Document:

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                                                             Executed in 6 Parts
                                                           Counterpart No. (   )

                              NATIONAL EQUITY TRUST

                        S&P 500 STRATEGY TRUST SERIES 15

                            REFERENCE TRUST AGREEMENT

     This Reference Trust Agreement dated November 14, 2001 among Prudential
Investment Management Services LLC, as Depositor, Prudential Securities
Incorporated, as Portfolio Supervisor, and The Bank of New York, as Trustee,
sets forth certain provisions in full and incorporates other provisions by
reference to the document entitled "National Equity Trust, Trust Indenture and
Agreement" (the "Basic Agreement") dated February 2, 2000. Such provisions as
are set forth in full herein and such provisions as are incorporated by
reference constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

     In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                    Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof, all the provisions contained
in the Basic Agreement are herein incorporated by reference in their entirety
and shall be deemed to be a part of this instrument as fully and to the same
extent as though said provisions had been set forth in full in this instrument.

     A. Article I, entitled "Definitions," shall be amended as follows:

     (i) Section 1.01-Definitions shall be amended to add the following
definition at the end thereof:

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                                      -2-

     "Portfolio Supervisor" of the Trust shall have the meaning assigned to it
in Part II of the Reference Trust Agreement.

     B. Article III, entitled "Administration of Trust," shall be amended as
follows:

     (i) The third paragraph of Section 3.05-Distribution shall be amended by
deleting any reference to Depositor and replacing it with Portfolio Supervisor.

     (ii) Section 3.14-Deferred Sales Charge shall be amended to add the
following sentences at the end thereof:

     "References to Deferred Sales Charge in this Trust Indenture and Agreement
     shall include any Creation and Development Fee indicated in the prospectus
     for a Trust. The Creation and Development Fee shall be payable on each date
     so designated and in an amount determined as specified in the prospectus
     for a Trust."

     C. Article VIII, entitled "Depositor," shall be amended as follows:

     (i) Section 8.07-Compensation shall be amended by deleting any reference to
Depositor and replacing it with Portfolio Supervisor.

     D. Article IX, entitled "Additional Covenants; Miscellaneous Provisions,"
shall be amended as follows:

     (i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities Incorporated at One Seaport Plaza,
New York, New York 10292" and replacing it with "Prudential Investment
Management LLC at 100 Mulberry Street, Gateway Center Three, Newark, New Jersey
07102".

                                    Part II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

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                                      -3-

     A. The Trust is denominated National Equity Trust, S&P 500 Strategy Trust
Series 15.

     B. The Units of the Trust shall be subject to a deferred sales charge.

     C. The publicly traded stocks listed in Schedule A hereto are those which,
subject to the terms of this Indenture, have been or are to be deposited in
Trust under this Indenture as of the date hereof.

     D. The term "Depositor" shall mean Prudential Investment Management
Services LLC.

     E. The term "Portfolio Supervisor" shall mean Prudential Securities
Incorporated.

     F. The aggregate number of Units referred to in Sections 2.03 and 9.01 of
the Basic Agreement is 125,000 as of the date hereof.

     G. A Unit of the Trust is hereby declared initially equal to 1/125,000th of
the Trust.

     H. The term "First Settlement Date" shall mean November 13, 2001.

     I. The terms "Computation Day" and "Record Date" mean on the tenth day of
       2002,        2002,        2002, and        2002.

     J. The term "Distribution Date" shall mean on the twenty-fifth day of
2002,        2002,         2002, and         2002.

     K. The term "Termination Date" shall mean ,         2002.

     L. The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999
and below units outstanding $.84 (per 1,000 Units) on the next 50,000,000 Units,
$.78 (per 1,000 Units) on the next 100,000,000 Units, and $.66 (per 1,000 Units)
on Units in excess of 200,000,000 Units. In calculating the Trustee's annual
fee, the fee applicable to the number of units outstanding shall apply to all
units outstanding.

