Document:

Exhibit 4.1
                                                                     -----------

                    STRUCTURED ASSET TRUST UNIT REPACKAGINGS
                                  (SATURNS(SM))

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

                       STANDARD TERMS FOR TRUST AGREEMENTS

                            MS Structured Asset Corp.
                                 (as Depositor)

                                       and

                        LaSalle Bank National Association
                                  (as Trustee)

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

                                November 12, 2002

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<TABLE>
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                                TABLE OF CONTENTS
                                                                                                 Page
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                                    ARTICLE I

                            Definitions; Construction

<S>             <C>                                                                               <C>
SECTION 1.01.  Definitions..........................................................................1
SECTION 1.02.  Rules of Construction...............................................................15
SECTION 1.03.  Article and Section References......................................................15

                                   ARTICLE II

                 Declaration of Trust; Entry into Swap Agreement

SECTION 2.01.  Creation and Declaration of Trust; Assignment of Underlying Securities..............16
SECTION 2.02.  Entry into Swap Agreement and Distribution Agreement................................17
SECTION 2.03.  Acceptance by Trustee...............................................................17
SECTION 2.04.  Representations and Warranties of the Depositor.....................................17
SECTION 2.05.  Breach of Representation or Warranty................................................18
SECTION 2.06.  Agreement to Authenticate and Deliver Units.........................................18

                                   ARTICLE III

               Trust Powers; Administration of the Trust Property

SECTION 3.01.  Trust Property......................................................................19
SECTION 3.02.  Administration of the Trust.........................................................19
SECTION 3.03.  Collection of Certain Underlying Security Payments..................................20
SECTION 3.04.  Sale  21
SECTION 3.05.  Unit Account........................................................................21
SECTION 3.06.  Investment of Funds in the Accounts.................................................24
SECTION 3.07   Retained Interest...................................................................24
SECTION 3.08.  Access to Certain Documentation.....................................................24

                                   ARTICLE IV

                    Distributions and Reports to Unitholders

SECTION 4.01.  Distributions.......................................................................24
SECTION 4.02.  Reports to Unitholders and Others...................................................24
SECTION 4.03.  Calculation of Interest Rates.......................................................27
SECTION 4.04.  Compliance with Tax Reporting and Withholding Requirements..........................27
SECTION 4.05.  Preservation of Information, Communications to Holders..............................27

                                    ARTICLE V

                                    The Units

SECTION 5.01.  The Units...........................................................................28
SECTION 5.02.  Execution, Authentication and Delivery..............................................29
SECTION 5.03.  Registration; Registration of Transfer and Exchange.................................29
SECTION 5.04.  Mutilated, Destroyed, Lost and Stolen Units.........................................31
SECTION 5.05.  Distributions in Respect of Units...................................................31
SECTION 5.06.  Persons Deemed Owners...............................................................32
SECTION 5.07.  Cancellation........................................................................32
SECTION 5.08.  Currency of Distributions in Respect of Units; Redenomination.......................32
SECTION 5.09.  Appointment of Paying Agent.........................................................32
SECTION 5.10.  Authenticating Agent................................................................33
SECTION 5.11.  Issuance and Transfer Restrictions..................................................34
SECTION 5.12.  Optional Exchange...................................................................36
SECTION 5.13.  Callable Series.....................................................................38
SECTION 5.14.  Additional Issuance.................................................................39

                                   ARTICLE VI

                                  The Depositor

SECTION 6.01.  Liability of the Depositor..........................................................40
SECTION 6.02.  Limitation on Liability of the Depositor............................................40
SECTION 6.03.  Depositor May Purchase Units........................................................40
SECTION 6.04.  Preparation and Filing of Exchange Act Reports; Obligations of the Depositor........40
SECTION 6.05.  Preferential Collection of Claims Against...........................................41

                                   ARTICLE VII

                              Rights of Unitholders

SECTION 7.01.  Voting Rights with Respect to Underlying Securities.................................41
SECTION 7.02.  Amendments and Waivers Under Swap Agreement and Guarantee...........................42

                                  ARTICLE VIII

               Default on Underlying Securities and Permitted Investments

SECTION 8.01.  Realization Upon Default............................................................43

                                   ARTICLE IX

                   Trust Wind-Up Events and Liquidation Events

SECTION 9.01.  Liquidation Events..................................................................43
SECTION 9.02.  Trust Wind-Up Events................................................................44
SECTION 9.03.  Expense Event.......................................................................45
SECTION 9.04.  Special Depositor Wind-Up Event.....................................................45
SECTION 9.05.  Disposition of Trust Property.......................................................46
SECTION 9.06.  Limitation on Notice Requirement....................................................49

                                    ARTICLE X

                             Concerning the Trustee

SECTION 10.01.  Duties of Trustee..................................................................49
SECTION 10.02.  Certain Matters Affecting the Trustee..............................................50
SECTION 10.03.  Limitation on Liability of Trustee.................................................52
SECTION 10.04.  Trustee May Own Units..............................................................52
SECTION 10.05.  Trustee Fees and Expenses; Limited Indemnification.................................52
SECTION 10.06.  Eligibility Requirements for Trustee...............................................53
SECTION 10.07.  Resignation or Removal of the Trustee..............................................53
SECTION 10.08.  Successor Trustee..................................................................54
SECTION 10.09.  Merger or Consolidation of Trustee.................................................54
SECTION 10.10.  Appointment of Co-Trustee..........................................................55
SECTION 10.11.  Appointment of Office or Agency....................................................56
SECTION 10.12.  Representations and Warranties of Trustee..........................................56
SECTION 10.13.  Limitation of Powers and Duties....................................................57

                                   ARTICLE XI

                                   Termination

SECTION 11.01.  Termination of the Trust...........................................................57

                                   ARTICLE XII

                               Miscellaneous Terms

SECTION 12.01.  Amendment of Trust Agreement; Waivers..............................................58
SECTION 12.02.  Counterparts.......................................................................60
SECTION 12.03.  Limitation on Rights of Unitholders................................................60
SECTION 12.04.  Governing Law......................................................................60
SECTION 12.05.  Notices............................................................................60
SECTION 12.06.  Severability of Terms..............................................................61
SECTION 12.07.  Perfection of Swap Counterparty Security Interest..................................61
SECTION 12.08.  No Recourse........................................................................61
SECTION 12.09.  Non-Petition.......................................................................61
SECTION 12.10.  Merger and Consolidation...........................................................61
SECTION 12.11.  Conflict With Trust Indenture Act..................................................61
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EXHIBIT A                  Form of Trust Agreement

EXHIBIT B-1                Form of Registered Unit

<PAGE>

                    STRUCTURED ASSET TRUST UNIT REPACKAGINGS
                                   (SATURNS(SM))

                       STANDARD TERMS FOR TRUST AGREEMENTS

                  LaSalle Bank National Association, as Trustee
                     MS Structured Asset Corp., as Depositor

         These Standard Terms for Trust Agreements, dated November 12, 2002
("Standard Terms"), may be incorporated by reference in one or more Trust
Agreements (each a "Trust Agreement") relating to a particular series of
Structured Asset Trust Unit Repackagings (SATURNS(SM)) described in the
Prospectus dated November 12, 2002 and the applicable Prospectus Supplement. Any
such Trust Agreement may be in the form of Exhibit A hereto or such other form
as MS Structured Asset Corp. (the "Depositor") and the Trustee may approve, such
approval to be evidenced by their execution thereof. All terms defined herein
shall have meanings solely with respect to the particular Trust Agreement in
which these Standard Terms are incorporated. Incorporation of these Standard
Terms into a Trust Agreement is for convenience only to avoid the necessity of
physically including the Standard Terms in such Trust Agreement, and each trust
created by a Trust Agreement shall be a legally separate and distinct trust from
any other trust created by any other Trust Agreement into which these Standard
Terms may also be incorporated. These Standard Terms shall by themselves be of
no force and effect, and shall only have effect as and to the extent
incorporated by reference in a Trust Agreement. Execution hereof by the Trustee
and the Depositor is for purposes of identification only and the absence of such
execution shall not affect the validity of any Trust Agreement or these Standard
Terms to the extent incorporated therein. The Trust Agreement into which these
Standard Terms are incorporated by reference, including any Schedules thereto
and made a part thereof and these Standard Terms so incorporated by reference
therein, as amended, modified or supplemented from time to time, shall together
constitute a single Trust Agreement and are referred to herein as the "Trust
Agreement". In the event of a conflict between any Trust Agreement, including
the Schedules attached thereto, and these Standard Terms, the Trust Agreement
and such Schedules shall control. The expression herein that specific terms may
be supplemented, altered or otherwise changed by a Trust Agreement shall not be
construed to mean that other terms may not.

                                    ARTICLE I

                            Definitions; Construction

         SECTION 1.01. Definitions. Except as otherwise specified herein, the
applicable Trust Agreement or as the context may otherwise require, the
following terms have the respective meanings set forth below for all purposes of
these Standard Terms:

         "25% Test": The restriction on Transfer of Units set forth in Section
5.11(c)(i).

         "Account": As defined in Section 3.06.

         "Affected Transaction": As defined in the Swap Agreement.

         "Affected Underlying Securities": With respect to any Liquidation
Event, the Underlying Securities affected by an Underlying Security Default,
Disqualified Underlying Securities, or Underlying Securities related to a
Termination Event.

         "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.

         "Authenticating Agent": As defined in Section 5.10.

         "Available Funds": With respect to any Distribution Date, (i) all
amounts received by the Trustee on or with respect to the Underlying Securities
or other Trust Property plus (ii) all investment income from Permitted
Investments plus (iii) all Swap Amounts, if any, paid to the Trustee by the Swap
Counterparty pursuant to the Swap Agreement, or by the Guarantor pursuant to the
Guarantee, minus (iv) all amounts paid or payable to the Swap Counterparty by
the Trustee pursuant to the Swap Agreement, minus (v) any amounts reimbursable
to the Trustee under Section 10.02(a)(ix), in each case on deposit in the Unit
Account, and available for distribution, on such Distribution Date.

         "Benefit Plan Investor": Any (i) "employee benefit plan" (as defined in
Section 3(3) of ERISA), whether or not it is subject to the fiduciary
responsibility provisions of Title I of ERISA, including any U.S. governmental
plans and any foreign governmental or private pension plans, (ii) "plan"
described in Section 4975(e)(1) of the Code, or (iii) entity whose underlying
assets include plan assets by reason of a plan's investment in such entity or
otherwise.

         "Book-Entry Unit":  A Unit represented by a Global Security.

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

         "Calculation Agent":  As specified in the Trust Agreement, if any.

         "Callable Series": A Series so designated in the Trust Agreement which
grants one or more specified persons the right to purchase all or a portion of
the Units of any given Series.

         "Call Date":  As defined in Section 5.13.

         "Call Option":  As specified in the Trust Agreement.

         "Call Rights": A Call Option or other right specified in the Trust
Agreement.

         "Call Price":  As defined in Section 5.13.

         "Clearstream":  Clearstream Banking, S.A.

         "Certificate": A certificate in the form attached as Exhibit B1,
evidencing a Registered Unit.

         "Class": A separately denominated class of the Units of any Series,
entitled to specified distributions of the Trust Property.

         "Closing Date": As specified in the Trust Agreement.

         "Code": The Internal Revenue Code of 1986, as amended, and Treasury
Regulations promulgated thereunder.

         "Commission": The Securities and Exchange Commission, or any successor
agency.

         "Concentrated Underlying Security": Any Underlying Security that
constitutes 10% or more of the Trust Property. Unless the Trust Agreement shall
specify the method of determining whether an Underlying Security constitutes 10%
or more of the Trust Property, such determination will be based upon the
principal amount of the Underlying Securities.

         "Corporate Trust Office": The Trustee's offices at 135 S. LaSalle
Street, Suite 1625, Chicago, Illinois 60603 or such other addresses as the
Trustee may designate from time to time by notice to the Unitholders, the
Depositor, the Swap Counterparty and the Guarantor.

         "Credit Support": With respect to any Series (or any Class within such
Series), any combination of insurance policies, letters of credit, reserve
accounts and other types of rights or assets designed to support or ensure the
servicing and distribution of amounts due in respect of the Trust Property,
which in each case is specified as such in the applicable Trust Agreement.

         "Credit Support Provider": With respect to any Series (or any Class
within such Series), the bank issuing a letter of credit or the financial
guarantor or surety company issuing a financial guaranty or surety bond that
serves as Credit Support with respect to such Series or Class.

         "Currency":  Dollars or Foreign Currency.

         "Definitive Registered Unit": A Registered Unit in definitive,
certificated form without coupons attached, registered in the name of the
beneficial owner thereof or its nominee.

         "Depositary": DTC or, if so provided in the Trust Agreement, Euroclear
or Clearstream; or another depositary specified in the Trust Agreement.

         "Depositor": MS Structured Asset Corp., a Delaware corporation, and any
of its successors or assigns.

         "Depositor Order" or "Depositor Requests": A written order or request,
respectively, signed in the name of the Depositor by any of its Chief Executive
Officer, Chief Financial Officer, Chief Operating Officer, President, a Vice
President, its Treasurer, an Assistant Treasurer, its Secretary or an Assistant
Secretary and delivered to the Trustee.

         "Disqualified Credit Support": Any Credit Support that has a value to
the Trust of 10% or more of the Trust Property if a Concentrated Underlying
Security of the related Credit Support Provider would be a Disqualified
Underlying Security.

         "Disqualified Underlying Security": Unless otherwise specified in the
applicable Trust Agreement, an Underlying Security as to which the applicable
issuer of any Concentrated Underlying Security, other than a government security
has ceased to be an Eligible Concentrated Underlying Security Issuer (other than
due to a reduction in the credit rating of the related underlying security or
underlying security issuer) and no additional means of providing current
information regarding that Underlying Security issuer is described in the
applicable prospectus supplement, and either (i) twelve months have elapsed, or
(ii) the applicable issuer has formally terminated its reporting obligations
under the Exchange Act, unless the Depositor, after discussion with the staff of
the SEC, determines that the Depositor would not be required to provide
information with respect to that Underlying Security issuer if the Trust
continued to hold such Underlying Security.

         "Disqualified Transaction": Any Transaction under a Swap Agreement that
(i) has a value to the trust equal to 10% or more of the Trust Property if a
Concentrated Underlying Security of the related Swap Counterparty would be a
Disqualified Underlying Security, or (ii) is a credit swap transaction with a
notional amount on the date of formation of the Trust of 10% or more of the
Trust Property if a Concentrated Underlying Security of the related Reference
Entity would be a Disqualified Underlying Security.

         "Distribution Agreement": The agreement between each Distribution
Participant and the Depositor relating to the distribution of the Units.

         "Distribution Date":  As specified in the Trust Agreement.

         "Distribution Participant": Each Person acting as underwriter, dealer,
placement agent or any similar capacity in connection with the initial
distribution of the Units.

         "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.

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

         "Early Termination Date":  As defined in the Swap Agreement.

         "Eligible Account": A non-interest bearing account, held in the United
States, in the name of the Trustee for the benefit of the Trust that is either
(i) a segregated account or segregated accounts maintained with a Federal or
State chartered depository institution or trust company the short-term and
long-term unsecured debt obligations of which (or, in the case of a depository
institution or trust company that is the principal subsidiary of a holding
company, the short-term and long-term unsecured debt obligations of such holding
company) are rated P-1 and Aa2 by Moody's, A-1+ and AA by S&P, and, if rated by
Fitch, F1 and AA by Fitch at the time any amounts are held on deposit therein
including when such amounts are initially deposited and all times subsequent or
(ii) a segregated trust account or segregated accounts maintained as a
segregated account or as segregated accounts and held by the Trustee in its
Corporate Trust Office in trust for the benefit of the Unitholders.

         "Eligible Concentrated Underlying Security": A designated security or
pool of securities that:

         (i)     were registered under the Securities Act, otherwise publicly
issued, or are eligible for resale pursuant to Rule 144(k) under the Securities
Act, and have been purchased by the depositor or one or more of its affiliates
and deposited with the trust.

         (ii)     consist of one or more of the following issued under the laws
of the United States, any U.S. State or any foreign jurisdiction:

                  (A) debt obligations or investment grade term preferred stock
issued or guaranteed by one or more corporations, general or limited
partnerships, limited liability companies, business trusts, banking
organizations or insurance companies or other organizations (for purposes of the
definition of Underlying Securities, "Corporate Debt");

                  (B) equipment trust certificates, including enhanced equipment
trust certificates and pass-through equipment trust certificates (for purposes
of the definition of Underlying Securities, "Equipment Trust Certificates");

                  (C) trust preferred capital securities and other similar
preferred securities of one or more trusts or other special purpose legal
entities (for purposes of the definition of Underlying Securities, "Trust
Preferred Capital Securities");

                  (D) asset-backed securities of one or more trusts or other
special purpose legal entities issued pursuant to a registration statement filed
with the SEC on Form S-3 or any successor to such form (for purposes of the
definition of Underlying Securities, "Asset Backed Securities");

                  (E) an obligation issued or guaranteed by an Eligible
Sovereign or any agency or instrumentality thereof for the payment of which the
full faith and credit of the Eligible Sovereign is pledged, where Eligible
Sovereigns include the United States of America, the Republic of France, the
Federal Republic of Germany and the states thereof, the United Kingdom, Canada
and the provinces thereof, Japan, the Kingdom of Belgium, the Kingdom of the
Netherlands, the Republic of Italy and any other sovereign specified in the
Trust Agreement;

                  (F) the obligations of one or more of the following government
sponsored enterprises ("GSEs"): Federal National Mortgage Association, Federal
Home Loan Mortgage Corporation, Student Loan Marketing Association, Resolution
Funding Corporation, Federal Home Loan Banks (to the extent such obligations
represent the joint and several obligations of the twelve Federal Home Loan
Banks), Tennessee Valley Authority, Federal Farm Credit Banks and any other
government sponsored enterprise specified in the Trust Agreement that, at the
time of the offering of the Units, has outstanding securities held by
non-affiliates with an aggregate market value of at least $75,000,000 and that
makes information publicly available comparable to that of Exchange Act
reporting companies;

                  (G) certificates evidencing undivided fractional interests in
a trust, the assets of which consist of promissory notes (the "GTC Notes"),
payable in U.S. Dollars, of a certain foreign government, backed a full faith
and credit guaranty issued by the United States of America, acting through the
Defense Security Assistance Agency of the Department of Defense, of the due and
punctual payment of 90% of all payments of principal and interest due on the GTC
Notes and a security interest in collateral, consisting of non-callable
securities issued or guaranteed by the United States government thereof,
sufficient to pay the remaining 10% of all payments of principal and interest
due on the GTC Notes; or

                  (H) an obligation issued by the International Bank for
Reconstruction and Development, the Inter-American Development Bank, the Asian
Development Bank, the African Development Bank, the International Finance
Corporation or the European Bank for Reconstruction and Development, or another
multilateral development bank that has a comparable volume of outstanding
securities and files with the SEC comparable publicly available information, and
the securities of which are exempted from registration under the Securities Act;

         (iii)      with respect to a Concentrated Underlying Security that is
Corporate Debt, a Trust Preferred Capital Security or an Equipment Trust
Certificate, the Depositor must reasonably believe that one of the following
additional conditions is met:

                  (A) the issuer is eligible to use SEC Form S-3 or F-3 for a
primary offering of common equity or an offering of non-convertible investment
grade securities; or

                  (B) the underlying securities are guaranteed by a direct or
indirect parent company of the issuer, or a subsidiary of the issuer or the
issuer's direct or indirect parent company; and

                  (1)      the issuer, guaranteeing parent company or
                           guaranteeing subsidiary of the parent company is
                           eligible to use SEC Form S-3 or F-3 for a primary
                           offering of common equity or an offering of
                           non-convertible investment grade securities, and

                  (2)      the issuer or the relevant parent company's periodic
                           reports meet the requirements of Rule 3-10 of
                           Regulation S-X promulgated by the SEC.

         In the case of Trust Preferred Capital Securities or Equipment Trust
Certificates, the issuer of the obligation held by, or supporting the issuance
of, the trust or other special purpose legal entity issuing the Trust Preferred
Capital Securities or Equipment Trust Certificates which may be deemed to be the
issuer for the foregoing purposes.

         (iv)       If a Concentrated Underlying Security is an Asset-Backed
Security, the Depositor must reasonably believe that the related issuer has at
least $75,000,000 in outstanding securities held by non-affiliates and that
either:

                  (A) the related issuer will be subject to the reporting
requirements of the Exchange Act, or

                  (B) the related issuer was subject to the reporting
requirements of the Exchange Act and the Trust undertakes to provide copies to
investors of the payment date reports and other reports provided by such issuer
to the Trust, and such payment date reports and other reports provided by the
related issuer to the Trust are comparable to the regular reports of issuers of
asset-backed securities that file regular reports under the Exchange Act.

         (v)      were purchased by the Depositor or one or more of its
affiliates in the secondary market (either directly or through an affiliate of
the depositor) and if the Depositor or any of its affiliates acted as an
underwriter or placement agent with respect to such Underlying Security, three
months have elapsed since the related allotment and any unsold allotment have
been sold out, except that Underlying Securities which represent on the date of
formation of the Trust 7.5% or less of Trust Property, or that are issued by
affiliates of the Depositor, and in either case, are designated as "Primary
Offering Securities" in the Trust Agreement may be concurrently registered under
the Securities Act and purchased by the Depositor in connection with a primary
issuance of such Underlying Securities.

         "Eligible Concentrated Underlying Security Issuer": The related issuer
of each Underlying Security that satisfies the definition of Eligible
Concentrated Underlying Security.

                  "ERISA": The Employee Retirement Income Security Act of 1974,
as amended, including any successor or amendatory statutes.

         "Euroclear": Morgan Guaranty Trust Company of New York, Brussels
office, as operator of the Euroclear System

         "Event of Default": As specified in the Swap Agreement.

         "Excess Expense Event":  As defined in Section 9.03(a).

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

         "Exchange Rate Agent": Unless otherwise specified in the Trust
Agreement, MS&Co. or an Affiliate or agent of MS&Co. designated by MS&Co..

         "Executive Officer": With respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any
Assistant Treasurer of such corporation; with respect to any partnership, any
general partner thereof.

         "Extraordinary Trust Expense":  As defined in Section 10.05(b).

         "Fitch":  Fitch Ratings Inc.

         "Foreign Currency": A currency issued by the government of any country
other than the United States or a composite currency the value of which is
determined by reference to the values of the currencies of any group of
countries.

         "Global Security": A Certificate in global form deposited with or on
behalf of DTC or other depository specified in the Trust Agreement and, in the
case of a Registered Unit, registered in the name of the DTC, such depository or
its nominee.

         "Guaranty": The Guaranty (if any) identified in the Trust Agreement of
the obligations of the Swap Counterparty under the Swap Agreement. If the Trust
Agreement does not specify a Guaranty, references to the Guaranty and the
Guarantor herein shall be deemed deleted.

         "Guarantor": The Guarantor who issues and is identified in the
Guarantee (if a Guarantee is identified in the Trust Agreement), and, if a
successor Person shall have become the Guarantor pursuant to the Guarantee,
"Guarantor" shall mean such successor Person.

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

         "Initial Swap Rate Accrual Period": The period from and including the
Closing Date to but excluding the next Swap Payment Date.

         "Initial Underlying Security Accrual Period": The period from and
including the Closing Date to but excluding the next Underlying Security Payment
Date.

         "Insolvency Law":  As defined in Section 10.14.

         "Interest Rate":  As specified in the Trust Agreement.

         "Investment Company Act": The United States Investment Company Act of
1940, as amended, and applicable rules thereunder.

         "Liquidation Event": Any of the events described in Section 9.01.

         "Maximum Reimbursable Amount": As specified in the Trust Agreement (or
any other amount specified by the party agreeing to indemnify the Trustee).

         "Moody's":  Moody's Investors Service, Inc.

         "MS&Co.":  Morgan Stanley & Co. Incorporated.

         "No Plan Restriction": The restriction on transfer of Units set forth
in Section 5.11(c)(iii).

         "Notional Amount": A notional amount specified in the Trust Agreement
with respect to any Class of Units with respect to which distributions of
interest or other distributions are determined but which does not represent a
Unit Principal Balance.

         "Officers' Certificate": A certificate signed by any one (or, if
specified in the Trust Agreement, more than one) Executive Officer of the
applicable Person, and delivered to the Trustee.

         "Opinion of Counsel": A written opinion of counsel, who may, except as
otherwise expressly provided in the Trust Agreement, be counsel for the
Depositor, acceptable to the Trustee.

         "Optional Exchange Date":  As defined in Section 5.12.

         "Outstanding": As of any date of determination, all Units theretofore
authenticated and delivered under the Trust Agreement, except:

                  (i) Units theretofore canceled by the Unit Registrar or
                  delivered to the Trustee for cancellation; and

                  (ii) Units in exchange for or in lieu of which other Units
                  have been authenticated and delivered pursuant to the Trust
                  Agreement, unless proof satisfactory to the Trustee is
                  presented that any such Units are held by a bona fide
                  purchaser in whose hands such Units represent interests in the
                  Trust.

         "Paying Agent":  As defined in Section 5.09.

         "Permitted Investments": All investments made by the Trustee pursuant
to Section 3.05 in any one or more of the following; provided, however, that the
total return specified by the terms of each such obligation or security is at
least equal to the purchase price thereof; and provided, further, that each such
obligation or security shall be held in the name of the Trustee on behalf of the
Trust:

                  (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 explicitly
                  backed by the full faith and credit of the United States of
                  America; provided 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 Permitted Investments only if, at the time, and during the
                  course, of investment, it has at least the credit rating of
                  P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by
                  Fitch, D-1+ or AAA by Fitch;

                  (ii) demand and time deposits in, certificates of deposit of,
                  or banker' 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 at the time of, and during the
                  course of, such investment or contractual commitment providing
                  for such investment have at least the credit rating of P-1 or
                  Aaa by Moody's, A-l+ or AAA by S&P, and, if rated by Fitch,
                  F1+ or AAA by Fitch (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 have a credit rating of
                  P-i or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by
                  Fitch, Fl+ or AAA by Fitch;

                  (iii) commercial paper having a maturity of not more than 180
                  days and having at the time, and during the course, of such
                  investment at least the credit rating of P-1 by Moody's, A-1+
                  by S&P, and, if rated by Fitch, Fl+ by Fitch;

                  (iv) 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 of P-1 or Aaa
                  by Moody's, A-1+ or AAA by S&P, and, if rated by Fitch, F1+ or
                  AAA by Fitch. Copies of any repurchase agreement entered into
                  will be delivered to the Rating Agencies, if any; and

                  (v) Units of the Dreyfus Cash Management Fund Investor Shares
                  or any other money market funds which are rated in the highest
                  applicable rating category by each Rating Agency (or such
                  lower rating if the Rating Agency Condition is satisfied).

         In no event shall a Permitted Investment at any time constitute (a) a
swap agreement as defined in the United States Bankruptcy Code, 11 U.S.C. ss.
101 et seq., (b) an interest-only or principal-only security or (c) a liability
of the Trust in excess of the principal amount invested by the Trustee.
Permitted Investments shall include, without limitation, those investments for
which the Trustee or an Affiliate of the Trustee provides services.

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

         "Plan": Any (i) "employee benefit plan" (as defined in Section 3(3) of
ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA,
(ii) "plan" described in Section 4975(e)(1) of the Code subject to Section 4975
of the Code or (iii) entity whose underlying assets include plan assets by
reason of a plan's investment in such entity or otherwise.

         "Predecessor Unit": With respect to any particular Unit, every previous
Unit evidencing all or a portion of the same interest as that evidenced by such
particular Unit; and, for the purpose of this definition, any Unit authenticated
and delivered under Section 5.04 in lieu of a lost, destroyed or stolen Unit
shall be deemed to evidence the same interest as the lost, destroyed or stolen
Unit.

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

         "Prohibited Transaction Exemption Restriction": The restriction on
Transfer of Units set forth in Section 5.11(c)(ii).

         "Rating Agencies":  As specified in the Trust Agreement.

         "Rating Agencies Condition": With respect to any specified action or
determination, means receipt of (i) oral or written confirmation by Moody's (for
so long as the Units are outstanding and rated by Moody's) and (ii) written
confirmation by S&P (for so long as the Units are outstanding and rated by S&P),
that such specified action or determination will not result in the reduction or
withdrawal of their then-current ratings on the Units; provided, however, that
if the Rating Agency Condition specified herein is to be satisfied only with
respect to Moody's or S&P, only clause (i) or clause (ii) shall be applicable.
Such satisfaction may relate either to a specified transaction or may be a
confirmation with respect to any future transactions which comply with generally
applicable conditions published by the applicable rating agency.

         "Record Date":  As specified in the Trust Agreement.

         "Redenomination Date":  As specified in Section 5.08.

         "Reference Entity":  As specified in the Trust Agreement.

         "Registered Unit": Any Unit in registered form ownership of which is
evidenced by the Unit Register.

         "Responsible Officer": With respect to the Trustee, any officer within
the Corporate Trust Office of the Trustee, including any Vice President,
Assistant Vice President, Secretary, Assistant Secretary 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'
knowledge of and familiarity with the particular subject.

         "Retained Interest": If applicable, with respect to any Underlying
Security or other Trust Property, an ownership interest therein and a right to a
portion of the payments thereon by the obligor thereof, as specified in the
Trust Agreement, held by the Person so specified in such Trust Agreement.

         "S&P": Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

         "Scheduled Final Distribution Date": As specified in the Trust
Agreement.

         "SEC":  The United States Securities and Exchange Commission.

         "Securities Act":  The Securities Act of 1933, as amended.

         "Securities Intermediary": LaSalle Bank National Association acting in
the capacity as a securities intermediary hereunder.

         "Selling Agent": Unless otherwise specified in the Trust Agreement,
MS&Co. or any Affiliate of MS&Co. designated by it.

         "Series": All of the Units issued by a particular Trust.

         "Special Depositor Wind-Up Event": As defined in Section 9.04.

         "Specified Currency": Unless otherwise specified in the Trust
Agreement, United States Dollars.

