Document:

EXHIBIT 4.6

<PAGE>

                                                             EXECUTION VERSION

===============================================================================

                   CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                                  (Depositor)

                                      and

                                   NCB, FSB
                                   (Seller)

                 --------------------------------------------

                       MORTGAGE LOAN PURCHASE AGREEMENT

                         Dated as of February 26, 2004
                 --------------------------------------------

===============================================================================

<PAGE>

                               TABLE OF CONTENTS

                                                                            Page
                                                                            ----

Section 1.    Transactions on or Prior to the Closing Date.....................1
Section 2.    Closing Date Actions.............................................1
Section 3.    Conveyance of Mortgage Loans.....................................2
Section 4.    Depositor's Conditions to Closing................................7
Section 5.    Seller's Conditions to Closing...................................9
Section 6.    Representations and Warranties of Seller.........................9
Section 7.    Obligations of Seller...........................................12
Section 8.    Crossed Mortgage Loans..........................................15
Section 9.    [Reserved]......................................................15
Section 10.   Representations and Warranties of Depositor.....................15
Section 11.   Survival of Certain Representations, Warranties and Covenants...16
Section 12.   Transaction Expenses............................................16
Section 13.   Recording Costs and Expenses....................................16
Section 14.   Notices.........................................................17
Section 15.   Examination of Mortgage Files...................................17
Section 16.   Successors......................................................17
Section 17.   Governing Law...................................................17
Section 18.   Severability....................................................18
Section 19.   Further Assurances..............................................18
Section 20.   Counterparts....................................................18
Section 21.   Treatment as Security Agreement.................................18
Section 22.   Recordation of Agreement........................................19

Schedule I        Schedule of Transaction Terms
Schedule II       Mortgage Loan Schedule
Schedule III      Mortgage Loans Constituting Mortgage Groups
Schedule IV       Mortgage Loans with Lost Notes
Schedule V        Exceptions to Seller's Representations and Warranties
Exhibit A         Representations and Warranties Regarding the Mortgage Loans
Exhibit B         Form of Lost Note Affidavit

                                       -i-
<PAGE>

                       MORTGAGE LOAN PURCHASE AGREEMENT

          This Mortgage Loan Purchase Agreement (this "Agreement"), dated as
of February 26, 2004, is made by and between NCB, FSB, a federal savings bank
chartered by the Office of Thrift Supervision of the U.S. Department of
Treasury ("Seller"), and CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,
a Delaware corporation ("Depositor").

                                   RECITALS

          I.  Capitalized terms used herein without definition have the
meanings ascribed to them in the Schedule of Transaction Terms attached hereto
as Schedule I, which is incorporated herein by this reference, or, if not
defined therein, in the Pooling and Servicing Agreement specified on such
Schedule of Transaction Terms.

          II.  On the Closing Date, and on the terms set forth herein, Seller
has agreed to sell to Depositor and Depositor has agreed to purchase from
Seller the mortgage loans identified on the schedule (the "Mortgage Loan
Schedule") annexed hereto as Schedule II (each such mortgage loan, a "Mortgage
Loan" and, collectively, the "Mortgage Loans"). Depositor intends to deposit
the Mortgage Loans and other assets into a trust fund (the "Trust Fund")
created pursuant to the Pooling and Servicing Agreement and to cause the
issuance of the Certificates.

                                   AGREEMENT

          NOW, THEREFORE, on the terms and conditions set forth below and for
good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, Depositor and Seller agree as follows:

          Section 1.  Transactions on or Prior to the Closing Date. On or prior
to the Closing Date, Seller shall have delivered the Mortgage Files with
respect to each of the Mortgage Loans listed in the Mortgage Loan Schedule to
Wells Fargo Bank, N.A. as trustee (the "Trustee") or its designee, against
receipt by Seller of a written receipt, pursuant to an arrangement between
Seller and the Trustee; provided, however, that item (xvi) in the definition
of Mortgage File (below) shall be delivered to the applicable Master Servicer
for inclusion in the Servicer File (defined below) with a copy delivered to
the Trustee for inclusion in the Mortgage File; and provided, further, that
Seller shall pay (or cause the related Borrower to pay) any costs of the
assignment or amendment of each letter of credit described under said item
(xvi) required in order for the Trustee to draw on such letter of credit
pursuant to the terms of the Pooling and Servicing Agreement and shall deliver
the related assignment or amendment documents within thirty (30) days after
the Closing Date. In addition, prior to such assignment or amendment of a
letter of credit, Seller will take all necessary steps to enable the
applicable Master Servicer to draw on the related letter of credit on behalf
of the Trustee pursuant to the terms of the Pooling and Servicing Agreement,
including, if necessary, drawing on the letter of credit in its own name
pursuant to written instructions to draw from the applicable Master Servicer
and upon receipt, immediately remitting the proceeds of such draw (or causing
such proceeds to be remitted) to the applicable Master Servicer.

          Section 2. Closing Date Actions. The sale of the Mortgage Loans
shall take place on the Closing Date, subject to and simultaneously with the
deposit of the Mortgage Loans into the Trust Fund, the issuance of the
Certificates and the sale of (a) the Publicly Offered Certificates by
Depositor to

<PAGE>

the Underwriters pursuant to the Underwriting Agreement and (b) the Private
Certificates by Depositor to the Initial Purchaser pursuant to the Certificate
Purchase Agreement. The closing (the "Closing") shall take place at the
offices of Sidley Austin Brown & Wood LLP, 787 Seventh Avenue, New York, New
York 10019, or such other location as agreed upon between the parties hereto.
On the Closing Date, the following actions shall take place in sequential
order on the terms set forth herein:

               (i) Seller shall sell to Depositor, and Depositor shall
     purchase from Seller, the Mortgage Loans pursuant to this Agreement for
     the Mortgage Loan Purchase Price payable in accordance with instructions
     previously provided to Depositor by Seller. The Mortgage Loan Purchase
     Price shall be paid by Depositor to Seller or at its direction by wire
     transfer in immediately available funds to an account designated by
     Seller on or prior to the Closing Date. The "Mortgage Loan Purchase
     Price" paid by Depositor shall be equal to the amount that Depositor and
     Seller have mutually agreed upon as the "Net Securitization
     Proceeds/Fees" under the heading "NCB, FSB Share" in the Closing
     Statement (which amount includes, without limitation, accrued interest
     and is less those costs and expenses to be paid by Seller, including
     those expenses to be paid pursuant to Section 12 hereof).

               (ii) Pursuant to the terms of the Pooling and Servicing
     Agreement, Depositor shall sell all of its right, title and interest in
     and to the Mortgage Loans to the Trustee for the benefit of the Holders
     of the Certificates.

               (iii) Depositor shall sell to the Underwriters, and the
     Underwriters shall purchase from Depositor, the Publicly Offered
     Certificates pursuant to the Underwriting Agreement, and Depositor shall
     sell to the Initial Purchaser, and the Initial Purchaser shall purchase
     from Depositor, the Private Certificates pursuant to the Certificate
     Purchase Agreement.

               (iv) The Underwriters will offer the Publicly Offered
     Certificates for sale to the public pursuant to the Prospectus and the
     Prospectus Supplement and the Initial Purchaser will privately place
     certain classes of the Private Certificates pursuant to the Offering
     Circular.

          Section 3. Conveyance of Mortgage Loans. On the Closing Date, Seller
shall sell, convey, assign and transfer, subject to any related servicing
rights of any applicable Master Servicer under, and/or any applicable Primary
Servicer contemplated by, the Pooling and Servicing Agreement, without
recourse except as provided herein, to Depositor, free and clear of any liens,
claims or other encumbrances, all of Seller's right, title and interest in, to
and under: (i) each of the Mortgage Loans identified on the Mortgage Loan
Schedule and (ii) all property of Seller described in Section 21(b) of this
Agreement, including, without limitation, (A) all scheduled payments of
interest and principal due on or with respect to the Mortgage Loans after the
Cut-off Date and (B) all other payments of interest, principal or prepayment
premiums received on or with respect to the Mortgage Loans after the Cut-off
Date, other than any such payments of interest or principal or prepayment
premiums that were due on or prior to the Cut-off Date. The Mortgage File for
each Mortgage Loan shall contain the following documents on a collective
basis:

               (i) the original Note (or with respect to those Mortgage Loans
     listed in Schedule IV hereto, a "lost note affidavit" substantially in
     the form of Exhibit B hereto and a true and complete copy of the Note),
     bearing, or accompanied by, all prior and intervening endorsements or
     assignments showing a complete chain of endorsement or assignment from
     the Mortgage Loan Originator either in blank or to Seller, and further
     endorsed (at the direction of

                                     -2-
<PAGE>

     Depositor given pursuant to this Agreement) by Seller, on its face or by
     allonge attached thereto, without recourse, either in blank or to the
     order of the Trustee in the following form: "Pay to the order of Wells
     Fargo Bank, N.A., as trustee for the registered Holders of Credit Suisse
     First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
     Certificates, Series 2004-C1, without recourse, representation or
     warranty, express or implied";

               (ii) a duplicate original Mortgage or a counterpart thereof or,
     if such Mortgage has been returned by the related recording office, (A)
     an original, (B) a certified copy or (C) a copy thereof from the
     applicable recording office, and originals or counterparts (or originals,
     certified copies or copies from the applicable recording office) of any
     intervening assignments thereof from the Mortgage Loan Originator to
     Seller, in each case in the form submitted for recording or, if recorded,
     with evidence of recording indicated thereon;

               (iii) an original assignment of the Mortgage, in recordable
     form (except for any missing recording information and, if applicable,
     completion of the name of the assignee), from Seller (or the Mortgage
     Loan Originator) either in blank or to "Wells Fargo Bank, N.A., as
     trustee for the registered Holders of Credit Suisse First Boston Mortgage
     Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
     2004-C1";

               (iv) an original, counterpart or copy of any related Assignment
     of Leases (if such item is a document separate from the Mortgage), and
     the originals, counterparts or copies of any intervening assignments
     thereof from the Mortgage Loan Originator of the Loan to Seller, in each
     case in the form submitted for recording or, if recorded, with evidence
     of recording thereon;

               (v) an original assignment of any related Assignment of Leases
     (if such item is a document separate from the Mortgage), in recordable
     form (except for any missing recording information and, if applicable,
     completion of the name of the assignee), from Seller (or the Mortgage
     Loan Originator), either in blank or to "Wells Fargo Bank, N.A., as
     trustee for the registered Holders of Credit Suisse First Boston Mortgage
     Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
     2004-C1";

               (vi) an original or true and complete copy of any related
     Security Agreement (if such item is a document separate from the
     Mortgage), and the originals or copies of any intervening assignments
     thereof from the Mortgage Loan Originator to Seller;

               (vii) an original assignment of any related Security Agreement
     (if such item is a document separate from the Mortgage), from Seller (or
     the Mortgage Loan Originator) either in blank or to "Wells Fargo Bank,
     N.A., as trustee for the registered Holders of Credit Suisse First Boston
     Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates,
     Series 2004-C1," which assignment may be included as part of an omnibus
     assignment covering other documents relating to the Mortgage Loan
     (provided that such omnibus assignment is effective under applicable
     law);

               (viii) originals or copies of all (A) assumption agreements, (B)
     modifications, (C) written assurance agreements and (D) substitution
     agreements, together with any evidence of recording thereon or in the
     form submitted for recording, in those instances where the terms or
     provisions of the Mortgage, Note or any related security document have
     been modified or the Mortgage Loan has been assumed;

                                     -3-
<PAGE>

               (ix) the original lender's title insurance policy or a copy
     thereof (together with all endorsements or riders that were issued with
     or subsequent to the issuance of such policy), or if the policy has not
     yet been issued, the original or a copy of a binding written commitment
     (which may be a pro forma or specimen title insurance policy which has
     been accepted or approved in writing by the related title insurance
     company) or interim binder that is marked as binding and countersigned by
     the title company, insuring the priority of the Mortgage as a first lien
     on the related Mortgaged Property, relating to such Mortgage Loan;

               (x) the original or a counterpart of any guaranty of the
     obligations of the Borrower under the Mortgage Loan;

               (xi) UCC acknowledgement, certified or other copies of all UCC
     Financing Statements and continuation statements which show the filing or
     recording thereof (including the filing number or other similar filing
     information) or, alternatively, other evidence of filing or recording
     (including the filing number or other similar filing information)
     acceptable to the Trustee (including, without limitation, evidence of
     such filed or recorded UCC Financing Statement as shown on a written UCC
     search report from a reputable search firm, such as Corporation Service
     Company, CT Corporation System and the like or printouts of on-line
     confirmations from such UCC filing or recording offices or authorized
     agents thereof), sufficient to perfect (and maintain the perfection of)
     the security interest held by the Mortgage Loan Originator (and each
     assignee of record prior to the Trustee) in and to the personalty of the
     Borrower at the Mortgaged Property, and original UCC Financing Statement
     assignments, in a form suitable for filing or recording, sufficient to
     assign each such UCC Financing Statement to the Trustee;

               (xii) the original or copy of the power of attorney (with
     evidence of recording thereon) granted by the Borrower if the Mortgage,
     Note or other document or instrument referred to above was not signed by
     the Borrower;

               (xiii) an original or copy of any subordination agreement,
     standstill agreement or other intercreditor, co-lender or similar
     agreement relating to subordinate indebtedness, including any mezzanine
     loan documents or preferred equity documents;

               (xiv) with respect to any Cash Collateral Accounts and Lock-Box
     Accounts, an original or copy of any related account control agreement;

               (xv) an original or copy of any related Loan Agreement (if
     separate from the related Mortgage), and an original or copy of any
     related Lock-Box Agreement or Cash Collateral Account Agreement (if
     separate from the related Mortgage and Loan Agreement);

               (xvi) the originals and copies of letters of credit, if any,
     relating to the Mortgage Loans and amendments thereto which entitles the
     Trust to draw thereon; provided that in connection with the delivery of
     the Mortgage File to the Trust, such originals shall be delivered to the
     applicable Master Servicer and copies thereof shall be delivered to the
     Trustee;

               (xvii) any related environmental insurance policy and any
     environmental guarantee or indemnity agreement or copies thereof;

                                     -4-
<PAGE>

               (xviii) the original or a copy of the ground lease and ground
     lease estoppels, if any, and any amendments, modifications or extensions
     thereto, if any, or certified copies thereof; and

               (xix) copies of franchise agreements and franchisor comfort
     letters, if any, for hospitality properties and any applicable
     transfer/assignment documents.

          Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an
original, counterpart or certified copy, as applicable, of any of the
documents and/or instruments required to be delivered pursuant to clauses
(ii), (iv), (viii), (xi) (other than assignments of UCC Financing Statements
to be recorded or filed in accordance with the transfer contemplated by this
Agreement) and (xii) of the last sentence of the first paragraph of this
Section 3, with evidence of recording or filing thereon on the Closing Date,
solely because of a delay caused by the public recording or filing office
where such document or instrument has been delivered for recordation or
filing, Seller: (i) shall deliver, or cause to be delivered, to the Trustee or
its designee a duplicate original or true copy of such document or instrument
certified by the applicable public recording or filing office, the applicable
title insurance company or Seller to be a true and complete duplicate original
or copy of the original thereof submitted for recording or filing; and (ii)
shall deliver, or cause to be delivered, to the Trustee or its designee either
the original of such non-delivered document or instrument, or a photocopy
thereof (certified by the appropriate public recording or filing office to be
a true and complete copy of the original thereof submitted for recording or
filing), with evidence of recording or filing thereon, within 120 days after
the Closing Date, which period may be extended up to two times, in each case
for an additional period of 45 days (provided that Seller, as certified in
writing to the Trustee prior to each such 45-day extension, is in good faith
attempting to obtain from the appropriate recording or filing office such
original or photocopy). Compliance with this paragraph will satisfy Seller's
delivery requirements under this Section 3 with respect to the subject
document(s) and instrument(s).

          Notwithstanding the foregoing, in the event that, in connection with
any Mortgage Loan, Seller cannot deliver, or cause to be delivered, an
original, counterpart or certified copy, as applicable, of any of the
documents and/or instruments required to be delivered pursuant to clauses
(ii), (iv), (viii), (xi) (other than assignments of UCC Financing Statements
to be recorded or filed in accordance with the transfer contemplated by this
Agreement) and (xi) of the last sentence of the first paragraph of this
Section 3, with evidence of recording or filing thereon for any other reason,
including without limitation, that such non-delivered document or instrument
has been lost, the delivery requirements of this Agreement shall be deemed to
have been satisfied and such non-delivered document or instrument shall be
deemed to have been included in the related Mortgage File if a photocopy of
such non-delivered document or instrument (with evidence of recording or
filing thereon and certified by the appropriate recording or filing office to
be a true and complete copy of the original thereof as filed or recorded) is
delivered to the Trustee or its designee on or before the Closing Date.

          Notwithstanding the foregoing, in the event that Seller cannot
deliver any UCC Financing Statement assignment with the filing or recording
information of the related UCC Financing Statement with respect to any
Mortgage Loan, solely because such UCC Financing Statement has not been
returned by the public filing or recording office where such UCC Financing
Statement has been delivered for filing or recording, Seller shall so notify
the Trustee or its designee and shall not be in breach of its obligations with
respect to such delivery, provided that Seller promptly forwards such UCC
Financing Statement to

                                     -5-
<PAGE>

the Trustee or its designee upon its return, together with the related
original UCC Financing Statement assignment in a form appropriate for filing
or recording.

          Notwithstanding the foregoing, Seller may, at its sole cost and
expense, but is not obligated to, engage a third-party contractor to prepare
or complete in proper form for filing or recording any and all assignments of
Mortgage, assignments of Assignments of Leases and assignments of UCC
Financing Statements to the Trustee to be delivered pursuant to clauses (iii),
(v) and (xi) of the last sentence of the first paragraph of this Section 3
(collectively, the "Assignments"), to submit those Assignments for filing and
recording, as the case may be, in the applicable public filing and recording
offices and to deliver those Assignments to the Trustee or its designee as
those Assignments (or certified copies thereof) are received from the
applicable filing and recording offices with evidence of such filing or
recording indicated thereon. However, in the event Seller engages a
third-party contractor as contemplated in the immediately preceding sentence,
the rights, duties and obligations of Seller pursuant to this Agreement remain
binding on Seller; and, if Seller does not engage a third party as
contemplated by the immediately preceding sentence, then Seller will still be
liable for recording and filing fees and expenses of the Assignments as and to
the extent contemplated by Section 13 hereof.

          Within ten (10) Business Days after the Closing Date, Seller shall
deliver the Servicer Files with respect to each of the Mortgage Loans to the
applicable Master Servicer (or, if applicable, to a Sub-Servicer (with a copy
to the applicable Master Servicer) at the direction of the applicable Master
Servicer), under the Pooling and Servicing Agreement on behalf of the Trustee
in trust for the benefit of the Certificateholders. Each such Servicer File
shall contain all documents and records in Seller's possession relating to
such applicable Mortgage Loans (including reserve and escrow agreements, cash
management agreements, lockbox agreements, financial statements, operating
statements and any other information provided by the respective Borrower from
time to time, but excluding any documents and other writings not enumerated in
this parenthetical that have been prepared by Seller or any of its Affiliates
solely for internal credit analysis or other internal uses or any
attorney-client privileged communication) that are not required to be a part
of a Mortgage File in accordance with the definition thereof, together with
copies of all instruments and documents which are required to be a part of the
related Mortgage File in accordance with the definition thereof.

          For purposes of this Section 3, and notwithstanding any contrary
provision hereof or of the definition of "Mortgage File", if there exists with
respect to any group of Crossed Mortgage Loans only one original or certified
copy of any document or instrument described in the definition of "Mortgage
File" which pertains to all of the Crossed Mortgage Loans in such group of
Crossed Mortgage Loans, the inclusion of the original or certified copy of
such document or instrument in the Mortgage File for any of such Crossed
Mortgage Loans and the inclusion of a copy of such original or certified copy
in each of the Mortgage Files for the other Crossed Mortgage Loans in such
group of Crossed Mortgage Loans, shall be deemed the inclusion of such
original or certified copy, as the case may be, in the Mortgage File for each
such Crossed Mortgage Loan.

          Seller shall, promptly after the Closing Date, but in all events
within three (3) Business Days after the Closing Date, cause all funds on
deposit in escrow accounts maintained with respect to the Mortgage Loans in
the name of Seller or any other name, to be transferred to or at the direction
of the applicable Master Servicer (or, if applicable, to a Sub-Servicer at the
direction of the applicable Master Servicer).

                                     -6-
<PAGE>

          The Trustee, as assignee or transferee of Depositor, shall be
entitled to all scheduled principal payments due after the Cut-off Date, all
other payments of principal due and collected after the Cut-off Date, and all
payments of interest on the Mortgage Loans, minus that portion of any such
payment which is allocable to the period on or prior to the Cut-off Date. All
scheduled payments of principal due on or before the Cut-off Date and
collected after the Cut-off Date, together with the accompanying interest
payments, shall belong to Seller.

          Upon the sale of the Mortgage Loans from Seller to Depositor
pursuant hereto, the ownership of each Note, the related Mortgage and the
contents of the related Mortgage File shall be vested in Depositor and the
ownership of all records and documents with respect to the related Mortgage
Loan prepared by or which come into the possession of Seller as seller of the
Mortgage Loans hereunder, exclusive in each case of documents prepared by
Seller or any of its Affiliates solely for internal credit analysis or other
internal uses or any attorney-client privileged communication, shall
immediately vest in Depositor. All Monthly Payments, Principal Prepayments and
other amounts received by Seller and not otherwise belonging to Seller
pursuant to this Agreement shall be sent by Seller within three (3) Business
Days after Seller's receipt thereof to the applicable Master Servicer via wire
transfer for deposit by the applicable Master Servicer into the Collection
Account.

          Seller shall, under generally accepted accounting principles
("GAAP"), report its transfer of the Mortgage Loans to Depositor, as provided
herein, as a sale of the Mortgage Loans to Depositor in exchange for the
consideration specified in Section 2 hereof. In connection with the foregoing,
Seller shall cause all of its financial and accounting records to reflect such
transfer as a sale (as opposed to a secured loan). Seller shall at all times
following the Closing Date cause all of its records and financial statements
and any relevant consolidated financial statements of any direct or indirect
parent to clearly reflect that the Mortgage Loans have been transferred to
Depositor and are no longer available to satisfy claims of Seller's creditors.

          After Seller's transfer of the Mortgage Loans to Depositor, as
provided herein, Seller shall not take any action inconsistent with
Depositor's ownership (or the ownership by any of Depositor's assignees) of
the Mortgage Loans. Except for actions that are the express responsibility of
another party hereunder or under the Pooling and Servicing Agreement, and
further except for actions that Seller is expressly permitted to complete
subsequent to the Closing Date, Seller shall, on or before the Closing Date,
take all actions required under applicable law to effectuate the transfer of
the Mortgage Loans by Seller to Depositor.

          Section 4. Depositor's Conditions to Closing. The obligations of
Depositor to purchase the Mortgage Loans and pay the Mortgage Loan Purchase
Price at the Closing Date under the terms of this Agreement are subject to the
satisfaction of each of the following conditions at or before the Closing:

          (a) Each of the obligations of Seller required to be performed by it
on or prior to the Closing Date pursuant to the terms of this Agreement shall
have been duly performed and complied with in all material respects; all of
the representations and warranties of Seller under this Agreement (subject to
the exceptions set forth in the Exception Report) shall be true and correct in
all material respects as of the Closing Date; no event shall have occurred
with respect to Seller or any of the Mortgage Loans and related Mortgage Files
which, with notice or the passage of time, would constitute a material default
under this Agreement; and Depositor shall have received certificates to the
foregoing effect signed by authorized officers of Seller.

                                     -7-
<PAGE>

          (b) Depositor, or if directed by Depositor, the Trustee or
Depositor's attorneys or other designee, shall have received in escrow, all of
the following closing documents, in such forms as are agreed upon and
reasonably acceptable to Depositor and Seller, duly executed by all
signatories other than Depositor, as required pursuant to the respective terms
thereof:

               (i) the Mortgage Files, subject to the provisos of Section 1 of
     this Agreement, which shall have been delivered to and held by the
     Trustee or its designee on behalf of Seller;

               (ii) the Mortgage Loan Schedule;

               (iii) the certificate of Seller confirming its representations
     and warranties set forth in Section 6(a) (subject to the exceptions set
     forth in the Exception Report) as of the Closing Date;

               (iv) an opinion or opinions of Seller's counsel, dated the
     Closing Date, covering various corporate matters and such other matters
     as shall be reasonably required by Depositor; provided that (A) such
     opinion may express its reliance as to factual matters on, among other
     things specified in such opinion, the representations and warranties made
     herein, and on certificates or other documents furnished by officers of
     Seller and (B) in rendering the opinions expressed above, such counsel
     may limit such opinions to matters governed by the laws of the State of
     New York and the laws of the United States and shall not be required to
     express any opinion with respect to the registration or qualification of
     the Certificates under any applicable state or federal securities laws;

               (v) such other certificates of Seller's officers or others and
     such other documents to evidence fulfillment of the conditions set forth
     in this Agreement as Depositor or its counsel may reasonably request; and

               (vi) all other information, documents, certificates, or letters
     with respect to the Mortgage Loans or Seller and its Affiliates as are
     reasonably requested by Depositor in order for Depositor to perform any
     of it obligations or satisfy any of the conditions on its part to be
     performed or satisfied pursuant to any sale of Mortgage Loans by
     Depositor as contemplated herein.

          (c) Seller shall have performed or complied with all other terms and
conditions of this Agreement which it is required to perform or comply with at
or before the Closing and shall have the ability to perform or comply with all
duties, obligations, provisions and terms which it is required to perform or
comply with after the Closing.

          (d) Seller shall have delivered to the Trustee, on or before the
Closing Date, five limited powers of attorney in favor of the Trustee and
Special Servicer empowering the Trustee and, in the event of the failure or
incapacity of the Trustee, the Special Servicer, to record, at the expense of
Seller, any Mortgage Loan Documents required to be recorded and any
intervening assignments with evidence of recording thereon that are required
to be included in the Mortgage Files. Seller shall reasonably cooperate with
the Trustee and the Special Servicer in connection with any additional powers
or revisions thereto that are requested by such parties.

