Document:

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                                                                     EXHIBIT 4.6

                         FORM OF SUBORDINATED INDENTURE

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                             SYNTROLEUM CORPORATION

                                   as Issuer

                                      and

                            ________________________

                                   as Trustee

                                   Indenture

                        Dated as of ______________, ____

                          Subordinated Debt Securities

================================================================================
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                             SYNTROLEUM CORPORATION

          Reconciliation and tie between Trust Indenture Act of 1939
                  and Indenture, dated as of _______________

Section of
Trust Indenture                                             Section(s) of
Act of 1939                                                   Indenture
-----------                                                   ---------

(S) 310    (a)(1)..........................................           7.10
           (a)(2)..........................................           7.10
           (a)(3).......................................... Not Applicable
           (a)(4).......................................... Not Applicable
           (a)(5)..........................................           7.10
           (b).............................................     7.08, 7.10
(S) 311    (a).............................................           7.11
           (b).............................................           7.11
           (c)............................................. Not Applicable
(S) 312    (a).............................................           2.07
           (b).............................................          11.03
           (c).............................................          11.03
(S) 313    (a).............................................           7.06
           (b).............................................           7.06
           (c).............................................           7.06
           (d).............................................           7.06
(S) 314    (a).............................................     4.03, 4.04
           (b)............................................. Not Applicable
           (c)(1)..........................................          11.04
           (c)(2)..........................................          11.04
           (c)(3).......................................... Not Applicable
           (d)............................................. Not Applicable
           (e).............................................          11.05
(S) 315    (a).............................................           7.01(b)
           (b).............................................           7.05
           (c).............................................           7.01(a)
           (d).............................................           7.01(c)
           (d)(1)..........................................         7.01(c)(1)
           (d)(2)..........................................         7.01(c)(2)
           (d)(3)..........................................         7.01(c)(3)
           (e).............................................           6.11
(S) 316    (a)(1)(A).......................................           6.05
           (a)(1)(B).......................................           6.04
           (a)(2).......................................... Not Applicable
           (a)(last sentence)..............................           2.11
           (b).............................................           6.07
(S) 317    (a)(1)..........................................           6.08
           (a)(2)..........................................           6.09
           (b).............................................           2.06
(S) 318    (a).............................................          11.01

______________
Note:  This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.
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ARTICLE I         DEFINITIONS AND INCORPORATION BY REFERENCE.................  1
 SECTION 1.01     Definitions................................................  1
 SECTION 1.02     Other Definitions..........................................  6
 SECTION 1.03     Incorporation by Reference of Trust Indenture Act..........  7
 SECTION 1.04     Rules of Construction......................................  7

ARTICLE II        THE SECURITIES.............................................  7
 SECTION 2.01     Amount Unlimited; Issuable in Series.......................  7
 SECTION 2.02     Denominations.............................................. 10
 SECTION 2.03     Forms Generally............................................ 10
 SECTION 2.04     Execution, Authentication, Delivery and Dating............. 11
 SECTION 2.05     Registrar and Paying Agent................................. 13
 SECTION 2.06     Paying Agent to Hold Money in Trust........................ 13
 SECTION 2.07     Holder Lists............................................... 14
 SECTION 2.08     Transfer and Exchange...................................... 14
 SECTION 2.09     Replacement Securities..................................... 14
 SECTION 2.10     Outstanding Securities..................................... 15
 SECTION 2.11     Original Issue Discount, Foreign-Currency Denominated and
                  Treasury Securities.                                        15
 SECTION 2.12     Temporary Securities....................................... 16
 SECTION 2.13     Cancellation............................................... 16
 SECTION 2.14     Payments; Defaulted Interest............................... 16
 SECTION 2.15     Persons Deemed Owners...................................... 17
 SECTION 2.16     Computation of Interest.................................... 17
 SECTION 2.17     Global Securities; Book-Entry Provisions................... 17

ARTICLE III       REDEMPTION................................................. 19
 SECTION 3.01     Applicability of Article................................... 19
 SECTION 3.02     Notice to the Trustee...................................... 19
 SECTION 3.03     Selection of Securities To Be Redeemed..................... 19
 SECTION 3.04     Notice of Redemption....................................... 20
 SECTION 3.05     Effect of Notice of Redemption............................. 21
 SECTION 3.06     Deposit of Redemption Price................................ 21
 SECTION 3.07     Securities Redeemed or Purchased in Part................... 21
 SECTION 3.08     Purchase of Securities..................................... 21
 SECTION 3.09     Mandatory and Optional Sinking Funds....................... 22
 SECTION 3.10     Satisfaction of Sinking Fund Payments with Securities...... 22
 SECTION 3.11     Redemption of Securities for Sinking Fund.................. 22

ARTICLE IV        COVENANTS.................................................. 23
 SECTION 4.01     Payment of Securities...................................... 23
 SECTION 4.02     Maintenance of Office or Agency............................ 23
 SECTION 4.03     SEC Reports; Financial Statements.......................... 24
 SECTION 4.04     Compliance Certificate..................................... 24
 SECTION 4.05     Existence.................................................. 25
 SECTION 4.06     Waiver of Stay, Extension or Usury Laws.................... 25
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<TABLE>
<S>               <C>                                                                   <C>
 SECTION 4.07     Additional Amounts.................................................   25

 ARTICLE V        SUCCESSORS.........................................................   26
         5.01     Limitations on Mergers, Consolidations and Other Transactions......   26
 SECTION 5.02     Successor Person Substituted.......................................   26

ARTICLE VI        DEFAULTS AND REMEDIES..............................................   27
 SECTION 6.01     Events of Default..................................................   27
 SECTION 6.02     Acceleration.......................................................   28
 SECTION 6.03     Other Remedies.....................................................   29
 SECTION 6.04     Waiver of Defaults.................................................   29
 SECTION 6.05     Control by Majority................................................   30
 SECTION 6.06     Limitations on Suits...............................................   30
 SECTION 6.07     Rights of Holders to Receive Payment...............................   31
 SECTION 6.08     Collection Suit by Trustee.........................................   31
 SECTION 6.09     Trustee May File Proofs of Claim...................................   31
 SECTION 6.10     Priorities.........................................................   32
 SECTION 6.11     Undertaking for Costs..............................................   32

ARTICLE VII       TRUSTEE............................................................   33
 SECTION 7.01     Duties of Trustee..................................................   33
 SECTION 7.02     Rights of Trustee..................................................   34
 SECTION 7.03     May Hold Securities................................................   34
 SECTION 7.04     Trustee's Disclaimer...............................................   34
 SECTION 7.05     Notice of Defaults.................................................   35
 SECTION 7.06     Reports by Trustee to Holders......................................   35
 SECTION 7.07     Compensation and Indemnity.........................................   35
 SECTION 7.08     Replacement of Trustee.............................................   36
 SECTION 7.09     Successor Trustee by Merger, etc...................................   37
 SECTION 7.10     Eligibility; Disqualification......................................   38
 SECTION 7.11     Preferential Collection of Claims Against Company..................   38

ARTICLE VIII      DISCHARGE OF INDENTURE.............................................   38
 SECTION 8.01     Termination of Company's Obligations...............................   38
 SECTION 8.02     Application of Trust Money.........................................   42
 SECTION 8.03     Repayment to Company...............................................   42
 SECTION 8.04     Reinstatement......................................................   42

ARTICLE IX        SUPPLEMENTAL INDENTURES AND AMENDMENTS.............................   43
 SECTION 9.01     Without Consent of Holders.........................................   43
 SECTION 9.02     With Consent of Holders............................................   44
 SECTION 9.03     Compliance with Trust Indenture Act................................   46
 SECTION 9.04     Revocation and Effect of Consents..................................   46
 SECTION 9.05     Notation on or Exchange of Securities..............................   47
 SECTION 9.06     Trustee to Sign Amendments, etc....................................   47
</TABLE>
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<TABLE>
<S>               <C>                                                                  <C>
ARTICLE X         SUBORDINATION......................................................  47
 SECTION 10.01    Securities Subordinated to Senior Indebtedness.....................  47
 SECTION 10.02    No Payment on Securities in Certain Circumstances..................  48
 SECTION 10.03    Securities Subordinated to Prior Payment of All Senior Indebtedness
                  on Dissolution, Liquidation or Reorganization......................  49
 SECTION 10.04    Subrogation to Rights of Holders of Senior Indebtedness............  50
 SECTION 10.05    Obligations of the Company Unconditional...........................  50
 SECTION 10.06    Trustee Entitled to Assume Payments Not Prohibited in
                  Absence of Notice..................................................  51
 SECTION 10.07    Application by Trustee of Amounts Deposited with It................  51
 SECTION 10.08    Subordination Rights Not Impaired by Acts or Omissions of
                  the Company or Holders of Senior Indebtedness......................  52
 SECTION 10.09    Trustee to Effectuate Subordination of Securities..................  52
 SECTION 10.10    Right of Trustee to Hold Senior Indebtedness.......................  52
 SECTION 10.11    Article X Not to Prevent Events of Default.........................  53
 SECTION 10.12    No Fiduciary Duty of Trustee to Holders of Senior Indebtedness.....  53
 SECTION 10.13    Article Applicable to Paying Agent.................................  53

ARTICLE XI MISCELLANEOUS                                                               53
 SECTION 11.01    Trust Indenture Act Controls.......................................  53
 SECTION 11.02    Notices............................................................  53
 SECTION 11.03    Communication by Holders with Other Holders........................  55
 SECTION 11.04    Certificate and Opinion as to Conditions Precedent.................  55
 SECTION 11.05    Statements Required in Certificate or Opinion......................  55
 SECTION 11.06    Rules by Trustee and Agents........................................  55
 SECTION 11.07    Legal Holidays.....................................................  56
 SECTION 11.08    No Recourse Against Others.........................................  56
 SECTION 11.09    Governing Law......................................................  56
 SECTION 11.10    No Adverse Interpretation of Other Agreements......................  56
 SECTION 11.11    Successors.........................................................  56
 SECTION 11.12    Severability.......................................................  56
 SECTION 11.13    Counterpart Originals..............................................  56
 SECTION 11.14    Table of Contents, Headings, etc...................................  57
</TABLE>
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     INDENTURE dated as of _______________ between Syntroleum Corporation, a
Delaware corporation (the "Company"), and ____________________, as trustee (the
"Trustee").

     Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Company's unsecured subordinated
debentures, notes or other evidences of indebtedness (the "Securities") to be
issued from time to time in one or more series as provided in this Indenture:

                                   ARTICLE I
                  DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01   Definitions.

     "Additional Amounts" means any additional amounts required by the express
terms of a Security or by or pursuant to a Board Resolution, under circumstances
specified therein or pursuant thereto, to be paid by the Company with respect to
certain taxes, assessments or other governmental charges imposed on certain
Holders and that are owing to those Holders.

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

     "Agent" means any Registrar or Paying Agent.

     "Bankruptcy Law" means Title 11 of the United States Code or any similar
federal, state or foreign law for the relief of debtors.

     "Board of Directors" means the Board of Directors of the Company or any
committee thereof duly authorized, with respect to any particular matter, to act
by or on behalf of the Board of Directors of the Company.

     "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 that
certification, and delivered to the Trustee.

     "Business Day" means any day that is not a Legal Holiday.

     "Capital Stock" means, with respect to any corporation, any and all shares,
interests, rights to purchase (other than convertible or exchangeable
Indebtedness), warrants, options, participations or other equivalents of or
interests (however designated) in stock issued by that corporation.

     "Capitalized Lease Obligation" of any Person means any obligation of that
Person to pay rent or other amounts under a lease of property, real or personal,
that is required to be capitalized

                                       1
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for financial reporting purposes in accordance with GAAP; and the amount of that
obligation shall be the capitalized amount thereof determined in accordance with
GAAP.

     "Company" means the Person named as the "Company" in the first paragraph of
this instrument until a successor corporation shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter "Company" shall mean
that successor corporation; provided, however, that for purposes of any
provision contained herein which is required by the TIA, "Company" shall also
mean each other obligor (if any) on the Securities of a series.

     "Company Order" and "Company Request" mean, respectively, a written order
or request signed in the name of the Company by two Officers of the Company, and
delivered to the Trustee.

     "Corporate Trust Office" of the Trustee means the office of the Trustee
located at  ____________________, and as may be located at such other address as
the Trustee may give notice to the Company.

     "Default" means any event, act or condition that is, or after notice or the
passage of time or both would be, an Event of Default.

     "Depositary" means, with respect to the Securities of any series issuable
or issued in whole or in part in global form, the Person specified pursuant to
Section 2.01 hereof as the initial Depositary with respect to the Securities of
that series, until a successor shall have been appointed and become such
pursuant to the applicable provision of this Indenture, and thereafter
"Depositary" shall mean or include that successor.

     "Designated Senior Indebtedness," unless otherwise provided with respect to
the Securities of a series as contemplated by Section 2.01, means any Senior
Indebtedness of the Company that (i) in the instrument evidencing the same or
the assumption or guarantee thereof (or related documents to which the Company
is a party) is expressly designated as "Designated Senior Indebtedness" for
purposes of this Indenture and (ii) satisfies such other conditions as may be
provided with respect to the Securities of that series; provided that those
instruments or documents may place limitations and conditions on the right of
that Senior Indebtedness to exercise the rights of Designated Senior
Indebtedness.

     "Disqualified Capital Stock" means, when used with respect to the
Securities of any series, (i) except as set forth in (ii), with respect to any
Person, Capital Stock of that Person that, by its terms or by the terms of any
security into which it is convertible, exercisable or exchangeable, is, or on
the happening of an event or the passage of time would be, required to be
redeemed or repurchased (including at the option of the holder thereof) by that
Person or any Subsidiary of that Person, in whole or in part, on or prior to the
last Stated Maturity of the Securities of that series, and (ii) with respect to
any Subsidiary of that Person (including with respect to any Subsidiary of the
Company), any Capital Stock other than any common stock with no preference,
privileges, or redemption or repayment provisions.

     "Dollar" or "$" means a dollar or other equivalent unit in such coin or
currency of the United States as at the time shall be legal tender for the
payment of public and private debt.

                                       2
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     "Exchange Act" means the Securities Exchange Act of 1934, as amended, and
any successor statute.

     "GAAP" means generally accepted accounting principles in the United States
set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, as in effect from time to time.

     "Global Security" of any series means a Security of that Series that is
issued in global form in the name of the Depositary with respect thereto or its
nominee.

     "Government Obligations" means, with respect to a series of Securities,
direct obligations of the government that issues the currency in which the
Securities of the series are payable for the payment of which the full faith and
credit of that government is pledged, or obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of that government, the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by that government.

     "Holder" means a Person in whose name a Security is registered.

     "Indebtedness" of any Person means, without duplication, (i) all
indebtedness of that Person for borrowed money (whether or not the recourse of
the lender is to the whole of the assets of that Person or only to a portion
thereof), (ii) all obligations of that Person evidenced by bonds, debentures,
notes or other similar instruments, (iii) all obligations of that Person in
respect of letters of credit or other similar instruments (or reimbursement
obligations with respect thereto), other than standby letters of credit, bid or
performance bonds and other similar obligations issued by or for the account of
that Person in the ordinary course of business, to the extent not drawn or, to
the extent drawn, if that drawing is reimbursed not later than 30 Business Days
following demand for reimbursement, (iv) all obligations of that Person to pay
the deferred and unpaid purchase price of property or services, except trade
payables, advances on contracts and accrued expenses arising in the ordinary
course of business, (v) all Capitalized Lease Obligations of that Person, (vi)
all Indebtedness of others secured by a Lien on any asset of that Person,
whether or not that Indebtedness is assumed by that Person (provided that if the
obligations so secured have not been assumed in full by that Person or are not
otherwise that Person's legal liability in full, then those obligations shall be
deemed to be in an amount equal to the greater of (a) the lesser of (1) the full
amount of those obligations and (2) the fair market value of those assets, as
determined in good faith by the board of directors or other managing body of
that Person and (b) the amount of obligations as have been assumed by that
Person or which are otherwise that Person's legal liability), and (vii) all
guarantees by that Person of or with respect to Indebtedness of others (other
than endorsements in the ordinary course of business), in each case to the
extent of the Indebtedness guaranteed.

     "Indenture" means this Indenture as amended or supplemented from time to
time pursuant to the provisions hereof, and includes the terms of a particular
series of Securities established as contemplated by Section 2.01.

                                       3
<PAGE>

     "interest" means, with respect to an Original Issue Discount Security that
by its terms bears interest only after Maturity, interest payable after
Maturity.

     "Interest Payment Date," when used with respect to any Security, shall have
the meaning assigned to that term in the Security as contemplated by Section
2.01.

     "Issue Date" means, with respect to Securities of a series, the date on
which the Securities of that series are originally issued under this Indenture.

     "Junior security" of a Person means, when used with respect to the
Securities of any series, any Qualified Capital Stock of that Person or any
Indebtedness of that Person that is subordinated in right of payment to Senior
Indebtedness of the Company to substantially the same extent as, or to a greater
extent than, the Securities of that series and has no scheduled installment of
principal due, by redemption, sinking fund payment or otherwise, on or prior to
the last Stated Maturity of the Securities of that series.

     "Legal Holiday" means a Saturday, a Sunday or a day on which banking
institutions in any of The City of New York, New York, _______________, Houston,
Texas or a Place of Payment are authorized or obligated by law, regulation or
executive order to remain closed.

     "Maturity" means, with respect to any Security, the date on which the
principal of that Security or an installment of principal becomes due and
payable as therein or herein provided, whether at the Stated Maturity thereof,
or by declaration of acceleration, call for redemption or otherwise.

     "Officer" means the Chairman of the Board, the President, any Vice Chairman
of the Board, any Vice President, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary or any Assistant
Secretary of a Person.

     "Officers' Certificate" means a certificate signed by two Officers of a
Person.

     "Opinion of Counsel" means a written opinion from legal counsel who is
acceptable to the Trustee. That counsel may be an employee of or counsel to the
Company or the Trustee.

     "Original Issue Discount Security" means any Security that provides for an
amount less than the principal amount thereof to be due and payable on a
declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

     "Person" means any individual, corporation, partnership, limited liability
company, joint venture, incorporated or unincorporated association, joint stock
company, trust, unincorporated organization or government or other agency or
political subdivision thereof or other entity of any kind.

     "Place of Payment" means, with respect to the Securities of any series, the
place or places where, subject to the provisions of Section 4.02, the principal
of, premium (if any) on and interest on the Securities of that series are
payable as specified in accordance with Section 2.01.

                                       4
<PAGE>

     "principal" of a Security means the principal of the Security plus, when
appropriate, the premium, if any, on the Security.

     "Qualified Capital Stock" means any Capital Stock of the Company that is
not Disqualified Capital Stock.

     "Redemption Date" means, with respect to any Security to be redeemed, the
date fixed for that redemption by or pursuant to this Indenture.

     "Redemption Price" means, with respect to any Security to be redeemed, the
price  at which it is to be redeemed pursuant to this Indenture.

     "Rule 144A Securities" means Securities of a series designated pursuant to
Section 2.01 as entitled to the benefits of Section 4.03(b).

     "SEC" means the Securities and Exchange Commission.

     "Securities" has the meaning stated in the preamble of this Indenture and
more particularly means any Securities authenticated and delivered under this
Indenture.

     "Security Custodian" means, with respect to Securities of a series issued
in global form, the Trustee for Securities of that series, as custodian with
respect to the Securities of that series, or any successor entity thereto.

     "Senior Indebtedness" of the Company, unless otherwise provided with
respect to the Securities of a series as contemplated by Section 2.01, means (i)
the principal of and premium, if any, and interest on (including interest
accruing or becoming owing prior to or subsequent to the commencement of any
proceeding against or with respect to the Company under any bankruptcy law) and
other amounts due on or in connection with any Indebtedness of the Company,
whether currently outstanding or hereafter incurred, issued or assumed, unless,
by the terms of the instrument creating or evidencing that Indebtedness, it is
provided that such Indebtedness is not superior in right of payment to the
Securities or to other Indebtedness which is pari passu with or subordinated to
the Securities, and (ii) any modifications, refunding, deferrals, renewals or
extensions of any such Indebtedness or securities, notes or other evidences of
Indebtedness issued in exchange for that Indebtedness; provided that in no event
shall "Senior Indebtedness" of the Company include Indebtedness of the Company
for borrowed money owed or owing to any Subsidiary of the Company or any
executive officer or director of the Company.

     "Stated Maturity" means, when used with respect to any Security or any
installment of principal thereof or interest thereon, the date specified in that
Security as the fixed date on which the principal of that Security or that
installment of principal or interest is due and payable.

     "Subsidiary" means a corporation more than 50% of the outstanding voting
stock of which is owned, directly or indirectly, by the Company or by one or
more other Subsidiaries, or by the Company and one or more other Subsidiaries.
For the purposes of this definition, "voting stock" means stock that ordinarily
has voting power for the election of directors, whether at all times or only so
long as no senior class of stock has that voting power by reason of any
contingency.

                                       5
<PAGE>

     "TIA" means the Trust Indenture Act of 1939, as amended (15 U.S.C. (S)(S)
77aaa-77bbbb), as in effect on the date hereof.

     "Trust Officer" means any officer or assistant officer of the Trustee
assigned by the Trustee to administer its corporate trust matters.

     "Trustee" means the Person named as such above until a successor replaces
it in accordance with the applicable provisions of this Indenture, and
thereafter "Trustee" means each Person who is then a Trustee hereunder, and if
at any time there is more than one such Person, "Trustee" as used with respect
to the Securities of any series means the Trustee with respect to Securities of
that series.

     "United States" means the United States of America (including the States
and the District of Columbia) and its territories and possessions (including
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands).

     "United States Alien" means any Person who, for United States federal
income tax purposes, is a foreign corporation, a nonresident alien individual, a
nonresident alien or foreign fiduciary of an estate or trust, or a foreign
partnership.

     "U.S. Government Obligations" means Government Obligations with respect to
Securities payable in Dollars.

SECTION 1.02    Other Definitions.

Defined

                                                     Defined
          Term                                     in Section
          ----                                     ----------

          "Bankruptcy Custodian"................       6.01
          "Conversion Event"....................       6.01
          "covenant defeasance".................       8.01
          "Event of Default"....................       6.01
          "Exchange Rate".......................       2.11
          "Judgment Currency"...................       6.10
          "legal defeasance"....................       8.01
          "mandatory sinking fund payment"......       3.09
          "optional sinking fund payment".......       3.09
          "Paying Agent"........................       2.05
          "Payment Default".....................      10.02
          "Payment Blocking Notice".............      10.02
          "Registrar"...........................       2.05
          "Required Currency"...................       6.10
          "Successor"...........................       5.01

                                       6
<PAGE>

SECTION 1.03   Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

          "Commission" means the SEC.