     M. The Portfolio Supervisor's portfolio supervisory service fee shall be
$.25 per 1,000 Units.

               [Signatures and acknowledgments on separate pages]

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                                      -4-

The Schedule of Portfolio  Securities  in Part A of the  prospectus  included in
this  Registration  Statement for National Equity Trust,  S&P 500 Strategy Trust
Series 15 is hereby incorporated by reference herein as Schedule A hereto.<PAGE>

         ASSIGNMENT No. 18 OF RECEIVABLES IN ADDITIONAL ACCOUNTS, (this
"Assignment") dated as of November 1, 2001, by and between CHASE MANHATTAN BANK
USA, NATIONAL ASSOCIATION, a national banking corporation organized and existing
under the laws of the United States of America ("Chase USA"), and THE BANK OF
NEW YORK, a banking corporation organized and existing under the laws of the
State of New York (the "Trustee") pursuant to the Pooling and Servicing
Agreement referred to below.

                              W I T N E S S E T H:
                              --------------------

         WHEREAS, Chase USA, as Transferor on and after June 1, 1996, The Chase
Manhattan Bank, as Transferor prior to June 1, 1996 and as Servicer, and the
Trustee are parties to the Third Amended and Restated Pooling and Servicing
Agreement, dated as of November 15, 1999, as amended by the First Amendment
thereto dated as of March 31, 2001 (hereinafter as such agreement may have been,
or may from time to time be, amended, supplemented or otherwise modified, the
"Pooling and Servicing Agreement");

         WHEREAS, pursuant to the Pooling and Servicing Agreement, Chase USA
wishes to designate Additional Accounts of Chase USA to be included as Accounts
and to convey the Receivables of such Additional Accounts, whether now existing
or hereafter created, to the Trust as part of the corpus of the Trust (as each
such term is defined in the Pooling and Servicing Agreement); and

         WHEREAS, the Trustee is willing to accept such designation and
conveyance subject to the terms and conditions hereof;

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         NOW, THEREFORE, Chase USA and the Trustee hereby agree as follows:

              1.  Defined Terms.  All terms defined in the Pooling and
         Servicing Agreement and used herein shall have such defined meanings
         when used herein, unless otherwise defined herein.

              "Addition Date" shall mean, with respect to the Additional
Accounts designated hereby, November 1, 2001.

              "Notice Date" shall mean, with respect to the Additional Accounts
designated hereby, October 15, 2001.

              2. Designation of Additional Accounts. Chase USA shall deliver to
         the Trustee not later than five Business Days after the Addition Date,
         a computer file or microfiche list containing a true and complete list
         of each MasterCard and VISA account which as of the Addition Date shall
         be deemed to be an Additional Account, such accounts being identified
         by account number and by the amount of Receivables in such accounts as
         of the close of business on the Addition Date. Such list shall be
         delivered five Business Days after the date of this Assignment and
         shall be marked as Schedule 1 to this Assignment and, as of the
         Addition Date, shall be incorporated into and made a part of this
         Assignment.

              3. Conveyance of Receivables.

                  A. Chase USA does hereby transfer, assign, set-over and
                  otherwise convey to the Trustee on behalf of the Trust for the
                  benefit of the Certificateholders, without recourse on and
                  after the Addition Date, all right, title and interest of
                  Chase USA in and to the Receivables now existing and hereafter
                  created in the Additional Accounts designated hereby, all
                  monies due or to become due with respect thereto (including
                  all Finance Charge Receivables) and all proceeds of such
                  Receivables, Recoveries, Interchange, Insurance Proceeds
                  relating to such Receivables and the proceeds of any of the
                  foregoing.

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                  B. In connection with such transfer, Chase USA agrees to
                  record and file, at its own expense, a financing statement
                  with respect to the Receivables now existing and hereafter
                  created in the Additional Accounts designated hereby (which
                  may be a single financing statement with respect to all such
                  Receivables) for the transfer of accounts as defined in
                  Section 9-102 of the UCC as in effect in the State of New York
                  meeting the requirements of applicable state law in such
                  manner and such jurisdictions as are necessary to perfect the
                  assignment of such Receivables to the Trustee on behalf of the
                  Trust for the benefit of the Certificateholders (the "Secured
                  Party"), and to deliver a file-stamped copy of such financing
                  statement or other evidence of such filing (which may, for
                  purposes of this Section 3, consist of telephone confirmation
                  of such filing) to the Trustee on or prior to the date of this
                  Assignment.

