
Trust Agreement for information with respect to the interests, rights,
benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Trustee with respect hereto. A copy of the Trust
Agreement may be obtained from the Trustee by written request sent to the
Corporate Trust Office. Capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement.

            This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, GE Global Insurance
Note-Backed Series 2003-19, Class A-1" (herein called the "Certificates").
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. The Trust Property consists of: (i) Underlying Securities
described in the Trust Agreement, and (ii) all payments on or collections in
respect of the Underlying Securities accrued on or after December 12, 2003,
together with any and all income, proceeds and payments with respect thereto;
provided, however, that any income from the investment of Trust funds in
certain permitted investments ("Eligible Investments") does not constitute
Trust Property.

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

                                     A-1-2
<PAGE>

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.

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

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

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

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

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

                                     A-1-3
<PAGE>

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

                                    CORPORATE BACKED TRUST
                                    CERTIFICATES, GE GLOBAL INSURANCE
                                    NOTE-BACKED SERIES 2003-19 TRUST

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

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

Dated: December 12, 2003

                   TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Corporate Backed Trust Certificates, GE Global
Insurance Note-Backed Series 2003-19, described in the Trust Agreement
referred to herein.

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

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

                                     A-1-4
<PAGE>

                           (REVERSE OF CERTIFICATE)

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

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

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

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

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

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

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

            The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i)

                                     A-1-5
<PAGE>

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

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

                                     A-1-6
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                       *

                                              Signature Guaranteed:

                                                       *

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

                                     A-1-7
<PAGE>

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

                             CLASS A-2 CERTIFICATE
                             ---------------------

NUMBER 1                                                 CUSIP NO. 21988K AF 4

                      SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

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

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

                                     A-2-1
<PAGE>

            THE CERTIFICATEHOLDERS, BY THEIR ACCEPTANCE OF CERTIFICATES,
COVENANT AND AGREE TO TENDER ANY AND ALL CALLED CERTIFICATES TO THE TRUSTEE
UPON THE WARRANT HOLDER'S EXERCISE OF CALL WARRANTS AND PAYMENT OF THE CALL
PRICE FOR SUCH CERTIFICATES IN ACCORDANCE WITH THE PROVISIONS HEREOF AND OF
THE WARRANT AGENT AGREEMENT.

                                     A-2-2
<PAGE>

                            LEHMAN ABS CORPORATION

                     CORPORATE BACKED TRUST CERTIFICATES,

                GE GLOBAL INSURANCE NOTE-BACKED SERIES 2003-19

                          $38,000,000 NOTIONAL AMOUNT

1.00% INTEREST RATE

FINAL SCHEDULED DISTRIBUTION DATE:  February 15, 2026

      evidencing a proportionate undivided beneficial ownership interest in
the Trust, as defined below, the property of which consists principally of
$38,000,000 aggregate principal amount of 7% Notes due February 15, 2026,
issued by GE Global Insurance Holding Corporation, and all payments received
thereon (the "Trust Property"), deposited in trust by Lehman ABS Corporation
(the "Depositor").

            THIS CERTIFIES THAT CEDE & CO. is the registered owner of an
aggregate amount of $38,000,000 notional amount nonassessable, fully-paid,
proportionate undivided beneficial ownership interest in the Corporate Backed
Trust Certificates, GE Global Insurance Note-Backed Series 2003-19 Trust,
formed by the Depositor.

            The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association , a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, GE Global Insurance
Note-Backed Series 2003-19, dated as of December 12, 2003 (the "Series
Supplement" and, together with the Standard Terms, the "Trust Agreement"),
between the Depositor and the Trustee. This Certificate does not purport to
summarize the Trust Agreement and reference is hereby made to the Trust
Agreement for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Trustee with respect hereto. A copy of the Trust Agreement
may be obtained from the Trustee by written request sent to the Corporate
Trust Office. Capitalized terms used but not defined herein have the meanings
assigned to them in the Trust Agreement.

            This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, GE Global Insurance
Note-Backed Series 2003-19, Class A-2" (herein called the "Certificates").
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. The Trust Property consists of: (i) Underlying Securities
described in the Trust Agreement, and (ii) all payments on or collections in
respect of the Underlying Securities accrued on or after December 12, 2003,
together with any and all income, proceeds and payments with respect

                                     A-2-3
<PAGE>

thereto; provided, however, that any income from the investment of Trust funds
in certain permitted investments ("Eligible Investments") does not constitute
Trust Property.