         "Specified Percentage": The percentage of Units of any class or series
specified in the Trust Agreement.

         "State": Any one of the 50 states of the United States or the District
of Columbia.

         "Swap Agreement": The ISDA Master Agreement (including the Schedule
thereto and Confirmation or Confirmations thereunder and any ISDA Credit Support
Annex forming a part thereof), if any, to which the Trust is a party identified
in the Trust Agreement. In the event that the Trust shall enter into more than
one ISDA Master Agreement, "Swap Agreement" shall mean each such ISDA Master
Agreement specified in the Trust Agreement.

         "Swap Amount": With respect to each Swap Payment Date, an amount,
payable by, or on behalf of, the Swap Counterparty, equal to the accrued
interest or other payment obligation calculated with reference to the Swap
Notional Amount for the immediately preceding Swap Rate Accrual Period at the
Swap Rate.

         "Swap Calculation Agent": The "Calculation Agent" as defined in the
Swap Agreement.

         "Swap Counterparty": Morgan Stanley Capital Services, Inc., unless
another Person is identified in the Trust Agreement as the counterparty of the
Trust under the Swap Agreement; unless a successor Person shall have become the
Swap Counterparty pursuant to the applicable terms of the Swap Agreement,
whether by assignment or otherwise, and thereafter "Swap Counterparty" shall
mean such Person. In the event that the Trust shall enter into more than one
Swap Agreement, "Swap Counterparty" shall mean each counterparty of the Trust
specified in the Trust Agreement.

         "Swap Default": The occurrence of an "Event of Default" (as defined in
the Swap Agreement) under the Swap Agreement.

         "Swap Notional Amount":  As specified in the Trust Agreement.

         "Swap Payment Date":  As specified in the Trust Agreement.

         "Swap Rate":  As specified in the Trust Agreement.

         "Swap Rate Accrual Period": The Initial Swap Rate Accrual Period and
each period from and including a Swap Payment Date to but excluding the next
succeeding Swap Payment Date.

         "Termination Event":  As defined in the Swap Agreement.

         "Swap Termination Payment": Any amounts payable under the Swap
Agreement in accordance with its terms, whether to or by the Trust, as the case
may be, in consequence of an early termination of one or more Transactions under
the Swap Agreement.

         "Trust Agreement": The schedule or schedules (which may be in the form
of Schedules I, II and III attached to Exhibit A hereto) which contains
information with respect to the particular terms of the Units, as well as the
Swap Agreement, the Underlying Securities and any other Trust Property.

         "TIA":  The Trust Indenture Act of 1939, as amended.

         "Transaction":  As defined in the Swap Agreement.

         "Transfer": To sell, convey, assign, transfer, create, grant a lien
upon and a security interest in and right of setoff against, deposit, set over,
contribute and confirm to the Trustee pursuant to the Trust Agreement; and the
terms "Transferred" and "Transferring" have the meanings correlative to the
foregoing. A Transfer of any Underlying Securities or of any other instrument
shall include all rights, powers and options (but none of the obligations) of
the Transferring party thereunder, including the first priority 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 Transferring party or
otherwise, and generally to do and receive anything that the Transferring party
is or may be entitled to do or receive thereunder or with respect thereto.

         "Trigger Amount":  As specified in the Trust Agreement.

         "Trust":  The trust created by the Trust Agreement.

         "Trust Agreement":  As defined in the preamble hereto.

         "Trust Property":  As defined in Section 3.01.

         "Trust Wind-up Event":  As defined in Section 9.02.

         "Trustee": LaSalle Bank National Association, a national banking
association, or any co-trustee appointed pursuant to Section 10.10, until a
successor Person shall have become the Trustee pursuant to the applicable terms
of the Trust Agreement, and thereafter "Trustee" shall mean such successor
Person.

         "Trustee Fee Letter": A letter agreement between the Trustee and the
Depositor dated on or before the Closing Date setting forth the fees and
expenses of the Trust and the Trustee which are subject to reimbursement by the
Depositor.

         "Trustee Fees": The amount or amounts set forth in the Trustee Fee
Letter.

         "UCC": 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.

         "Underlying Securities":  As specified in the Trust Agreement.

         "Underlying Security Accrual Period": The Initial Underlying Security
Accrual Period and each period from and including a Underlying Security Payment
Date to but excluding the next succeeding Underlying Security Payment Date.

         "Underlying Security Issuance Agreement": The indenture, fiscal agency
agreement, or other agreement with respect to a Underlying Security which sets
forth the covenants and agreements of the Underlying Security Issuer in
connection with issuance of the Underlying Security.

         "Underlying Security Amount": With respect to each Underlying Security
Payment Date, an amount equal to the accrued interest and/or other payment
obligation calculated with reference to the applicable Underlying Security for
the immediately preceding applicable Underlying Security Accrual Period at the
applicable Underlying Security Rate.

         "Underlying Security Default": Unless otherwise specified in the Trust
Agreement, (i) the acceleration of the outstanding Underlying Securities under
the terms of the Underlying Securities and/or the applicable Underlying Security
Issuance Agreement and failure to pay the accelerated amount on the acceleration
date; (ii) the failure of the Underlying Security Issuer (or any applicable
guarantor on its behalf) to pay an installment of principal of, or any amount of
interest due on, the Underlying Securities after the due date thereof and after
the expiration of any applicable grace period; (iii) the initiation by the
Underlying Security Issuer or applicable guarantor of any proceedings seeking a
judgment of insolvency or bankruptcy or seeking relief under bankruptcy or
insolvency laws or similar laws affecting creditor's rights; (iv) if not
otherwise addressed in (iii), the passage of thirty (30) calendar days since the
day upon which any person or entity initiates any proceedings against the
Underlying Security Issuer or applicable guarantor seeking a judgment of
insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws
or similar laws affecting creditor's rights and such proceeding has not been
dismissed prior to such thirtieth day; or (v) other events specified in the
Trust Agreement.

         "Underlying Security Issuer": As specified in the Trust Agreement.

         "Underlying Security Payment Date": As specified in the Trust
Agreement.

         "Underlying Security Rate":  As specified in the Trust Agreement.

         "Underlying Security Trustee": As specified in the Trust Agreement, if
applicable.

         "Unit Account":  As defined in Section 3.05.

         "Unit Principal Balance": With respect to a Unit that is Outstanding,
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.

         "Unit Register" and "Unit Registrar": As respectively defined in
Section 5.03.

         "Unitholder" and "Holder": In the case of Registered Units, the Person
in whose name a Unit is registered in the Unit Register on the applicable Record
Date.

         "Units": The securities authorized by, and authenticated and delivered
under, the Trust Agreement and evidenced by a certificate in the form or forms
attached hereto as Exhibit B.

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

         "Warrant": A Call Option or other right specified in the Trust
Agreement.

         "U.S. Person": A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in or under the
laws of the United States or any political subdivision thereof, an estate the
income of which is subject to United States federal income taxation regardless
of its source or a trust if (i) a U.S. court is able to exercise primary
supervision over the trust's administration and (ii) one or more U.S. persons
have the authority to control all of the trust's substantial decisions.

Certain additional defined terms have the meanings assigned thereto in other
terms hereof.

         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;

                  (iii) "or" is not exclusive;

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

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

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

         SECTION 1.03. Article and Section References. All article and section
references used in the Trust Agreement, unless otherwise provided, are to
articles and sections in the Trust Agreement. Any reference to "this Section"
appearing within a particular paragraph of a section is a reference to such
section as a whole.

                                   ARTICLE II

                Declaration of Trust; Entry into Swap Agreement;
                                Issuance of Units

         SECTION 2.01. Creation and Declaration of Trust; Assignment of
Underlying Securities. (a) The Depositor, concurrently with the execution and
delivery of the Trust Agreement, Transfers to the Trustee, in trust, on behalf
and for the benefit of the Unitholders and without recourse, all the right,
title and interest of the Depositor, including any security interest therein,
in, to and under (i) the Underlying Securities, (ii) the Unit Account, including
all income from the investment of funds in the Unit Account, (iii) all payments
on or under and all proceeds of any of the foregoing (including all proceeds of
the conversion thereof, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, causes of action, rights to payment of any and every kind
and other forms of obligations, receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing) and (iv) all other assets included or to be included in
the Trust Property; in each case except for any specified Retained Interest.

         (b)......In connection with the Transfer referred to in the preceding
paragraph, the Depositor shall, not later than the Closing Date, (i) deposit the
Underlying Securities with the Trustee by physical delivery of such Underlying
Securities, duly endorsed, to the Trustee or cause the Underlying Securities to
be registered by book-entry in the name of the Trustee provided that the
book-entry depositary will be an agency of the United States, DTC or another
book-entry institution acceptable to the Depositor and (ii) with respect to each
such Underlying Security, deliver or cause to be delivered to the Trustee all
documents necessary to transfer such Underlying Security to the Trustee. In the
event that the Depositor is unable to deliver any of the Underlying Securities
on the Closing Date, the Depositor will execute a due bill in favor of the
Trustee in respect of such Underlying Security. The Depositor will be required
to (i) deliver the Underlying Security to the Trustee no later than the tenth
Business Day succeeding the applicable Closing Date and (ii) if applicable, to
pay or cause to be paid to the Trustee the amount of any distributions paid on
such Underlying Securities after the Closing Date and prior to the date of
delivery of such Underlying Security. If the record date or other terms for any
Underlying Security require that the Depositor shall be entitled to receive any
payment to which the Trust is entitled in whole or in part, the Depositor shall
transfer within one Business Day, the applicable portion of such amount
allocable to the Trust to the Trustee.

         (c)      The Guarantor shall deliver the Guarantee to the Trustee for
the benefit of the Unitholders.

         (d)      The Transfer of the Underlying Securities by the Depositor
accomplished by the Trust Agreement is absolute (other than with respect to any
Retained Interest) and is intended by the parties thereto as a sale as further
provided in Section 3.03.

         SECTION 2.02. Entry into Swap Agreement and Distribution Agreement.
Concurrently with the execution of the Trust Agreement, the Trust shall (i)
execute and deliver the Swap Agreement and each Transaction thereunder, if any,
(ii) accept the Guarantee and (iii) if applicable, enter into any Distribution
Agreement with each Distribution Participant. It shall be a condition to the
effectiveness of the Trust Agreement that the Swap Agreement be effective as of
the date of the Trust Agreement. The Trustee shall, on behalf of the Trust,
perform the obligations of the Trust under the Swap Agreement in accordance with
its terms and shall make demands under the Guarantee immediately upon obtaining
notice of a payment default under the Swap Agreement by the Swap Counterparty.
The Trustee and the Depositor agree, and each Unitholder by acquiring its Units
shall be deemed to agree, that the Swap Agreement does not represent an
ownership interest in the Trust or its assets and that none of them shall treat
the Swap Agreement as an ownership interest for the Trust for any purpose.
Except as expressly set forth in this Trust Agreement and in the Swap Agreement,
the receipt by the Trustee of the Underlying Securities and the execution by the
Trustee of the Swap Agreement shall not constitute and is not intended to result
in an assumption by the Trustee or any Unitholder of any obligation of the
issuer of the Underlying Securities or the Swap Counterparty or any other Person
in connection with the Underlying Securities or the Swap Agreement or under any
agreements or instruments relating to any of them.

         SECTION 2.03. Acceptance by Trustee. The Trustee will acknowledge
receipt by it of (i) the Underlying Securities and the related documents
referred to in Section 2.01, now existing or hereafter acquired, (ii) the Swap
Agreement, (ii) the Guarantee and (iv) the documents specified in the Swap
Agreement (in Part 3 of the Schedule to the 1992 Master Agreement), and declares
that it will hold such assets and all other assets comprising the Trust Property
in trust, for the exclusive use and benefit of all present and future
Unitholders and for the purposes and subject to the terms and conditions set
forth in the Trust Agreement, including the Trustee's obligations, as and when
they may arise, (I) to pay any amount due from the Trust under the Swap
Agreement, which obligations shall be and hereby are designated to be secured,
under the terms of the Swap Agreement, by a pledge of all of the Trust Property,
(II) to pay Extraordinary Trust Expenses and (III) to make distributions to the
Unitholders in accordance with Section 4.01.

         SECTION 2.04. Representations and Warranties of the Depositor. The
Depositor represents and warrants to the Trustee that as of the Closing Date or
as of such other date otherwise specifically provided in the Trust Agreement:

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

                  (ii) to the Depositor' knowledge after the inquiry, there are
                  not any liens or encumbrances on the Underlying Securities
                  immediately prior to the time of Transfer except those created
                  by the Trust Agreement;

                  (iii) the execution and delivery of the Trust Agreement by the
                  Depositor and its performance of and compliance with the terms
                  thereof will not violate the Depositor' articles 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 by which the Depositor or any of
                  its assets is bound;

                  (iv) to the Depositor' knowledge after due inquiry, the
                  Depositor has the full power and authority to enter into and
                  consummate all transactions contemplated by the Trust
                  Agreement, has duly authorized the execution, delivery and
                  performance of the Trust Agreement and has duly executed and
                  delivered the Trust Agreement. The 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
                  thereof, 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 in a
                  proceeding in equity or at law); and

                  (v) to the Depositor' knowledge after due inquiry, the
                  Depositor is not in violation, and the execution and delivery
                  of the Trust Agreement by the Depositor and its performance
                  and compliance with the terms of the Trust Agreement will not
                  constitute a violation, of any order decree of any court or
                  any order or regulation of any Federal, State, municipal or
                  governmental agency having jurisdiction over the Depositor or
                  its properties, which violation would reasonably be expected
                  to have a material and adverse effect on the duties and
                  obligations of the Depositor under the Trust Agreement.

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

         SECTION 2.05. Breach of Representation or Warranty. Upon 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 2.04 that
materially and adversely affects the rights of the Unitholders to receive
distributions under the Trust Agreement when due and payable, the Depositor
shall notify the Rating Agencies of such breach. The Depositor shall cure such
breach in all material respects within two Business Days of the earlier of
discovery by the Depositor or receipt of notice by the Depositor of such breach.

         SECTION 2.06. Agreement to Authenticate and Deliver Units. The Trustee
agrees and acknowledges that it will, concurrently with the Transfer to and
receipt by it of the Underlying Securities and the Guarantee and delivery to it
by the Depositor of the executed Trust Agreement and by the Swap Counterparty of
the executed Swap Agreement, cause to be executed, authenticated and delivered
to or upon the order of the Depositor, in exchange for the Underlying Securities
and such other assets constituting the Trust Property, cash in an amount equal
to the premium or other net payments to the Trust on the Closing Date under any
Swap Agreement and Units duly executed and authenticated by or on behalf of the
Trustee in authorized denominations evidencing ownership of the entire Trust
Property, all in accordance with the terms and subject to the conditions of
Section 5.02.

                                   ARTICLE III

               Trust Powers; Administration of the Trust Property

         SECTION 3.01. Trust Property. (a) The "Trust Property" with respect to
a Trust will consist of: (i) the related Underlying Securities and all payments
on or collections in respect of such Underlying Securities due after a specified
"Cut-off Date" set forth in the Trust Agreement; (ii) all the Trustee's right,
title and interest under any Swap Agreement and any related Guarantee; (iii) all
the Trustee's right, title and interest in any related Credit Support, if any;
(iv) all Permitted Investments and all funds from time to time deposited in
certain segregated accounts held by the Trustee in trust and for the benefit of
the Unitholders representing interests in such Trust; and (v) any other asset
described in the Trust Agreement as constituting a portion of such Trust
Property, in each case exclusive of any Retained Interest.

         (b) The Trust Property for a given Series of Units and the related
Trust will not constitute Trust Property for any other Series of Units and the
related Trust and the Units of each Class of a given Series possess an equal and
ratable undivided ownership interest in such Trust Property. The Trust Agreement
may, however, specify that certain assets constituting a part of the Trust
Property relating to any given Series may be beneficially owned solely by or
deposited solely for the benefit of one Class or a group of Classes within such
Series. In such event, the other Classes of such Series will not possess any
beneficial ownership interest in those specified assets constituting a part of
the Trust Property.

         SECTION 3.02. Administration of the Trust. (a) The Trustee shall
administer the Trust Property for the benefit of the Unitholders. In engaging in
such activities, the Trustee shall follow or cause to be followed collection
procedures in accordance with the terms of the Trust Agreement, the Underlying
Securities, the Swap Agreement, the indemnification offered by the Depositor
pursuant to Section 10.05(b) and the Guarantee. The duties of the Trustee shall
be performed in accordance with applicable local, State and Federal law.

         (b)      Subject to Article X, the Trustee is hereby authorized to
perform, and from time to time hereafter, shall perform only those acts which
are described in the Trust Agreement as obligations of the Trustee.
Notwithstanding the generality of the foregoing, the Trustee is hereby
specifically authorized to do the following on behalf of the Trust: to issue the
Certificates evidencing Units; to execute and deliver and perform its
obligations and exercise its rights under the Swap Agreement; to establish and
maintain the Unit Account hereunder; to accept delivery of the Underlying
Securities and the Swap Agreement; to pledge the assets of the Trust (including
the Underlying Securities) to secure the obligations of the Trust including
obligations under the Swap Agreement; to sell the Underlying Securities through
the Selling Agent in accordance with Section 9.05; to make Permitted Investments
pursuant to Section 3.06; to liquidate the Trust pursuant to Article IX and to
make distributions pursuant to Article IV.

         (c)      Notwithstanding anything to the contrary herein, the Trust
shall not engage in any business or activities other than receiving the
Underlying Securities and any Credit Support or other Trust Property and
entering into the Swap Agreement as provided herein, holding the Underlying
Securities, the Swap Agreement and any Credit Support (or other Trust Property),
issuing Certificates evidencing Units, making Permitted Investments in
accordance with Section 3.06 and performing its obligations hereunder and under
the Swap Agreement; provided, however, that during its existence the Trust shall
not engage in any business or activity which will cause it to be or become an
open-end investment company, unit investment trust or face-amount certificate
company that is or is required to be registered under Section 8 of the
Investment Company Act, or to be or become a closed-end investment company
required to be registered, but not registered, under the Investment Company Act.

         (d)      The Trustee shall not sell, assign, pledge or otherwise
transfer the Underlying Securities, the Swap Agreement, any Credit Support or
other Trust Property, or any interest of the Trust therein, to any Person or
Persons, except to a successor trustee as provided in Section 10.07, through the
Selling Agent in accordance with Section 9.05, in accordance with Section
10.02(a)(x), as required under any Swap Agreement or as otherwise expressly
permitted hereunder. This section shall not be construed to prohibit transfers
of the Units.

         (e)      The Trustee shall have the legal power to exercise all of the
rights, powers and privileges of holders of the Underlying Securities in which
the Units evidence an interest; provided, however, that the exercise of such
powers shall be subject to the provisions of this Section 3.02, Article X and
the other provisions hereof. However, neither the Trustee (except as
specifically provided herein or in the TIA) nor the Depositor shall be under any
obligation whatsoever to appear in, prosecute or defend any action, suit or
other proceeding in respect of Underlying Securities or Units.

         (f)      Except for actions expressly authorized by the Trust
Agreement, the Trustee shall not take actions reasonably likely to (nor fail to
take actions, if such failure would be reasonably likely to) (i) impair the
interests of the Trust in any Underlying Security, any Credit Support, the Swap
Agreement or the Guarantee (or any other Trust Property); (ii) impair the value
of any Underlying Security, any Credit Support, the Swap Agreement or the
Guarantee (or any other Trust Property); or (iii) alter the classification of a
Trust for U.S. federal income tax purposes.

         (g)      Except as expressly provided in the Trust Agreement, the
Trustee shall have no power to vary the corpus of the Trust Property including
by (i) accepting any substitute obligation or asset for a Underlying Security or
any Credit Support, (ii) entering into any amendment or modification of the Swap
Agreement or the Underlying Securities, (iii) accepting any substitute guarantee
for the Guarantee, (iv) adding any other investment, obligation or security to
the Trust Property, (v) withdrawing from the Trust Property any Underlying
Securities or Credit Support, (vi) terminating the Swap Agreement except in
accordance with its terms or (vii) rejecting or otherwise failing to accept the
continuing benefits of the Guarantee.

         SECTION 3.03. Collection of Certain Underlying Security Payments. 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 the Trust Agreement and such Underlying Securities.

         SECTION 3.04. Sale. The parties hereto agree and intend that the
Transfer of Underlying Securities, the Swap Agreement and all proceeds of any of
the foregoing shall be treated as a sale and purchase by the Trust and not a
loan or a pledge to secure a loan. If for any reason such Transfer is deemed to
be a loan or a pledge to secure a loan, the parties intend that the Trust
Agreement shall be a security agreement pursuant to which there shall be deemed
to have been granted to the Trustee a security interest in all right, title and
interest in the Underlying Securities, the Swap Agreement and all proceeds of
any of the Trust Property granted in favor of the Swap Counterparty pursuant to
the Swap Agreement and to the obligation of the Trust to pay Extraordinary Trust
Expenses. If the Trust terminates prior to the satisfaction of the claims of any
Unitholder under any Unit, the security interest created hereby shall continue
in full force and effect and the Trustee shall be deemed to be the collateral
agent for the benefit of such Unitholder, subject to the prior security interest
of the Swap Counterparty under the Swap Agreement and to the terms of the Trust
Agreement.

         SECTION 3.05. Unit Account. (a) The Trustee shall establish and
maintain one or more Eligible Accounts (collectively, the "Unit Account"), held
in trust for the benefit of the Unitholders and, subject to any security
interest in the Trust Property granted in favor of the Swap Counterparty
pursuant to the Swap Agreement and the obligation of the Trust to pay
Extraordinary Trust Expenses. The Trustee, on behalf of the Unitholders, shall
possess all right, title and interest in all funds on deposit from time to time
in the Unit Account and in all proceeds thereof, subject to any security
interest in the Trust Property granted in favor of the Swap Counterparty
pursuant to the Swap Agreement and the obligation of the Trust to pay
Extraordinary Trust Expenses. The Unit Account shall be under the sole dominion
and control of the Trustee. The Trustee shall deposit or cause to be deposited
in the Unit Account all amounts collected with respect to the Underlying
Securities, Swap Agreement and the Guarantee including:

                  (i) all payments received by the Trustee on account of
                  principal of the Underlying Securities;

                  (ii) all payments received by the Trustee on account of
                  interest (if any) on the Underlying Securities;

                  (iii) all payments received by the Trustee on account of
                  premium (if any) on the Underlying Securities;

                  (iv) all Swap Amounts and all other payments, if any, received
                  by the Trustee on account of the Swap Agreement;

                  (v) the Unit Principal Balance, if applicable;

                  (vi) all payments received by the Trustee on account of the
                  Guarantee; and

                  (vii) it is understood and agreed that payments in the nature
                  of prepayment or redemption penalties, late payment charges or
                  assumption fees which may be received by the Trustee shall be
                  deposited by the Trustee in the Unit Account and shall not be
                  retained by the Trustee for its own account.

         If, at any time, a formerly Eligible Account no longer fulfills the
definition of Eligible Account, the Trustee shall within five Business Days or
by the next Distribution Date, whichever comes earlier, establish a new Unit
Account meeting the conditions specified above and transfer any cash and any
investments on deposit in the Unit Account to such new Unit Account, and from
the date such new Unit Account is established, it shall be the Unit Account.

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

         (c)      Additional Representations of the Trustee and the Securities
Intermediary:

                  (i) The Unit Account is a "securities account" within the
                  meaning of Section 8-501 of the UCC and is held only in the
                  name of the Trust. The Securities Intermediary is acting with
                  respect to the Unit Account in the capacity of a "securities
                  intermediary" within the meaning of Section 8-102(a)(l4) of
                  the UCC.

                  (ii) All Underlying Securities have been (i) delivered to the
                  Securities Intermediary pursuant to the Trust Agreements; (ii)
                  credited to the Unit Account; and (iii) registered in the name
                  of the Securities Intermediary or its nominee, indorsed to the
                  Securities Intermediary or in blank or credited to another
                  securities account maintained in the name of the Securities
                  Intermediary. In no case will any Underlying Securities or
                  other financial asset credited to a Unit Account be registered
                  in the name of the Depositor, payable to the order of the
                  Depositor or specially indorsed to the Depositor except to the
                  extent the foregoing have been specially indorsed to the
                  Securities Intermediary or in blank.

                  (iii) The Unit Account is an account to which financial assets
                  are or may be credited, and the Securities Intermediary shall
                  treat the Trustee as entitled to exercise the rights that
                  comprise any financial asset credited to the account.

                  (iv) The Securities Intermediary hereby agrees that the
                  Underlying Securities credited to the Unit Account shall be
                  treated as a "financial asset" within the meaning of Section
                  8-l02(a)(9) of the UCC.

                  (v) If at any time the Securities Intermediary shall receive
                  any order from the Trustee directing the transfer or
                  redemption of any Underlying Securities on deposit in any Unit
                  Account, the Securities Intermediary shall comply with such
                  entitlement order without further consent by the Depositor or
                  any other Person. The Securities Intermediary shall take all
                  instructions (including without limitation all notifications
                  and entitlement orders) with respect to each Unit Account
                  solely from the Trustee.

         (d)      The Securities Intermediary hereby confirms and agrees that:

                  (i) There are no other agreements entered into between the
                  Securities Intermediary and the Depositor with respect to any
                  Unit Account;

                  (ii) It has not entered into, and until the termination of
                  this Agreement will not enter into, any agreement with any
                  other Person relating to any Unit Account and/or any financial
                  assets credited thereto pursuant to which it has agreed to
                  comply with entitlement orders (as defined in Section
                  8-l02(a)(8) of the UCC) of such other Person; and

                  (iii) It has not entered into, and until the termination of
                  the Trust Agreements will not enter into, any agreement with
                  the Depositor or the Trustee purporting to limit or condition
                  the obligation of the Securities Intermediary to comply with
                  entitlement orders as set forth above

         (e)      The Trustee hereby represents and warrants as follows:

                  (i) The Trustee maintains its books and records with respect
                  to its securities accounts in the State of Illinois; and

                  (ii) The Trustee has not granted any lien on the Underlying
                  Securities nor are the Underlying Securities subject to any
                  lien on properties of the Trustee in its individual capacity;
                  the Trustee has no actual knowledge and has not received
                  actual notice of any lien on the Underlying Securities (other
                  than any liens of the Trustee in favor of the beneficiaries of
                  the Trust Agreements); other than the interests of the
                  Unitholders and the potential interests of the Call Option
                  holders, the books and records of the Trustee do not identify
                  any Person as having an interest in the Underlying Securities.

                  (iii) The Trustee makes no representation as to (i) the
                  validity, legality, sufficiency or enforceability of any of
                  the Underlying Securities or (ii) the collectability,
                  insurability, effectiveness or suitability of any of the
                  Underlying Securities.

         (f)      The Depositor hereby represents and warrants to the Trustee as
follows (with respect to the Closing Date and any additional issuance):

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

                  (ii) The Depositor has received all consents and approvals
                  required by the terms of the Underlying Securities to the
                  transfer to the Trustee of its interest and rights in the
                  Underlying Securities as contemplated by the Trust Agreements.

                  (iii) The Depositor has not assigned, pledged, sold, granted a
                  security interest in or otherwise conveyed any interest in the
                  Underlying Securities (or, if any such interest has been
                  assigned, pledged or otherwise encumbered, it has been
                  released), except such interests granted pursuant to the Trust
                  Agreements. The Depositor has not authorized the filing of and
                  is not aware of any financing statements against the Depositor
                  that includes a description of the Underlying Securities,
                  other than any such filings pursuant to the Trust Agreements.
                  The Depositor is not aware of any judgment or tax lien filings
                  against Depositor.

         SECTION 3.06. Investment of Funds in the Accounts. The Depositor, on
behalf of the Trust, may direct in writing the Trustee or any depositary
institution maintaining the Unit Account, if any, and any other segregated
account the contents of which are held for the benefit of the Trust (each, an
"Account") to invest the funds therein in one or more Permitted Investments
bearing interest or sold at a discount, which shall be held to maturity unless
payable on demand. If the Depositor does not provide any investment directions
to the Trustee, then the Trustee shall invest funds held in any Account in the
Permitted Investments specified in clause (i) of the definition thereof upon
receipt of such funds. Such funds shall be invested in Permitted Investments
that will mature at least one Business Day prior to the next Distribution Date.

         SECTION 3.07. Retained Interest. The Retained Interest, if any, in any
Underlying Security or other Trust Property shall initially be held by the
Person so specified in the Trust Agreement and to the extent specified therein.
The Retained Interest will be established on an asset-by-asset basis. With
respect to each Underlying Security, unless otherwise specified in the Trust
Agreement, the Retained Interest shall be deducted by the Trustee from
applicable collections in respect of such Underlying Security or other Trust
Property. Unless otherwise provided in the Trust Agreement, collections in
respect of Retained Interest shall not be deposited in the Unit Account and
shall not constitute a part of the Trust, but shall instead be distributed to
the holder of such Retained Interest; provided, however, that the Trust
Agreement with respect to which there is a Retained Interest may provide that
commingled amounts received in respect of Underlying Securities and the related
Retained Interest may initially be deposited in separate and discrete accounts
established by the Trustee.

         SECTION 3.08. Access to Certain Documentation. The Trustee shall
provide to any Federal, State or local regulatory authority that may exercise
authority over the Depositor, the Swap Counterparty, the Guarantor or any
Unitholder access to the documentation regarding the Underlying Securities, the
Swap Agreement and the Guarantee 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,
the Swap Agreement and the Guarantee will be provided to the Depositor, the Swap
Counterparty, the Guarantor or any Unitholder upon reasonable request during
normal business hours at the offices of the Trustee designated by it at the
expense of the Person requesting such access.

                                   ARTICLE IV

                    Distributions and Reports to Unitholders

         SECTION 4.01. Distributions. On each Distribution Date for the Units
(including the Scheduled Final Distribution Date), the Trustee shall distribute
the pro rata portion of the Available Funds in the Unit Account allocable to
each Unitholder.