                  C. In connection with such transfer, Chase USA further agrees,
                  at its own expense, on or prior to the date of this Assignment
                  to indicate in its computer files that Receivables created in
                  connection with the Additional Accounts designated hereby have
                  been transferred to the Trust pursuant to this Assignment for
                  the benefit of the Certificateholders.

                  D. Chase USA hereby grants to the Secured Party a security
                  interest in all of Chase USA's right, title and interest in,
                  to and under the Receivables now existing and hereafter
                  created in the Additional Accounts designated hereby, all
                  monies due or to become due with respect to such Receivables,
                  Insurance Proceeds relating to such Receivables, Recoveries,
                  Interchange and the proceeds to any of the foregoing to secure
                  a loan in an amount equal to the unpaid principal amount of
                  the Investor Certificates issued or to be issued pursuant to
                  the Pooling and Servicing Agreement and the interests accrued
                  at the related Certificate Rates, and this Assignment shall
                  constitute a security agreement under applicable law. Chase
                  USA shall execute continuation statements and provide other
                  further assurances to maintain the perfection and priority of
                  such security interest of the Secured Party.

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              4. Acceptance by Trustee. The Trustee hereby acknowledges its
         acceptance on behalf of the Trust for the benefit of the
         Certificateholders of all right, title and interest previously held by
         Chase USA in and to the Receivables now existing and hereafter created,
         and declares that it shall maintain such right, title and interest,
         upon the Trust herein set forth, for the benefit of all
         Certificateholders.

              5.  Representations and Warranties of Chase USA.  Chase USA
         hereby represents and warrants to the Secured Party as of the
         Addition Date:

                  A. Legal, Valid and Binding Obligation. This Assignment
                  constitutes a legal, valid and binding obligation of Chase USA
                  enforceable against Chase USA in accordance with its terms,
                  except as such enforceability may be limited by applicable
                  bankruptcy, insolvency, reorganization, moratorium or other
                  similar laws now or hereafter in effect affecting the
                  enforcement of creditors' rights in general and the rights of
                  creditors of banking associations and except as such
                  enforceability may be limited by general principles of equity
                  (whether considered in a suit at law or in equity).

                  B. Eligibility of Accounts and Receivables. Each Additional
                  Account designated hereby is an Eligible Account and each
                  Receivable in such Additional Account is an Eligible
                  Receivable.

                  C. Selection Procedures.  No selection procedures believed by
                  Chase USA to be materially adverse to the interests of the
                  Investor Certificateholders were utilized in selecting the
                  Additional Accounts designated hereby from the available
                  Eligible Accounts in the Bank Portfolio.

                  D. Insolvency. Chase USA is not insolvent and, after giving
                  effect to the conveyance set forth in Section 3 of this
                  Assignment, will not be insolvent.