          "indenture securities" means the Securities.

          "indenture security holder" means a Holder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Trustee.

          "obligor" on the indenture securities means the Company or any other
     obligor on the Securities.

     All terms used in this Indenture that are defined by the TIA, defined by a
TIA reference to another statute or defined by an SEC rule under the TIA have
the meanings so assigned to them.

SECTION 1.04   Rules of Construction.

     Unless the context otherwise requires:

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

          (2)  an accounting term not otherwise defined has the meaning assigned
     to it in accordance with GAAP;

          (3)  "or" is not exclusive;

          (4)  words in the singular include the plural, and in the plural
     include the singular;

          (5)  provisions apply to successive events and transactions; and

          (6)  all references in this instrument to Articles and Sections are
     references to the corresponding Articles and Sections in and of this
     instrument .

                                  ARTICLE II
                                THE SECURITIES

SECTION 2.01   Amount Unlimited; Issuable in Series.

     The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited.

                                       7
<PAGE>

     The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth, or determined
in the manner provided, in an Officers' Certificate or in a Company Order, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series:

          (1)  the title of the Securities of the series (which shall
     distinguish the Securities of the series from the Securities of all other
     series);

          (2)  if there is to be a limit, the limit on the aggregate principal
     amount of the Securities of the series that may be authenticated and
     delivered under this Indenture (except for Securities authenticated and
     delivered on registration of transfer of, or in exchange for, or in lieu
     of, other Securities of the series pursuant to Section 2.08, 2.09, 2.12,
     2.17, 3.07 or 9.05 and except for any Securities that, pursuant to Section
     2.04 or 2.17, are deemed never to have been authenticated and delivered
     hereunder); provided, however, that unless otherwise provided in the terms
     of the series, the authorized aggregate principal amount of that series may
     be increased before or after the issuance of any Securities of the series
     by a Board Resolution (or action pursuant to a Board Resolution) to that
     effect;

          (3)  whether any Securities of the series are to be issuable initially
     in temporary global form and whether any Securities of the series are to be
     issuable in permanent global form, as Global Securities or otherwise, and,
     if so, whether beneficial owners of interests in any such Global Security
     may exchange those interests for Securities of that series and of like
     tenor of any authorized form and denomination and the circumstances under
     which those exchanges may occur, if other than in the manner provided in
     Section 2.17, and the initial Depositary and Security Custodian, if any,
     for any Global Security or Securities of that series;

          (4)  (i)  if other than provided herein, the Person to whom any
     interest on Securities of the series shall be payable, and (ii) the manner
     in which any interest payable on a temporary Global Security on any
     Interest Payment Date will be paid if other than in the manner provided in
     Section 2.14;

          (5)  the date or dates on which the principal of (and premium, if any,
     on) the Securities of the series is payable or the method of determination
     thereof;

          (6)  the rate or rates, or the method of determination thereof, at
     which the Securities of the series shall bear interest, if any, whether and
     under what circumstances Additional Amounts with respect to those
     Securities shall be payable, the date or dates from which that interest
     shall accrue, the Interest Payment Dates on which that interest shall be
     payable and the record date for the interest payable on any Securities on
     any Interest Payment Date;

          (7)  the place or places where, subject to the provisions of Section
     4.02, the principal of, premium (if any) and interest on and any Additional
     Amounts with respect to the Securities of the series shall be payable;

                                       8
<PAGE>

          (8)  the period or periods within which, the price or prices (whether
     denominated in cash, securities or otherwise) at which and the terms and
     conditions on which Securities of the series may be redeemed, in whole or
     in part, at the option of the Company, if the Company is to have that
     option, and the manner in which the Company may exercise any such option,
     if different from those set forth herein;

          (9)  the obligation, if any, of the Company to redeem, purchase or
     repay Securities of the series pursuant to any sinking fund or analogous
     provisions or at the option of a Holder thereof and the period or periods
     within which, the price or prices (whether denominated in cash, securities
     or otherwise) at which and the terms and conditions on which Securities of
     the series shall be redeemed, purchased or repaid in whole or in part
     pursuant to that obligation;

          (10) if other than denominations of $1,000 and any integral multiple
     thereof, the denomination in which any Securities of that series shall be
     issuable;

          (11) if other than Dollars, the currency or currencies (including
     composite currencies) or the form, including equity securities, other debt
     securities (including Securities), warrants or any other securities or
     property of the Company or any other Person, in which payment of the
     principal of, premium (if any) and interest on and any Additional Amounts
     with respect to the Securities of the series shall be payable;

          (12) if the principal of, premium (if any) or interest on or any
     Additional Amounts with respect to the Securities of the series are to be
     payable, at the election of the Company or a Holder thereof, in a currency
     or currencies (including composite currencies) other than that in which the
     Securities are stated to be payable, the currency or currencies (including
     composite currencies) in which payment of the principal, premium (if any),
     interest and any Additional Amounts with respect to Securities of that
     series as to which that election is made shall be payable, and the periods
     within which and the terms and conditions on which that election is to be
     made;

          (13) if the amount of payments of principal, premium (if any),
     interest and any Additional Amounts with respect to the Securities of the
     series may be determined with reference to any commodities, currencies or
     indices, values, rates or prices or any other index or formula, the manner
     in which those amounts shall be determined;

          (14) if other than the entire principal amount thereof, the portion of
     the principal amount of Securities of the series that shall be payable on
     declaration of acceleration of the Maturity thereof pursuant to Section
     6.02;

          (15) any additional means of satisfaction and discharge of this
     Indenture and any additional conditions or limitations to discharge with
     respect to Securities of the series pursuant to Article VIII or any
     modifications of or deletions from those conditions or limitations;

          (16) any deletions or modifications of or additions to the Events of
     Default set forth in Section 6.01 or covenants of the Company set forth in
     Article IV pertaining to the Securities of the series;

                                       9
<PAGE>

          (17) any restrictions or other provisions with respect to the transfer
     or exchange of Securities of the series, which may amend, supplement,
     modify or supersede those contained in this Article II;

          (18) if the Securities of the series are to be convertible into or
     exchangeable for Capital Stock, other debt securities (including
     Securities), warrants, other equity securities or any other securities or
     property of the Company or any other Person, at the option of the Company
     or the Holder or on the occurrence of any condition or event, the terms and
     conditions for that conversion or exchange;

          (19) if the Securities of the series are to be entitled to the benefit
     of Section 4.03(b) (and accordingly constitute Rule 144A Securities);

          (20) any modifications to, or qualifications contemplated by, the
     definition of "Designated Senior Indebtedness," any modifications to the
     definition of "Senior Indebtedness" of the Company or any modifications to
     Article X or the other provisions regarding subordination with respect to
     the Securities of that series; and

          (21) any other terms of the series (which terms shall not be
     prohibited by the provisions of this Indenture).

     All Securities of any one series shall be substantially identical except as
to denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above and (subject to Section 2.03) set forth, or
determined in the manner provided, in the Officers' Certificate or Company Order
referred to above or in any such indenture supplemental hereto.

     If any of the terms of the series are established by action taken pursuant
to a Board Resolution, a copy of an appropriate record of that action together
with that Board Resolution shall be set forth in an Officers' Certificate or
certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate or Company Order setting forth the terms of the series.

     The Securities shall be subordinated in right of payment to Senior
Indebtedness of the Company as provided in Article X.

SECTION 2.02   Denominations.

     The Securities of each series shall be issuable in such denominations as
shall be specified as contemplated by Section 2.01. In the absence of any such
provisions with respect to the Securities of any series, the Securities of that
series denominated in Dollars shall be issuable in denominations of $1,000 and
any integral multiples thereof.

SECTION 2.03   Forms Generally.

     The Securities of each series shall be in fully registered form and in
substantially the form or forms (including temporary or permanent global form)
established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto. The Securities may have

                                       10
<PAGE>

notations, legends or endorsements required by law, securities exchange rule,
the Company's certificate of incorporation, bylaws or other similar governing
documents, agreements to which the Company is subject, if any, or usage
(provided that any such notation, legend or endorsement is in a form acceptable
to the Company). A copy of the Board Resolution establishing the form or forms
of Securities of any series shall be delivered to the Trustee at or prior to the
delivery of the Company Order contemplated by Section 2.04 for the
authentication and delivery of those Securities.

     The definitive Securities of each series shall be printed, lithographed or
engraved on steel engraved borders or may be produced in any other manner, all
as determined by the Officers executing those Securities, as evidenced by their
execution thereof.

     The Trustee's certificate of authentication shall be in substantially the
following form:

          "This is one of the Securities of the series designated therein
     referred to in the within-mentioned Indenture.

                              _________________________, as Trustee

                              By: _____________________________________

                                    Authorized Officer".

SECTION 2.04   Execution, Authentication, Delivery and Dating.

     Two Officers of the Company shall sign the Securities of each series on
behalf of the Company by manual or facsimile signature. The Company's seal, if
any, shall be impressed, affixed, imprinted or reproduced on the Securities and
may be in facsimile form.

     If an Officer of the Company whose signature is on a Security no longer
holds that office at the time the Security is authenticated, the Security shall
be valid nevertheless.

     A Security shall not be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose until authenticated by the manual signature
of an authorized signatory of the Trustee, which signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.
Notwithstanding the foregoing, if any Security has been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company
delivers that Security to the Trustee for cancellation as provided in Section
2.13 together with a written statement (which need not comply with Section 11.05
and need not be accompanied by an Opinion of Counsel) stating that such Security
has never been issued and sold by the Company, for all purposes of this
Indenture that Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this
Indenture.

     At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, and the Trustee shall authenticate
and deliver those Securities for original issue on a Company Order for the
authentication and delivery of those Securities or pursuant to such procedures
reasonably acceptable to the Trustee as may be specified from time to time by

                                       11
<PAGE>

Company Order. That order shall specify the amount of the Securities to be
authenticated, the date on which the original issue of Securities is to be
authenticated, the name or names of the initial Holder or Holders and any other
terms of the Securities of that series not otherwise determined. If provided for
in those procedures, that Company Order may authorize (1) authentication and
delivery of Securities of that series for original issue from time to time, with
certain terms (including, without limitation, the Maturity date or dates,
original issue date or dates and interest rate or rates) that differ from
Security to Security and (2) may authorize authentication and delivery pursuant
to oral or electronic instructions from the Company or its duly authorized
agent, which instructions shall be promptly confirmed in writing.

     If the form or terms of the Securities of the series have been established
in or pursuant to one or more Board Resolutions as permitted by Section 2.01, in
authenticating those Securities, and accepting the additional responsibilities
under this Indenture in relation to those Securities, the Trustee shall be
entitled to receive (in addition to the Company Order referred to above and the
other documents required by Section 11.04), and (subject to Section 7.01) shall
be fully protected in relying on,

          (a)  an Officers' Certificate setting forth the Board Resolution and,
     if applicable, an appropriate record of any action taken pursuant thereto,
     as contemplated by the last paragraph of Section 2.01; and

          (b)  an Opinion of Counsel to the effect that:

               (i)   if the form of those Securities has been established by or
          pursuant to Board Resolution, as is permitted by Section 2.01, that
          such form has been established in conformity with the provisions of
          this Indenture;

               (ii)  if the terms of those Securities have been established by
          or pursuant to Board Resolution, as is permitted by Section 2.01, that
          such terms have been established in conformity with the provisions of
          this Indenture; and

               (iii) those Securities, when authenticated and delivered by the
          Trustee and issued by the Company in the manner and subject to any
          conditions specified in that Opinion of Counsel, will constitute valid
          and binding obligations of the Company, enforceable against the
          Company in accordance with their terms, except as the enforceability
          thereof may be limited by applicable bankruptcy, insolvency,
          reorganization, moratorium, fraudulent conveyance or other similar
          laws in effect from time to time affecting the rights of creditors
          generally, and the application of general principles of equity
          (regardless of whether that enforceability is considered in a
          proceeding in equity or at law).

     If all the Securities of any series are not to be issued at one time, it
shall not be necessary to deliver an Officers' Certificate and Opinion of
Counsel at the time of issuance of each such Security, but that Officers'
Certificate and Opinion of Counsel shall be delivered at or before the time of
issuance of the first Security of the series to be issued.

    The Trustee shall not be required to authenticate those Securities if the
issuance of those Securities pursuant to this Indenture would affect the
Trustee's own rights, duties or immunities

                                       12
<PAGE>

under the Securities and this Indenture or otherwise in a manner not reasonably
acceptable to the Trustee.

     The Trustee may appoint an authenticating agent acceptable to the Company
to authenticate Securities.  Unless limited by the terms of that appointment, an
authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes
authentication by that agent.  An authenticating agent has the same rights as an
Agent to deal with the Company or an Affiliate of the Company.

     Each Security shall be dated the date of its authentication.

SECTION 2.05   Registrar and Paying Agent.

     The Company shall maintain an office or agency for each series of
Securities where Securities of that series may be presented for registration of
transfer or exchange ("Registrar") and an office or agency where Securities of
that series may be presented for payment ("Paying Agent"). The Registrar shall
keep a register of the Securities of that series and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term "Registrar" includes any co-registrar, and
the term "Paying Agent" includes any additional paying agent.

     The Company shall enter into an appropriate agency agreement with any
Registrar or Paying Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to that Agent. The
Company shall notify the Trustee of the name and address of any Agent not a
party to this Indenture. The Company may change any Paying Agent or Registrar
without notice to any Holder. If the Company fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The
Company or any of its Subsidiaries may act as Paying Agent or Registrar.

     The Company initially appoints the Trustee as Registrar and Paying Agent.

SECTION 2.06   Paying Agent to Hold Money in Trust.

     With respect to each series of Securities, the Company shall require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent
will hold in trust for the benefit of Holders of Securities of that series or
the Trustee all money held by the Paying Agent for the payment of principal of,
premium, if any, or interest on or any Additional Amounts with respect to
Securities of that series and will notify the Trustee of any default by the
Company in making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to the Trustee
and to account for any funds disbursed. The Company at any time may require a
Paying Agent to pay all money held by it to the Trustee and to account for any
funds disbursed. Upon payment over to the Trustee and upon accounting for any
funds disbursed, the Paying Agent (if other than the Company or a Subsidiary of
the Company) shall have no further liability for the money. If the Company or a
Subsidiary of the Company acts as Paying Agent with respect to a series of
Securities, it shall segregate and hold in a separate trust fund for the benefit
of the Holders of Securities of that series all money held by it as Paying
Agent. Each Paying Agent shall otherwise comply with TIA (S) 317(b).

                                       13
<PAGE>

SECTION 2.07   Holder Lists.

     The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Holders of each series of Securities and shall otherwise comply with TIA (S)
312(a). If the Trustee is not the Registrar with respect to a series of
Securities, the Company shall furnish to the Trustee at least five Business Days
before each Interest Payment Date with respect to that series of Securities, and
at such other times as the Trustee may request in writing, a list in such form
and as of such date as the Trustee may reasonably require of the names and
addresses of Holders of the Securities of that series, and the Company shall
otherwise comply with TIA (S) 312(a).

SECTION 2.08   Transfer and Exchange.

     Except as set forth in Section 2.17 or as may be provided pursuant to
Section 2.01, when Securities of any series are presented to the Registrar with
the request to register the transfer of those Securities or to exchange those
Securities for an equal principal amount of Securities of the same series of
like tenor and of other authorized denominations, the Registrar shall register
the transfer or make the exchange as requested if its requirements and the
requirements of this Indenture for those transactions are met; provided,
however, that the Securities presented or surrendered for registration of
transfer or exchange shall be duly endorsed or accompanied by a written
instruction of transfer in form reasonably satisfactory to the Registrar duly
executed by the Holder thereof or by his attorney, duly authorized in writing,
on which instruction the Registrar can rely.

     To permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Securities at the Registrar's written
request and submission of the Securities (other than Global Securities). No
service charge shall be made to a Holder for any registration of transfer or
exchange (except as otherwise expressly permitted herein), but the Company may
require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than such transfer
tax or similar governmental charge payable on exchanges pursuant to Section
2.12, 3.07 or 9.05). The Trustee shall authenticate Securities in accordance
with the provisions of Section 2.04. Notwithstanding any other provisions of
this Indenture to the contrary, the Company shall not be required to register
the transfer or exchange of (a) any Security selected for redemption in whole or
in part pursuant to Article III, except the unredeemed portion of any Security
being redeemed in part or (b) any Security during the period beginning 15
Business Days before the mailing of notice of any offer to repurchase Securities
of the series required pursuant to the terms thereof or of redemption of
Securities of a series to be redeemed and ending at the close of business on the
date of mailing.

SECTION 2.09   Replacement Securities.

     If any mutilated Security is surrendered to the Trustee, or if the Holder
of a Security claims that the Security has been destroyed, lost or stolen and
the Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of that Security, the Company shall issue and the
Trustee shall authenticate a replacement Security of the same series if the
Trustee's requirements are met.  If any such mutilated, destroyed, lost or
stolen Security

                                       14
<PAGE>

has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay that Security. If required by the
Trustee or the Company, the Holder must furnish an indemnity bond that is
sufficient in the judgment of the Trustee and the Company to protect the
Company, the Trustee, any Agent or any authenticating agent from any loss that
any of them may suffer if a Security is replaced. The Company and the Trustee
may charge the Holder for their expenses in replacing a Security.

     Every replacement Security is an additional obligation of the Company.

SECTION 2.10   Outstanding Securities.

     The Securities outstanding at any time are all the Securities authenticated
by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Security effected by
the Trustee hereunder and those described in this Section 2.10 as not
outstanding.

     If a Security is replaced pursuant to Section 2.09, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

     If the principal amount of any Security is considered paid under Section
4.01, it ceases to be outstanding and interest on it ceases to accrue.

     A Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security.

SECTION 2.11   Original Issue Discount, Foreign-Currency Denominated and
               Treasury Securities.

     In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, amendment, supplement, waiver or
consent, (a) the principal amount of an Original Issue Discount Security shall
be the principal amount thereof that would be due and payable as of the date of
that determination upon acceleration of the Maturity thereof pursuant to Section
6.02, (b) the principal amount of a Security denominated in a foreign currency
shall be the Dollar equivalent, as determined by the Company by reference to the
noon buying rate in The City of New York for cable transfers for that currency,
as that rate is certified for customs purposes by the Federal Reserve Bank of
New York (the "Exchange Rate") on the date of original issuance of that
Security, of the principal amount (or, in the case of an Original Issue Discount
Security, the Dollar equivalent, as determined by the Company by reference to
the Exchange Rate on the date of original issuance of that Security, of the
amount determined as provided in (a) above), of that Security and (c) Securities
owned by the Company or any other obligor on the Securities or any Affiliate of
the Company or of that other obligor shall be disregarded, except that, for the
purpose of determining whether the Trustee shall be protected in relying on any
such direction, amendment, supplement, waiver or consent, only Securities that
the Trustee actually knows are so owned shall be so disregarded.

                                       15
<PAGE>

SECTION 2.12   Temporary Securities.

     Until definitive Securities of any series are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary Securities.
Temporary Securities shall be substantially in the form of definitive
Securities, but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and
the Trustee shall authenticate definitive Securities in exchange for temporary
Securities. Until so exchanged, the temporary Securities shall in all respects
be entitled to the same benefits under this Indenture as definitive Securities.

SECTION 2.13   Cancellation.

     The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange,
payment or redemption or for credit against any sinking fund payment. The
Trustee shall cancel all Securities surrendered for registration of transfer,
exchange, payment, redemption, replacement or cancellation or for credit against
any sinking fund. Unless the Company shall direct in writing that canceled
Securities be returned to it, after written notice to the Company all canceled
Securities held by the Trustee shall be disposed of in accordance with the usual
disposal procedures of the Trustee, and the Trustee shall maintain a record of
their disposal. The Company may not issue new Securities to replace Securities
that have been paid or that have been delivered to the Trustee for cancellation.

SECTION 2.14   Payments; Defaulted Interest.

     Unless otherwise provided as contemplated by Section 2.01 with respect to
the Securities of any series, interest (except defaulted interest) on any
Security that is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Persons who are registered Holders of
that Security at the close of business on the record date next preceding that
Interest Payment Date, even if those Securities are canceled after that record
date and on or before that Interest Payment Date. Unless otherwise provided with
respect to the Securities of any series, the Company will pay the principal of,
premium (if any) and interest on and any Additional Amounts with respect to the
Securities in Dollars. Those amounts shall be payable at the offices of the
Trustee, provided that at the option of the Company, the Company may pay those
amounts (1) by wire transfer with respect to Global Securities or (2) by check
payable in that money mailed to a Holder's registered address with respect to
any Securities.

     If the Company defaults in a payment of interest on the Securities of any
series, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest on the defaulted interest, in each case at the rate
provided in the Securities of that series and in Section 4.01. The Company may
pay the defaulted interest to the Persons who are Holders on a subsequent
special record date. At least 15 days before any special record date selected by
the Company, the Company (or the Trustee, in the name of and at the expense of
the Company upon 20 days' prior written notice from the Company setting forth
that record date and the interest amount to be paid) shall mail to Holders of
any such series of Securities a notice that states the special record date, the
related payment date and the amount of that interest to be paid.

                                       16
<PAGE>

SECTION 2.15   Persons Deemed Owners.

     The Company, the Trustee, any Agent and any authenticating agent may treat
the Person in whose name any Security is registered as the owner of that
Security for the purpose of receiving payments of principal of, premium (if any)
or interest on, or any Additional Amounts with respect to that Security and for
all other purposes.  None of the Company, the Trustee, any Agent or any
authenticating agent shall be affected by any notice to the contrary.

SECTION 2.16   Computation of Interest.

     Except as otherwise specified as contemplated by Section 2.01 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of a year comprising twelve 30-day months.

SECTION 2.17   Global Securities; Book-Entry Provisions.