         SECTION 4.02. Reports to Unitholders and Others. (a) Unless otherwise
specified in the applicable Trust Agreement, on each Distribution Date the
Trustee shall forward or cause to be forwarded to the Depositor, each Rating
Agency, if any, each Swap Counterparty, each holder of Call Rights, and each
Unitholder a statement setting forth:

                  (i) the amount of such distribution to Unitholders allocable
                  to principal of or interest or premium, if any, on the Units;

                  (ii) if applicable, the Interest Rate applicable to such
                  Distribution Date and the amount of any scheduled payment of
                  principal applicable to such Distribution Date;

                  (iii) the aggregate stated principal amount of the Underlying
                  Securities as of the Distribution Date and, if applicable, the
                  interest rate applicable to the Underlying Securities for the
                  Underlying Security Accrual Period therefor next beginning;

                  (iv) the amount received by the Trustee on the related
                  Underlying Securities for the Underlying Security Accrual
                  Period therefor last ended;

                  (v) the amounts of and the recipients of any payments under
                  the Swap Agreement for the Swap Rate Accrual Period last
                  ended;

                  (vi) if applicable and feasible, the new Swap Rate applicable
                  to the Swap Rate Accrual Period next beginning;

                  (vii) the aggregate Unit Principal Balance (or Notional
                  Amount, if applicable) at the close of business on such
                  Distribution Date;

                  (viii) if the ratings of the Units or the underlying
                  securities are specified in the applicable prospectus
                  supplement, the current ratings of the Units or the underlying
                  securities, as applicable, if different from the ratings
                  provided in the prospectus supplement and the names of the
                  rating agencies that assigned such ratings;

                  (ix) the cumulative amount of Extraordinary Trust Expense, if
                  any, as of that Distribution Date;

                  (x) with respect to any Trust having Trust Property which
                  includes Credit Support, any change in the available amount of
                  each element of Credit Support; and

                  (xi) any additional information relevant to the Unitholders as
                  specified in the Trust Agreement.

In the case of information furnished pursuant to clause (i) above, any amount
shall be expressed as a Dollar amount (or the equivalent thereof in any other
Specified Currency) per minimum denomination of Units or for such other
specified portion thereof.

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

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 Unitholder a statement containing the information set forth in clause
(i) above, aggregated for such calendar year or the applicable portion thereof
during which such Person was a Unitholder which statement shall contain
sufficient information to allow Unitholders to calculate their U.S. federal
income tax liability with respect to the Units. Such obligation of the Trustee
shall be deemed to have been satisfied to the extent that substantially
comparable information shall have been provided by the Trustee pursuant to any
requirements of the Code as are from time to time in effect.

         (b)      At any time when the Trust is not subject to Section 13 or
15(d) of the Exchange Act, upon request to the Trustee by a Unitholder or a
prospective purchaser from a Unitholder of the information required by Rule
144A(d)(4)(i) of the Securities Act, the Trustee shall promptly notify the
Depositor of such request, and the Depositor shall promptly thereafter provide
such information to the Trustee, and the Trustee shall furnish such information
to such Unitholder or prospective purchaser, provided, that for purposes of this
Section 4.02(b), the information required by Rule 144A(d)(4)(i) shall be as
interpreted in Release No. 33-6862, Part D, i.e., basic, material information
concerning the structure of the Trust, the Units and distributions in respect
thereof, and the nature and performance of the Underlying Securities, the Swap
Agreement and any other assets of the Trust.

         (c)      The Trustee will deliver to Unitholders, each Swap
Counterparty and any Credit Support Provider copies of all notices and
communications it receives from each Underlying Security Issuer within three (3)
Business Days of receipt, including notice of any redemption of or self-tender
for the Underlying Securities by the Underlying Security Issuer. The Trustee
will also notify the Unitholders of any exercise of any call rights with respect
to the Underlying Securities by a Swap Counterparty under the terms of a Swap
Agreement.

         (d)      If so specified in the Trust Agreement commencing on a certain
date and on or before a specified date in each year thereafter, a firm of
independent public accountants will furnish a statement to the Trustee to the
effect that such firm has examined certain documents and records relating to the
administration of the Trust Property during the related 12-month period (or, in
the case of the first such report, the period ending on or before the date
specified in the Trust Agreement, which date shall not be more than one year
after the related original issue date with respect to such Units) and that, on
the basis of certain agreed upon procedures considered appropriate under the
circumstances, such firm is of the opinion that such administration was
conducted in compliance with the terms of the Trust Agreement, except for such
exceptions as such firm shall believe to be immaterial and such other exceptions
and qualifications as shall be set forth in such report.

         The Trust Agreement may also provide for delivery to the Depositor, on
or before a specified date in each year, of an annual statement signed by two
officers of the Trustee to the effect that the Trustee has fulfilled its
obligations under the Trust Agreement throughout the preceding year with respect
to any Series of Units. Copies of the annual accountants' statement, if any, and
the statement of officers of the Trustee may be obtained by Unitholders without
charge upon written request to the Trustee.

         (e)      If the Trust Agreement provides the Units are subject to the
right of one or more specified Persons to purchase all or a portion of the Units
of a given Series (a "Call Option") and designates such Series a "Callable
Series", then after receiving notice of the exercise of such a call right, the
Trustee will provide notice thereof as provided in the Trust Agreement. The
Trustee and the Depositor agree, and each Unitholder by acquiring its Units
shall be deemed to agree, that the Call Option does not represent an ownership
interest in the Trust or its assets and that none of them shall treat the Call
Option as an ownership interest in the Trust for any purpose.

         (f)      If required by TIA Section 313(a), within 60 days after
December 31 of each year, the Trustee shall mail to (i) each Unitholder as
required by TIA Section 313(c) and (ii) the Depositor, a brief report dated as
of such date that complies with TIA Section 313(a). The Trustee also shall
comply with TIA Section 313(b). A copy of any report delivered pursuant to this
Section 4.02(f) shall, at the time of its mailing to Unitholders and the
Depositor, be filed by the Trustee with the Commission and each stock exchange,
if any, on which the Units are listed. The Depositor shall notify the Trustee if
and when the Units are listed on any stock exchange.

         SECTION 4.03. Calculation of Interest Rates. Unless otherwise specified
in the Trust Agreement, the Interest Rate applicable to the Units will be the
equivalent floating rate applicable to payments received by the Trust under any
related Swap Agreement (as determined by the Swap Calculation Agent) or under
the Underlying Securities. If the Trust Agreement specifies a Calculation Agent,
the Calculation Agent shall calculate the Interest Rate applicable to the Units
from time to time as specified in the Trust Agreement. All determinations of
interest by the Calculation Agent hereunder shall, in the absence of manifest
error, be conclusive for all purposes and binding on the holders of Units. Each
of the protections, releases, indemnities and other terms applicable to the
Trustee under Section 10.01, 10.02, 10.03 and 10.05 shall apply to the
Calculation Agent in connection with its actions as Calculation Agent for the
Trust.

         SECTION 4.04. Compliance with Tax Reporting and Withholding
Requirements. Unless otherwise specified in the Trust Agreement, the Trustee
shall file or cause to be filed, within the time limits established by law,
federal and state income tax returns and information statements as a grantor
trust for each of Trust's taxable years. The Trust's taxable year shall be the
calendar year. Notwithstanding any other provision of the Trust Agreement to the
contrary, the Trustee shall comply with all Federal withholding requirements
respecting distributions to, or receipts of amounts on behalf of, Unitholders
and pursuant to the Swap Agreement that the Trustee reasonably believes are
applicable under the Code. The consent of Unitholders shall not be required for
such withholding. In the event the Trustee does withhold any amount from
interest or original issue discount distributions thereof to any Unitholder
pursuant to Federal withholding requirements, the Trustee shall indicate in the
statement required pursuant to Section 4.02 the amount so withheld.

         SECTION 4.05.  Preservation of Information, Communications to Holders.

         (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Unitholders contained in the most
recent list furnished to the Trustee and the names and addresses of Unitholders
received by the Trustee in its capacity as Unit Registrar. The Trustee may
destroy any list furnished to it as provided upon receipt of a new list.

         (b) Unitholders shall have the right to communicate pursuant to TIA
Section 312(b) with other Unitholders with respect to their rights under this
Agreement or under the Certificates.

         (c) Irrespective of whether the TIA shall apply to this Agreement, the
Depositor, the Trustee, the Paying Agent and the Unit Registrar shall have the
protections provided pursuant to TIA Section 312(c).

                                    ARTICLE V

                                    The Units

         SECTION 5.01. The Units. (a) The Units may be issued in the form of and
be represented by definitive certificates substantially in the form of Exhibit
B1 hereto (a "Certificate") or by one or more Global Securities. Unless
otherwise specified in the applicable Trust Agreement, Units initially offered
for sale pursuant to an effective registration statement under the Securities
Act will be issued in denominations of $25 and in integral multiples of $25 in
excess thereof. Unless otherwise specified in the applicable Trust Agreement,
Units initially offered pursuant to an exemption from the registration
requirements of the Securities Act will be issued in denominations of $100,000
and in integral multiples of $1,000 in excess thereof. The authorized
denomination of Units having a Specified Currency other than U.S. dollars will
be set forth in the applicable Trust Agreement. All Units of the same Class
shall be identical in all respects except for the denominations thereof. All
Units issued under the Trust Agreement shall be in all respects equally and
ratably entitled to the benefits thereof without preference, priority or
distinction on account of the actual time or times of authentication and
delivery, all in accordance with the Trust Agreement. No additional interests in
the Trust other than the Units shall be issued hereunder, except in accordance
with Section 5.04. The Units in the aggregate may be subject, to the extent
provided in the Trust Agreement, to Call Option.

         (b)      The Units issued under a Trust Agreement may be limited to a
single class, or, if so specified in the Trust Agreement, a Series of Units may
include two or more Classes differing as to entitlement to distributions of
principal, interest or premium and one or more Classes may be subordinated in
certain respects to other Classes of such Series with respect to allocation of
losses arising from any defaults with respect to the Trust Property.

                  Each Series and Class of Units may be issued as Registered
Units in definitive form or as one or more Global Securities. Unless otherwise
specified in the Trust Agreement, all Units of a given Series (or, if more than
one Class exists, any given Class within that Series) will, upon issuance, be
represented by one or more Global Securities that will be deposited with, or on
behalf of, DTC, Euroclear, Clearstream, or another Depositary. Global Securities
may be issued in either registered or bearer form and in either temporary or
permanent form. Global Securities representing Registered Units will be
registered in the name of a nominee of the Depositary, and will clear and settle
in book-entry form only through the facilities of one or more Depositaries.
Unless and until it is exchanged in whole or in part for the individual Units
represented thereby, a Global Security may not be transferred except as a whole
by the Depositary for such Global Security to a nominee of such Depositary or by
a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor of such
Depositary or a nominee of such successor.

         SECTION 5.02. Execution, Authentication and Delivery. (a) The Units
shall be executed on behalf of the Trust by the Trustee by a Responsible
Officer. The signature of any Responsible Officer may be manual or facsimile.
Units bearing the manual or facsimile signature of individuals who were at any
time Responsible Officers shall be binding, notwithstanding that such
individuals or any of them have ceased to be a Responsible Officer prior to the
authentication and delivery of such Units or were not Responsible Officers at
the date of such Units.

         (b)      The Trustee shall not be required to authenticate any Units if
the issuance of such Units pursuant to the Trust Agreement will adversely affect
the Trustee' own rights, duties or immunities under the Trust Agreement.

         (c)      Each Unit shall be dated as of the date of its authentication.

         (d)      Subject to Section 5.10(c), no Unit shall be entitled to any
benefit under the Trust Agreement or be valid or obligatory for any purpose,
unless there appears on such Unit a certificate of authentication substantially
in the form as contained in the form of Unit attached to the Trust Agreement as
Exhibit B1 executed by the Trustee by the manual signature of one of its
Responsible Officers, and such certificate upon any Unit shall be conclusive
evidence, and the only evidence, that such Unit has been duly authenticated and
delivered under the Trust Agreement and is entitled to the benefits of the Trust
Agreement. Any Unit duly authenticated and delivered to the Depositor under the
Trust Agreement shall be fully paid and non-assessable for all purposes.

         SECTION 5.03. Registration; Registration of Transfer and Exchange. (a)
The Trustee shall cause to be kept a register for Registered Units (the
registers maintained in such office and in any other office or agency of the
Trustee from which distributions are made being herein sometimes collectively
referred to as the "Unit Register") in which, subject to such reasonable
regulations as it may prescribe, a transfer agent and registrar (which may be
the Trustee) (the "Unit Registrar") shall provide for the registration of
Registered Units and the registration of transfers and exchanges of Registered
Units. The Trustee is hereby initially appointed Unit Registrar for the purpose
of registering Registered Units and transfers and exchanges of Registered Units
as herein provided and the Trustee shall remain Unit Registrar for such purposes
until the earlier to occur of (i) the appointment by the Depositor of a
different Unit Registrar, (ii) the resignation or termination of the Trustee and
appointment of a successor trustee in accordance with Section 10.07, in which
case such successor trustee shall assume the duties of Unit Registrar and (iii)
the termination of the Trust and discharge of the Trustee' obligations under the
Trust Agreement in accordance with the applicable terms of Articles IX and XI;
provided, however, that the Trustee may appoint one or more Co-Unit Registrars.
Upon any resignation of any Unit Registrar appointed by the Depositor pursuant
to clause (i) above, the Trustee shall promptly appoint a successor or, in the
absence of such appointment, assume the duties of Unit Registrar.

         Upon (i) the appointment by the Depositor of a Person other than the
Trustee as Unit Registrar, (ii) the appointment of any Co-Unit Registrar or
(iii) any change in the identity of the Unit Registrar or any Co-Unit Registrar,
the Depositor will in each case give each of the Trustee and each Rating Agency,
if any, written notice within three Business Days of any such appointment or
change and of the location, and any change in the location, of the Unit
Register, and the Trustee shall have the right to rely upon a certificate
executed on behalf of the Unit Registrar by an Executive Officer thereof as to
the names and addresses of the Holders of the Registered Units and the principal
amounts and numbers of such Registered Units.

         Upon surrender for registration of transfer of any Registered Unit 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 Trustee's satisfaction, and subject
to the transfer restrictions set forth in Section 5.11 hereof, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Units of any authorized denominations,
of a like aggregate Unit Principal Balance. All transfers of Registered Units
are subject to the approval of the Trustee and the Trustee shall not register
any transfer of Registered Units if such transfer would violate any provision of
the Trust Agreement.

         (b)      At the option of the Holder, Registered Units may be exchanged
for other Registered Units of any authorized denomination or denominations of
like tenor and aggregate Unit Principal Balance upon surrender of the Registered
Units to be exchanged at the office or agency of the Trustee maintained for such
purpose. Whenever any Registered Units are so surrendered for exchange, the
Trustee shall execute, authenticate and deliver the Registered Units that the
Holder making the exchange is entitled to receive.

         All Registered Units issued upon any registration of transfer or
exchange of Units shall constitute complete and indefeasible evidence of
ownership in the Trust Property and be entitled to the same benefits under the
Trust Agreement as the Units surrendered upon such registration of transfer or
exchange.

         (c)      Every Registered Unit presented or surrendered for
registration of transfer or exchange shall be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Trustee and the
Unit Registrar, duly executed, by the Holder thereof or his attorney duly
authorized in writing, with such signature guaranteed by a commercial bank or
trust company located, or having a correspondent located, in The City of New
York or the city in which the Corporate Trust Office is located, or by a member
firm of a national securities exchange, and such other documents as the Trustee
may require.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Units, but the Trustee may require payment by the
Holders 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
Units.

         SECTION 5.04. Mutilated, Destroyed, Lost and Stolen Units. If (i) any
mutilated Unit is presented to the Depositor and the Trustee or (ii) the
Depositor and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Unit, and there is delivered to the Depositor
and the Trustee such security or indemnity as they may require to save each of
them and any Paying Agent harmless, and neither the Depositor nor the Trustee
receives notice that such Unit has been acquired by a protected purchaser or
other bona fide purchaser, then, in each case, the Trustee, shall execute,
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Unit, a new Unit of like tenor, form, terms and
principal amount, bearing a number not contemporaneously Outstanding, so that
neither gain nor loss in interest shall result from such exchange or
substitution.

         Upon the issuance of any new Unit under this Section, the Trustee may
require the payment by the Holder 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 Unit issued pursuant to this Section shall constitute
complete and indefeasible evidence of ownership in the Trust Property, whether
or not the destroyed, lost or stolen Unit shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of the Trust Agreement equally
and proportionately with any and all other Units, if any, duly issued
thereunder.

         The terms 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 Units.

         SECTION 5.05. Distributions in Respect of Units. (a) Any per Unit
amount in respect of a Registered Unit that is payable and is punctually paid or
duly provided for on any Distribution Date or any other date shall be
distributed to the Person in whose name such Registered Unit (or one or more
Predecessor Units) is registered at the close of business on the related Record
Date notwithstanding the cancellation of such Registered Unit upon any transfer
or exchange subsequent to such related Record Date. Distributions on Registered
Units shall be made, in accordance with arrangements satisfactory to the
Trustee, by wire transfer to an account designated in writing by a Holder, or,
in the case of distributions of Underlying Securities in kind, by delivery of
such Underlying Securities to any DTC or other depositary account designated in
writing by a Holder, or, if such arrangements with respect to any Holder are not
so made no later than 15 calendar days prior to the applicable Distribution
Date, at the Corporate Trust Office (with respect to the final distribution and
distributions in kind of Underlying Securities) or by check mailed to the
address of the Person entitled thereto as such address shall appear in the Unit
Register.

         (b)      Subject to the foregoing terms of this Section, each Unit
delivered under the Trust Agreement upon transfer of or in exchange for or in
lieu of any other Unit shall carry the rights to amounts to be distributed that
are accrued and undistributed, and to accrue, that were carried by such other
Unit.

         SECTION 5.06. Persons Deemed Owners. Subject to Section 5.05 and except
for the final distribution, the Depositor and the Trustee and any agent of the
Depositor or the Trustee may treat the Person in whose name any Registered Unit
is registered as the owner of such Unit on the related Record Date for the
purpose of receiving distributions of principal of (and premium, if any) and
(subject to Section 5.05) interest, if any, on such Unit and for all other
purposes whatsoever, whether or not such Unit be overdue, and neither the
Depositor, the Trustee, nor any agent of the Depositor or the Trustee shall be
affected by notice to the contrary. All distributions made to any such Holder,
or upon his order, shall be valid, and, to the extent of the sum or sums paid,
effectual to satisfy and discharge the liability for moneys distributable upon
such Unit.

         SECTION 5.07. Cancellation. All Units 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 canceled by it.
No Units shall be authenticated in lieu of or in exchange for any Units canceled
as provided in this Section, except as expressly permitted by the Trust
Agreement.

         SECTION 5.08. Currency of Distributions in Respect of Units;
Redenomination. (a) Except as provided in (b) below, distributions of the
principal of (and premium and interest, if any) on the Units will be made in the
Specified Currency.

         (b)      Except as set forth below or unless otherwise provided in the
Trust Agreement, if distributions in respect of a Unit are required to be
made in a Specified Currency other than U.S. dollars and such currency is
unavailable due to the imposition of exchange controls or other
circumstances beyond the control of the Depositor or the Trustee or their
respective Affiliates, or is no longer used by the government of the
country issuing such currency or for the settlement of transactions by
public institutions of or within the international banking community (other
than under the circumstances described in (c)), then all distributions in
respect of such Unit shall be made at a time and in a manner determined by
the Exchange Rate Agent in its sole discretion, which may be in the
Specified Currency at such time as such currency is again available or so
used or in such other currency and at such rates as the Exchange Rate Agent
shall determine.

         Each of the protections, releases, indemnities and other terms
applicable to the Trustee under Section 10.01, 10.02, 10.03 and 10.05 shall
apply to the Exchange Rate Agent in connection with its actions as Exchange Rate
Agent for the Trust.

         SECTION 5.09. Appointment of Paying Agent. (a) The Trustee may appoint
one or more paying agents (each, a "Paying Agent") with respect to the Units.
Any such Paying Agent shall be authorized to make distributions to Unitholders
pursuant to the Trust Agreement and shall report the amounts of such
distributions to the Trustee. The Trustee may remove the Paying Agent if the
Trustee determines in its sole discretion that the Paying Agent shall have
failed to perform its obligations under the Trust Agreement in any material
respect or if the Paying Agent fails to satisfy the eligibility requirements set
forth in paragraph (b) of this Section. The Paying Agent shall initially be the
Trustee and any co-paying agent chosen by the Depositor and acceptable to the
Trustee. Any Paying Agent shall be permitted to resign as Paying Agent upon 30
days' written 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 and shall provide written notice of such appointment to the Rating
Agencies, if any. The Trustee shall cause each such Paying Agent to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee that it will hold all sums, if any, held by it for distribution to
the Unitholders in an Eligible Account in trust for the benefit of the
Unitholders entitled thereto until such sums shall be distributed to such
Unitholders. The Paying Agent shall return all. unclaimed funds to the Trustee
within two years from the time such funds were first eligible to be claimed and
promptly upon removal shall also return all funds in its possession to the
Trustee.

         (b)      The Paying Agent shall at all times be a corporation or an
association, the combined capital and surplus of which is at least $50,000,000
and the long-term debt obligations of which are rated in one of the four highest
categories assigned long-term debt obligations by each of the Rating Agencies,
and is subject to supervision of examination by Federal or State authority. If
such corporation or association publishes reports of conditions at least
annually, pursuant to 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. In the event that at any
time the Paying Agent shall cease to be eligible in accordance with the terms of
this paragraph, the Paying Agent shall release all Trust Property to the Trustee
and then resign immediately. Upon such resignation, the Trustee shall act as
Paying Agent until the appointment of a successor Paying Agent in accordance
with paragraph (c) of this Section.

         (c)      The terms of Sections 10.01, 10.02, 10.03, 10.05 and 10.06
shall apply to the Trustee also in its role as Paying Agent, for so long as the
Trustee shall act as Paying Agent.

         (d)      Any reference in the Trust Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise.

         SECTION 5.10. Authenticating Agent. (a) The Trustee may appoint any one
or more Authenticating Agents (each, an "Authenticating Agent") with respect to
the Units which shall be authorized to act on behalf of the Trustee in
authenticating the Units in connection with the issuance, delivery and
registration or transfer or exchange of the Units. Whenever reference is made in
the Trust Agreement to the authentication of Units by the Trustee or the
Trustee's unit of authentication, such reference shall be deemed to include
authentication on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent must be acceptable to the Depositor.

         (b)      Any institution succeeding to the corporate agency business of
any Authenticating Agent shall continue to be an Authenticating Agent without
the execution or filling 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, the Depositor and the
Rating Agencies. The Trustee may at any time terminate the agency of an
Authenticating Agent by signing 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 may appoint a
successor Authenticating Agent. Subsequent to any such removal or resignation of
the Authenticating Agent, the Trustee shall act as Authenticating Agent until a
successor Authenticating Agent, if any, is appointed. 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
compensating for its services under this Section. The provision of Sections
10.01, 10.02 and 10.03 shall be applicable to any Authenticating Agent.

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

         This is one of the Units described in the Trust Agreement.

         By:  _________________________________
               as Authenticating Agent for
               the Trustee

         By:  _______________________________
               Authorized Signatory

         SECTION 5.11. Issuance and Transfer Restrictions. (a) The Units shall
be issued on the Closing Date upon (i) deposit of the Underlying Securities into
the Trust by the Depositor in exchange for all the Units, (ii) satisfaction of
the conditions set forth in Section 2.06 and (iii) the due authentication by the
Trustee of the Units in the form set forth in Exhibit B1 attached hereto.

         (b)      In the event that the Trust Agreement provides that the Units
will be Book-Entry Units, the following terms shall apply:

                  (i) The Units will be represented by one or more Global
         Securities registered (in the case of Registered Units) in the name of
         a Depositary or its nominee.

                  (ii) Unless otherwise provided in the Units or the Trust
         Agreement, any Global Security representing Registered Units shall be
         exchangeable for Certificates registered in the name of Persons other
         than the Depositary or its nominee only if (i) the Depositary is no
         longer willing or able to act as a depositary and the Trustee is unable
         to locate a qualified successor within 30 days, or (ii) there shall
         have occurred and be continuing an event specified in Section 9.02.
         Upon such issuance, the Trustee shall register such Certificates in the
         name of, and cause the same to be delivered to, such Person or Persons
         (or the nominee thereof) consistent with Section 5.02.

                  (iii) Any Global Security representing Registered Units may
         bear a legend in substantially the following form:

                  "This Certificate is a Global Security within the meaning of
              the Trust Agreement hereinafter referred to and is registered in
              the name of a Depositary or a nominee of a Depositary. This
              Certificate is exchangeable for Certificates registered in the
              name of a person other than the Depositary or its nominee only in
              the limited circumstances described in the Trust Agreement, and
              may not be transferred except as a whole by the Depositary to a
              nominee of the Depositary or by a nominee of the Depositary to the
              Depositary or another nominee of the Depositary."

         (c)      (i) 25% Test. If the Trust Agreement provides that the 25%
Test applies, only this subclause (i) of this Section 5.11(c) shall apply to the
Units governed thereby. Units will be issued only as Definitive Registered Units
and only after a definitive purchase agreement has been executed and delivered
by the purchaser or the proposed transferee. That agreement will contain
additional representations, including whether the purchaser or proposed
transferee is a Benefit Plan Investor or a Plan. No transfer of any Unit shall
be made to any Benefit Plan Investor, unless immediately after such transfer,
either (x) no Units are held by a Plan or (y) Benefit Plan Investors hold less
than 25% of the Units (for this purpose Units held by the Depositor, the Trustee
or any other Person (other than a Benefit Plan Investor) that has discretionary
authority or control with respect to the assets of the Trust or that provides
investment advice for a fee (direct or indirect) with respect to such assets, or
any affiliate of the Depositor, the Trustee of any such Person (within the
meaning of Department of Labor Reg. ss. 2510.3-101(f)(3)) will not be treated as
outstanding). In addition, the Depositor and the Trustee will agree that, after
the initial distribution of the Units, neither they nor their affiliates will
acquire any Units, unless that acquisition would not cause the ownership by
Benefit Plan Investors immediately following the acquisition to exceed 25% of
the Units. Each Person that acquires a Unit, and each fiduciary who causes a
Person to acquire a Unit, in its individual as well as its fiduciary capacity,
agrees to indemnify and hold harmless the Depositor, the Trustee, [MS&Co.] and
their respective affiliates from any cost, damages, loss or expense, incurred by
them as a result of the representations made by such Person or fiduciary not
being true.

                  (ii) Prohibited Transaction Exemption Restriction. If the
         Trust Agreement provides that the Prohibited Transaction Exemption
         Restriction applies, only this subclause (ii) of this Section 5.11(c)
         shall apply to the Units governed thereby. By its acquisition of any
         Unit, the Holder will be deemed to have represented and warranted on
         each day that it holds such Unit either that (x) it is not a Plan, an
         entity whose underlying assets include the assets of any such Plan, or
         an governmental plan which is subject to any federal, state or local
         law that is substantially similar to the provisions of Section 406 of
         ERISA or Section 4975 of the Code, or (y) its purchase, holding and
         disposition of a Unit will not result in a prohibited transaction under
         Section 406 of ERISA or Section 4975 of the Code (or, in the case of a
         governmental plan, any substantially similar federal, state or local
         law) for which an exemption is not available. Each Person that acquires
         a Unit, and each fiduciary who causes a Person to acquire a Unit, in
         its individual as well as its fiduciary capacity, agrees to indemnify
         and hold harmless the Depositor, the Trustee, [MS&Co.] and their
         respective affiliates from any cost, damages, loss or expense, incurred
         by them as a result of the representations made by such Person or
         fiduciary not being true.

                  (iii) No Plan Restriction. If the Trust Agreement provides
         that the No Plan Restriction applies, only this subclause (iii) of this
         Section 5.11(c) shall apply to the Units governed thereby. Units may
         not be purchased, held by or transferred to any Person unless that
         Person is not a Plan, is not a governmental or other plan subject to
         restrictions substantially similar to Title I of ERISA or Section 4975
         of the Code, and is not acquiring the Units with the assets of any such
         Plan or other plan. Each Person who acquires any Unit, and each
         fiduciary which causes any such Person to acquire any Unit, in its
         individual as well as its fiduciary capacity, will be deemed by such
         purchase, holding or acquisition, on each date on which the Unit is
         held by such person, to have represented that it is not a Plan or any
         governmental or other plan subject to requirements substantially
         similar to Title I of ERISA or Section 4975 of the Code and is not
         using the assets of any such Plan to purchase those Units. Each Person
         that acquires a Unit, and each fiduciary who causes a person to acquire
         a Unit, in its individual as well as its fiduciary capacity, agrees to
         indemnify and hold harmless the Depositor, the Trustee, [MS&Co.] and
         their respective affiliates from any cost, damages, loss or expense,
         incurred by them as a result of the representations made by such Person
         or fiduciary not being true.

                  (iv) No ERISA Restriction. If the Trust Agreement does not
         provide for the 25 Test, the Prohibited Transaction Exemption
         Restriction or the No Plan Restriction to apply, then none of Section
         5.11(c)(i), (ii) or (iii) will apply to the Units governed thereby.

         (d)      The Trustee and the Depositor are entitled to request
additional evidence from a proposed transferee of such Units to ensure to their
sole satisfaction the accuracy of the representations in the Trust Agreement and
as described above.

         (e)      If, at any time, the Trustee learns that any of the
representations or warranties provided by a purchaser or potential transferee of
Units is false or that any agreement made therein has been violated, any
transfer of a Unit to such purchaser or potential transferee shall be null and
void ab initio. The Trustee will arrange for the compulsory sale (at a price
determined by the Depositor) for any Unit sold or otherwise acquired in
contravention of any of the transfer restrictions set forth herein. The Trustee
shall also have such other powers to effect compliance with the terms of this
Section 5.11 as it deems appropriate.

         (f)      If the Trust Agreement specifies that the "QIB Restriction" is
applicable, sales of the Units will be restricted to "qualified institutional
buyers" as defined in Rule 144A under the Securities Act, and each purchaser of
the Units is deemed to represent (or in the case of definitive Units, shall be
required to represent) for the benefit of the Depositor, the Trustee and each
Distribution Participant that such purchaser is a "qualified institutional
buyer".