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

            Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the
obligation created by the Trust Agreement shall have terminated in accordance
therewith, 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.

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

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

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

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

                                     A-2-4
<PAGE>

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

                                     A-2-5
<PAGE>

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

                                  CORPORATE BACKED TRUST
                                  CERTIFICATES, GE GLOBAL INSURANCE
                                  NOTE-BACKED SERIES 2003-19 TRUST

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

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

Dated: December 12, 2003

                   TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Corporate Backed Trust Certificates, GE Global
Insurance Note-Backed Series 2003-19, described in the Trust Agreement
referred to herein.

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

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

                                     A-2-6
<PAGE>

                           (REVERSE OF CERTIFICATE)

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

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

            The Certificates are issuable in fully registered form only in
denominations of $100,000 and in integral multiples of $1 in excess thereof.

            As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
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 notional amount will be issued to the designated
transferee or transferees. The initial Certificate Registrar appointed under
the Trust Agreement is U.S. Bank Trust National Association.

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

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

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

            The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i)

                                     A-2-7
<PAGE>

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

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

                                     A-2-8
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                            *
                                                   Signature Guaranteed:

                                                            *

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

                                     A-2-9
<PAGE>

                                   EXHIBIT B

                            WARRANT AGENT AGREEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

             GE GLOBAL INSURANCE NOTE-BACKED SERIES 2003-19 TRUST

            WARRANT AGENT AGREEMENT, dated as of December 12, 2003 (the
"Warrant Agent Agreement"), by and between LEHMAN ABS CORPORATION, as
Depositor (the "Depositor"), U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee
(the "Trustee") and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent
(the "Warrant Agent").

                               W I T N E S S E T H:

            WHEREAS, the Depositor created Corporate Backed Trust
Certificates, GE Global Insurance Note-Backed Series 2003-19 Trust (the
"Trust"), a trust created under the laws of the State of New York pursuant to
a Standard Terms for Trust Agreements, dated as of January 16, 2001 (the
"Agreement"), between Lehman ABS Corporation (the "Depositor") and U.S. Bank
Trust National Association, a national banking association, not in its
individual capacity but solely as Trustee (the "Trustee"), as supplemented by
the Series Supplement 2003-19, dated as of December 12, 2003 (the "Series
Supplement" and, together with the Agreement, the "Trust Agreement"), between
the Depositor and the Trustee; and

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

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

                                  ARTICLE I

                           EXERCISE OF CALL WARRANTS

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

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

                                     B-1
<PAGE>

      (ii)      The Warrant Holder shall surrender the Call Warrants to the
Warrant Agent at its office specified in Section 7.3 hereof no later than
10:00 a.m. (New York City time) on such Call Date.

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

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

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

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

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

      (d) Delivery of a Call Notice does not give rise to an obligation on the
part of the Warrant Holder to pay the Call Price. If, by 10:00 a.m. (New York
City time) on the Call Date, the Warrant Holder has not paid the Call Price,
except in connection with a Call Notice relating to a tender offer for or
redemption of Underlying Securities, then the Call Notice shall automatically
expire and none of the Warrant Holder, the Warrant Agent or the Trustee shall
have any obligation with respect to the Call Notice. The expiration of a Call
Notice shall in no

                                     B-2
<PAGE>

way affect the Warrant Holder's right to deliver a Call Notice at a later
date. The Call Price for a call in connection with a tender offer or
redemption shall be deducted from the proceeds of a tender offer or a
redemption by the Trust pursuant to Section 7(g)(iii) or Section 7(h)(iii), as
applicable, of the Series Supplement.

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

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

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

      If such exercise is in part only, the Warrant Agent shall (i) in the
case of a Global Call Warrant, cause the Registered Warrant Amount to be
decreased to reflect the outstanding Call Warrants of the Warrant Holder and
(ii) in the case of a Certificated Call Warrant, instruct the Trustee to
authenticate new Call Warrants of like tenor, representing the outstanding
Call Warrants of the Warrant Holder, and the Warrant Agent shall deliver such
Call Warrants to the Warrant Holder.