                                     -8-
<PAGE>

          Section 5.  Seller's Conditions to Closing. The obligations of Seller
under this Agreement shall be subject to the satisfaction, on the Closing
Date, of the following conditions:

          (a) Each of the obligations of Depositor required to be performed by
it on or prior to the Closing Date pursuant to the terms of this Agreement
shall have been duly performed and complied with in all material respects; and
all of the representations and warranties of Depositor under this Agreement
shall be true and correct in all material respects as of the Closing Date; and
no event shall have occurred with respect to Depositor which, with notice or
the passage of time, would constitute a material default under this Agreement,
and Seller shall have received certificates to that effect signed by
authorized officers of Depositor.

          (b) Seller shall have received all of the following closing
documents, in such forms as are agreed upon and reasonably acceptable to
Seller and Depositor, duly executed by all signatories other than Seller, as
required pursuant to the respective terms thereof:

               (i) an officer's certificate of Depositor, dated as of the
     Closing Date, with the resolutions of Depositor authorizing the
     transactions set forth therein, together with copies of the charter,
     by-laws and certificate of good standing dated as of a recent date of
     Depositor; and

               (ii) such other certificates of its officers or others, such
     opinions of Depositor's counsel and such other documents required to
     evidence fulfillment of the conditions set forth in this Agreement as
     Seller or its counsel may reasonably request.

          (c) Depositor shall have performed or complied with all other terms
and conditions of this Agreement which it is required to perform or comply
with at or before the Closing and shall have the ability to perform or comply
with all duties, obligations, provisions and terms which it is required to
perform or comply with after Closing.

          Section 6. Representations and Warranties of Seller.

          (a) Seller represents and warrants to Depositor as of the date
hereof, as follows:

               (i) Seller is duly organized and is validly existing as a
     federal savings bank in good standing under the laws of the United States
     of America. Seller has conducted and is conducting its business so as to
     comply in all material respects with all applicable statutes and
     regulations of regulatory bodies or agencies having jurisdiction over it,
     except where the failure so to comply would not have a materially adverse
     effect on the performance by Seller of this Agreement, and there is no
     charge, action, suit or proceeding before or by any court, regulatory
     authority or governmental agency or body pending or, to the knowledge of
     Seller, threatened, which is reasonably likely to materially and
     adversely affect the performance by Seller of this Agreement or the
     consummation of transactions contemplated by this Agreement.

               (ii) Seller has the full power, authority and legal right to
     hold, transfer and convey the Mortgage Loans and to execute and deliver
     this Agreement (and all agreements and documents executed and delivered
     by Seller in connection herewith) and to perform all transactions of
     Seller contemplated by this Agreement (and all agreements and documents
     executed and delivered by Seller in connection herewith). Seller has duly
     authorized the execution, delivery and performance of this Agreement (and
     all agreements and documents executed and delivered by Seller in
     connection herewith), and has duly executed and delivered this

                                     -9-
<PAGE>

     Agreement (and all agreements and documents executed and delivered by
     Seller in connection herewith). This Agreement (and each agreement and
     document executed and delivered by Seller in connection herewith),
     assuming due authorization, execution and delivery thereof by each other
     party thereto, constitutes the legal, valid and binding obligation of
     Seller enforceable in accordance with its terms, except as such
     enforcement may be limited by bankruptcy, fraudulent transfer,
     insolvency, reorganization, receivership, moratorium or other laws
     relating to or affecting the rights of creditors generally, by general
     principles of equity (regardless of whether such enforcement is
     considered in a proceeding in equity or at law) and by considerations of
     public policy.

               (iii) Neither the execution, delivery and performance of this
     Agreement, nor the fulfillment of or compliance with the terms and
     conditions of this Agreement by Seller, will (A) conflict with or result
     in a breach of any of the terms, conditions or provisions of Seller's
     articles or certificate of incorporation and bylaws or similar type
     organizational documents, as applicable; (B) conflict with, result in a
     breach of, or constitute a default or result in an acceleration under,
     any agreement or instrument to which Seller is now a party or by which it
     (or any of its properties) is bound if compliance therewith is necessary
     (1) to ensure the enforceability of this Agreement or (2) for Seller to
     perform its duties and obligations under this Agreement (or any agreement
     or document executed and delivered by Seller in connection herewith); (C)
     conflict with or result in a breach of any legal restriction if
     compliance therewith is necessary (1) to ensure the enforceability of
     this Agreement or (2) for Seller to perform its duties and obligations
     under this Agreement (or any agreement or document executed and delivered
     by Seller in connection herewith); (D) result in the violation of any
     law, rule, regulation, order, judgment or decree to which Seller or its
     property is subject if compliance therewith is necessary (1) to ensure
     the enforceability of this Agreement or (2) for Seller to perform its
     duties and obligations under this Agreement (or any agreement or document
     executed and delivered by Seller in connection herewith); or (E) result
     in the creation or imposition of any lien, charge or encumbrance that
     would have a material adverse effect upon Seller's ability to perform its
     duties and obligations under this Agreement (or any agreement or document
     executed and delivered by Seller in connection herewith), or materially
     impair the ability of Depositor to realize on the Mortgage Loans.

               (iv) Seller is solvent and the sale of the Mortgage Loans (1)
     will not cause Seller to become insolvent and (2) is not intended by
     Seller to hinder, delay or defraud any of its present or future
     creditors. After giving effect to its transfer of the Mortgage Loans, as
     provided herein, the value of Seller's assets, either taken at their
     present fair saleable value or at fair valuation, will exceed the amount
     of Seller's debts and obligations, including contingent and unliquidated
     debts and obligations of Seller, and Seller will not be left with
     unreasonably small assets or capital with which to engage in and conduct
     its business. Seller does not intend to, and does not believe that it
     will, incur debts or obligations beyond its ability to pay such debts and
     obligations as they mature. No proceedings looking toward liquidation,
     dissolution or bankruptcy of Seller are pending or contemplated.

               (v) No consent, approval, authorization or order of, or
     registration or filing with, or notice to, any court or governmental
     agency or body having jurisdiction or regulatory authority over Seller is
     required for (A) Seller's execution, delivery and performance of this
     Agreement (or any agreement or document executed and delivered by Seller
     in connection herewith), (B) Seller's transfer and assignment of the
     Mortgage Loans, or (C) the consummation

                                     -10-
<PAGE>

     by Seller of the transactions contemplated by this Agreement (or any
     agreement or document executed and delivered by Seller in connection
     herewith) or, to the extent so required, such consent, approval,
     authorization, order, registration, filing or notice has been obtained,
     made or given (as applicable), except for the filing or recording of
     assignments and other Mortgage Loan Documents contemplated by the terms
     of this Agreement and except that Seller may not be duly qualified to
     transact business as a foreign corporation or licensed in one or more
     states if such qualification or licensing is not necessary to ensure the
     enforceability of this Agreement (or any agreement or document executed
     and delivered by Seller in connection herewith).

               (vi) In connection with its sale of the Mortgage Loans, Seller
     is receiving new value. The consideration received by Seller upon the
     sale of the Mortgage Loans constitutes at least fair consideration and
     reasonably equivalent value for the Mortgage Loans.

               (vii) Seller does not believe, nor does it have any reason or
     cause to believe, that it cannot perform each and every covenant of
     Seller contained in this Agreement (or any agreement or document executed
     and delivered by Seller in connection herewith).

               (viii) There are no actions, suits or proceedings pending or, to
     Seller's knowledge, threatened in writing against Seller which are
     reasonably likely to draw into question the validity of this Agreement
     (or any agreement or document executed and delivered by Seller in
     connection herewith) or which, either in any one instance or in the
     aggregate, are reasonably likely to materially impair the ability of
     Seller to perform its duties and obligations under this Agreement (or any
     agreement or document executed and delivered by Seller in connection
     herewith).

               (ix) Seller's performance of its duties and obligations under
     this Agreement (and each agreement or document executed and delivered by
     Seller in connection herewith) is in the ordinary course of business of
     Seller and Seller's transfer, assignment and conveyance of the Mortgage
     Loans pursuant to this Agreement are not subject to the bulk transfer or
     similar statutory provisions in effect in any applicable jurisdiction.
     The Mortgage Loans do not constitute all or substantially all of Seller's
     assets.

               (x) Seller has not dealt with any Person that may be entitled,
     by reason of any act or omission of Seller, to any commission or
     compensation in connection with the sale of the Mortgage Loans to
     Depositor hereunder except for (A) the reimbursement of expenses as
     described herein or otherwise in connection with the transactions
     described in Section 2 hereof and (B) the commissions or compensation
     owed to the Underwriters or the Initial Purchaser.

               (xi) Seller is not in default or breach of any agreement or
     instrument to which Seller is now a party or by which it (or any of its
     properties) is bound which breach or default would materially and
     adversely affect the ability of Seller to perform its obligations under
     this Agreement.

               (xii) The representations and warranties contained in Exhibit A
     hereto, subject to the exceptions to such representations and warranties
     set forth on Schedule V hereto, are true and correct in all material
     respects as of the date hereof with respect to the Mortgage Loans
     identified on Schedule II.

          (b) Seller hereby agrees that it shall be deemed to make, as of the
date of substitution, to and for the benefit of the Trustee as the holder of
the Mortgage Loan to be replaced, with respect to

                                     -11-
<PAGE>

any replacement mortgage loan (a "Replacement Mortgage Loan") that is
substituted for a Mortgage Loan affected by a Material Defect or a Material
Breach, pursuant to Section 7 of this Agreement, each of the representations
and warranties set forth in Exhibit A hereto (references therein to "Closing
Date" being deemed to be references to the "date of substitution" and
references therein to "Cut-off Date" being deemed to be references to the
"most recent due date for the subject Replacement Mortgage Loan on or before
the date of substitution"). From and after the date of substitution, each
Replacement Mortgage Loan, if any, shall be deemed to constitute a "Mortgage
Loan" hereunder for all purposes.

          Section 7. Obligations of Seller. Each of the representations and
warranties contained in or required to be made by Seller pursuant to Section 6
of this Agreement shall survive the sale of the Mortgage Loans and shall
continue in full force and effect, notwithstanding any restrictive or
qualified endorsement on the Notes and notwithstanding subsequent termination
of this Agreement or the Pooling and Servicing Agreement. The representations
and warranties contained in or required to be made by Seller pursuant to
Section 6 of this Agreement shall not be impaired by any review or examination
of the Mortgage Files or other documents evidencing or relating to the
Mortgage Loans or any failure on the part of Depositor to review or examine
such documents and shall inure to the benefit of the initial transferee of the
Mortgage Loans from Depositor including, without limitation, the Trustee for
the benefit of the Holders of the Certificates, notwithstanding (1) any
restrictive or qualified endorsement on any Note, assignment of Mortgage or
reassignment of Assignment of Leases or (2) any termination of this Agreement
prior to the Closing, but shall not inure to the benefit of any subsequent
transferee thereafter.

          If Seller receives notice of a breach of any of the representations
or warranties made by Seller with respect to the Mortgage Loans (subject to
the exceptions to such representations and warranties set forth in the
Exception Report), as of the date hereof in Section 6(a)(xii) or as of the
Closing Date pursuant to Section 4(b)(iii) or, in the case of any Replacement
Mortgage Loan, as of the date of substitution pursuant to Section 6(b) (in any
such case, a "Breach"), or receives notice that (a) any document required to
be included in the Mortgage File related to any Mortgage Loan is not in the
Trustee's (or its designee's) possession within the time period required
herein or (b) such document has not been properly executed or is otherwise
defective on its face (clause (a) and clause (b) each, a "Defect" (which term
shall include the "Defects" detailed in the immediately following paragraph)
in the related Mortgage File), and if such Breach or Defect, as the case may
be, materially and adversely affects, or is deemed hereby to materially and
adversely affect, the value of any Mortgage Loan or any successor REO Loan
with respect thereto or the interests of the Holders of any Class of
Certificates (in which case such Breach or Defect shall be a "Material Breach"
or a "Material Defect", as applicable), then Seller shall, upon written
request of Depositor, the Trustee, the applicable Master Servicer or the
applicable Special Servicer, not later than 90 days after the receipt by
Seller of such written request (subject to the second succeeding paragraph,
the "Initial Resolution Period"): (i) cure such Breach or Defect in all
material respects; (ii) repurchase the affected Mortgage Loan at the
applicable Purchase Price (as defined in the Pooling and Servicing Agreement);
or (iii) substitute, in accordance with the Pooling and Servicing Agreement,
one or more Qualified Substitute Mortgage Loans (as defined in the Pooling and
Servicing Agreement) for such affected Mortgage Loan (provided that in no
event shall any substitution occur later than the second anniversary of the
Closing Date) and pay the applicable Master Servicer for deposit into the
applicable Collection Account any Substitution Shortfall Amount (as defined in
the Pooling and Servicing Agreement) in connection therewith; provided,
however, that if (i) such Material Breach or Material Defect is capable of
being cured but not within the Initial Resolution Period, (ii) such Material
Breach or Material Defect does not cause the related Mortgage Loan not to be a
"qualified mortgage" (within the meaning of Section 860G(a)(3) of the Code),
(iii) Seller has commenced and is diligently

                                     -12-
<PAGE>

proceeding with the cure of such Material Breach or Material Defect within the
Initial Resolution Period and (iv) Seller has delivered to the Rating
Agencies, the applicable Master Servicer, the applicable Special Servicer and
the Trustee an Officer's Certificate that describes the reasons that the cure
was not effected within the Initial Resolution Period and the actions that it
proposes to take to effect the cure and that states that it anticipates the
cure will be effected within the additional 90-day period, then Seller shall
have an additional 90 days to cure such Material Defect or Material Breach. If
any Breach pertains to a representation or warranty that the related Mortgage
Loan Documents or any particular Mortgage Loan Document requires the related
Borrower to bear the costs and expenses associated with any particular action
or matter under such Mortgage Loan Document(s), then Seller shall cure such
Breach within the Initial Resolution Period by reimbursing the Trust Fund (by
wire transfer of immediately available funds) the reasonable amount of any
such costs and expenses incurred by the applicable Master Servicer, the
applicable Special Servicer, the Trustee or the Trust Fund that are the basis
of such Breach and have not been reimbursed by the related Borrower; provided,
however, that in the event any such costs and expenses exceed $10,000, Seller
shall have the option to either repurchase the related Mortgage Loan at the
applicable Purchase Price or pay such costs and expenses. Except as provided
in the proviso to the immediately preceding sentence, Seller shall remit the
amount of such costs and expenses and upon its making such remittance, Seller
shall be deemed to have cured such Breach in all respects. With respect to any
repurchase of a Mortgage Loan hereunder or any substitution of one or more
Qualified Substitute Mortgage Loans for a Mortgage Loan hereunder, (A) no such
substitution may be made in any calendar month after the Determination Date
for such month; (B) scheduled payments of principal and interest due with
respect to the Qualified Substitute Mortgage Loan(s) after the month of
substitution, and scheduled payments of principal and interest due with
respect to each Mortgage Loan being repurchased or replaced after the related
Cut-off Date and received by the applicable Master Servicer or the applicable
Special Servicer on behalf of the Trust on or prior to the related date of
repurchase or substitution, shall be part of the Trust Fund; and (C) scheduled
payments of principal and interest due with respect to such Qualified
Substitute Mortgage Loan(s) during or prior to the month of substitution, and
scheduled payments of principal and interest due with respect to each Mortgage
Loan being repurchased or replaced and received by the applicable Master
Servicer or the applicable Special Servicer on behalf of the Trust after the
related date of repurchase or substitution, shall not be part of the Trust
Fund, and Seller (or, if applicable, any person effecting the related
repurchase or substitution in the place of Seller) shall be entitled to
receive such payments promptly following receipt by the applicable Master
Servicer or the applicable Special Servicer, as applicable, under the Pooling
and Servicing Agreement.

          Any of the following will cause a document in the Mortgage File to
be deemed to have a "Material Defect": (a) the absence from the Mortgage File
of the original signed Note, unless the Mortgage File contains a signed lost
note affidavit and indemnity; (b) the absence from the Mortgage File of the
original signed Mortgage, unless there is included in the Mortgage File a
certified copy of the Mortgage as recorded or as sent for recordation,
together with a certificate stating that the original signed Mortgage was sent
for recordation, or a copy of the Mortgage and the related recording
information; (c) the absence from the Mortgage File of the item called for by
clause (ix) of the last sentence of the first paragraph of Section 3 hereof;
(d) the absence from the Mortgage File of any intervening assignments required
to create an effective assignment to the Trustee on behalf of the Trust,
unless there is included in the Mortgage File a certified copy of the
intervening assignment as recorded or as sent for recordation, together with a
certificate stating that the original intervening assignment was sent for
recordation, or a copy of the intervening assignment and the related recording
information; or (e) the absence from the Servicer File of any required
original letter of credit, provided that such Defect may be cured by any
substitute letter of credit or cash reserve on behalf of the related Borrower;
or (f) the absence from the Mortgage File of the original or a copy of any
required ground lease. In

                                     -13-
<PAGE>

addition, Seller shall cure any Defect described in clause (b), (c), (e) or
(f) of the immediately preceding sentence as required in Section 2.02(b) of
the Pooling and Servicing Agreement. Notwithstanding anything herein to the
contrary, the failure to include a document checklist in a Mortgage File shall
in no event constitute a Material Defect.

          Any Defect or Breach which causes any Mortgage Loan not to be a
"qualified mortgage" (within the meaning of Section 860G(a)(3) of the Code)
shall be deemed a "Material Defect" or "Material Breach", as applicable, and
the Initial Resolution Period for the affected Mortgage Loan shall be 90 days
following the earlier of Seller's receipt of notice pursuant to this Section 7
or its discovery of such Defect or Breach (which period shall not be subject
to extension).

            If Seller does not, as required by this Section 7, correct or cure
a Material Breach or a Material Defect in all material respects within the
applicable Initial Resolution Period (as extended pursuant to this Section 7),
or if such Material Breach or Material Defect is not capable of being so
corrected or cured within such period, then Seller shall repurchase or
substitute for the affected Mortgage Loan as provided in this Section 7. If
(i) any Mortgage Loan is required to be repurchased or substituted for as
provided above, (ii) such Mortgage Loan is a Crossed Mortgage Loan that is a
part of a Mortgage Group (as defined below) and (iii) the applicable Breach or
Defect does not constitute a Breach or Defect, as the case may be, as to any
other Crossed Mortgage Loan in such Mortgage Group (without regard to this
paragraph), then the applicable Breach or Defect, as the case may be, will be
deemed to constitute a Breach or Defect, as the case may be, as to any other
Crossed Mortgage Loan in the Mortgage Group for purposes of the above
provisions, and Seller will be required to repurchase or substitute for such
other Crossed Mortgage Loan(s) in the related Mortgage Group in accordance
with the provisions of this Section 7 unless such other Crossed Mortgage Loans
satisfy the Crossed Mortgage Loan Repurchase Criteria (as defined in the
Pooling and Servicing Agreement) and Seller can satisfy all other criteria for
substitution or repurchase of the affected Mortgage Loan(s) set forth in the
Pooling and Servicing Agreement. In the event that one or more of such other
Crossed Mortgage Loans satisfy the Crossed Mortgage Loan Repurchase Criteria,
Seller may elect either to repurchase or substitute for only the affected
Crossed Mortgage Loan as to which the related Breach or Defect exists or to
repurchase or substitute for all of the Crossed Mortgage Loans in the related
Mortgage Group. Seller shall be responsible for the cost of any Appraisal
required to be obtained by the applicable Master Servicer to determine if the
Crossed Mortgage Loan Repurchase Criteria have been satisfied, so long as the
scope and cost of such Appraisal has been approved by Seller (such approval
not to be unreasonably withheld). For purposes of this paragraph, a "Mortgage
Group" is any group of Mortgage Loans identified as a Mortgage Group on
Schedule III to this Agreement.

          Notwithstanding the foregoing, if there is a Material Breach or
Material Defect with respect to one or more Mortgaged Properties (but not all
of the Mortgaged Properties) with respect to a Mortgage Loan, Seller will not
be obligated to repurchase or substitute for the Mortgage Loan if the affected
Mortgaged Property may be released pursuant to the terms of any partial
release provisions in the related Mortgage Loan Documents and the remaining
Mortgaged Property(ies) satisfy the requirements, if any, set forth in the
Mortgage Loan Documents and (i) Seller provides an opinion of counsel to the
effect that such partial release would not cause an Adverse REMIC Event (as
defined in the Pooling and Servicing Agreement) to occur, (ii) Seller pays (or
causes to be paid) the applicable release price required under the Mortgage
Loan Documents and, to the extent not reimbursable out of the release price
pursuant to the related Mortgage Loan Documents, any additional amounts
necessary to cover all reasonable out-of-pocket expenses reasonably incurred
by the applicable Master Servicer, the applicable Special Servicer, the
Trustee or the Trust Fund in connection therewith, including any

                                     -14-
<PAGE>

unreimbursed advances and interest thereon made with respect to the Mortgaged
Property that is being released and (iii) such cure by release of such
Mortgaged Property is effected within the time periods specified for cure of a
Material Breach or Material Defect in this Section 7.

          The Purchase Price or Substitution Shortfall Amount for any
repurchased or substituted Mortgage Loan shall be payable to Depositor or,
subsequent to the assignment of the Mortgage Loans to the Trustee, the Trustee
as its assignee, by wire transfer of immediately available funds to the
account designated by Depositor or the Trustee, as the case may be, and
Depositor or the Trustee, as the case may be, upon receipt of such funds (and,
in the case of a substitution, receipt of the Mortgage File(s) for the related
Qualified Substitute Mortgage Loans(s)), shall promptly release the related
Mortgage File and Servicer File or cause them to be released, to Seller and
shall execute and deliver such instruments of transfer or assignment as shall
be necessary to vest in Seller the legal and beneficial ownership of such
Mortgage Loan (including any property acquired in respect thereof or proceeds
of any insurance policy with respect thereto) and the related Mortgage Loan
Documents.

          It is understood and agreed that the obligations of Seller set forth
in this Section 7 constitute the sole remedies available to Depositor and its
successors and assigns against Seller respecting any Breach or Defect
affecting a Mortgage Loan.

          Section 8.  Crossed Mortgage Loans. With respect to any Crossed
Mortgage Loan conveyed hereunder, to the extent that Seller repurchases or
substitutes for an affected Crossed Mortgage Loan in the manner prescribed
above while the Trustee continues to hold any related Crossed Mortgage Loans,
Seller and Depositor (on behalf of its successors and assigns) agree to modify
upon such repurchase or substitution, the related Mortgage Loan Documents in a
manner such that such affected Crossed Mortgage Loan repurchased or
substituted by Seller, on the one hand, and any related Crossed Mortgage Loans
still held by the Trustee, on the other, would no longer be cross-defaulted or
cross-collateralized with one another; provided that Seller shall have
furnished the Trustee, at Seller's expense, with an Opinion of Counsel that
such modification shall not cause an Adverse REMIC Event; and provided,
further, that if such Opinion of Counsel cannot be furnished, Seller and
Depositor hereby agree that such repurchase or substitution of only the
affected Crossed Mortgage Loans, notwithstanding anything to the contrary
herein, shall not be permitted. Any reserve or other cash collateral or
letters of credit securing the subject Crossed Mortgage Loans shall be
allocated between such Mortgage Loans in accordance with the Mortgage Loan
Documents. All other terms of the Mortgage Loans shall remain in full force
and effect, without any modification thereof.

          Section 9. [Reserved]

          Section 10. Representations and Warranties of Depositor. Depositor
hereby represents and warrants to Seller as of the date hereof, as follows:

          (a) Depositor is duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with
full corporate power and authority to own its assets and conduct its business
as it is conducted, and is duly qualified as a foreign corporation in good
standing in all jurisdictions in which the ownership or lease of its property
or the conduct of its business requires such qualification (except where the
failure to qualify would not have a materially adverse effect on the
consummation of any transactions contemplated by this Agreement).

          (b) The execution and delivery by Depositor of this Agreement and
the performance of Depositor's obligations hereunder are within the corporate
power of Depositor and have been duly

                                     -15-
<PAGE>

          authorized by Depositor and neither the execution and delivery by
Depositor of this Agreement nor the compliance by Depositor with the
provisions hereof, nor the consummation by Depositor of the transactions
contemplated by this Agreement, will (i) conflict with or result in a breach
of, or constitute a default under, the certificate of incorporation or by-laws
of Depositor or, after giving effect to the consents or taking of the actions
contemplated by clause (ii) of this paragraph (b), any of the provisions of
any law, governmental rule, regulation, judgment, decree or order binding on
Depositor or its properties, or any of the provisions of any material
indenture or mortgage or any other material contract or other instrument to
which Depositor is a party or by which it is bound or result in the creation
or imposition of any lien, charge or encumbrance upon any of its properties
pursuant to the terms of any such indenture, mortgage, contract or other
instrument or (ii) require any consent of, notice to, or filing with any
person, entity or governmental body, which has not been obtained or made by
Depositor, except where, in any of the instances contemplated by clause (i)
above or this clause (ii), the failure to do so will not have a material and
adverse effect on the consummation of any transactions contemplated by this
Agreement.

          (c) This Agreement has been duly executed and delivered by Depositor
and this Agreement constitutes a legal, valid and binding instrument,
enforceable against Depositor in accordance with its terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, reorganization, insolvency,
moratorium and other laws affecting the rights of creditors generally and to
general principles of equity and the discretion of the court (regardless of
whether enforcement of such remedies is considered in a proceeding in equity
or at law) and, as to rights of indemnification hereunder, subject to
limitations of public policy under applicable securities laws.

          (d) There is no litigation, charge, investigation, action, suit or
proceeding by or before any court, regulatory authority or governmental agency
or body pending or, to the knowledge of Depositor, threatened against
Depositor the outcome of which could be reasonably expected to materially and
adversely affect the consummation of any transactions contemplated by this
Agreement.

          Section 11.  Survival of Certain Representations, Warranties and
Covenants. The respective representations and warranties set forth in or made
pursuant to this Agreement, and the respective obligations of the parties
hereto under Sections 7 and 13 of this Agreement, will remain in full force
and effect, regardless of any investigation or statement as to the result
thereof made by or on behalf of any party and will survive payment for the
various transfers referred to herein and delivery of the Certificates or
termination of this Agreement.