         (g)      Each Certificate shall be required to bear a legend describing
the restrictions on transferability set forth in this Section 5.11 applicable
thereto.

         SECTION 5.12.  Optional Exchange.

         (a)      A Trust Agreement may designate a series of Units as
Exchangeable Units. In order for a Unit of a given Exchangeable Series (or Class
within such Exchangeable Series) to be exchanged by the applicable Unitholder,
the Trustee must receive, at least 30 (or such shorter period acceptable to the
Trustee) but not more than 45 days prior to an Optional Exchange Date (i) such
Unit with the form entitled "Option to Elect Exchange" on the reverse thereof
duly completed or (ii) in the case of Registered Units, a telegram, telex,
facsimile transmission or letter from a member of a national securities exchange
or the National Association of Securities Dealers, Inc., the Depositary (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 Unit,
the Unit Principal Balance or Notional Amount of such Registered Unit to be
exchanged, the certificate number or a description of the tenor and terms of
such Registration Unit, a statement that the option to elect exchange is being
exercised thereby and a guarantee that the Registered Unit to be exchanged with
the form entitled "Option to Elect Exchange" on the reverse of the Registered
Unit 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 Unit and form duly completed must be received by
such Trustee by such fifth Business Day. Any tender of a Unit by the Holder for
exchange shall be irrevocable. The exchange option may be exercised by the
Holder of a Unit for less than the entire Unit Principal Balance of such Unit
provided that the Unit Principal Balance or Notional Amount, as applicable, of
such Unit remaining outstanding after redemption is an authorized denomination
and all other exchange requirements set forth in the related Trust Agreement are
satisfied. Upon such partial exchange, such Unit shall be canceled and a new
Unit or Units for the remaining Unit Principal Balance thereof shall be issued
(which, in the case of any Registered Unit, shall be in the name of the Holder
of such exchanged Unit).

         (b)      Unless otherwise provided in the Trust Agreement, upon the
satisfaction of the foregoing conditions and any applicable conditions with
respect to the related Trust Property, the applicable Unitholder will be
entitled to receive a distribution of a pro rata share of the Trust Property
related to the Exchangeable Series (and Class within such Exchangeable Series)
of the Unit being exchanged, in the manner and to the extent described in the
Trust Agreement. Alternatively, if so specified in the Trust Agreement, the
applicable Unitholder, upon satisfaction of such conditions, may direct the
Trustee to sell, on behalf of such Unitholder, such pro rata share of the Trust
Property, in which event the Unitholder shall be entitled to receive the net
proceeds of such sale, less any costs and expenses incurred by such Trustee in
facilitating such sale, subject to any additional adjustments set forth in the
Trust Agreement.

         Any right of exchange in respect of Units of an Exchangeable Series
shall be exercisable only to the extent that the Depositor determines that such
exchange would not be inconsistent with the Depositor's and such Trust's
continued satisfaction of the applicable requirements for exemption under Rule
3a-7 under the Investment Company Act. The Trust Agreement shall set forth
additional terms pertaining to any right of exchange, including but are not
limited to, the following:

                  (i) a requirement that the exchanging Holder tender to the
         Trustee Units of each Class within such Exchangeable Series;

                  (ii) a minimum Unit Principal Balance or Notional Amount, as
         applicable, with respect to each Unit being tendered for exchange;

                  (iii) a requirement that the Unit Principal Balance or
         Notional Amount, as applicable, of each Unit tendered for exchange be
         an integral multiple of an amount specified in the Trust Agreement;

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

                  (v) limitations on the right of an exchanging Holder to
         receive any benefit upon exchange from any Credit Support or other
         non-Underlying Securities deposited in the applicable Trust;

                  (vi) adjustments to the value of the proceeds of any exchange
         based upon the Unitholder's allocable share of expenses incurred but
         not yet paid and the establishment of a reserve for any allocable
         Extraordinary Trust Expenses as set forth in the Trust Agreement; and

                  (vii) a requirement that the exchanging holder obtain the
         consent of any Swap Counterparty to such exchange and tender to the
         Swap Counterparty a termination payment for termination of the portion
         of the Swap Agreement corresponding to the portion of the Underlying
         Securities to be distributed by the Trustee.

         (c)      Unless the Trust Agreement states that "Depositor Optional
Exchange" does not apply to the Units of a given Series, any Units held or
beneficially owned by the Depositor or its affiliates from time to time will be
subject to optional exchange by the Depositor or such affiliates for a pro rata
portion of the Trust Property of the related Trust. Unless the Trust Agreement
otherwise provides, the Depositor may only exchange Units for a pro rata portion
of the Trust Property if: (i) the exchange is made with respect to a minimum
Unit Principal Balance of $250,000 and in $25 integral multiples in excess
thereof; (ii) such exchange is to be effected on any January 1, April 1, July 1
or October 1 (or the succeeding Business Day if such date is not a Business Day)
with 45 days notice; (iii) any persons specified in the Trust Agreement consent.

         (d)      Any holder of a Call Option shall be entitled to exchange
Units acquired upon exercise of the Call Option for a corresponding portion of
Trust Property.

         SECTION 5.13. Callable Series. If one or more specified Persons has the
right to purchase all or a portion of the Units of any given Series, the Trust
Agreement will designate such Series as a "Callable Series", and specify the
terms upon which any such specified Person may exercise its right to purchase
all or a portion of the Units. Such terms may relate to, but are not limited to,
the following:

                  (i) a minimum Unit Principal Balance with respect to each Unit
                  being purchased;

                  (ii) a requirement that the Unit Principal Balance of each
                  Unit being purchased be an integral multiple of a specified
                  amount;

                  (iii) specified dates during which such a purchase may be
                  effected (each, a "Call Date"); and

                  (iv) the price at which such a purchase may be effected (the
                  "Call Price").

         After receiving notice of the exercise of such a call right, the
Trustee will provide notice thereof as specified in the Trust Agreement. Upon
the satisfaction of any applicable conditions to the exercise of such right to
purchase of the Units described in such Trust Agreement, each Unitholder will be
entitled to receive a distribution of a pro rata share of the Call Price paid in
connection with such exercise, in the manner and to the extent described in such
Trust Agreement.

         SECTION 5.14. Additional Issuance (a) Unless otherwise provided in the
Trust Agreement, upon no less than 5 days' notice to the Trustee, the Depositor
may deposit additional Underlying Securities at any time in exchange for
additional Units in a minimum aggregate amount of $250,000 and, if in excess of
such amount, in an integral multiple in excess thereof equal to the integral
multiple for the minimum denomination otherwise applicable.

         (b)      The principal amount of Underlying Securities deposited must
be in the same ratio to the Unit Principal Balance (and Notional Amount, if
applicable) of the Units received for such deposit as the ratio of the aggregate
principal amount of the Underlying Securities deposited on the Closing Date to
the aggregate Unit Principal Balance (and aggregate Notional Amount if
applicable) on the Closing Date.

         (c)      The Depositor must either arrange for any Swap Counterparty
and the Trust to increase proportionally the notional amount under the Swap
Agreement or arrange for an additional Swap Agreement, with a notional amount
equal to the principal amount of the additional Underlying Securities deposited,
to be entered into between the Trust and an additional Swap Counterparty (or a
combination of an additional Swap Agreement and a notional balance increase of
the existing Swap Agreement(s), with the combined effect of such proportional
increase in the notional amount of the Swap Agreements). The Depositor must also
arrange for an increase in or additional Credit Support corresponding to such
additional issuance.

         (d)      The Rating Agency Condition must be satisfied in connection
with any such additional issuance. Each Swap Counterparty and any Credit Support
Provider must consent to the additional issuance.

         (e)      Notwithstanding the foregoing, the trust may not, except with
the consent of all Unitholders issue any additional Units if that issuance would
alter the classification of the Trust for U.S. federal income tax purposes.

         (f)      Upon any deposit of additional Underlying Securities and
issuance of additional Units, the additional Underlying Securities will
constitute a part of the Trust Property of the related Trust and the additional
Units will represent undivided fractional interests in the Trust Property of the
related Trust, entitled to the same rights and subject to the same provisions as
all previously issued Units of the same Class.

                                   ARTICLE VI

                                  The Depositor

         SECTION 6.01. Liability of the Depositor. The Depositor shall be liable
in accordance with the Trust Agreement only to the extent of the obligation
specifically imposed thereby.

         SECTION 6.02. Limitation on Liability of the Depositor. (a) Unless
otherwise expressly specified in the Trust Agreement, the Depositor shall not be
under any obligation to expend or risk its own funds, except to the extent of
its obligation to pay any amount payable under the Trustee Fee Letter or under
Section 10.05(b) hereof, or otherwise incur financial liability in the
performance of its duties thereunder or in the exercise of any of its rights or
powers if reasonable grounds exist for believing that the repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

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

         The Depositor shall not be under any obligation to appear in, prosecute
or defend any legal action unless such action is related to its duties under the
Trust Agreement and, in its reasonable 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 the Trust Agreement and the rights and duties of the parties
thereto and the interests of the Unitholders.

         SECTION 6.03. Depositor May Purchase Units. The Depositor or its
Affiliates may at any time purchase Units in the open market or otherwise. Units
so purchased by the Depositor may, at the discretion of the Depositor, be held
or resold.

         SECTION 6.04. Preparation and Filing of Exchange Act Reports;
Obligations of the Depositor. The Depositor shall:

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

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

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

                  (iii) such other reports as may be required pursuant to
                  Section 13 or 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 may be required to be
filed with the Commission from time to time by such rules and regulations; and

         (c) deliver to the Trustee, which shall then transmit by mail to all
Holders described in TIA Section 313(c), in the manner and to the extent
provided therein, such summaries of any information, documents and reports
required to be filed by the Depositor and received pursuant to clauses (a) and
(b) of this Section 6.04, if any, as may be required by rules and regulations
prescribed from time to time by the Commission.

         SECTION 6.05. Preferential Collection of Claims Against. Irrespective
of whether the TIA shall apply to those Agreement, the Trustee shall comply with
TIA Section 311(a), excluding any creditor relationship listed in TIA Section
311(b). A trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent required by TIA Section 311(a).

                                   ARTICLE VII

                              Rights of Unitholders

         SECTION 7.01. Voting Rights with Respect to Underlying Securities. (a)
Within three Business Days after receipt of notice of any meeting of, or other
occasion for the exercise of voting rights or the giving of consents by, owners
of any of the Underlying Securities, the Trustee shall give notice to the
Unitholders, setting forth (i) such information as is contained in such notice
to owners of Underlying Securities, (ii) a statement that the Unitholders will
be entitled, subject to any applicable provision of law, any applicable terms of
such Underlying Securities and any applicable provisions of the Trust Agreement
(and to the extent of the voting rights allocated to the Unitholders), 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 Unitholders of record on such record date.

         (b)      Unless otherwise specified in the Trust Agreement the voting
rights allocable to the owners of the Underlying Securities pursuant to the
terms thereof will be allocated among the Unitholders pro rata, in the
proportion that the denomination of each Unit bears to the aggregate
denomination of all Units; and upon the written request of the applicable
Unitholder, 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, provided, that the Trustee shall
not vote except as specifically authorized and directed in written instructions
from the applicable Unitholder entitled to give such instructions.

         (c)      Notwithstanding Section 7.01(b), the Trustee must reject any
vote to (i) alter the currency, amount or timing of payment of, or the method or
rate of accruing, any principal or interest on the Underlying Securities
underlying the Units held by such Unitholder or (ii) consent to any redemption
or prepayment of the Underlying Securities underlying the Units held by such
Unitholder or (iii) consent to the issuance of new obligations in exchange or
substitution for any Underlying Securities pursuant to a plan or refunding of
the Underlying Securities or any other offer for the Underlying Securities; in
each case unless the Trustee is directed by the affirmative vote of all
Unitholders to accept such amendment or offer as the case may be; and provided,
further, that the Trustee receives advice of nationally recognized independent
tax counsel, designated by the Depositor, that such exercise of voting rights
with respect to any Underlying Securities (i) would not result in a "sale or
other disposition" of such Underlying Securities within the meaning of Section
1001(a) of the Code and (ii) will not alter the classification of the Trust for
Federal Income Tax Purposes. The Trustee will not grant any consent (other than
a unanimous consent) solicited from the owners of the Underlying Securities
underlying the Units with respect to the foregoing matters in (i), (ii) and
(iii) above nor will it accept or take any action in respect of any consent,
proxy or instructions received from any Unitholder in contravention of such
provisions. In addition, if the Trustee determines (based upon advice furnished
by nationally recognized independent tax counsel, whether at the request of any
Unitholder or otherwise) that the exercise of voting rights with respect to any
Underlying Securities could result in a "sale or other disposition" of such
Underlying Securities within the meaning of Section 1001(a) of the Code, the
Trustee shall exercise such voting rights in a manner that would not result in
any such sale or other disposition. The Trustee will have no responsibility to
undertake on its own initiative to determine that any exercise of voting rights
will result in any such sale or other disposition and in any event will not
undertake to make such determination unless given an indemnity reasonably
satisfactory to it against the costs of such determination.

         SECTION 7.02. Amendments and Waivers Under Swap Agreement and
Guarantee. (a) Without the need for consent of any Unitholder, the Trustee shall
enter into any amendment, modification, waiver, or other change of the Swap
Agreement or the Guarantee to cure any ambiguity or manifest error in, or to
correct or supplement or otherwise change any provision of, the Swap Agreement
or the Guarantee, if such change will not materially and adversely affect any
Unitholder. Section 7.02(a) shall not be construed to require the consent of a
Class of Units not materially and adversely affected by any amendment to the
Swap Agreement in connection with an amendment pursuant to Section 7.02(b).

         (b)      The Trustee shall enter into any other amendment, or agree to
a waiver or other modification or other change, of the Swap Agreement or
Guarantee if directed or consented to by the Specified Percentage of Unitholders
materially and adversely affected thereby.

         (c)      Notwithstanding subsection (b) above, the Trustee shall not
enter into any amendment, or agree to a waiver or other modification, of the
Swap Agreement or Guarantee that would have the effect of changing the principal
amount, interest rate, maturity, or other terms specified in the related Trust
Agreement, of any Class or Series of Units without the consent of 100% of the
outstanding Unit Principal Balance of each Class of Units affected thereby.

         (d)      The Trustee shall require an Opinion of Counsel, not at the
expense of the Trustee, to the effect that such amendment will not alter the
classification of the Trust for Federal income tax purposes. The Rating Agency
Condition shall be satisfied with respect to any amendment, waiver, modification
or other change pursuant to this Section to any Swap Agreement unless Units
representing 100% of the Unit Principal Balance of all affected Units vote in
favor of such amendment with notice that the Rating Agency Condition will not be
satisfied.

         (e)      In executing any such amendment or restatement created by any
amendment or the modifications of the Swap Agreement, the Trustee shall be
entitled to receive, and (subject to the standard of care provided in Article X
hereof) shall be fully protected in relying upon an Opinion of Counsel stating
that the execution of such amendment is authorized or permitted by the Trust
Agreement and that all conditions precedent thereto have been complied with. The
Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Trustee's own rights, duties or immunities under the Trust Agreement
or otherwise.

                                  ARTICLE VIII

           Default on Underlying Securities and Permitted Investments

         SECTION 8.01. Realization Upon Default. (a) The Trustee, on behalf of
the Unitholders, shall assert claims under the Underlying Securities or the
Permitted Investments, and shall take such reasonable steps as are necessary to
receive payment or to permit recovery thereunder with respect to any default,
subject in all cases to the terms of Article X.

         (b)      If the Trustee is unable to obtain full recovery in respect of
a defaulted Underlying Security or Permitted Investment, 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 or
Permitted Investment, subject in all cases to the terms of Article X.

         (c)      If there is an event of default (as defined in the indenture
or other document pursuant to which the Underlying Securities were issued) with
respect to any Underlying Security and such default is known to the Trustee, the
Trustee shall promptly give notice to the Unitholders thereof as promptly as
practicable as provided in Section 12.05 hereof, and in the manner and to the
extent provided in TIA Section 313(c)) within 90 days after such event of
default occurs.

                                   ARTICLE IX

                   Trust Wind-Up Events and Liquidation Events

         SECTION 9.01. Liquidation Events.

         (a)      Unless a Trust Wind-Up Event has also occurred and unless
otherwise provided in the Trust Agreement (each such event below, a "Liquidation
Event"):

         (i)      In the event that (i) an Underlying Security Default occurs
with respect to any Underlying Security or (ii) any Underlying Security held by
the Trust becomes a Disqualified Underlying Security, then the Trust shall sell
such Underlying Security and, if necessary, shall sell other Trust Property to
the extent necessary to pay any Swap Termination Payment.

         (ii)     In the event that any Swap Default or Termination Event occurs
under any Transaction (including if such Transaction becomes a Disqualified
Transaction), and such Transaction is terminated, the Trust shall sell any
Affected Underlying Securities and, if necessary, shall sell other Trust
Property to the extent necessary to pay any related Swap Termination Payment,
and

         (iii)    In the event that any Credit Support becomes Disqualified
Credit Support, then such Credit Support shall be terminated.

         (b)      Unless otherwise specified in the Trust Agreement, the Trust
shall distribute any net proceeds to the Trust from a Liquidation Event to the
Unitholders pro rata or in such other proportion as specified in the Trust
Agreement.

         (c)      The Trust shall continue thereafter.

         SECTION 9.02. Trust Wind-Up Events. (a) Unless otherwise provided in
the Trust Agreement, if any of the following events (each event, a "Trust
Wind-up Event") shall occur:

         (i) the occurrence of one or more Underlying Security Defaults which
results in an Underlying Security Default with respect to all Underlying
Securities held by the Trust or with respect to any Underlying Securities
specified in the Trust Agreement;

         (ii) the consummation of any redemption of, tender for, exercise of any
call option on, or other similar transactions with respect to all Underlying
Securities held by the Trust;

         (iii) if and as specified in the Trust Agreement, any specified Swap
Default or specified Termination Event under a specified Swap Agreement or
specified Swap Agreements;

         (iv) any specified Credit Support default occurs under Credit Support
specified in the Trust Agreement;

         (v) all Underlying Securities held by the Trust become Disqualified
Underlying Securities;

         (vi) if specified in the Trust Agreement, all Transactions becomes
Disqualified Transactions or any specified Transactions become Disqualified
Transactions;

         (vii) .any Credit Support held by the Trust becomes Disqualified Credit
Support and the Trust Agreement specifies that a Trust Wind-Up Event shall occur
upon such Credit Support becoming Disqualified Credit Support;

         (viii) any Excess Expense Event;

         (ix) the designation of a Special Depositor Wind-Up Event described in
Section 9.04; and

         (x) any other Trust Wind-Up Event set forth in the Trust Agreement.

         (b)      Unless otherwise specified in the Trust Agreement, if more
than one Trust Wind-Up Event occurs, only the first such event will be the
"Trust Wind-Up Event" for all purposes under the Trust Agreement, each Swap
Agreement and any related agreements or other documents.

         SECTION 9.03. Expense Event. (a) An "Excess Expense Event" will occur,
and a Trust Wind-Up Event shall occur under Section 9.02, in the event that the
Trustee incurs Extraordinary Trust Expense in an aggregate amount exceeding the
Trigger Amount, unless the Swap Counterparty or, if specified as permitted under
the Trust Agreement, the Unitholders provide adequate assurance of indemnity to
the Trustee in accordance with the terms of subsection (b) or (c), as
applicable.

         (b)      Promptly upon the incurrence by the Trustee of Extraordinary
Trust Expense in an aggregate amount exceeding the Trigger Amount, and in any
event within one Business Day after such incurrence, the Trustee shall provide
notice to each Swap Counterparty, the Depositor and the Rating Agencies, if any.
If the Trust Agreement so specified, the Trustee shall also provide notice to
the Unitholders. Such notice shall state that an Excess Expense Event shall
occur on the fifth Business Day following the provision of such notice unless
prior to such day the Swap Counterparty agrees to indemnify the Trustee for
Extraordinary Trust Expense in an aggregate amount exceeding the Maximum
Reimbursable Amount (or any other amount specified by the party agreeing to
indemnify the Trustee), and actually incurred by the Trustee as of the date of
such agreement, to the reasonable satisfaction of the Trustee and its counsel;
provided, however, in no event shall the Trustee be released from its
obligations under the Trust Agreement until such seventh calendar day (or, if
such day is not a Business Day, on the next succeeding day that is a Business
Day). If the Trust Agreement so specifies, the Unitholders, by unanimous
agreement, may provide such indemnification.

         (c)      Following an agreement to indemnify the Trustee for future
Extraordinary Trust Expense, upon the incurrence of Extraordinary Trust Expense
in excess of the Maximum Reimbursable Amount, then an "Excess Expense Event"
will occur unless adequate assurance of indemnity is given to the Trustee in the
manner specified in paragraph 9.03(b).

         (d)      Nothing in this Section shall be construed to excuse the
Depositor from its indemnification obligations under Section 10.05.

         SECTION 9.04. Special Depositor Wind-Up Event. If the Depositor (or, if
applicable, its permitted assignee) owns 100% of the Units, then it shall have
the power to designate a distribution of the Trust Property to the Unitholders
and the termination of the Trust (a "Special Depositor Wind-Up Event") pursuant
to this Article IX.

         SECTION 9.05. Disposition of Trust Property. (a) Subject to Section
9.06, as promptly as possible after the occurrence of a Trust Wind-Up Event or
Liquidation Event, and in any case within three Business Days following such
occurrence, the Trustee shall provide notice to the Unitholders, the Swap
Counterparties, the Depositor and the Rating Agencies of the occurrence of a
Trust Wind-up Event or Liquidation Event specifying the particular Trust Wind-Up
Event or Liquidation Event and in the case of a Liquidation Event, the
particular Underlying Security, Swap Agreement or other Trust Property related
to such Liquidation Event. In the case of a Trust Wind-Up Event, the notice
shall state that (i) Holders should surrender their Units to the Trustee, or
deliver security or indemnity acceptable to the Trustee in order to receive
their respective distributions of Trust Property, if any, (ii) the location and
hours of the Corporate Trust Office at which Units should be presented and
surrendered and (iii) that each Holder must supply transfer instructions in
writing with respect to Trust Property to be distributed in cash or in kind;
provided, however, that with respect to Units that are Global Securities as to
which distributions will be made through the facilities of DTC or another
depository, the Trustee may adhere to the applicable rules and procedures or DTC
or such other depository in lieu of clauses (i), (ii) and (iii) of this
sentence.

         (b)      Immediately upon receipt of notice from the Trustee that the
Trust is required to sell Underlying Securities, the Selling Agent shall
undertake to sell Underlying Securities on behalf of the Trust; provided,
however, that the Selling Agent may elect not to act as Selling Agent with
respect to some or all of the Underlying Securities by written notice to that
effect to the Trustee. The timing, price and other terms of any sale conducted
by the Selling Agent shall be determined by the Selling Agent in its sole
discretion, but all such sales shall be completed within 30 days or such longer
period of time as may be reasonable with respect to particular Underlying
Securities. In the case of a Liquidation Event, sales under this provision shall
be limited to the Affected Underlying Securities except where the proceeds from
the Affected Underlying Securities are insufficient to make payment of the Swap
Termination Payment.

         The Selling Agent must solicit at least three bids for the Underlying
Securities to be sold. The Selling Agent must solicit at least three of such
bids from registered broker-dealers of national reputation, but additional bids
may be solicited from one or more financial institutions or other counterparties
with credit worthiness acceptable to the Selling Agent in its discretion. The
Selling Agent will, on behalf of the Trust, sell the Underlying Securities at
the highest bid price received. None of the Selling Agent, its affiliates or its
agents, may bid for the Underlying Securities. The Selling Agent may provide a
right of last refusal to any Swap Counterparty, Call Option holder or other
counterparty or holder with an interest in the Underlying Securities or other
Trust Property that is not an affiliate of the Selling Agent or any holder of a
Call Option.

         If the Selling Agent is unable to sell Underlying Securities within 180
days of its first attempt to do and the Selling Agent determines that it is not
commercially reasonable to continue to try to sell such Underlying Securities,
it may give notice to the Trustee that it is unable to sell such Underlying
Securities and that it has determined that it is commercially unreasonable to
continue to attempt to sell such Underlying Security. In such event, the Trustee
shall arrange to distribute such Underlying Securities to Unitholders.

         (c)      Subject to Section 9.06, as promptly as possible after the
occurrence of a Liquidation Event, the Trustee shall take action on behalf of
the Trust as specified in Section 9.01. Subject to Section 9.06, as promptly as
possible after the occurrence of a Trust Wind-Up Event, unless otherwise
provided in the Trust Agreement, the Trustee on behalf of the Trust shall
terminate all Swap Agreements, Credit Support and other agreements of the Trust,
the Trustee shall permit delivery of any Trust Property to any Swap Counterparty
or other person in accordance with any Swap Agreement or other agreement, and
the Trustee shall cause the Selling Agent to liquidate all Trust Property. The
Trustee shall use reasonable efforts to cause such terminations and liquidations
within thirty days of the occurrence of such Trust Wind-Up Event. Upon
completion of the liquidation of Trust Property, the Trustee shall provide a
notice to Unitholders, the Swap Counterparties, the Depositor and the Rating
Agencies stating the liquidation of Trust Property has been completed,
specifying the amount of any Swap Termination Payment paid or to be paid and the
amounts to be distributed to Unitholders.

         The Trustee shall distribute the cash proceeds of liquidation, and if
applicable, other Trust Property, to Unitholders upon surrender, or delivery of
security or indemnity acceptable to the Trustee, by each Holder of its Units at
the Corporate Trust Office specified pursuant to paragraph (a) of this Section
9.05. Upon receipt by the Trustee of (i) appropriate transfer instructions in
writing from a Holder with respect to the Underlying Securities and (ii) such
Holder' Units (or acceptable security or indemnity), the Trustee shall promptly
deliver Underlying Securities to such Holder in an aggregate principal amount
corresponding to the aggregate Unit Principal Balance of such Holder' Units in
accordance with such transfer instructions by (A) physical delivery or (B) if
applicable, causing the book-entry depositary for such Underlying Securities to
credit such Underlying Securities to an account of such Holder with such
depositary or an account of a designated participant in such depositary,
provided that such book-entry depositary will be an agency of the United States,
DTC or another book-entry institution acceptable to the Depositary. With respect
to a Global Security, the Trustee may also distribute such cash or other Trust
Property in accordance with the rules of DTC or other applicable Depository. Any
Transfer made in accordance with this paragraph shall satisfy all obligations of
the Trust with respect to the Unitholders.

         (d)      If the related Trust Agreement so specifies, in connection
with any Swap Termination Payment payable by the Trust, the Unitholders may,
acting unanimously, deliver to the Trustee the amount of such outstanding Swap
Termination Payment (together with, in the case of a Trust Wind-Up Event, any
Extraordinary Trust Expense in excess of the Maximum Reimbursable Amount payable
to the Trustee) and a written instruction to discontinue sale of the Underlying
Securities. If the Selling Agent receives notice from the Trustee of the
exercise by the Unitholders of their rights under this Section 9.05(d), the
Selling Agent shall promptly discontinue sales of the related Underlying
Securities (but the Selling Agent and the Trustee shall complete the settlement
of any sale already agreed). It is expressly understood and agreed that
Underlying Securities may be sold in the time necessary for the Unitholders to
be notified of and act upon their rights under this Section 9.05(d). If the
Trust Agreement specifies that this provision shall be applicable, the Trustee
shall provide notice of this right to Unitholders together with an estimate of
the amount of any Swap Termination Payment and applicable Extraordinary Trust
Expense at the time the Trustee provides notice to Unitholders of such Trust
Wind-Up Event or Liquidation Event.

         (e)      Unless otherwise provided in the Trust Agreement, and
notwithstanding any other provision of this Agreement (and as specified in the
Swap Agreement), in connection with early termination of a Swap Agreement or one
or more Transactions thereunder, other than as a result of Underlying Security
Default, the claim of the Swap Counterparty against the Underlying Securities
(or proceeds thereof arising from sale thereof) and any other Trust Property
will be limited to a claim pro rata with that of the Unitholders according to
the amount of the Swap Termination Payment otherwise payable to the Swap
Counterparty and the Unitholders' aggregate Unit Principal Balance plus accrued
interest.

         (f)      The only distributions from the Trustee to which the Holders
shall be entitled are, subject to the security interest in all of the Trust
Property granted in favor of the Swap Counterparty pursuant to the Swap
Agreement and the obligation of the Trust to pay Extraordinary Trust Expenses,
payments on the Underlying Securities, amounts, if any, recovered under the Swap
Agreement (including Swap Termination Payments, if any, and amounts collected
pursuant to Section 2(e) and Section 11 of the Swap Agreement) or Guarantee,
received by the Trustee after the occurrence of the Trust Wind-Up Event, and any
other remaining Trust Property, if any, which in each case the Trustee shall
distribute pro rata to the Unitholders in the manner provided pursuant to
Section 4.01 upon satisfaction of the conditions for transfer of Underlying
Securities referred to in paragraph (b) of this Section.

         (g)      Except for reports and other information required to be
provided to Holders under the Trust Agreement, the obligations the Trustee and
the Depositor will terminate upon the distribution to Unitholders of all amounts
required to be distributed to them and the disposition of all Underlying
Securities held by the Trustee, and such distribution shall constitute full
satisfaction of all of the interests of the Unitholders under this Trust
Agreement.

         (h)      In the event that the Selling Agent resigns or declines to
sell specific Underlying Securities, the Trustee shall proceed under Section
10.02(a)(x).

         (i)      The Selling Agent is an agent of the Trustee only and shall
have no fiduciary or other duties to the Unitholders, nor shall the Selling
Agent have any liability to the Trust in the absence of the Selling Agent's bad
faith or willful default. The Selling Agent shall be permitted to sell
Underlying Securities to Affiliates of the Selling Agent. The Selling Agent may
(in addition to declining to sell specific Underlying Securities as provided in
Section 9.05(b)) resign at any time by written notice to the Trustee, such
resignation to take effect immediately upon notice. Except as provided in the
first sentence of this Section 9.05(i), each of the protections, releases,
indemnities and other terms applicable to the Trustee under Section 10.01,
10.02, 10.03 and 10.05 shall apply to the Selling Agent in connection with its
actions as Selling Agent for the Trust.