     If Securities of a series are issuable in global form as a Global Security,
as contemplated by Section 2.01, then, notwithstanding clause (10) of Section
2.01 and the provisions of Section 2.02, any such Global Security shall
represent those of the outstanding Securities of that series as shall be
specified therein and may provide that it shall represent the aggregate amount
of outstanding Securities from time to time endorsed thereon and that the
aggregate amount of outstanding Securities represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges or
redemptions.  Any endorsement of a Global Security to reflect the amount, or any
increase or decrease in the amount, of outstanding Securities represented
thereby shall be made by the Trustee (i) in such manner and upon instructions
given by such Person or Persons as shall be specified in that Security or in a
Company Order to be delivered to the Trustee pursuant to Section 2.04 or (ii)
otherwise in accordance with written instructions or such other written form of
instructions as is customary for the Depositary for that Security, from that
Depositary or its nominee on behalf of any Person having a beneficial interest
in that Global Security.  Subject to the provisions of Section 2.04 and, if
applicable, Section 2.12, the Trustee shall deliver and redeliver any Security
in permanent global form in the manner and upon instructions given by the Person
or Persons specified in that Security or in the applicable Company Order.  With
respect to the Securities of any series that are represented by a Global
Security, the Company authorizes the execution and delivery by the Trustee of a
letter of representations or other similar agreement or instrument in the form
customarily provided for by the Depositary appointed with respect to that Global
Security.  Any Global Security may be deposited with the Depositary or its
nominee, or may remain in the custody of the Trustee or the Security Custodian
therefor pursuant to a FAST Balance Certificate Agreement or similar agreement
between the Trustee and the Depositary.  If a Company Order has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement or delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 11.05 and need not be accompanied by an
Opinion of Counsel.

     Members of, or participants in, the Depositary ("Agent Members") shall have
no rights under this Indenture with respect to any Global Security held on their
behalf by the Depositary, or the Trustee or the Security Custodian as its
custodian, or under that Global Security, and the Depositary may be treated by
the Company, the Trustee or the Security Custodian and any agent

                                       17
<PAGE>

of the Company, the Trustee or the Security Custodian as the absolute owner of
that Global Security for all purposes whatsoever. Notwithstanding the foregoing,
(i) the registered holder of a Global Security of any series may grant proxies
and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action that a Holder of
Securities of that series is entitled to take under this Indenture or the
Securities of that series and (ii) nothing herein shall prevent the Company, the
Trustee or the Security Custodian or any agent of the Company, the Trustee, or
the Security Custodian from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or shall impair, as between the
Depositary and its Agent Members, the operation of customary practices governing
the exercise of the rights of a beneficial owner of any Security.

     Notwithstanding Section 2.08, and except as otherwise provided pursuant to
Section 2.01, transfers of a Global Security shall be limited to transfers of
that Global Security in whole, but not in part, to the Depositary, its
successors or their respective nominees.  Interests of beneficial owners in a
Global Security may be transferred in accordance with the rules and procedures
of the Depositary.  Securities of any series shall be transferred to all
beneficial owners of a Global Security of that series in exchange for their
beneficial interests in that Global Security if, and only if, either (1) the
Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for that Global Security and a successor Depositary is not appointed
by the Company within 90 days of that notice, (2) an Event of Default has
occurred with respect to that series and is continuing and the Registrar has
received a request from the Depositary to issue Securities of that series in
lieu of all or a portion of that Global Security (in which case the Company
shall deliver Securities of that series within 30 days of that request) or (3)
the Company determines not to have the Securities of that series represented by
a Global Security.

     In connection with any transfer of a portion of the beneficial interests in
a Global Security to beneficial owners pursuant to this Section 2.17, the
Registrar shall reflect on its books and records the date and a decrease in the
principal amount of the Global Security in an amount equal to the principal
amount of the beneficial interest in the Global Security to be transferred, and
the Company shall execute, and the Trustee on receipt of a Company Order for the
authentication and delivery of Securities shall authenticate and deliver, one or
more Securities of the same series of like tenor and amount.

     In connection with the transfer of all the beneficial interests in a Global
Security of any series to beneficial owners pursuant to this Section 2.17, the
Global Security shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall authenticate
and deliver, to each  beneficial owner identified by the Depositary in exchange
for its beneficial interest in the Global Security, an equal aggregate principal
amount of Securities of that series of authorized denominations.

     Neither the Company nor the Trustee will have any responsibility or
liability for any aspect of the records relating to, or payments made on account
of, Securities by the Depositary, or for maintaining, supervising or reviewing
any records of the Depositary relating to those Securities.  Neither the Company
nor the Trustee shall be liable for any delay by the related Global Security
Holder or the Depositary in identifying the beneficial owners, and each such
Person may conclusively rely on, and shall be protected in relying on,
instructions from that

                                       18
<PAGE>

Global Security Holder or the Depositary for all purposes (including with
respect to the registration and delivery, and the respective principal amounts,
of the Securities to be issued).

     The provisions of the last sentence of the third paragraph of Section 2.04
shall apply to any Global Security if that Global Security was never issued and
sold by the Company and the Company delivers to the Trustee the Global Security
together with written instructions (which need not comply with Section 11.05 and
need not be accompanied by an Opinion of Counsel) with regard to the
cancellation or reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence
of the third paragraph of Section 2.04.

     Notwithstanding the provisions of Sections 2.03 and 2.14, unless otherwise
specified as contemplated by Section 2.01 with respect to Securities of any
series, payment of principal of and premium (if any) and interest on and any
Additional Amounts with respect to any Global Security shall be made to the
Person or Persons specified therein.

                                  ARTICLE III
                                  REDEMPTION

SECTION 3.01   Applicability of Article.

     Securities of any series that are redeemable before their Stated Maturity
shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 2.01 for Securities of any series) in
accordance with this Article III.

SECTION 3.02   Notice to the Trustee.

     If the Company elects to redeem Securities of any series pursuant to this
Indenture, it shall notify the Trustee of the Redemption Date and principal
amount of Securities of that series to be redeemed. The Company shall so notify
the Trustee at least 45 days before the Redemption Date (unless a shorter notice
shall be satisfactory to the Trustee) by delivering to the Trustee an Officers'
Certificate stating that the redemption will comply with the provisions of this
Indenture and of the Securities of that series. Any such notice may be canceled
at any time prior to the mailing of that notice of redemption to any Holder of
the Securities of that series and shall thereupon be void and of no effect.

SECTION 3.03   Selection of Securities To Be Redeemed.

     If less than all the Securities of any series are to be redeemed (unless
all of the Securities of that series of a specified tenor are to be redeemed),
the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the outstanding Securities of
that series (and tenor) not previously called for redemption, either pro rata,
by lot or by such other method as the Trustee shall deem fair and appropriate.
That redemption may provide for the selection for redemption of portions (equal
to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the principal amount of Securities of that series
of a denomination larger than the minimum authorized denomination for Securities
of that series or of the principal amount of Global Securities of that series.

                                       19
<PAGE>

     The Trustee shall promptly notify the Company and the Registrar in writing
of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.

     For purposes of this Indenture, unless the context otherwise requires, all
provisions relating to redemption of Securities of any series shall relate, in
the case of any of the Securities redeemed or to be redeemed only in part, to
the portion of the principal amount thereof which has been or is to be redeemed.

SECTION 3.04   Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid,
mailed not less than 30 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities of a series to be redeemed, at the address of that
Holder appearing in the register of Securities for that series maintained by the
Registrar.

     All notices of redemption shall identify the Securities to be redeemed and
shall state:

        (1)  the Redemption Date;

        (2)  the Redemption Price;

        (3) that, unless the Company defaults in making the redemption payment,
     interest on Securities called for redemption ceases to accrue on and after
     the Redemption Date, and the only remaining right of the Holders of those
     Securities is to receive payment of the Redemption Price on surrender to
     the Paying Agent of the Securities redeemed;

        (4) if any Security is to be redeemed in part, the portion of the
     principal amount thereof to be redeemed and that on and after the
     Redemption Date, on surrender for cancellation of that Security to the
     Paying Agent, a new Security or Securities in the aggregate principal
     amount equal to the unredeemed portion thereof will be issued without
     charge to the Holder;

        (5) that Securities called for redemption must be surrendered to the
     Paying Agent to collect the Redemption Price and the name and address of
     the Paying Agent;

        (6) that the redemption is for a sinking or analogous fund, if that is
     the case; and

        (7) the CUSIP number, if any, relating to those Securities.

     Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company's written request, by
the Trustee in the name and at the expense of the Company.

                                       20
<PAGE>

SECTION 3.05   Effect of Notice of Redemption.

     Once notice of redemption is mailed, Securities called for redemption
become due and payable on the Redemption Date and at the Redemption Price.  Upon
surrender to the Paying Agent, those Securities called for redemption shall be
paid at the Redemption Price, but interest installments whose maturity is on or
prior to that Redemption Date will be payable on the relevant Interest Payment
Dates to the Holders of record at the close of business on the relevant record
dates specified pursuant to Section 2.01.

SECTION 3.06   Deposit of Redemption Price.

     On or prior to any Redemption Date, the Company shall deposit with the
Trustee or the Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 2.06) an amount of
money in same day funds sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on
and any Additional Amounts with respect to, the Securities or portions thereof
which are to be redeemed on that date, other than Securities or portions thereof
called for redemption on that date which have been delivered by the Company to
the Trustee for cancellation.

     If the Company complies with the preceding paragraph, then, unless the
Company defaults in the payment of that Redemption Price, interest on the
Securities to be redeemed will cease to accrue on and after the applicable
Redemption Date, whether or not those Securities are presented for payment, and
the Holders of those Securities shall have no further rights with respect to
those Securities except for the right to receive the Redemption Price on
surrender of those Securities.  If any Security called for redemption shall not
be so paid on surrender thereof for redemption, the principal of and premium, if
any, any Additional Amounts, and, to the extent lawful, accrued interest thereon
shall, until paid, bear interest from the Redemption Date at the rate specified
pursuant to Section 2.01 or provided in the Securities or, in the case of
Original Issue Discount Securities, their initial yield to maturity.

SECTION 3.07   Securities Redeemed or Purchased in Part.

     Upon surrender to the Paying Agent of a Security to be redeemed in part,
the Company shall execute and the Trustee shall authenticate and deliver to the
Holder of that Security without service charge a new Security or Securities, of
the same series and of any authorized denomination as requested by that Holder
in aggregate principal amount equal to, and in exchange for, the unredeemed
portion of the principal of the Security so surrendered that is not redeemed.

SECTION 3.08   Purchase of Securities.

     Unless otherwise specified as contemplated by Section 2.01, the Company and
any Affiliate of the Company may at any time purchase or otherwise acquire
Securities in the open market or by private agreement.  Any such acquisition
shall not operate as or be deemed for any purpose to be a redemption of the
indebtedness represented by those Securities.  Any Securities purchased or
acquired by the Company may be delivered to the Trustee for cancellation and, on

                                       21
<PAGE>

that cancellation, the indebtedness represented thereby shall be deemed to be
satisfied. Section 2.13 shall apply to all Securities so delivered.

SECTION 3.09   Mandatory and Optional Sinking Funds.

     The minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a "mandatory sinking fund
payment," and any payment in excess of the minimum amount provided for by the
terms of Securities of any series is herein referred to as an "optional sinking
fund payment."  Unless otherwise provided by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 3.10.  Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of
Securities of that series and by this Article III.

SECTION 3.10   Satisfaction of Sinking Fund Payments with Securities.

     The Company may deliver outstanding Securities of a series (other than any
previously called for redemption) and may apply as a credit Securities of a
series that have been redeemed either at the election of the Company pursuant to
the terms of those Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of those Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the
Securities of that series required to be made pursuant to the terms of that
series of Securities; provided that those Securities have not been previously so
credited.  Those Securities shall be received and credited for that purpose by
the Trustee at the Redemption Price specified in those Securities for redemption
through operation of the sinking fund, and the amount of that sinking fund
payment shall be reduced accordingly.

SECTION 3.11   Redemption of Securities for Sinking Fund.

     Not less than 45 days prior (unless a shorter period shall be satisfactory
to the Trustee) to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers' Certificate of the Company
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, that is to be
satisfied by payment of cash and the portion thereof, if any, that is to be
satisfied by delivery of or by crediting Securities of that series pursuant to
Section 3.10  and will also deliver to the Trustee any Securities to be so
delivered.  Failure of the Company to timely deliver that Officers' Certificate
and Securities specified in this paragraph, if any, shall not constitute a
default but shall constitute the election of the Company (i) that the mandatory
sinking fund payment for that series due on the next succeeding sinking fund
payment date shall be paid entirely in cash without the option to deliver or
credit Securities of that series in respect thereof and (ii) that the Company
will make no optional sinking fund payment with respect to that series as
provided in this Section.

     If the sinking fund payment or payments (mandatory or optional or both) to
be made in cash on the next succeeding sinking fund payment date plus any unused
balance of any preceding sinking fund payments made in cash shall exceed
$100,000 (or the Dollar equivalent thereof based on the applicable Exchange Rate
on the date of original issue of the applicable

                                       22
<PAGE>

Securities) or a lesser sum if the Company shall so request with respect to the
Securities of any particular series, that cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of that
series at the sinking fund redemption price together with accrued interest to
the date fixed for redemption. If that amount shall be $100,000 (or the Dollar
equivalent thereof as aforesaid) or less and the Company makes no such request,
then it shall be carried over until a sum in excess of $100,000 (or the Dollar
equivalent thereof as aforesaid) is available. Not less than 30 days before each
such sinking fund payment date, the Trustee shall select the Securities to be
redeemed on that sinking fund payment date in the manner specified in Section
3.03 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 3.04. That
notice having been duly given, the redemption of those Securities shall be made
on the terms and in the manner stated in Sections 3.05, 3.06 and 3.07.

                                  ARTICLE IV
                                   COVENANTS

SECTION 4.01   Payment of Securities.

     The Company shall pay the principal of, premium (if any) and interest on
and any Additional Amounts with respect to the Securities of each series on the
dates and in the manner provided in the Securities of that series and in this
Indenture.  Principal, premium, interest and any Additional Amounts shall be
considered paid on the date due if the Paying Agent, other than the Company or a
Subsidiary of the Company, holds on that date money deposited by the Company
designated for and sufficient to pay all principal, premium (if any), interest
and any Additional Amounts then due.

     The Company shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal of and premium (if
any) on Securities of any series, at a rate equal to the then applicable
interest rate on the Securities of that series to the extent lawful; and it
shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest on and any overdue payments
of Additional Amounts with respect to Securities of that series (without regard
to any applicable grace period) at the same rate to the extent lawful.

SECTION 4.02   Maintenance of Office or Agency.

     The Company will maintain in each Place of Payment for any series of
Securities an office or agency (which may be an office of the Trustee, the
Registrar or the Paying Agent) where Securities of that series may be presented
for registration of transfer or exchange, where Securities of that series may be
presented for payment and where notices and demands to or on the Company in
respect of the Securities of that series and this Indenture may be served.
Unless otherwise designated by the Company by written notice to the Trustee,
that office or agency shall be the office of the Trustee in The City of New
York, which on the date hereof is located at ____________________.  The Company
will give prompt written notice to the Trustee of the location, and any change
in the location, of that office or agency.  If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the
Trustee with

                                       23
<PAGE>

the address thereof, those presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee.

     The Company may also from time to time designate one or more other offices
or agencies where the Securities of one or more series may be presented or
surrendered for any or all those purposes and may from time to time rescind
those designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in each Place of Payment for Securities of any series for those
purposes.  The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such
other office or agency.

SECTION 4.03   SEC Reports; Financial Statements.

           (a) The Company shall file with the Trustee, within 15 days after it
     files the same with the SEC, copies of the annual reports and the
     information, documents and other reports (or copies of those portions of
     any of the foregoing as the SEC may by rules and regulations prescribe)
     that the Company is required to file with the SEC pursuant to Section 13 or
     15(d) of the Exchange Act. The Company shall also comply with the
     provisions of TIA (S) 314(a).

           (b) If the Company is not subject to the requirements of Section 13
     or 15(d) of the Exchange Act, the Company shall furnish to all Holders of
     Rule 144A Securities and prospective purchasers of Rule 144A Securities
     designated by the Holders of Rule 144A Securities, promptly on their
     request, the information required to be delivered pursuant to Rule
     144A(d)(4) promulgated under the Securities Act of 1933, as amended.

SECTION 4.04   Compliance Certificate.

           (a) The Company shall deliver to the Trustee, within 120 days after
     the end of each fiscal year of the Company, a statement signed by an
     Officer of the Company, which need not constitute an Officers' Certificate,
     complying with TIA (S) 314(a)(4) and stating that, in the course of
     performance by the signing Officer of the Company of his or her duties as
     such Officer of the Company, he or she would normally obtain knowledge of
     the keeping, observing, performing and fulfilling by the Company of its
     obligations under this Indenture, and further stating that, to the best of
     his or her knowledge, the Company has kept, observed, performed and
     fulfilled each and every covenant contained in this Indenture and is not in
     default in the performance or observance of any of the terms, provisions
     and conditions hereof (or, if a Default or Event of Default shall have
     occurred, describing all such Defaults or Events of Default of which that
     Officer may have knowledge and what action the Company is taking or
     proposes to take with respect thereto).

           (b) The Company shall, so long as Securities of any series are
     outstanding, deliver to the Trustee, promptly on any Officer of the Company
     becoming aware of any Default or Event of Default under this Indenture, an
     Officers' Certificate specifying that Default or Event of Default and what
     action the Company is taking or proposes to take with respect thereto.

                                       24
<PAGE>

SECTION 4.05   Existence.

     Subject to Article V hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its existence and
the existence of each of its Subsidiaries and all rights (charter and statutory)
of the Company and its Subsidiaries, provided that the Company shall not be
required to preserve the existence of any Subsidiary of the Company or any such
right if the Company shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries
taken as a whole and that the loss thereof would not have a material adverse
effect on the business, operations, assets or financial condition of the Company
and its Subsidiaries taken as a whole and would not have any material adverse
effect on the payment and performance of the obligations of the Company under
the Securities and this Indenture.

SECTION 4.06   Waiver of Stay, Extension or Usury Laws.

     The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist on, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law or any usury law or
other law that would prohibit or forgive the Company from paying all or any
portion of the principal of or interest on the Securities as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may
affect the covenants or the performance of this Indenture; and (to the extent
that it may lawfully do so) the Company hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer
and permit the execution of every such power as though no such law had been
enacted.

SECTION 4.07   Additional Amounts.

     If the Securities of a series expressly provide for the payment of
Additional Amounts, the Company will pay to the Holder of any Security of that
series Additional Amounts as expressly provided therein.  Whenever in this
Indenture there is mentioned, in any context, the payment of the principal of or
any premium or interest on, or in respect of, any Security of any series or the
net proceeds received from the sale or exchange of any Security of any series,
that mention shall be deemed to include mention of the payment of Additional
Amounts provided for in this Section 4.07 to the extent that, in that context,
Additional Amounts are, were or would be payable in respect thereof pursuant to
the provisions of this Section 4.07, and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where that
express mention is not made.

     Unless otherwise provided pursuant to Section 2.01 with respect to
Securities of any series, if the Securities of a series provide for the payment
of Additional Amounts, at least ten days prior to the first Interest Payment
Date with respect to that series of Securities (or if the Securities of that
series will not bear interest prior to Maturity, the first day on which a
payment of principal and any premium is made), and at least ten days prior to
each date of payment of principal and any premium or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers' Certificate, the Company shall furnish the Trustee and the

                                       25
<PAGE>

Company's principal Paying Agent or Paying Agents, if other than the Trustee,
with an Officers' Certificate instructing the Trustee and such Paying Agent or
Paying Agents whether that payment of principal of and any premium or interest
on the Securities of that series shall be made to Holders of Securities of that
series who are United States Aliens without withholding for or on account of any
tax, assessment or other governmental charge described in the Securities of that
series. If any such withholding shall be required, then that Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on those payments to those Holders of Securities, and the Company will pay to
that Paying Agent the Additional Amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for and to hold them
harmless against any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers' Certificate
furnished pursuant to this Section 4.07.

                                   ARTICLE V
                                  SUCCESSORS

SECTION 5.01   Limitations on Mergers, Consolidations and Other Transactions.

     The Company shall not, in any transaction or series of related
transactions, consolidate with any other Person or merge into any other Person,
or sell, lease, convey, transfer or otherwise dispose of all or substantially
all of its assets to any Person, unless:

        (1)    the Person formed by that consolidation or into which the Company
     is merged, or to which that sale, lease, conveyance, transfer or other
     disposition shall be made (collectively, the "Successor"), expressly
     assumes by supplemental indenture the due and punctual payment of the
     principal of (and premium, if any) and interest on and Additional Amounts
     with respect to all the Securities and the performance of the Company's
     covenants and obligations under this Indenture and the Securities;

        (2)    immediately after giving effect to that transaction or series of
     related transactions, no Default or Event of Default shall have occurred
     and be continuing; and

        (3)    the Company delivers to the Trustee an Officers' Certificate and
     an Opinion of Counsel, each stating that the transaction and that
     supplemental indenture comply with this Indenture.

SECTION 5.02   Successor Person Substituted.

     Upon any consolidation or merger of the Company or any sale, lease,
conveyance, transfer or other disposition of all or substantially all of the
assets of the Company in accordance with Section 5.01, any Successor formed by
that consolidation or into or with which the Company is merged or to which that
sale, lease, conveyance, transfer or other disposition is made shall succeed to,
and be substituted for, and may exercise every right and power of the Company
under this Indenture and the Securities with the same effect as if that
Successor had been named as the Company herein and the predecessor Company, in
the case of a sale, conveyance, transfer or other disposition, shall be released
from all obligations under this Indenture and the Securities.

                                       26
<PAGE>

                                   ARTICLE VI
                             DEFAULTS AND REMEDIES

SECTION 6.01   Events of Default.

     Unless either inapplicable to a particular series or specifically deleted
or modified in or pursuant to the supplemental indenture or Board Resolution
establishing that series of Securities or in the form of Security for that
series, an "Event of Default," wherever used herein with respect to Securities
of any series, occurs if:

        (1)    the Company defaults in the payment of interest on or any
     Additional Amounts with respect to any Security of that series when the
     same becomes due and payable and that default continues for a period of 30
     days;

        (2)    the Company defaults in the payment of (A) the principal of any
     Security of that series at its Maturity or (B) premium (if any) on any
     Security of that series when the same becomes due and payable;

        (3)    the Company defaults in the deposit of any sinking fund payment,
     when and as due by the terms of a Security of that series, and that default
     continues for a period of 30 days;

        (4)    the Company fails to comply with any of its other covenants or
     agreements in, or provisions of, the Securities of that series or this
     Indenture (other than an agreement, covenant or provision that has
     expressly been included in this Indenture solely for the benefit of one or
     more series of Securities other than that series) which shall not have been
     remedied within the specified period after written notice, as specified in
     the last paragraph of this Section 6.01;

        (5)    the Company pursuant to or within the meaning of any Bankruptcy
     Law:

               (A) commences a voluntary case,

               (B) consents to the entry of an order for relief against it in an
          involuntary case,

               (C) consents to the appointment of a Bankruptcy Custodian of it
          or for all or substantially all of its property, or

               (D) makes a general assignment for the benefit of its creditors;

        (6) a court of competent jurisdiction enters an order or decree under
     any Bankruptcy Law that remains unstayed and in effect for 90 days and
     that:

               (A) is for relief against the Company as debtor in an involuntary
          case,

               (B) appoints a Bankruptcy Custodian of the Company or a
          Bankruptcy Custodian for all or substantially all of the property of
          the Company, or

                                       27
<PAGE>

               (C)    orders the liquidation of the Company; or

        (7)    any other Event of Default provided with respect to Securities of
     that series occurs.