          Section 12.  Transaction Expenses. In connection with the Closing
(and unless otherwise expressly provided herein, including, without
limitation, in Section 13 of this Agreement), Seller shall be responsible for
the fees and expenses of its own counsel, and Depositor and Seller agree to
pay the other transaction expenses incurred in connection with the
transactions herein contemplated as set forth in the Closing Statement (or, if
not covered thereby, shall be paid by the party incurring the subject
expense).

          Section 13.  Recording Costs and Expenses. Seller agrees to reimburse
the Trustee or its designee all recording and filing fees and expenses
incurred by the Trustee or its designee in connection with the recording or
filing of the Mortgage Loan Documents listed in Section 3 of this Agreement,
including Assignments. In the event Seller elects to engage a third-party
contractor to prepare, complete, file and record Assignments with respect to
Mortgage Loans as provided in Section 3 of this Agreement, Seller shall
contract directly with such contractor and shall be responsible for such

                                     -16-
<PAGE>

contractor's compensation and reimbursement of recording and filing fees and
other reimbursable expenses pursuant to their agreement.

          Section 14.  Notices. All demands, notices and communications
hereunder shall be in writing and effective only upon receipt, and, (a) if
sent to Depositor, will be mailed, delivered or telecopied and confirmed to it
at Credit Suisse First Boston Mortgage Securities Corp., 11 Madison Avenue,
5th Floor, New York, New York 10010, Attention: Edmund Taylor, Telecopy No.:
(212) 743-4756 (with a copy to Tessa Peters, Telecopy No.: (212) 325-8282), or
such other address or telecopy number as may be designated by Depositor to
Seller in writing, or (b) if sent to Seller, will be mailed, delivered or
telecopied and confirmed to it at 1725 I Street, N.W., Washington, D.C. 20006,
Attention: Steven Brookner, Telecopy No.: 202-336-7800, or such other address
or telecopy number as may be designated by Seller to Depositor in writing.

          Section 15. Examination of Mortgage Files. Upon reasonable notice,
Seller, prior to the Closing Date, will make the Mortgage Files available to
Depositor or its agent for examination during normal business hours at
Seller's offices or such other location as shall otherwise be agreed upon by
Depositor and Seller. The fact that Depositor or its agent has conducted or
has failed to conduct any partial or complete examination of the Mortgage
Files shall not affect the rights of Depositor or the Trustee (for the benefit
of the Certificateholders) to demand cure, repurchase, or other relief as
provided herein.

          Section 16.  Successors. This Agreement shall inure to the benefit of
and shall be binding upon Seller and Depositor and their respective
successors, permitted assigns and legal representatives, and nothing expressed
in this Agreement is intended or shall be construed to give any other Person
any legal or equitable right, remedy or claim under or in respect of this
Agreement, or any provisions herein contained, this Agreement and all
conditions and provisions hereof being intended to be and being for the sole
and exclusive benefit of such Persons and for the benefit of no other Person;
it being understood that (a) the indemnities of Seller contained in that
certain Indemnification Agreement dated February 26, 2004, among Seller,
Depositor, the Initial Purchaser and the Underwriters, relating to, among
other things, information regarding the Mortgage Loans in the Prospectus
Supplement and the Offering Circular, subject to all limitations therein
contained, shall also be for the benefit of the officers and directors of
Depositor, the Underwriters and the Initial Purchaser and any person or
persons who control Depositor, the Underwriters and the Initial Purchaser
within the meaning of Section 15 of the Securities Act or Section 20 of the
Securities Exchange Act of 1934, as amended, and (b) the rights of Depositor
pursuant to this Agreement, subject to all limitations herein contained,
including those set forth in Section 7 of this Agreement, may be assigned to
the Trustee, for benefit of the Certificateholders, as may be required to
effect the purposes of the Pooling and Servicing Agreement and, upon such
assignment, the Trustee shall succeed to such rights of Depositor hereunder;
provided that the Trustee shall have no right to further assign such rights to
any other Person. No owner of a Certificate issued pursuant to the Pooling and
Servicing Agreement shall be deemed a successor or permitted assign because of
such ownership.

          Section 17.  Governing Law. THIS AGREEMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS TO BE MADE AND PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING
EFFECT TO CHOICE OF LAW PRINCIPLES.

                                     -17-
<PAGE>

          Section 18.  Severability. If any provision of this Agreement shall
be prohibited or invalid under applicable law, this Agreement shall be
ineffective only to such extent, without invalidating the remainder of this
Agreement.

          Section 19.  Further Assurances. Depositor and Seller agree to
execute and deliver such instruments and take such actions as the other party
may, from time to time, reasonably request in order to effectuate the purpose
and to carry out the terms of this Agreement.

          Section 20.  Counterparts. This Agreement may be executed in
counterparts (and by each of the parties hereto on different counterparts),
each of which when so executed and delivered will be an original, and all of
which together will be deemed to constitute but one and the same instrument.

          Section 21.  Treatment as Security Agreement. It is the express
intent of the parties hereto that the conveyance of the Mortgage Loans by
Seller to Depositor as provided in this Agreement be, and be construed as, a
sale of the Mortgage Loans by Seller to Depositor. It is, further, not the
intention of the parties that such conveyance be deemed a pledge of the
Mortgage Loans by Seller to Depositor to secure a debt or other obligation of
Seller. However, in the event that, notwithstanding the intent of the parties,
the Mortgage Loans are held to be property of Seller or if for any reason this
Agreement is held or deemed to create a security interest in the Mortgage
Loans:

          (a) this Agreement shall hereby create a security agreement within
the meaning of Articles 8 and 9 of the Uniform Commercial Code in effect in
the applicable state;

          (b) the conveyance provided for in this Agreement shall hereby grant
from Seller to Depositor a security interest in and to all of Seller's right,
title, and interest, whether now owned or hereafter acquired, in and to:

               (i) all accounts, contract rights (including any guarantees),
     general intangibles, chattel paper, instruments, documents, money,
     deposit accounts, certificates of deposit, goods, letters of credit,
     advices of credit and investment property consisting of, arising from or
     relating to any of the property described in the Mortgage Loans,
     including the related Notes, Mortgages and title, hazard and other
     insurance policies, identified on the Mortgage Loan Schedule or that
     constitute Replacement Mortgage Loans, and all distributions with respect
     thereto payable after the Cut-off Date;

               (ii) all accounts, contract rights, general intangibles,
     chattel paper, instruments, documents, money, deposit accounts,
     certificates of deposit, goods, letters of credit, advices of credit and
     investment property arising from or by virtue of the disposition of, or
     collections with respect to, or insurance proceeds payable with respect
     to, or claims against other persons with respect to, all or any part of
     the collateral described in clause (i) above (including any accrued
     discount realized on liquidation of any investment purchased at a
     discount), in each case, payable after the Cut-off Date; and

               (iii) all cash and non-cash proceeds of the collateral
     described in clauses (i) and (ii) above payable after the Cut-off Date;

          (c) the possession by Depositor or its assignee of the Notes and
such other goods, letters of credit, advices of credit, instruments, money,
documents, chattel paper or certificated securities shall be deemed to be
possession by the secured party or possession by a purchaser or a person

                                     -18-
<PAGE>

designated by him or her, for purposes of perfecting the security interest
pursuant to the Uniform Commercial Code (including, without limitation,
Sections 9-306, 9-313 and 9-314 thereof) as in force in the relevant
jurisdiction;

          (d) notifications to persons holding such property, and
acknowledgments, receipts, confirmations from persons holding such property,
shall be deemed to be notifications to, or acknowledgments, receipts or
confirmations from, financial intermediaries, bailees or agents of, or persons
holding for (as applicable), Depositor or its assignee for the purpose of
perfecting such security interest under applicable law; and

          (e) Seller at the direction of Depositor or its assignee, shall, to
the extent consistent with this Agreement, take such actions as may be
necessary to ensure that, if this Agreement were deemed to create a security
interest in the Mortgage Loans and the proceeds thereof, such security
interest would be a perfected security interest of first priority under
applicable law and will be maintained as such throughout the term of this
Agreement. In connection herewith, Depositor and its assignee shall have all
of the rights and remedies of a secured party and creditor under the Uniform
Commercial Code as in force in the relevant jurisdiction and may prepare and
file such UCC Financing Statements as may be necessary or appropriate to
accomplish the foregoing.

          Section 22.  Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation following the Closing
Date in all appropriate public offices for real property records in all the
counties or other comparable jurisdictions in which any or all of the
properties subject to the Mortgages are situated, and in any other appropriate
public recording office or elsewhere, such recordation to be effected by
Seller at Seller's expense at the direction of Depositor accompanied by an
Opinion of Counsel to the effect that such recordation materially and
beneficially affects the interests of Depositor.

                                          * * *

                                     -19-
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Mortgage
Loan Purchase Agreement to be duly executed and delivered as the date first
above written.

                                    NCB, FSB,
                                    as Seller

                                    By: /s/ Kathleen Luzik
                                        --------------------------------------
                                        Name: Kathleen Luzik
                                        Title: Managing Director

                                    CREDIT SUISSE FIRST BOSTON MORTGAGE
                                    SECURITIES CORP.,
                                    as Depositor

                                    By: /s/ Jeffrey A. Altabef
                                        --------------------------------------
                                        Name: Jeffrey A. Altabef
                                        Title: Vice President

<PAGE>

                                                                     SCHEDULE I

                         SCHEDULE OF TRANSACTION TERMS

          This Schedule of Transaction Terms is appended to and incorporated
by reference in the Mortgage Loan Purchase Agreement (the "Agreement"), dated
as of February 26, 2004, between NCB, FSB and Credit Suisse First Boston
Mortgage Securities Corp. Capitalized terms used herein without definition
have the meanings given them in or by reference in the Agreement or, if not
defined in the Agreement, in the Pooling and Servicing Agreement.

          "Affiliate" means with respect to any specified Person, any other
Person controlling or controlled by or under common control with such
specified Person.

          "Assignments" shall have the meaning given such term in Section 3 of
this Agreement.

          "Borrower" means the borrower under a Mortgage Loan.

          "Breach" shall have the meaning given such term in Section 7 of this
Agreement.

          "Certificate Purchase Agreement" means the Certificate Purchase
Agreement, dated February 26, 2004, between Depositor and the Initial
Purchaser.

          "Certificates" means the Credit Suisse First Boston Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates, Series
2004-C1.

          "Closing" shall have the meaning given that term in Section 2 of
this Agreement.

          "Closing Date" means March 12, 2004.

          "Closing Statement" means the closing statement dated as of the
Closing Date and signed by, among others, the parties to this Agreement.

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

          "Crossed Mortgage Loan" means any Mortgage Loan which is
cross-defaulted and cross-collateralized with any other Mortgage Loan.

          "Cut-off Date" means, individually and collectively, the applicable
Due Dates for the respective Mortgage Loans occurring in March 2004.

          "Defect" shall have the meaning given such term in Section 7 of this
Agreement.

          "Depositor" shall have the meaning given such term in the first
sentence of this Agreement.

          "Environmental Report" means the environmental audit report with
respect to each Mortgaged Property delivered to Seller in connection with the
related Mortgage, if any.

                                   SCH. I-1
<PAGE>

          "Exception Report" means the exceptions with respect to the
representations and warranties made by Seller as to the Mortgage Loans in
Section 6(a)(xii) and under the written certificate described in Section
4(b)(iii) of this Agreement, which exceptions are set forth in Schedule V
attached hereto and made a part hereof.

          "Initial Purchaser" means Credit Suisse First Boston LLC.

          "Initial Resolution Period" shall have the meaning given such term
in Section 7 of this Agreement.

          "Loan Agreement" means, with respect to any Mortgage Loan, the loan
agreement, if any, between the related Mortgage Loan Originator and the
related Borrower, pursuant to which such Mortgage Loan was made.

          "Material Breach" shall have the meaning given such term in Section
7 of this Agreement.

          "Material Defect" shall have the meaning given such term in Section
7 of this Agreement.

          "Mortgage File" means, collectively, the documents and instruments
pertaining to a Mortgage Loan required to be included in the related Mortgage
File pursuant to Section 3 of this Agreement (subject to the first proviso in
Section 1 of this Agreement).

          "Mortgage Group" shall have the meaning given such term in Section 7
of this Agreement.

          "Mortgage Loan" and "Mortgage Loans" shall have the respective
meanings given such terms in Recital II of this Agreement.

          "Mortgage Loan Documents" means, collectively, the documents and
instruments pertaining to a Mortgage Loan to be included in either the related
Mortgage File or the related Servicer File.

          "Mortgage Loan Originator" means any institution which originated a
Mortgage Loan for a related Borrower.

          "Mortgage Loan Purchase Price" means the amount described in Section
2 of this Agreement.

          "Mortgage Loan Schedule" shall have the meaning given such term in
Recital II of this Agreement.

          "Offering Circular" means the confidential offering circular dated
February 26, 2004, describing certain classes of the Private Certificates.

          "Pooling and Servicing Agreement" means the Pooling and Servicing
Agreement creating the Trust Fund and the interests therein, dated as of March
11, 2004, among Depositor, the Master Servicers, the Special Servicers and the
Trustee, including, without limitation, the exhibits and schedules annexed
thereto.

          "Primary Collateral" means with respect to any Crossed Mortgage
Loan, that portion of the Mortgaged Property designated as directly securing
such Crossed Mortgage Loan and excluding any

                                   SCH. I-2
<PAGE>

Mortgaged Property as to which the related lien may only be foreclosed upon by
exercise of the cross-collateralization provisions of such Crossed Mortgage
Loan.

          "Private Certificates" means the Certificates that are not Publicly
Offered Certificates.

          "Prospectus" means the Prospectus dated November 10, 2003, that is a
part of Depositor's registration statement on Form S-3 (File No. 333-97955).

          "Prospectus Supplement" means the Prospectus Supplement, dated
February 26, 2004, relating to the Publicly Offered Certificates.

          "Publicly Offered Certificates" means the Class A-1, Class A-2,
Class A-3, Class A-4, Class B and Class C Certificates.

          "Seller" shall have the meaning given such term in the first
sentence of this Agreement.

          "Servicer File" means, collectively, all documents, records and
copies pertaining to a Mortgage Loan which are required to be included in the
related Servicer File pursuant to Section 3 (subject to the first proviso in
Section 1).

          "Trust Fund" shall have the meaning given such term in Recital II of
this Agreement.

          "Trustee" shall have the meaning given such term in Section 1 of
this Agreement.

          "Underwriters" means Credit Suisse First Boston LLC, McDonald
Investments Inc., PNC Capital Markets, Inc., Lehman Brothers Inc. and WaMu
Capital Corp.

          "Underwriting Agreement" means the Underwriting Agreement, dated
February 26, 2004, between Depositor and the Underwriters.

                                   SCH. I-3
<PAGE>

<TABLE>
<CAPTION>

                                                            SCHEDULE II

                                                      MORTGAGE LOAN SCHEDULE

                 Servicing                Property
   #    Crossed   Group                     Name                                  Address                    City         County
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>         <C>   <C>                                      <C>                                      <C>         <C>
  39                3     173-175 Tenants Corp.                    173-175 Riverside Drive                  New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  41                3     500 East 83rd Street Corp.               500 East 83rd Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  42                3     Chatham Park Village Cooperative         737 East 83rd Place                      Chicago     Cook
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                            Forest
  44                3     Forest Hills South Owners, Inc.          112-50 78th Avenue                       Hills       Queens
-----------------------------------------------------------------------------------------------------------------------------------
  59                3     Penny Lane Owners Corp.                  215 East 24th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  60                3     196 Owner's Corp.                        196 East 75th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  62                3     605 Apartment Corp.                      605 Park Avenue                          New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  63                3     Station at Vinings                       2810 Paces Ferry Road                    Atlanta     Cobb
-----------------------------------------------------------------------------------------------------------------------------------
  69                3     The Hermitage at Napeague, Ltd.          2148 Montauk Highway                     Amagansett  Suffolk
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                            Mount
  70                3     Esplanade Gardens Tenants Corp.          531 East Lincoln Avenue                  Vernon      Westchester
-----------------------------------------------------------------------------------------------------------------------------------
  71                3     Carol House Apartments, Inc.             64-34 102nd Street                       Rego Park   Queens
-----------------------------------------------------------------------------------------------------------------------------------
  83                3     3135 Johnson Tenant Owners Corp.         3135 Johnson Avenue                      Riverdale   Bronx
-----------------------------------------------------------------------------------------------------------------------------------
                                                                   139-09 84th Drive, 140-18, 140-21 &
  101               3     Briarwood Owners' Corp.                  140-35 Burden Crescent                   Briarwood   Queens
-----------------------------------------------------------------------------------------------------------------------------------
  103               3     Bethpage Apartment Corp.                 301 Hicksville Road                      Bethpage    Nassau
-----------------------------------------------------------------------------------------------------------------------------------
  105               3     HSM, LLC                                 10400 Premier Court                      Burke       Fairfax
-----------------------------------------------------------------------------------------------------------------------------------
  114               3     Village Townhouses Cooperative           5937 Haverhill Drive                     Lansing     Ingham
-----------------------------------------------------------------------------------------------------------------------------------
  124               3     131 East 66th Street Corporation         131 East 66th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  132               3     111-119 Hartsdale Corp.                  111-119 East Hartsdale Avenue            Hartsdale   Westchester
-----------------------------------------------------------------------------------------------------------------------------------
  139               3     6035 Broadway Owners Corp.               6035 Broadway                            Bronx       Bronx
-----------------------------------------------------------------------------------------------------------------------------------
  141               3     110-150 Draper Owners Corp.              110-150 Draper Lane                      Dobbs Ferry Westchester
-----------------------------------------------------------------------------------------------------------------------------------
  155               3     Park Terrace Owners Corp.                48-50 Park Terrace East                  New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  157               3     83-84 116th Owners Corp.                 83-84 116th Street                       Kew Gardens Queens
-----------------------------------------------------------------------------------------------------------------------------------
  162               3     Inverness Housing Corp.                  294 Bronxville Road                      Yonkers     Westchester
-----------------------------------------------------------------------------------------------------------------------------------
  164               3     Crestwood Apartment Owners Corp.         124-16 84th Road                         Kew Gardens Queens
-----------------------------------------------------------------------------------------------------------------------------------
  167               3     360 Riverside Owners Corp.               360 Riverside Drive                      New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  175               3     9 East 96th Street Apartment Corp.       9 East 96th Street                       New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                            Jackson
  178               3     Windsor Equities Owners, Inc.            37-16/20 83rd Street                     Heights     Queens
-----------------------------------------------------------------------------------------------------------------------------------
  179               3     84-49 Owners Corp.                       84-49 168th Street                       Jamaica     Queens
-----------------------------------------------------------------------------------------------------------------------------------
  181               3     129-131 Fifth Avenue Corp.               129-131 Fifth Avenue                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  194               3     345 West 88th Apartment Corp.            345 West 88th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
                          The Indian Harbor House Owners
  195               3     Corporation                              630 & 636 Steamboat Road                 Greenwich   Fairfield
-----------------------------------------------------------------------------------------------------------------------------------
  205               3     136 East 36th Street Apartments Corp.    136 East 36th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  206               3     Quarante Deux, Inc.                      42 West 15th Street                      New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  207               3     Gracemere Owners Corporation             420 Palisade Avenue                      Yonkers     Westchester
-----------------------------------------------------------------------------------------------------------------------------------
  209               3     Fountain Gardens Owners Corp.            4499 Henry Hudson Parkway                Riverdale   Bronx
-----------------------------------------------------------------------------------------------------------------------------------
  215               3     370 Riverside Tenants' Corp.             370 Riverside Drive                      New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  218               3     315 West 232nd Street Corp.              315 West 232nd Street                    Bronx       Bronx
-----------------------------------------------------------------------------------------------------------------------------------
  220               3     Archer Cooperative, Inc.                 1430 & 1480 Theriot Avenue               Bronx       Bronx
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                            New
  221               3     Shady Glen Owners' Corp.                 20-25-35 Shady Glen Court                Rochelle    Westchester
-----------------------------------------------------------------------------------------------------------------------------------
  222               3     434 East 58th Street Owners Inc.         434-436 East 58th Street                 New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                            Forest
  225               3     Bradlee Tenants Corp.                    69-09 108th Street                       Hills       Queens
-----------------------------------------------------------------------------------------------------------------------------------
  227               3     48-10 45th Street Owners, Inc.           48-10 45th Street                        Woodside    Queens
-----------------------------------------------------------------------------------------------------------------------------------
  228               3     878 Residents Corp.                      878 West End Avenue                      New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  229               3     Ivy League Apt Corp.                     675 Academy Street                       New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  232               3     Concordia Apartments, Ltd.               5-7 West 107th Street                    New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  233               3     28 East 4th Street Housing Corp.         28-30 East 4th Street                    New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  236               3     121-125 Park Owners Corp.                121-125 Park Avenue                      Amityville  Suffolk
-----------------------------------------------------------------------------------------------------------------------------------
                          94-11 69th Avenue Corp. a/k/a 94-11                                               Forest
  241               3     69th Avenue Corporation                  94-11 69th Avenue                        Hills       Queens
-----------------------------------------------------------------------------------------------------------------------------------
  242               3     261 West 22nd Street Tenant Owners Corp. 261 West 22nd Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  243               3     Big Deal Realty on Greene Street, Inc.   133-137 Greene Street                    New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
                          300 West 17th Street Housing
  246               3     Development Fund Corporation             300 West 17th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  247               3     55 East Owners Corp.                     55 East 65th Street                      New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  249               3     120 East 85th Street Owners, Inc.        120 East 85th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  251               3     326 West 83rd Owners Corp.               326 West 83rd Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  252               3     Herald Square Loft Corporation           31 West 31st Street                      New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  253               3     131-133 Owners Corp.                     131-133 Thompson Street                  New York    New York
-----------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                                 Units/     Interest
                                Sq.Ft./    Calculation
                       Zip       Rooms/     (30/360 /
   #        State      Code       Pads     Actual/360)
----------------------------------------------------------
<S>           <C>     <C>           <C>      <C>
  39          NY      10024         164      30/360
----------------------------------------------------------
  41          NY      10028         171      30/360
----------------------------------------------------------
  42          IL      60619         553    Actual/360
----------------------------------------------------------

  44          NY      11375         605      30/360
----------------------------------------------------------
  59          NY      10010         179      30/360
----------------------------------------------------------
  60          NY      10021         126      30/360
----------------------------------------------------------
  62          NY      10021         106      30/360
----------------------------------------------------------
  63          GA      30339      33,877    Actual/360
----------------------------------------------------------
  69          NY      11930          56    Actual/360
----------------------------------------------------------

  70          NY      10553         139      30/360
----------------------------------------------------------
  71          NY      11374         158      30/360
----------------------------------------------------------
  83          NY      10463         120      30/360
----------------------------------------------------------

  101         NY      11435         235    Actual/360
----------------------------------------------------------
  103         NY      11714          73    Actual/360
----------------------------------------------------------
  105         VA      22015      70,500    Actual/360
----------------------------------------------------------
  114         MI      48911         315      30/360
----------------------------------------------------------
  124         NY      10021          36      30/360
----------------------------------------------------------
  132         NY      10530         107    Actual/360
----------------------------------------------------------
  139         NY      10471         103    Actual/360
----------------------------------------------------------
  141         NY      10522          82    Actual/360
----------------------------------------------------------
  155         NY      10034          72    Actual/360
----------------------------------------------------------
  157         NY      11418          57    Actual/360
----------------------------------------------------------
  162         NY      10708          47      30/360
----------------------------------------------------------
  164         NY      11415          70      30/360
----------------------------------------------------------
  167         NY      10025          39      30/360
----------------------------------------------------------
  175         NY      10128          45      30/360
----------------------------------------------------------

  178         NY      11372          83    Actual/360
----------------------------------------------------------
  179         NY      11432         119      30/360
----------------------------------------------------------
  181         NY      10003          23      30/360
----------------------------------------------------------
  194         NY      10024          52      30/360
----------------------------------------------------------

  195         CT      06870          38      30/360
----------------------------------------------------------
  205         NY      10016          71      30/360
----------------------------------------------------------
  206         NY      10011           7    Actual/360
----------------------------------------------------------
  207         NY      10703          48    Actual/360
----------------------------------------------------------
  209         NY      10471          57    Actual/360
----------------------------------------------------------
  215         NY      10025          75      30/360
----------------------------------------------------------
  218         NY      10463          72      30/360
----------------------------------------------------------
  220         NY      10460         168      30/360
----------------------------------------------------------

  221         NY      10805          85      30/360
----------------------------------------------------------
  222         NY      10022          47      30/360
----------------------------------------------------------

  225         NY      11375          72      30/360
----------------------------------------------------------
  227         NY      11377          62      30/360
----------------------------------------------------------
  228         NY      10025          59      30/360
----------------------------------------------------------
  229         NY      10034          60      30/360
----------------------------------------------------------
  232         NY      10025          19      30/360
----------------------------------------------------------
  233         NY      10003          14      30/360
----------------------------------------------------------
  236         NY      11701          35      30/360
----------------------------------------------------------

  241         NY      11375          30      30/360
----------------------------------------------------------
  242         NY      10011          35    Actual/360
----------------------------------------------------------
  243         NY      10012          14    Actual/360
----------------------------------------------------------

  246         NY      10011          31      30/360
----------------------------------------------------------
  247         NY      10021          35    Actual/360
----------------------------------------------------------
  249         NY      10028          12      30/360
----------------------------------------------------------
  251         NY      10024          28      30/360
----------------------------------------------------------
  252         NY      10001          11    Actual/360
----------------------------------------------------------
  253         NY      10012          38      30/360
----------------------------------------------------------