         (j)      Subject to Section 9.05(b) and Section 9.05(e), the Trustee
agrees that upon any failure of the Trust to make any payment when due under the
Swap Agreement, the Swap Counterparty shall have the right to take all action
and to pursue all remedies with respect to such property that a secured party is
permitted to take with respect to collateral under the UCC, including the right
to require the Trustee promptly to sell all or any portion of the Underlying
Securities in the open market or, if the Swap Counterparty elects, to sell the
Underlying Securities to the Swap Counterparty for its fair value as determined
in good faith by the Swap Counterparty. In either case, the proceeds of sale
shall be applied to any amounts owed to the Swap Counterparty. The Trustee
further agrees to take any actions necessary to facilitate the perfection of the
aforementioned security interest of the Swap Counterparty in the property of the
Trust as the Swap Counterparty may reasonably request.

         (k)      No Unitholder shall have any liability as a seller of the
Trust Property in connection with any sale of Trust Property by the Trustee or
the Selling Agent.

         SECTION 9.06. Limitation on Notice Requirement. The Trustee shall not
be responsible for taking action with respect to a Trust Wind-Up Event or a
Liquidation Event unless and until (i) the Trustee fails to receive funds due on
the Underlying Securities or under the Swap Agreement when due and such funds
are not received within any applicable grace period, (ii) receipt by the Trustee
of notice from the Swap Counterparty of the occurrence of a Swap Default or
Termination Event, (iii) receipt of actual notice of an Underlying Security
Default from the Underlying Security Issuer or (iv) upon actual knowledge of any
event that would constitute a Liquidation Event or a Trust Wind-Up Event by a
Responsible Officer of the Trustee; provided, however, that the Trustee is
responsible for making due inquiry as to whether a Liquidation Event or a Trust
Wind-up Event occurred if it has reason to believe that such a Liquidation Event
or Trust Wind-up Event has occurred.

                                    ARTICLE X

                             Concerning the Trustee

         SECTION 10.01. Duties of Trustee. (a) The Trustee undertakes to perform
such duties and only such duties as are specifically set forth in the Trust
Agreement. Any permissive right of the Trustee enumerated in the Trust Agreement
shall not be construed as a duty.

         (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 the Trust Agreement, shall examine them to determine whether they
conform to the requirements of the Trust Agreement. If any such instrument is
found not to conform to the requirements of the 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' satisfaction, the Trustee
will provide notice thereof to the Depositor, the Unitholders and the Rating
Agencies, if any.

         (c)      Upon a default by the Swap Counterparty in making any other
payment due under the Swap Agreement and upon a default by the Guarantor after
the Trustee makes demand under the Guarantee, the Trustee shall exercise such of
the rights and powers vested in it by the 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' own
affairs.

         (d)      No provision of the 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 terms of the Trust Agreement,
                  the Trustee shall not be liable except for the performance of
                  such duties and obligations as are specifically set forth in
                  the Trust Agreement, no implied covenants or obligations
                  (except for a fiduciary duty to the beneficiaries of the
                  Trust) shall be read into the Trust Agreement against the
                  Trustee and, in the absence of negligence, bad faith or
                  willful misconduct 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 the Trust Agreement;

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

                  (iii) except with respect to actions or duties required to be
                  taken or performed, as applicable, by the Trustee under the
                  express terms of the Trust Agreement, 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 or
                  in the exercise of any of its rights powers under the Trust
                  Agreement 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; provided,
                  however, that the Trustee agrees that the indemnification
                  under Section 10.05 will provide reasonable assurance against
                  such risk or liability; and

                  (iv) in the event that the Paying Agent or the Unit 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 Unit Registrar, as the case may be, under the Trust
                  Agreement, the Trustee shall be obligated promptly upon its
                  knowledge thereof to perform such obligation, duty or
                  agreement in the manner so required.

         SECTION 10.02. Certain Matters Affecting the Trustee. (a) Except as
otherwise provided in Section 10.01:

                  (i) the Trustee may request and rely upon and shall be
                  protected in acting or refraining from acting upon any
                  resolution, Officers' 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 by the proper party or parties;

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

                  (iii) except for the duties and obligations of the Trustee
                  expressly created by the Trust Agreement, the Trustee shall be
                  under no obligation to exercise any of the trusts or powers
                  vested in it by the Trust Agreement or to institute, conduct
                  or defend any litigation thereunder or in relation thereto, at
                  the request, order or direction of any of the Unitholders,
                  pursuant to the terms of the Trust Agreement, unless such
                  Unitholders or the Depositor shall have, to the reasonable
                  satisfaction of the Trustee and its counsel, 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 the 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;

                  (vi) the Trustee may execute any of the trusts or powers or
                  perform any duties under the Trust Agreement either directly
                  or by or through agents or attorneys or a custodian or
                  administrative agent;

                  (vii) the Trustee shall not be personally liable for any loss
                  resulting from the investment of funds held in any Unit
                  Account pursuant to Section 3.04;

                  (viii) the Trustee shall not be deemed to have notice or
                  knowledge of any matter unless a Responsible Officer assigned
                  to and working in the Corporate Trust Office has actual
                  knowledge thereof or unless written notice thereof is received
                  by the Trustee at the Corporate Trust Office and such notice
                  references the Units generally or the Trust Agreement;

                  (ix) if the Trust Agreement provides that this Section
                  10.02(a)(ix) applies, the Trustee shall have the power to
                  reimburse itself for any unpaid Extraordinary Trust Expense
                  actually incurred in accordance with the terms and conditions
                  of this Trust Agreement prior to the distribution of funds or
                  Trust Property to Unitholders; and

                  (x) the Trustee shall have the power to sell the Underlying
                  Securities and other Trust Property, in accordance with
                  Article IX and XI, through the Selling Agent or, if the
                  Selling Agent shall have resigned or declined to sell some or
                  all of the Underlying Securities, any broker selected by the
                  Trustee (at the direction of the Depositor) with reasonable
                  care, in an amount sufficient to pay any amount due to the
                  Swap Counterparty under the Swap Agreement (including Swap
                  Termination Payments) or reimbursable to itself in respect of
                  unpaid Extraordinary Trust Expenses and to use the proceeds
                  thereof to make such payments after the distribution of funds
                  or Trust Property to Unitholders. Any such broker shall be
                  instructed by the Trustee to sell such Trust Property in a
                  reasonable manner designed to maximize the sale proceeds.

         (b)      All rights of action under the Trust Agreement or under any of
the Units, enforceable by the Trustee, may be enforced by it without the
possession of any of the Units, 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,
subject to the terms of the Trust Agreement.

         SECTION 10.03. Limitation on Liability of Trustee. The Trustee assumes
no responsibility for the correctness of the recitals contained in the Trust
Agreement, the Units, the Swap Agreement and the Guarantee, or in any document
issued in connection with the sale of the Units (other than the signature and
authentication on the Units). The sole obligor with respect to the Underlying
Securities is the related Underlying Security Issuer, with respect to the Swap
Agreement is the Swap Counterparty and with respect to the Guarantee, is the
Guarantor. Except as set forth in Section 10.12, the Trustee makes no
representations or warranties as to the validity or sufficiency of the Trust
Agreement, the Units (other than the signature and authentication on the Units),
any Underlying Security, the Swap Agreement, the Guarantee or of any related
document. The Trustee shall not be accountable for the use or application by the
Depositor of any of the Units or of the proceeds of such Units, or for the use
or application of any funds paid to the Depositor or the Swap Counterparty in
respect of the Underlying Securities. The Units do not represent interests in or
obligations of the Trustee and the Trustee shall not be responsible or
accountable for any tax, accounting or other treatment proposed to be applied to
the Units or any interest therein except as expressly provided in the Trust
Agreement.

         SECTION 10.04. Trustee May Own Units. The Trustee in its individual
capacity or any other capacity may become the owner or pledgee of Units with the
same rights it would have if it were not Trustee.

         SECTION 10.05. Trustee Fees and Expenses; Limited Indemnification. (a)
As compensation for its regular and customary services and in payment of its
regular and customary expenses under the Trust Agreement (including the
reasonable compensation, expenses and disbursements of its counsel for regular
and customary services hereunder) the Trustee shall be entitled to the Trustee
Fees (which shall not be limited by any provision of law in regard to
compensation or payment of a trustee of an express trust). The Depositor agrees
to pay such Trustee Fees when due in accordance with the Trustee Fee Letter;
provided, however, that, subject to paragraph (b) below, the Depositor shall be
under no obligation to make any other payment for any other services and
expenses, disbursements and advances of the Trustee.

         (b)......The Trustee and any director, officer, employee or agent of
the Trustee shall be indemnified by the Depositor and held harmless against any
loss, liability or expense incurred in connection with any Proceeding relating
to the Trust Agreement, the Swap Agreement or the Units or the performance of
any of the Trustee' duties under the Trust Agreement, other than any loss,
liability or expense (i) that constitutes a specific liability of the Trustee
under the Trust Agreement or (ii) incurred by reason of willful misfeasance, bad
faith or negligence in the performance of the Trustee' duties thereunder or by
reason of reckless disregard of the Trustee' obligations and duties thereunder
(such loss, liability or expense, other than as described in clauses (i) and
(ii) of this sentence, "Extraordinary Trust Expense"); provided, however, that
with respect to any such Proceeding, (1) the Trustee shall have given the
Depositor notice thereof promptly after the Trustee shall have knowledge
thereof; (2) while maintaining control over its own defense in any such legal
action, the Trustee shall consult with the Depositor in preparing such defense;
(3) if any Person ever alleges such willful misfeasance, bad faith or negligence
by the Trustee, the indemnification provided for in this paragraph (b) shall
nonetheless be paid upon demand, subject to later adjustment or reimbursement,
until such time as a court of competent jurisdiction enters a final judgment as
to the extent and effect of the alleged willful misfeasance, bad faith or
negligence; and (4) the Depositor shall in no event be obligated under the Trust
Agreement to indemnify the Trustee for any Extraordinary Trust Expense to the
extent that such Extraordinary Trust Expense, when aggregated with all
Extraordinary Trust Expense previously indemnified, exceeds the Maximum
Reimbursable Amount. Subject to clause (4) of the proviso to the immediately
preceding sentence, the indemnity for Extraordinary Trust Expense shall survive
the termination or discharge of the Trust Agreement and the resignation or
removal of the Trustee. In the event the Trustee is not indemnified by the
Depositor, whether due to bankruptcy, insolvency or otherwise, the Trustee shall
be indemnified by the Trust, however, the Trustee shall nevertheless remain
obligated to perform its duties under the Trust Agreement.

         (c)      The Trustee and the Depositor expressly acknowledge that the
limited obligations of the Depositor to indemnify the Trustee pursuant to
paragraph (b) of this Section do not extend to amounts attributable to
compensation for services or payment of expenses of the Trustee, which amounts
are payable in full in the form of the Trustee Fee.

         SECTION 10.06. Eligibility Requirements for Trustee. (a) The Trustee
shall at all times satisfy the requirements of TIA Section 310(a) and Section
(a)(4)(i) of Rule 3a-7 under the Investment Company Act. The Trustee hereunder
shall at all times be a corporation or association which is not an Affiliate of
the Depositor (but may have normal banking relationships with the Depositor or
any obligor with respect to the Underlying Securities with respect to such
Series of Units and their respective 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, and the long-term debt obligations of which are rated in one of the
four highest categories assigned long-term debt obligations by each of the
Rating Agencies. If such corporation or association 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. In the event that at any time the
Trustee shall cease to be eligible in accordance with the terms of this Section,
the Trustee shall resign immediately in the manner and with the effect specified
in Section 10.07.

         (b) The Trustee shall comply with Section 310(b) of the TIA; provided,
however, that there shall be excluded from the operation of TIA Section
310(b)(1), any Series under which other securities are outstanding evidencing
ownership interest in obligations of the Underlying Security Issuer if the
requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

         SECTION 10.07. Resignation or Removal of the Trustee. (a) Subject to
the last sentence of this paragraph (a), the Trustee may at any time resign and
be discharged from the Trust by giving written notice thereof to the Depositor,
each Swap Counterparty and any Guarantor, the Rating Agencies, any Credit
Support Provider and to all Unitholders. Upon receiving such notice of
resignation, the Depositor, with the consent of each Swap Counterparty and any
Guarantor which consents shall not be unreasonably withheld, shall as promptly
as possible (and in any event within 30 days after the date of such notice of
resignation) appoint a successor trustee by written instrument, in duplicate,
which instrument shall be delivered to the resigning Trustee and to the
successor trustee. A copy of such instrument shall be delivered to the
Unitholders, each Swap Counterparty and any Guarantor and the Rating Agencies by
the Depositor. If no such successor trustee shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee for the Units.

         (b)      If at any time the Trustee shall cease to be eligible in
accordance with the terms of Section 10.06 and shall fail to resign after
written request therefor by the Depositor, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged 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 or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Depositor may, with the consent of each Swap Counterparty and any Guarantor
which consents shall not be unreasonably withheld, remove the Trustee and
appoint a successor trustee by written instrument, in duplicate, which
instrument shall be delivered to the Trustee so removed and to the successor
trustee. A copy of such instrument shall be delivered to the Unitholders, each
Swap Counterparty and any Guarantor, and the Rating Agencies by the Depositor.

         (c)      Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the terms of this Section shall not become
effective until acceptance of appointment by the successor trustee as provided
in Section 10.08.

         SECTION 10.08. Successor Trustee. (a) Any successor trustee appointed
as provided in Section 10.07 shall execute, acknowledge and deliver to the
Depositor, its predecessor trustee and the Rating Agencies an instrument
accepting such appointment under the Trust Agreement, and thereupon the
resignation or removal of the predecessor trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor under the Trust Agreement, with the like effect as if originally
named as trustee in the Trust Agreement. The predecessor trustee shall deliver
to the successor trustee all documents and statements held by it under the Trust
Agreement, and the Depositor and the predecessor trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations. No successor trustee shall accept
appointment as provided in this Section unless at the time of such acceptance
such successor trustee shall be eligible under the terms of Section 10.06.

         (b)      Upon acceptance of appointment by a successor trustee as
provided in this Section, the Depositor shall transmit notice of the succession
of such trustee under the Trust Agreement to all Unitholders in the manner
provided pursuant to Section 12.05.

         SECTION 10.09. 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 a party, or any
corporation or association succeeding to the business of the Trustee, shall be
the successor of the Trustee under the Trust Agreement, provided such
corporation or association shall be eligible under the terms of Section 10.06,
without the execution or filing of any paper or any further act on the part of
any of the parties to the Trust Agreement, anything in the Trust Agreement to
the contrary notwithstanding.

         SECTION 10.10. Appointment of Co-Trustee. (a) Notwithstanding any other
terms of the Trust Agreement, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any party of the Trust Property may at
the time be located, the Depositor and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees, jointly
with the Trustee, of all or any part of the Trust Property, and to vest in such
Person or Persons, in such capacity, such title to the Trust Property, or any
part thereof, and, subject to the other terms of this Section, such powers,
duties, obligations, rights and trusts as the Depositor and the Trustee may
consider necessary or desirable. If the Depositor shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, the
Trustee alone shall have the power to make such appointment. No co-trustee under
the Trust Agreement shall be required to meet the terms of eligibility as a
successor trustee under Section 10.06 and no notice to Unitholders of the
appointment of a co-trustee or co-trustees shall be required under Section
10.08.

         (b)      In the case of any appointment of a co-trustee pursuant to
this Section, all rights, powers, duties and obligations conferred or imposed
upon the Trustee shall be conferred or imposed upon and exercised or performed
by the Trustee and such co-trustee jointly, except to the extent that under any
law of any jurisdiction in which any particular act or acts are to be performed
by the Trustee, the Trustee shall be incompetent or unqualified to perform such
act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to such Trust Property or any portion thereof in
any such jurisdiction) shall be exercised and performed by such co-trustee at
the direction of the Trustee. The Trustee shall not be liable for the acts or
omissions of any co-trustee.

         (c)      Any notice, request or other writing given to the Trustee
shall be deemed to have been given to each of then co-trustees, as effectively
as if given to each of them. Every instrument appointment any co-trustee shall
refer to the Trust Agreement and the conditions of this Article X. Each
co-trustee, upon its acceptance of the trusts conferred, shall be vested with
the estates or property specified in its instrument of appointment, jointly with
the Trustee subject to all the terms of the Trust Agreement, specifically
including every provision of the Trust Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee. Every such
instrument shall be filed with the Trustee.

         (d)      Any co-trustee may, at any time, constitute the Trustee, its
agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of the Trust
Agreement on its behalf and in its name. If any co-trustee shall die, become
incapable of acting, resign or be removed, all its estates, properties, rights,
remedies and trusts shall vest in and be exercised by the Trustee, to the extent
permitted by law, without the appointment of a new or successor trustee.

         SECTION 10.11. Appointment of Office or Agency. The Units may be
surrendered for registration of transfer or exchange, and presented for the
final distribution with respect thereto, and notices and demands to or upon the
Trustee in respect of the Units and the Trust Agreement may be served at the
Corporate Trust Office.

         SECTION 10.12. Representations and Warranties of Trustee. (a) 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) the Trustee has full power, authority and right to
                  execute, deliver and perform its duties and obligations under
                  the Trust Agreement, the Units and the Swap Agreement and has
                  taken all necessary action to authorize the execution,
                  delivery and performance by it (or, with respect to the Units,
                  by an Authenticating Agent on its behalf, if applicable) of
                  the Trust Agreement, the Units and the Swap Agreement;

                  (iii) the execution and delivery of the Trust Agreement, the
                  Units, the Distribution Agreement and the Swap Agreement by
                  the Trustee and its performance of and compliance with the
                  terms of the Trust Agreement, the Units and the Swap Agreement
                  will not violate the Trustee's articles of incorporation,
                  association or other constitutive documents or By-laws or
                  constitute a default under, or result in the breach or
                  acceleration of, any material contract, agreement or other
                  instrument to which the Trustee is a party or which may be
                  applicable to the Trustee or any of its assets;

                  (iv) as of the Closing Date, each of the Trust Agreement, the
                  Units and the Swap Agreement has been duly executed and
                  delivered by the Trustee (or, with respect to the Units, by an
                  Authenticating Agent on its behalf, if applicable) and each of
                  the Trust Agreement and the Swap Agreement constitutes the
                  legal, valid and binding obligation of the Trustee,
                  enforceable in accordance with its terms, except as
                  enforcement may be limited by the applicable bankruptcy,
                  insolvency, reorganization, moratorium or similar laws
                  affecting the rights of creditors generally and general
                  principles of equity;

                  (v) the Trustee is not in violation, and the execution and
                  delivery of the Trust Agreement, the Swap Agreement and the
                  Units by the Trustee and its performance and compliance with
                  respective terms of the Trust Agreement, the Swap Agreement
                  and the Units 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
                  thereunder;

                  (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 or the Swap
                  Agreement or to render the Units invalid, (B) seeking to
                  prevent the issuance of the Units or the consummation of any
                  of the transactions contemplated by the Trust Agreement or the
                  Swap Agreement or (C) that could reasonably be expected to
                  prohibit or materially and adversely affect the performance by
                  the Trustee of its obligations under, or the validity or
                  enforceability of, the Trust Agreement, the Swap Agreement or
                  the Units; and

                  (vii) no consent, approval, authorization or order of any
                  court or 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, the Swap
                  Agreement or the Units, or for the consummation of the
                  transactions contemplated by the Trust Agreement or the Swap
                  Agreement, except for such consents, approvals, authorizations
                  and orders, if any, that have been obtained prior to the
                  Closing Date.

         (b)      Within 30 days of the earlier of discovery by the Trustee or
receipt of notice by the Trustee of a breach of any representation or warranty
of the Trustee set forth in this Section 10.12 that materially and adversely
affects the interests of the Unitholders, the Trustee shall promptly cure such
breach in all material respects.

         SECTION 10.13. Limitation of Powers and Duties. The Trust is
constituted solely for the purposes of acquiring and holding the Underlying
Securities, entering into the Swap Agreement, accepting the Guarantee, entering
into any Distribution Agreement and issuing the Units. The Trust may not incur
any additional debt other than the debt that does not constitute a claim against
the Trust to the extent that excess proceeds are insufficient to pay such debt.
The Trustee is not authorized to acquire any other investments or engage in any
activities not authorized in the Trust Agreement and, in particular, the Trustee
is not authorized (i) to sell, assign, transfer, exchange, pledge, set-off or
otherwise dispose of any of the Underlying Securities or interests therein,
including to Unitholders (except upon termination of the Trust in accordance
with Article IX and Article XI of the Trust Agreement) or (ii) to do anything
that would cause the Trust to fail or cease to qualify as a "grantor trust" for
Federal income tax purposes.

                                   ARTICLE XI

                                   Termination

         SECTION 11.01. Termination of the Trust. (a) Except as otherwise
provided in Article IX, the respective obligations and responsibilities under
the Trust Agreement of the Depositor and the Trustee (other than the obligations
imposed by Section 10.05(b) and the obligations of the Trustee to provide
reports and other information under the Trust Agreement and to make
distributions to Unitholders as hereafter set forth) shall terminate upon the
distribution to such Holders of all amounts held in all the Accounts and
required to be paid to such Holders pursuant to the Trust Agreement; provided,
however, that in no event shall the Trust continue beyond the expiration of 21
years from the death of the last survivor of the descendants of Queen Elizabeth
II of England, living on the date of the Trust Agreement.

         (b)      Written notice of any termination shall be provided to each
Unitholder, the Depositor, each Swap Counterparty and any Guarantor and the
Rating Agencies pursuant to Section 12.05 within ten Business Days, unless such
termination occurs pursuant to the Scheduled Final Distribution Date.

         (c)      On the Scheduled Final Distribution Date, the Trustee shall
distribute to each Holder presenting and surrendering its Units, and to each
Holder delivering such security or indemnity to the Trustee as the Trustee may
require to save the Trustee and hold the Trustee harmless, the amount
distributable on such Distribution Date pursuant to Section 4.01 in respect of
the Units so presented and surrendered. Any funds not distributed on such
Distribution Date shall be set aside and held in trust for the benefit of
Unitholders either (i) not presenting and surrendering their Units in the
aforesaid manner or (ii) not delivering such security or indemnity to the
Trustee. as the Trustee may require to save the Trustee and hold the Trustee
harmless, and shall be disposed of in accordance with this Section and Sections
4.01 and 5.09. Immediately following the deposit of such funds in trust
hereunder, the Trust shall terminate.

                                   ARTICLE XII

                               Miscellaneous Terms

         SECTION 12.01. Amendment of Trust Agreement; Waivers. (a) The Trust
Agreement may be amended from time to time by the Depositor and the Trustee
without the consent of any of the Unitholders for any of the following purposes:
(i) to cure any ambiguity or defect or to correct or supplement any provision in
the Trust Agreement which may be defective or inconsistent with any other
provision in the Trust Agreement or with disclosure in the applicable prospectus
supplement; (ii) to add or supplement any credit support for the benefit of any
Unitholders, (iii) to amend the definitions of Trigger Amount and Maximum
Reimbursable Amount so as to increase, but not decrease, the respective amounts
contained in such definitions or to otherwise amend or waive the terms of
Section 10.05(b) in any manner which shall not adversely affect the Unitholders
in any material respect; (iv) to evidence and provide for the acceptance of
appointment under the Trust Agreement by a successor Trustee; (v)o to add to the
covenants, restrictions or obligations of the Depositor or the Trustee for the
benefit of the Unitholders, (vi) to comply with any requirements imposed by the
Internal Revenue Code or other applicable law, including any amendment necessary
to ensure the intended classification of the Trust for United States federal
income tax purposes or (vii) to add, modify, supplement or otherwise change any
of the terms of the Trust Agreement if no Unitholder will be materially and
adversely affected by such change; provided, however, that with respect to any
such amendment in this Section 12.01(a), the Rating Agency Condition shall be
satisfied with respect to such amendment. Section 12.01(a)(vii) shall not be
construed to require the consent of a Class of Units not materially and
adversely affected by any amendment to the Trust Agreement in connection with an
amendment pursuant to Section 12.01(b).

         (b)      The Trust Agreement may be amended from time to time by the
Depositor and the Trustee with the consent of Specified Percentage of the
outstanding Unit Principal Balance of each Class of Units materially and
adversely affected thereby. Unless specified in the related Trust Agreement, no
amendment to the Trust Agreement may change the principal amount, interest rate,
maturity, or other terms specified in the related Trust Agreement, of any Class
or Series of Units without the consent of 100% of the outstanding Unit Principal
Balance of each Class of Units affected thereby. The Rating Agency Condition
shall be satisfied with respect to such amendment unless Units representing 100%
of the Unit Principal Balance of all affected Units vote in favor of such
amendment with notice that the Rating Agency Condition will not be satisfied.

         (c)      Promptly after the execution of any such amendment or
modification, the Trustee shall furnish a copy of such amendment or modification
to each Unitholder.

         (d)      Notwithstanding the foregoing, no amendment or modification to
the Trust Agreement shall be permitted unless the Trustee first receives an
Opinion of Counsel, provided at the expense of the party requesting such
amendment, that such amendment or modification will not alter the classification
of the Trust for U.S. federal income tax purposes. The Trustee shall not agree
to any amendment that would affect the rights or obligations of any Swap
Counterparty of the respective Trust, without first obtaining the approval of
that Swap Counterparty.

         (e)      For purposes of this Section 12.01, Schedule III to any Trust
Agreement and any Swap Agreements entered into in connection with any related
Trust shall not be considered part of the Trust Agreement. Section 7.02 shall
govern action taken under the Trust Agreement with respect to any amendments to
such Swap Agreements.

         (f)      Holders of Units evidencing not less than a Specified
Percentage of the Units of a particular Class may, on behalf of all Holders of
the Units of that Class, (1) waive, insofar as that Class is concerned,
compliance by the Depositor or the Trustee with any restrictive provisions of
the Trust Agreement before the time for such compliance or (2) waive any past
default under the Trust Agreement with respect to the Units of that Class,
except for (A) a default resulting from any failure to distribute amounts
received as principal of (and premium, if any) or any interest on any such Unit
and (B) a default in respect of any covenant or provision the modification or
amendment of which would require the consent of the Holder of each outstanding
Unit affected by the default.

         (g)      In executing or accepting the additional trusts created by any
amendment or the modifications thereby of the trusts created by the Trust
Agreement, the Trustee shall be entitled to receive, and (subject to the
standard of care provided in Article X hereof) shall be fully protected in
relying upon an Opinion of Counsel stating that the execution of such amendment
is authorized or permitted by the Trust Agreement and that all conditions
precedent thereto have been complied with. The Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Trustee's own
rights, duties or immunities under the Trust Agreement or otherwise.

         SECTION 12.02. Counterparts. The Trust Agreement 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 but one and
the same instrument.

         SECTION 12.03. Limitation on Rights of Unitholders. (a) The death or
incapacity of any Unitholder shall not operate to terminate the Trust Agreement
or the Trust Property, nor entitle such Unitholder' 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 Trust Property, nor otherwise affect the
rights, obligations and liabilities of the parties thereto or any of them.

         (b)      Except as otherwise expressly provided herein, no Unitholder
shall have any right to control the operation and management of any Trust
Property, or the obligations of the parties thereto, nor shall anything in the
Trust Agreement set forth, or contained in the terms of the Units, be construed
so as to constitute the Unitholders from time to time as partners or members of
an association; nor shall any Unitholder be under any liability to any third
person by reason of any action taken by the parties to the Trust Agreement
pursuant to any provision thereof.

         (c)      No Unitholder shall have any right by virtue of any provision
of the Trust Agreement to institute any suit, action or proceeding in equity or
at law upon or under or with respect to the Trust Agreement.

         SECTION 12.04. Governing Law. The Trust Agreement and each Unit issued
thereunder 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
therein without reference to such State' 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
thereunder shall be determined in accordance with such laws.

         SECTION 12.05. Notices. All directions, demands and notices under the
Trust Agreement shall be in writing and shall be delivered to the offices of the
Trustee specified in the offering documents dated as of the Closing Date. Unless
otherwise provided in the Trust Agreement, any notice required to be given to a
holder of a Registered Unit will be given by facsimile to such number as may be
provided to the Trustee or be mailed to the last address of such holder set
forth in the applicable Unit Register. Any notice so mailed within the time
prescribed in the Trust Agreement shall be conclusively presumed to have been
duly given when mailed, whether or not the Unitholder receives such notice.
Notices given by facsimile will be effective upon confirmation (including
electronic confirmation) of effective transmission. With respect to Global
Securities, the Trustee may give any required notice to Unitholders in
accordance with applicable rules and procedures of DTC or other applicable
depository in satisfaction of any of its obligations to give any notice to
Unitholders.

         Any required to be given to the Rating Agencies, if any, 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
the Rating Agencies at the addresses set forth in the Trust Agreement or as
otherwise specified by the applicable Rating Agencies.

         SECTION 12.06. Severability of Terms. If any one or more of the
covenants, agreements or terms of the Trust Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements or terms shall be
deemed severable from the remaining covenants, agreements or terms of the Trust
Agreement and shall in no way affect the validity or enforceability of the other
terms of the Trust Agreement or of the Units or the rights of the Holders
thereof.

         SECTION 12.07. Perfection of Swap Counterparty Security Interest. At
the request of the Swap Counterparty, the Trustee will assist the Swap
Counterparty in the perfection of the security interest in the Trust Property
described in Section 3.04 and granted by the Trust to the Counterparty under the
Swap Agreement.

         SECTION 12.08. No Recourse. Each Unitholder by accepting a Unit
acknowledges that such Unitholder's Units represent beneficial interests in the
Trust only and do not represent interests in or obligations of the Depositor,
the Trustee, the Swap Counterparty, the Guarantor or any Affiliate of the
foregoing Persons and no recourse may be had against such Persons or their
respective assets, except as may be expressly set forth in the Trust Agreement,
the Swap Agreement or the Units.