     The term "Bankruptcy Custodian" means any receiver, trustee, assignee,
liquidator or similar official under any Bankruptcy Law.

     The Trustee shall not be deemed to know or have notice of a Default unless
a Trust Officer at the Corporate Trust Office of the Trustee receives written
notice at the Corporate Trust Office of the Trustee of that Default with
specific reference to that Default.

     When a Default is cured, it ceases.

     Notwithstanding the foregoing provisions of this Section 6.01, if the
principal of, premium (if any) or interest on or Additional Amounts with respect
to any Security is payable in a currency or currencies (including a composite
currency) other than Dollars and such currency or currencies are not available
to the Company for making payment thereof due to the imposition of exchange
controls or other circumstances beyond the control of the Company (a "Conversion
Event"), the Company will be entitled to satisfy its obligations to Holders of
the Securities by making that payment in Dollars in an amount equal to the
Dollar equivalent of the amount payable in such other currency, as determined by
the Company by reference to the Exchange Rate on the date of that payment, or,
if that rate is not then available, on the basis of the most recently available
Exchange Rate. Notwithstanding the foregoing provisions of this Section 6.01,
any payment made under such circumstances in Dollars where the required payment
is in a currency other than Dollars will not constitute an Event of Default
under this Indenture.

     Promptly after the occurrence of a Conversion Event, the Company shall give
written notice thereof to the Trustee; and the Trustee, promptly after receipt
of that notice, shall give notice thereof in the manner provided in Section
11.02 to the Holders.  Promptly after the making of any payment in Dollars as a
result of a Conversion Event, the Company shall give notice in the manner
provided in Section 11.02 to the Holders, setting forth the applicable Exchange
Rate and describing the calculation of those payments.

     A Default under clause (4) or (7) of this Section 6.01 is not an Event of
Default until the Trustee notifies the Company, or the Holders of at least 25%
in principal amount of the then outstanding Securities of the series affected by
that Default (or, in the case of a Default under clause (4) of this Section
6.01, if outstanding Securities of other series are affected by that Default,
then at least 25% in principal amount of the then outstanding Securities so
affected) notify the Company and the Trustee, of the Default, and the Company
fails to cure the Default within 90 days after receipt of the notice.  The
notice must specify the Default, demand that it be remedied and state that the
notice is a "Notice of Default."

SECTION 6.02   Acceleration.

     If an Event of Default with respect to any Securities of any series at the
time outstanding (other than an Event of Default specified in clause (5) or (6)
of Section 6.01 hereof) occurs and is

                                       28
<PAGE>

continuing, the Trustee by notice to the Company, or the Holders of at least 25%
in principal amount of the then outstanding Securities of the series affected by
that default (or, in the case of an Event of Default described in clause (4) of
Section 6.01, if outstanding Securities of other series are affected by that
Default, then at least 25% in principal amount of the then outstanding
Securities so affected) by notice to the Company and the Trustee, may declare
the principal of (or, if any of those Securities are Original Issue Discount
Securities, that portion of the principal amount as may be specified in the
terms of that series) and all accrued and unpaid interest on all then
outstanding Securities of that series or of all series, as the case may be, to
be due and payable. Upon any such declaration, the amounts due and payable on
those Securities shall be due and payable immediately. If an Event of Default
specified in clause (5) or (6) of Section 6.01 hereof occurs, those amounts
shall ipso facto become and be immediately due and payable without any
declaration, notice or other act on the part of the Trustee or any Holder. The
Holders of a majority in principal amount of the then outstanding Securities of
the series affected by that default or all series, as the case may be, by
written notice to the Trustee may rescind an acceleration and its consequences
(other than nonpayment of principal of or premium or interest on or any
Additional Amounts with respect to the Securities) if the rescission would not
conflict with any judgment or decree and if all existing Events of Default with
respect to Securities of that series (or of all series, as the case may be) have
been cured or waived, except nonpayment of principal, premium, interest or any
Additional Amounts that has become due solely because of the acceleration.

SECTION 6.03   Other Remedies.

     If an Event of Default with respect to Securities of any series occurs and
is continuing, the Trustee may pursue any available remedy to collect the
payment of principal of, or premium, if any, or interest on the Securities of
that series or to enforce the performance of any provision of the Securities of
that series or this Indenture.

     The Trustee may maintain a proceeding with respect to Securities of any
series even if it does not possess any of the Securities of that series or does
not produce any of them in the proceeding.  A delay or omission by the Trustee
or any Holder in exercising any right or remedy accruing on an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence
in the Event of Default.  All remedies are cumulative to the extent permitted by
law.

SECTION 6.04   Waiver of Defaults.

     Subject to Sections 6.07 and 9.02, the Holders of a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class) by notice to the Trustee may waive an existing or past Default or
Event of Default with respect to that series or all series, as the case may be,
and its consequences (including waivers obtained in connection with a tender
offer or exchange offer for Securities of that series or all series or a
solicitation of consents in respect of Securities of that series or all series,
provided that in each case that offer or solicitation is made to all Holders of
then outstanding Securities of that series or all series (but the terms of that
offer or solicitation may vary from series to series)), except (1) a continuing
Default or Event of Default in the payment of the principal of, or premium, if
any, or interest on or any Additional Amounts with respect to any Security or
(2) a continued Default in respect of a

                                       29
<PAGE>

provision that under Section 9.02 cannot be amended or supplemented without the
consent of each Holder affected. Upon any such waiver, that Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of this Indenture; but no such waiver shall extend
to any subsequent or other Default or impair any right consequent thereon.

SECTION 6.05   Control by Majority.

     With respect to Securities of any series, the Holders of a majority in
principal amount of the then outstanding Securities of that series may direct in
writing the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on it
relating to or arising under an Event of Default described in clause (1), (2),
(3) or (7) of Section 6.01, and with respect to all Securities, the Holders of a
majority in principal amount of all the then outstanding Securities affected may
direct in writing the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred
on it not relating to or arising under such an Event of Default.  However, the
Trustee may refuse to follow any direction that conflicts with applicable law or
this Indenture, that the Trustee determines may be unduly prejudicial to the
rights of other Holders, or that may involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with that direction.  Prior to taking any
action hereunder, the Trustee shall be entitled to indemnification satisfactory
to it in its sole discretion from Holders directing the Trustee against all
losses and expenses caused by taking or not taking that action.

SECTION 6.06   Limitations on Suits.

     Subject to Section 6.07 hereof, a Holder of a Security of any series may
pursue a remedy with respect to this Indenture or the Securities of that series
only if:

        (1)    the Holder gives to the Trustee written notice of a continuing
     Event of Default with respect to that series;

        (2)    the Holders of at least 25% in principal amount of the then
     outstanding Securities of that series make a written request to the Trustee
     to pursue the remedy;

        (3)    such Holder or Holders offer to the Trustee indemnity reasonably
     satisfactory to the Trustee against any loss, liability or expense;

        (4)    the Trustee does not comply with the request within 60 days after
     receipt of the request and the offer of indemnity; and

        (5)    during that 60-day period, the Holders of a majority in principal
     amount of the Securities of that series do not give the Trustee a direction
     inconsistent with the request.

     A Holder may not use this Indenture to prejudice the rights of another
Holder or to obtain a preference or priority over another Holder.

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<PAGE>

SECTION 6.07   Rights of Holders to Receive Payment.

     Notwithstanding any other provision of this Indenture, the right of any
Holder of a Security to receive payment of principal of and premium, if any, and
interest on and any Additional Amounts with respect to that Security, on or
after the respective due dates expressed in that Security, or to bring suit for
the enforcement of any such payment on or after those respective dates, is
absolute and unconditional and shall not be impaired or affected without the
consent of the Holder.

SECTION 6.08   Collection Suit by Trustee.

     If an Event of Default specified in clause (1) or (2) of Section 6.01
hereof occurs and is continuing with respect to Securities of any series, the
Trustee is authorized to recover judgment in its own name and as trustee of an
express trust against the Company for the amount of principal, premium (if any),
interest and any Additional Amounts remaining unpaid on the Securities of that
series, and interest on overdue principal and premium, if any, and, to the
extent lawful, interest on overdue interest, and such further amount as shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

SECTION 6.09   Trustee May File Proofs of Claim.

     The Trustee is authorized to file such proofs of claim and other papers or
documents and to take such actions, including participating as a member, voting
or otherwise, of any committee of creditors, as may be necessary or advisable to
have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceeding relative to the
Company or its creditors or properties and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or
deliverable on any such claims and any Bankruptcy Custodian in any such judicial
proceeding is hereby authorized by each Holder to make those payments to the
Trustee, and in the event that the Trustee shall consent to the making of those
payments directly to the Holders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.07. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.07 out of the estate in any such
proceeding, shall be denied for any reason, payment of the same shall be secured
by a lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties which the Holders of the Securities may
be entitled to receive in that proceeding whether in liquidation or under any
plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or
adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

                                       31
<PAGE>

SECTION 6.10   Priorities.

     If the Trustee collects any money pursuant to this Article VI, subject to
Article X, it shall pay out the money in the following order:

          First:  to the Trustee for amounts due under Section 7.07;

          Second: to Holders for amounts due and unpaid on the Securities in
     respect of which or for the benefit of which that money has been collected,
     for principal, premium (if any), interest and any Additional Amounts
     ratably, without preference or priority of any kind, according to the
     amounts due and payable on those Securities for principal, premium (if
     any), interest and any Additional Amounts, respectively; and

          Third:  to the Company.

     The Trustee, on prior written notice to the Company, may fix record dates
and payment dates for any payment to Holders pursuant to this Article VI.

     To the fullest extent allowed under applicable law, if for the purpose of
obtaining a judgment against the Company in any court it is necessary to convert
the sum due in respect of the principal of, premium (if any) or interest on or
Additional Amounts with respect to the Securities of any series (the "Required
Currency") into a currency in which a judgment will be rendered (the "Judgment
Currency"), the rate of exchange used shall be the rate at which in accordance
with normal banking procedures the Trustee could purchase in The City of New
York the Required Currency with the Judgment Currency on the New York Business
Day next preceding that on which final judgment is given. Neither the Company
nor the Trustee shall be liable for any shortfall nor shall it benefit from any
windfall in payments to Holders of Securities under this Section 6.10 caused by
a change in exchange rates between the time the amount of a judgment against it
is calculated as above and the time the Trustee converts the Judgment Currency
into the Required Currency to make payments under this Section to Holders of
Securities, but payment of that judgment shall discharge all amounts owed by the
Company on the claim or claims underlying that judgment.

SECTION 6.11   Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture
or in any suit against the Trustee for any action taken or omitted by it as a
trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section
6.07, or a suit by a Holder or Holders of more than 10% in principal amount of
the then outstanding Securities of any series.

                                       32
<PAGE>

                                  ARTICLE VII
                                    TRUSTEE

SECTION 7.01   Duties of Trustee.

          (a)  If an Event of Default with respect to the Securities of any
     series has occurred and is continuing, the Trustee shall exercise such of
     the rights and powers vested in it by this Indenture with respect to the
     Securities of that series, and use the same degree of care and skill in
     that exercise, as a prudent person would exercise or use under the
     circumstances in the conduct of his own affairs.

          (b) Except during the continuance of an Event of Default with respect
     to the Securities of any series:

               (1) the Trustee need perform only those duties that are
          specifically set forth in this Indenture and no others, and no implied
          covenants or obligations shall be read into this Indenture against the
          Trustee; and

               (2) in the absence of bad faith on its part, the Trustee may
          conclusively rely, as to the truth of the statements and the
          correctness of the opinions expressed therein, on certificates or
          opinions furnished to the Trustee and conforming to the requirements
          of this Indenture. However, the Trustee shall examine those
          certificates and opinions to determine whether, on their face, they
          appear to conform to the requirements of this Indenture.

          (c)  The Trustee may not be relieved from liabilities for its own
     negligent action, its own negligent failure to act or its own willful
     misconduct, except that:

               (1) this paragraph does not limit the effect of Section 7.01(b);

               (2) the Trustee shall not be liable for any error of judgment
          made in good faith by a Trust Officer, unless it is proved that the
          Trustee was negligent in ascertaining the pertinent facts; and

               (3) the Trustee shall not be liable with respect to any action it
          takes or omits to take in good faith in accordance with a direction
          received by it pursuant to Section 6.05 hereof.

          (d)  Whether or not therein expressly so provided, every provision of
     this Indenture that in any way relates to the Trustee is subject to the
     provisions of this Section 7.01.

          (e)  No provision of this Indenture shall require the Trustee to
     expend or risk its own funds or incur any liability. The Trustee may refuse
     to perform any duty or exercise any right or power unless it receives
     indemnity reasonably satisfactory to it against any loss, liability or
     expense.

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<PAGE>

          (f)  The Trustee shall not be liable for interest on any money
     received by it except as the Trustee may agree in writing with the Company.
     Money held in trust by the Trustee need not be segregated from other funds
     except to the extent required by law. All money received by the Trustee
     with respect to Securities of any series shall, until applied as herein
     provided, be held in trust for the payment of the principal of, premium (if
     any) and interest on and Additional Amounts with respect to the Securities
     of that series.

SECTION 7.02   Rights of Trustee.

          (a)  The Trustee may rely on any document believed by it to be genuine
     and to have been signed or presented by the proper Person. The Trustee need
     not investigate any fact or matter stated in the document.

          (b)  Before the Trustee acts or refrains from acting, it may require
     instruction, an Officers' Certificate or an Opinion of Counsel or both to
     be provided. The Trustee shall not be liable for any action it takes or
     omits to take in good faith in reliance on that instruction, Officers'
     Certificate or Opinion of Counsel. The Trustee may consult with counsel,
     and the written advice of that counsel or any Opinion of Counsel shall be
     full and complete authorization and protection in respect of any action
     taken, suffered or omitted by it hereunder in good faith and in reliance
     thereon.

          (c)  The Trustee may act through agents and shall not be responsible
     for the misconduct or negligence of any agent appointed with due care.

          (d)  The Trustee shall not be liable for any action it takes or omits
     to take in good faith which it believes to be authorized or within its
     rights or powers conferred on it by this Indenture.

          (e)  Unless otherwise specifically provided in this Indenture, any
     demand, request, direction or notice from the Company shall be sufficient
     if signed by an Officer of the Company.

SECTION 7.03   May Hold Securities.

     The Trustee in its individual or any other capacity may become the owner or
pledgee of Securities and may otherwise deal with the Company or any of its
Affiliates with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights and duties. However, the Trustee is subject to
Sections 7.10 and 7.11.

SECTION 7.04   Trustee's Disclaimer.

     The Trustee makes no representation as to the validity or adequacy of this
Indenture or the Securities; it shall not be accountable for the Company's use
of the proceeds from the Securities or any money paid to the Company or upon the
Company's direction under any provision hereof; it shall not be responsible for
the use or application of any money received by any Paying Agent other than the
Trustee; and it shall not be responsible for any statement or recital herein or
any statement in the Securities other than its certificate of authentication.

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<PAGE>

SECTION 7.05   Notice of Defaults.

     If a Default or Event of Default with respect to the Securities of any
series occurs and is continuing and it is known to the Trustee, the Trustee
shall mail to Holders of Securities of that series a notice of the Default or
Event of Default within 90 days after it occurs. Except in the case of a Default
or Event of Default in payment of principal of, premium (if any) and interest on
and Additional Amounts or any sinking fund installment with respect to the
Securities of that series, the Trustee may withhold the notice if and so long as
a committee of its Trust Officers in good faith determines that withholding the
notice is in the interests of Holders of Securities of that series.

SECTION 7.06   Reports by Trustee to Holders.

     Within 60 days after each May 15 of each year after the execution of this
Indenture, the Trustee shall mail to Holders of a series and the Company a brief
report dated as of that reporting date that complies with TIA (S) 313(a);
provided, however, that if no event described in TIA (S) 313(a) has occurred
within the twelve months preceding the reporting date with respect to a series,
no report need be transmitted to Holders of that series. The Trustee also shall
comply with TIA (S) 313(b). The Trustee shall also transmit by mail all reports
if and as required by TIA (S)(S) 313(c) and 313(d).

     A copy of each report at the time of its mailing to Holders of a series of
Securities shall be filed by the Company with the SEC and each securities
exchange, if any, on which the Securities of that series are listed. The Company
shall notify the Trustee if and when any series of Securities is listed on any
stock exchange.

SECTION 7.07   Compensation and Indemnity.

     The Company agrees to pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The
Trustee's compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Company agrees to reimburse the Trustee on
request for all reasonable disbursements, advances and expenses incurred by it.
Those expenses shall include the reasonable compensation, disbursements and
expenses of the Trustee's agents and counsel.

     The Company hereby indemnifies the Trustee against any loss, liability or
expense incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, except as set forth in the
next paragraph. The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. The Company shall defend the claim and the Trustee
shall cooperate in the defense. The Trustee may have separate counsel, and the
Company shall pay the reasonable fees and expenses of that counsel. The Company
need not pay for any settlement made without its consent.

     The Company shall not be obligated to reimburse any expense or indemnify
against any loss or liability incurred by the Trustee through negligence or bad
faith.

     To secure the payment obligations of the Company in this Section 7.07, the
Trustee shall have a lien prior to the Securities on all money or property held
or collected by the Trustee,

                                       35
<PAGE>

except that held in trust to pay principal of, premium (if any) and interest on
and any Additional Amounts with respect to the Securities of any series. That
lien shall survive the satisfaction and discharge of this Indenture.

     When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(5) or (6) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under any Bankruptcy Law.

SECTION 7.08   Replacement of Trustee.

     A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only on the successor Trustee's acceptance of
appointment as provided in this Section 7.08.

     The Trustee may resign and be discharged at any time with respect to the
Securities of one or more series by so notifying the Company. The Holders of a
majority in principal amount of the then outstanding Securities of any series
may remove the Trustee with respect to the Securities of that series by so
notifying the Trustee and the Company. The Company may remove the Trustee if:

        (1) the Trustee fails to comply with Section 7.10;

        (2) the Trustee is adjudged a bankrupt or an insolvent or an order for
     relief is entered with respect to the Trustee under any Bankruptcy Law;

        (3) a Bankruptcy Custodian or public officer takes charge of the Trustee
     or its property; or

        (4) the Trustee otherwise becomes incapable of acting.

     If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, with respect to the Securities of one or more series,
the Company shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of those series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series). Within one year after the
successor Trustee with respect to the Securities of any series takes office, the
Holders of a majority in principal amount of the Securities of that series may
appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

     If a successor Trustee with respect to the Securities of any series does
not take office within 60 days after the retiring Trustee resigns or is removed,
the retiring Trustee, the Company or the Holders of at least 10% in principal
amount of the then outstanding Securities of that series may petition any court
of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of that series.

     If the Trustee with respect to the Securities of a series fails to comply
with Section 7.10, any Holder of Securities of that series may petition any
court of competent jurisdiction for the

                                       36
<PAGE>

removal of the Trustee and the appointment of a successor Trustee with respect
to the Securities of that series.

     In case of the appointment of a successor Trustee with respect to all
Securities, each such successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the retiring
Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, subject to the lien provided for
in Section 7.07.

     In case of the appointment of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more
(but not all) series shall execute and deliver an indenture supplemental hereto
in which each successor Trustee shall accept that appointment and that (1) shall
confer to each successor Trustee all the rights, powers and duties of the
retiring Trustee with respect to the Securities of that or those series to which
the appointment of that successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Securities, shall confirm that all the
rights, powers and duties of the retiring Trustee with respect to the Securities
of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee and (3) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee.
Nothing herein or in that supplemental indenture shall constitute those Trustees
co-trustees of the same trust, and each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee. Upon the execution and delivery of that
supplemental indenture, the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein, and each such successor Trustee
shall have all the rights, powers and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of
that successor Trustee relates. On the request of the Company or any successor
Trustee, that retiring Trustee shall transfer to that successor Trustee all
property held by that retiring Trustee as Trustee with respect to the Securities
of that or those series to which the appointment of that successor Trustee
relates.

     Notwithstanding replacement of the Trustee or Trustees pursuant to this
Section 7.08, the obligations of the Company under Section 7.07 shall continue
for the benefit of the retiring Trustee or Trustees.

SECTION 7.09   Successor Trustee by Merger, etc.

     Subject to Section 7.10, if the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act shall be
the successor Trustee; provided, however, that in the case of a transfer of all
or substantially all of its corporate trust business to another corporation, the
transferee corporation expressly assumes all of the Trustee's liabilities
hereunder.

     In case any Securities shall have been authenticated, but not delivered, by
the Trustee then in office, any successor by merger, conversion or consolidation
to that authenticating

                                       37
<PAGE>

Trustee may adopt that authentication and deliver the Securities so
authenticated; and in case at that time any of the Securities shall not have
been authenticated, any successor to the Trustee may authenticate those
Securities either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all those cases those certificates shall have
the full force which it is anywhere in the Securities or in this Indenture
provided that the certificate of the Trustee shall have.

SECTION 7.10   Eligibility; Disqualification.

     There shall at all times be a Trustee hereunder which shall be a
corporation organized and doing business under the laws of the United States,
any State thereof or the District of Columbia and authorized under those laws to
exercise corporate trust power, shall be subject to supervision or examination
by Federal or State (or the District of Columbia) authority and shall have, or
be a Subsidiary of a bank or bank holding company having, a combined capital and
surplus of at least $50 million as set forth in its most recent published annual
report of condition.