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

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

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

      Section 1.5 Pro Rata Reduction of Call Warrants if Partial Redemption of
Underlying Securities. If Underlying Securities are redeemed in part by the
Underlying Securities Issuer and

                                     B-3
<PAGE>

the Warrant Holders do not exercise their Call Rights in connection with such
partial redemption, the Warrant Amount or Registered Warrant Amount, as the
case may be, held by each Warrant Holder shall be reduced proportionately so
that the aggregate amount of Class A-1 Certificates callable by Call Warrants
shall equal the amount of outstanding Class A-1 Certificates after giving
effect to such partial redemption and the aggregate notional amount of Class
A-2 Certificates callable by Call Warrants shall equal the outstanding
notional amount of Class A-2 Certificates after giving effect to such partial
redemption. The Warrant Agent shall make such adjustments to its records as
shall be necessary to reflect such reductions and shall notify the Depository
or each Warrant Holder, as the case may be, of such adjustments.

                                  ARTICLE II

                               THE CALL WARRANTS

      Section 2.1 The Call Warrants.

      (a) The Call Warrants shall initially be issued as one or more Global
Call Warrants in definitive, fully registered form without coupons, and DTC
shall be the Depository. Upon issuance, the Global Call Warrants shall
initially be deposited with the Trustee in its capacity as custodian on behalf
of DTC. Such Global Call Warrants shall initially be registered in the name of
Cede & Co. or another nominee designated by DTC. Global Call Warrants shall
clear and settle in book-entry only form through the facilities of the
Depository. Unless and until it is exchanged in whole or in part for
Certificated Call Warrants, a Global Call Warrant may not be transferred
except as a whole by the Depository for such Global Call Warrant 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 of such Depository or a nominee of such successor. The
Registered Warrant Amount of Call Warrants may from time to time be increased
or decreased by adjustments made on the records of the Trustee, as custodian
for DTC for such Global Call Warrant, as provided in this Section.

      (b) The Warrant Agent shall register the transfer or exchange of any
Global Call Warrant without requiring any additional certification.

      (c) Interests of beneficial owners in a Global Call Warrant may be
transferred in accordance with the rules and procedures of DTC and any other
applicable Depositories. In connection with any exchange of beneficial
ownership interests in a Global Call Warrant for Certificated Call Warrants
pursuant to Section 2.3, the Warrant Agent shall reflect on its books and
records the date of such exchange and a decrease in the Registered Warrant
Amount of such Global Call Warrant in an amount equal to the Warrant Amount of
the beneficial ownership interests in such Global Call Warrant being exchanged
for Certificated Call Warrants.

      Section 2.2 Cancellation. All Call Warrants presented and surrendered
for payment, transfer or exchange shall be delivered to the Warrant Agent and
shall be promptly canceled by it. No Call Warrants shall be authenticated in
lieu of or in exchange for any Call Warrants canceled as provided in this
Section 2.2.

                                     B-4
<PAGE>

      Section 2.3 Certificated Call Warrants. Any Global Call Warrant
representing Call Warrants shall be exchangeable for Certificated Call
Warrants only if (i) the Depository advises the Depositor in writing that it
is no longer willing or able to properly discharge its responsibilities with
respect to the Call Warrants and the Depositor is unable to locate a qualified
successor within 60 calendar days or (ii) the Depositor, at its option,
advises the Trustee in writing that it elects to terminate the book-entry
system through the Depository. Any Global Call Warrant that is exchangeable
pursuant to the preceding sentence will be exchangeable for Certificated Call
Warrants of like tenor and Warrant Amount, as applicable, in any authorized
denomination or denominations and registered in the names of such Person or
Persons as the Depository shall direct. Upon such exchange, the Warrant Agent
shall execute and authenticate such Certificated Call Warrants and register
the same in the name of, and deliver the same to, such Person or Persons
consistent with the provisions hereof.

                                 ARTICLE III

                           RESTRICTIONS ON TRANSFER

      Section 3.1 Restrictive Legends. Except as otherwise permitted by this
Article III, each Call Warrant (including each Call Warrant issued upon the
transfer of any Call Warrant) shall be issued with a legend in substantially
the following form:

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

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

      Section 3.2 Notice of Proposed Transfer. Prior to any transfer of any
Call Warrant or portion thereof, the Warrant Holder will give five (5)
Business Days (or such lesser period acceptable to the Warrant Agent) prior
written notice to the Warrant Agent of such Warrant Holder's intention to
effect such transfer.

                                  ARTICLE IV

               REGISTRATION AND TRANSFER OF CALL WARRANTS, ETC.