         SECTION 12.09. Non-Petition. Prior to the date that is one year and
one day after all distributions in respect of the Units have been made, none of
the Trustee, the Trust or the Depositor shall take any action, institute any
proceeding, join in any action or proceeding or otherwise cause any action or
proceeding against any of the others under the United States Bankruptcy Code or
any other liquidation, insolvency, bankruptcy, moratorium, reorganization or
similar law ("Insolvency Law") applicable to any of them, now or hereafter in
effect, or which would be reasonably likely to cause any of the others to be
subject to, or seek the protection of, any such Insolvency Law.

         SECTION 12.10. Merger and Consolidation The Trust shall not merge or
consolidate with any other trust, entity or person and the Trust shall not
acquire the assets of, or an interest in, any other trust, entity or person
except as specifically contemplated herein.

         SECTION 12.11. Conflict With Trust Indenture Act . (a) If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Agreement by any of the provisions of the TIA,
such required provision shall control.

         (b) The provisions of the TIA Sections 310 through 317 that impose
duties on any Person (including the provisions automatically deemed included
herein unless expressly excluded by this Agreement) are a part of and govern
this Agreement, whether or not physically contained herein.

         (c) Except as expressly provided in this Agreement, all provisions
specifically referencing the TIA shall be inapplicable until such time as this
Agreement is qualified under the TIA.

<PAGE>

         IN WITNESS WHEREOF, the Depositor and the Trustee have caused this
instrument to be duly executed by their respective officers thereunto duly
authorized as of the date first above written.

                            MS STRUCTURED ASSET CORP.

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

                            LASALLE BANK NATIONAL
                                ASSOCIATION, as Trustee on behalf of the Trust
                               identified in Schedule I to the Trust Agreement
                               dated today's date, and not in its individual
                               capacity

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

<PAGE>

                                                                       EXHIBIT A

                                 TRUST AGREEMENT

                  TRUST AGREEMENT, between MS Structured Asset Corp. (the
"Depositor") and LaSalle Bank National Association (the "Trustee"), made as of
the date set forth in Schedule I attached hereto, which Schedule together with
Schedules II and III attached hereto, are made a part hereof. The terms of the
Standard Terms for Trust Agreements, dated November 12, 2002 (the "Standard
Terms") are, except to the extent otherwise expressly stated, hereby
incorporated by reference herein in their entirety with the same force and
effect as though set forth herein. Capitalized terms used herein and not defined
shall have the meanings defined in the Standard Terms. References to "herein",
"hereunder", "this Trust Agreement" and the like shall include the Schedules
attached hereto and the Standard Terms so incorporated by reference.

                  WHEREAS, the Depositor and the Trustee desire to establish the
Trust identified in Schedule I attached hereto (the "Trust") for the primary
purposes of (i) holding the Underlying Securities, (ii) entering into any Swap
Agreement with the Swap Counterparty and (iii) issuing the Units;

                  WHEREAS, the Depositor desires that the respective beneficial
interests in the Trust be divided into transferable fractional shares, such
shares to be represented by the Units;

                  WHEREAS, the Depositor desires to appoint the Trustee as
trustee of the Trust and the Trustee desires to accept such appointment;

                  WHEREAS, the Depositor shall transfer, convey and assign to
the Trust without recourse, and the Trust shall acquire, all of the Depositor's
right, title and interest in and under the Underlying Securities and other
property identified in Schedule II to the Trust Agreement (the "Trust
Property"); and

                  WHEREAS, the Trust agrees to acquire the Trust Property
specified herein in consideration for Units having an initial Unit Principal
Balance identified in Schedule I attached hereto, subject to the terms and
conditions specified in the Trust Agreement;

                  NOW THEREFORE, the Depositor hereby appoints the Trustee as
trustee hereunder and hereby requests the Trustee to receive the Underlying
Securities from the Depositor and to issue in accordance with the instructions
of the Depositor Units having the terms specified in Schedule I attached hereto,
and the Trustee accepts such appointment and, for itself and its successors and
assigns, hereby declares that it shall hold all the estate, right, title and
interest in any property contributed to the trust account established hereunder
(except property to be applied to the payment or reimbursement of or by the
Trustee for any fees or expenses which under the terms hereof is to be so
applied) in trust for the benefit of all present and future Holders of the
fractional shares of beneficial interest issued hereunder, namely, the
Unitholders, and subject to the terms and provisions hereof and of the Standard
Terms.

<PAGE>

                  IN WITNESS WHEREOF, each of the undersigned has executed this
instrument as of the date set forth in Schedule I attached hereto.

                 LASALLE BANK NATIONAL ASSOCIATION
                     as Trustee on behalf of the Trust identified in Schedule
                     I hereto, and not in its individual capacity

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

                 MS STRUCTURED ASSET CORP.

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

Attachments: Schedules [I, II and III]

<PAGE>

                                       I-5

                                       I-1

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                                      SATURNS Trust No. [__________]

Date of Trust Agreement:                    [____________]

Units:

Initial Unit Principal Balance
of the Units:

[Initial Notional Amount
of the Units:

Issue Price of Units:

Number of Units:

Minimum Denomination:

Cut-off Date:

Closing Date:

Specified Currency:                         [United States dollars]

Business Day:                               New York, New York and Chicago,
                                            Illinois

Interest Rate:                              [_____]% per annum [basis]

Interest Reset Period:                      [Not Applicable]

Rating:

Rating Agencies:                            [Moody's and S&P]

Scheduled Final Distribution Date:         [_____________]. The Units will have
                                            the same final maturity as the
                                            Underlying Securities.

Prepayment/Redemption:                      [The Trust Property is subject to
                                            redemption in accordance with the
                                            terms of the Underlying Securities
                                            and as described in Schedule II and
                                            is subject to call in accordance
                                            with Schedule III. Any such call or
                                            redemption will result in the
                                            redemption of a proportional amount
                                            of the Units [and a proportional
                                            reduction in the Notional Amount of
                                            the Units. ]]

Additional Distribution:

Swap Agreement:

Swap Counterparty:                          Party A to the Swap Agreement
                                            referred to in Schedule III or any
                                            assignee thereof. In addition, in
                                            connection with an additional
                                            issuance of Units, Party A to any
                                            additional Swap Agreement or any
                                            assignee thereof.

[Guaranty:                                  Morgan Stanley shall guarantee the
                                            obligations of [any Morgan Stanley
                                            affiliate who is a Swap
                                            Counterparty]. ]

Swap Notional Amount:

Swap Payment Date:

Swap Rate:

Additional Swap Agreements:                 [In connection with an additional
                                            issuance of Units, the Depositor may
                                            arrange for the Trust to enter into
                                            an additional Swap Agreement with
                                            identical terms to those of the Swap
                                            Agreement entered into as of the
                                            Closing Date, except that such Swap
                                            Agreement may have a different Swap
                                            Counterparty, number of options, and
                                            premium amount than the Swap
                                            Agreement entered into on the
                                            Closing Date. The Rating Agency
                                            Condition must be satisfied prior to
                                            the effectiveness of such additional
                                            Swap Agreement. ]

Distribution Date:                          Each [__________], or the next
                                            succeeding Business Day if such day
                                            is not a Business Day, commencing
                                            December 1, 2002, and any other date
                                            upon which funds are available for
                                            distribution in accordance with the
                                            terms hereof.

                                            If any payment with respect to the
                                            Underlying Securities held by the
                                            Trust is not received by the Trustee
                                            by 12 noon (New York City time) on a
                                            Distribution Date, the corresponding
                                            distribution on the Units will not
                                            occur until the next Business Day
                                            that the Trust is in receipt of
                                            proceeds of such payment prior to 12
                                            noon, with no adjustment to the
                                            amount distributed.

Record Date:                                Each [____________], regardless of
                                            whether such day is a Business Day.

Form:                                       [Global Security]

Depositary:                                 [DTC]

Specified Percentage:

Trustee Fees and Expenses:                  [As compensation for and in payment
                                            of trust expenses related to its
                                            services hereunder other than
                                            Extraordinary Trust Expenses, the
                                            Trustee will receive Trustee Fees on
                                            each Distribution Date in the amount
                                            equal to $3,750. The Trustee Fee
                                            shall cease to accrue after
                                            termination of the Trust. The
                                            "Trigger Amount" with respect to
                                            Extraordinary Trust Expenses for the
                                            Trust is $25,000 and the Maximum
                                            Reimbursable Amount is $100,000. The
                                            Trustee Fee will be paid by the
                                            Expense Administrator. Expenses will
                                            be reimbursed by the Expense
                                            Administrator in accordance with the
                                            Expense Administration Agreement. ]

[Expense Administrator:                     The Depositor will act as Expense
                                            Administrator on behalf of the Trust
                                            pursuant to an Expense
                                            Administration Agreement, dated as
                                            of the date of the Trust Agreement
                                            (the "Expense Administration
                                            Agreement"), between the Depositor
                                            as Expense Administrator (the
                                            "Expense Administrator") and the
                                            Trust.

                                            The Expense Administrator will
                                            receive a fee equal to [_____]% per
                                            annum of the principal amount of the
                                            Underlying Securities held by the
                                            Trust as its fee, calculated on the
                                            basis of a 360 day year consisting
                                            of twelve 30 day months (the
                                            "Expense Administration Fee"). The
                                            Expense Administrator's fee is
                                            payable only from available interest
                                            receipts received with respect to
                                            the Underlying Securities after
                                            application of such receipts to
                                            payment of accrued interest on the
                                            Units.

                                            The Expense Administrator will be
                                            responsible for paying the Trustee
                                            Fee and reimbursing certain other
                                            expenses of the Trust in accordance
                                            with the Expense Administration
                                            Agreement. ]

Listing:                                    [The Depositor has applied to list
                                            the Units on [____]

ERISA Restrictions:                         [None][No Plan Restriction][25%
                                            Test][Prohibited Transaction
                                            Exemption Restriction]

QIB Restriction:

Trust Wind-Up Event:                        [The following The Trust Wind-Up
                                            Events shall not apply:]

                                            [The following additional events
                                            shall be Trust Wind-Up Events:]

                                            [If (i) cash settlement applies
                                            under the Swap Agreement, (ii) a
                                            Trust Wind-Up Event has occurred in
                                            connection with the exercise of any
                                            call rights under the Swap Agreement
                                            and (iii) the Selling Agent cannot
                                            obtain a bid for the Underlying
                                            Securities in excess of 100% of the
                                            aggregate Unit Principal Balance of
                                            the Units and accrued interest on
                                            the Underlying Securities, then the
                                            Underlying Securities will not be
                                            sold, the Swap Counterparty's
                                            exercise of the call rights will be
                                            rescinded (and the Swap Counterparty
                                            shall be entitled to exercise such
                                            options in the future) and any
                                            related Trust Wind-Up Event will be
                                            deemed not to have occurred.]

Termination:

[Distributions of Securities:               Provisions of the Standard Terms
                                            allowing for otherwise providing for
                                            distributions of Underlying
                                            Securities with respect to the Units
                                            in connection with Liquidation
                                            Events or Trust Wind-Up Events shall
                                            not be incorporated herein.]

[Indemnification by Unitholders:            Provisions of the Standard Terms
                                            allowing for otherwise providing for
                                            Unitholders to offer indemnity to
                                            the Trustee with respect to a
                                            Trigger Event or to tender amounts
                                            in respect of a Swap Termination
                                            Payment shall not be incorporated
                                            herein.]

Self-Tenders by Underlying
Security Issuer:                            [The Trust will not participate in
                                            any self-tender by the Underlying
                                            Security Issuer for the Underlying
                                            Securities and the Trustee will not
                                            accept any instructions to the
                                            contrary from the Unitholders.
                                            However, the Swap Counterparty may
                                            exercise the Swap Agreement at any
                                            time in connection with a
                                            self-tender. ]

Depositor Optional Exchange:               [Depositor Optional Exchange shall
                                            be subject to the consent of [the
                                            Swap Counterparty][the holder of
                                            Call Rights][the Expense
                                            Administrator.]

                                            [Depositor Optional Exchange shall
                                            be available on the following dates
                                            instead of the dates specified in
                                            the Standard Terms].

Terms of Retained Interest:                Notwithstanding any other provision
                                            herein or in the Standard Terms, the
                                            Depositor retains the right to
                                            receive any and all interest that
                                            accrues on the Underlying Securities
                                            prior to the Closing Date. The
                                            Depositor will receive such accrued
                                            interest on the first Distribution
                                            Date (or redemption date if earlier)
                                            for the Units and such amount shall
                                            be paid from the interest payment
                                            made with respect to the Underlying
                                            Securities on the first Distribution
                                            Date.

                                            The amount of the Retained Interest
                                            is $[_____].

                                            If a Underlying Security Default
                                            occurs on or prior to the first
                                            Distribution Date and the Depositor
                                            does not receive such Retained
                                            Interest amount in connection with
                                            such Distribution Date, the
                                            Depositor will have a claim for such
                                            Retained Interest, and will share
                                            pro rata with holders of the Units
                                            to the extent of such claim in the
                                            proceeds from the recovery on the
                                            Underlying Securities.

Call Option Terms:                          [Specify terms of Call Option, Call
                                            Rights, Warrants, if applicable.]

Sale of Underlying Securities:              [If cash settlement applies and if
                                            the Swap Counterparty exercises any
                                            of its call rights other than in
                                            connection with a redemption of or a
                                            self-tender for the Underlying
                                            Securities by the Underlying
                                            Security Issuer (or to the extent
                                            such exercise corresponds to such
                                            redemption or self-tender), a number
                                            of Underlying Securities
                                            corresponding to the number of call
                                            rights exercised by the Swap
                                            Counterparty will be sold by the
                                            Selling Agent on behalf of the
                                            Trust.

                                            If the Selling Agent cannot obtain a
                                            bid for the Underlying Securities in
                                            excess of 100% of the aggregate Unit
                                            Principal Balance of the Class A
                                            Units to be redeemed and accrued
                                            interest on the Underlying
                                            Securities to be sold, then the
                                            Underlying Securities will not be
                                            sold, the Swap Counterparty's
                                            exercise will be rescinded (and the
                                            Swap Counterparty shall be entitled
                                            to exercise such call rights in the
                                            future) and any related Trust
                                            Wind-Up Event will be deemed not to
                                            have occurred.]

Selling Agent:                              [Morgan Stanley & Co. Incorporated.
                                            Notwithstanding any provision of the
                                            Standard Terms to the contrary, any
                                            sale of the Underlying Securities
                                            shall be conducted by and through
                                            the Selling Agent and not the
                                            Trustee. ]

Other Terms:

<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Underlying Securities:

Underlying Security Issuer:

Principal Amount:

Underlying Security Rate:

Credit Ratings:                             [___ by Moody's]

                                            [___ by S&P]

Listing:

Underlying Security Issuance Agreement:

Form:                                       [Global]

Currency of
Denomination:                               [United States dollars]

Acquisition Price by Trust:

Underlying Security Payment Date:

Original Issue Date:

Maturity Date:

Sinking Fund Terms:

Redemption Terms:

CUSIP No.:/ISIN No.

Underlying Security Trustee:

Available Information
Regarding the Underlying Security Issuer
(if other than U.S.
Treasury obligations):                      The Security Issuer is subject to
                                            the informational requirements of
                                            the Securities Exchange Act of 1934,
                                            as amended, and in accordance
                                            therewith files reports and other
                                            information with the Securities and
                                            Exchange Commission (the
                                            "Commission"). Such reports and
                                            other information can be inspected
                                            and copied at the public reference
                                            facilities maintained by the
                                            Commission at 450 Fifth Street,
                                            N.W., Washington, D.C. 20549 and at
                                            the following Regional Offices of
                                            the Commission: Woolworth Building,
                                            233 Broadway, New York, New York
                                            10279, and Northwest Atrium Center,
                                            500 West Madison Street, Chicago,
                                            Illinois 60661. Copies of such
                                            materials can be obtained from the
                                            Public Reference Section of the
                                            Commission at 450 Fifth Street,
                                            N.W., Washington, District of
                                            Columbia 20549 at prescribed rates.

<PAGE>

                                       A-5

                                 [Schedule III]
                         [(Swap Agreement Confirmation)]

<PAGE>

                                                                      EXHIBIT B1

                             FORM OF REGISTERED UNIT

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                SERIES [________]
                                [CLASS __] UNITS

[EACH PURCHASER OR OTHER TRANSFEREE OF THIS UNIT OR ANY INTEREST HEREIN OF THIS
UNIT, BY ITS ACCEPTANCE HEREOF, IS DEEMED TO REPRESENT AND WARRANT FOR THE
BENEFIT OF THE TRUSTEE AND THE DEPOSITOR OF THE TRUST, AND EACH DISTRIBUTION
PARTICIPANT AS DEFINED IN THE TRUST AGREEMENT THAT SUCH PURCHASER OR OTHER
TRANSFEREE IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT. ]

[IF THE TRUST AGREEMENT PROVIDES THAT THE 25% TEST APPLIES, A DEFINITIVE
PURCHASE AGREEMENT MUST BE EXECUTED AND DELIVERED BY THE PURCHASER OR THE
PROPOSED TRANSFEREE WHICH AGREEMENT WILL CONTAIN ADDITIONAL REPRESENTATIONS,
INCLUDING WHETHER THE PURCHASER OR PROPOSED TRANSFEREE IS A (I) "EMPLOYEE
BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA")), WHETHER OR NOT IT IS SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, INCLUDING ANY U.S.
GOVERNMENTAL PLANS AND ANY FOREIGN GOVERNMENTAL OR PRIVATE PENSION PLANS, (II)
"PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE"), OR (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE, AND, IF SO,
WHETHER SUCH PERSON IS SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR
ANY SUBSTANTIALLY SIMILAR LAW.]

[IF THE TRUST AGREEMENT PROVIDES THAT THE PROHIBITED TRANSACTION EXEMPTION
RESTRICTION APPLIES, BY ITS ACQUISITION OF ANY UNIT, THE HOLDER WILL BE DEEMED
TO HAVE REPRESENTED AND WARRANTED ON EACH DAY THAT IT HOLDS SUCH UNIT EITHER
THAT (X) IT IS NOT A (I) "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"))
SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (II)
"PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE") SUBJECT TO SECTION 4975 OF THE CODE OR (III) ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT IN SUCH
ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL PLAN WHICH IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE, OR (Y) ITS PURCHASE, HOLDING AND
DISPOSITION OF A UNIT WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL
PLAN, ANY SUBSTANTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW) FOR WHICH AN
EXEMPTION IS NOT AVAILABLE.]

[IF THE TRUST AGREEMENT PROVIDES THAT THE NO PLAN RESTRICTION APPLIES, THE
HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY SUCH PERSON TO ACQUIRE ANY UNIT, IN
ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL BE DEEMED BY SUCH
PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE UNIT IS HELD BY SUCH
PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I) "EMPLOYEE BENEFIT PLAN" (AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT TO SECTION 4975 OF THE
CODE OR (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL OR OTHER PLAN
SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TITLE I OR ERISA OR SECTION 4975
OF THE INTERNAL REVENUE CODE.]

[EACH PERSON THAT ACQUIRES A UNIT, AND EACH FIDUCIARY WHO CAUSES A PERSON TO
ACQUIRE A UNIT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, AGREES TO
INDEMNIFY AND HOLD HARMLESS THE DEPOSITOR, THE TRUSTEE, [MS&CO.] AND THEIR
RESPECTIVE AFFILIATES FROM ANY COST, DAMAGES, LOSS OR EXPENSE, INCURRED BY THEM
AS A RESULT OF THE REPRESENTATIONS MADE BY SUCH PERSON OR FIDUCIARY NOT BEING
TRUE.]

[THIS CERTIFICATE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS UNIT IS EXCHANGEABLE FOR UNITS REGISTERED IN THE
NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY.]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO TRUSTEE 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 UNIT MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS PROVIDED IN
THE TRUST AGREEMENT FOR THE TRUST TO WHICH THIS UNIT RELATES.]

[THIS UNIT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.]

<PAGE>

Unit No. [__]                                         CUSIP No. [______________]

REGISTERED INITIAL AMOUNT: $[_________]               FRACTIONAL SHARE:  [____]%

AGGREGATE INITIAL AMOUNT OF UNITS: $[25,000,000]

REGISTERED INITIAL NUMBER: [__]

AGGREGATE INITIAL NUMBER
OF ALL UNITS:  [__]

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                SERIES [________]
                                [CLASS __] UNITS

                  This certifies that Cede & Co. is the registered owner of an
undivided fractional interest in the Trust Property referred to below. The
amount due on this Unit on any Distribution Date is the fractional undivided
interest represented by this Unit of the amount of the distribution on the Units
as determined pursuant to the Trust Agreement.

                  The Trust Property will be held in trust by the Trustee
identified in the Trust Agreement (the "Trust"). The Trust has been created
pursuant to a Trust Agreement, dated as of [__________] (the "Trust Agreement"),
between LaSalle Bank National Association, as Trustee of the Trust (the
"Trustee"), and MS Structured Asset Corp.

                  To the extent not defined herein, all capitalized terms shall
have the meanings assigned to such terms in the Trust Agreement and the Terms
Schedule attached thereto. This Unit is one of the Units described in the Trust
Agreement and is issued under and subject to the terms, provisions and
conditions of the Trust Agreement. By acceptance of this Unit, the Holder
assents to and becomes bound by the Trust Agreement.

                  The Trust Property consists of the Securities (excluding the
Retained Interest of the Depositor) and any Permitted Investments.

                  Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions and any grace period or
cure period applicable to the Trust Property) and to the prior obligation of the
Trust to pay (i) all amounts due to the Swap Counterparty pursuant to the Swap
Agreement and (ii) all unpaid Extraordinary Trust Expenses, and until the
obligations created by the Trust Agreement shall have terminated in accordance
therewith, there will be distributed on each Distribution Date, to the Person in
whose name this Unit is registered at the close of business on the Record Date,
such Unitholder's fractional undivided interest in the amounts to be distributed
to Holders of Units pursuant to the Trust Agreement on such Distribution Date.
The amount to be distributed on the Scheduled Final Distribution Date will
include the full repayment of principal.

                  Distributions on this Certificate (so long as the original
principal amount hereof is not less than $10,000,000) will be made by wire
transfer in accordance with a written notice to the Trustee providing
appropriate wire transfer instructions given no later than 15 calendar days
prior to the applicable Distribution Date. If no such notice has been given,
distributions will be made by the Trustee by check mailed to the Unitholder of
record at its address as it appears in the Unit Register without the
presentation or surrender of this Certificate or the making of any notation
hereon, by wire transfer of immediately available funds. 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 office or agency maintained for that purpose by the
Trustee in the Chicago, Illinois.

                  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 rights, benefits, obligations and duties evidenced thereby.
A copy of the Trust Agreement may be examined during normal business hours at
the Corporate Trust Office of the Trustee, located at 135 South LaSalle Street,
Suite 1625, Chicago, Illinois 60603 and at such other places, if any, designated
by the Trustee, by any Unitholder upon request.

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

                  Unless the certificate of authentication hereon shall have
been executed by an authorized officer 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.

<PAGE>

                  IN WITNESS WHEREOF, the Trustee, on behalf of the Trust, and
not in its individual capacity, has caused this Certificate to be duly executed.

                                           SATURNS TRUST NO. __________

                                           BY: LASALLE BANK NATIONAL
                                                    ASSOCIATION,
                                                    as Trustee

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

DATED:

[SEAL]

Trustee's Certificate of
Authentication:

                        This is one of the Units referred
                      to in the within-mentioned Agreement.

                                          ASALLE BANK NATIONAL ASSOCIATION,
                                                  as Authenticating Agent

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

[If not a Global Security: Attachments: Schedule I to the Trust Agreement]

<PAGE>

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")

                                 SERIES ________

                  The Trust Agreement permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Unit Register upon surrender of this Certificate for registration of
transfer at the office or agency maintained by the Trustee in Chicago, Illinois,
accompanied by a written instrument of transfer and a Distribution Agreement in
form and substance satisfactory to the Trustee duly completed and executed by
the Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Certificates of authorized denominations evidencing
the same aggregate interest in the Trust will be issued to the designated
transferee.

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, Certificates are exchangeable for new
Certificates representing different numbers of Units which evidence the same
aggregate interest in the Trust, as requested by the Holder surrendering the
same. No service charge will be made for any such registration of transfer or
exchange, but the Trustee may require payment of a sum sufficient to cover any
tax or governmental charges payable in connection therewith.

                  The Depositor, 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 none of the Depositor, the Trustee, or
any such agent shall be affected by any notice to the contrary.

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby will terminate upon the payment to
Unitholders of all amounts required to be paid to them pursuant to the Trust
Agreement.

                  Notwithstanding anything contained in the Trust Agreement to
the contrary the Trust Agreement has been accepted by LaSalle Bank National
Association not in its individual capacity but solely as Trustee and in no event
shall LaSalle Bank National Association have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Depositor thereunder or in any of the certificates, notices or agreements
delivered pursuant thereto, as to all of which recourse shall be had solely to
the assets of the Depositor, and under no circumstances shall LaSalle Bank
National Association be personally liable for the payment of any indebtedness or
expenses of the Trust. The Units do not represent interests in or obligations of
the Trustee and the Trustee shall not be responsible or accountable for any tax,
accounting or other treatment proposed to be applied to the Units or any
interest therein except as expressly provided in the Trust Agreement.

<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 typewrite 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 Registrar,
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. Such signature must be
guaranteed by a member of the New York Stock Exchange or a commercial bank or
trust company.

<PAGE>

                             OPTION TO ELECT EXCHANGE

                  The undersigned hereby irrevocably requests and instructs the
Trustee to effect exchange of this Unit for the Trust Property in which this
Unit evidences a beneficial interest (or portion thereof specified below)
pursuant to its terms and in accordance with the Term Schedule and Section 5.12
of the Trust Agreement, to be delivered to the undersigned, at

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

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

------------------------------------------------------------------------------
                           (Please print or typewrite
                      name and address of the undersigned.)

                  If less than the entire Unit Principal Balance of this Unit is
to be redeemed, specify the portion thereof which the Holder elects to have
exchanged: ___________________; and specify the denomination or denominations
(which shall not be less than the minimum authorized denomination) of the Units
to be issued to the Holder for the portion of the within Units not being
exchanged (in the absence of any such specification, one such Unit will be
issued for the portion not being redeemed):

                             Dated: ________________Exhibit 4.1

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

                       Core Investment Grade Bond Trust I

                                 Trust Agreement

                                      Among

                             Core Bond Products LLC,

                                  as Depositor,

                              The Bank of New York,

                     as Trustee and Securities Intermediary,

                                       and

                         Banc of America Securities LLC,

                             as Administrative Agent

                          Dated as of November o, 2002

                    Pass-Through Certificates, Series 2002-1

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

<PAGE>

                                         TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                        Page
                                                                                                        ----

<S>                                                                                                       <C>
ARTICLE I    DEFINITIONS; CONSTRUCTION.....................................................................1

     Section 1.01.  Definitions............................................................................1
     Section 1.02.  Rules of Construction..................................................................9
     Section 1.03.  Article and Section References........................................................10

ARTICLE II   DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES...............................................10

     Section 2.01.  Creation and Declaration of Trust; Assignment of Underlying Notes.....................10
     Section 2.02.  Entry into Agency Agreement...........................................................10
     Section 2.03.  Acceptance by Trustee.................................................................10
     Section 2.04.  Agreement to Execute, Authenticate and Deliver Certificates...........................11

ARTICLE III  TRUST POWERS; ADMINISTRATION OF THE TRUST PROPERTY...........................................11

     Section 3.01.  Trust Property........................................................................11
     Section 3.02.  Administration of the Trust...........................................................11
     Section 3.03.  Collection of Certain Underlying Note Payments........................................12
     Section 3.04.  Sale..................................................................................12
     Section 3.05.  Certificate Account...................................................................12
     Section 3.06.  Investment of Funds in the Accounts...................................................15
     Section 3.07.  Access to Certain Documentation.......................................................16
     Section 3.08.  Removal of Underlying Notes Upon a Removal Event......................................16
     Section 3.09.  Sale Procedures Following a Removal Event.............................................17
     Section 3.10.  Removal of Underlying Notes Upon Final Judgment.......................................18
     Section 3.11.  Administrative Agent Provisions.......................................................18

ARTICLE IV   DISTRIBUTIONS AND REPORTS TO CERTIFICATEHOLDERS..............................................20

     Section 4.01.  Distributions.........................................................................20
     Section 4.02.  Reports to Certificateholders; Notices................................................22
     Section 4.03.  Compliance with Tax Reporting and Withholding Requirements............................23
     Section 4.04.  Preservation of Information, Communications to Certificateholders.....................23
     Section 4.05.  Exchange Act Reports..................................................................24

ARTICLE V    THE CERTIFICATES.............................................................................24

     Section 5.01.  The Certificates......................................................................24
     Section 5.02.  Execution, Authentication and Delivery................................................24
     Section 5.03.  Registration; Registration of Transfer and Exchange...................................25
     Section 5.04.  Mutilated, Destroyed, Lost and Stolen Certificates....................................26
     Section 5.05.  Distributions in Respect of Certificates..............................................27
     Section 5.06.  Persons Deemed Owners.................................................................27

                                                      i

<PAGE>

                                                                                                        Page
                                                                                                        ----

     Section 5.07.  Cancellation..........................................................................28
     Section 5.08.  Currency of Distributions in Respect of Certificates..................................28
     Section 5.09.  Appointment of Paying Agent...........................................................28
     Section 5.10.  Authenticating Agent..................................................................29
     Section 5.11.  Issuance Matters......................................................................30

ARTICLE VI   THE DEPOSITOR................................................................................31

     Section 6.01.  Representations and Warranties of the Depositor.......................................31
     Section 6.02.  Breach of Representation or Warranty..................................................32
     Section 6.03.  Liability of the Depositor............................................................33
     Section 6.04.  Limitation on Liability of the Depositor..............................................33
     Section 6.05.  Depositor May Purchase Certificates...................................................33
     Section 6.06.  Preparation and Filing of Exchange Act Reports; Obligations of the Depositor..........33
     Section 6.07.  Preferential Collection of Claims Against Depositor...................................34

ARTICLE VII  RIGHTS OF CERTIFICATEHOLDERS.................................................................34

     Section 7.01.  Voting Rights with Respect to Underlying Notes........................................34
     Section 7.02.  Direction of Remedies.................................................................35
     Section 7.03.  Meetings of Certificateholders........................................................36
     Section 7.04.  Assignment............................................................................36

ARTICLE VIII CONCERNING THE TRUSTEE.......................................................................36

     Section 8.01.  Duties of Trustee.....................................................................36
     Section 8.02.  Certain Matters Affecting the Trustee.................................................37
     Section 8.03.  Limitation on Liability of Trustee....................................................38
     Section 8.04.  Trustee May Own Certificates..........................................................39
     Section 8.05.  Trustee Fees and Expenses; Limited Indemnification; Expense Reserve Account...........39
     Section 8.06.  Eligibility Requirements for Trustee..................................................40
     Section 8.07.  Resignation or Removal of the Trustee.................................................41
     Section 8.08.  Successor Trustee.....................................................................41
     Section 8.09.  Merger or Consolidation of Trustee....................................................42
     Section 8.10.  Appointment of Co-Trustee.............................................................42
     Section 8.11.  Presentment and Surrender at Corporate Trust Office...................................43
     Section 8.12.  Representations and Warranties of Trustee.............................................43
     Section 8.13.  Limitation of Powers and Duties.......................................................44

ARTICLE IX   TERMINATION..................................................................................44

     Section 9.01.  Termination of the Trust..............................................................44

                                                      ii

<PAGE>

                                                                                                        Page
                                                                                                        ----

ARTICLE X    MISCELLANEOUS TERMS..........................................................................45

     Section 10.01. Amendment of this Agreement...........................................................45
     Section 10.02. Counterparts..........................................................................46
     Section 10.03. Limitation on Rights of Certificateholders............................................46
     Section 10.04. GOVERNING LAW; Non-exclusive Submission to Jurisdiction...............................46
     Section 10.05. Notices...............................................................................47
     Section 10.06. Severability of Terms.................................................................47
     Section 10.07. Notice to Rating Agencies.............................................................47
     Section 10.08. No Recourse...........................................................................47
     Section 10.09. No Petition Covenant..................................................................48
     Section 10.10. Intention of Parties..................................................................48
</TABLE>

SCHEDULE I     Underlying Note Schedule
EXHIBIT A      Form of Certificate
ANNEX A        Form of Notice of Removal of Underlying Notes from Trust Property
ANNEX B        Form of Notice of Election to Sell

                                                     iii

<PAGE>

                                 TRUST AGREEMENT

     This Trust Agreement, dated as of November o, 2002 (this "Agreement"), is
by and among THE BANK OF NEW YORK, a New York corporation, as Trustee and
Securities Intermediary, CORE BOND PRODUCTS LLC, a Delaware limited liability
company, as Depositor, and BANC OF AMERICA SECURITIES LLC, a Delaware limited
liability company, as Administrative Agent, relates to the issuance of
Pass-Through Certificates, Series 2002-1 (the "Certificates") of Core Investment
Grade Bond Trust I (the "Trust").