     The Indenture shall always have a Trustee who satisfies the requirements of
TIA (S)(S) 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and
shall comply with the provisions of TIA (S) 310(b) during the period of time
required by this Indenture. Nothing in this Indenture shall prevent the Trustee
from filing with the SEC the application referred to in the penultimate
paragraph of TIA (S) 310(b).

SECTION 7.11   Preferential Collection of Claims Against Company.

     The Trustee is subject to and shall comply with the provisions of TIA (S)
311(a), excluding any creditor relationship listed in TIA (S) 311(b). A Trustee
who has resigned or been removed shall be subject to TIA (S) 311(a) to the
extent indicated therein.

                                 ARTICLE VIII

                            DISCHARGE OF INDENTURE

SECTION 8.01   Termination of Company's Obligations.

     (a) This Indenture shall cease to be of further effect with respect to the
Securities of a series (except as to any surviving rights of conversion or of
registration of transfer or exchange of Securities expressly provided for herein
and except that the Company's obligations under Section 7.07, the Trustee's and
Paying Agent's obligations under Section 8.03 and the rights, powers,
protections and privileges accorded the Trustee under Article VII shall
survive), and the Trustee, on demand of the Company, shall execute proper
instruments acknowledging the satisfaction and discharge of this Indenture with
respect to the Securities of that series, when:

          (1)  either

               (A) all outstanding Securities of that series theretofore
          authenticated and issued (other than destroyed, lost or stolen
          Securities that have been replaced or paid) have been delivered to the
          Trustee for cancellation; or

                                       38
<PAGE>

               (B) all outstanding Securities of that series not theretofore
          delivered to the Trustee for cancellation:

                   (i)  have become due and payable, or

                  (ii)  will become due and payable at their Stated Maturity
               within one year, or

                  (iii) are to be called for redemption within one year under
               arrangements satisfactory to the Trustee for the giving of notice
               of redemption by the Trustee in the name, and at the expense, of
               the Company,

          and, in the case of clause (i), (ii) or (iii) above, the Company has
          irrevocably deposited or caused to be deposited with the Trustee as
          funds (immediately available to the Holders in the case of clause (i))
          in trust for that purpose (x) cash in an amount, or (y) Government
          Obligations, maturing as to principal and interest at such times and
          in such amounts as will ensure the availability of cash in an amount
          or (z) a combination thereof, which will be sufficient, in the opinion
          (in the case of clauses (y) and (z)) of a nationally recognized firm
          of independent public accountants expressed in a written certification
          thereof delivered to the Trustee, to pay and discharge the entire
          indebtedness on the Securities of that series for principal and any
          interest and any Additional Amounts to the date of that deposit (in
          the case of Securities which have become due and payable) or for
          principal, premium, if any, interest and any Additional Amounts to the
          Stated Maturity or Redemption Date, as the case may be; or

               (C) the Company has properly fulfilled such other means of
          satisfaction and discharge as is specified, as contemplated by Section
          2.01, to be applicable to the Securities of that series;

          (2)  the Company has paid or caused to be paid all other sums payable
     by it hereunder with respect to the Securities of that series; and

          (3)  the Company has delivered to the Trustee an Officers' Certificate
     stating that all conditions precedent to satisfaction and discharge of this
     Indenture with respect to the Securities of that series have been complied
     with, together with an Opinion of Counsel to the same effect.

     (b)  Unless this Section 8.01(b) is specified as not being applicable to
Securities of a series as contemplated by Section 2.01, the Company may
terminate certain of its obligations under this Indenture ("covenant
defeasance") with respect to the Securities of a series if:

          (1)  the Company has irrevocably deposited or caused to be irrevocably
     deposited with the Trustee as trust funds in trust for the purpose of
     making the following payments, specifically pledged as security for and
     dedicated solely to the benefit of the Holders of Securities of that
     series, (i) money in the currency in which payment of the Securities of
     that series is to be made in an amount, or (ii) Government Obligations with

                                       39
<PAGE>

     respect to that series, maturing as to principal and interest at such times
     and in such amounts as will ensure the availability of money in the
     currency in which payment of the Securities of that series is to be made in
     an amount or (iii) a combination thereof, that is sufficient, in the
     opinion (in the case of clauses (ii) and (iii)) of a nationally recognized
     firm of independent public accountants expressed in a written certification
     thereof delivered to the Trustee, to pay, without consideration of the
     reinvestment of any such amounts and after payment of all taxes or other
     charges or assessments in respect thereof payable by the Trustee, the
     principal of and premium (if any) and interest on and any Additional
     Amounts with respect to all Securities of that series on each date that
     such principal, premium (if any), interest or Additional Amounts are due
     and payable and (at the Stated Maturity thereof or on redemption as
     provided in Section 8.01(e)) to pay all other sums payable by it hereunder;
     provided that the Trustee shall have been irrevocably instructed to apply
     that money and/or the proceeds of those Government Obligations to the
     payment of said principal, premium (if any), interest and Additional
     Amounts with respect to the Securities of that series as the same shall
     become due;

          (2) the Company has delivered to the Trustee an Officers' Certificate
     stating that all conditions precedent to satisfaction and discharge of this
     Indenture with respect to the Securities of that series have been complied
     with, and an Opinion of Counsel to the same effect;

          (3) no Default or Event of Default with respect to the Securities of
     that series shall have occurred and be continuing on the date of that
     deposit;

          (4) the Company shall have delivered to the Trustee an Opinion of
     Counsel from counsel reasonably acceptable to the Trustee or a tax ruling
     to the effect that the Holders of Securities of that series will not
     recognize income, gain or loss for Federal income tax purposes as a result
     of the Company's exercise of its option under this Section 8.01(b) and will
     be subject to Federal income tax on the same amount and in the same manner
     and at the same times as would have been the case if that option had not
     been exercised;

          (5) the Company has complied with any additional conditions specified
     pursuant to Section 2.01 to be applicable to the discharge of Securities of
     that series pursuant to this Section 8.01; and

          (6) that deposit and discharge shall not cause the Trustee to have a
     conflicting interest as defined in TIA (S) 310(b).

     In that event, this Indenture shall cease to be of further effect (except
as set forth in this paragraph), and the Trustee, on demand of the Company,
shall execute proper instruments acknowledging satisfaction and discharge under
this Indenture. However, the Company's obligations in Sections 2.05, 2.06, 2.07,
2.08, 2.09, 4.01, 4.02, 5.01, 7.07, 7.08 and 8.04, the Trustee's and Paying
Agent's obligations in Section 8.03 and the rights, powers, protections and
privileges accorded the Trustee under Article VII shall survive until all
Securities of that series are no longer outstanding. Thereafter, only the
Company's obligations in Section 7.07 and the

                                       40
<PAGE>

Trustee's and Paying Agent's obligations in Section 8.03 shall survive with
respect to Securities of that series.

     After making the irrevocable deposit pursuant to this Section 8.01(b) and
following satisfaction of the other conditions set forth herein, the Trustee on
request shall acknowledge in writing the discharge of the Company's obligations
under this Indenture with respect to the Securities of that series, except for
those surviving obligations specified above.

     In order to have money available on a payment date to pay principal of or
premium (if any) or interest on or any Additional Amounts with respect to the
Securities, the Government Obligations shall be payable as to principal or
interest on or before that payment date in such amounts as will provide the
necessary money.  Any such Government Obligations shall not be callable at the
issuer's option.

     (c)  If the Company has previously complied or is concurrently complying
with Section 8.01(b) (other than any additional conditions specified pursuant to
Section 2.01 that are expressly applicable only to covenant defeasance) with
respect to Securities of a series, then, unless this Section 8.01(c) is
specified as not being applicable to Securities of that series as contemplated
by Section 2.01, the Company may elect to be discharged ("legal defeasance")
from its obligations to make payments with respect to Securities of that series,
if:

          (7)  no Default or Event of Default under clauses (5) and (6) of
     Section 6.01 hereof shall have occurred at any time during the period
     ending on the 91st day after the date of deposit contemplated by Section
     8.01(b) (it being understood that this condition shall not be deemed
     satisfied until the expiration of that period);

          (8)  unless otherwise specified with respect to Securities of that
     series as contemplated by Section 2.01, the Company has delivered to the
     Trustee an  Opinion of Counsel from counsel reasonably acceptable to the
     Trustee to the effect referred to in Section 8.01(b)(4) with respect to
     that legal defeasance, which opinion is  based on (i) a private ruling of
     the Internal Revenue Service addressed to the Company, (ii) a published
     ruling of the Internal Revenue Service or (iii) a change in the applicable
     federal income tax law (including regulations) after the date of this
     Indenture;

          (9)  the Company has complied with any other conditions specified
     pursuant to Section 2.01 to be applicable to the legal defeasance of
     Securities of that series pursuant to this Section 8.01(c); and

          (10) the Company has delivered to the Trustee a Company Request
     requesting legal defeasance of  the Securities of that series and an
     Officers' Certificate stating that all conditions precedent with respect to
     legal defeasance of  the Securities of that series have been complied with,
     together with an Opinion of Counsel to the same effect.

     In that event, the Company will be discharged from its obligations under
this Indenture and the Securities of that series to pay principal of, premium
(if any) and interest on, and any Additional Amounts with respect to, Securities
of that series, the Company's obligations under Sections 4.01, 4.02 and 5.01
shall terminate with respect to those Securities, and the entire

                                       41
<PAGE>

indebtedness of the Company evidenced by those Securities shall be deemed paid
and discharged.

     (d) If and to the extent additional or alternative means of satisfaction,
discharge or defeasance of Securities of a series are specified to be applicable
to that series as contemplated by Section 2.01, the Company may terminate any or
all of its obligations under this Indenture with respect to Securities of a
series and any or all of its obligations under the Securities of that series if
it fulfills such other means of satisfaction and discharge as may be so
specified, as contemplated by Section 2.01, to be applicable to the Securities
of that series.

     (e) If Securities of any series subject to subsections (a), (b), (c) or (d)
of this Section 8.01 are to be redeemed prior to their Stated Maturity, whether
pursuant to any optional redemption provisions or in accordance with any
mandatory or optional sinking fund provisions, the terms of the applicable trust
arrangement shall provide for that redemption, and the Company shall make such
arrangements as are reasonably satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the
Company.

SECTION 8.02   Application of Trust Money.

     The Trustee or a trustee reasonably satisfactory to the Trustee and the
Company shall hold in trust money or Government Obligations deposited with it
pursuant to Section 8.01 hereof.  It shall apply the deposited money and the
money from Government Obligations through the Paying Agent and in accordance
with this Indenture to the payment of principal of, premium (if any) and
interest on and any Additional Amounts with respect to the Securities of the
series with respect to which the deposit was made.  Money and securities held in
trust are not subject to Article X.

SECTION 8.03   Repayment to Company.

     The Trustee and the Paying Agent shall promptly pay to the Company at any
time on the written request of the Company any excess money or Government
Obligations (or proceeds therefrom) held by them.

     Subject to the requirements of any applicable abandoned property laws, the
Trustee and the Paying Agent shall pay to the Company on written request any
money held by them for the payment of principal, premium (if any), interest or
any Additional Amounts that remain unclaimed for two years after the date on
which that payment shall have become due.  After payment to the Company, Holders
entitled to the money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another Person, and all
liability of the Trustee and the Paying Agent with respect to that money shall
cease.

SECTION 8.04   Reinstatement.

     If the Trustee or the Paying Agent is unable to apply any money or
Government Obligations deposited with respect to Securities of any series in
accordance with Section 8.01 by reason of any legal proceeding or by reason of
any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting that application, the obligations of the
Company under this Indenture with respect to the Securities of that series and

                                       42
<PAGE>

under the Securities of that series shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.01 until such time as the Trustee or
the Paying Agent is permitted to apply all such money or Government Obligations
in accordance with Section 8.01; provided, however, that if the Company has made
any payment of principal of, premium (if any) or interest on or any Additional
Amounts with respect to any Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
those Securities to receive such payment from the money or Government
Obligations held by the Trustee or the Paying Agent.

                                  ARTICLE IX
                    SUPPLEMENTAL INDENTURES AND AMENDMENTS

SECTION 9.01 Without Consent of Holders.

     The Company and the Trustee may amend or supplement this Indenture or the
Securities or waive any provision hereof or thereof without the consent of any
Holder:

        (1)  to cure any ambiguity, omission, defect or inconsistency;

        (2)  to comply with Section 5.01;

        (3)  to provide for uncertificated Securities in addition to or in place
     of certificated Securities, or to provide for the issuance of bearer
     Securities (with or without coupons);

        (4)  to provide any security for any series of Securities or to add
     guarantees of any series of Securities;

        (5)  to comply with any requirement in order to effect or maintain the
     qualification of this Indenture under the TIA;

        (6)  to add to the covenants of the Company for the benefit of the
     Holders of all or any series of Securities (and if those covenants are to
     be for the benefit of less than all series of Securities, stating that
     those covenants are expressly being included solely for the benefit of that
     series), or to surrender any right or power herein conferred on the
     Company;

        (7)  to add any additional Events of Default with respect to all or any
     series of the Securities (and, if any such Event of Default is applicable
     to less than all series of Securities, specifying the series to which that
     Event of Default is applicable);

        (8)  to change or eliminate any of the provisions of this Indenture;
     provided that any such change or elimination shall become effective only
     when there is no outstanding Security of any series created prior to the
     execution of that amendment or supplemental indenture that is adversely
     affected in any material respect by that change in or elimination of that
     provision;

                                       43
<PAGE>

        (9)    to establish the form or terms of Securities of any series as
     permitted by Section 2.01;

        (10)   to supplement any of the provisions of this Indenture to such
     extent as shall be necessary to permit or facilitate the defeasance and
     discharge of any series of Securities pursuant to Section 8.01; provided,
     however, that any such action shall not adversely affect the interest of
     the Holders of Securities of that series or any other series of Securities
     in any material respect; or

        (11)   to evidence and provide for the acceptance of appointment
     hereunder by a successor Trustee with respect to the Securities of one or
     more series and to add to or change any of the provisions of this Indenture
     as shall be necessary to provide for or facilitate the administration of
     the trusts hereunder by more than one Trustee, pursuant to the requirements
     of Section 7.08.

     Upon the request of the Company, accompanied by a Board Resolution, and
upon receipt by the Trustee of the documents described in Section 9.06, the
Trustee shall, subject to Section 9.06, join with the Company in the execution
of any supplemental indenture authorized or permitted by the terms of this
Indenture and make any further appropriate agreements and stipulations that may
be therein contained.

SECTION 9.02   With Consent of Holders.

     Except as provided below in this Section 9.02, the Company and the Trustee
may amend or supplement this Indenture with the written consent (including
consents obtained in connection with a tender offer or exchange offer for
Securities of any one or more series or all series or a solicitation of consents
in respect of Securities of any one or more series or all series, provided that
in each case that offer or solicitation is made to all Holders of then
outstanding Securities of each such series (but the terms of that offer or
solicitation may vary from series to series)) of the Holders of at least a
majority in principal amount of the then outstanding Securities of all series
affected by that amendment or supplement (acting as one class).

     Upon the request of the Company, accompanied by a Board Resolution, and
upon the filing with the Trustee of evidence of the consent of the Holders as
aforesaid, and upon receipt by the Trustee of the documents described in Section
9.06, the Trustee shall, subject to Section 9.06, join with the Company in the
execution of that amendment or supplemental indenture.

     It shall not be necessary for the consent of the Holders under this Section
9.02 to approve the particular form of any proposed amendment, supplement or
waiver, but it shall be sufficient if that consent approves the substance
thereof.

     The Holders of a majority in principal amount of the then outstanding
Securities of one or more series or of all series may waive compliance in a
particular instance by the Company with any provision of this Indenture with
respect to Securities of that series (including waivers obtained in connection
with a tender offer or exchange offer for Securities of that series or a
solicitation of consents in respect of Securities of that series, provided that
in each case that offer

                                       44
<PAGE>

or solicitation is made to all Holders of then outstanding Securities of that
series (but the terms of that offer or solicitation may vary from series to
series)).

     However, without the consent of each Holder affected, an amendment,
supplement  or waiver under this Section 9.02 may not:

        (1)   reduce the amount of Securities whose Holders must consent to an
     amendment, supplement or waiver;

        (2)   reduce the rate of or change the time for payment of interest,
     including default interest, on any Security;

        (3)   reduce the principal of, premium on or any mandatory sinking fund
     payment with respect to, or change the Stated Maturity of, any Security or
     reduce the amount of the principal of an Original Issue Discount Security
     that would be due and payable on a declaration of acceleration of the
     Maturity thereof pursuant to Section 6.02;

        (4)   reduce the premium, if any, payable on the redemption of any
     Security or change the time at which any Security may or shall be redeemed;

        (5)   change any obligation of the Company to pay Additional Amounts
     with respect to any Security;

        (6)   change the coin or currency or currencies (including composite
     currencies) in which any Security or any premium, interest or Additional
     Amounts with respect thereto are payable;

        (7)   impair the right to institute suit for the enforcement of any
     payment of principal of, premium (if any) or interest on or any Additional
     Amounts with respect to any Security pursuant to Sections 6.07 and 6.08,
     except as limited by Section 6.06;

        (8)   make any change in the percentage of principal amount of
     Securities necessary to waive compliance with certain provisions of this
     Indenture pursuant to Section 6.04 or 6.07 or make any change in this
     sentence of Section 9.02;

        (9)   modify the provisions of this Indenture with respect to the
     subordination of any Security in a manner adverse to the Holder thereof; or

        (10)  waive a continuing Default or Event of Default in the payment of
     principal of, premium (if any) or interest on or Additional Amounts with
     respect to the Securities.

     An amendment under this Section may not make any change that adversely
affects the rights under Article X of any holder of an issue of Senior
Indebtedness of the Company unless the holders of the issue pursuant to its
terms consent to the change.

     A supplemental indenture that changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the
rights of the Holders of Securities of that series with

                                       45
<PAGE>

respect to that covenant or other provision, shall be deemed not to affect the
rights under this Indenture of the Holders of Securities of any other series.

     The right of any Holder to participate in any consent required or sought
pursuant to any provision of this Indenture (and the obligation of the Company
to obtain any such consent otherwise required from that Holder) may be subject
to the requirement that such Holder shall have been the Holder of record of any
Securities with respect to which that consent is required or sought as of a date
identified by the Company in a notice furnished to Holders in accordance with
the terms of this Indenture.

     After an amendment, supplement or waiver under this Section 9.02 becomes
effective, the Company shall mail to the Holders of each Security affected
thereby a notice briefly describing the amendment, supplement or waiver.  Any
failure of the Company to mail that notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amendment,
supplement or waiver.

SECTION 9.03   Compliance with Trust Indenture Act.

     Every amendment or supplement to this Indenture or the Securities shall
comply in form and substance with the TIA as then in effect.

SECTION 9.04   Revocation and Effect of Consents.

     Until an amendment, supplement or waiver becomes effective, a consent to it
by a Holder is a continuing consent by the Holder and every subsequent Holder of
a Security or portion of a Security that evidences the same debt as the
consenting Holder's Security, even if notation of the consent is not made on any
Security.  However, any such Holder or subsequent Holder may revoke the consent
as to his or her Security or portion of a Security if the Trustee receives
written notice of revocation before the date the amendment, supplement or waiver
becomes effective.  An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

     The Company may, but shall not be obligated to, fix a record date (which
need not comply with Section 316(c) of the TIA) for the purpose of determining
the Holders entitled to consent to any amendment, supplement or waiver or to
take any other action under this Indenture.  If a record date is fixed, then
notwithstanding the provisions of the immediately preceding paragraph, those
Persons who were Holders at that record date (or their duly designated proxies),
and only those Persons, shall be entitled to consent to that amendment,
supplement or waiver or to revoke any consent previously given, whether or not
those Persons continue to be Holders after that record date.  No consent shall
be valid or effective for more than 90 days after that record date unless
consents from Holders of the principal amount of Securities required hereunder
for that amendment or waiver to be effective shall have also been given and not
revoked within that 90-day period.

     After an amendment, supplement or waiver becomes effective, it shall bind
every Holder, unless it is of the type described in any of clauses (1) through
(9) of Section 9.02 hereof.  In that case, the amendment, supplement or waiver
shall bind each Holder who has consented to it and every subsequent Holder that
evidences the same debt as the consenting Holder's Security.

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<PAGE>

SECTION 9.05   Notation on or Exchange of Securities.

     If an amendment or supplement changes the terms of an outstanding Security,
the Company may require the Holder of the Security to deliver it to the Trustee.
The Trustee may place an appropriate notation on the Security at the request of
the Company regarding the changed terms and return it to the Holder.
Alternatively, if the Company so determines, the Company in exchange for the
Security shall issue and the Trustee shall authenticate a new Security that
reflects the changed terms.  Failure to make the appropriate notation or to
issue a new Security shall not affect the validity of that amendment or
supplement.

     Securities of any series authenticated and delivered after the execution of
any amendment or supplement may, and shall if required by the Company, bear a
notation in form approved by the Company as to any matter provided for in that
amendment or supplement.

SECTION 9.06   Trustee to Sign Amendments, etc.

     The Trustee shall sign any amendment or supplement authorized pursuant to
this Article if the amendment or supplement does not adversely affect the
rights, duties, liabilities or immunities of the Trustee.  If it does, the
Trustee may, but need not, sign it.  In signing or refusing to sign that
amendment or supplement, the Trustee shall be entitled to receive, and, subject
to Section 7.01 hereof, shall be fully protected in relying on, an Opinion of
Counsel provided at the expense of the Company as conclusive evidence that such
amendment or supplement is authorized or permitted by this Indenture, that it is
not inconsistent herewith, and that it will be valid and binding on the Company
in accordance with its terms.

                                   ARTICLE X
                                 SUBORDINATION

SECTION 10.01  Securities Subordinated to Senior Indebtedness.

     The Company and each Holder of a Security, by his or her acceptance
thereof, agree that (a) the payment of the principal of, premium (if any) and
interest on and any Additional Amounts with respect to each and all the
Securities and (b) any other payment in respect of the Securities, including on
account of the acquisition or redemption of Securities by the Company, is
subordinated, to the extent and in the manner provided in this Article X, to the
prior payment in full of all Senior Indebtedness of the Company, whether
outstanding at the date of this Indenture or thereafter created, incurred,
assumed or guaranteed, and that these subordination provisions are for the
benefit of the holders of Senior Indebtedness of the Company.