      Section 4.1 Warrant Register; Ownership of Call Warrants. The Warrant
Agent will keep a register in which the Warrant Agent will provide for the
registration of Call Warrants and the registration of transfers of Call
Warrants representing numbers of Call Warrants. Prior to due presentment of a
Call Warrant for registration of transfer, the Depositor, the Trustee, the
Warrant Agent and any agent of the Depositor, the Trustee or the Warrant Agent
may treat the Person in

                                     B-5
<PAGE>

whose name any Call Warrant is registered as the owner of such Call Warrant
for any purposes whatsoever, and none of the Depositor, the Trustee, the
Warrant Agent or any agent of the Depositor, the Trustee or the Warrant Agent
shall be affected by notice to the contrary.

            None of the Depositor, the Trustee, the Warrant Agent or any agent
of the Depositor, the Trustee or the Warrant Agent shall have any
responsibility or liability for any aspect of the records relating to, or
payments made on account of, beneficial ownership interests of a Global Call
Warrant or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

            Notwithstanding the foregoing, with respect to any Global Call
Warrant, nothing herein shall prevent the Depositor, the Trustee, the Warrant
Agent or any agent of the Depositor, the Trustee or the Warrant Agent from
giving effect to any written certification, proxy or other authorization
furnished by any Depository, as a Warrant Holder, with respect to such Global
Call Warrant or impair, as between such Depository and owners of beneficial
interests in such Global Call Warrant, the operation of customary practices
governing the exercise of the rights of such Depository (or its nominee) as
Warrant Holder of such Global Call Warrant.

      Section 4.2 Transfer and Exchange of Call Warrants. (a) No Call Warrant
or any beneficial interest therein may be offered, resold, assigned or
otherwise transferred (including by pledge or hypothecation) unless such
offer, resale, assignment or transfer is to a qualified institutional buyer (a
"QIB"), as such term is defined in Rule 144A promulgated under the Securities
Act ("Rule 144A"), in accordance with Rule 144A, and in accordance with any
applicable securities laws of any state of the United States and other
jurisdictions. Prior to any offer, resale, assignment or transfer of any
Certificated Call Warrant, the prospective transferee and the prospective
transferor shall be required to deliver to the Trustee an executed copy of an
Investment Letter with respect to the Certificated Call Warrants to be
transferred substantially in the form of Exhibit A hereto. In addition to the
foregoing, each prospective transferee of any Certificated Call Warrants shall
acknowledge, represent and agree (and each prospective transferee of any
beneficial interest in a Global Call Warrant shall be deemed to acknowledge,
represent and agree) as follows:

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

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

(3)   The transferee agrees that (A) if in the future it decides to offer,
      resell, pledge or otherwise transfer the Call Warrants prior to the
      Resale Restriction Termination Date, such Call Warrants shall only be
      offered, resold, assigned or otherwise transferred to a QIB, in
      accordance with Rule 144A, and in accordance with any applicable
      securities laws of any state of the United States and other
      jurisdictions and (B) the transferee will, and each subsequent holder is
      required to, notify any subsequent purchaser of such Call Warrants from
      it of the resale restrictions referred to in clause (A) above.

                                     B-6
<PAGE>

      (b) Upon surrender of any Call Warrant for registration of transfer or
for exchange to the Warrant Agent, the Warrant Agent shall (subject to
compliance with Article III) promptly execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in exchange therefor,
a new Call Warrant of like tenor and evidencing a like number of Call
Warrants, in the name of such Warrant Holder or as such Warrant Holder (upon
payment by such Warrant Holder of any applicable transfer taxes or government
charges) may direct; provided that as a condition precedent for transferring
the Call Warrants, the prospective transferee shall deliver to the Trustee and
the Depositor an executed copy of the Investment Letter (set forth as Exhibit
A hereto) if the same is required pursuant to the provisions of clause (a)
above.

      Section 4.3 Replacement of Call Warrants. Upon receipt of evidence
reasonably satisfactory to the Warrant Agent of the loss, theft, destruction
or mutilation of any Call Warrant and, in the case of any such loss, theft or
destruction of any Call Warrant, upon delivery of an indemnity bond in such
reasonable amount as the Warrant Agent may determine, or, in the case of any
such mutilation, upon the surrender of such Call Warrant for cancellation to
the Warrant Agent, the Warrant Agent shall execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in lieu thereof, a
new Call Warrant of like tenor bearing a number not contemporaneously
outstanding.

      Section 4.4 Execution and Delivery of Call Warrants by Trustee. The
Trustee, on behalf of the Trust, hereby agrees (subject to compliance with
Article III) to execute and deliver such new Call Warrants issued in
accordance with Section 1.2 or this Article IV as the Warrant Agent shall
request in accordance herewith.