                              PRELIMINARY STATEMENT

     The Depositor, the Trustee and the Securities Intermediary have duly
authorized the execution and delivery of this Agreement to provide for the
issuance of the Certificates.

      All representations, covenants and agreements made herein by each of
the Depositor, the Trustee and the Securities Intermediary are for the benefit
and security of the Certificateholders.

     The Depositor is entering into this Agreement, and The Bank of New York
is accepting the trust created hereby, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged.

                                   ARTICLE I

                            DEFINITIONS; CONSTRUCTION

     Section 1.01 Definitions. Except as otherwise specified herein or as the
context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Agreement:

     "Account": As defined in Section 3.06.

     "Administrative Agent": An entity that has agreed to perform the services
specified in Sections 3.08 and 3.09, which initially shall be Banc of America
Securities LLC.

     "Administrative Agent Fee": As defined in Section 3.09.

     "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.

     "Agency Agreement": The agency agreement among the Certificates Agents and
the Depositor, dated November o, 2002, relating to the offer and sale of the
Certificates.

     "Authenticating Agent": As defined in Section 5.10.

                                      -1-
<PAGE>

     "Available Expense Amount": An amount equal to the product of (1) the
aggregate Certificate Principal Balance of all Certificates Outstanding on the
Business Day immediately preceding the applicable Regular Distribution Date and
(2) 0.002%.

     "Available Funds": With respect to any Regular Distribution Date, (1) all
amounts received by the Trustee on or with respect to the Underlying Notes or
other Trust Property from but excluding the immediately preceding Regular
Distribution Date (or, in the case of the initial Regular Distribution Date, the
Closing Date) to and including such Regular Distribution Date, plus (2) all
investment income from Eligible Investments, in each case on deposit in the
Certificate Account and available for distribution on such Regular Distribution
Date, minus any amounts so received by the Trustee and previously distributed on
a Special Distribution Date.

     "Book-Entry Certificate": A Certificate represented by a Global
Certificate.

     "Business Day": Any day, other than a Saturday, Sunday or other day on
which commercial banks are obligated or authorized by law, executive order or
regulation to be closed in The City of New York.

     "Certificate" or "Certificates": Any of the certificates, defined as
Certificates in the preamble hereto, that are executed, authenticated and
delivered under this Agreement, and includes Global Certificates and
Certificated Certificates.

     "Certificate Account": An Eligible Account established in accordance with
Section 3.05.

     "Certificate Principal Balance": With respect to a Certificate that is
Outstanding, as determined at any time, the maximum amount that the Holder
thereof is entitled to receive as distributions allocable to payments of
principal of the Underlying Notes (without taking into account any premium
payable in connection with the optional redemption of the Underlying Notes).

     "Certificate Register" and "Certificate Registrar": As respectively defined
in Section 5.03.

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

     "Certificateholder" and "Holder": The Person in whose name a Certificate is
registered as designated in the Certificate Register as of any relevant date.

     "Certificates Agents": Banc of America Securities LLC, J.P. Morgan
Securities Inc. and o, in their capacity as agents for the Depositor in
soliciting offers to purchase the Certificates.

     "Closing Date": The date on which the Certificates are originally executed,
authenticated and delivered under this Agreement.

     "Code": The U.S. Internal Revenue Code of 1986, as amended, and Treasury
Regulations promulgated thereunder.

                                      -2-
<PAGE>

     "Commission": The U.S. Securities and Exchange Commission or any successor
agency thereto.

     "Corporate Trust Office": The Trustee's offices at 100 Church Street, New
York, New York 10286, or such other addresses as the Trustee may designate from
time to time by written notice to the Certificateholders and the Depositor.

     "Currency": Dollars.

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

     "Debt Agents": Banc of America Securities LLC, J.P. Morgan Securities Inc.
and o, in their capacity as agents for each Underlying Issuer in soliciting
offers to purchase the Underlying Notes.

     "Default Event": An "event of default" with respect to any Underlying Note.

     "Depositary": DTC initially, or such other depositary appointed by the
Depositor.

     "Depositor": Core Bond Products LLC, a Delaware limited liability company,
and any of its successors or assigns.

     "Depositor Order" or "Depositor Requests": A written order or request,
respectively, signed in the name of the Depositor by any of its Executive
Officers and delivered to the Trustee.

     "Distribution Date": Each Regular Distribution Date and Special
Distribution Date.

     "Distribution Period": The Initial Distribution Period and the period from
and including the immediately preceding Regular Distribution Date to but
excluding the applicable Regular Distribution Date.

     "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.

     "Downgrade Event": The rating of the Underlying Notes of any single
Underlying Issuer is downgraded below "BBB-" by S&P or "Baa3" by Moody's, or
their then equivalent rating, if applicable, or is withdrawn by either S&P or
Moody's.

     "Eligible Account": A non-interest bearing account held in the name of
the Trustee in trust for the benefit of the Certificateholders that is either
(1) a segregated account or segregated accounts maintained with a Federal or
State chartered depository institution or trust company the short-term and
long-term unsecured debt obligations of which (or, in the case of a depository
institution or trust company that is the principal subsidiary of a holding
company, the short-term and long-term unsecured debt obligations of such
holding company) are rated P-1 and Aaa by Moody's, A-1+ and AAA by S&P, and,
if rated by Fitch, F1+ and AAA by Fitch at the time any amounts are held on
deposit therein, including when such amounts are initially deposited and all
times subsequent or (2) a segregated trust account or segregated accounts
maintained as a

                                      -3-
<PAGE>

segregated account or as segregated accounts and held by the Trustee in its
Corporate Trust Office in trust for the benefit of the Certificateholders.

     "Eligible Investments": One or more of the following investments made by
the Trustee pursuant to Section 3.06:

          (1) 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
     explicitly backed by the full faith and credit of the United States of
     America; provided 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, and during the course, of investment, it has at least the credit
     rating of P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by
     Fitch, F1+ or AAA by Fitch;

          (2) demand and time deposits in, certificates of deposit of, or
     bankers' 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
     at the time of, and during the course of, such investment or contractual
     commitment providing for such investment have at least the credit rating of
     P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by Fitch, F1+ or
     AAA by Fitch (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 have a credit rating of
     P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by Fitch, F1+ or
     AAA by Fitch);

          (3) commercial paper having a maturity of not more than 180 days and
     having at the time, and during the course, of such investment at least the
     credit rating of P-1 by Moody's, A-1+ by S&P, and, if rated by Fitch, F1+
     by Fitch; and

          (4) repurchase agreements with respect to (a) any security described
     in clause (1) 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 of P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated
     by Fitch, F1+ or AAA by Fitch (it being understood that copies of any
     repurchase agreement entered into will be delivered to the Rating Agencies,
     if any);

provided, however, that the total return specified by the terms of each such
obligation or security is at least equal to the purchase price thereof;
provided, further, that each such obligation or security must mature at least
one Business Day prior to the next required distribution to Certificateholders
of the funds used to invest in such obligation or security; provided, further,
that each such obligation or security shall be held in the name of the Trustee
in trust for the benefit of Certificateholders; and provided, further, that an
Eligible Investment shall not consist

                                      -4-
<PAGE>

of (a) a swap agreement as defined in the
United States Bankruptcy Code, 11 U.S.C. S 101 et seq., (b) an interest-only or
principal-only security or (c) a liability of the Trust in excess of the
principal amount invested by the Trustee. Eligible Investments shall include,
without limitation, those investments described above for which the Trustee or
an Affiliate of the Trustee provides services.

     "Eligible Issuer": An issuer of Underlying Notes that (1) has registered
its Underlying Notes (or, in the case of Section 3.08(a), is eligible to
register its debt securities) for sale pursuant to an effective registration
statement under the Securities Act on Form S-3 or Form F-3 and is either (a) a
Reporting Company that satisfies either (x) the public float condition of $75
million or more of General Instruction B.1 or (y) the non-convertible investment
grade securities condition of General Instruction B.2, in each case of Form S-3
or Form F-3 as of the date of this Agreement or (b) a subsidiary that is not a
Reporting Company and is eligible to use Form S-3 or Form F-3 solely in reliance
on General Instruction C.3 of Form S-3 or General Instruction I.A.5(iii) of Form
F-3, as the case may be, and satisfaction of the requirements of Rule 3-10 of
Regulation S-X or (2) is a GSE.

     "ERISA": The U.S. Employee Retirement Income Security Act of 1974, as
amended.

     "Exchange Act": The U.S. Securities Exchange Act of 1934, as amended.

     "Executive Officer": With respect to any corporation or limited liability
company, the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, President, any Vice President, the Treasurer or any Assistant
Treasurer, and the Secretary or any Assistant Secretary of such corporation or
limited liability company, as the case may be.

     "Expense Reserve Account": An Eligible Account established in accordance
with Section 8.05(d).

     "Extraordinary Trust Expense": As defined in Section 8.05(b).

     "Final Scheduled Distribution Date": o.

     "Fitch": Fitch Ratings.

     "FRBNY": As defined in Section 2.01(b).

     "Fractional Undivided Interest" means the fractional undivided beneficial
ownership interests in the assets of the Trust evidenced by an Outstanding
Certificate that is equal to the Certificate Principal Balance of such
Certificate divided by the aggregate Certificate Principal Balance of all
Outstanding Certificates.

     "Global Certificates": A Certificate in global form bearing the legend
specified in Section 5.11(c) that is deposited with the Trustee on behalf of the
Depositary and registered in the name of the Depositary or its nominee.

                                      -5-
<PAGE>

     "GSE": A government-sponsored enterprise that is not required to register
the public offering and sale of its securities under the Securities Act and that
makes its information publicly available on a periodic basis.

     "Initial Distribution Period": The period from and including the Closing
Date to but excluding the initial Regular Distribution Date.

     "Initial Underlying Note Accrual Period": The period from and including the
Closing Date to but excluding the initial Underlying Note Interest Payment Date.

     "Investment Company Act": The U.S. Investment Company Act of 1940, as
amended.

     "Luxembourg Authorized Newspaper": The Luxembourg Wort or any other
newspaper that is (1) printed in an official language of Luxembourg, (2)
customarily published on each day that is a business day in Luxembourg and (3)
in general circulation in Luxembourg.

     "Maximum Reimbursable Amount": As specified in Section 8.05(b).

     "Moody's": Moody's Investors Service, Inc.

     "Non-Filing Event": An Underlying Issuer of Underlying Notes representing
10% or more of the aggregate principal amount of all Underlying Notes is, at any
time, not filing periodic reports with the Commission under the Exchange Act, in
the case of a Reporting Company, or is not making its information publicly
available, in the case of a GSE, and, in any such case, the obligations of such
Underlying Issuer are not (1) fully and unconditionally guaranteed by an
Eligible Issuer (and all of the requirements of Rule 3-10 of Regulation S-X are
satisfied) or (2) assumed by an Eligible Issuer.

     "Officer's Certificate": A certificate signed by one or more Executive
Officers of the Depositor, as specified in this Agreement, and delivered to the
Trustee.

     "Opinion of Counsel": A written opinion of counsel, who may, except as
otherwise expressly provided in this Agreement, be counsel for the Depositor,
reasonably acceptable to the Trustee.

     "Outstanding": As of any date of determination, all Certificates
theretofore authenticated and delivered under this Agreement, except:

          (1) Certificates theretofore canceled by the Certificate Registrar or
     delivered to the Trustee for cancellation; and

          (2) Certificates in exchange for or in lieu of which other
     Certificates have been authenticated and delivered pursuant to this
     Agreement, unless proof satisfactory to the Trustee is presented that any
     such Certificates are held by a bona fide purchaser in whose hands such
     Certificates represent beneficial ownership interests in the assets of the
     Trust; and

                                      -6-
<PAGE>

          (3) Certificates whose Certificate Principal Balance has been reduced
     to zero in accordance with the terms of this Agreement.

     "Paying Agent": As defined in Section 5.09.

     "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.

     "Predecessor Certificate": With respect to any particular Certificate,
every previous Certificate evidencing all or a portion of the same undivided
beneficial ownership interests as those evidenced by such particular
Certificate; and, for the purpose of this definition, any Certificate
authenticated and delivered under Section 5.04 in lieu of a lost, destroyed or
stolen Certificate shall be deemed to evidence the same undivided beneficial
ownership interests as the lost, destroyed or stolen Certificate.

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

     "Publicly Offered Securities": Securities that satisfy the requirements of
29 C.F.R.ss.2510.3-101(b)(2).

     "Rating Agencies": Moody's, S&P and Fitch.

     "Rating Agency Condition": With respect to any action taken or to be taken
under this Agreement, written confirmation from each Rating Agency to the
Depositor, the Trustee and the Administrative Agent that an immediate withdrawal
or reduction of its then current rating of the Outstanding Certificates from
such Rating Agency will not occur as a result of such action.

     "Record Date": With respect to a distribution of interest to
Certificateholders on a Regular Distribution Date other than the Final
Scheduled Distribution Date, the o and o (whether or not a Business Day), as
the case may be, immediately preceding such Distribution Date; and with
respect to a distribution on a Special Distribution Date other than a Special
Distribution Date resulting from the optional redemption of Underlying Notes,
the calendar day (whether or not a Business Day) immediately preceding the
date on which the Trustee received the related payment.

     "Regular Distribution Date": Any date, other than a Special Distribution
Date, on which payments are received by the Trustee in respect of the Underlying
Notes or, if that date is not a Business Day, the next succeeding Business Day.

     "Removal Event": A Downgrade Event, a Non-Filing Event and/or a Default
Event.

     "Reporting Company": A Person that is subject to the periodic informational
reporting requirements of the Exchange Act.

     "Responsible Officer": With respect to the Trustee or the Administrative
Agent, as the context requires, any Vice President, Assistant Vice President,
Secretary, Assistant Secretary or

                                      -7-
<PAGE>

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 knowledge of and familiarity with the particular
subject.

     "Securities Act": The U.S. Securities Act of 1933, as amended.

     "Securities Intermediary": As defined in Section 3.05(c).

     "Special Distribution Date": As defined in Section 4.01(b).

     "State": Any one of the 50 states of the United States or the District of
Columbia.

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

     "TIA": The U.S. Trust Indenture Act of 1939, as amended.

     "Transfer": With respect to the Underlying Notes or other Trust Property,
to sell, convey, assign, transfer, create, grant a pledge or other lien upon and
a security interest in and right of setoff against, deposit, set over,
contribute and confirm to the Trustee pursuant to this Agreement; and the terms
"Transferred" and "Transferring" have the meanings correlative to the foregoing.
A Transfer of any Underlying Notes or of any other instrument shall include all
rights, powers and options (but none of the obligations) of the Transferring
party thereunder, including the first priority and continuing right to claim
for, collect, receive and give receipt for principal, premium, if any, and
interest payments in respect of such Underlying Notes 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 Transferring party or otherwise, and generally to
do and receive anything that the Transferring party is or may be entitled to do
or receive thereunder or with respect thereto.

     "Trust": Core Investment Grade Bond Trust I, the trust created by this
Agreement.

     "Trust Expenses": The sum of: (1) Trustee Fees; (2) fees and expenses
relating to preparing, filing, printing and delivering prospectuses, reports and
other information relating to the Trust under the Securities Act or the Exchange
Act (including the fees and disbursements of the Trust's counsel and
accountants); and (3) fees charged by the Rating Agencies with respect to their
ratings of the Certificates.

     "Trust Property": As defined in Section 3.01.

     "Trustee": The Bank of New York, a New York corporation, or any co-trustee
appointed pursuant to Section 8.10, until a successor Person shall have become
the Trustee pursuant to the applicable terms of the Trust Agreement, and
thereafter "Trustee" shall mean such successor Person.

     "Trustee Fees": As defined in Section 8.05(a).

                                      -8-
<PAGE>

     "UCC": The Uniform Commercial Code as in effect in the relevant
jurisdiction.

     "Underlying Issuer": Each issuer of Underlying Notes.

     "Underlying Notes": The Underlying Notes specified on Schedule I, subject
to removal from the assets of the Trust upon the occurrence of a Removal Event,
an event specified in Section 3.10 or the optional redemption of Underlying
Notes by the related Underlying Issuer.

     "Underlying Note Accrual Period": The Initial Underlying Note Accrual
Period and each period from and including an Underlying Note Interest Payment
Date to but excluding the next succeeding Underlying Note Interest Payment Date.

     "Underlying Note Agreement": The indenture, fiscal agency agreement or
other agreement under or pursuant to which a particular Underlying Note is
issued by the related Underlying Issuer.

     "Underlying Note Interest Payment Date": As specified in Schedule I.

     "Underlying Note Interest Rate": As specified in Schedule I.

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

     "U.S. Person": A citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof, an estate the income of
which is subject to United States federal income taxation regardless of its
source or a trust if (i) a U.S. court is able to exercise primary supervision
over the trust's administration and (ii) one or more U.S. persons have the
authority to control all of the trust's substantial decisions.

     Certain additional defined terms have the meanings assigned thereto in
other terms hereof.

     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;

          (iii) "or" is not exclusive;

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

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

                                      -9-
<PAGE>

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

     Section 1.03 Article and Section References. All Article and Section
references used in this Agreement, unless otherwise provided, are to Articles
and sections in this Agreement. Any reference to "this Section" appearing within
a particular paragraph of a Section is a reference to such Section as a whole.

                                   ARTICLE II

                 DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

     Section 2.01 Creation and Declaration of Trust; Assignment of Underlying
Notes. (a) The Depositor, concurrently with the execution and delivery of this
Agreement, Transfers to the Trustee, on behalf and for the benefit of the
Certificateholders and without recourse, all the right, title and interest of
the Depositor, including any security interest therein, in, to and under (i)
the Underlying Notes, (ii) the Certificate Account, including all income from
the investment of funds in the Certificate Account, (iii) all payments on or
under and all proceeds of any of the foregoing (including all proceeds of the
conversion thereof, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, causes of action, rights to payment of any and every kind
and other forms of obligations, receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing) and (iv) all other assets included or to be included in
the Trust Property.

     (b) In connection with the Transfer referred to in Section 2.01(a), the
Depositor shall, on the Closing Date, either (i) deposit the Underlying Notes in
definitive, physical form with the Trustee by physical delivery of such
Underlying Notes, duly endorsed and accompanied by all necessary Transfer
documents, to the Trustee, (ii) cause the Underlying Notes represented by global
securities (other than those Underlying Notes issued by GSEs) to be transferred
to the Trustee on the books and records of the applicable Depositary and its
participants or (iii) cause the Underlying Notes issued by GSEs that are
represented by global securities to be transferred to the Trustee in the
book-entry records of the Federal Reserve Bank of New York ("FRBNY").

     (c) The Depositor's Transfer of the Underlying Notes to the Trustee
accomplished by this Agreement is absolute and is intended by the parties hereto
as a sale as further provided in Section 3.04.

     Section 2.02 Entry into Agency Agreement. Prior to the execution of this
Agreement, the Depositor shall have entered into the Agency Agreement with the
Certificates Agents.

     Section 2.03 Acceptance by Trustee. The Trustee acknowledges its receipt of
the Underlying Notes and the related documents referred to in Section 2.01 and
declares that it will hold such assets and all other assets comprising the Trust
Property in trust for the exclusive benefit of all present and future
Certificateholders and for the purposes and subject to the terms

                                      -10-
<PAGE>

and conditions set forth in this Agreement, including the Trustee's
obligations to make distributions to the Certificateholders in accordance with
Section 4.01.

     Section 2.04 Agreement to Execute, Authenticate and Deliver Certificates.
The Trustee agrees and acknowledges that it will, concurrently with its receipt
of the Underlying Notes and the execution and delivery by the Depositor of this
Agreement, duly execute, authenticate and deliver to or upon the order of the
Depositor, in exchange for the Underlying Notes and such other assets
constituting the Trust Property, Certificates in authorized denominations
evidencing beneficial ownership of the entire Trust Property, all in accordance
with the terms and conditions of this Agreement.

                                  ARTICLE III

               TRUST POWERS; ADMINISTRATION OF THE TRUST PROPERTY

     Section 3.01 Trust Property. The "Trust Property" will consist of (i) the
Underlying Notes and all payments on or collections in respect of such
Underlying Notes and (ii) all Eligible Investments and all funds from time to
time deposited in segregated accounts held by the Trustee in trust for the
benefit of the Certificateholders other than the Expense Reserve Account.

     Section 3.02 Administration of the Trust. (a) Except as otherwise
specified herein, the Trustee shall administer the Trust Property for the
benefit of the Certificateholders. In administering the Trust Property, the
Trustee shall follow the collection procedures specified in the Underlying
Notes and shall perform all other duties set forth herein. The duties of the
Trustee shall be performed in accordance with applicable law.

     (b) Subject to Article VIII, the Trustee is hereby authorized to perform,
and from time to time hereafter, shall perform only those acts which are
described in this Agreement as obligations of the Trustee. Notwithstanding the
generality of the foregoing, the Trustee is hereby specifically authorized to do
the following on behalf of the Trust: to accept delivery of the Underlying
Notes; to execute, authenticate and deliver the Certificates; to establish and
maintain the Certificate Account hereunder; to pledge the Trust Property to
secure the obligations of the Trust; to make Eligible Investments pursuant to
Section 3.06; and to make distributions pursuant to Article IV.

     (c) Notwithstanding anything to the contrary herein, the Trustee shall not
permit the Trust to engage in any business or activities other than receiving
and holding the Underlying Notes or other Trust Property as provided herein in
trust for the benefit of Certificateholders, issuing the Certificates, making
Eligible Investments in accordance with Section 3.06 and distributions pursuant
to Article IV and performing its duties set forth herein; provided, further,
that the Trustee shall not permit the Trust to engage in any business or
activity which will cause it to be required to be registered under the
Investment Company Act or which would cause the Trust to be taxed as an
association or publicly traded partnership taxable as a corporation or otherwise
alter the classification of the Trust for U.S. Federal income tax purposes.

     (d) The Trustee shall not Transfer the Underlying Notes or other Trust
Property, or any interest of the Trust therein, to any Person or Persons, except
to a successor trustee as

                                      -11-
<PAGE>

provided in Section 8.08 or as otherwise expressly specified hereunder. This
Section 3.02(d) shall not be construed to prohibit Transfers of the
Certificates or removal of any Underlying Notes from the Trust Property as
expressly specified herein. In addition, the Trustee shall not acquire any
asset or make any investment except as contemplated within the definition of
Trust Property.

     (e) The Trustee shall be legally entitled to exercise all of the rights,
powers and privileges as a registered holder or beneficial owner of the
Underlying Notes, subject to the provisions of this Agreement. However, neither
the Trustee (except as specifically provided herein or in the TIA) nor the
Depositor shall be under any obligation whatsoever to appear in, prosecute or
defend any Proceeding in respect of Underlying Notes or Certificates.

     (f) The Trustee shall not take any action that is reasonably likely to (i)
impair the interests of the Trust in any Underlying Notes or any other Trust
Property, (ii) impair the value of any Underlying Notes or any other Trust
Property, (iii) require the Trust to be registered under the Investment Company
Act or (iv) cause the Trust to be taxed as a corporation or publicly traded
partnership taxable as a corporation or otherwise alter the classification of
the Trust for U.S. Federal income tax purposes, and the Trustee shall not fail
to take any action that is reasonably likely to avoid any of the matters
referred to in clause (i), (ii), (iii) or (iv) above.

     Section 3.03 Collection of Certain Underlying Note Payments. The Trustee
shall use its best efforts to collect all payments required to be made by each
Underlying Issuer pursuant to the terms of its Underlying Notes in a manner
consistent with the terms of such Underlying Notes.

     Section 3.04 Sale. The parties hereto agree and intend that the Transfer of
Underlying Notes to the Trust by the Depositor and all proceeds thereof shall be
treated as a sale and purchase by the Trust and not as a loan or a pledge to
secure a loan. If for any reason such Transfer is deemed to be as a loan or a
pledge to secure a loan, the parties intend that this Agreement shall be a
security agreement pursuant to which there shall be deemed to have been granted
to the Trustee a security interest in all right, title and interest in and to
the Underlying Notes and to the obligation to the Trustee for Trust Expenses
specified herein. If the Trust terminates prior to the satisfaction of the
claims of any Certificateholder under any Certificate, the security interest
created hereby shall continue in full force and effect and the Trustee shall be
deemed to be the collateral agent for the benefit of such Certificateholder.

     Section 3.05 Certificate Account. (a) The Trustee shall establish a
Certificate Account. The Trustee, on behalf of the Certificateholders, shall
possess all right, title and interest in and to all funds on deposit from time
to time in the Certificate Account and in all proceeds thereof, subject to the
payment of Trust Expenses as specified herein. The Certificate Account shall be
under the sole dominion and control of the Trustee. The Trustee shall deposit or
cause to be deposited in the Certificate Account all amounts collected with
respect to the Underlying Notes, including:

          (i) all payments received by the Trustee on account of principal of
     the Underlying Notes;

                                      -12-
<PAGE>

          (ii) all payments received by the Trustee on account of premium (if
     any) on the Underlying Notes;

          (iii) all payments received by the Trustee on account of interest on
     the Underlying Notes; and

          (iv) payments in the nature of penalties, late payment charges or
     assumption fees received by the Trustee in respect of any Underlying Notes.

The Trustee shall also deposit or cause to be deposited in the Certificate
Account all interest payments received in respect of any Eligible Investments.

     If, at any time, the Certificate Account is not an Eligible Account, the
Trustee shall, within five Business Days (or such longer period, not to exceed
30 calendar days, so long as the Rating Agency Condition is met), establish a
new Certificate Account meeting the conditions specified above and the Trustee
shall, within five Business Days after establishing a new Certificate Account,
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 purposes of this
Agreement.

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

     (c)

          (i) The Trustee hereby confirms the following with respect to the
     Certificate Account: (A) the Certificate Account shall be a "securities
     account" within the meaning of Section 8-501 of the UCC to which financial
     assets are or may be credited, (B) the Trustee shall act in the capacity of
     a "securities intermediary" within the meaning of Section 8-102(a)(14) of
     the UCC (in such capacity, the "Securities Intermediary") with respect to
     the Certificate Account, (C) the Securities Intermediary shall treat the
     Trustee as the sole "entitlement holder" within the meaning of Section
     8-102(a)(7) of the Certificate Account and the sole Person entitled to
     exercise the rights that comprise any financial asset credited to the
     Certificate Account, and (D) all securities, securities entitlements,
     financial assets and other investment property shall be credited by the
     Securities Intermediary to the Certificate Account as provided herein.

          (ii) The Securities Intermediary hereby agrees that each item of
     property (whether investment property, financial assets, securities, or
     instruments) credited to the Certificate Account other than cash shall be
     treated as a "financial asset" within the meaning of Article 8-102(a)(9) of
     the UCC. On the day on which any funds are deposited in the Certificate
     Account, the Securities Intermediary shall either distribute such funds in
     accordance with Section 4.01 hereof or, as applicable, invest such funds in
     Eligible Investments, in accordance with Section 3.06 hereof.