     Each Holder of a Security, by his or her acceptance thereof, acknowledges
and agrees that the provisions of this Article X are, and are intended to be, an
inducement and a consideration to all Persons who, in reliance on such
provisions, become holders of, or continue to hold, Senior Indebtedness of the
Company, and such provisions are made for the benefit of the holders of Senior
Indebtedness of the Company, and those holders are made obligees hereunder, and
any one or more of them may enforce such provisions.

                                       47
<PAGE>

SECTION 10.02  No Payment on Securities in Certain Circumstances.

           (a) Unless otherwise specified with respect to Securities of a series
     as contemplated by Section 2.01, no payment shall be made by or on behalf
     of the Company on account of the principal of, premium (if any) or interest
     on or any Additional Amounts with respect to the Securities of any series
     or to acquire any of those Securities (including any repurchases of those
     Securities pursuant to the provisions thereof at the option of the Holder
     of those Securities) for cash or property (other than Junior securities of
     the Company), or on account of any redemption provisions of those
     Securities, in the event of default in payment of any principal of, premium
     (if any) or interest on any Senior Indebtedness of the Company when the
     same becomes due and payable, whether at maturity or at a date fixed for
     prepayment or by declaration of acceleration or otherwise (a "Payment
     Default"), unless and until that Payment Default has been cured or waived
     or otherwise has ceased to exist.

           (b) Unless otherwise specified with respect to Securities of a series
     as contemplated by Section 2.01, no payment shall be made by or on behalf
     of the Company on account of the principal of, premium (if any) or interest
     on or any Additional Amounts with respect to the Securities of any series
     or to acquire any of those Securities (including any repurchases of those
     Securities pursuant to the provisions thereof at the option of the Holder
     of those Securities) for cash or property (other than Junior securities of
     the Company), or on account of the redemption provisions of those
     Securities, in the event of any event of default (other than a Payment
     Default) with respect to any Designated Senior Indebtedness permitting the
     holders of that Designated Senior Indebtedness (or a trustee or other
     representative on behalf of the holders thereof) to declare that Designated
     Senior Indebtedness due and payable prior to the date on which it would
     otherwise have become due and payable, on written notice thereof to the
     Company and the Trustee by any holders of Designated Senior Indebtedness
     (or a trustee or other representative on behalf of the holders thereof)
     (the "Payment Blocking Notice"), unless and until that event of default
     shall have been cured or waived or otherwise has ceased to exist; provided,
     that such payments may not be prevented pursuant to this Section 10.02(b)
     for more than 179 days after an applicable Payment Blocking Notice has been
     received by the Trustee unless the Designated Senior Indebtedness in
     respect of which that event of default exists has been declared due and
     payable in its entirety, in which case no such payment may be made until
     that acceleration has been rescinded or annulled or that Designated Senior
     Indebtedness has been paid in full.  Unless otherwise specified with
     respect to Securities of a series as contemplated by Section 2.01, no event
     of default that existed or was continuing on the date of any Payment
     Blocking Notice (whether or not that event of default is on the same issue
     of Designated Senior Indebtedness) may be made the basis for the giving of
     a second Payment Blocking Notice, and only one such Payment Blocking Notice
     may be given in any period of 365 consecutive days.

           (c) In furtherance of the provisions of Section 10.01, in the event
     that, notwithstanding the foregoing provisions of this Section 10.02, any
     payment or distribution of assets of the Company (other than Junior
     securities of the Company) shall be received by the Trustee or the Holders
     of the Securities of any series or any Paying Agent with respect thereto at
     a time when that payment or distribution was prohibited by

                                       48
<PAGE>

     the provisions of this Section 10.02, then, unless that payment or
     distribution is no longer prohibited by this Section 10.02, that payment or
     distribution (subject to the provisions of Section 10.07) shall be received
     and held in trust by the Trustee or such Holders or Paying Agent for the
     benefit of the holders of Senior Indebtedness of the Company, and shall be
     paid or delivered by the Trustee or such Holders or Paying Agent, as the
     case may be, to the holders of Senior Indebtedness of the Company remaining
     unpaid or unprovided for or their representative or representatives, or to
     the trustee or trustees under any indenture pursuant to which any
     instruments evidencing that Senior Indebtedness of the Company may have
     been issued, ratably, according to the aggregate amounts remaining unpaid
     on account of that Senior Indebtedness of the Company held or represented
     by each, for application to the payment of all Senior Indebtedness of the
     Company in full after giving effect to all concurrent payments and
     distributions to or for the holders of that Senior Indebtedness.

SECTION 10.03  Securities Subordinated to Prior Payment of All Senior
               Indebtedness on Dissolution, Liquidation or Reorganization.

     Upon any distribution of assets of the Company or upon any dissolution,
winding up, total or partial liquidation or reorganization of the Company,
whether voluntary or involuntary, in bankruptcy, insolvency, receivership or
similar proceeding or upon assignment for the benefit of creditors:

          (a)  the holders of all Senior Indebtedness of the Company shall first
     be entitled to receive payments in full before the Holders of Securities of
     any series are entitled to receive any payment (other than in the form of
     Junior securities of the Company) on account of the principal of, premium
     (if any) or interest on or any Additional Amounts with respect to those
     Securities;

          (b)  any payment or distribution of assets of the Company of any kind
     or character, whether in cash, property or securities (other than Junior
     securities of the Company), to which the Holders of Securities of any
     series or the Trustee on behalf of those Holders would be entitled, except
     for the provisions of this Article X, shall be paid by the liquidating
     trustee or agent or other Person making such a payment or distribution
     directly to the holders of that Senior Indebtedness or their
     representative, ratably according to the respective amounts of Senior
     Indebtedness held or represented by each, to the extent necessary to make
     payment in full of all that Senior Indebtedness remaining unpaid after
     giving effect to all concurrent payments and distributions to the holders
     of that Senior Indebtedness; and

          (c)  in the event that, notwithstanding the foregoing, any payment or
     distribution of assets of the Company of any kind or character, whether in
     cash, property or securities (other than Junior securities of the Company),
     shall be received by the Trustee or the Holders of Securities of any series
     or any Paying Agent with respect thereto (or, if the Company or any
     Affiliate of the Company is acting as its own Paying Agent, money for any
     such payment or distribution shall be segregated or held in trust) on
     account of the principal of, premium (if any) or interest on or any
     Additional Amounts with respect to the Securities of that series before all
     Senior Indebtedness of the Company

                                       49
<PAGE>

     is paid in full, that payment or distribution (subject to the provisions of
     Section 10.07) shall be received and held in trust by the Trustee or such
     Holder or Paying Agent for the benefit of the holders of that Senior
     Indebtedness, or their respective representatives, ratably according to the
     respective amounts of that Senior Indebtedness held or represented by each,
     to the extent necessary to make payment as provided herein of all that
     Senior Indebtedness remaining unpaid after giving effect to all concurrent
     payments and distributions and all provisions therefor to or for the
     holders of that Senior Indebtedness, but only to the extent that as to any
     holder of that Senior Indebtedness, as promptly as practical following
     notice from the Trustee to the holders of that Senior Indebtedness that
     such prohibited payment has been received by the Trustee, Holder(s) or
     Paying Agent (or has been segregated as provided above), that holder (or a
     representative therefor) notifies the Trustee of the amounts then due and
     owing on that Senior Indebtedness, if any, held by that holder, and only
     the amounts specified in those notices to the Trustee shall be paid to the
     holders of that Senior Indebtedness.

SECTION 10.04  Subrogation to Rights of Holders of Senior Indebtedness.

     Subject to the payment in full of all Senior Indebtedness of the Company as
provided herein, the Holders of the Securities shall be subrogated (to the
extent of the payments or distributions made to the holders of that Senior
Indebtedness pursuant to the provisions of this Article X) to the rights of the
holders of that Senior Indebtedness to receive payments or distributions of
assets of the Company applicable to that Senior Indebtedness until all amounts
owing on the Securities shall be paid in full.  For the purpose of that
subrogation, no such payments or distributions to the holders of that Senior
Indebtedness by the Company, or by or on behalf of the Holders of the Securities
by virtue of this Article X, which otherwise would have been made to those
Holders shall, as among the Company, its creditors other than the holders of
Senior Indebtedness of the Company and those Holders, be deemed to be payment by
the Company or on account of that Senior Indebtedness, it being understood that
the provisions of this Article X are and are intended solely for the purpose of
defining the relative rights of the Holders of the Securities, on the one hand,
and the holders of that Senior Indebtedness, on the other hand.

     If any payment or distribution to which the Holders of the Securities would
otherwise have been entitled but for the provisions of this Article X shall have
been applied, pursuant to the provisions of this Article X, to the payment of
amounts payable under Senior Indebtedness of the Company, then those Holders
shall be entitled to receive from the holders of that Senior Indebtedness any
payments or distributions received by those holders of Senior Indebtedness of
the Company in excess of the amount sufficient to pay all amounts payable under
or in respect of that Senior Indebtedness in full.

SECTION 10.05  Obligations of the Company Unconditional.

     Nothing contained in this Article X or elsewhere in this Indenture or in
the Securities is intended to or shall impair, as between the Company and the
Holders of the Securities of any series, the obligation of the Company, which is
absolute and unconditional, to pay to those Holders the principal of, premium
(if any) and interest on and any Additional Amounts with respect to the
Securities of that series as and when the same shall become due and payable in

                                       50
<PAGE>

accordance with their terms, or is intended to or shall affect the relative
rights of those Holders and creditors of the Company other than the holders of
Senior Indebtedness of the Company, nor shall anything herein or therein prevent
the Trustee or any Holder from exercising all remedies otherwise permitted by
applicable law on default under this Indenture, subject to the rights, if any,
under this Article X, of the holders of Senior Indebtedness of the Company in
respect of cash, property or securities of the Company received on the exercise
of any such remedy.  Notwithstanding anything to the contrary in this Article X
or elsewhere in this Indenture or in the Securities, on any distribution of
assets of the Company referred to in this Article X, the Trustee, subject to the
provisions of Sections 7.01 and 7.02, and the Holders of the Securities shall be
entitled to rely on any order or decree made by any court of competent
jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating
trustee or agent or other Person making any distribution to the Trustee or to
those Holders for the purpose of ascertaining the Persons entitled to
participate in that distribution, the holders of Senior Indebtedness of the
Company and other Indebtedness of the Company, the amount thereof or payable
thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article X so long as that court has been apprised
of the provisions of, or the order, decree or certificate makes reference to,
the provisions of this Article X.

SECTION 10.06  Trustee Entitled to Assume Payments Not Prohibited in Absence of
               Notice.

     The Trustee shall not at any time be charged with knowledge of the
existence of any facts that would prohibit the making of any payment to or by
the Trustee unless and until a Responsible Officer of the Trustee or any Paying
Agent shall have received, no later than two Business Days prior to that
payment, written notice thereof from the Company or from one or more holders of
Senior Indebtedness of the Company or from any representative therefor and,
prior to the receipt of any such written notice, the Trustee, subject to the
provisions of Sections 7.01 and 7.02, shall be entitled in all respects
conclusively to assume that no such fact exists.

SECTION 10.07  Application by Trustee of Amounts Deposited with It.

     Amounts deposited in trust with the Trustee pursuant to and in accordance
with Article VIII shall be for the sole benefit of Holders of the Securities of
the series for the benefit of which those amounts were deposited, and, to the
extent allocated for the payment of Securities of that series, shall not be
subject to the subordination provisions of this Article X.  Otherwise, any
deposit of assets with the Trustee or the Paying Agent (whether or not in trust)
for the payment of principal of, premium (if any) or interest on or any
Additional Amounts with respect to any Securities shall be subject to the
provisions of Sections 10.01, 10.02, 10.03 and 10.04; provided that if prior to
two Business Days preceding the date on which by the terms of this Indenture any
such assets may become distributable for any purpose (including, without
limitation, the payment of either principal of, premium (if any) or interest on
or any Additional Amounts with respect to any Security), the Trustee or such
Paying Agent shall not have received with respect to those assets the written
notice provided for in Section 10.06, then the Trustee or such Paying Agent
shall have full power and authority to receive those assets and to apply the
same to the purpose for which they were received, and shall not be affected by
any notice to the contrary that may be received by it on or after that date; and
provided further that nothing

                                       51
<PAGE>

contained in this Article X shall prevent the Company from making, or the
Trustee from receiving or applying, any payment in connection with the
redemption of Securities if the first publication of notice of that redemption
(whether by mail or otherwise in accordance with this Indenture) has been made,
and the Trustee has received that payment from the Company, prior to the
occurrence of any of the contingencies specified in Section 10.02 or 10.03.

SECTION 10.08  Subordination Rights Not Impaired by Acts or Omissions of the
               Company or Holders of Senior Indebtedness.

     No right of any present or future holders of any Senior Indebtedness of the
Company to enforce the subordination provisions contained in this Article X
shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Company or by any act or failure to act, in good faith,
by any such holder, or by any noncompliance by the Company with the terms of
this Indenture, regardless of any knowledge thereof that any such holder may
have or be otherwise charged with.  The holders of Senior Indebtedness of the
Company may extend, renew, modify or amend the terms of the Senior Indebtedness
or any security therefor and release, sell or exchange that security and
otherwise deal freely with the Company, all without affecting the liabilities
and obligations of the parties to this Indenture or the Holders of the
Securities.

SECTION 10.09  Trustee to Effectuate Subordination of Securities.

     Each Holder of a Security by his acceptance thereof authorizes and
expressly directs the Trustee on his behalf to take such action as may be
necessary or appropriate to effectuate the subordination provisions contained in
this Article X and to protect the rights of the Holders of the Securities
pursuant to this Indenture, and appoints the Trustee his attorney-in-fact for
that purpose, including, in the event of any dissolution, winding up,
liquidation or reorganization of the Company (whether in bankruptcy, insolvency
or receivership proceedings or upon an assignment for the benefit of creditors
of the Company), the filing of a claim for the unpaid balance of his Securities
in the form required in said proceedings and cause said claim to be approved.
If the Trustee does not file a proper claim or proof of debt in the form
required in that proceeding prior to 30 days before the expiration of the time
to file such claim or claims, then the holders of Senior Indebtedness of the
Company or their representative is hereby authorized to have the right to file
and is hereby authorized to file an appropriate claim for and on behalf of the
Holders of said Securities.  Nothing herein contained shall be deemed to
authorize the Trustee or the holders of Senior Indebtedness of the Company or
their representative to authorize or consent to or accept or adopt on behalf of
any Holder of Securities any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to
authorize the Trustee or the holders of Senior Indebtedness of the Company or
their representative to vote in respect of the claim of any Holder of the
Securities in any such proceeding.

SECTION 10.10  Right of Trustee to Hold Senior Indebtedness.

     The Trustee in its individual capacity shall be entitled to all of the
rights set forth in this Article X in respect of any Senior Indebtedness of the
Company at any time held by it to the

                                       52
<PAGE>

same extent as any other holder of Senior Indebtedness of the Company, and
nothing in this Indenture shall be construed to deprive the Trustee of any of
its rights as such holder.

SECTION 10.11  Article X Not to Prevent Events of Default.

     The failure to make a payment on account of principal of or premium (if
any) or interest on or any Additional Amounts with respect to the Securities by
reason of any provision of this Article X shall not be construed as preventing
the occurrence of a Default or an Event of Default under Section 6.01 or in any
way prevent the Holders of the Securities from exercising any right hereunder
other than the right to receive payment on the Securities.

SECTION 10.12  No Fiduciary Duty of Trustee to Holders of Senior Indebtedness.

     The Trustee shall not be deemed to owe any fiduciary duty to the holders of
Senior Indebtedness of the Company, and shall not be liable to any of those
holders (other than for its willful misconduct or gross negligence) if it shall
in good faith mistakenly pay over or distribute to the Holders of the Securities
or the Company or any other Person, cash, property or securities to which any
holders of Senior Indebtedness of the Company shall be entitled by virtue of
this Article X or otherwise.  Nothing in this Section 10.12 shall affect the
obligation of any other such Person to hold that payment for the benefit of, and
to pay that payment over to, the holders of Senior Indebtedness of the Company
or their representative.

SECTION 10.13  Article Applicable to Paying Agent.

     In case at any time any Paying Agent other than the Trustee shall have been
appointed by the Company and be then acting hereunder, the term "Trustee" as
used in this Article X shall in that case (unless the context shall otherwise
require) be construed as extending to and including that Paying Agent within its
meaning as fully for all intents and purposes as if that Paying Agent were named
in this Article in addition to or in place of the Trustee; provided, however,
that this Section 10.13 shall not apply to the Company or any Affiliate of the
Company if it or that Affiliate acts as Paying Agent.

                                  ARTICLE XI
                                 MISCELLANEOUS

SECTION 11.01  Trust Indenture Act Controls.

     If any provision of this Indenture limits, qualifies or conflicts with the
duties imposed by operation of TIA (S) 318(c), the imposed duties shall control.

SECTION 11.02  Notices.

     Any notice or communication by the Company or the Trustee to the other is
duly given if in writing and delivered in person or mailed by first-class mail
(registered or certified, return receipt requested), telex, facsimile or
overnight air courier guaranteeing next day delivery, to the other's address:

                                       53
<PAGE>

          If to the Company:

          Syntroleum Corporation
          1350 South Boulder, Suite 1100
          Tulsa, Oklahoma  74119-3295
          Attention:  General Counsel

          If to the Trustee:

          ______________________________
          ______________________________
          ______________________________
          ______________________________

     The Company or the Trustee by notice to the other may designate additional
or different addresses for subsequent notices or communications.

     All notices and communications shall be deemed to have been duly given: at
the time delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; when answered back, if
telexed; when receipt acknowledged, if by facsimile; and the next Business Day
after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

     Any notice or communication to a Holder shall be mailed by first-class
mail, postage prepaid, to the Holder's address shown on the register kept by the
Registrar.  Failure to mail a notice or communication to a Holder or any defect
in it shall not affect its sufficiency with respect to other Holders.

     If a notice or communication is mailed in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives it,
except in the case of notice to the Trustee, it is duly given only when
received.

     If the Company mails a notice or communication to Holders, it shall mail a
copy to the Trustee and each Agent at the same time.

     All notices or communications, including without limitation notices to the
Trustee or the Company by Holders, shall be in writing, except as otherwise set
forth herein.

     In case by reason of the suspension of regular mail service, or by reason
of any other cause, it shall be impossible to mail any notice required by this
Indenture, then such method of notification as shall be made with the approval
of the Trustee shall constitute a sufficient mailing of that notice.

                                       54
<PAGE>

SECTION 11.03  Communication by Holders with Other Holders.

     Holders may communicate pursuant to TIA (S) 312(b) with other Holders with
respect to their rights under this Indenture or the Securities.  The Company,
the Trustee, the Registrar and anyone else shall have the protection of TIA (S)
312(c).

SECTION 11.04  Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any
action under this Indenture, the Company shall, if requested by the Trustee,
furnish to the Trustee at the expense of the Company:

        (1) an Officers' Certificate (which shall include the statements set
     forth in Section 11.05) stating that, in the opinion of the signers, all
     conditions precedent and covenants, if any, provided for in this Indenture
     relating to the proposed action have been complied with; and

        (2) an Opinion of Counsel (which shall include the statements set forth
     in Section 11.05 hereof) stating that, in the opinion of that counsel, all
     those conditions precedent and covenants have been complied with.

SECTION 11.05  Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA (S) 314(a)(4)) shall comply with the provisions of TIA (S)
314(e) and shall include:

        (1) a statement that the Person making that certificate or opinion has
     read that covenant or condition;

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

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

        (4) a statement as to whether or not, in the opinion of that Person,
     that condition or covenant has been complied with.

SECTION 11.06  Rules by Trustee and Agents.

     The Trustee may make reasonable rules for action by or at a meeting of
Holders.  The Registrar or the Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

                                       55
<PAGE>

SECTION 11.07    Legal Holidays.

     If a payment date is a Legal Holiday at a Place of Payment, payment may be
made at that place on the next succeeding day that is not a Legal Holiday, and
no interest shall accrue for the intervening period.

SECTION 11.08    No Recourse Against Others.

     A director, officer, employee, stockholder, partner or other owner of the
Company or the Trustee, as such, shall not have any liability for any
obligations of the Company under the Securities or for any obligations of the
Company or the Trustee under this Indenture or for any claim based on, in
respect of or by reason of those obligations or their creation.  Each Holder by
accepting a Security waives and releases all that liability.  The waiver and
release shall be part of the consideration for the issue of Securities.

SECTION 11.09    Governing Law.

     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY
PRINCIPLES OF CONFLICTS OF LAWS THEREUNDER TO THE EXTENT THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

SECTION 11.10    No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret another indenture, loan or debt
agreement of the Company or any Subsidiary.  Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

SECTION 11.11    Successors.

     All agreements of the Company in this Indenture and the Securities shall
bind its successors.  All agreements of the Trustee in this Indenture shall bind
its successors.

SECTION 11.12    Severability.

     In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall, to the fullest extent permitted by applicable
law,  not in any way be affected or impaired thereby.

SECTION 11.13    Counterpart Originals.

     The parties may sign any number of copies of this Indenture.  Each signed
copy shall be an original, but all of them together represent the same
agreement.

                                       56
<PAGE>

SECTION 11.14  Table of Contents, Headings, etc.

     The table of contents, cross-reference table and headings of the Articles
and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof and shall in no way modify or
restrict any of the terms or provisions hereof.

                                       57
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed as of the day and year first above written.

                              SYNTROLEUM CORPORATION

                              By:  ____________________________________
                                   Name:
                                   Title:

                              _________________________________________
                                   as Trustee

                              By:  ____________________________________
                                   Name:
                                   Title:

                                       58SERIES SUPPLEMENT

                       CORPORATE BACKED TRUST CERTIFICATES

                              SERIES 2001-23 TRUST

                                     between

                             LEHMAN ABS CORPORATION,

                                  as Depositor

                                       and

                      U.S. BANK TRUST NATIONAL ASSOCIATION,

                                   as Trustee

                       CORPORATE BACKED TRUST CERTIFICATES

                            Dated as of June 1, 2001

                              (RYDER SYSTEM, INC.)