                                                                SCH. II-1
<PAGE>

<CAPTION>

                 Servicing                Property
   #    Crossed   Group                     Name                                  Address                    City         County
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>         <C>   <C>                                      <C>                                      <C>         <C>
  256               3     325 West 83 Owners Corp.                 325 & 327 West 83rd Street               New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  257               3     345 West 70th Tenants Corp.              345 West 70th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  259               3     Landau Apartments, Inc.                  200 Bay 22nd Street                      Brooklyn    Kings
-----------------------------------------------------------------------------------------------------------------------------------
  260               3     240 Prospect Pl. Apt. Corp.              240 Prospect Place                       Brooklyn    Kings
-----------------------------------------------------------------------------------------------------------------------------------
  261               3     Ninth Street Apartments, Inc.            425 East Ninth Street                    New York    New York
-----------------------------------------------------------------------------------------------------------------------------------
  262               3     331 West 84th Owners Corp.               331 West 84th Street                     New York    New York
-----------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                                  Units/     Interest
                                 Sq.Ft./    Calculation
                        Zip       Rooms/     (30/360 /
   #         State      Code       Pads     Actual/360)
-----------------------------------------------------------
<S>            <C>     <C>           <C>      <C>
  256          NY      10024          24    Actual/360
-----------------------------------------------------------
  257          NY      10023          36    Actual/360
-----------------------------------------------------------
  259          NY      11214          16      30/360
-----------------------------------------------------------
  260          NY      11238           9    Actual/360
-----------------------------------------------------------
  261          NY      10009           8    Actual/360
-----------------------------------------------------------
  262          NY      10024           4    Actual/360
-----------------------------------------------------------

</TABLE>

                                   SCH.II-2
<PAGE>

<TABLE>
<CAPTION>

                                                                                                                 Orig.
          Crossed    Servicing                    Property                       Original       Cut-off          Amort.
   #                  Group                        Name                          Balance        Balance          Term
---------------------------------------------------------------------------------------------------------------------------
<S>       <C>           <C>   <C>                                                <C>            <C>          <C>
   39                   3     173-175 Tenants Corp.                              $9,800,000     $9,800,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   41                   3     500 East 83rd Street Corp.                         $9,500,000     $9,500,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   42                   3     Chatham Park Village Cooperative                   $9,300,000     $9,256,143        480
---------------------------------------------------------------------------------------------------------------------------
   44                   3     Forest Hills South Owners, Inc.                    $9,300,000     $9,234,331        360
---------------------------------------------------------------------------------------------------------------------------
   59                   3     Penny Lane Owners Corp.                            $7,000,000     $6,969,827        360
---------------------------------------------------------------------------------------------------------------------------
   60                   3     196 Owner's Corp.                                  $6,800,000     $6,791,421        540
---------------------------------------------------------------------------------------------------------------------------
   62                   3     605 Apartment Corp.                                $6,625,000     $6,618,255        600
---------------------------------------------------------------------------------------------------------------------------
   63                   3     Station at Vinings                                 $6,400,000     $6,392,457        360
---------------------------------------------------------------------------------------------------------------------------
   69                   3     The Hermitage at Napeague, Ltd.                    $5,800,000     $5,784,089        300
---------------------------------------------------------------------------------------------------------------------------
   70                   3     Esplanade Gardens Tenants Corp.                    $5,800,000     $5,782,425        360
---------------------------------------------------------------------------------------------------------------------------
   71                   3     Carol House Apartments, Inc.                       $5,800,000     $5,781,029        480
---------------------------------------------------------------------------------------------------------------------------
   83                   3     3135 Johnson Tenant Owners Corp.                   $5,000,000     $4,988,974        480
---------------------------------------------------------------------------------------------------------------------------
   101                  3     Briarwood Owners' Corp.                            $4,000,000     $3,990,747        480
---------------------------------------------------------------------------------------------------------------------------
   103                  3     Bethpage Apartment Corp.                           $4,000,000     $3,981,952        360
---------------------------------------------------------------------------------------------------------------------------
   105                  3     HSM, LLC                                           $3,900,000     $3,879,713        300
---------------------------------------------------------------------------------------------------------------------------
   114                  3     Village Townhouses Cooperative                     $3,500,000     $3,494,871        480
---------------------------------------------------------------------------------------------------------------------------
   124                  3     131 East 66th Street Corporation                   $3,000,000     $3,000,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   132                  3     111-119 Hartsdale Corp.                            $2,700,000     $2,683,183        300
---------------------------------------------------------------------------------------------------------------------------
   139                  3     6035 Broadway Owners Corp.                         $2,500,000     $2,489,384        240
---------------------------------------------------------------------------------------------------------------------------
   141                  3     110-150 Draper Owners Corp.                        $2,500,000     $2,466,158        240
---------------------------------------------------------------------------------------------------------------------------
   155                  3     Park Terrace Owners Corp.                          $2,100,000     $2,091,254        360
---------------------------------------------------------------------------------------------------------------------------
   157                  3     83-84 116th Owners Corp.                           $2,100,000     $2,089,240        360
---------------------------------------------------------------------------------------------------------------------------
   162                  3     Inverness Housing Corp.                            $2,000,000     $2,000,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   164                  3     Crestwood Apartment Owners Corp.                   $2,000,000     $1,991,183        360
---------------------------------------------------------------------------------------------------------------------------
   167                  3     360 Riverside Owners Corp.                         $2,000,000     $1,981,912        240
---------------------------------------------------------------------------------------------------------------------------
   175                  3     9 East 96th Street Apartment Corp.                 $1,815,000     $1,810,621        360
---------------------------------------------------------------------------------------------------------------------------
   178                  3     Windsor Equities Owners, Inc.                      $1,750,000     $1,745,747        480
---------------------------------------------------------------------------------------------------------------------------
   179                  3     84-49 Owners Corp.                                 $1,730,000     $1,722,764        360
---------------------------------------------------------------------------------------------------------------------------
   181                  3     129-131 Fifth Avenue Corp.                         $1,700,000     $1,700,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   194                  3     345 West 88th Apartment Corp.                      $1,500,000     $1,500,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   195                  3     The Indian Harbor House Owners Corporation         $1,500,000     $1,493,750        360
---------------------------------------------------------------------------------------------------------------------------
   205                  3     136 East 36th Street Apartments Corp.              $1,400,000     $1,400,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   206                  3     Quarante Deux, Inc.                                $1,400,000     $1,397,425        480
---------------------------------------------------------------------------------------------------------------------------
   207                  3     Gracemere Owners Corporation                       $1,400,000     $1,395,464        360
---------------------------------------------------------------------------------------------------------------------------
   209                  3     Fountain Gardens Owners Corp.                      $1,350,000     $1,347,586        480
---------------------------------------------------------------------------------------------------------------------------
   215                  3     370 Riverside Tenants' Corp.                       $1,250,000     $1,247,538        360
---------------------------------------------------------------------------------------------------------------------------
   218                  3     315 West 232nd Street Corp.                        $1,225,000     $1,222,522        360
---------------------------------------------------------------------------------------------------------------------------
   220                  3     Archer Cooperative, Inc.                           $1,200,000     $1,197,421        360
---------------------------------------------------------------------------------------------------------------------------
   221                  3     Shady Glen Owners' Corp.                           $1,200,000     $1,196,899        480
---------------------------------------------------------------------------------------------------------------------------
   222                  3     434 East 58th Street Owners Inc.                   $1,200,000     $1,192,316        240
---------------------------------------------------------------------------------------------------------------------------
   225                  3     Bradlee Tenants Corp.                              $1,150,000     $1,144,818        300
---------------------------------------------------------------------------------------------------------------------------
   227                  3     48-10 45th Street Owners, Inc.                     $1,125,000     $1,123,376        420
---------------------------------------------------------------------------------------------------------------------------
   228                  3     878 Residents Corp.                                $1,100,000     $1,100,000   Interest Only
---------------------------------------------------------------------------------------------------------------------------
   229                  3     Ivy League Apt Corp.                               $1,100,000     $1,097,613        480
---------------------------------------------------------------------------------------------------------------------------
   232                  3     Concordia Apartments, Ltd.                         $1,050,000     $1,048,823        480
---------------------------------------------------------------------------------------------------------------------------
   233                  3     28 East 4th Street Housing Corp.                   $1,000,000       $997,958        360
---------------------------------------------------------------------------------------------------------------------------
   236                  3     121-125 Park Owners Corp.                            $985,000       $974,433        240
---------------------------------------------------------------------------------------------------------------------------
                              94-11 69th Avenue Corp. a/k/a 94-11 69th
   241                  3     Avenue Corporation                                   $850,000       $847,415        360
---------------------------------------------------------------------------------------------------------------------------
   242                  3     261 West 22nd Street Tenant Owners Corp.             $850,000       $846,492        360
---------------------------------------------------------------------------------------------------------------------------
   243                  3     Big Deal Realty on Greene Street, Inc.               $850,000       $846,382        480
---------------------------------------------------------------------------------------------------------------------------
                              300 West 17th Street Housing Development Fund
   246                  3     Corporation                                          $775,000       $771,271        360
---------------------------------------------------------------------------------------------------------------------------
   247                  3     55 East Owners Corp.                                 $765,000       $759,671        240
---------------------------------------------------------------------------------------------------------------------------
   249                  3     120 East 85th Street Owners, Inc.                    $750,000       $747,723        360
---------------------------------------------------------------------------------------------------------------------------
   251                  3     326 West 83rd Owners Corp.                           $700,000       $698,807        480
---------------------------------------------------------------------------------------------------------------------------
   252                  3     Herald Square Loft Corporation                       $700,000       $697,068        480
---------------------------------------------------------------------------------------------------------------------------
   253                  3     131-133 Owners Corp.                                 $700,000       $693,757        240
---------------------------------------------------------------------------------------------------------------------------
   256                  3     325 West 83 Owners Corp.                             $650,000       $648,006        300
---------------------------------------------------------------------------------------------------------------------------
   257                  3     345 West 70th Tenants Corp.                          $650,000       $647,987        360
---------------------------------------------------------------------------------------------------------------------------
   259                  3     Landau Apartments, Inc.                              $400,000       $398,042        360
---------------------------------------------------------------------------------------------------------------------------
   260                  3     240 Prospect Pl. Apt. Corp.                          $370,000       $369,034        360
---------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                  Rem.          Rem.                    Net                                First
                 Amort.        Term to    Interest    Mortgage    Monthly    Maturity     Payment
   #              Term        Maturity      Rate       Rate       Payment      Date        Date
---------------------------------------------------------------------------------------------------
<S>          <C>                 <C>      <C>         <C>          <C>      <C>         <C>
   39        Interest Only       112      5.8800%     5.7982%      $48,020  7/1/2013    8/1/2003
---------------------------------------------------------------------------------------------------
   41        Interest Only       118      5.5400%     5.4582%      $43,858  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   42             471            111      5.8000%     5.7182%      $50,398  6/1/2013    7/1/2003
---------------------------------------------------------------------------------------------------
   44             354            114      5.1700%     5.0882%      $50,895  9/1/2013    10/1/2003
---------------------------------------------------------------------------------------------------
   59             356            116      5.6200%     5.5382%      $40,274  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   60             537            117      5.5400%     5.4582%      $34,240  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   62             597            117      5.3000%     5.2182%      $31,499  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   63             359            119      5.9000%     5.8182%      $37,961  2/1/2014    3/1/2004
---------------------------------------------------------------------------------------------------
   69             298            118      6.6200%     6.5382%      $39,934  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   70             357            117      5.9500%     5.8682%      $34,588  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   71             474            114      5.7400%     5.6582%      $30,868  9/1/2013    10/1/2003
---------------------------------------------------------------------------------------------------
   83             476            116      5.6800%     5.5982%      $26,404  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   101            475            115      6.2700%     6.1882%      $23,012  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
   103            356            116      5.4200%     5.3382%      $22,700  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   105            296            116      6.5000%     6.4182%      $26,333  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   114            477            117      6.1200%     6.0382%      $19,551  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   124       Interest Only       117      5.3500%     5.2682%      $13,375  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   132            296            116      5.5800%     5.4982%      $16,835  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   139            238            238      6.3900%     6.3082%      $18,608  1/1/2024    2/1/2004
---------------------------------------------------------------------------------------------------
   141            234            114      5.7200%     5.6382%      $17,623  9/1/2013    10/1/2003
---------------------------------------------------------------------------------------------------
   155            356            116      5.8600%     5.7782%      $12,512  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   157            355            115      5.8300%     5.7482%      $12,471  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
   162       Interest Only       115      5.7600%     5.6782%       $9,600  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
   164            356            116      5.5000%     5.4182%      $11,356  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   167            236            116      5.6900%     5.6082%      $13,973  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   175            358            118      4.9900%     4.9082%       $9,732  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   178            475            115      6.0900%     6.0082%       $9,843  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
   179            356            116      5.7800%     5.6982%      $10,129  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   181       Interest Only       116      5.7000%     5.6182%       $8,075  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   194       Interest Only       115      5.5300%     5.4482%       $6,913  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
   195            356            116      5.8000%     5.7182%       $8,801  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   205       Interest Only       116      5.4800%     5.3982%       $6,393  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   206            477            117      5.2700%     5.1882%       $7,072  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   207            357            117      5.5800%     5.4982%       $8,088  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   209            477            117      5.3800%     5.2982%       $6,921  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   215            358            118      6.0700%     5.9882%       $7,551  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   218            358            118      5.9300%     5.8482%       $7,289  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   220            358            118      5.6100%     5.5282%       $6,897  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   221            475            115      5.9300%     5.8482%       $6,544  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
   222            237            237      6.1600%     6.0782%       $8,708  12/1/2023   1/1/2004
---------------------------------------------------------------------------------------------------
   225            297            117      5.7700%     5.6882%       $7,249  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   227            418            118      5.8900%     5.8082%       $6,332  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   228       Interest Only       118      4.9900%     4.9082%       $4,574  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   229            476            116      5.7400%     5.6582%       $5,854  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   232            478            118      5.6000%     5.5182%       $5,487  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   233            358            118      5.8800%     5.7982%       $5,919  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   236            235            115      6.1600%     6.0782%       $7,148  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
                                          5.9300%     5.8482%       $5,058  12/1/2013   1/1/2004
   241            357            117
---------------------------------------------------------------------------------------------------
   242            356            116      5.9100%     5.8282%       $5,092  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   243            471            111      6.1700%     6.0882%       $4,829  6/1/2013    7/1/2003
---------------------------------------------------------------------------------------------------
                                          6.2300%     6.1482%       $4,762  10/1/2013   11/1/2003
   246            355            115
---------------------------------------------------------------------------------------------------
   247            237            117      5.4100%     5.3282%       $5,256  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   249            357            117      5.9400%     5.8582%       $4,468  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   251            477            117      5.5600%     5.4782%       $3,639  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   252            472            112      5.7300%     5.6482%       $3,759  7/1/2013    8/1/2003
---------------------------------------------------------------------------------------------------
   253            236            116      5.8100%     5.7282%       $4,939  11/1/2013   12/1/2003
---------------------------------------------------------------------------------------------------
   256            298            118      5.8300%     5.7482%       $4,153  1/1/2014    2/1/2004
---------------------------------------------------------------------------------------------------
   257            357            117      5.8200%     5.7382%       $3,856  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------
   259            355            115      6.1400%     6.0582%       $2,434  10/1/2013   11/1/2003
---------------------------------------------------------------------------------------------------
   260            357            117      6.7200%     6.6382%       $2,415  12/1/2013   1/1/2004
---------------------------------------------------------------------------------------------------

                                                                SCH. II-3
<PAGE>

<CAPTION>

                                                                                                             Orig.
          Crossed    Servicing                    Property                       Original       Cut-off      Amort.
   #                  Group                        Name                          Balance        Balance      Term
------------------------------------------------------------------------------------------------------------------------
<S>       <C>           <C>   <C>                                                <C>            <C>          <C>
   261                  3     Ninth Street Apartments, Inc.                      $360,000       $358,607      360
------------------------------------------------------------------------------------------------------------------------
   262                  3     331 West 84th Owners Corp.                         $340,000       $338,620      360
------------------------------------------------------------------------------------------------------------------------

<CAPTION>

           Rem.        Rem.                    Net                                First
          Amort.      Term to    Interest    Mortgage    Monthly    Maturity     Payment
   #       Term      Maturity      Rate       Rate       Payment      Date         Date
-------------------------------------------------------------------------------------------
<S>        <C>       <C>         <C>         <C>         <C>        <C>         <C>
   261      356      116         6.2600%     6.1782%     $2,239     11/1/2013   12/1/2003
-------------------------------------------------------------------------------------------
   262      356      116         6.0000%     5.9182%     $2,057     11/1/2013   12/1/2003
-------------------------------------------------------------------------------------------
</TABLE>

                                                               SCH. II-4
<PAGE>

<TABLE>
<CAPTION>

                                                                                                      Original
                                                                                         Lockout      Lockout
                      Servicing                    Property                            Expiration     Period
    #      Crossed     Group                        Name                        ARD       Date        (Months)  Due Date
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>          <C>   <C>                                               <C>     <C>            <C>         <C>
   39                   3     173-175 Tenants Corp.                             N/A     7/1/2007        47         1
--------------------------------------------------------------------------------------------------------------------------
   41                   3     500 East 83rd Street Corp.                        N/A     10/1/2013      116         1
--------------------------------------------------------------------------------------------------------------------------
   42                   3     Chatham Park Village Cooperative                  N/A     3/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   44                   3     Forest Hills South Owners, Inc.                   N/A     4/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   59                   3     Penny Lane Owners Corp.                           N/A     8/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   60                   3     196 Owner's Corp.                                 N/A     9/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   62                   3     605 Apartment Corp.                               N/A     7/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   63                   3     Station at Vinings                                N/A     11/1/2013      116         1
--------------------------------------------------------------------------------------------------------------------------
   69                   3     The Hermitage at Napeague, Ltd.                   N/A     10/1/2013      116         1
--------------------------------------------------------------------------------------------------------------------------
   70                   3     Esplanade Gardens Tenants Corp.                   N/A     9/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   71                   3     Carol House Apartments, Inc.                      N/A     6/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   83                   3     3135 Johnson Tenant Owners Corp.                  N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   101                  3     Briarwood Owners' Corp.                           N/A     5/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   103                  3     Bethpage Apartment Corp.                          N/A     8/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   105                  3     HSM, LLC                                          N/A     8/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   114                  3     Village Townhouses Cooperative                    N/A     8/1/2012       103         1
--------------------------------------------------------------------------------------------------------------------------
   124                  3     131 East 66th Street Corporation                  N/A     1/1/2011        84         1
--------------------------------------------------------------------------------------------------------------------------
   132                  3     111-119 Hartsdale Corp.                           N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   139                  3     6035 Broadway Owners Corp.                        N/A     2/1/2019       180         1
--------------------------------------------------------------------------------------------------------------------------
   141                  3     110-150 Draper Owners Corp.                       N/A     4/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   155                  3     Park Terrace Owners Corp.                         N/A     12/1/2010       84         1
--------------------------------------------------------------------------------------------------------------------------
   157                  3     83-84 116th Owners Corp.                          N/A     7/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   162                  3     Inverness Housing Corp.                           N/A     11/1/2010       84         1
--------------------------------------------------------------------------------------------------------------------------
   164                  3     Crestwood Apartment Owners Corp.                  N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   167                  3     360 Riverside Owners Corp.                        N/A     8/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   175                  3     9 East 96th Street Apartment Corp.                N/A     10/1/2013      116         1
--------------------------------------------------------------------------------------------------------------------------
   178                  3     Windsor Equities Owners, Inc.                     N/A     5/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   179                  3     84-49 Owners Corp.                                N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   181                  3     129-131 Fifth Avenue Corp.                        N/A     8/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   194                  3     345 West 88th Apartment Corp.                     N/A     7/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   195                  3     The Indian Harbor House Owners Corporation        N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   205                  3     136 East 36th Street Apartments Corp.             N/A     8/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   206                  3     Quarante Deux, Inc.                               N/A     7/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   207                  3     Gracemere Owners Corporation                      N/A     7/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   209                  3     Fountain Gardens Owners Corp.                     N/A     7/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   215                  3     370 Riverside Tenants' Corp.                      N/A     8/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   218                  3     315 West 232nd Street Corp.                       N/A     2/1/2011        84         1
--------------------------------------------------------------------------------------------------------------------------
                                                                                        8/1/2012
   220                  3     Archer Cooperative, Inc.                          N/A                    102         1
--------------------------------------------------------------------------------------------------------------------------
   221                  3     Shady Glen Owners' Corp.                          N/A     5/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   222                  3     434 East 58th Street Owners Inc.                  N/A     1/1/2019       180         1
--------------------------------------------------------------------------------------------------------------------------
   225                  3     Bradlee Tenants Corp.                             N/A     9/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   227                  3     48-10 45th Street Owners, Inc.                    N/A     2/1/2011        84         1
--------------------------------------------------------------------------------------------------------------------------
   228                  3     878 Residents Corp.                               N/A     8/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   229                  3     Ivy League Apt Corp.                              N/A     8/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   232                  3     Concordia Apartments, Ltd.                        N/A     2/1/2011        84         1
--------------------------------------------------------------------------------------------------------------------------
   233                  3     28 East 4th Street Housing Corp.                  N/A     2/1/2007        36         1
--------------------------------------------------------------------------------------------------------------------------
   236                  3     121-125 Park Owners Corp.                         N/A     7/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
                              94-11 69th Avenue Corp. a/k/a 94-11 69th                  9/1/2013                   1
   241                  3     Avenue Corporation                                N/A                    116
--------------------------------------------------------------------------------------------------------------------------
   242                  3     261 West 22nd Street Tenant Owners Corp.          N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   243                  3     Big Deal Realty on Greene Street, Inc.            N/A     6/1/2010        83         1
--------------------------------------------------------------------------------------------------------------------------
                              300 West 17th Street Housing Development Fund                N/A                     1
   246                  3     Corporation                                       N/A                     0
--------------------------------------------------------------------------------------------------------------------------
   247                  3     55 East Owners Corp.                              N/A     9/1/2013       116         1
--------------------------------------------------------------------------------------------------------------------------
   249                  3     120 East 85th Street Owners, Inc.                 N/A     1/1/2011        84         1
--------------------------------------------------------------------------------------------------------------------------
   251                  3     326 West 83rd Owners Corp.                        N/A     1/1/2011        84         1
--------------------------------------------------------------------------------------------------------------------------
   252                  3     Herald Square Loft Corporation                    N/A     1/1/2012       101         1
--------------------------------------------------------------------------------------------------------------------------
   253                  3     131-133 Owners Corp.                              N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   256                  3     325 West 83 Owners Corp.                          N/A     8/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   257                  3     345 West 70th Tenants Corp.                       N/A     7/1/2012       102         1

<CAPTION>

                                 Servicing
                                    and                   Environmental
                          Fee/    Trustee   Earthquake      Insurance        Co-op LTV        Letter of
    #     Defeasance   Leasehold   Fees     Insurance        Policy           as Co-op         Credit
------------------------------------------------------------------------------------------------------------
<S>           <C>         <C>     <C>         <C>              <C>              <C>             <C>
   39         No          Fee     0.0818%      N/A             No               3.8%             N/A
------------------------------------------------------------------------------------------------------------
   41         Yes         Fee     0.0818%      N/A             No               9.4%             N/A
------------------------------------------------------------------------------------------------------------
   42         Yes         Fee     0.0818%      N/A             No              22.3%             N/A
------------------------------------------------------------------------------------------------------------
   44         No          Fee     0.0818%      N/A             No               8.5%             N/A
------------------------------------------------------------------------------------------------------------
   59         Yes         Fee     0.0818%      N/A             No              15.7%             N/A
------------------------------------------------------------------------------------------------------------
   60         Yes         Fee     0.0818%      N/A             No              12.0%             N/A
------------------------------------------------------------------------------------------------------------
   62         No          Fee     0.0818%      N/A             No               6.1%             N/A
------------------------------------------------------------------------------------------------------------
   63         Yes         Fee     0.0818%      N/A             Yes              N/A              N/A
------------------------------------------------------------------------------------------------------------
   69         Yes         Fee     0.0818%      N/A             No              19.9%             N/A
------------------------------------------------------------------------------------------------------------
   70         Yes         Fee     0.0818%      N/A             No              36.0%             N/A
------------------------------------------------------------------------------------------------------------
   71         Yes         Fee     0.0818%      N/A             No              26.2%             N/A
------------------------------------------------------------------------------------------------------------
   83         No          Fee     0.0818%      N/A             No              18.3%             N/A
------------------------------------------------------------------------------------------------------------
   101        No          Fee     0.0818%      N/A             No              17.1%             N/A
------------------------------------------------------------------------------------------------------------
   103        Yes         Fee     0.0818%      N/A             No              32.1%             N/A
------------------------------------------------------------------------------------------------------------
   105        Yes         Fee     0.0818%      N/A             No               N/A              N/A
------------------------------------------------------------------------------------------------------------
   114        No          Fee     0.0818%      N/A             No              19.9%             N/A
------------------------------------------------------------------------------------------------------------
   124        No          Fee     0.0818%      N/A             No               4.1%             N/A
------------------------------------------------------------------------------------------------------------
   132        No          Fee     0.0818%      N/A             No              16.7%             N/A
------------------------------------------------------------------------------------------------------------
   139        No          Fee     0.0818%      N/A             No              19.1%             N/A
------------------------------------------------------------------------------------------------------------
   141        No          Fee     0.0818%      N/A             No              13.3%             N/A
------------------------------------------------------------------------------------------------------------
   155        No          Fee     0.0818%      N/A             No              14.8%             N/A
------------------------------------------------------------------------------------------------------------
   157        Yes         Fee     0.0818%      N/A             No              28.1%             N/A
------------------------------------------------------------------------------------------------------------
   162        No          Fee     0.0818%      N/A             No              20.6%             N/A
------------------------------------------------------------------------------------------------------------
   164        No          Fee     0.0818%      N/A             No              22.2%             N/A
------------------------------------------------------------------------------------------------------------
   167        Yes         Fee     0.0818%      N/A             No               8.3%             N/A
------------------------------------------------------------------------------------------------------------
   175        Yes         Fee     0.0818%      N/A             No               5.0%             N/A
------------------------------------------------------------------------------------------------------------
   178        No          Fee     0.0818%      N/A             No              24.2%             N/A
------------------------------------------------------------------------------------------------------------
   179        No          Fee     0.0818%      N/A             No              14.4%             N/A
------------------------------------------------------------------------------------------------------------
   181        Yes         Fee     0.0818%      N/A             No               7.1%             N/A
------------------------------------------------------------------------------------------------------------
   194        Yes         Fee     0.0818%      N/A             No               5.5%             N/A
------------------------------------------------------------------------------------------------------------
   195        No          Fee     0.0818%      N/A             No               3.9%             N/A
------------------------------------------------------------------------------------------------------------
   205        Yes         Fee     0.0818%      N/A             No               5.3%             N/A
------------------------------------------------------------------------------------------------------------
   206        No          Fee     0.0818%      N/A             No              12.9%             N/A
------------------------------------------------------------------------------------------------------------
   207        No          Fee     0.0818%      N/A             No              24.5%             N/A
------------------------------------------------------------------------------------------------------------
   209        No          Fee     0.0818%      N/A             No              13.5%             N/A
------------------------------------------------------------------------------------------------------------
   215        No          Fee     0.0818%      N/A             No               1.8%             N/A
------------------------------------------------------------------------------------------------------------
   218        No          Fee     0.0818%      N/A             No              17.4%             N/A
------------------------------------------------------------------------------------------------------------
                      Fee/Leaseh
   220        No          old     0.0818%      N/A             No              10.7%             N/A
------------------------------------------------------------------------------------------------------------
   221        No          Fee     0.0818%      N/A             No              10.7%             N/A
------------------------------------------------------------------------------------------------------------
   222        No          Fee     0.0818%      N/A             No              12.4%             N/A
------------------------------------------------------------------------------------------------------------
   225        Yes         Fee     0.0818%      N/A             No               9.3%             N/A
------------------------------------------------------------------------------------------------------------
   227        No          Fee     0.0818%      N/A             No              14.9%             N/A
------------------------------------------------------------------------------------------------------------
   228        No          Fee     0.0818%      N/A             No               4.2%             N/A
------------------------------------------------------------------------------------------------------------
   229        Yes         Fee     0.0818%      N/A             No              14.1%             N/A
------------------------------------------------------------------------------------------------------------
   232        No          Fee     0.0818%      N/A             No               9.8%             N/A
------------------------------------------------------------------------------------------------------------
   233        No          Fee     0.0818%      N/A             No               6.9%             N/A
------------------------------------------------------------------------------------------------------------
   236        Yes         Fee     0.0818%      N/A             No              30.9%             N/A
------------------------------------------------------------------------------------------------------------