      Section 4.5 Additional Call Warrants. The Trustee shall execute and
deliver, in a manner consistent with Article II hereof, additional Call
Warrants on behalf of the Trust with respect to any additional Certificates
issued by the Trust following the sale of additional Underlying Securities to
the Trust, in accordance with the provisions of Section 3(d) of the Series
Supplement.

                                   ARTICLE V

                                  DEFINITIONS

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

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

            "Call Date": Any Business Day (i) on or after December 12, 2008,
(ii) after the Underlying Securities Issuer announces that it will redeem,
prepay or otherwise make an unscheduled payment on the Underlying Securities,
(iii) after the Trustee notifies the Certificateholders of any proposed sale
of the Underlying Securities pursuant to the provisions of the Series
Supplement or (iv) on which the Underlying Securities Issuer consummates a
tender offer for some or all of the Underlying Securities.

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

                                     B-7
<PAGE>

            "Call Price": For each related Call Date, (i) in the case of the
Class A-1 Certificates, the sum of (x) 100% of the outstanding Certificate
Principal Balance of the Class A-1 Certificates being purchased pursuant to
the exercise of the Call Warrants, plus any accrued and unpaid interest on
such amount to, but excluding, the Call Date and (y) in the event a Call
Warrant exercises its right to call Class A-1 Certificates with a settlement
date occurring prior to December 12, 2008, an additional amount, equal to
$1.50 per Class A-1 Certificate, and (ii) in the case of the Class A-2
Certificates, the present value of all amounts that would otherwise have been
payable on the Class A-2 Certificates being purchased pursuant to the exercise
of the Call Warrants for the period from the related Call Date to the Final
Scheduled Distribution Date using a discount rate of 7.00% per annum, assuming
no delinquencies, deferrals, redemptions or prepayments on the Underlying
Securities shall occur after the related Call Date.

            "Call Warrant":  As defined in the recitals.

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

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

            "Certificated Call Warrant":  Any Call Warrant in definitive,
physical form registered in the name of a Person other than the Depository or
its nominee.

            "Closing Date":  December 12, 2003.

            "Depositor":  As defined in the recitals.

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

            "Depository":  DTC initially, or such other depository appointed
by the Depositor.

            "DTC":  The Depository Trust Company, a limited purpose trust
company organized under the laws of the State of New York, and any of its
successors or assigns.

            "Global Call Warrant":  A registered Call Warrant in the name of
the Depository or its nominee.

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

            "QIB":  As defined in Section 4.2 hereof.

            "Rating Agencies":  Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc. and Moody's Investors Service and
any of their respective successors.

            "Registered Warrant Amount":  The Warrant Amount represented by
the Global Call Warrants.

                                     B-8
<PAGE>

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

            "Rule 144A":  As defined in Section 4.2.

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

            "Trust":  As defined in the recitals.

            "Trust Agreement":  As defined in the recitals.

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

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

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

            "Warrant Amount": With respect to any Warrant Holder, the number
of Call Warrants relating to Class A-1 Certificates and Call Warrants relating
to the Class A-2 Certificates, held by such Warrant Holder.

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

                                  ARTICLE VI

                                 WARRANT AGENT

      Section 6.1 Limitation on Liability. The Warrant Agent shall be
protected and shall incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of the Call
Warrants in reliance upon any instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement or other paper or document in good faith believed by it
to be genuine and to be signed, executed and, where necessary, verified and
acknowledged, by the proper Person or Persons.

      Section 6.2 Duties of Warrant Agent. The Warrant Agent undertakes only
the specific duties and obligations imposed hereunder upon the following terms
and conditions, by all of which the Depositor, the Trust, the Trustee and each
Warrant Holder shall be bound:

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

                                     B-9
<PAGE>

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

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

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

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

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

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

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

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

                                     B-10
<PAGE>

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

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

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

      (m) Upon request of a Warrant Holder, the Warrant Agent shall furnish to
such Warrant Holder and/or a prospective purchaser designated by such Warrant
Holder the information required to be delivered under Rule 144A(d)(4) under
the Securities Act, to the extent that such information is in the possession
of the Warrant Agent.