<PAGE>

                                TABLE OF CONTENTS

                                                                           Page

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

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

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

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

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

Section 6.    Trustee's Fees................................................10

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

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

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

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

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

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

Section 2.    Sale of Underlying Securities.................................16

Section 13.   Amendments....................................................17

Section 14.   Voting of Underlying Securities, Modification of Indenture....17

SCHEDULE I SERIES 2001-23 UNDERLYING SECURITIES SCHEDULE
SCHEDULE II CLASS A-2 CERTIFICATE CALL SCHEDULE
EXHIBIT A-1 FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2 FORM OF TRUST CERTIFICATE CLASS A-2
EXHIBIT B-1 FORM OF CLASS A-1 CALL WARRANT
EXHIBIT B-2 FORM OF CLASS A-2 CALL WARRANT
EXHIBIT C FORM OF WARRANT AGENT AGREEMENT
EXHIBIT D FORM OF INVESTMENT LETTER

                                       i
<PAGE>

                                SERIES SUPPLEMENT

                       CORPORATE BACKED TRUST CERTIFICATES

                              Series 2001-23 TRUST

         SERIES SUPPLEMENT, Series 2001-23, dated as of June 1, 2001 (the
"Series Supplement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the
"Trustee").

                              W I T N E S S E T H:

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

         WHEREAS, the Depositor desires to deposit the Underlying Securities set
forth on Schedule I attached hereto (the "Underlying Securities Schedule") into
the Trust;

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

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

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

         Section 1. Incorporation of Standard Terms. Except as otherwise
provided herein, all of the provisions of the Standard Terms are hereby
incorporated herein by reference in their entirety, and this Series Supplement
and the Standard Terms shall form a single agreement between the parties. In the
event of any inconsistency between the provisions of this Series Supplement and
the provisions of the Standard Terms, the provisions of this Series Supplement
will control with respect to the Series 2001-23 Certificates and the
transactions described herein.

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

                                       1
<PAGE>

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

                  "Available Funds" shall have the meaning specified in the
Standard Terms, except that investment income earned on funds invested pursuant
to Section 3.05 of the Standard Terms shall be included in Available Funds, as
well as any redemption premium and reinvestment proceeds on amounts paid in
respect of the Underlying Securities.

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

                  "Call Date" shall mean any Business Day occurring on or after
June 1, 2006, or after the announcement of any redemption or other unscheduled
payment of the Underlying Securities on which the Call Warrants are exercised
and the proceeds of an Optional Call are distributed to holders of the
Certificates pursuant to Section 7 hereof.

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

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

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

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

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

                  "Class A-1 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.

                                       2
<PAGE>

                  "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 June 1, 2001.

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

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

                  "Currency" shall mean United States Dollars.

                  "Depository" shall mean The Depository Trust Company.

                  "Distribution Date" shall mean June 1 and December 1 of each
year (or if such date is not a Business Day, the next succeeding Business Day),
commencing on December 1, 2001 and ending on the Final Scheduled Distribution
Date.

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

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

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

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

                  "Final Scheduled Distribution Date" shall mean December 1,
2025.

                                       3
<PAGE>

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

                  "Interest Accrual Period" shall mean for any Distribution
Date, the period from and including the preceding Distribution Date (or in the
case of the first Interest Accrual Period, from and including June 1, 2001) to
but excluding the current Distribution Date.

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

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

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

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

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

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

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

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

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

                  "Prospectus Supplement" shall mean the Prospectus Supplement,
dated May 22, 2001, relating to the Certificates.

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

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

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

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

                                       4
<PAGE>

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

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

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

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

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

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

                  "Series" shall mean Series 2001-23.

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

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

                  "Underlying Securities" shall mean $28,777,000 aggregate
principal amount of 6.95% Debentures due 2025 issued by the Underlying
Securities Issuer (as set forth on Schedule I attached hereto) on the Closing
Date and any additional Underlying Securities transferred to the Trust after the
Closing Date.

                  "Underlying Securities Issuer" shall mean Ryder System, Inc.
and any successor in respect of the Underlying Securities.

                  "Underlying Securities Trustee" shall mean The Chase Manhattan
Bank.

                  "Underwriters" shall mean Lehman Brothers Inc., an affiliate
of the Depositor, Prudential Securities Incorporated and First Union Securities,
Inc.

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

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

                                       5
<PAGE>

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

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

         "Accounting Date"

         "Administrative Fees"

         "Advance"

         "Allowable Expense Amounts"

         "Basic Documents"

         "Calculation Agent"

         "Call Premium Percentage"

         "Credit Support"

         "Credit Support Instrument"

         "Credit Support Provider"

         "Cut-off Date"

         "Eligible Expense"

         "Exchange Rate Agent"

         "Fixed Pass-Through Rate"

         "Floating Pass-Through Rate"

         "Guaranteed Investment Contract"

         "Letter of Credit"

         "Limited Guarantor"

         "Limited Guaranty"
         "Minimum Wire Denomination"

         "Notional Amount"

                                       6
<PAGE>

         "Pass-Through Rate"

         "Place of Distribution"

         "Purchase Price"

         "Required Premium"

         "Required Principal"

         "Requisite Reserve Amount"

         "Retained Interest"

         "Sale Procedures"

         "Sub-Administration Account"

         "Sub-Administration Agreement"

         "Sub-Administration Agent"

         "Surety Bond"

         "Swap Agreement"

         "Swap Counterparty"

         "Swap Distribution Amount"

         "Swap Guarantee"

         "Swap Guarantor"

         "Swap Receipt Amount"

         "Swap Termination Payment"

         Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate Backed Trust Certificates, Series
2001-23 Trust." The Certificates evidencing certain undivided ownership
interests therein shall be known as "Corporate Backed Trust Certificates, Series
2001-23." The Certificates shall consist of the Class A-1 Certificates and Class
A-2 Certificates (together, the "Certificates"). The Trust is also issuing call
warrants with respect to the Certificates ("Call Warrants").

         (a) The Certificates shall be held through the Depository in book-entry
form and shall be substantially in the forms attached hereto as Exhibits A-1 and
A-2. The Class A-1 Certificates shall be issued in denominations of $25. The
Class A-2 Certificates shall be issued in minimum denominations of $500,000 and

                                       7
<PAGE>

in integral multiples of $1,000 in excess thereof. Except as provided in the
Standard Terms and in paragraph (c) of this Section, the Trust shall not issue
additional Certificates or incur any indebtedness.

         (b) The Class A-1 Certificates have an initial aggregate certificate
principal amount ("Certificate Principal Amount") of $25,000,000 and the Class
A-2 Certificates have an initial aggregate Certificate Principal Amount of
$3,777,000. The holders of the Class A-1 Certificates will be entitled to
receive on each Distribution Date the interest, if any, received on the
Underlying Securities to the extent necessary to pay interest at a rate of 8.00%
per annum on the outstanding Certificate Principal Amount of the Class A-1
Certificates. The Class A-2 Certificates shall not bear interest.

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

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

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

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

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

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

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

                                       8
<PAGE>

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

                  (b) second, to the holders of the Class A-1 Certificates,
interest at the rate of 8.00% per annum on the principal amount of the Class A-1
Certificates; and

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

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

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

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

         (b) Notwithstanding any other provision hereof, amounts recovered in
respect of the Underlying Securities prior to the Final Scheduled Distribution
Date following (i) an acceleration of the date of maturity of the Underlying
Securities, (ii) the redemption or other prepayment of the Underlying Securities
by the Underlying Securities Issuer or (iii) the sale of the Underlying
Securities by the Trust, shall be distributed pursuant to the priorities
specified in Section 5(a) hereof. The Certificates shall be subject to a
mandatory redemption on any Distribution Date on which the Underlying Securities
are redeemed by the Underlying Securities Issuer.

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

         (d) In the event that the Trustee receives non-cash property in respect
of the Underlying Securities as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depositary, or for any Certificates which are not then held by DTC
or any other depository, directly to the registered holders of the Certificates
then outstanding and unpaid. Such notice shall state that, not later than 30
days after the receipt of such property, the Trustee will allocate and
distribute such property to the holders of Certificates then outstanding and
unpaid, pro rata by principal amount (after deducting the costs incurred in
connection therewith). Property other than cash will be liquidated by the

                                       9
<PAGE>

Trustee, and the proceeds thereof distributed in cash, only to the extent
necessary to avoid distribution of fractional securities to Certificateholders.
In-kind distribution of such property to Certificateholders will be deemed to
reduce the principal amount of Certificates on a dollar-for-dollar basis.

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

         (f) If a payment with respect to the Underlying Securities is made to
the Trustee after the Distribution Date on which such payment was scheduled to
be distributed in respect of the Certificates, then the Trustee will distribute
any such amounts received on the next occurring Business Day (a "Special
Distribution Date") as if the funds had constituted Available Funds on the
Distribution Date immediately preceding such Special Distribution Date;
provided, however, that the Record Date for such Special Distribution Date shall
be five Business Days prior to the day on which the related payment was received
from either of the Underlying Securities Trustees.

         (g) Notwithstanding Section 3.12 of the Standard Terms, if the
Underlying Securities Issuer ceases to file periodic reports as required under
the Exchange Act, the Depositor shall within a reasonable time instruct the
Trustee to (i) distribute the Underlying Securities in-kind to the
Certificateholders or (ii) sell the Underlying Securities and distribute the
proceeds of such sale to the Certificateholders in accordance with Section 5(a)
hereof; provided, however, that the Depositor shall not instruct the Trustee to
liquidate the Underlying Securities pursuant to this clause unless the
Underlying Securities Issuer has either (x) stated in writing that it intends
permanently to cease filing reports required under the Exchange Act or (y)
failed to file any required reports for one full calendar year.

         Section 6. Trustee's Fees. (a) As compensation for its services
hereunder, the Trustee shall be entitled to the Trustee Fee. The Trustee Fee
shall be paid by the Depositor and not from Trust Property. The Trustee shall
bear all Ordinary Expenses. Failure by the Depositor to pay such amount shall
not entitle the Trustee to any payment or reimbursement from the Trust, nor
shall such failure release the Trustee from the duties it is required to perform
under the Trust Agreement.

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

                                       10
<PAGE>

such Extraordinary Expenses shall not be an obligation of the Trust, and the
Trustee shall not file any claim against the Trust therefor notwithstanding
failure of certificateholders to reimburse the Trustee.

         Section 7. Optional Exchange; Optional Call

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

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

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

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

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

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

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

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

                                       11
<PAGE>

                           the rules or regulations promulgated thereunder.

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

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

                  (ii) The Warrant Holder may provide notice to the Trustee (a
"Call Notice") no less than 5 Business Days prior to any Call Date, that it is
exercising its Call Warrants with respect to the Certificates on such Call Date.
Upon request of the Trustee, the Warrant Holder shall deliver the opinion
specified in Section 7(a)(ii)(d) above as a condition to any Optional Call.

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

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

                  (v) Deliveries of the Underlying Securities to the Warrant
Holder (the "Purchaser") will only be made against payment by the Purchaser of
the Call Price in immediately available funds. Such payment must occur no later
than 10:00 a.m. New York City time on the Call Date. In the event that the
Purchaser fails to make such payment by such time (a "Purchase Default"), the
sale shall be voided and the Optional Call will be deemed not to be effective
with respect to such Distribution Date, and the Certificates and the Call

                                       12
<PAGE>

Warrants shall continue to remain outstanding. Subject to receipt of the Call
Price as aforesaid, the Trustee shall pay the Call Price to the
Certificateholders on the Call Date in accordance with the definition of "Call
Price". The Call Price in respect of partial calls shall be allocated to the
Certificateholders within each class pro rata to the extent of their
entitlements thereto.

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

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

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

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

         Section 8. Notices of Events of Default.

         As promptly as practicable after, and in any event within 30 days after
the occurrence of an Event of Default in respect of the Certificates actually
known to the Trustee, the Trustee will give notice to the Certificateholders,
transmitted by mail, of all such uncured or unwaived Events of Default known to
it. However, except in the case of an Event of Default relating to the payment
of principal, if any, 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 Series 2001-23 Certificates.

         (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the Series 2001-23 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.

                                       13
<PAGE>

         (e) The provisions of Section 3.07(d) of the Standard Terms shall not
apply to the Series 2001-23 Certificates.

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

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

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

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

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

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

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

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

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

                                       14
<PAGE>

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

         If to the Depositor, to:

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

         If to the Trustee, to:

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

         If to the Rating Agencies, to:

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

         and to:

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

         If to the New York Stock Exchange, to:

         New York Stock Exchange, Inc.
         20 Broad Street
         New York, New York  10005
         Attention:  Michael Hyland

                                       15
<PAGE>

         Telephone:  (212) 656-5868
         Facsimile:  (212) 656-6919

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

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

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

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

         Section 14. Amendments. Notwithstanding anything in the Trust Agreement
to the contrary, in addition to the other restrictions on modification and
amendment contained therein, the Trustee shall not enter into any amendment or
modification of the Trust Agreement which would adversely affect in any material
respect the interests of the holders of any class of Certificates without the

                                       16
<PAGE>

consent of the holders of 100% of such class of Certificates; provided, however,
that no such amendment or modification will be permitted which would alter the
status of the Trust as a grantor trust for federal income tax purposes. Further,
no amendment shall be permitted which would adversely affect in any material
respect the interests of any Class of Certificateholders without confirmation by
each Rating Agency that such amendment will not result in a downgrading or
withdrawal of its rating of such Certificates.

         Section 15. Voting of Underlying Securities, Modification of Indenture.
The Trustee, as holder of the Underlying Securities, has the right to vote and
give consents and waivers in respect of the Underlying Securities as permitted
by the Depository and except as otherwise limited by the Trust Agreement. In the
event that the Trustee receives a request from the Depository, the Underlying
Securities Trustee or the Underlying Securities Issuer for its consent to any
amendment, modification or waiver of the Underlying Securities, the Underlying
Securities Indenture or any other document thereunder or relating thereto, or
receives any other solicitation for any action with respect to the Underlying
Securities, the Trustee shall mail a notice of such proposed amendment,
modification, waiver or solicitation to each Certificateholder of record as of
such date. The Trustee shall request instructions from the Certificateholders as
to whether or not to consent to or vote to accept such amendment, modification,
waiver or solicitation. The Trustee shall consent or vote, or refrain from
consenting or voting, in the same proportion (based on the relative outstanding
principal balances of the Certificates) as the Certificates of the Trust were
actually voted or not voted by the Certificateholders thereof as of a date
determined by the Trustee prior to the date on which such consent or vote is
required, provided, however, that, notwithstanding anything in the Trust
Agreement to the contrary, the Trustee shall at no time vote on or consent to
any matter (i) unless such vote or consent would not (based on an opinion of
counsel) alter the status of the Trust as a grantor trust for federal income tax
purposes or result in the imposition of tax upon the Certificateholders, (ii)
which would alter the timing or amount of any payment on the Underlying
Securities, including, without limitation, any demand to accelerate the
Underlying Securities, except in the event of a default under the Underlying
Securities or an event which with the passage of time would become an event of
default under the Underlying Securities and with the unanimous consent of all
outstanding Class A-1 Certificateholders and Class A-2 Certificateholders, or
(iii) which would result in the exchange or substitution of any of the
outstanding Underlying Securities pursuant to a plan for the refunding or
refinancing of such Underlying Securities except in the event of a default under
the Underlying Securities Indenture and only with the consent of
Certificateholders representing 100% of the Class A-1 Certificates and 100% of
the Class A-2 Certificates. The Trustee shall have no liability for any failure
to act resulting from Certificateholders' late return of, or failure to return,
directions requested by the Trustee from the Certificateholders.

         In the event that an offer is made by the Underlying Securities Issuer
to issue new obligations in exchange and substitution for any of the Underlying
Securities, pursuant to a plan for the refunding or refinancing of the
outstanding Underlying Securities or any other offer is made for the Underlying

                                       17
<PAGE>

Securities, the Trustee shall notify the Class A-1 Certificateholders and Class
A-2 Certificateholders of such offer promptly. The Trustee must reject any such
offer unless the Trustee is directed by the affirmative vote of the holders of
100% of all of the Certificates to accept such offer and the Trustee has
received the tax opinion described above. If pursuant to the preceding sentence,
the Trustee accepts any such offer, the Trustee shall promptly notify the Rating
Agencies.

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

                                       18
<PAGE>

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

                              LEHMAN ABS CORPORATION,
                                  as Depositor

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

                              U.S. BANK TRUST NATIONAL ASSOCIATION,
                                  not in its individual capacity
                                  but solely as Trustee on behalf
                                  of the Corporate Backed Trust
                                  Certificates Series, 2001-23
                                  Trust

                              By:     /s/ Marlene Fahey
                                 ------------------------------------------
                                   Name:  Marlene Fahey
                                   Title: Vice President and Assistant
                                          Secretary

                                       19
<PAGE>

                                                                      SCHEDULE I

                                 SERIES 2001-23

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

Underlying Securities:              6.95% Debentures due December 1, 2025.

Underlying Securities Issuer:       Ryder System, Inc.

CUSIP Number:                       783549AZ1.

Principal Amount Deposited:         $28,777,000.

Original Issue Date:                December 11, 1995.

Maturity Date:                      December 1, 2025.

Principal Payment Date:             December 1, 2025.

Interest Rate:                      6.95% per annum.

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

                                       20
<PAGE>

                                                                     SCHEDULE II

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

                           Date              Call Price
                         12/01/01            $ 363,129
                         06/01/02            $ 381,285
                         12/01/02            $ 400,349
                         06/01/03            $ 420,367
                         12/01/03            $ 441,385
                         06/01/04            $ 463,455
                         12/01/04            $ 486,627
                         06/01/05            $ 510,959
                         12/01/05            $ 536,507
                         06/01/06            $ 563,332
                         12/01/06            $ 591,498
                         06/01/07            $ 621,073
                         12/01/07            $ 652,127
                         06/01/08            $ 684,733
                         12/01/08            $ 718,970
                         06/01/09            $ 754,919
                         12/01/09            $ 792,665
                         06/01/10            $ 832,298
                         12/01/10            $ 873,913
                         06/01/11            $ 917,608
                         12/01/11            $ 963,489
                         06/01/12          $ 1,011,663
                         12/01/12          $ 1,062,246
                         06/01/13          $ 1,115,359
                         12/01/13          $ 1,171,126
                         06/01/14          $ 1,229,683
                         12/01/14          $ 1,291,167
                         06/01/15          $ 1,355,725
                         12/01/15          $ 1,423,512
                         06/01/16          $ 1,494,687
                         12/01/16          $ 1,569,422
                         06/01/17          $ 1,647,893
                         12/01/17          $ 1,730,287
                         06/01/18          $ 1,816,802
                         12/01/18          $ 1,907,642
                         06/01/19          $ 2,003,024
                         12/01/19          $ 2,103,175
                         06/01/20          $ 2,208,334
                         12/01/20          $ 2,318,750
                         06/01/21          $ 2,434,688
                         12/01/21          $ 2,556,422
                         06/01/22          $ 2,684,243
                         12/01/22          $ 2,818,456
                         06/01/23          $ 2,959,378
                         12/01/23          $ 3,107,347
                         06/01/24          $ 3,262,715
                         12/01/24          $ 3,425,850
                         06/01/25          $ 3,597,143
                         12/01/25          --

                                       21
<PAGE>

                                                                     EXHIBIT A-1
                                                                     -----------

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

NUMBER [ ]                                    [1,000,000] $[25] PAR CERTIFICATES
                                                             CUSIP NO. [       ]

                       SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

                             LEHMAN ABS CORPORATION

                              [1,000,000] $[25] PAR

                      CORPORATE BACKED TRUST CERTIFICATES,

                                 SERIES 2001-23

                               8.00% INTEREST RATE

evidencing a proportionate undivided beneficial ownership interest in the Trust,
as defined below, the property of which consists principally of $[       ]
aggregate principal amount of 6.95% Debentures due December 1, 2025, issued by
Ryder System, Inc. (the "Underlying Security Issuer") and all payments received
thereon (the "Trust Property"), deposited in trust by Lehman ABS Corporation
(the "Depositor").

                  THIS CERTIFIES THAT [       ] is the registered owner of
$[       ] DOLLARS nonassessable, fully-paid, proportionate undivided
beneficial ownership interest in the Corporate Backed Trust Certificates, Series
2001-23 Trust, formed by the Depositor.

                                     A-1-1
<PAGE>

                  The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Series 2001-23, dated as
of June 1, 2001 (the "Series Supplement" and, together with the Standard Terms,
the "Trust Agreement"), between the Depositor and the Trustee. This Certificate
does not purport to summarize the Trust Agreement and reference is hereby made
to the Trust Agreement for information with respect to the interests, rights,
benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Trustee with respect hereto. A copy of the Trust
Agreement may be obtained from the Trustee by written request sent to the
Corporate Trust Office. Capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement.

                  This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Series 2001-23, Class
A-1" (herein called the "Certificates"). This Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound. The Trust Property consists
of: (i) Underlying Securities described in the Trust Agreement; (ii) all
payments on or collections in respect of the Underlying Securities accrued on or
after June 1, 2001 together with any proceeds thereof; and (iii) all funds from
time to time deposited with the Trustee relating to the Certificates, together
with any and all income, proceeds and payments with respect thereto; provided,
however, that any income from the investment of Trust funds in certain permitted
investments ("Eligible Investments") does not constitute Trust Property.

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

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

                  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

                                     A-1-2
<PAGE>

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,
                           SERIES 2001-23 TRUST

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

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

Dated: [       ]

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is on one of the Corporate Backed Trust Certificates,
Series 2001-23, described in the Trust Agreement referred to herein.

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

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

                                     A-1-4
<PAGE>

                            (REVERSE OF CERTIFICATE)

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

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

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

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

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

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

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

                                     A-1-5
<PAGE>

its beneficial interest in the Certificates consistently with such
characterization.

                  The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall terminate
upon the earliest to occur of (i) the distribution in full of all amounts due to
Certificateholders and retirement of the Underlying Securities; (ii) the
distribution in full of all Underlying Securities to the exchanging
Certificateholders on any Optional Exchange Date and any amounts due to
Certificateholders on any Optional Exchange Date; and (iii) the expiration of 21
years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

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

                                     A-1-6
<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                                    *
                                                           Signature Guaranteed:

                                                                    *

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

                                     A-1-7
<PAGE>

                                                                     EXHIBIT A-2
                                                                     -----------

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

NUMBER [ ]                                                            $[       ]
                                                             CUSIP NO. [       ]

                       SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

                             LEHMAN ABS CORPORATION

                      CORPORATE BACKED TRUST CERTIFICATES,

                                 SERIES 2001-23

                           $[       ] PRINCIPAL AMOUNT

evidencing a proportionate undivided beneficial ownership interest in the Trust,
as defined below, the property of which consists principally of $[       ]
aggregate principal amount of 6.95% Debentures due December 1, 2025, issued by
Ryder System, Inc. (the "Underlying Security Issuer") and all payments received
thereon (the "Trust Property"), deposited in trust by Lehman ABS Corporation
(the "Depositor").