   241        Yes         Fee     0.0818%      N/A             No              11.6%             N/A
------------------------------------------------------------------------------------------------------------
   242        No          Fee     0.0818%      N/A             No               6.5%             N/A
------------------------------------------------------------------------------------------------------------
   243        No          Fee     0.0818%      N/A             No               3.8%             N/A
------------------------------------------------------------------------------------------------------------

   246        No          Fee     0.0818%      N/A             No               5.9%             N/A
------------------------------------------------------------------------------------------------------------
   247        Yes         Fee     0.0818%      N/A             No               3.6%             N/A
------------------------------------------------------------------------------------------------------------
   249        No          Fee     0.0818%      N/A             No              10.0%             N/A
------------------------------------------------------------------------------------------------------------
   251        No          Fee     0.0818%      N/A             No               7.7%             N/A
------------------------------------------------------------------------------------------------------------
   252        No          Fee     0.0818%      N/A             No               6.0%             N/A
------------------------------------------------------------------------------------------------------------
   253        No          Fee     0.0818%      N/A             No               9.2%             N/A
------------------------------------------------------------------------------------------------------------
   256        No          Fee     0.0818%      N/A             No               8.1%             N/A
------------------------------------------------------------------------------------------------------------
   257        No          Fee     0.0818%      N/A             No               3.1%             N/A
-------------------------------------------------------------------------------------------------------------

                                                           SCH. II-5
<PAGE>

<CAPTION>

                                                                                                      Original
                                                                                         Lockout      Lockout
                      Servicing                    Property                            Expiration     Period
    #      Crossed     Group                        Name                        ARD       Date        (Months)  Due Date
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>          <C>   <C>                                               <C>     <C>            <C>         <C>

   259                  3     Landau Apartments, Inc.                           N/A     5/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   260                  3     240 Prospect Pl. Apt. Corp.                       N/A     7/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   261                  3     Ninth Street Apartments, Inc.                     N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------
   262                  3     331 West 84th Owners Corp.                        N/A     6/1/2012       102         1
--------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                                  Servicing
                                     and                   Environmental
                           Fee/    Trustee   Earthquake      Insurance        Co-op LTV        Letter of
    #      Defeasance   Leasehold   Fees     Insurance        Policy           as Co-op         Credit
-------------------------------------------------------------------------------------------------------------
<S>            <C>         <C>     <C>         <C>              <C>              <C>             <C>

   259         No          Fee     0.0818%      N/A             No              15.5%             N/A
-------------------------------------------------------------------------------------------------------------
   260         No          Fee     0.0818%      N/A             No              11.3%             N/A
-------------------------------------------------------------------------------------------------------------
   261         No          Fee     0.0818%      N/A             No               8.6%             N/A
-------------------------------------------------------------------------------------------------------------
   262         No          Fee     0.0818%      N/A             No               7.0%             N/A
-------------------------------------------------------------------------------------------------------------
</TABLE>

                                                                SCH. II-6
<PAGE>

                                                                   SCHEDULE III

                  MORTGAGE LOANS CONSTITUTING MORTGAGE GROUPS

                                     None

                                  SCH. III-1
<PAGE>

                                                                   SCHEDULE IV

                        MORTGAGE LOANS WITH LOST NOTES

                                     None

                                   SCH. IV-1
<PAGE>

                                                                    SCHEDULE V

                            EXCEPTIONS TO SELLER'S
                        REPRESENTATIONS AND WARRANTIES

          Reference is made to the Representations and Warranties set forth in
Exhibit A attached hereto corresponding to the paragraph numbers set forth
below:

-------------------------------------------------------------------------------
Rep No.   Mortgage Loan (Borrower)   Explanation
-------------------------------------------------------------------------------
          Ninth Street Apartments,
  xxvii   Inc.                       A transaction screen meeting ASTM
                                     standards was obtained in connection
                                     with the origination of the Mortgage
                                     Loan in lieu of a Phase I environmental
                                     report.
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Rep No.   Mortgage Loan (Borrower)   Explanation
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
          Archer Cooperative, Inc.
  xxxi                               xxxi(B)  The Ground Lease does not
                                     expressly provide that no notice of
                                     termination thereof shall be effective
                                     against the mortgagee unless a copy of
                                     such notice has been delivered to the
                                     mortgagee.  However, the Ground Lease
                                     provides (i) that all notices to the
                                     lessee shall be sent simultaneously to
                                     the mortgagee and (ii) that no
                                     cancellation or termination of the
                                     Ground Lease shall be effective without
                                     the prior written consent of the
                                     mortgagee.

                                     xxxi(L) The Ground Lease requires the
                                     lessor to enter into a new ground lease
                                     with the holder of the Mortgage on terms
                                     that do not materially vary from the
                                     economic terms of the Ground Lease in the
                                     event such Ground Lease is terminated by
                                     reason of a default thereunder, but does
                                     not specifically require the lessor to
                                     enter into a new lease upon termination
                                     of such Ground Lease if the Ground Lease
                                     is rejected in a bankruptcy proceeding.
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

Rep No.   Mortgage Loan (Borrower)   Explanation
-------------------------------------------------------------------------------
          Mortgage Loans with
  xxxvi   existing subordinate       Schedule V-1 lists Mortgage Loans with
          indebtedness.              subordinate indebtedness.
-------------------------------------------------------------------------------

                                    SCH.V-1
<PAGE>

                                 Schedule V-1

                 Mortgage Loans With Subordinate Indebtedness

               CSFB March 2004 -- Secondary Financing
                                                            Secondary
Loan #    Borrower                                          Financing
470029190 110-150 Draper Owners Corp.                                $500,000.00
470031610 111-119 Hartsdale Corp.                                    $700,000.00
470030670 120 East 85th Street Owners, Inc.                          $100,000.00
470032600 129-131 Fifth Avenue Corp.                                 $400,000.00
470033230 131 East 66th Street Corporation                         $1,000,000.00
470031920 131-133 Owners Corp.                                       $200,000.00
470032220 136 East 36th Street Apartments Corp.                      $500,000.00
470026180 173-175 Tenants Corp.                                    $2,500,000.00
470031660 196 Owner's Corp.                                        $1,000,000.00
470031740 261 West 22nd Street Tenant Owners Corp.                   $100,000.00
470030600 300 West 17th Street Housing Development
        Fund Corporation                                             $100,000.00
470029380 3135 Johnson Tenant Owners Corp.                         $1,000,000.00
470030690 315 West 232nd Street Corp.                                $250,000.00
470033020 326 West 83rd Owners Corp.                                 $100,000.00
470032240 345 West 70th Tenants Corp.                                $250,000.00
470031330 345 West 88th Apartment Corp.                              $500,000.00
470032580 360 Riverside Owners Corp.                                 $500,000.00
470032120 370 Riverside Tenants' Corp.                               $500,000.00
470033460 500 East 83rd Street Corp.                               $1,000,000.00
470031830 6035 Broadway Owners Corp.                                 $500,000.00
470032430 605 Apartment Corp.                                        $500,000.00
470031490 83-84 116th Owners Corp.                                   $500,000.00
470032310 84-49 Owners Corp.                                         $500,000.00
470029960 878 Residents Corp.                                        $400,000.00
470030170 9 East 96th Street Apartment Corp.                       $1,000,000.00
          94-11 69th Avenue Corp. a/k/a 94-11 69th Avenue
470033130 Corporation                                                $200,000.00
470032150 Bethpage Apartment Corp.                                   $250,000.00
470028550 Big Deal Realty on Greene Street, Inc.                     $200,000.00
470033080 Bradlee Tenants Corp.                                      $250,000.00
470028650 Briarwood Owners' Corp.                                    $500,000.00
470030950 Carol House Apartments, Inc.                               $600,000.00
470027260 Chatham Park Village Cooperative                         $1,700,000.00
470032990 Concordia Apartments, Ltd.                                 $200,000.00
470032750 Crestwood Apartment Owners Corp.                           $500,000.00
470032550 Esplanade Gardens Tenants Corp.                            $500,000.00
470029640 Forest Hills South Owners, Inc.                          $1,000,000.00
470032820 Fountain Gardens Owners Corp.                              $250,000.00
470033200 Gracemere Owners Corporation                               $300,000.00
470029500 Herald Square Loft Corporation                             $100,000.00
470031430 Inverness Housing Corp.                                    $500,000.00
470032010 Landau Apartments, Inc.                                     $50,000.00
470028780 Park Terrace Owners Corp.                                  $400,000.00
470032840 Penny Lane Owners Corp.                                  $1,000,000.00
470031030 Shady Glen Owners' Corp.                                   $400,000.00
470032950 The Hermitage at Napeague, Ltd.                            $500,000.00
470031560 The Indian Harbor House Owners Corporation                 $250,000.00

                                   SCH. V-2
<PAGE>

470028870 Windsor Equities Owners, Inc.                              $250,000.00

                                   SCH. V-3
<PAGE>

                                                                    EXHIBIT A

                        REPRESENTATIONS AND WARRANTIES
                         REGARDING THE MORTGAGE LOANS

          For purposes of these representations and warranties, the phrase "to
the knowledge of Seller" or "to Seller's knowledge" shall mean, except where
otherwise expressly set forth below, the actual state of knowledge of Seller
or any servicer acting on its behalf regarding the matters referred to, in
each case without having conducted any independent inquiry or due diligence
with respect to such matters and without any actual or implied obligation to
make such inquiry or perform such due diligence, other than making such
inquiry or performing such due diligence as would be customarily performed by
prudent commercial or multifamily mortgage lenders or servicers (as the case
may be) with respect to similar mortgage loans or mortgaged properties. All
information contained in documents which are part of or required to be part of
a Mortgage File shall be deemed to be within the knowledge of Seller. Wherever
there is a reference to receipt by, or possession of, Seller of any
information or documents, or to any action taken by Seller or not taken by
Seller, such reference shall include the receipt or possession of such
information or documents by, or the taking of such action or the not taking of
such action by, either Seller or any servicer acting on its behalf.

          Seller hereby represents and warrants, subject to the exceptions set
forth in the Exception Report annexed to this Agreement as Schedule V, with
respect to the Mortgage Loans that as of the date hereinbelow specified or, if
no such date is specified, as of the date of this Agreement:

          (i) Immediately prior to the sale, transfer and assignment to
Depositor, no Note or Mortgage was subject to any assignment (other than
assignments which show a complete chain of assignment to Seller),
participation or pledge, and Seller had good and marketable title to, and was
the sole owner of, the related Mortgage Loan;

          (ii) Each Mortgage Loan was either:

          (A)  originated by a savings and loan association, savings bank,
               commercial bank, credit union, or insurance company, which is
               supervised and examined by a Federal or State authority, or by
               a mortgagee approved by the Secretary of Housing and Urban
               Development pursuant to Sections 203 and 211 of the National
               Housing Act (any of the foregoing, including Seller, a
               "Qualified Originator"); or

          (B)  if originated by a person which is not a Qualified Originator
               (any such person, a "Non-Qualified Originator"), then:

               1.   such Mortgage Loan was underwritten in accordance with
                    standards established by a Qualified Originator, using
                    application forms and related credit documents approved by
                    the Qualified Originator;

               2.   the Qualified Originator approved each application and
                    related credit documents before a commitment by the
                    Non-Qualified Originator was issued, and no such
                    commitment was issued until the Qualified Originator
                    agreed to fund such Mortgage Loan;

                                   EXH. A-1
<PAGE>

               3.   the Mortgage Loan was originated by the Non-Qualified
                    Originator pursuant to an ongoing, standing relationship
                    with the Qualified Originator; and

               4.   the closing documents for the Mortgage Loan were prepared
                    on forms approved by the Qualified Originator, and,
                    pursuant to the Non-Qualified Originator's ongoing,
                    standing relationship with the Qualified Originator,
                    either:

                    (x)  such closing documents reflect the Qualified
                         Originator as the original mortgagee, and such
                         Mortgage Loan was actually funded by the Qualified
                         Originator at the closing thereof;

                    (y)  such closing documents reflect the Non-Qualified
                         Originator as the original mortgagee, but include
                         assignment documents executed by the Non-Qualified
                         Originator in favor of the Qualified Originator at
                         the time of the closing of the Mortgage Loan,
                         reflecting the Qualified Originator as the successor
                         and assign to the Non-Qualified Originator, and the
                         Mortgage Loan was funded initially by the
                         Non-Qualified Originator at the closing thereof and
                         then acquired by the Qualified Originator from such
                         Non-Qualified Originator; or

                    (z)  such closing documents reflect the Non-Qualified
                         Originator as the original mortgagee, but include
                         assignment documents executed by the Non-Qualified
                         Originator in favor of the Qualified Originator at
                         the time of the closing of the Mortgage Loan,
                         reflecting the Qualified Originator as the successor
                         and assign to the Non-Qualified Originator, and the
                         Mortgage Loan was funded initially by the Qualified
                         Originator at the closing thereof and then acquired
                         by the Qualified Originator from such Non-Qualified
                         Originator.

          (iii) Seller has full right and authority to sell, assign and
transfer such Mortgage Loan and the assignment to Depositor constitutes a
legal, valid and binding assignment of such Mortgage Loan;

          (iv) Seller is transferring such Mortgage Loan free and clear of any
and all liens, pledges, charges or any other interests or security interests
of any nature encumbering such Mortgage Loan, except for interests in
servicing rights created or granted under the Pooling and Servicing Agreement,
subservicing agreements and/or servicing rights purchase agreements being
executed and delivered in connection herewith;

          (v) To Seller's knowledge, based on the related borrower's
representations and covenants in the related mortgage loan documents and such
other due diligence as a reasonably prudent commercial mortgage lender would
deem appropriate, the borrower, lessee and/or operator was in possession of
all licenses, permits, and authorizations then required for use of the
Mortgaged Property which were valid and in full force and effect as of the
origination date and, to Seller's actual knowledge, such licenses, permits and
authorizations are still valid and in full force and effect;

                                   EXH. A-2
<PAGE>

          (vi) Each related Note, Mortgage, Assignment of Leases (if any) and
other agreement executed by or for the benefit of the related borrower, any
guarantor or their successors or assigns in connection with such Mortgage Loan
is the legal, valid and binding obligation of the related borrower,
enforceable in accordance with its terms, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or other laws
affecting the enforcement of creditors' rights or by general principles of
equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law); and there is no right of offset, rescission,
abatement or diminution or valid defense or counterclaim available to the
related borrower with respect to such Note, Mortgage, Assignment of Leases and
other agreements, except as the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting the
enforcement of creditors' rights or by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law);

          (vii) The Mortgage File contains an Assignment of Leases, either as
a separate instrument or incorporated into the related Mortgage. Each related
Assignment of Leases creates a valid first priority collateral assignment of,
or a valid first priority lien or security interest in, certain rights under
the related lease or leases, subject only to a license granted to the related
borrower to exercise certain rights and to perform certain obligations of the
lessor under such lease or leases, including the right to operate the related
leased property, except as the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other laws affecting the
enforcement of creditors' rights or by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law); no person other than the related borrower owns any interest
in any payments due under such lease or leases that is superior to or of equal
priority with the lender's interest therein;

          (viii) Each related assignment of Mortgage from Seller to the
Trustee and related assignment of the Assignment of Leases, if the Assignment
of Leases is a separate document from the Mortgage, is in recordable form (but
for the insertion of the name and address of the assignee and any related
recording information, which is not yet available to Seller), and such
assignments and any assignment of any other agreement executed by or for the
benefit of the related borrower, any guarantor or their successors or assigns
in connection with such Mortgage Loan from Seller to the Trustee constitutes
the legal, valid and binding assignment from Seller to the Trustee, except as
the enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, liquidation, receivership, moratorium or other laws relating
to or affecting the enforcement of creditors' rights or by general principles
of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law);

          (ix) Since origination (A) except as set forth in the related
Mortgage File, such Mortgage Loan has not been modified, altered, satisfied,
canceled, subordinated or rescinded in whole or in part and (B) each related
Mortgaged Property has not been released, in whole or in part, from the lien
of the related Mortgage in any manner which materially interferes with the
security intended to be provided by such Mortgage; and since December 4, 2003,
no waiver, consent, modification, assumption, alteration, satisfaction,
cancellation, subordination or rescission which changes the terms of, or the
security for, the Mortgage Loan in any material respect has occurred or been
given;

          (x) Each related Mortgage is a valid and enforceable first lien on
the related Mortgaged Property (subject to Permitted Encumbrances (as defined
below)), except as the enforcement thereof may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting the enforcement
of creditors' rights or by general principles of equity (regardless of whether
such

                                   EXH. A-3
<PAGE>

enforceability is considered in a proceeding in equity or at law); and such
Mortgaged Property is free and clear of any mechanics' and materialmen's liens
which are prior to or equal with the lien of the related Mortgage, except
those which are insured against by a lender's title insurance policy (as
described below). A UCC Financing Statement has been filed and/or recorded (or
sent for filing or recording) in all places necessary to perfect a valid
security interest in the personal property necessary to operate the Mortgaged
Property as currently operated; and such security interest is a first priority
security interest, subject to any prior purchase money security interest in
such personal property, any personal property leases applicable to such
personal property and any other security interest in such personal property
which do not, individually or in the aggregate, materially interfere with the
security intended to be provided for such Mortgage Loan. Any security
agreement, chattel mortgage or equivalent document related to and delivered in
connection with the Mortgage Loan establishes and creates a valid and
enforceable lien on the property described therein, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium or other
laws affecting the enforcement of creditors' rights or by general principles
of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). In the case of any Mortgage Loan secured by a
hotel, the related loan documents contain such provisions as are necessary and
UCC Financing Statements have been filed as necessary, in each case, to
perfect a valid first priority security interest in the related operating
revenues with respect to such Mortgaged Property. Notwithstanding the
foregoing, no representation is made as to the perfection of any security
interest in rent, operating revenues or other personal property to the extent
that possession or control of such items or actions other than the filing of
UCC Financing Statements are required in order to effect such perfection;

          (xi) Seller has not taken any action that would cause the
representations and warranties made by the related borrower in the related
Mortgage Loan Documents not to be true;

          (xii) Seller has no knowledge that the material representations and
warranties made by the related borrower in the related Mortgage Loan Documents
are not true in any material respect;

          (xiii) The lien of each related Mortgage is a first priority lien on
the fee or leasehold interest of the related borrower in the principal amount
of such Mortgage Loan or allocated loan amount of the portions of the
Mortgaged Property covered thereby (as set forth in the related Mortgage)
after all advances of principal and is insured by an ALTA lender's title
insurance policy (except that if such policy is yet to be issued, such
insurance may be evidenced by a "marked up" pro forma policy or title
commitment in either case marked as binding and countersigned by the title
company or its authorized agent, either on its face or by an acknowledged
closing instruction or escrow letter), or its equivalent as adopted in the
applicable jurisdiction, insuring the named mortgagee and its successors and
assigns (as sole insured) as to such lien, subject only to (A) the lien of
current real property taxes, water charges, sewer rents and assessments not
yet delinquent or accruing interest or penalties, (B) covenants, conditions
and restrictions, rights of way, easements and other matters of public record,
none of which, individually or in the aggregate, materially interferes with
the current use of the Mortgaged Property or the security intended to be
provided by such Mortgage or with the borrower's ability to pay its
obligations when they become due or the value of the Mortgaged Property, (C)
the exceptions (general and specific) and exclusions set forth in such policy,
none of which, individually or in the aggregate, materially interferes with
the current general use of the Mortgaged Property or materially interferes
with the security intended to be provided by such Mortgage or with the related
borrower's ability to pay its obligations when they become due or the value of
the Mortgaged Property, (D) the rights of tenants, as tenants only, under
leases, including subleases, pertaining to the related Mortgaged Property, (E)
if the related Mortgage Loan is cross-collateralized with any other Mortgage
Loan, the lien of the mortgage

                                   EXH. A-4
<PAGE>

instrument for that other Mortgage Loan and (F) if the related Mortgaged
Property is a unit in a condominium, the related condominium declaration
(items (A), (B), (C), (D), (E) and (F) collectively, "Permitted
Encumbrances"); and with respect to each Mortgage Loan, such Permitted
Encumbrances do not, individually or in the aggregate, materially interfere
with the security intended to be provided by the related Mortgage, the current
principal use of the related Mortgaged Property or the current ability of the
related Mortgaged Property to generate income sufficient to service such
Mortgage Loan; the premium for such policy was paid in full; such policy (or
if it is yet to be issued, the coverage to be afforded thereby) is issued by a
title insurance company licensed to issue policies in the state in which the
related Mortgaged Property is located (unless such state is Iowa) and is
assignable (with the related Mortgage Loan) to Depositor and the Trustee
without the consent of or any notification to the insurer, and is in full
force and effect upon the consummation of the transactions contemplated by
this Agreement; no claims have been made under such policy and Seller has not
undertaken any action or omitted to take any action, and has no knowledge of
any such act or omission, which would impair or diminish the coverage of such
policy;

          (xiv) The proceeds of such Mortgage Loan have been fully disbursed
and there is no requirement for future advances thereunder, and no future
advances have been made which are not reflected in the related Mortgage File;

          (xv) Except as set forth in a property inspection report or
engineering report prepared in connection with the origination of the Mortgage
Loan, as of the later of the date of origination of such Mortgage Loan or the
most recent inspection of the related Mortgaged Property by Seller, as
applicable, and to the knowledge of Seller as of the date hereof, each related
Mortgaged Property is free of any material damage that would affect materially
and adversely the use or value of such Mortgaged Property as security for the
Mortgage Loan (normal wear and tear excepted). If any of the inspection or
engineering reports referred to above in this paragraph (xv) revealed any
immediate repair items, then one of the following is true: (A) the repairs
and/or maintenance necessary to correct such condition have been completed in
all material respects; (B) an escrow of funds is required or a letter of
credit was obtained in an amount reasonably estimated to be sufficient to
complete the repairs and/or maintenance necessary to correct such condition;
or (C) the reasonable estimation at the time of origination of the Mortgage
Loan of the cost to complete the repairs and/or maintenance necessary to
correct such condition represented no more than the greater of (1) $50,000 and
(2) 2% of the value of the related Mortgaged Property as reflected in an
appraisal conducted in connection with the origination of the subject Mortgage
Loan; as of the closing date for each Mortgage Loan and, to Seller's
knowledge, as of the date hereof, there is no proceeding pending for the total
or partial condemnation of such Mortgaged Property that would have a material
adverse effect on the use or value of the Mortgaged Property;

          (xvi) Seller has inspected or caused to be inspected each related
Mortgaged Property within the past twelve months, or the originator of the
Mortgage Loan inspected or caused to be inspected each related Mortgaged
Property within three months of origination of the Mortgage Loan;

          (xvii) No Mortgage Loan has a shared appreciation feature, any other
contingent interest feature or a negative amortization feature other than the
ARD Loans which may have negative amortization from and after the related
Anticipated Repayment Date;

          (xviii) Each Mortgage Loan is a whole loan, and neither the Mortgage
Loan nor the related Mortgage Loan Documents create or grant an equity
participation to the lender or any other party;

                                   EXH. A-5
<PAGE>

          (xix) The Mortgage Rate (exclusive of any default interest, late
charges, or prepayment premiums) of such Mortgage Loan complied as of the date
of origination with, or was exempt from, applicable state or federal laws,
regulations and other requirements pertaining to usury. Except to the extent
any noncompliance did not materially and adversely affect the value of the
related Mortgaged Property, the security provided by the Mortgage or the
related borrower's operations at the related Mortgaged Property, any and all
other requirements of any federal, state or local laws, including, without
limitation, truth-in-lending, real estate settlement procedures, equal credit
opportunity or disclosure laws, applicable to such Mortgage Loan have been
complied with as of the date of origination of such Mortgage Loan;

          (xx) Neither Seller nor, to Seller's knowledge, any originator,
committed any fraudulent acts during the origination process of any Mortgage
Loan and the origination, servicing and collection of each Mortgage Loan is in
all respects legal, proper and prudent in accordance with customary commercial
mortgage lending standards, and no other person has been granted or conveyed
the right to service the Mortgage Loans or receive any consideration in
connection therewith, except as provided in the Pooling and Servicing
Agreement or any permitted subservicing agreements and/or servicing rights
purchase agreements being executed and delivered in connection therewith;