      Section 6.3 Change of Warrant Agent. The Warrant Agent may resign and be
discharged from its duties hereunder upon thirty (30) days notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and
to the Warrant Holders by first-class mail at the expense of the Depositor;
provided that no such resignation or discharge shall become effective until a
successor Warrant Agent shall have been appointed hereunder. The Depositor may
remove the Warrant Agent or any successor Warrant Agent upon thirty (30) days
notice in writing, mailed to the Warrant Agent or successor Warrant Agent, as
the case may be, and to the Warrant Holders by first-class mail; provided
further that no such removal shall become effective until a successor Warrant
Agent shall have been appointed hereunder. If the Warrant Agent shall resign
or be removed or shall otherwise become incapable of acting, the Depositor
shall promptly appoint a successor to the Warrant Agent, which may be
designated as an interim Warrant Agent. If an interim Warrant Agent is
designated, the Depositor shall then appoint a permanent successor to the
Warrant Agent, which may be the interim Warrant Agent. If the Depositor shall
fail to make such appointment of a permanent successor within a period of
thirty (30) days after such removal or within sixty (60) days after
notification in writing of such resignation or incapacity by the resigning or
incapacitated Warrant Agent or by the Warrant Holder, then the Warrant Agent
or registered Warrant Holder may apply to any court of competent jurisdiction
for the appointment of such a successor. Any successor to the Warrant Agent
appointed hereunder must be rated in one of the four highest rating categories
by the Rating Agencies. Any entity which may be merged or consolidated with or
which shall otherwise succeed to substantially all of the trust or agency
business of the Warrant Agent shall be deemed to be the successor Warrant
Agent without any further action.

      Section 6.4 Warrant Agent Transfer Fee. The Warrant Agent will assess a
fee of $50.00 upon the issue of any new Call Warrant, such fee to be assessed
upon the new Warrant Holder.

                                     B-11
<PAGE>

                                  ARTICLE VII

                                 MISCELLANEOUS

      Section 7.1 Remedies. The remedies at law of the Warrant Holder in the
event of any default or threatened default by the Warrant Agent in the
performance of or compliance with any of the terms of the Call Warrants are
not and will not be adequate and, to the full extent permitted by law, such
terms may be specifically enforced by a decree for the specific performance of
any agreement contained herein or by an injunction against a violation of any
of the terms thereof or otherwise.

      Section 7.2 Limitation on Liabilities of Warrant Holder. Nothing
contained in this Warrant Agent Agreement shall be construed as imposing any
obligation on the Warrant Holder to purchase any of the Certificates except in
accordance with the terms thereof.

      Section 7.3 Notices. All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed
by registered or certified mail, return receipt requested, by a nationally
recognized overnight courier, postage prepaid, addressed (a) if to any Warrant
Holder, at the registered address of such Warrant Holder as set forth in the
register kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust or to
such other address notice of which the Warrant Agent shall have given to the
Warrant Holder and the Trustee or (c) if to the Trust or the Trustee, to the
Corporate Trust Office (as set forth in the Trust Agreement); provided that
the exercise of any Call Warrants shall be effective in the manner provided in
Article I. The Warrant Agent shall forward to the Warrant Holder any notices
received by it hereunder or pursuant to the Trust Agreement or this Agreement
by facsimile within one Business Day of receipt thereof.

      Section 7.4 Amendment. (a) This Warrant Agent Agreement may be amended
from time to time by the Depositor, the Trustee and the Warrant Agent without
the consent of any Warrant Holder, upon receipt of an opinion of counsel
satisfactory to the Warrant Agent that the provisions hereof have been
satisfied and that such amendment would not cause the Trust to be taxed as an
association or publicly traded partnership taxable as a Corporation under the
Code, for any of the following purposes: (i) to cure any ambiguity or to
correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein or to provide for any other terms
or modify any other provisions with respect to matters or questions arising
under the Call Warrant which shall not adversely affect in any material
respect the interests of the Warrant Holder or any holder of a Certificate;
provided, however, that no amendment altering the timing or amount of any
payment of the Call Price shall be effected without the consent of each
Warrant Holder; or (ii) to evidence and provide for the acceptance of
appointment hereunder of a Warrant Agent other than U.S. Bank Trust National
Association.

      (b) Without limiting the generality of the foregoing, the Call Warrants
may also be modified or amended from time to time by the Depositor, the
Trustee and the Warrant Agent with the consent of Warrant Holders of 66-2/3%
of each of the Call Warrants related to the Class A-1 Certificates and the
Call Warrants related to the Class A-2 Certificates, upon receipt of an
opinion of counsel satisfactory to the Warrant Agent that the provisions
hereof (including,