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                  E. Security Interest. This Assignment constitutes either: (i)
                  a valid transfer and assignment to the Trust of all right,
                  title and interest of Chase USA in and to Receivables now
                  existing and hereafter created in the Additional Accounts
                  designated hereby, and all proceeds (as defined in the UCC) of
                  such Receivables and Insurance Proceeds relating thereto, and
                  such Receivables and any proceeds thereof and Insurance
                  Proceeds relating thereto will be held by the Secured Party
                  free and clear of any Lien of any Person claiming through or
                  under Chase USA or any of its Affiliates except for (x) Liens
                  permitted under subsection 2.5(b) of the Pooling and Servicing
                  Agreement, (y) the interest of the holder of the Transferor
                  Certificate and (z) Chase USA's right to receive interest
                  accruing on, and investment earnings in respect of, the
                  Finance Charge Account and the Principal Account as provided
                  in the Pooling and Servicing Agreement; or (ii) a valid and
                  continuing security interest (as defined in the UCC) in the
                  Additional Accounts in favor of the Secured Party, the
                  proceeds (as defined in the UCC) thereof and Insurance
                  Proceeds relating thereto, upon the conveyance of such
                  Receivables to the Trust, which security interest is prior to
                  all other Liens, and is enforceable against creditors of and
                  purchasers from Chase USA, and which will be enforceable with
                  respect to the Receivables thereafter created in respect of
                  Additional Accounts designated hereby, the proceeds (as
                  defined in the UCC) thereof and Insurance Proceeds relating
                  thereto, upon such creation; and (iii) if this Assignment
                  constitutes the grant of a security interest to the Secured
                  Party in such property, upon the filing of a financing
                  statement described in Section 3 of this Assignment with
                  respect to the Additional Accounts designated hereby and in
                  the case of the Receivables of such Additional Accounts
                  thereafter created and the proceeds (as defined in the UCC)
                  thereof, and Insurance Proceeds relating to such Receivables,
                  upon such creation, the Secured Party shall have a first
                  priority perfected security interest in such property (subject
                  to Section 9-315 the UCC as in effect in the State of
                  Delaware), except for Liens permitted under subsection 2.5(b)
                  of the Pooling and Servicing Agreement. Chase USA has caused
                  or will have caused, within ten days, the filing of all
                  appropriate financing statements in the proper filing office
                  in the appropriate jurisdictions under applicable law in order
                  to perfect the security interest in the Receivables granted to
                  the Secured Party hereunder. The Receivables constitute
                  "accounts" within the meaning of the applicable UCC.
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                  F. Other Liens. Other than the security interest granted to
                  the Secured Party pursuant to this Assignment, Chase USA has
                  not pledged, assigned, sold, granted a security interest in,
                  or otherwise conveyed any of the Receivables. Chase USA has
                  not authorized the filing of and is not aware of any financing
                  statements against Chase USA that include a description of
                  collateral covering the Receivables other than any financing
                  statement (i) relating to the security interest granted to the
                  Secured Party hereunder, (ii) that has been terminated, or
                  (iii) that names The Bank of New York as secured party. Chase
                  USA is not aware of any judgment or tax lien filings against
                  Chase USA. Chase USA owns and has good and marketable title to
                  the Receivables free and clear of any Lien, claim or
                  encumbrance of any Person.

                  G. Breach of Representations and Warranties. The provision set
                  forth in Section 2.4(d) of the Pooling and Servicing Agreement
                  shall be applicable to any breach of the representations and
                  warranties of this Section 5 with respect to any Receivable.

              6. Conditions Precedent.  The acceptance by the Trustee set
         forth in Section 4 and the amendment of the Pooling and Servicing
         Agreement set forth in Section 7 are subject to the satisfaction, on or
         prior to the Addition Date, of the following conditions precedent:

                  H. Officer's Certificate. Chase USA shall have delivered to
                  the Trustee a certificate of a Vice President or more senior
                  officer substantially in the form of Schedule 2 hereto,
                  certifying that (i) all requirements set forth in Section 2.6
                  of the Pooling and Servicing Agreement for designating
                  Additional Accounts and conveying the Principal Receivables of
                  such Account, whether now existing or hereafter created, have
                  been satisfied and (ii) each of the representations and
                  warranties made by Chase USA in Section 5 is true and correct
                  as of the Addition Date. The Trustee may conclusively rely on
                  such Officer's Certificate, shall have no duty to make
                  inquiries with regard to the matters set forth therein, and
                  shall incur no liability in so relying.
<PAGE>

                  I. Opinion of Counsel. Chase USA shall have delivered to the
                  Trustee an Opinion of Counsel with respect to the Additional
                  Accounts designated hereby substantially in the form of
                  Exhibit E to the Pooling and Servicing Agreement.