          (xxi) All taxes and governmental assessments that became due and
owing prior to the date hereof with respect to each related Mortgaged Property
and that are or may become a lien of priority equal to or higher than the lien
of the related Mortgage have been paid or an escrow of funds has been
established and such escrow (including all escrow payments required to be made
prior to the delinquency of such taxes and assessments) is sufficient to cover
the payment of such taxes and assessments;

          (xxii) All escrow deposits and payments required pursuant to each
Mortgage Loan are in the possession, or under the control, of Seller or its
agent and there are no deficiencies (subject to any applicable grace or cure
periods) in connection therewith all such escrows and deposits are being
conveyed by Seller to Depositor and identified as such with appropriate
detail, and any and all requirements for the disbursement of any such escrows
have been complied with in all material respects;

          (xxiii) Each related Mortgaged Property is insured by a fire and
extended perils insurance policy, issued by an insurer meeting the
requirements of the Pooling and Servicing Agreement, in an amount not less
than the lesser of the principal amount of the related Mortgage Loan and the
replacement cost (with no deduction for physical depreciation) and not less
than the amount necessary to avoid the operation of any co-insurance
provisions with respect to the related Mortgaged Property; each related
Mortgaged Property is also covered by business interruption or rental loss
insurance which covers a period of not less than 12 months and comprehensive
general liability insurance in amounts generally required by prudent
commercial mortgage lenders for similar properties; all Mortgaged Properties
in California or in a seismic zone 4 or 5 have had a seismic assessment done
and earthquake insurance was obtained to the extent any such Mortgaged
Property has a probable maximum loss in the event of an earthquake of greater
than twenty percent (20%) of the replacement value of the related
improvements; if the Mortgaged Property for any Mortgage Loan is located
within Florida or within 25 miles of the coast of North Carolina, South
Carolina, Georgia, Alabama, Mississippi, Louisiana or Texas, then, such
Mortgaged Property is insured by windstorm insurance in an amount at least
equal to the lesser of (i) the outstanding principal balance of such Mortgage
Loan and (ii) 100% of the insurable replacement cost of the improvements
located on the related Mortgaged Property; the Mortgaged Properties securing
all of the Mortgage Loans having a Cut-off Date Principal Balance in excess of
$3,000,000 have, as of the date hereof, insurance policies in place with
respect to acts of terrorism or damage related thereto (excluding

                                   EXH. A-6
<PAGE>

acts involving nuclear, biological or chemical terrorism), except any such
Mortgage Loans that are listed on the applicable Exception Report. All
premiums on such insurance policies required to be paid as of the date hereof
have been paid; such insurance policies or the related insurance certificates
require prior notice to the insured of reduction in coverage, termination or
cancellation, and no such notice has been received by Seller; such insurance
names the lender under the Mortgage Loan and its successors and assigns as a
named or additional insured; each related Mortgage Loan obligates the related
borrower to maintain all such insurance and, at such borrower's failure to do
so, authorizes the lender to maintain such insurance at the borrower's cost
and expense and to seek reimbursement therefor from such borrower;

          (xxiv) There is no monetary default, breach, violation or event of
acceleration existing under the related Mortgage Loan. To Seller's knowledge,
there is no (A) non-monetary default, breach, violation or event of
acceleration existing under the related Mortgage Loan or (B) event (other than
payments due but not yet delinquent) which, with the passage of time or with
notice and the expiration of any grace or cure period, would constitute a
default, breach, violation or event of acceleration, which default, breach,
violation or event of acceleration, in the case of either (A) or (B), would
materially and adversely affect the use or value of the Mortgage Loan or the
related Mortgaged Property. Notwithstanding the foregoing, this representation
and warranty does not address or otherwise cover any default, breach,
violation or event of acceleration that specifically pertains to any matter
otherwise covered by any other representation or warranty made by Seller
elsewhere in this Exhibit A or the Exception Report;

          (xxv) No Mortgage Loan has been more than 30 days delinquent in
making required payments since origination and as of the Cut-off Date no
Mortgage Loan is 30 or more days delinquent in making required payments;

          (xxvi) (A) Each related Mortgage contains provisions so as to render
the rights and remedies of the holder thereof adequate for the practical
realization against the Mortgaged Property of the principal benefits of the
security, including realization by judicial or, if applicable, non-judicial
foreclosure or, subject to applicable state law requirements, appointment of a
receiver, and (B) there is no exemption available to the borrower which would
interfere with such right to foreclose, except, in the case of either (A) or
(B), as the enforcement of the Mortgage may be limited by bankruptcy,
insolvency, reorganization, moratorium, redemption or other laws affecting the
enforcement of creditors' rights or by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law). No borrower is a debtor in a state or federal bankruptcy or
insolvency proceeding;

          (xxvii) At origination, each borrower represented and warranted in
all material respects that to its knowledge, except as set forth in certain
environmental reports and, except as commonly used in the operation and
maintenance of properties of similar kind and nature to the Mortgaged
Property, in accordance with prudent management practices and applicable law,
and in a manner that does not result in any contamination of the Mortgaged
Property, it has not used, caused or permitted to exist and will not use,
cause or permit to exist on the related Mortgaged Property any hazardous
materials in any manner which violates federal, state or local laws,
ordinances, regulations, orders, directives or policies governing the use,
storage, treatment, transportation, manufacture, refinement, handling,
production or disposal of hazardous materials or other environmental laws; and
the related borrower agreed to indemnify, defend and hold the mortgagee and
its successors and assigns harmless from and against losses, liabilities,
damages, injuries, penalties, fines, expenses, and claims of any kind
whatsoever (including attorneys' fees and costs) paid, incurred or suffered
by, or asserted against, any such party resulting from a breach of the

                                   EXH. A-7
<PAGE>

foregoing representations, warranties or covenants given by the borrower in
connection with such Mortgage Loan. A Phase I environmental report (or, with
respect to residential cooperative loans with an original principal balance of
$350,000 or less, a transaction screen meeting ASTM standards) and, with
respect to certain Mortgage Loans, a Phase II environmental report was
conducted by a reputable independent environmental consulting firm in
connection with such Mortgage Loan, which report (or transaction screen) did
not indicate any material non-compliance with applicable environmental laws or
material existence of hazardous materials or, if any material non-compliance
or material existence of hazardous materials was indicated in any such report
(or transaction screen), then at least one of the following statements is
true: (A) funds reasonably estimated to be sufficient to cover the cost to
cure any material non-compliance with applicable environmental laws or
material existence of hazardous materials have been escrowed by the related
borrower and held by the related mortgagee; (B) if the environmental report
recommended an operations and maintenance plan, but not any material
expenditure of funds, an operations and maintenance plan has been required to
be obtained by the related borrower; (C) the environmental condition
identified in the related environmental report was remediated or abated in all
material respects prior to the date hereof; (D) a no further action or closure
letter was obtained from the applicable governmental regulatory authority (or
the environmental issue affecting the related Mortgaged Property was otherwise
listed by such governmental authority as "closed"); (E) such conditions or
circumstances identified in the Phase I environmental report were investigated
further and based upon such additional investigation, an environmental
consultant recommended no further investigation or remediation; (F) a party
unrelated to the borrower with financial resources reasonably estimated to be
adequate to cure the condition or circumstance provided a guaranty or
indemnity to the related borrower to cover the costs of any required
investigation, testing, monitoring or remediation; (G) the expenditure of
funds reasonably estimated to be necessary to effect such remediation is not
greater than two percent (2%) of the outstanding principal balance of the
related Mortgage Loan; or (H) a lender's environmental insurance policy was
obtained and is a part of the related Mortgage File. Notwithstanding the
preceding sentence, with respect to certain Mortgage Loans with an original
principal balance of less than $3,000,000, no environmental report may have
been obtained, but (in such cases where a Phase I environmental report was not
obtained) a lender's secured creditor impaired property environmental
insurance policy was obtained with respect to each such Mortgage Loan. Each of
such secured creditor impaired property environmental insurance policies is a
part of the related Mortgage File. Each of such environmental insurance
policies is in full force and effect, is in an amount not less than the 100%
of the balance of the related Mortgage Loan, and has a term extending not less
than five years after the maturity date of the related Mortgage Loan; the
premiums for such policies have been paid in full; the Trustee is named as an
insured under each of such policies; and Seller has delivered to the insurer
all related environmental reports in its possession. To Seller's knowledge, in
reliance on the environmental reports referred to in the second sentence of
this paragraph (xxvii) and except as set forth in such environmental reports,
each Mortgaged Property is in material compliance with all applicable federal,
state and local environmental laws, and to Seller's knowledge, no notice of
violation of such laws has been issued by any governmental agency or
authority, except, in all cases, as indicated in such environmental reports or
other documents previously provided to the Rating Agencies; and Seller has not
taken any action which would cause the Mortgaged Property to not be in
compliance with all federal, state and local environmental laws pertaining to
environmental hazards;

          (xxviii) (1) Each Mortgage Loan contains provisions for the
acceleration of the payment of the unpaid principal balance of such Mortgage
Loan if, without the consent of the holder of the Mortgage (and the Mortgage
requires the mortgagor to pay all fees and expenses associated with obtaining
such consent), the related Mortgaged Property is directly or indirectly
transferred or sold, and (2) except with respect to transfers of certain
interests in the related borrower to persons already holding

                                   EXH. A-8
<PAGE>

interests in the borrower, their family members, affiliated companies and
other estate planning related transfers that satisfy certain criteria
specified in the related Mortgage (which criteria is consistent with the
practices of prudent commercial mortgage lenders) or any transfers in
connection with the death or disability of owners of the borrower or, if the
related Mortgaged Property is a residential cooperative property, transfers of
stock of the related borrower in connection with the assignment of a
proprietary lease for a unit in the related Mortgaged Property by a
tenant-shareholder of the related borrower to other persons who by virtue of
such transfers become tenant-shareholders in the related borrower, each
Mortgage Loan also contains the provisions for the acceleration of the payment
of the unpaid principal balance of such Mortgage Loan if, without the consent
of the holder of the Mortgage (and the Mortgage requires the mortgagor to pay
all fees and expenses associated with obtaining such consent), a majority
interest in the related borrower is directly or indirectly transferred or
sold;

          (xxix) All improvements included in the related appraisal are within
the boundaries of the related Mortgaged Property, except for encroachments
onto adjoining parcels for which Seller has obtained title insurance against
losses arising therefrom or that do not materially and adversely affect the
use or value of such Mortgaged Property. No improvements on adjoining parcels
encroach onto the related Mortgaged Property except for encroachments that do
not materially and adversely affect the value of such Mortgaged Property, the
security provided by the Mortgage, the current use of the Mortgaged Property,
or the related borrower's operations at the Mortgaged Property;

          (xxx) The information pertaining to the Mortgage Loans which is set
forth in the Mortgage Loan Schedule attached as an exhibit to this Agreement
is complete and accurate in all material respects as of the dates of the
information set forth therein (or, if not set forth therein, as of the Cut-off
Date);

          (xxxi) With respect to any Mortgage Loan where all or any portion of
the estate of the related borrower therein is a leasehold estate under a
ground lease, and the related Mortgage does not also encumber the related
lessor's fee interest in such Mortgaged Property, based upon the terms of the
ground lease and any estoppel received from the ground lessor, Seller
represents and warrants that:

          (A)  The ground lease or a memorandum regarding such ground lease
               has been duly recorded. The ground lease permits the interest
               of the lessee to be encumbered by the related Mortgage and does
               not restrict the use of the related Mortgaged Property by such
               lessee, its successors or assigns in a manner that would
               adversely affect the security provided by the related Mortgage.
               To Seller's knowledge, there has been no material change in the
               terms of the ground lease since its recordation, except by any
               written instruments which are included in the related mortgage
               file;

          (B)  The lessor under such ground lease has agreed in a writing
               included in the related mortgage file that the ground lease may
               not be amended, modified, canceled or terminated without the
               prior written consent of the lender and that any such action
               without such consent is not binding on the lender, its
               successors or assigns;

          (C)  The ground lease has an original term (or an original term plus
               one or more optional renewal terms, which, under all
               circumstances, may be exercised, and would be enforceable, by
               the lender) that extends not less than 10 years beyond the
               amortization term of the related Mortgage Loan;

                                   EXH. A-9
<PAGE>

          (D)  Based on the title insurance policy (or binding commitment
               therefor) obtained by Seller, the ground lease is not subject
               to any liens or encumbrances superior to, or of equal priority
               with, the Mortgage, subject to Permitted Encumbrances and liens
               that encumber the ground lessor's fee interest;

          (E)  Under the terms of the ground lease, the ground lease is
               assignable to the lender and its assigns without the consent of
               the lessor thereunder;

          (F)  The ground lease is in full force and effect, Seller has no
               actual knowledge that any default beyond applicable notice and
               grace periods has occurred, and to Seller's knowledge, there is
               no existing condition which, but for the passage of time or
               giving of notice, would result in a default under the terms of
               the ground lease;

          (G)  The ground lease or ancillary agreement, which is part of the
               Mortgage File, between the lessor and the lessee requires the
               lessor to give notice of any default by the lessee to the
               lender;

          (H)  The lender is permitted a reasonable opportunity (including,
               where necessary, sufficient time to gain possession of the
               interest of the lessee under the ground lease through legal
               proceedings, or to take other action so long as the lender is
               proceeding diligently) to cure any default under the ground
               lease which is curable after the receipt of notice of any
               default before the lessor may terminate the ground lease. All
               rights of the lender under the ground lease and the related
               Mortgage (insofar as it relates to the ground lease) may be
               exercised by or on behalf of the lender;

          (I)  The ground lease does not impose any restrictions on subletting
               that would be viewed as commercially unreasonable by a prudent
               commercial mortgage lender. The lessor is not permitted to
               disturb the possession, interest or quiet enjoyment of any
               subtenant of the lessee in the relevant portion of the
               Mortgaged Property subject to the ground lease for any reason,
               or in any manner, which would adversely affect the security
               provided by the related Mortgage;

          (J)  Under the terms of the ground lease and the related Mortgage,
               any related insurance proceeds or condemnation award (other
               than in respect of a total or substantially total loss or
               taking) will be applied either to the repair or restoration of
               all or part of the related Mortgaged Property, with the lender
               or a trustee appointed by it having the right to hold and
               disburse such proceeds as repair or restoration progresses
               (except in such cases where a provision entitling another party
               to hold and disburse such proceeds would not be viewed as
               commercially unreasonable by a prudent commercial mortgage
               lender), or to the payment of the outstanding principal balance
               of the Mortgage Loan, together with any accrued interest,
               except that in the case of condemnation awards, the ground
               lessor may be entitled to a portion of such award;

          (K)  Under the terms of the ground lease and the related Mortgage,
               any related insurance proceeds, or condemnation award in
               respect of a total or substantially total loss or taking of the
               related Mortgaged Property will be applied first to the payment
               of the outstanding principal balance of the Mortgage Loan,
               together with

                                  EXH. A-10
<PAGE>

               any accrued interest (except as provided by applicable law or
               in cases where a different allocation would not be viewed as
               commercially unreasonable by a prudent commercial mortgage
               lender, taking into account the relative duration of the ground
               lease and the related Mortgage and the ratio of the market
               value of the related Mortgaged Property to the outstanding
               principal balance of such Mortgage Loan). Until the principal
               balance and accrued interest are paid in full, neither the
               lessee nor the lessor under the ground lease will have an
               option to terminate or modify the ground lease without the
               prior written consent of the lender as a result of any casualty
               or partial condemnation; and

          (L)  Provided that the lender cures any defaults which are
               susceptible to being cured, the lessor has agreed to enter into
               a new lease upon termination of the ground lease for any
               reason, including rejection of the ground lease in a bankruptcy
               proceeding;

          (xxxii) With respect to any Mortgage Loan where all or a material
portion of the estate of the related borrower therein is a leasehold estate,
but the related Mortgage also encumbers the related lessor's fee interest in
such Mortgaged Property: (A) such lien on the related fee interest is
evidenced by the related Mortgage, (B) such Mortgage does not by its terms
provide that it will be subordinated to the lien of any other mortgage or
encumbrance upon such fee interest, (C) upon the occurrence of a default under
the terms of such Mortgage by the related borrower, any right of the related
lessor to receive notice of, and to cure, such default granted to such lessor
under any agreement binding upon the lender would not be considered
commercially unreasonable in any material respect by prudent commercial
mortgage lenders, (D) the related lessor has agreed in a writing included in
the related Mortgage File that the related ground lease may not be amended or
modified without the prior written consent of the lender and that any such
action without such consent is not binding on the lender, its successors or
assigns, and (E) the related ground lease is in full force and effect, and
Seller has no actual knowledge that any default beyond applicable notice and
grace periods has occurred or that there is any existing condition which, but
for the passage of time or giving of notice, would result in a default under
the terms of such ground lease;

          (xxxiii) With respect to those Mortgage Loans that are
cross-collateralized or cross-defaulted, all other loans that are
cross-collateralized or cross-defaulted with such Mortgage Loans are being
transferred to Depositor hereunder;

          (xxxiv) Neither Seller nor any affiliate thereof has any obligation
to make any capital contribution to any borrower under a Mortgage Loan, other
than contributions made on or prior to the date hereof;

          (xxxv) (A) The Mortgage Loan is directly secured by a Mortgage on a
commercial property or multifamily residential property, and (B) the fair
market value of such real property, as evidenced by an appraisal satisfying
the requirements of FIRREA conducted within 12 months of the origination of
the Mortgage Loan, was at least equal to 80% of the principal amount of the
Mortgage Loan (1) at origination (or if the Mortgage Loan has been modified in
a manner that constituted a deemed exchange under Section 1001 of the Code at
a time when the Mortgage Loan was not in default or default with respect
thereto was not reasonably foreseeable, the date of the last such
modification) or (2) at the date hereof; provided that the fair market value
of the real property must first be reduced by (x) the amount of any lien on
the real property interest that is senior to the Mortgage Loan and (y) a
proportionate amount of any lien that is in parity with the Mortgage Loan
(unless such other lien secures

                                  EXH. A-11
<PAGE>

a Mortgage Loan that is cross-collateralized with such Mortgage Loan, in which
event the computation described in (B) shall be made on an aggregated basis);

          (xxxvi) There are no subordinate mortgages encumbering the related
Mortgaged Property, nor are there any preferred equity interests held by the
lender or any mezzanine debt related to such Mortgaged Property, except as set
forth in the Prospectus Supplement, in this Exhibit A or in the Exception
Report;

          (xxxvii) Except in cases where the related Mortgaged Property is a
residential cooperative property, the Mortgage Loan Documents executed in
connection with each Mortgage Loan having an original principal balance in
excess of $5,000,000 require that the related borrower be a Single-Purpose
Entity (for this purpose, "Single-Purpose Entity" shall mean an entity, other
than an individual, having organizational documents which provide
substantially to the effect that it is formed or organized solely for the
purpose of owning and operating one or more Mortgaged Properties, is
prohibited from engaging in any business unrelated to such property and the
related Mortgage Loan, does not have any assets other than those related to
its interest in the related Mortgaged Property or its financing, or any
indebtedness other than as permitted under the related Mortgage Loan). To
Seller's actual knowledge, each borrower has fully complied with the
requirements of the related Note and Mortgage and borrower's organizational
documents regarding Single-Purpose Entity status;

          (xxxviii) Except in cases where the related Mortgaged Property is a
residential cooperative property, each Mortgage Loan prohibits the related
borrower from mortgaging or otherwise encumbering the Mortgaged Property, or
any controlling equity interest in the borrower, without the prior written
consent of the mortgagee or the satisfaction of debt service coverage or
similar criteria specified in the Note or Mortgage which would be acceptable
to a reasonably prudent commercial mortgage lender, and, except in connection
with trade debt and equipment financings in the ordinary course of borrower's
business, from carrying any additional indebtedness, except, in each case,
liens contested in accordance with the terms of the Mortgage Loans or, with
respect to each Mortgage Loan having an original principal balance of less
than $4,000,000, any unsecured debt;

          (xxxix) Each borrower covenants in the Mortgage Loan Documents that
it shall remain in material compliance with all material licenses, permits and
other legal requirements necessary and required to conduct its business;

          (xl) Each Mortgaged Property (A) is located on or adjacent to a
dedicated road, or has access to an irrevocable easement permitting ingress
and egress, (B) is served by public utilities and services generally available
in the surrounding community or otherwise appropriate for the use in which the
Mortgaged Property is currently being utilized, and (C) constitutes one or
more separate tax parcels or is covered by an endorsement with respect to the
matters described in (A), (B) or (C) under the related title insurance policy
(or the binding commitment therefor);

          (xli) Based solely on a flood zone certification or a survey of the
related Mortgaged Property, if any portion of the improvements on the
Mortgaged Property is located in an area identified by the Federal Emergency
Management Agency or the Secretary of Housing and Urban Development as having
special flood hazards categorized as Zone "A" or Zone "V" and flood insurance
is available, the terms of the Mortgage Loan require the borrower to maintain
flood insurance, or at such borrower's failure to do so, authorizes the lender
to maintain such insurance at the cost and expense of the borrower and such
insurance is in full force and effect in an amount not less than the lesser of
(A) the replacement

                                  EXH. A-12
<PAGE>

cost of the material improvements on such Mortgaged Property, (B) the balance
of the Mortgage Loan and (C) the maximum amount of insurance available under
the applicable National Flood Insurance Administration Program;

          (xlii) With respect to each Mortgage which is a deed of trust, a
trustee, duly qualified under applicable law to serve as such, currently so
serves and is named in the deed of trust or has been substituted in accordance
with applicable law or may be substituted in accordance with applicable law by
the related mortgagee, and except in connection with a trustee's sale after a
default by the related borrower, no fees are payable to such trustee, and such
fees payable are payable by the borrower;

          (xliii) Except as disclosed in the Exception Report to this
Agreement, to the knowledge of Seller as of the date hereof, there was no
pending action, suit or proceeding, arbitration or governmental investigation
against any borrower or Mortgaged Property, an adverse outcome of which would
materially and adversely affect such borrower's ability to perform under the
related Mortgage Loan;

          (xliv) No advance of funds has been made by Seller to the related
borrower (other than mezzanine debt and the acquisition of preferred equity
interests by the preferred equity interest holder, as disclosed in the
Prospectus Supplement), and no funds have, to Seller's knowledge, been
received from any person other than, or on behalf of, the related borrower,
for, or on account of, payments due on the Mortgage Loan;

          (xlv) To the extent required under applicable law, as of the Cut-off
Date or as of the date that such entity held the Note, each holder of the Note
was authorized to transact and do business in the jurisdiction in which each
related Mortgaged Property is located, or the failure to be so authorized did
not materially and adversely affect the enforceability of such Mortgage Loan;

          (xlvi) All collateral for the Mortgage Loans is being transferred as
part of the Mortgage Loans;

          (xlvii) Except as disclosed in the Exception Report or the
Prospectus Supplement with respect to the Crossed Mortgage Loans and Mortgage
Loans secured by multiple, non-contiguous real properties, no Mortgage Loan
requires the lender to release any portion of the Mortgaged Property from the
lien of the related Mortgage except upon (A) payment in full or defeasance of
the related Mortgage Loan, (B) the satisfaction of certain legal and
underwriting requirements that would be customary for prudent commercial
mortgage lenders, which in all events include payment of a release price at
least 125% of the appraised value of the property to be released or of the
allocated loan amount of such property, (C) releases of unimproved out-parcels
or (D) releases of other portions of the Mortgaged Property which will not
have a material adverse effect on the use or value of the collateral for the
related Mortgage Loan and which were given no value in the appraisal of the
Mortgaged Property or of that portion of the Mortgaged Property used to
calculate the loan-to-value ratio of the Mortgaged Property for underwriting
purposes. No release or partial release of any Mortgaged Property, or any
portion thereof, expressly permitted or required pursuant to the terms of any
Mortgage Loan would constitute a significant modification of the related
Mortgage Loan under Treas. Reg. Section 1.860G-2(b)(2);

          (xlviii) Any insurance proceeds in respect of a casualty loss or
taking will be applied either to (A) the repair or restoration of all or part
of the related Mortgaged Property, with, in the case of all casualty losses or
takings in excess of a specified amount or percentage of the related loan
amount that a prudent commercial lender would deem satisfactory and
acceptable, the lender (or a trustee appointed

                                  EXH. A-13
<PAGE>

by it) having the right to hold and disburse such proceeds as the repair or
restoration progresses (except in any case where a provision entitling another
party to hold and disburse such proceeds would not be viewed as commercially
unreasonable by a prudent commercial mortgage lender) or (B) to the payment of
the outstanding principal balance of such Mortgage Loan together with any
accrued interest thereon;

          (xlix) Each UCC Financing Statement, if any, filed with respect to
personal property constituting a part of the related Mortgaged Property and
each assignment, if any, of such UCC Financing Statement to Seller was, and
each assignment, if any, of such UCC Financing Statement in blank which the
Trustee or its designee is authorized to complete (but for the insertion of
the name of the assignee and any related filing information which is not yet
available to Seller) is, in suitable form for filing in the filing office in
which such UCC Financing Statement was filed;

          (l) To Seller's knowledge, (A) each commercial lease covering more
than 10% (20% in the case of any Mortgage Loan having an original principal
balance less than $2,500,000) of the net leaseable area of the related
Mortgaged Property is in full force and effect and (B) there exists no default
under any such commercial lease either by the lessee thereunder or by the
related borrower that could give rise to the termination of such lease;

          (li) Based upon an opinion of counsel and/or other due diligence
considered reasonable by prudent commercial mortgage lenders in the lending
area where the subject property is located, the improvements located on or
forming part of each Mortgaged Property comply with applicable zoning laws and
ordinances, or constitute a legal non-conforming use or structure or, if any
such improvement does not so comply, such non-compliance does not materially
and adversely affect the value of the related Mortgaged Property. With respect
to Mortgage Loans with a Cut-off Date Principal Balance of over $10,000,000,
if the related Mortgaged Property does not so comply, to the extent Seller is
aware of such non-compliance, it has required the related borrower to obtain
law and ordinance insurance coverage in amounts customarily required by
prudent commercial mortgage lenders;