                  THIS CERTIFIES THAT [       ] is the registered owner of
$[       ] DOLLARS nonassessable, fully-paid, proportionate undivided beneficial
ownership interest in the Corporate Backed Trust Certificates, Series 2001-23
Trust, formed by the Depositor.

                                     A-2-1
<PAGE>

                  The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement, Series 2001-23, dated as
of June 1, 2001 (the "Series Supplement" and, together with the Standard Terms,
the "Trust Agreement"). This Certificate does not purport to summarize the Trust
Agreement and reference is hereby made to the Trust Agreement for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of the Trustee
with respect hereto. A copy of the Trust Agreement may be obtained from the
Trustee by written request sent to the Corporate Trust Office. Capitalized terms
used but not defined herein have the meanings assigned to them in the Trust
Agreement.

                  This Certificate is one of the duly authorized Certificates
designated as the "Corporate Backed Trust Certificates, Series 2001-23, Class
A-2" (herein called the "Certificates"). This Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound. The Trust Property consists
of: (i) Underlying Securities described in the Trust Agreement; (ii) all
payments on or collections in respect of the Underlying Securities accrued on or
after June 1, 2001 together with any proceeds thereof; and (iii) all funds from
time to time deposited with the Trustee relating to the Certificates, together
with any and all income, proceeds and payments with respect thereto; provided,
however, that any income from the investment of Trust funds in certain permitted
investments ("Eligible Investments") does not constitute Trust Property.

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

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

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

                                     A-2-2
<PAGE>

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

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

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

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

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

                                     A-2-3
<PAGE>

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

                         CORPORATE BACKED TRUST
                         CERTIFICATES, SERIES 2001-23 TRUST

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

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

Dated: [       ]

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                  This is on one of the Corporate Backed Trust Certificates,
Series 2001-23, described in the Trust Agreement referred to herein.

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

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

                                     A-2-4
<PAGE>

                            (REVERSE OF CERTIFICATE)

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

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

                  The Certificates are issuable in fully registered form only in
minimum principal amounts of $500,000 and in integral multiples of $1,000 in
excess thereof.

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

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

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

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

                                     A-2-5
<PAGE>

its beneficial interest in the Certificates consistently with such
characterization.

                  The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall terminate
upon the earliest to occur of (i) the distribution in full of all amounts due to
Certificateholders and retirement of the Underlying Securities; (ii) the
distribution in full of all Underlying Securities to the exchanging
Certificateholders on any Optional Exchange Date and any amounts due to
Certificateholders on any Optional Exchange Date; and (iii) the expiration of 21
years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

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

                                     A-2-6
<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                                    *
                                                           Signature Guaranteed:

                                                                    *

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

                                     A-2-7
<PAGE>

                                                                     EXHIBIT B-1
                                                                     -----------

           CORPORATE BACKED TRUST CERTIFICATES, SERIES 2001-23 TRUST,

                                    CLASS A-1

                              Form of Call Warrant

                              Dated as of [       ]

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

           CORPORATE BACKED TRUST CERTIFICATES, SERIES 2001-23 TRUST,

                                    CLASS A-1

                              Form of Call Warrant

                              [1,000,000] Warrants

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

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

No. [    ]                                                          [          ]

         Corporate Backed Trust Certificates, Series 2001-23 Trust (the
"Trust"), a trust created under the laws of the State of New York pursuant to a
Standard Terms for Trust Agreements, dated as of January 16, 2001 (the
"Agreement"), between Lehman ABS Corporation (the "Depositor") and U.S. Bank
Trust National Association, a national banking association, not in its
individual capacity but solely as Trustee (the "Trustee"), as supplemented by
the Series Supplement 2001-23, dated as of May 1, 2001 (the "Series Supplement")
and, together with the Agreement, the "Trust Agreement"), between the Depositor
and the Trustee, for value received, hereby certifies that [    ] or registered
assigns, is entitled to call [1,000,000] 8.00% Class A-1 Certificates due
December 1, 2025 (the "Certificates"), issued by Corporate Backed Trust
Certificates, Series 2001-23 Trust in whole or in part on any Call Date (as
defined below) designated by the holder of this instrument (this "Call Warrant")
at a call price equal to the Call Price (as defined below), all subject to the
terms and conditions set forth below.

                                     B-1-1
<PAGE>

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

                                    ARTICLE I

                            Exercise of Call Warrants

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

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

                                     B-1-2
<PAGE>

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

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

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

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

                                   ARTICLE II

                            Restrictions on Transfer

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

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

                                     B-1-3
<PAGE>

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

                                   ARTICLE III

                Registration and Transfer of Call Warrants, etc.

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

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

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

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

                                   ARTICLE IV

                                   Definitions

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

                                     B-1-4
<PAGE>

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

         "Call Date": Any day occurring on or after June 1, 2006, or after the
announcement of any redemption or other unscheduled payment of the Certificates
on which the Call Warrants are exercised and the proceeds of an Optional Call
(as defined in the Series Supplement) are distributed to the Holders of the
Certificates pursuant to Section 7 of the Series Supplement.

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

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

         "Closing Date":  [          ].

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

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

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

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

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

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

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

         "Trust Agreement": The Standard Terms for Trust Agreements, dated as of
January 16, 2001, between the Depositor and the Trustee, as supplemented by the
Series Supplement 2001-23, dated as of June 1, 2001, between the Depositor and
the Trustee, incorporating by reference the definitions and assumptions thereto,
as the same may be amended or modified from time to time.

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

                                     B-1-5
<PAGE>

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

                                    ARTICLE V

                                  Warrant Agent

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

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

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

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

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

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

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

                                     B-1-6
<PAGE>

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

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

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

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

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

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

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

                  (l) The Trustee will perform, execute, acknowledge and deliver
or cause to be performed, executed, acknowledged and delivered all such further

                                     B-1-7
<PAGE>

acts, instruments and assurances as may be required by the Warrant Agent in
order to enable it to carry out or perform its duties hereunder.

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

                                   ARTICLE VI

                                  Miscellaneous

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

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

         Section 6.3 Notices. All notices and other communications under this
Call Warrant shall be in writing and shall be delivered, or mailed by registered
or certified mail, return receipt requested, by a nationally recognized
overnight courier, postage prepaid, addressed (a) if to any holder of any Call

                                     B-1-8
<PAGE>

Warrant, at the registered address of such holder as set forth in the register
kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall Street,
Suite 1600, New York, New York 10005, Attention: Corporate Trust or to such
other address notice of which the Warrant Agent shall have given to the holder
hereof and the Trustee or (c) if to the Trust or the Trustee, to the Corporate
Trust Office (as set forth in the Trust Agreement); provided that the exercise
of any Call Warrant shall be effective on the manner provided in Article I.

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

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

                  (c) Promptly after the execution of any such amendment or
modification, the Warrant Agent shall furnish a copy of such amendment or
modification to each holder of a Call Warrant, to the Trustee and to the Rating
Agencies. It shall not be necessary for the consent of holders of Call Warrants

                                     B-1-9
<PAGE>

or Certificates under this Section to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof shall be subject to such reasonable
regulations as the Warrant Agent may prescribe.

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

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

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

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

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

                                     B-1-10
<PAGE>

functions of or pertaining to government for the purpose of commencing or
sustaining a case by or against the Trust, the Depositor or any such other
entity under a federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Trust, the Depositor or any such other entity or
all or any part of the property or assets of Trust, the Depositor or any such
other entity or ordering the winding up or liquidation of the affairs of the
Trust, the Depositor or any such other entity.

                                     B-1-11
<PAGE>

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

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

                                    By:_____________________________________
                                        Authorized Signatory

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

                                    By:_____________________________________
                                        Authorized Signatory

                                     B-1-12
<PAGE>

                                    FORM OF SUBSCRIPTION

         [To be executed only upon exercise of Call Warrants]

         To:      Corporate Backed Trust Certificates, Series 2001-23 Trust

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

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

Dated:

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

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

                                     B-1-13
<PAGE>

                               FORM OF ASSIGNMENT

         [To be executed only upon transfer of Call Warrant]

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

Dated:

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

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

Signed in the presence of:

                                     B-1-14
<PAGE>

                                                                     EXHIBIT B-2
                                                                     -----------

           CORPORATE BACKED TRUST CERTIFICATES, SERIES 2001-23 TRUST,

                                    CLASS A-2

                              Form of Call Warrant

                            Dated as of [          ]

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

           CORPORATE BACKED TRUST CERTIFICATES, SERIES 2001-23 TRUST,

                                    CLASS A-2

                                  Call Warrant

                              [3,777] Call Warrants

(Each Call Warrant related to $[1,000] principal amount of Class A-2
Certificates)

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

No. [   ]                                                          [          ]

         Corporate Backed Trust Certificates, Series 2001-23 Trust (the
"Trust"), a trust created under the laws of the State of New York pursuant to a
Standard Terms for Trust Agreements, dated as of January 16, 2001 (the
"Agreement"), between Lehman ABS Corporation (the "Depositor") and U.S. Bank
Trust National Association, a national banking association, not in its
individual capacity but solely as Trustee (the "Trustee"), as supplemented by
the Series Supplement 2001-23, dated as of June 1, 2001 (the "Series
Supplement") and, together with the Agreement, the "Trust Agreement"), between
the Depositor and the Trustee, for value received, hereby certifies that [     ]
or registered assigns, is entitled to call $[3,777,000] aggregate principal
amount of Class A-2 Certificates due December 1, 2025, issued by Corporate
Backed Trust Certificates, Series 2001-23 Trust in whole or part on any Call
Date (as defined below) designated by the holder of this instrument (this "Call
Warrant") at a call price equal to the Call Price (as defined below), all
subject to the terms and conditions set forth below.

                                     B-2-1
<PAGE>

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

                                    ARTICLE I

                            Exercise of Call Warrants

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

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

                                     B-2-2
<PAGE>

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

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

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

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

                                   ARTICLE II

                            Restrictions on Transfer

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

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

                                     B-2-3
<PAGE>

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

                                   ARTICLE III

                Registration and Transfer of Call Warrants, etc.

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

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

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

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

                                   ARTICLE IV

                                   Definitions

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

                                     B-2-4
<PAGE>

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

         "Call Date": Any day occurring on or after June 1, 2006, or after the
announcement of any redemption or other unscheduled payment of the Certificates
on which the Call Warrants are exercised and the proceeds of an Optional Call
(as defined in the Series Supplement) are distributed to the Holders of the
Certificates pursuant to Section 7 of the Series Supplement.

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

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

         "Closing Date":  [          ].

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

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

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

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

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

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

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

         "Trust Agreement": The Standard Terms for Trust Agreements, dated as of
January 16, 2001, between the Depositor and the Trustee, as supplemented by the
Series Supplement 2001-23, dated as of June 1, 2001, between the Depositor and
the Trustee, incorporating by reference the definitions and assumptions thereto,
as the same may be amended or modified from time to time.

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

                                     B-2-5
<PAGE>

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

                                    ARTICLE V

                                  Warrant Agent

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

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

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

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

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

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

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

                                     B-2-6
<PAGE>

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

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

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

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

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

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

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

                  (l) The Trustee will perform, execute, acknowledge and deliver
or cause to be performed, executed, acknowledged and delivered all such further

                                     B-2-7
<PAGE>

acts, instruments and assurances as may be required by the Warrant Agent in
order to enable it to carry out or perform its duties hereunder.

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

                                   ARTICLE VI

                                  Miscellaneous

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

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

         Section 6.3 Notices. All notices and other communications under this
Call Warrant shall be in writing and shall be delivered, or mailed by registered
or certified mail, return receipt requested, by a nationally recognized
overnight courier, postage prepaid, addressed (a) if to any holder of any Call

                                     B-2-8
<PAGE>

Warrant, at the registered address of such holder as set forth in the register
kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall Street,
Suite 1600, New York, New York 10005, Attention: Corporate Trust or to such
other address notice of which the Warrant Agent shall have given to the holder
hereof and the Trustee or (c) if to the Trust or the Trustee, to the Corporate
Trust Office (as set forth in the Trust Agreement); provided that the exercise
of any Call Warrant shall be effective on the manner provided in Article I.

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

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

                  (c) Promptly after the execution of any such amendment or
modification, the Warrant Agent shall furnish a copy of such amendment or
modification to each holder of a Call Warrant, to the Trustee and to the Rating
Agencies. It shall not be necessary for the consent of holders of Call Warrants

                                     B-2-9
<PAGE>

or Certificates under this Section to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof shall be subject to such reasonable
regulations as the Warrant Agent may prescribe.

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

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

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

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

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

                                     B-2-10
<PAGE>

functions of or pertaining to government for the purpose of commencing or
sustaining a case by or against the Trust, the Depositor or any such other
entity under a federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Trust, the Depositor or any such other entity or
all or any part of the property or assets of Trust, the Depositor or any such
other entity or ordering the winding up or liquidation of the affairs of the
Trust, the Depositor or any such other entity.

                                     B-2-11
<PAGE>

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

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

                                    By:_____________________________________
                                        Authorized Signatory

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

                                    By:_____________________________________
                                        Authorized Signatory

                                     B-2-12
<PAGE>

                                    FORM OF SUBSCRIPTION

         [To be executed only upon exercise of Call Warrants]

         To:      Corporate Backed Trust Certificates, Series 2001-23 Trust

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

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

Dated:

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

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

                                     B-2-13
<PAGE>

                               FORM OF ASSIGNMENT

         [To be executed only upon transfer of Call Warrant]

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

Dated:

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

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

Signed in the presence of:

                                     B-2-14
<PAGE>

                                                                       EXHIBIT C
                                                                       ---------

                         FORM OF WARRANT AGENT AGREEMENT

                       CORPORATE BACKED TRUST CERTIFICATES

                              Series 2001-23 TRUST

         WARRANT AGENT AGREEMENT, dated as of June 1, 2001 (the "Warrant Agent
Agreement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the
"Warrant Agent").

                              W I T N E S S E T H:

         WHEREAS, the Depositor created Corporate Backed Trust Certificates,
Series 2001-23 Trust (the "Trust"), a trust created under the laws of the State
of New York pursuant to a Standard Terms for Trust Agreements, dated as of
January 16, 2001 (the "Agreement"), between Lehman ABS Corporation (the
"Depositor") and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement 2001-23, dated as of June
1, 2001 (the "Series Supplement" and, together with the Agreement, the "Trust
Agreement"), between the Depositor and the Trustee; and

         WHEREAS, in connection with the creation of the Trust and the deposit
therein of the Underlying Securities, it is desired to provide for the issuance
of Class A-1 Certificates and related Class A-1 Call Warrants and Class A-2
Certificates (together with the Class A-1 Certificates, the "Certificates") and
related Class A-2 Call Warrants (together with the Class A-1 Call Warrants, the
"Call Warrants"), such Certificates evidencing undivided interests in the Trust.

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

         Section 1. Definitions. Except as otherwise specified herein or as the
context may otherwise require, capitalized terms used herein but not defined
herein shall have the respective meanings set forth below for all purposes under
the Series Supplement.

                                    ARTICLE I

                            Exercise of Call Warrants

         Section 1.1 Manner of Exercise. (a) The Call Warrants may be exercised
by the holder thereof (each, a "Warrant Holder"), in whole or in part, on any
Call Date, set forth in a written notice (a "Call Notice") delivered to the
Warrant Agent and the Trustee at any time on or before the Business Day that is
at least 5 Business Days before such Call Date, by surrender of the Call
Warrants to the Warrant Agent at its office set forth in Section 6.3 hereof no
later than 10:00 a.m. (New York City time) on such Call Date; provided that such

                                      C-1
<PAGE>

holder shall have made payment to the Warrant Agent, by wire transfer or other
immediately available funds acceptable to the Warrant Agent, in the amount of
the applicable Call Price, in a manner such that funds are available to the
Warrant Agent no later than 10:00 a.m. (New York City time) on such Call Date,
and such holder shall thereupon be entitled to delivery of, in the case of the
Class A-1 Call Warrants, Class A-1 Certificates in a Certificate Principal
Amount equal to $25 per Class A-1 Call Warrant and, in the case of the Class A-2
Call Warrants, Class A-2 Certificates in an amount per Call Warrant equal to a
$1,000 principal amount of Class A-2 Certificates purchased hereunder in
accordance with this Article I (in each case subject to the provisions of
Section 7(b) of the Series Supplement); provided further that the Warrant Holder
shall exercise Class A-1 Warrants relating to the Class A-1 Certificates and
Class A-2 Call Warrants relating to the Class A-2 Certificates which represent a
like percentage for all Class A-1 Certificates and Class A-2 Certificates,
respectively; and provided further that the Warrant Holder may not exercise the
Call Warrants at any time when such Warrant Holder is insolvent, and in
connection therewith, such Warrant Holder shall be required to certify that it
is solvent at the time of exercise settlement, by completing the Form of
Subscription attached to the Call Warrants and delivering such completed Form of
Subscription to the Trustee on or prior to the Call Date and deliver to the
Trustee a form reasonably satisfactory to the Trustee of the opinion and the
solvency certificate required pursuant to Section 7(b)(iv) of the Series
Supplement.

                  (b) Upon exercise of Call Warrants, any Warrant Holder other
than the Depositor or any Affiliate of the Depositor shall be entitled to
delivery of the Called Certificates. The "Called Certificates" shall be, in the
case of Class A-1 Certificates, Class A-1 Certificates having a Certificate
Principal Amount equal to $25 per Class A-1 Call Warrant and, in the case of
Class A-2 Certificates, Class A-2 Certificates having a Certificate Principal
Amount equal to $1,000 per Class A-2 Call Warrant. Any Warrant Holder which is
the Depositor or any Affiliate of the Depositor shall receive the proceeds of
the sale of the Called Underlying Securities and shall not be entitled to
receive the related Called Certificates. "Called Underlying Securities" are
Underlying Securities which represent the same percentage of the Underlying
Securities as the Called Certificates represent of the Class A-1 Certificates
and Class A-2 Certificates.

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

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

                                      C-2
<PAGE>

such Call Notice by the holder of such Call Warrant. The expiration of a Call
Notice by the holder of this Call Warrant shall in no way affect a holder of a
Call Warrant's right to subsequently deliver a Call Notice which satisfies the
terms of the Trust Agreement.

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

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

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

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

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

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

                                   ARTICLE II

                            Restrictions on Transfer

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

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

                                      C-3
<PAGE>

hereby may be transferred only in compliance with the conditions specified in
the Call Warrants."

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

                                   ARTICLE III

                Registration and Transfer of Call Warrants, etc.

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

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

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

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

                                      C-4
<PAGE>

                                   ARTICLE IV

                                   Definitions

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

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

                  "Call Date": Any day occurring on or after June 1, 2006, or
after the announcement of any redemption or other unscheduled payment of the
Certificates on which the Call Warrants are exercised and the proceeds of an
Optional Call (as defined in the Series Supplement) are distributed to the
Holders of the Certificates pursuant to Section 7 of the Series Supplement.

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

                  "Call Warrant":  As defined in the recitals.

                  "Closing Date":  June 1, 2001.

                  "Depositor":  As defined in the recitals.

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

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

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

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

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

                  "Trust":  As defined in the recitals.

                  "Trust Agreement": The Standard Terms for Trust Agreements,
dated as of January 16, 2001, between the Depositor and the Trustee, as
supplemented by the Series Supplement 2001-23, dated as of June 1, 2001, between

                                      C-5
<PAGE>

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

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

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

                                    ARTICLE V

                                  Warrant Agent

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

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

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

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

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

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

                                      C-6
<PAGE>

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.

                  (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.

                                      C-7
<PAGE>

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

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

                                   ARTICLE VI

                                  Miscellaneous

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

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

         Section 6.3 Notices. All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed by
registered or certified mail, return receipt requested, by a nationally

                                      C-8
<PAGE>

recognized overnight courier, postage prepaid, addressed (a) if to any holder of
any Call Warrants, at the registered address of such holder as set forth in the
register kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust or to
such other address notice of which the Warrant Agent shall have given to the
holder thereof and the Trustee or (c) if to the Trust or the Trustee, to the
Corporate Trust Office (as set forth in the Trust Agreement); provided that the
exercise of any Call Warrants shall be effective on the manner provided in
Article I.

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

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

                  (c) Promptly after the execution of any such amendment or
modification, the Warrant Agent shall furnish a copy of such amendment or
modification to each holder of a Call Warrant, to the Trustee and to the Rating
Agencies. It shall not be necessary for the consent of holders of Call Warrants

                                      C-9
<PAGE>

or Certificates under this Section to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof shall be subject to such reasonable
regulations as the Warrant Agent may prescribe.

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

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

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

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

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

                                      C-10
<PAGE>

other entity or ordering the winding up or liquidation of the affairs of the
Trust, the Depositor or any such other entity.

                                      C-11
<PAGE>

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

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

                                    By:_____________________________________
                                        Authorized Signatory

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

                                    By:_____________________________________
                                        Authorized Signatory

                                      C-12
<PAGE>

                                                                       EXHIBIT D
                                                                       ---------

                            FORM OF INVESTMENT LETTER

                          QUALIFIED INSTITUTIONAL BUYER

                                                              Dated:

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

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

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

Ladies and Gentlemen:

                  In connection with our proposed purchase of $___________
aggregate principal amount of Call Warrants (the "Call Warrants") representing
an interest in the Corporate Backed Trust Certificates Series 2001-23 Trust (the
"Trust"), the investor on whose behalf the undersigned is executing this letter
(the "Purchaser") confirms that:

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

                                      D-1
<PAGE>

and financial advisors in connection with its decision to purchase the Call
Warrants.

                  (ii) The Purchaser is (A) a "Qualified Institutional Buyer"
(as defined in Rule 144A under the Securities Act of 1933, as amended (the "1933
Act")) and has delivered to you a certificate substantially in the form attached
hereto as Annex I or Annex 2, as applicable and (B) acquiring the Call Warrants
for its own account or for the account of an investor of the type described in
clause (A) above as to each of which the Purchaser exercises sole investment
discretion. The Purchaser is purchasing the Call Warrants for investment
purposes and not with a view to, or for, the offer or sale in connection with, a
public distribution or in any other manner that would violate the 1933 Act or
the securities or blue sky laws of any state.

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

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

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

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

                                      D-2
<PAGE>

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

                                      D-3
<PAGE>

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

                               Very truly yours,

                               By:      ____________________________
                                        Name:
                                        Title:

                               [Medallion Stamp to be affixed here]

                                      D-4

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