                                     B-12
<PAGE>

without limitation, the following proviso) have been satisfied, for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Call Warrants or of modifying in any manner the
rights of the Warrant Holders; provided, however, that no such amendment shall
(i) adversely affect in any material respect the interests of holders of
Certificates without the consent of the holders of Certificates evidencing not
less than the Required Percentage--Amendment of the aggregate Voting Rights of
such affected Certificates (as such terms are defined in the Trust Agreement)
and without written confirmation from the Rating Agencies that such amendment
will not result in a downgrading or withdrawal of its rating of the
Certificates; (ii) alter the terms on which Call Warrants are exercisable or
the amounts payable upon exercise of a Warrant without the consent of the
holders of Certificates evidencing not less than 100% of the aggregate Voting
Rights of such affected Certificates and 100% of the affected Warrant Holders
or (iii) reduce the percentage of aggregate Voting Rights required by (i) or
(ii) without the consent of the holders of all such affected Certificates.
Notwithstanding any other provision of this Warrant Agent Agreement, this
Section 7.4(b) shall not be amended without the consent of 100% of the
affected Warrant Holders.

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

      Section 7.5 Expiration. The right to exercise the Call Warrants shall
expire on the earliest to occur of (a) the cancellation thereof, (b) the
termination of the Trust Agreement, or (c) the liquidation, disposition, or
maturity of all of the Underlying Securities.

      Section 7.6 Descriptive Headings. The headings in this Warrant Agent
Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

      Section 7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS.

      Section 7.8 Judicial Proceedings; Waiver of Jury. Any judicial
proceeding brought against the Trust, the Trustee or the Warrant Agent with
respect to this Warrant Agent Agreement may be brought in any court of
competent jurisdiction in the County of New York, State of New York or of the
United States of America for the Southern District of New York and, by
execution and delivery of the Call Warrants, the Trustee on behalf of the
Trust and the Warrant Agent (a) accept, generally and unconditionally, the
nonexclusive jurisdiction of such courts and any related appellate court, and
irrevocably agree that the Trust, the Trustee and the Warrant Agent shall be
bound by any judgment rendered thereby in connection with this Warrant Agent
Agreement or the Call Warrants, subject to any rights of appeal, and (b)
irrevocably waive any objection that the Trust, the Trustee or the Warrant
Agent may now or hereafter have as to

                                     B-13
<PAGE>

the venue of any such suit, action or proceeding brought in such a court or
that such court is an inconvenient forum.

      Section 7.9 Nonpetition Covenant; No Recourse. Each of (i) the Warrant
Holder by its acceptance thereof, and (ii) the Warrant Agent agrees, that it
shall not (and, in the case of the Warrant Holder, that it shall not direct
the Warrant Agent to), until the date which is one year and one day after the
payment in full of the Certificates and all other securities issued by the
Trust, the Depositor or entities formed, established or settled by the
Depositor, acquiesce, petition or otherwise invoke or cause the Trust, the
Depositor, or any such other entity to invoke the process of the United States
of America, any State or other political subdivision thereof or any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government for the purpose of commencing or
sustaining a case by or against the Trust, the Depositor or any such other
entity under a federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Trust, the Depositor or any such other entity
or all or any part of the property or assets of Trust, the Depositor or any
such other entity or ordering the winding up or liquidation of the affairs of
the Trust, the Depositor or any such other entity.

                                     B-14
<PAGE>

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

                                   LEHMAN ABS CORPORATION,
                                   as Depositor

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

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

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

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

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

                                     B-15
<PAGE>

                                   EXHIBIT C

                           FORM OF INVESTMENT LETTER
             QUALIFIED INSTITUTIONAL BUYER AND ACCREDITED INVESTOR

                                          Dated:

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

Lehman Brothers Inc.,
 as Initial Purchaser
745 Seventh Avenue
New York, New York 10019

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

Ladies and Gentlemen:

      In connection with our proposed purchase of $___________ aggregate
notional amount of Class A-2 Certificates (the "Class A-2 Certificates")
representing an interest in the Corporate Backed Trust Certificates, GE Global
Insurance Note-Backed Series 2003-19 Trust (the "Trust"), the undersigned, by
executing this letter (the "Purchaser") confirms that:

      1. Reference is made to the private placement memorandum, dated
[_______], 2003, including the schedules, exhibits and annexes, if any,
thereto, as supplemented or amended to the date hereof (the "Memorandum"),
relating to the Class A-2 Certificates. Capitalized terms used herein that are
not otherwise defined shall have the meanings ascribed thereto in the
Memorandum. The Purchaser has received a copy of the Memorandum and such other
information as the Purchaser deems necessary in order to make its investment
decision and the Purchaser has been provided the opportunity to ask questions
of, and receive answers from, the Depositor and the Initial Purchaser,
concerning the terms and conditions of the offering described in the
Memorandum. The Purchaser has received and understands the information
discussed above and understands that substantial risks are involved in an
investment in the Class A-2 Certificates. The Purchaser represents that, in
making its investment decision to acquire the Class A-2 Certificates, the
Purchaser has not relied on representations, warranties, opinions,
projections, financial or other information or analysis, if any, supplied to
it by any person or entity, including the Initial Purchaser, the Depositor or
the Trustee or any of their affiliates, except as expressly contained in the
Memorandum and in the other written information, if any, discussed above. The
Purchaser acknowledges that it has read and agreed to the matters stated on
pages 2 through 4 of such Memorandum and the information under the heading
"Transfer Restrictions." The Purchaser is purchasing the Class A-2
Certificates for investment purposes

                                     C-1
<PAGE>

and not with a view to, or for, the offer or sale in connection with a public
distribution or in any other manner that would violate the Securities Act or
the securities or blue sky laws of any state of the United States. The
Purchaser has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of purchasing any of the
Class A-2 Certificates. The Purchaser is aware that it may be required to bear
the substantial economic risk of an investment in the Class A-2 Certificates
for an indefinite period of time and such Purchaser is able to bear such risk
for an indefinite period. The Purchaser has relied upon its own tax, legal and
financial advisors in connection with its decision to purchase the Class A-2
Certificates.

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

            (i) (A) a "Qualified Institutional Buyer" (a "QIB") (as defined in
Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"
and "Rule 144A")) and has delivered to you the certification contained herein
as to the fact that it is a QIB and (B) acquiring the Class A-2 Certificates
for its own account, for the account of an Accredited Investor (as defined in
Rule 501(a) under the Securities Act), or for the account of a QIB as to each
of which the Purchaser exercises sole investment discretion. The Purchaser is
aware that the Class A-2 Certificates are being sold to it in reliance on the
exemption from the provisions of Section 5 of the Securities Act provided by
Rule 144A; or

            (ii) an Accredited Investor and, if the Class A-2 Certificates are
to be purchased for one or more accounts ("investor accounts") for which it is
acting as fiduciary or agent, each such investor account is an Accredited
Investor on a like basis or a QIB; in the normal course of its business, such
Purchaser invests in or purchases securities similar to the Class A-2
Certificates.

      3. The Purchaser acknowledges that neither the Depositor nor the Initial
Purchaser, or any person representing the Depositor or the Initial Purchaser,
has made any representation to such purchaser with respect to the Trust, the
Underlying Securities or the offering or sale of any Class A-2 Certificates,
other than the information contained in the Memorandum, which has been
delivered to the Purchaser and upon which the Purchaser is relying in making
an investment decision with respect to the Class A-2 Certificates.
Accordingly, the Purchaser acknowledges that no representation or warranty is
made by the Depositor or the Initial Purchaser as to the accuracy or
completeness of such materials.

      4. The Purchaser understands that the Class A-2 Certificates are being
offered in a transaction not involving any public offering in the United
States within the meaning of the Securities Act, that the Class A-2
Certificates have not been and will not be registered under the Securities Act
or under the securities or blue sky laws of any state, and that (i) if in the
future it decides to offer, resell, pledge or otherwise transfer the Class A-2
Certificates, such Class A-2 Certificates shall only be offered, resold,
assigned or otherwise transferred (A) to the Trust, (B) pursuant to an
effective registration statement under the Securities Act, (C) to a QIB, in
accordance with Rule 144A or (D) to any person or entity (including an
Accredited Investor within the meaning of Rule 501(a) under the Securities
Act) pursuant to another available exemption from registration provided under
the Securities Act, and, in each of cases (A) through

                                     C-2
<PAGE>

(D), in accordance with any applicable securities laws of any state of the
United States and other jurisdictions and (ii) the purchaser will, and each
subsequent holder is required to, notify any subsequent purchaser of such
Class A-2 Certificates from it of the resale restrictions referred to in
clause (i) above. Upon the transfer of Class A-2 Certificates held in the form
of global certificates to an Accredited Investor, the transferor's interest in
such global certificates shall be exchanged for a Class A-2 Certificate in
definitive form. Thereafter, upon transfer of a definitive Class A-2
Certificate to a QIB, such Class A-2 Certificate may be exchanged for a
beneficial interest in a global certificate.

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

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

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

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

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

                                     C-3
<PAGE>

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

                                    Very truly yours,

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

                                     C-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]