          (lii) Each Mortgage Loan constitutes a "qualified mortgage" within
the meaning of Section 860G(a)(3) of the Code (but without regard to the rule
in Treasury Regulation (as defined herein) Section 1.860G-2(f)(2) that treats
a defective obligation as a qualified mortgage or any substantially similar
successor provision), the related Mortgaged Property, if acquired by a REMIC
in connection with the default or imminent default of such Mortgage Loan would
constitute "foreclosure property" within the meaning of Code Section
860G(a)(8) and all Prepayment Premiums and Yield Maintenance Charges with
respect to such Mortgage Loan constitute "customary prepayment penalties"
within the meaning of Treasury Regulation Section 1.860G-1(b)(2);

          (liii) With respect to any Mortgage Loan that pursuant to the
Mortgage Loan Documents can be defeased, (A) the Mortgage Loan cannot be
defeased within two years after the Closing Date, (B) the borrower can pledge
only United States government securities in an amount sufficient to make all
scheduled payments under the Mortgage Loan when due, (C) the borrower is
required to provide independent certified public accountant's certification
that the collateral is sufficient to make such payments, (D) the loan may be
required to be assumed by a single-purpose entity designated by the holder of
the Mortgage Loan, (E) the borrower is required to provide an opinion of
counsel that the trustee has a perfected security interest in such collateral
prior to any other claim or interest, (F) the borrower is required to pay all
Rating Agency fees associated with defeasance (if rating confirmation is a
specific condition precedent thereto) and all other reasonable expenses
associated with defeasance, including, but not limited to, accountant's fees
and opinions of counsel, (G) with respect to

                                  EXH. A-14
<PAGE>

any Significant Loan (as defined in the Pooling and Servicing Agreement), the
borrower is required to provide an opinion of counsel that such defeasance
will not cause any REMIC created under the Pooling and Servicing Agreement to
fail to qualify as a REMIC for federal or applicable state tax purposes and
(H) with respect to any Significant Loan (as defined in the Pooling and
Servicing Agreement), the borrower must obtain confirmation from each Rating
Agency that the defeasance would not result in such Rating Agency's
withdrawal, downgrade or qualification of the then current rating of any class
of Certificates rated by such Rating Agency;

          (liv) The Mortgage Loan Documents for each Mortgage Loan provide
that the related borrower thereunder shall be liable to the lender for any
losses incurred by the lender due to (A) the misapplication or
misappropriation of rents, insurance proceeds or condemnation awards, (B) any
willful act of material waste, (C) any breach of the environmental covenants
contained in the related Mortgage Loan Documents, and (D) fraud by the related
borrower; provided that, with respect to clause (C) of this sentence, an
indemnification against losses related to such violations or environmental
insurance shall satisfy such requirement; and provided, further, that, if the
related Mortgaged Property is a residential cooperative property, then the
subject Mortgage Loan is fully recourse to the borrower;

          (lv) If such Mortgage Loan is an ARD Loan, it commenced amortizing
on its initial scheduled Due Date and provides that: (A) its Mortgage Rate
will increase by no less than two percentage points in connection with the
passage of its Anticipated Repayment Date and so long as the Mortgage Loan is
an asset of the Trust Fund; (B) its Anticipated Repayment Date is not less
than seven years following the origination of such Mortgage Loan; (C) no later
than the related Anticipated Repayment Date, if it has not previously done so,
the related borrower is required to enter into a "lockbox agreement" whereby
all revenue from the related Mortgaged Property shall be deposited directly
into a designated account controlled by the applicable Master Servicer; and
(D) any cash flow from the related Mortgaged Property that is applied to
amortize such Mortgage Loan following its Anticipated Repayment Date shall, to
the extent such net cash flow is in excess of the Monthly Payment payable
therefrom, be net of budgeted and discretionary (servicer approved) capital
expenditures;

          (lvi) Except as disclosed in the Prospectus Supplement, no Mortgage
Loan, and no group of Mortgage Loans made to the same borrower and to
borrowers that are Affiliates, accounted for more than 5.0% of the aggregate
of the Cut-off Date Principal Balances of all of the mortgage loans (including
the Mortgage Loans) sold to Depositor by Column Financial, Inc., PNC Bank,
National Association, NCB, FSB, and KeyBank National Association pursuant to
those certain Mortgage Loan Purchase Agreements, each dated as of February 26,
2004, between Depositor and Column Financial, Inc., PNC Bank, National
Association, NCB, FSB, and KeyBank National Association, respectively, as of
the Cut-off Date (there being two such Mortgage Loan Purchase Agreements in
the case of Column Financial, Inc.);

          (lvii) Except for the Mortgage Loans with an initial principal
balance less than $3,000,000, in connection with its origination or
acquisition of each Mortgage Loan, Seller obtained an appraisal of the related
Mortgaged Property, which appraisal is signed by an appraiser, who, to
Seller's actual knowledge, had no interest, direct or indirect, in the
borrower, the Mortgaged Property or in any loan made on the security of the
Mortgaged Property, and whose compensation was not affected by the approval or
disapproval of the Mortgage Loan; and

                                  EXH. A-15
<PAGE>

          (lviii) Each Mortgage Loan bears interest at a rate that remains
fixed throughout the remaining term of such Mortgage Loan, except in the case
of an ARD Loan after its Anticipated Repayment Date and except for the
imposition of a default rate.

                                  EXH. A-16
<PAGE>

                                                                      EXHIBIT B

                            AFFIDAVIT OF LOST NOTE

STATE OF NEW YORK                )
                                 )  ss.:
COUNTY OF NEW YORK               )

            ____________________________, being duly sworn, deposes and says:

            1. that he is an authorized signatory of NCB, FSB ("NCB, FSB");

            2. that _______________ is the owner and holder of a mortgage loan
in the original principal amount of $______________ secured by a mortgage (the
"Mortgage") on the premises known as ______________ ______________ located in
______________;

            3. that _______________, after having conducted a diligent
investigation of its records and files, has been unable to locate the
following original note and believes that said original note has been lost,
misfiled, misplaced or destroyed due to a clerical error:

            a note in the original sum of $______________ made by ____________,
            to _______________, under date of ______________ (the "Note");

            4.    that the Note is now owned and held by _______________;

            5. that the copy of the Note attached hereto is a true and correct
copy thereof;

            6. that the Note has not been paid off, satisfied, assigned,
transferred, encumbered, endorsed, pledged, hypothecated, or otherwise
disposed of and that the original Note has been either lost, misfiled,
misplaced or destroyed;

            7. that no other person, firm, corporation or other entity has any
right, title, interest or claim in the Note except _______________; and

            8. upon assignment of the Note by _______________ to Credit Suisse
First Boston Mortgage Securities Corp. (the "Depositor") and subsequent
assignment by Depositor to the trustee for the benefit of the holders of the
Credit Suisse First Boston Mortgage Securities Corp. Commercial Mortgage
Pass-Through Certificates, Series 2004-C1 (the "Trustee") (which assignment
may, at the discretion of Depositor, be made directly by _______________ to
the Trustee), _______________ covenants and agrees (a) promptly to deliver to
the Trustee the original Note if it is subsequently found, and (b) to
indemnify and hold harmless the Trustee and its successors and assigns from
and against any and all costs, expenses and monetary losses arising as a
result of _______________'s failure to deliver said original Note to the
Trustee.

                                  EXH. B-1
<PAGE>

                                    NCB, FSB

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

Sworn to before me this _____
day of __________, 2004

                                  EXH. B-2Exhibit 4.2
                                               Preliminary - Subject to Change

                               SERIES SUPPLEMENT

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

                              SERIES 2004-1 TRUST

                                    between

                        ABN AMRO SCORS Depositor Inc.,

                                 as Depositor

                                      and

                                   [      ],

                                  as Trustee

                             Dated as of [ ], 2004

<PAGE>

                               TABLE OF CONTENTS

                                                                          Page

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

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

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

Section 4.     Trust Certificates............................................6

Section 5.     Distributions.................................................6

Section 6.     Trustee's Fees................................................9

Section 7.     Optional Exchange; Optional Redemption.......................10

Section 8.     Events of Default...........................................12

Section 9.     Miscellaneous................................................12

Section 10.    Governing Law................................................15

Section 11.    Counterparts.................................................15

Section 12.    Termination of the Trust.....................................15

Section 13.    Sale of Underlying Securities................................15

Section 14.    Amendments...................................................15

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

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

                                       i
<PAGE>

                               SERIES SUPPLEMENT

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

                              SERIES 2004-1 TRUST

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

                             W I T N E S S E T H:

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

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

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

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

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

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

-------------------------

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                      2
<PAGE>

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

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

            "Closing Date" shall mean [       ], 2004.

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

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

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

            "Currency" shall mean United States Dollars.

            "Depository" shall mean The Depository Trust Company.

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

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

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

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

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

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

                                      3
<PAGE>

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

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

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

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

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

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

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

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

            "Optional Exchange Date" shall mean any Distribution Date on which
Underlying Securities subject to Optional Exchange are distributed to the
Depositor or any of its Affiliates, as a Certificateholder or any other date
set forth in Section 7 hereof.

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

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

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

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

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

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

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

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

                                      4
<PAGE>

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

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

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

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

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

            "Series" shall mean Series 2004-1.

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

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

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

            "Underlying Securities" shall mean [        ].

            "Underlying Securities Issuer" shall mean [       ].

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

            "Underlying Securities Trustee" shall mean [        ].

            "Underwriters" shall mean ABN AMRO Incorporated [and ABN AMRO
Financial Services, Inc.].

            "Voting Rights" shall, in the entirety, unless otherwise set forth
herein, be allocated among all Certificateholders in proportion to the then
unpaid principal amounts of their respective Certificates.

            "Warrant Agent" shall mean initially, [        ].

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

      Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "ABN AMRO SCORS Trust Certificates, Series 2004-1
Trust." The Certificates

                                      5
<PAGE>

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

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

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

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

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

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

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

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

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

                                      6
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

      (b) Notwithstanding any other provision hereof (other than Section 3(c)
and Section 7) if the Underlying Securities are redeemed, prepaid or
liquidated in whole or in part for any reason (including, without limitation,
an Event of Default) other than at their maturity, the Trustee shall apply
Available Funds on the related Distribution Date (or Special Distribution

                                      7
<PAGE>

Date, if applicable) in the same order of priority as is set forth in Section
5(a). If some but not all of the Underlying Securities are redeemed, prepaid
or liquidated in full, the Class A-1 Certificates to be retired shall be
selected by the Trustee or DTC by lot.

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

      (d) In the event that the Trustee receives non-cash property in respect
of the Underlying Securities as a result of a payment default on the
Underlying Securities (including from the sale thereof), the Trustee will give
10 days notice to the Depositary, or for any Certificates which are not then
held by DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid, and to the Warrant Agent. Such
notice shall state that the Trustee shall, and the Trustee shall, not later
than 30 days after the receipt of such moneys or other property, allocate and
distribute such property to the holders of Class A-1 Certificates and Class
A-2 Certificates then outstanding and unpaid (after deducting the costs
incurred in connection therewith) in accordance with the priorities of
distribution established pursuant to Section 5(a) hereof. Property other than
cash will be liquidated by the Trustee, and the proceeds thereof distributed
in cash, only to the extent necessary to avoid distribution of fractional
securities to Certificateholders. In-kind distribution of such property to

                                      8
<PAGE>

Certificateholders will be deemed to reduce the Certificate Principal Balance
of Certificates on a dollar-for-dollar basis.

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

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

      (g) [Reserved].

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

      Section 6. Trustee's Fees.

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

      (b) Extraordinary Expenses shall not be paid out of the Trust Property
unless all the Certificateholders of each of Class A-1 Certificates then
outstanding have voted to require the Trustee to incur such Extraordinary
Expenses. The Trustee may incur other Extraordinary

                                      9
<PAGE>

Expenses if any lesser percentage of the Certificateholders requesting such
action pursuant hereto reimburse the Trustee for the cost thereof from their
own funds in advance. If Extraordinary Expenses are not approved unanimously
as set forth in the first sentence of this Section 6(b), such Extraordinary
Expenses shall not be an obligation of the Trust, and the Trustee shall not
file any claim against the Trust therefor notwithstanding failure of
Certificateholders to reimburse the Trustee.

      Section 7. Optional Exchange; Optional Redemption.

      (a) (i) On each Distribution Date, the Depositor and/or its Affiliates may
exchange Class A-1 Certificates and a proportionate related amount of Class A-2
Certificates (or all Certificates if the Depositor and/or its Affiliate holds
all Certificates, on any date), may tender such Certificates to the Trustee and
receive a distribution of Underlying Securities representing a percentage of the
related Underlying Securities equivalent to the percentages of the Class A-1
Certificates and Class A-2 Certificates being tendered; provided, however, that
any right to exchange shall be exercisable only if (a) the Depositor or one of
its Affiliates provides upon the Trustee's request an Opinion of Counsel that
such exchange is consistent with applicable requirements for exemption under
Rule 3a-7 (or other applicable rule or exemption) under the Investment Company
Act of 1940, as amended, and all applicable rules and regulations thereunder,
and such exchange would not cause the Trust to be treated as a corporation or
publicly traded partnership taxable as a corporation for federal income tax
purposes and (b) to the extent permitted under Section 7(a)(iv) hereof.

            (ii) Any such Affiliate of the Depositor must provide notice to
      the Trustee (an "Exchange Request") at least five days (or such shorter
      period acceptable to the Trustee) but not more than 30 days prior to an
      Optional Exchange Date that it requests an Optional Exchange of
      Certificates on such Optional Exchange Date.

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

            (iv) Any such Optional Exchange by the Depositor and/or its
      Affiliates, will be subject to the following restrictions: (a)
      Certificates to be exchanged have been held for a minimum of six months
      and (b) except where the Depositor and/or its Affiliate holds all of the
      Certificates, each Optional Exchange is limited in amount to a maximum
      of an aggregate of 5% of the Class A-1 Certificates and Class A-2
      Certificates, provided, however, that such restrictions shall not apply
      to the exchange of Certificates that were acquired pursuant to Section
      7(b).

            (v) Notwithstanding, ss. 7(a)(iv), if the Certificateholder is ABN
      AMRO Incorporated, as an Underwriter, and the Class A-1 Certificates are
      part of an unsold allotment, (1) the Trustee shall have received a
      certification that any Certificates being surrendered have been held for
      less than eight weeks and (2) the Class A-1 Certificates being
      surrendered may represent no more than 25% of the then outstanding Class
      A-1 Certificates.

                                      10
<PAGE>

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

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

            (i) Any Rights Holder, in order for it to exercise its Call Rights
      in whole or in part, shall provide notice to the Trustee (a "Call
      Request") no more than 60 or less than 20 days prior to any Call Date,
      that it is exercising its Call Rights on such Call Date, indicating the
      principal amount of Underlying Securities as to which such call will be
      exercised.

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

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

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

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

                                      11
<PAGE>

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

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

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

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

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

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

      Section 8. Events of Default.

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

      Section 9. Miscellaneous.

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

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

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

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

                                      12
<PAGE>

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

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

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

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

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

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

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

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

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

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

If to the Depositor, to:

                                      13
<PAGE>

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

If to the Trustee or the Warrant Agent, to:

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

If to the Rating Agencies, to:

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

and to:

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

If to the New York Stock Exchange, to:

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

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

                                      14
<PAGE>

required to be given to the Trustee hereunder or under the Standard Terms will
also be given to the Warrant Agent in writing as set forth in this Section 9.

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

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

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

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

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

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

                                      15
<PAGE>

      Section 15.

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

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

                                      16
<PAGE>

      (c) If an event of default under the Indenture occurs and is continuing,
and if directed by Class A-1 Certificateholders representing 51% or more of
the Voting Rights with respect thereto, the Trustee shall vote the Underlying
Securities in favor of directing, or take such other action as may be
appropriate to direct, the Underlying Securities Trustee to declare the unpaid
principal amount of the Underlying Securities and any accrued and unpaid
interest thereon to be due and payable.

                                      17
<PAGE>

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

                                    ABN AMRO SCORS Depositor Inc.,
                                       as Depositor

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

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

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

                                      18
<PAGE>

                                                                    SCHEDULE I

                                 SERIES 2004-1

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:                   [   ]%.

Underlying Securities Issuer:            [         ]

CUSIP Number:                            [         ]

Principal Amount Deposited:              [         ]

Original Issue Date:                     [         ]

Principal Amount of
Underlying Securities
Originally Issued:                       [         ]

Maturity Date:                           [         ]

Principal Payment Date:                  [         ]

Interest Rate:                           [   ]%.

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

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

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

Redemption/Put/Other Features            None.

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

Underlying Securities Trustee            [   ].

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

                                       19
<PAGE>

Call Warrants                            The Underlying Securities will be
                                         acquired by the Trust subject to Call
                                         Warrants entitling the holders thereof
                                         to purchase the Underlying Securities
                                         from the Trust, in whole or in part, at
                                         the Call Price on any Business Day on
                                         or after the Commencement Date or at
                                         any earlier date after the announcement
                                         by the Underlying Securities Issuer of
                                         any redemption or other unscheduled
                                         payment or tender offer on the
                                         Underlying Securities (but prior to the
                                         date on which the redemption or
                                         unscheduled payment occurs or tender
                                         period ends) or after the Trustee
                                         notifies the Certificateholders of any
                                         proposed sale of the Underlying
                                         Securities.

                                       20
<PAGE>

                                                                   SCHEDULE II

                                 CALL SCHEDULE

           Distribution Date                              Value

<PAGE>

                                                                   EXHIBIT A-1

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

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

                      SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

                         ABN AMRO SCORS DEPOSITOR INC.

                               [    ] $[    ] PAR

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

                                 SERIES 2004-1

[    ]% INTEREST RATE

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

------------------------------

                                     A-1-1
<PAGE>

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

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

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

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

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

                                     A-1-2
<PAGE>

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

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

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

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

                                     A-1-3
<PAGE>

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

                              ABN AMRO SCORS TRUST CERTIFICATES,
                              SERIES 2004-1 TRUST

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

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

Dated:  [                     ]

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

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

                                     A-1-4
<PAGE>

                           (REVERSE OF CERTIFICATE)

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

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

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

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

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

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

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

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

                                     A-1-5
<PAGE>

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

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

                                     A-1-6
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

Dated:

                                                            *
                                                   Signature Guaranteed:

                                                            *

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

                                     A-1-7

<PAGE>

                                                                   Exhibit 4.2
                                                 Preliminary--Subject to Change

                      STANDARD TERMS FOR TRUST AGREEMENTS
                                    between

                        ABN AMRO SCORS Depositor Inc.,

                                 as Depositor

                                      and

                    U.S. Bank Trust National Association,

                                  as Trustee

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

                             Dated as of [o], 2004

<PAGE>

<TABLE>
<CAPTION>

                                                   TABLE OF CONTENTS
                                                   -----------------

                                                                                                                Page
                                                                                                                ----

                                                     ARTICLE I
                                            Definitions and Assumptions

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

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

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

                                                    ARTICLE III
                                           Administration of each Trust

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

                                                    ARTICLE IV
                                  Distributions and Reports to Certificateholders

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

                                                        i
<PAGE>

                                                     ARTICLE V
                                                 The Certificates

SECTION 5.01.          The Certificates............................................................................32
SECTION 5.02.          Execution, Authentication and Delivery......................................................33
SECTION 5.03.          Temporary Certificates......................................................................34
SECTION 5.04.          Registration; Registration of Transfer and Exchange.........................................34
SECTION 5.05.          Mutilated, Destroyed, Lost and Stolen Certificates..........................................36
SECTION 5.06.          Persons Deemed Owners.......................................................................37
SECTION 5.07.          Cancellation................................................................................37
SECTION 5.08.          Global Securities...........................................................................38
SECTION 5.09.          Notices to Depository.......................................................................39
SECTION 5.10.          Definitive Certificates.....................................................................39
SECTION 5.11.          Currency of Distributions in Respect of Certificates........................................39
SECTION 5.12.          Conditions of Authentication and Delivery of New Series.....................................39
SECTION 5.13.          Appointment of Paying Agent.................................................................40
SECTION 5.14.          Authenticating Agent........................................................................41
SECTION 5.15.          Voting Rights with Respect to Underlying Securities.........................................42
SECTION 5.16.          Actions by Certificateholders...............................................................43
SECTION 5.17.          Events of Default...........................................................................43
SECTION 5.18.          Judicial Proceedings Instituted by Trustee; Trustee May Bring Suit..........................43
SECTION 5.19.          Control by Certificateholders...............................................................43
SECTION 5.20.          Waiver of Past Defaults.....................................................................44
SECTION 5.21.          Right of Certificateholders to Receive Payments Not to Be Impaired..........................44
SECTION 5.22.          Remedies Cumulative.........................................................................45

                                                    ARTICLE VI
                                                  The Depositor

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

                                                    ARTICLE VII
                                              Concerning the Trustee

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

                                                          ii
<PAGE>

SECTION 7.09.          Merger or Consolidation of Trustee..........................................................56
SECTION 7.10.          Appointment of Office or Agency.............................................................56
SECTION 7.11.          Representations and Warranties of Trustee...................................................56
SECTION 7.12.          Indemnification of Trustee by the Depositor; Contribution...................................57
SECTION 7.13.          Indemnification of Depositor by Trustee.....................................................58
SECTION 7.14.          No Liability of the Trustee with Respect to the Underlying Securities;
                       Certificateholders to Proceed Directly Against the Issuer(s)................................59
SECTION 7.15.          The Depositor To Furnish Trustee with Names and Addresses of
                       Certificateholders..........................................................................59
SECTION 7.16.          Preservation of Information.................................................................59
SECTION 7.17.          Trustee's Application for Instructions from the Depositor...................................59

                                                   ARTICLE VIII
                                                   Market Agent

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

                                                    ARTICLE IX
                                                   Termination

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

                                                     ARTICLE X
                                             Miscellaneous Provisions

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

</TABLE>

                                                        iii
<PAGE>

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

                             PRELIMINARY STATEMENT
                             ---------------------

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

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

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

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

                                  ARTICLE I

                          Definitions and Assumptions
                          ---------------------------

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

            "Account" As defined in Section 3.05.

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

            "Administration Account"  As defined in Section 7.02.

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

<PAGE>

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

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

            "Advance" As defined in Section 4.04.

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

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

            "Authenticating Agent" As defined in Section 5.14.

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

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

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

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

                                      2
<PAGE>

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

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

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

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

            "Certificate Account"  As defined in Section 3.03.

            "Certificate Owners"  As defined in Section 5.08.

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

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

            "Certificateholder"  Any Holder of a Certificate.

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

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

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

                                      3
<PAGE>

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

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

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

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

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

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

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

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

            "Currency" shall mean Dollars.

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

            "Definitive Certificates"  As defined in Section 5.08.

                                      4
<PAGE>

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

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

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

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

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

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

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

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

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

                                      5
<PAGE>

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

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

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

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

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

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

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

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

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

                                      6
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      7
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      8
<PAGE>

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

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

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

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

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

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

            "Optional Exchange Date" With respect to any Series (or Class with
such Series), as defined, if applicable, in the related Series Supplement.

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

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

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

                  (ii) Certificates in exchange for or in lieu of which other
            Certificates have been authenticated and delivered pursuant to
            this Trust Agreement, unless proof satisfactory to the Trustee is
            presented that any such Certificates are held by

                                      9
<PAGE>

            a bona fide purchaser in whose hands such Certificates are valid
            obligations of the Trust;

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

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

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

            "Paying Agent"  As defined in Section 5.13.

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

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

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

                                      10
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      11
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                      12
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      13
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      14
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

                                      15
<PAGE>

                  (iii) "or" is not exclusive;

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

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

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

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

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

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

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

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

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

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

                                      16
<PAGE>

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

                                  ARTICLE II

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

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

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

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

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

                                      17
<PAGE>

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

                  (ii) the Underlying Securities so delivered are genuine;

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

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

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

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

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

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

                                      18
<PAGE>

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

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

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

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

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

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

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

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

                                      19
<PAGE>

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

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

                                 ARTICLE III

                         Administration of each Trust
                         ----------------------------

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

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

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

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

                                      20
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

                                      21
<PAGE>

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

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

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

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

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

                                      22
<PAGE>

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

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

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

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

            (d) With respect to any Underlying Securities, if specified in a
related Series Supplement, if any related document or instrument is found to
be missing or defective in any material respect, the Trustee shall promptly
notify the administrative agent, if any, or the Depositor and the Trustee will
promptly notify the Underlying Securities Issuer. If and to the extent
specified in the related Series Supplement, and the governing documents of the
Underlying Securities Issuer so provide, if the Underlying Securities Issuer
cannot cure such omission or defect, the Underlying Securities Issuer may be
obligated to repurchase the related Underlying Securities from the Trustee at
the Purchase Price or provide a substitute for such Underlying Securities.
Neither the Trustee nor the Depositor shall be obligated to repurchase or
provide a substitute for such Underlying Securities if the Underlying
Securities Issuer defaults on any such obligation. Unless otherwise specified
in the related Series Supplement, if applicable, the Underlying Securities
Issuer's repurchase or substitution obligation constitutes the sole remedy
available to the Certificateholders or the Trustee for omission of, or a
material defect in, or failure to provide, a constituent document.

                                      23
<PAGE>

            SECTION 3.08. Retained Interest. The Retained Interest, if any, in
any Underlying Security shall initially be held by the Person so specified in
the related Series Supplement as and to the extent specified therein. With
respect to each Underlying Security, unless otherwise specified in the related
Series Supplement, the Retained Interest shall be deducted by the Trustee from
applicable collections in respect of such Underlying Security. Unless
otherwise provided in the applicable Series Supplement, collections in respect
of Retained Interest shall not be deposited in the Certificate Account for the
applicable Series and shall not constitute a part of the Trust for such
Series, but shall instead be distributed to the holder of such Retained
Interest; provided, however, that the Series Supplement for any Series with
respect to which there is a Retained Interest may provide that,
notwithstanding the terms contained herein, commingled amounts received in
respect of assets inclusive of Underlying Securities and Retained Interest may
initially be deposited in a separate and discrete account established by the
Trustee and such Series Supplement may provide for additional terms relating
thereto. Unless otherwise provided in the applicable Series Supplement, after
deduction of all applicable fees as provided for in this Trust Agreement, on
each Distribution Date the Trustee shall allocate on a pari passu basis any
partial recovery on an Underlying Security between (a) the Retained Interest,
if any, and (b) distributions to Certificateholders of the applicable Series.