              7. Amendment of the Pooling and Servicing Agreement. The Pooling
         and Servicing Agreement is hereby amended to provide that all
         references therein to the "Pooling and Servicing Agreement," to "this
         Agreement" and "herein" shall be deemed from and after the Addition
         Date to be a dual reference to the Pooling and Servicing Agreement as
         supplemented by this Assignment and by Assignment No. 1 of Receivables
         in Additional Accounts, dated as of July 1, 1996, Assignment No. 2 of
         Receivables in Additional Accounts, dated as of September 1, 1996,
         Assignment No.3 of Receivables in Additional Accounts, dated as of
         December 1, 1997, Assignment No. 4 of Receivables in Additional
         Accounts, dated as of February 1, 1998, Assignment No. 5 of Receivables
         in Additional Accounts, dated as of April 1, 1998, Assignment No. 6 of
         Receivables in Additional Accounts, dated as of August 1, 1998,
         Assignment No. 7 of Receivables in Additional Accounts, dated as of
         November 1, 1998, Assignment No. 8 of Receivables in Additional
         Accounts, dated as of February 1, 1999, Assignment No. 9 of Receivables
         in Additional Accounts, dated as of April 1, 1999, Assignment No. 10 of
         Receivables in Additional Accounts, dated as of July 1, 1999,
         Assignment No. 11 of Receivables in Additional Accounts, dated as of
         October 1, 1999, Assignment No. 12 of Receivables in Additional
         Accounts, dated as of February 1, 2000, Assignment No. 13 of
         Receivables in Additional Accounts, dated as of April 1, 2000,
         Assignment No. 14 of Receivables in Additional Accounts, dated as of
         May 1, 2000, Assignment No. 15 of Receivables in Additional Accounts,
         dated as of August 1, 2000, Assignment No. 16 of Receivables in
         Additional Accounts, dated as of July 1, 2001, Assignment No. 17 dated
         as of September 1, 2001, Reassignment No. 1 of Receivables in Removed
         Accounts, dated as of September 30, 1997 and Reassignment No. 2 of
         Receivables in Removed Accounts, dated as of December 1, 1997. Except
         as expressly amended hereby, all of the representations, warranties,
         terms, covenants and conditions to the Pooling and Servicing Agreement
         shall remain unamended and shall continue to be, and shall remain, in
         full force and effect in accordance with its terms and except as
         expressly provided herein shall not constitute or be deemed to
         constitute a waiver of compliance with or a consent to noncompliance
         with any term or provisions of the Pooling and Servicing Agreement.
<PAGE>

              8. Survival. The representations, warranties and covenants of the
         parties hereto shall survive the assignment of the Receivables pursuant
         to this Assignment and the termination of this Assignment, and shall
         inure to the benefit of the Trust. Notwithstanding to the contrary in
         this Assignment, the representations and warranties of the Chase USA
         herein shall not survive after the tenth (10th) anniversary of the
         Addition Date.

              9. Waivers and Amendments. This Assignment may be amended,
         superseded, canceled, renewed or extended and the terms hereof may be
         waived, only by a written instrument signed by authorized
         representatives of the parties or, in the case of a waiver, by an
         authorized representative of the party waiving compliance and, in all
         cases, subject to confirmation by each Rating Agency then rating any
         Investor Certificates. No such written instrument shall be effective
         unless it expressly recites that it is intended to amend, supersede,
         cancel, renew or extend this Assignment or to waive compliance with one
         or more of the terms hereof, as the case may be. No delay on the part
         of any party in exercising any right, power or privilege hereunder
         shall operate as a waiver thereof, nor shall any waiver on the part of
         any party of any such right, power or privilege, or any single or
         partial exercise of any such right, power or privilege, preclude any
         further exercise thereof or the exercise of any other such right, power
         or privilege.

              10. Counterparts.  This Assignment may be executed in two or
         more counterparts (and by different parties on separate counterparts),
         each of which shall be an original, but all of which together shall
         constitute one and the same instrument.
<PAGE>

              11. GOVERNING LAW. THIS AGREEMENT 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 PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Assignment of
Receivables in Additional Accounts to be duly executed and delivered by their
respective duly authorized officers on the day and year first above written.

                                                    CHASE MANHATTAN BANK USA,
                                                    NATIONAL ASSOCIATION

                                                    By: /s/ Patricia Garvey
                                                       -------------------------
                                                       Name:  Patricia Garvey
                                                       Title:

                                                    THE BANK OF NEW YORK,
                                                     as Trustee

                                                    By: /s/ Daniel Rothman
                                                       -------------------------
                                                       Name:  Daniel Rothman
                                                       Title:

<PAGE>

                                                                     Schedule 1

                                                               to Assignment of

                                                                 Receivables in

                                                            Additional Accounts

                               ADDITIONAL ACCOUNTS

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