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

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

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

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

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

                                      24
<PAGE>

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

            (b) deliver to the Trustee within 15 days after the Depositor is
required to file the same with the Commission, such additional information,
documents and reports with respect to compliance by the Depositor with the
conditions and covenants of this Agreement, if any, as is required to be filed
with the Commission from time to time by such rules and regulations;

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

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

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

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

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

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

                                      25
<PAGE>

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

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

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

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

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

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

                                      26
<PAGE>

                                  ARTICLE IV

               Distributions and Reports to Certificateholders
               -----------------------------------------------

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

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

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

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

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

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

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

                                      27
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      28
<PAGE>

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

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

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

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

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

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

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

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

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

                                      29
<PAGE>

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

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

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

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

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

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

                                      30
<PAGE>

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

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

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

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

                  (1) a requirement that the exchanging Holder tender to the
            Trustee Certificates of each Class within such Series;

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

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

                  (4) specified dates during which a Holder may effect such an
            exchange (each, an Optional Exchange Date);

                                      31
<PAGE>

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

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

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

                                  ARTICLE V

                               The Certificates
                               ----------------

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

                                      32
<PAGE>

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

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

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

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

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

                                      33
<PAGE>

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

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

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

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

            (c) Notwithstanding any other provisions of this Section, unless
and until it is exchanged in whole or in part for the individual Certificates
represented thereby, a Global Security representing all or a portion of the
Certificates of a Series (or Class within such Series)

                                      34
<PAGE>

may not be transferred except as a whole by the Depository for such Series or
Class to a nominee of such Depository or by a nominee of such Depository to
such Depository or another nominee of such Depository or by such Depository or
any such nominee to a successor Depository for such Series or Class or a
nominee of such successor Depository.

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

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

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

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

                  (i) to each Person specified by such Depository a new
            individual Certificate or Certificates of the same Series or
            Class, of any authorized

                                      35
<PAGE>

            denomination as requested by such Person in an aggregate
            Certificate Principal Balance or Notional Amount, as applicable,
            equal to and in exchange for such Person's beneficial interest in
            the Global Security; and

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

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

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

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

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

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

            SECTION 5.05. Mutilated, Destroyed, Lost and Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Trustee at its
Corporate Trust Office or (ii) the Depositor and the Trustee receive evidence
to their satisfaction of the destruction, loss or theft of

                                      36
<PAGE>

any Certificate, and there is delivered to the Depositor and the Trustee such
security or indemnity as they may require to hold each of them and any Paying
Agent harmless, and neither the Depositor nor the Trustee receives notice that
such Certificate has been acquired by a bona fide purchaser, then the
Depositor shall execute and the Trustee, upon receipt of a Depositor Order,
shall authenticate and deliver, in exchange for any such mutilated
Certificate, or in lieu of any such destroyed, lost or stolen Certificate, a
new Certificate of the same Series or Class of like tenor, form, terms and
principal amount, bearing a number not contemporaneously Outstanding.

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

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

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

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

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

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

            SECTION 5.08. Global Securities. (a) If the Series Supplement
pursuant to Section 5.01 provides that a Series (or Class within such Series)
of Certificates shall be represented by one or more Global Securities, then
the Depositor shall execute and the Trustee shall authenticate and deliver one
or more Global Securities, that (i) shall represent an aggregate

                                      37
<PAGE>

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

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

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

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

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

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

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

                                      38
<PAGE>

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

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

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

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

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

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

                                      39
<PAGE>

and deliver such Certificates upon a Depositor Order and upon delivery by the
Depositor to the Trustee of the following:

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

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

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

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

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

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

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

            SECTION 5.13. Appointment of Paying Agent. The Trustee may appoint
one or more paying agents (each, a "Paying Agent") with respect to the
Certificates of any Series. Any such Paying Agent shall be authorized to make
distributions to Certificateholders of such Series from the Certificate
Account for such Series pursuant to the provisions of the applicable Series
Supplement and shall report the amounts of such distributions to the Trustee.
Any Paying Agent shall have the revocable power to withdraw funds from such
Certificate Account for the purpose of making the distributions referred to
above. The Trustee may revoke such power and remove the Paying Agent if the
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under this Trust Agreement in any material
respect. The Paying

                                      40
<PAGE>

Agent shall initially be the Trustee and any co-paying agent chosen by the
Trustee and acceptable to the Depositor, including, if and so long as any
Series or Class within such Series is listed on the Luxembourg Stock Exchange
and such exchange so requires, a co-paying agent in Luxembourg or another
European city. Any Paying Agent shall be permitted to resign as Paying Agent
upon 30 days' notice to the Trustee. In the event that the Trustee shall no
longer be the Paying Agent, the Trustee shall appoint a successor or
additional Paying Agent. The Trustee shall cause each successor to act as
Paying Agent to execute and deliver to Trustee an instrument in which such
successor or additional Paying Agent shall agree with the Trustee that it will
hold all sums, if any, held by it for distribution to the Certificateholders
in trust for the benefit of the Certificateholders entitled thereto until such
sums shall be distributed to such Certificateholders. The Paying Agent shall
return all unclaimed funds to the Trustee and upon removal shall also return
all funds in its possession to the Trustee. The provisions of Sections 7.01,
7.03, 7.04 and 7.06 shall apply to the Trustee also in its role as Paying
Agent, for so long as the Trustee shall act as Paying Agent. Any reference in
this Trust Agreement to the Paying Agent shall include any co-paying agent
unless the context requires otherwise. Notwithstanding anything contained
herein to the contrary, the appointment of a Paying Agent pursuant to this
Section 5.13 shall not release the Trustee from the duties, obligations,
responsibilities or liabilities arising under this Trust Agreement other than
with respect to funds paid to such Paying Agent.

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

            (b) Any institution succeeding to the corporate agency business of
any Authenticating Agent shall continue to be an Authenticating Agent without
the execution or filing of any power or any further act on the part of the
Trustee or such Authenticating Agent. An Authenticating Agent may at any time
resign by giving notice of resignation to the Trustee and to the Depositor.
The Trustee may at any time terminate the agency of an Authenticating Agent by
giving notice of termination to such Authenticating Agent and to the
Depositor. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time an Authenticating Agent shall cease to be
acceptable to the Trustee or the Depositor, the Trustee promptly may appoint a
successor Authenticating Agent. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent. No successor Authenticating Agent
shall be appointed unless acceptable to the Depositor. The Trustee agrees to
pay to each Authenticating Agent from time to time reasonable compensation for
its services under this Section. The provisions of Section 7.01, 7.03 and 7.04
shall be applicable to any Authenticating Agent.

                                      41
<PAGE>

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

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

Dated:

                                    as Authenticating Agent
                                          for the Trustee,

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

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

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

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

            (c) By accepting delivery of a Certificate, whether upon original
issuance or subsequent transfer, exchange or replacement thereof, and without
regard to whether ownership is beneficial or otherwise, the Certificateholder
agrees so long as it is an owner of such Certificate that it shall not grant
any consent (i) to any conversion of the timing of payment of, or the method
or rate of accruing of, interest on the Underlying Securities underlying the

                                      42
<PAGE>

Certificates held by such Certificateholder or (ii) to any redemption or
prepayment of the Underlying Securities underlying the Certificates held by
such Certificateholder. The Trustee shall not grant any consent solicited from
the owners of the Underlying Securities with respect to any conversion of the
timing of payment of, or the method or rate of accruing of, interest on the
Underlying Securities underlying the Certificates held by such
Certificateholder or to any redemption or prepayment of the Underlying
Securities nor shall it accept or take any action in respect of any consent,
proxy or instructions received from any Certificateholder in contravention of
the provisions of this Agreement.

            SECTION 5.16. Actions by Certificateholders.

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

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

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

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

            SECTION 5.18. Judicial Proceedings Instituted by Trustee; Trustee
May Bring Suit. If there shall be a failure to make payment of the principal
of or premium, if any, or interest on any Underlying Security, then, subject
to Sections 5.19 and 5.20, the Trustee, in its own name, and as trustee of an
express trust, as holder of such Underlying Security, shall be, to the extent
permitted by and in accordance with the terms of the Underlying Security,
subject to the limitations on acceleration and the exercise of remedies set
forth therein, entitled and empowered to institute any suits, actions or
proceedings at law, in equity or otherwise, including the power to make a
demand on the trustee in respect of such Underlying Security, if provided for,
to take action to enforce the Underlying Security for the collection of the
sums so due and unpaid on such Underlying Security and may prosecute any such
claim or proceeding to judgment or final decree with respect to the whole
amount of any such sums so due and unpaid.

            SECTION 5.19. Control by Certificateholders. The Holders of
Certificates of any Class holding Certificates representing not less than the
Required Percentage--Direction of Trustee of the aggregate Voting Rights of
the Outstanding Certificates of such Class shall have

                                      43
<PAGE>

the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on the Trustee under this Trust Agreement, including any right of
the Trustee as holder of the Underlying Securities; provided, however, that:

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

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

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

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

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

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

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

            Upon any such direction, the Trustee shall vote such percentage of
the Underlying Securities of the corresponding Series held by the Trustee as
corresponds to the percentage of the aggregate principal amount of the
Outstanding Certificates of such Series held by Holders who directed the
Trustee to waive such default or Event of Default thereunder. Upon any waiver
that is effective under the terms of such Class of Underlying Securities to
waive such default or Event of Default, such default or Event of Default shall
cease to exist with respect to this Trust Agreement, and, in the case of a
default, any Event of Default arising therefrom shall be deemed to have been
cured for every purpose of this Trust Agreement and any direction given by the
Trustee on behalf of such Certificateholders or in respect of any Underlying
Securities shall be annulled with respect thereto; but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

            SECTION 5.21. Right of Certificateholders to Receive Payments Not
to Be Impaired. Anything in this Trust Agreement to the contrary
notwithstanding, the right of any

                                      44
<PAGE>

Certificateholder to receive distributions of payments required pursuant to
Section 4.01 hereof on the Certificates when due, or to institute suit for
enforcement of any such payment on or after the applicable Distribution Date,
Special Distribution Date or other date specified herein for the making of
such payment, shall not be impaired or affected without the consent of such
Certificateholder.

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

                                  ARTICLE VI

                                 The Depositor
                                 -------------

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

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

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

            Unless otherwise provided in a related Series Supplement, the
Trust will indemnify and hold harmless the Depositor and any director,
officer, employee or agent of the Depositor against any loss, liability or
expense incurred in connection with any legal action relating to the Trust
Agreement or the Certificates, other than any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or gross negligence in
the performance of duties by the Depositor and any of its directors, officers,
employees or agents hereunder or by reason of reckless disregard of their
obligations and duties hereunder.

            (c) The Depositor shall not be under any obligation to appear in,
prosecute or defend any legal action unless such action is related to its
respective duties under this Trust Agreement and, in its opinion, does not
involve it in any expense or liability; provided, however, that the Depositor
may in its discretion undertake any such action which it may deem necessary or
desirable with respect to this Trust Agreement and the rights and duties of
the parties hereto

                                      45
<PAGE>

and the interests of the Certificateholders hereunder. The Depositor shall be
under no obligation whatsoever to appear in, prosecute or defend any action,
suit or other proceeding in respect of any Underlying Securities.

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

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

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

            SECTION 6.04. Merger or Consolidation of the Depositor. Nothing in
this Trust Agreement shall prevent any consolidation or merger of the
Depositor with or into any other corporation, or any consolidation or merger
of any other corporation with or into the Depositor or any sale or transfer of
all or substantially all of the property and assets of the Depositor to any
other Person lawfully entitled to acquire the same; provided, however, that,
so long as Certificates are outstanding hereunder, the Depositor covenants and
agrees that any such consolidation, merger, sale or transfers shall be upon
the condition that the due and punctual performance and observance of all the
terms, covenants and conditions of this Trust Agreement to be kept or
performed by the Depositor shall be assumed by the Person (if other than the
Depositor) formed by or resulting from any such consolidation or merger, or
which shall have received the transfer of all or substantially all of the
property and assets of the Depositor, just as fully and effectually as if
successor Person had been the original party of the first part hereto; and in
the event of any such sale or transfer the predecessor Depositor may be
dissolved, wound up and liquidated at any time thereafter.

            SECTION 6.05. No Liability of the Depositor with Respect to the
Underlying Securities; Certificateholders to Proceed Directly Against the
Issuer(s). (a) The sole obligor with respect to any Underlying Security is the
Issuer thereof. The Depositor shall not have any

                                      46
<PAGE>

obligation on or with respect to the Underlying Securities; and its
obligations with respect to Certificates shall be solely as set forth in this
Trust Agreement.

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

                                 ARTICLE VII

                            Concerning the Trustee
                            ----------------------

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

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

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

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

                                      47
<PAGE>

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

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

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

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

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

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

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

                                      48
<PAGE>

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

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

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

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

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

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

                                      49
<PAGE>

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

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

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

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

            SECTION 7.02. Between Trustee, Administrative Agent and
Sub-Administrative Agents. (a) Unless otherwise provided in a Series
Supplement, the Trustee may enter into an Administration Agreement with an
Administrative Agent and the Trustee and any Administrative Agent may enter
into Sub-Administration Agreements with one or more Sub-Administrative Agents
in order to delegate certain administrative obligations with respect to a
related Series under this Trust Agreement to such Administrative Agent and
Sub-Administrative Agents, as applicable; provided, however, that (i) such
delegation shall not release the Trustee or the Administrative Agent, as
applicable, from the duties, obligations, responsibilities or liabilities
arising under this Trust Agreement; (ii) the Rating Agency Condition shall
have been satisfied with respect to the entering into of any such agreement
and (iii) such agreements are consistent with the terms of these Standard
Terms and, with respect to Certificates of any Series, the related Series
Supplement. With respect to any Series (or Class within such Series) of
Certificates, each Administration Agreement and Sub-Administration Agreement
shall impose on the Administrative Agent and the Sub-Administrative Agent, as
applicable, requirements conforming to the provisions set forth in Section
3.01 and provide for administration of the related Trust and all or certain
specified Underlying Securities for such Series consistent with the terms of
this Trust Agreement. Under no circumstances will an entity affiliated with an
Underlying Securities Issuer be appointed as either an Administrative Agent or
a Sub-Administrative Agent. Additional requirements relating to the scope and
contents of any Administration Agreement or Sub-Administration Agreement, as
applicable, may be provided in the applicable Series Supplement. The Trustee
and the Administrative Agent, if applicable, shall deliver to the Depositor
copies of the Administration Agent Agreement and all such Sub-Administration
Agreements entered into, and any amendments or modifications thereof, promptly
upon the Trustee's or the Administrative Agent's, if applicable, execution and
delivery of any such instruments.

                                      50
<PAGE>

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

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

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

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

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

            (d) Unless otherwise provided in the applicable Series
Supplements, in the event an Administrative Agent or a Sub-Administrative
Agent is administering one or more Underlying Securities pursuant to an
Administration Agreement or a Sub-Administration Agreement, as applicable, the
Administrative Agent or the Sub-Administrative Agent, as applicable, shall be
required immediately to direct the Trustee or the Administrative Agent, as
applicable, to deposit into an Eligible Account established by such
Administrative Agent (an

                                      51
<PAGE>

"Administration Account") or such Sub-Administrative Agent (a
"Sub-Administration Account"), as applicable, any amounts collected with
respect thereto, and all such amounts shall be deposited into the related
Certificate Account not later than the Business Day after receipt thereof.

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

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

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

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

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

                  (v) the Trustee shall not be bound to make any investigation
            into the facts of matters stated in any resolution, certificate,
            statement, instrument, opinion, report, notice, request, consent,
            order, appraisal, approval, bond or other paper or document
            believed by it to be genuine, unless requested in writing to do so
            by Holders of the Required Percentage -- Direction of Trustee of
            the aggregate Voting Rights of the affected Series (or Class or
            Classes within any such Series), as specified by the applicable
            Series Supplement; provided, however, that if the payment within a
            reasonable time to the Trustee of the costs, expenses or
            liabilities likely to be incurred by it in the making of such
            investigation is, in the opinion of the Trustee, not reasonably
            assured to the Trustee by the security afforded to it by the terms
            of this Trust Agreement, the Trustee may require reasonable
            indemnity against such expense or liability as a condition to
            taking any such action;

                                      52
<PAGE>

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

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

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

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

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

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

            (b) If the Prepaid Ordinary Expenses set forth in the Series
Supplement is greater than zero, the Trustee acknowledges that the Depositor
has paid to the Trustee an amount equal to the Prepaid Ordinary Expenses, and
the Trustee agrees that the payment of such amount shall constitute full and
final satisfaction of and payment for all Ordinary Expenses.

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

                                      53
<PAGE>

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

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

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

            SECTION 7.07. Eligibility Requirements for Trustee. The Trustee
hereunder shall at all times be a corporation or an association which is not
an Affiliate of the Depositor, the Underlying Securities Issuer or the Credit
Support Provider (but may have normal banking relationships with such parties
and their Affiliates) organized and doing business under the laws of any State
or the United States, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
corporation or association (or its parent) publishes reports of conditions at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section the
combined capital and surplus of such corporation or association shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of conditions so published. Such corporation or association (or its
parent) must be rated in one of the four highest rating categories by the
Rating Agency. In the event that at any time such Trustee shall cease to be
eligible in accordance with the provisions of this Section, such Trustee shall
resign immediately in the manner and with the effect specified in Section
7.08.

                                      54
<PAGE>

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

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

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

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

            (e) In case at any time the Trustee acting hereunder notifies the
Depositor that it elects to resign or the Depositor or Holders of the Required
Percentage--Removal of Trustee of Certificates notifies or notify the Trustee
that it or they elects or elect to remove the Trustee as Trustee, the
Depositor shall, within ninety (90) days after the delivery of the notice of
resignation or removal, appoint a successor Trustee, which shall satisfy the
requirements for a trustee under Section 7.07. If no successor Trustee has
been appointed within 90 days after the Trustee has given written notice of
its election to resign or the Depositor or Holders of the Required
Percentage--Removal of Trustee of Certificates have given written notice to
the Trustee of its or their election to remove the Trustee, as the case may
be, the Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee. Every successor Trustee shall execute and
deliver to its predecessor and to the Depositor an instrument in writing
accepting its appointment hereunder, and thereupon such successor Trustee,
without any further act or deed, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor and for all purposes
shall be the Trustee under this Trust Agreement, and such predecessor, upon
payment of all sums due it and on the written request of the Depositor, shall
execute and deliver an instrument transferring to such successor all rights,
obligations and powers of such

                                      55
<PAGE>

predecessor hereunder, and shall duly assign, transfer and deliver all right,
title and interest in the Underlying Securities and parts thereof to such
successor Trustee. Any successor Trustee shall promptly give notice of its
appointment to the Certificateholders of Certificates for which it is
successor Trustee in the manner provided in Section 10.04 hereof.

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

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

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

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

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

                  (ii) neither the execution nor the delivery by the Trustee
            of this Trust Agreement, nor the consummation by it of the
            transactions contemplated hereby nor compliance by it with any of
            the terms or provisions hereof will contravene any Federal or New
            York law, governmental rule or regulation governing the banking or
            trust powers of the Trustee or any judgment or order binding on
            it, or violate its charter documents or by-laws or constitute a
            default under (or an event which, without notice or lapse of time
            or both, would constitute a default) under, or result in the
            breach or acceleration of any material contract, indenture,
            mortgage, agreement or instrument to which it is a party or by
            which any of its properties may be bound;

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

                  (iv) this Trust Agreement has been duly executed and
            delivered by the Trustee and constitutes the legal, valid and
            binding obligation of the Trustee,

                                      56
<PAGE>

            enforceable in accordance with its terms, except as enforcement
            may be limited by the applicable bankruptcy, insolvency,
            reorganization, moratorium or similar laws affecting the rights of
            creditors generally and general principles of equity (regardless
            of whether such enforceability is considered in a proceeding in
            equity or at law);

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

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

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

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

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

            (b) If the indemnification provided for in the preceding paragraph
is invalid or unenforceable in accordance with its terms, then the Depositor
shall contribute to the amount paid or payable by the Trustee as a result of
such liability in such proportion as is appropriate to

                                      57
<PAGE>

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

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

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

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

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

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

            SECTION 7.13. Indemnification of Depositor by Trustee. The
Trustee, in its individual capacity and not from the assets of the Trust,
shall indemnify the Depositor and any successor trustee against any losses,
claims, damages, expenses (including without limitation the Depositor's costs
and expenses in defending itself against any losses, claims or investigations
 of

                                      58
<PAGE>

of any nature whatsoever) or other liabilities, joint or several, which may
arise out of acts performed or omitted by the Trustee or its agents due to its
or their negligence, bad faith or willful misconduct.

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

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

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

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

            SECTION 7.17. Trustee's Application for Instructions from the
Depositor. Any application by the Trustee for written instructions from the
Depositor may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Trust Agreement and
the date on and/or after which such action shall be taken or such omission
shall be effective, if, but only if, the obligations of the Trustee with
respect to such proposed action or omission are not set forth reasonably
clearly in these Standard Terms and the related Series Supplement. The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in
accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than ten (10)
Business Days after the date an officer of the Depositor actually receives
such application, unless any such officer shall have consented in writing to
any earlier date) unless, prior to taking any such action (or the effective
date in the case of an omission), the Trustee shall have received written
instructions in response to such application specifying the action to be taken
or omitted; provided, however, that this provision shall not protect the
Trustee from liability for any action or omission constituting willful
misconduct, bad faith or negligence.

                                      59
<PAGE>

                                 ARTICLE VIII

                                 Market Agent
                                 ------------

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

                                  ARTICLE IX

                                  Termination
                                  -----------

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

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

            (c) Upon presentation and surrender of the Certificates by the
Certificateholders to the Trustee at the locations specified in Section 5.05
on the Final Scheduled Distribution Date or the Distribution Date coinciding
with or next following the earlier to occur of the occurrences specified in
9.01(a), with respect to the applicable Series of Certificates, the Trustee
shall, upon its cancellation of each surrendered Certificate, distribute to
each Holder presenting and surrendering its Certificates (i) the amount
otherwise distributable on such Distribution Date in accordance with Section
4.01 in respect of the Certificates so presented and

                                      60
<PAGE>

surrendered, or (ii) as specified in the applicable Series Supplement, if in
connection with the Trustee's sale of all the remaining Underlying Securities.
Any funds not distributed on such Distribution Date shall be set aside and
held in trust for the benefit of Certificateholders not presenting and
surrendering their Certificates in the aforesaid manner, and shall be disposed
of in accordance with this Section 9.01 and Section 4.01 hereof. Immediately
following the deposit of funds in trust hereunder, the Trust for such Series
shall terminate.

                                  ARTICLE X

                           Miscellaneous Provisions
                           ------------------------

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

            (b) Without limiting the generality of the foregoing, with respect
to any Series, unless otherwise specified in a related Series Supplement, this
Trust Agreement may also be modified or amended from time to time by the
Depositor and the Trustee with the consent of the Holders of Certificates
representing the Required Percentage-Amendment of the aggregate Voting Rights
of those Certificates to which such modification or amendment relates for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Trust Agreement or of modifying in any manner
the rights of the Holders of Certificates; provided, however, that, unless
otherwise specified herein or otherwise in a related Series Supplement, no
such amendment shall (i) reduce in any manner the amount of, or delay the
timing of, payments received on Underlying Securities which are required to be
distributed on any Certificate without the consent of the Holders of such
Certificates, (ii) adversely affect in any material respect the interests of
the Holders of any Series (or Class within such Series) of

                                      61
<PAGE>

Certificates in a manner other than as described in (i), without the consent
of the Holders of Certificates of such Series or Class evidencing not less
than the Required Percentage-- Amendment of the aggregate Voting Rights of
such Series or Class or (iii) reduce the percentage of aggregate Voting Rights
required by (ii), as described in (ii), without the consent of the Holders of
all Certificates of such Series or Class then Outstanding.

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

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

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

            (b) No Certificateholder of a given Series shall have any right to
vote (except as expressly provided for herein) or in any manner otherwise
control the operation and management of any Trust, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Certificates, be construed so as to constitute the Certificateholders
from time to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Trust Agreement pursuant to any provision
hereof.

            (c) No Certificateholder of a given Series shall have any right by
virtue of any provision of this Trust Agreement to institute any suit, action
or proceeding in equity or at law upon or under or with respect to this Trust
Agreement, unless (i) such Holder previously shall have given to the Trustee a
written notice of breach and of the continuance thereof, (ii) the Holders of
Certificates of such Series evidencing not less than the Required
Percentage--Remedies of the aggregate Voting Rights of such Series shall have
made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the costs,

                                      62
<PAGE>

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

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

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

            (b) Any notice required to be provided to a Holder of a Registered
Certificate shall be given by first class mail, postage prepaid, at the last
address of such Holder as shown in the Certificate Register. Any notice so
mailed within the time prescribed in this Trust Agreement shall be
conclusively presumed to have been duly given when mailed, whether or not the
Certificateholder receives such notice.

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

                                      63
<PAGE>

            (d) Any and all notices to be given to the Trustee shall be deemed
to have been duly given if sent by facsimile transmission to the Trustee at
[o], New York, New York [o], Attention: [o], through facsimile transmission
number (212) [o], telephone confirmation number (212) [o]. The Trustee may
change this information by notice to the Depositor.

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

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

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

                  (ii) the resignation or termination of the Trustee;

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

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

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

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

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

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

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

            SECTION 10.06. Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Trust Agreement shall
be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Trust

                                      64
<PAGE>

Agreement and shall in no way affect the validity or enforceability of the
other provisions of this Trust Agreement or of the Certificates or the rights
of the Holders thereof.

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

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

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

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

                                      65
<PAGE>

statements as may be occasioned by (1) any change of name of the Depositor or
the Trustee, (2) any change of location of the place of business or the chief
executive office of the Depositor or (3) any transfer of any interest of the
Depositor in any Underlying Security.

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

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

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

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

            SECTION 10.12. Segregation Provisions.

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

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

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

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

                                      66
<PAGE>

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

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

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

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

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

                                      67
<PAGE>

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

                                    ABN AMRO SCORS DEPOSITOR INC.,
                                    as Depositor

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

                                    U.S. BANK TRUST NATIONAL ASSOCIATION, as
                                    Trustee

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

                                      68

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]