          (iii) Notwithstanding anything to the contrary and for the avoidance
     of doubt, if at any time the Securities Intermediary shall receive any
     notification or entitlement order from the Trustee directing it to transfer
     or redeem any financial asset or other

                                      -13-
<PAGE>

     property relating to the Certificate Account, the Securities Intermediary
     shall comply with such notification or other entitlement order without
     further consent by the Depositor or any other Person.

          (iv) The Securities Intermediary's jurisdiction (as defined in Section
     8-110 of the UCC) shall be the State of New York.

          (v) The Trust Property and any other property to be deposited in, or
     credited to, the Certificate Account shall be delivered as follows (terms
     used in the following provisions that are not otherwise defined are used as
     defined in Article 8 of the UCC):

          (1) in the case of each certificated security (other than a clearing
          corporation security (as defined below)) or instrument, by:

                    (a) the delivery of such certificated security or
               instrument to the Securities Intermediary registered in the
               name of the Securities Intermediary or its affiliated nominee
               or endorsed to the Securities Intermediary or in blank,

                    (b) the Securities Intermediary continuously indicating by
               book-entry that such certificated security or instrument is
               credited to the Certificate Account, and

                    (c) the Securities Intermediary maintaining continuous
               possession of such certificated security or instrument in the
               State of New York;

          (2) in the case of each uncertificated security (other than a clearing
          corporation security (as defined below) ), by causing:

                    (a) such uncertificated security to be continuously
               registered on the books of the issuer thereof to the Securities
               Intermediary, and

                    (b) the Securities Intermediary continuously indicating by
               book-entry that such uncertificated security is credited to the
               Certificate Account;

          (3) in the case of each security in the custody of or maintained on
          the books of a clearing corporation or its nominee (a "clearing
          corporation security"), by causing:

                    (a) the relevant clearing corporation to credit such
               clearing corporation security to the securities account of the
               Securities Intermediary, and

                                      -14-
<PAGE>

                    (b) the Securities Intermediary continuously indicating by
               book-entry that such clearing corporation security is credited to
               the Certificate Account;

          (4) in the case of each security issued or guaranteed by the United
          States of America or agency or instrumentality thereof and that is
          maintained in book-entry records of the FRBNY (a "government
          security"), by causing:

                    (a) the creation of a security entitlement to such
               government security by the credit of such government security to
               the securities account of the Securities Intermediary at the
               FRBNY, and

                    (b) the Securities Intermediary continuously indicating by
               book-entry that such government security is credited to the
               Certificate Account; and

          (5) in the case of each security entitlement not governed by clauses
          (1) through (4) above, by:

                    (a) causing a securities intermediary (x) to indicate by
               book-entry that the underlying "financial asset" (as defined in
               Section 8-102(a)(9) of the UCC) has been credited to be the
               Securities Intermediary's securities account, (y) to receive a
               financial asset from the Securities Intermediary or acquiring the
               underlying financial asset for the Securities Intermediary, and,
               in either case, accepting it for credit to the Securities
               Intermediary's securities account or (z) to become obligated
               under other law, regulation or rule to credit the underlying
               financial asset to the Security Intermediary's securities
               account,

                    (b) the making by such securities intermediary of entries on
               its books and records continuously identifying such security
               entitlement as belonging to the Securities Intermediary and
               continuously indicating by book-entry that such securities
               entitlement is credited to the Securities Intermediary's
               securities account, and

                    (c) the Securities Intermediary continuously indicating by
               book-entry that such security entitlement (or all rights and
               property of the Securities Intermediary representing such
               securities entitlement) is credited to the Certificate Account.

     Section 3.06. Investment of Funds in the Accounts. The Trustee shall use
commercially reasonable efforts to deliver or cause to be delivered all
uninvested funds in the Certificate Account or any other segregated account the
content of which is held for the benefit of the Trust (each, an "Account") to an
account specified by the Administrative Agent for investment in

                                      -15-
<PAGE>

Eligible Investments no later than 2:00 PM New York City time (or such other
time as may be acceptable to the Administrative Agent) on the Business Day
such funds are deposited in any such Account; provided, however, that in the
event the Trustee shall be unable to deliver such funds or cause such funds to
be delivered as aforesaid, the Trustee shall invest such funds in the Eligible
Investments of the type specified in clause (2) of the definition thereof
prior to the close of business on the Business Day such funds are deposited in
any such Account. On the Business Day any uninvested funds are delivered to
the Administrative Agent, the Administrative Agent shall invest such funds in
one or more Eligible Investments bearing interest or sold at a discount and
deposit or cause such Eligible Investments to be deposited in such Account for
the benefit of the Trust. The Depositor may direct the Administrative Agent in
writing no later than 2:00 PM New York City time on the Business Day on which
such funds are received by the Administrative Agent to invest such funds in
one or more Eligible Investments. However, if the Depositor does not provide
any investment directions to the Administrative Agent prior to that time, then
the Administrative Agent shall invest such funds in the Eligible Investments
of the type specified in clause (2) of the definition thereof. The Trustee or
any such depository institution shall be required to hold such Eligible
Investments to maturity unless any such investments shall (x) no longer
qualify as Eligible Investments (as determined by the Administrative Agent) or
(y) be payable on demand. In the event that the Administrative Agent
determines that such investments no longer qualify as Eligible Investments,
the Administrative Agent shall sell the same and deposit the proceeds or cause
the proceeds to be deposited in the applicable Account.

     Section 3.07. Access to Certain Documentation. The Trustee shall provide to
any regulatory authority that may exercise authority over the Depositor or any
Certificateholder access to the documentation regarding the Underlying Notes
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 Notes will be provided to the Depositor
or any Certificateholder upon request during normal business hours at the
Corporate Trust Office of the Trustee at the expense of the Person requesting
such access.

     Section 3.08. Removal of Underlying Notes Upon a Removal Event. (a) If a
Removal Event with respect to any Underlying Note or the related Underlying
Issuer has occurred, then the Trustee, within two Business Days following its
receipt of written notice from the applicable Underlying Note indenture trustee
or fiscal agent or its actual knowledge of a payment default, in the case of a
Default Event, or its receipt of written notice from the Administrative Agent,
in the case of a Downgrade Event or a Non-Filing Event, will deliver to the
Certificateholders notice of the applicable Removal Event in the form specified
in Annex A hereto in accordance with Section 4.02(b) and, within twelve Business
Days following its receipt of any such written notice or its actual knowledge of
a payment default, will remove the related Underlying Notes from the Trust
Property and, subject to Section 3.08(b), will distribute such Underlying Notes
to the Certificateholders on a pro rata basis (based on their Fractional
Undivided Interests) and the Certificate Principal Balance of each Certificate
will be reduced by an amount equal to the pro rata share of the principal amount
of such Underlying Notes. In such cases, (i) the Trustee will decrease the
Certificate Principal Balance of a Global Certificate to reflect such reduction
or (ii) Certificateholders holding Certificated Certificates will be required to
deliver the same to the Corporate Trust Office of the Trustee, whereupon the
Trustee will execute, authenticate

                                      -16-
<PAGE>

and deliver to such Certificateholders (without any service charge) new
Certificated Certificates of authorized denominations for the remaining
Certificate Principal Balance and will deliver a pro rata share of such
Underlying Notes or the sale proceeds specified in Sections 3.08(b) and (c)
and 3.09, as required, to such Certificateholders.

     (b) If, following a Removal Event, an individual Certificateholder shall
notify the Trustee by delivering to the Trustee a notice substantially in the
form attached hereto as Annex B, within three Business Days of its receipt of
notice of such Removal Event from the Trustee, that it irrevocably elects to
sell its pro rata share of the related Underlying Notes, then the Trustee shall
deliver such Underlying Notes to the Administrative Agent for sale. The
Administrative Agent shall then use its reasonable efforts to sell each such
Certificateholder's pro rata share of the related Underlying Notes and deliver
the proceeds received in connection with such sale (less any Administrative
Agent Fee (as herein defined)), if any, to the Trustee for distribution to each
applicable Certificateholder. Any such sale and distribution of proceeds will be
made in accordance with Section 3.09.

     (c) If the Trustee cannot distribute the related Underlying Notes that are
to be distributed to Certificateholders upon the occurrence of a Removal Event
as a result of the failure to satisfy the minimum authorized denomination
requirements of such Underlying Notes, the Trustee will deliver such Underlying
Notes to the Administrative Agent for sale on behalf of the related
Certificateholders. Following such sale, the Administrative Agent will promptly
deliver the proceeds received from such sale (without any deduction for any
Administrative Agent Fee) to the Trustee for distribution to the applicable
Certificateholders.

     Section 3.09. Sale Procedures Following a Removal Event. In connection
with any sale of any Underlying Notes required pursuant to Section 3.08, the
Administrative Agent will, on behalf of the applicable Certificateholders, use
its reasonable efforts to sell such Underlying Notes to the highest of not
less than three solicited bidders (which bidders may include the
Administrative Agent and its Affiliates); provided, however, that neither the
Administrative Agent nor any of its Affiliates shall be obligated to bid for
such Underlying Notes; provided, further, that the Administrative Agent shall
use its reasonable efforts to solicit no less than three bids from financial
institutions with invested assets or assets under management of at least $100
million that are not Affiliates of the Administrative Agent. If, in connection
with the sale of any Underlying Notes for which one or more Certificateholders
have elected to sell their respective pro rata shares thereof in accordance
with Section 3.08(b), the Administrative Agent receives less than three such
bids prior to the close of business on the fifth Business Day after the
Trustee has notified Certificateholders of the related Removal Event, the
Administration Agent shall deliver the related aggregate principal amount of
such Underlying Notes to the Trustee for distribution to such
Certificateholder. If, in connection with the sale of any Underlying Notes
pursuant to Section 3.08(c) hereof, the Administrative Agent receives less
than three such bids prior to the close of business on the second Business Day
following the Administrative Agent's receipt of all such Underlying Notes to
be sold pursuant to Section 3.08(c), the Administrative Agent shall sell the
related Underlying Notes to the highest bidder and deliver the proceeds
received in connection with such sale (without any deduction for any
Administrative Agent Fee) to the Trustee for distribution to the applicable
Certificateholders. In the sole judgment of the Administrative Agent, bids may
be evaluated on the basis of bids for all or a portion of the Underlying Notes
to be sold or any other basis selected in good faith by the Administrative

                                      -17-
<PAGE>

Agent. The proceeds of such sale will be allocated in the following order of
priority: (i) to the Administrative Agent for its fee for its services for the
sale of Underlying Notes pursuant to Section 3.08(b)(ii) equal to the product of
the (1) the aggregate principal amount of the Underlying Notes so sold and (2)
0.05% (the "Administrative Agent Fee") and (ii) to the Certificateholders in the
manner specified in Section 3.08. The Administrative Agent will deduct this fee
from the gross proceeds received from any such sale.

     Section 3.10. Removal of Underlying Notes Upon Final Judgment. Upon the
Trustee's receipt of written notice or its actual knowledge of any action
brought under any U.S. Federal or State securities laws in respect of an
Underlying Note of any Underlying Issuer, the Trustee shall promptly notify
Certificateholders about the existence of such action and the Trustee's role, if
any, in such action. Furthermore, as soon as practicable (but in no event later
than twelve Business Days) following the Trustee's receipt of any written notice
or its actual knowledge of a final judgment or decree granting a right of
rescission with respect to an Underlying Note of an Underlying Issuer in
connection with any action brought under any U.S. Federal or State securities
laws in respect of such Underlying Note, the Trustee will remove all of the
Underlying Notes of such Underlying Issuer, in whole and not in part, from the
Trust Property and will distribute such Underlying Notes to the
Certificateholders on a pro rata basis (based on their Fractional Undivided
Interests) and the Certificate Principal Balance of each Certificate will be
reduced by an amount equal to the pro rata share of the principal amount of such
Underlying Notes. The removal of any Underlying Note pursuant to this Section
3.10 shall not be subject to or eligible for sale under Section 3.09.

     Section 3.11. Administrative Agent Provisions. (a) The Administrative Agent
undertakes to perform such duties and only such duties that are applicable to it
as specifically set forth in this Agreement, and no implied covenants or
obligations shall be read into this Agreement against the Administrative Agent.
Any permissive right of the Administrative Agent enumerated in this Agreement
shall not be construed as a duty.

     (b) Neither the Administrative Agent nor any of its directors, officers,
employees or agents shall be liable, for any losses, costs or damages or
otherwise, to the Trustee or the Certificateholders under any circumstances for
any act or omission except for its willful misconduct, bad faith or gross
negligence in the performance of duties specifically set forth in this
Agreement; it being understood that:

          (i) the duties and obligations of the Administrative Agent shall be
     determined solely by the express terms of this Agreement and, in the
     absence of gross negligence, bad faith or willful misconduct on the part of
     the Administrative Agent, the Administrative Agent may conclusively rely
     upon any certificates or opinions furnished to the Administrative Agent as
     to the truth and correctness of any statements contained therein;

          (ii) the Administrative Agent shall not be personally liable for any
     action taken, suffered or omitted by a Responsible Officer or Responsible
     Officers of the Administrative Agent in good faith and believed by such
     Responsible Officer or Responsible Officers to be authorized or within
     the discretion or rights or powers conferred upon it by this Agreement;
     and

                                      -18-
<PAGE>

          (iii) except with respect to actions or duties required to be taken or
     performed, as applicable, by the Administrative Agent under the express
     terms of this Agreement, the Administrative Agent shall not be required to
     expend or risk its own funds or otherwise incur financial liability in the
     performance of any of its duties or in the exercise of any of its rights or
     powers under this Agreement.

     (c) Except as otherwise provided in Section 3.11(b):

          (i) the Administrative Agent may request and rely upon and shall be
     protected in acting or refraining from acting upon any resolution,
     Officers' 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 by the proper party or parties;

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

          (iii) the Administrative Agent shall be under no obligation to
     institute, conduct or defend any Proceeding hereunder or in relation
     thereto, at the request, order or direction of any of the
     Certificateholders or otherwise;

          (iv) the Administrative Agent 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;

          (v) the Administrative Agent may execute any of the powers or perform
     any duties under this Agreement either directly or by or through
     Affiliates; and

          (vi) the Administrative Agent shall not be deemed to have notice or
     actual knowledge of any matter unless written notice thereof is received by
     the Administrative Agent at its office at Bank of America Corporate Center,
     Charlotte, North Carolina 28255, Attention: o.

     (d) The Administrative Agent may at any time resign and be discharged
from its obligations and duties hereunder by giving written notice thereof to
the Depositor. Upon receiving such notice of resignation, the Depositor shall
as promptly as possible (and in any event within 45 calendar days after the
date of such notice of resignation) appoint a successor Administrative Agent
by written instrument, in duplicate, which instrument shall be delivered to
the resigning Administrative Agent and to the successor Administrative Agent;
provided, that the appointment of such successor does not result in the
failure of the Rating Agency Condition. A copy of such instrument shall be
delivered to the Certificateholders by the Depositor. If no such successor
Administrative Agent shall have been so appointed and have accepted
appointment within 45 calendar days after the giving of such notice of
resignation, the resigning Administrative Agent may petition any court of
competent jurisdiction for the appointment of a successor Administrative
Agent.

                                      -19-
<PAGE>

     (e) The Depositor may remove the Administrative Agent at any time;
provided, that the Depositor, in connection with any such removal, appoints a
successor Administrative Agent by written instrument, in duplicate, which
instrument shall be delivered to the Administrative Agent so removed and to the
successor Administrative Agent. A copy of such instrument shall be delivered to
the Certificateholders by the Depositor.

     (f) Any resignation or removal of the Administrative Agent and appointment
of a successor Administrative Agent pursuant to any of the terms of Section
3.11(d) or (e) shall not become effective until acceptance of appointment by the
successor Administrative Agent as provided in Section 3.11(g).

     (g) Any successor Administrative Agent appointed as provided in Section
3.11(d) or (e) shall execute, acknowledge and deliver to the Depositor and its
predecessor Administrative Agent an instrument accepting such appointment under
this Agreement, and thereupon the resignation or removal of the predecessor
Administrative Agent shall become effective and such successor Administrative
Agent, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of the predecessor
Administrative Agent under this Agreement, with the like effect as if originally
named as Administrative Agent in this Agreement. The predecessor Administrative
Agent shall deliver to the successor Administrative Agent all documents and
statements held by it under this Agreement, and the Depositor and the
predecessor Administrative Agent shall execute and deliver such instruments and
do such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor Administrative Agent all such rights,
powers, duties and obligations. Upon acceptance of appointment by a successor
Administrative Agent as provided herein, the Depositor shall transmit notice of
the succession of such Administrative Agent under this Agreement to all
Certificateholders.

     (h) Any corporation or association into which the Administrative Agent 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 Administrative Agent shall be a party, or any corporation or association
succeeding to the business of the Administrative Agent, shall be the successor
of the Administrative Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties to this
Agreement, anything in this Agreement to the contrary notwithstanding.

                                   ARTICLE IV

                 DISTRIBUTIONS AND REPORTS TO CERTIFICATEHOLDERS

     Section 4.01. Distributions. (a) On each Regular Distribution Date for the
Certificates, the Trustee shall distribute the Available Funds in the
Certificate Account to (1) Certificateholders on the Record Date for a Regular
Distribution Date other than the Final Scheduled Distribution Date or (2)
Certificateholders against presentation and surrender of their Certificates on
the Final Scheduled Distribution Date, in the following order of priority:

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

                                      -20-
<PAGE>

               (1) first, to the Trustee for actual Trust Expenses, an aggregate
          amount not to exceed the Available Expense Amount for the Distribution
          Period applicable to such Regular Distribution Date;

               (2) second, (x) to the extent the Available Expense Amount for
          such Distribution Period exceeds the actual Trust Expenses for such
          Distribution Period, to the Expense Reserve Account in the amount of
          such excess and (y) to the extent actual Trust Expenses for such
          Distribution Period exceed the sum of (a) the Available Expense Amount
          for such Distribution Period, (b) funds, if any, on deposit in the
          Expense Reserve Account and (c) the amount payable by the Depositor
          for such Distribution Period in accordance with Section 8.05(a), to
          the Trustee for all remaining unpaid actual Trust Expenses for that
          Distribution Period;

               (3) third, to the Certificateholders on a pro rata basis (based
          on their Fractional Undivided Interests); and

          (ii) the Trustee will distribute the principal portion of Available
     Funds to the Certificateholders on a pro rata basis (based on their
     Fractional Undivided Interests).

     On the Final Scheduled Distribution Date, the Certificate Principal Balance
of each Certificate will be reduced on a pro rata basis (based on its Fractional
Undivided Interest) with respect to payment of the principal amount of each
Underlying Notes paid at its stated maturity, exclusive of any premium. In such
cases, (i) the Trustee will decrease the Certificate Principal Balance of a
Global Certificate to reflect the maturing Underlying Notes or (ii)
Certificateholders holding Certificated Certificates will be required to deliver
the same to the Corporate Trust Office of the Trustee, whereupon the Trustee
will execute, authenticate and deliver to such Certificateholders (without any
service charge) new Certificated Certificates of authorized denominations for
any remaining Certificate Principal Balance and will also deliver the principal
and any premium and interest so received on the maturing Underlying Notes.

     (b) If the Trustee receives a payment of principal of or premium or
interest on an Underlying Note (i) after the due date for such payment as
specified in such Underlying Note or (ii) upon the optional redemption of such
Underlying Note by the related Underlying Issuer prior to the stated maturity
of such Underlying Note, then the Trustee will distribute the amounts so
received on the next succeeding Business Day (each, a "Special Distribution
Date") to (x) Certificateholders on the Record Date for a Special Distribution
Date resulting from the circumstances specified in clause (i) above or (y)
Certificateholders against presentation and surrender of their Certificates on
a Special Distribution Date resulting from the circumstances specified in
clause (ii) above, in the manner specified in Sections 4.01(a)(i)(3) and
4.01(a)(ii). In the case described in clause (ii) above, the Certificate
Principal Balance of each Certificate will be reduced on a pro rata basis
(based on its Fractional Undivided Interest) with respect to the principal
amount of each Underlying Note redeemed by the related Underlying Issuer prior
to its stated maturity, exclusive of any premium. In such cases, (1) the
Trustee will decrease the Certificate Principal Balance of a Global
Certificate to reflect such redemption or (2) Certificateholders holding
Certificated Certificates will be required to deliver the same to the
Corporate Trust Office of the Trustee, whereupon the Trustee will execute,
authenticate and

                                      -21-
<PAGE>

deliver to such Certificateholders (without any service charge) new
Certificated Certificates of authorized denominations for the remaining
Certificate Principal Balance and will also deliver to such Certificateholders
the principal and any premium and interest so received on the Underlying Notes
so redeemed.

     Section 4.02. Reports to Certificateholders; Notices. (a) On the Business
Day next succeeding each Distribution Date, the Trustee shall forward or cause
to be forwarded to the Depositor and each Certificateholder a statement setting
forth:

               (i) the amount of distributions to Certificateholders allocable
          to principal or interest portion of Available Funds or the amount of
          any premiums payable to Certificateholders on a Special Distribution
          Date resulting from the optional redemption of Underlying Notes;

               (ii) the aggregate Certificate Principal Balance at the close of
          business on such Distribution Date;

               (iii) the amount received by the Trustee on the related
          Underlying Notes for the applicable Underlying Note Accrual Period;
          and

               (iv) the aggregate principal amount of the Underlying Notes as of
          such Distribution Date and the weighted average interest rate per
          annum applicable to the Underlying Notes for the next succeeding
          Underlying Note Accrual Period.

     In the case of information furnished pursuant to clause (i) above, any
amount 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 clause
(i) above, aggregated for such calendar year or the applicable portion thereof
during which such Person was a Certificateholder, which statement shall
contain sufficient information to allow Certificateholders to calculate their
U.S. Federal income tax liability with respect to the Certificates. Such
obligation of the Trustee shall be deemed to have been satisfied to the extent
that substantially comparable information shall have been provided by the
Trustee pursuant to any requirements of the Code as are from time to time in
effect.

     (b) If there is a Removal Event with respect to any Underlying Note or
Underlying Issuer and such Removal Event is actually known to the Trustee or the
Trustee is required to remove any Underlying Note from the assets of the Trust
in accordance with Section 3.10 hereof, the Trustee shall give notice to the
Certificateholders thereof as promptly as practicable in the manner and to the
extent provided in TIA Section 313(c). Such notice will set forth (i) the
identity of the Underlying Issuer of the relevant Underlying Notes, (ii) the
date and nature of such Removal Event, if any, including whether such Removal
Event relates to the failure of such Underlying Issuer to pay the principal of
or premium, if any, or interest on such Underlying Notes, (iii) whether the
Trustee is required to remove such Underlying Note pursuant to Section 3.10
hereof, (iv) the aggregate principal amount of such Underlying Notes and the
aggregate principal amount and weighted average interest rate per annum
applicable to the remaining

                                      -22-
<PAGE>

Underlying Notes, (v) the Certificate Principal Balance of each Certificate
after the removal of such Underlying Notes from the Trust Property, (vi) the
requirement that Holders of Certificated Certificates must deliver the same to
the Trustee at its Corporate Trust Office to reflect a reduced Certificate
Principal Balance in exchange for such Underlying Notes or the proceeds
therefrom in accordance with Sections 3.08 and 3.09 and (vii) the then current
rating of the Certificates by each applicable Rating Agency after taking such
removal into account.

     (c) The Trustee will promptly deliver to the Certificateholders copies of
all notices and communications it receives from any Underlying Issuer or the
trustee or fiscal agent relating to any Underlying Notes, including notice of
the optional redemption of any Underlying Notes by the related Underlying
Issuer.

     (d) So long as the Certificates are listed on the Luxembourg Stock
Exchange, notice shall be published in a Luxembourg Authorized Newspaper
disclosing any change in the Co-Certificate Registrar or Paying Agent in
Luxembourg.

     (e) Within 60 days after December 31 of each year, the Trustee shall mail a
brief report dated as of such date that would comply with TIA Section 313(a) if
the TIA were to apply to the Trust to (i) each Certficateholder as provided by
TIA Section 313(c) and (ii) the Depositor. The Trustee also shall comply with
TIA Section 313(b) as if such Section applied to the Trust.

     Section 4.03. Compliance with Tax Reporting and Withholding Requirements.
The Trustee shall file or cause to be filed, within the time limits
established by law, U.S. Federal and State income tax returns and information
statements as a trust, the Certificateholders of which are treated as the
owners thereof under Section 671 of the Code, for each of the Trust's taxable
years. The Trust's taxable year shall be the calendar year. Notwithstanding
any other provision of this Agreement to the contrary, the Trustee shall
comply with all U.S. Federal withholding requirements (including any
applicable exceptions thereto) respecting distributions to, or receipts of
amounts on behalf of, Certificateholders. The consent of Certificateholders
shall not be required for any such withholding. In the event that the Trustee
does withhold any amount from any distribution to any Certificateholder
pursuant to U.S. Federal withholding requirements, the Trustee shall indicate
the amount so withheld in the statement required pursuant to Section 4.02.

     Section 4.04. Preservation of Information, Communications to
Certificateholders. (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Certificateholders
contained in the most recent list furnished to the Trustee by the Certificate
Registrar and the names and addresses of Certificateholders received by the
Trustee in its capacity as Certificate Registrar, if applicable. The Trustee may
destroy any list furnished to it by the Certificate Registrar as provided upon
receipt of a new list.

     (b) Certificateholders shall have the right to communicate pursuant to TIA
Section 312(b) with other Certificateholders with respect to their rights under
this Agreement or under the Certificates.

     (c) Regardless of whether the TIA shall apply to this Agreement, the
Depositor, the Trustee and the Certificate Registrar shall have the protections
provided pursuant to TIA Section 312(c).

                                      -23-
<PAGE>

     Section 4.05. Exchange Act Reports. The Trustee will promptly deliver to
Certificateholders copies of any reports filed with the Commission by the
Depositor on behalf of the Trust in respect of the Certificates under the
Exchange Act.

                                   ARTICLE V

                                THE CERTIFICATES

     Section 5.01. The Certificates. (a) There is hereby created a series of
Certificates to be distinguished and known as Core Investment Grade Bond Trust
I, Pass-Through Certificates, Series 2002-1. Each Certificate represents a
Fractional Undivided Interest in the assets of the Trust. The aggregate
Certificate Principal Balance of the Certificates shall initially be equal to
$o. Certificates will be denominated in Dollars and issued in denominations of
$1,000. No additional interests in the Trust other than the Certificates shall
be issued hereunder, except in accordance with Section 5.04.

     (b) The Certificates will initially be issued as one or more Global
Certificates in definitive, fully registered form without coupons,
substantially in the form set forth in Exhibit A, and DTC will be the
Depositary. Upon issuance, the Global Certificates will initially be deposited
with the Trustee in its capacity as custodian on behalf of DTC. Such Global
Certificates shall initially be registered in the name of Cede & Co. or
another nominee designated by DTC. Global Certificates will clear and settle
in book-entry only form through the facilities of one or more Depositaries.
Unless and until it is exchanged in whole or in part for Certificates, a
Global Certificate may not be transferred except as a whole by the Depositary
for such Global Certificate to a nominee of such Depositary or by a nominee of
such Depositary to such Depositary or another nominee of such Depositary or by
such Depositary or any such nominee to a successor of such Depositary or a
nominee of such successor. The Certificate Principal Balance of any Global
Certificate may from time to time be increased or decreased by adjustments
made on the records of the Trustee, as custodian for DTC for such Global
Certificate, as provided in Section 5.01(d) hereof.

     (c) With respect to any transfer or exchange of Certificated Certificates,
the Certificate Registrar shall register the transfer or exchange of any such
Certificate without requiring any additional certification.

     (d) Interests of beneficial owners in a Global Certificate may be
transferred in accordance with the rules and procedures of DTC and any other
applicable Depositaries. In connection with any exchange of beneficial ownership
interests in a Global Certificate for Certificated Certificates pursuant to
Section 5.11(b), the Certificate Registrar shall reflect on its books and
records the date of such exchange and a decrease in the Certificate Principal
Balance of such Global Certificate in an amount equal to the Certificate
Principal Balance of the beneficial ownership interests in such Global
Certificate being exchanged for Certificated Certificates.

     Section 5.02. Execution, Authentication and Delivery. (a) The Certificates
shall be executed on behalf of the Trust by the Trustee by one of its
Responsible Officers. The signature of a Responsible Officer may be manual or
facsimile. Certificates bearing the manual or

                                      -24-
<PAGE>

facsimile signature of an individual who was, at any time, a Responsible
Officer shall be valid, notwithstanding that such individual ceased to be a
Responsible Officer prior to the execution, authentication and delivery of
such Certificates or was not a Responsible Officer at the date of such
Certificates.

     (b) Each Certificate shall be dated as of the date of its authentication.

     (c) Subject to Section 5.10(e), no Certificate shall be entitled to any
benefit under this Agreement or be valid or obligatory for any purpose, unless
there appears on such Certificate a certificate of authentication substantially
in the form as contained in the form of Certificate attached to this Agreement
as Exhibit A executed by the Trustee by the signature of one of its authorized
signatories, which signature may be manual or facsimile, and such certificate
upon any Certificate shall be conclusive evidence, and the only evidence, that
such Certificate has been duly authenticated and delivered under this Agreement
and is entitled to the benefits of this Agreement.

     Section 5.03. Registration; Registration of Transfer and Exchange. (a)
The Trustee shall keep or cause to be kept, at its Corporate Trust Office, a
register (the "Certificate Register") for the Certificates in which, subject
to such reasonable regulations as it may prescribe, a transfer agent and
registrar (which may be the Trustee) (the "Certificate Registrar") shall
provide for the registration of Certificates and the registration of transfers
and exchanges of Certificates. The Trustee is hereby initially appointed the
Certificate Registrar for such purposes until the earlier to occur of (i) the
appointment by the Depositor of a different Certificate Registrar, (ii) the
resignation or termination of the Trustee and appointment of a successor
trustee in accordance with Sections 8.07 and 8.08, in which case such
successor trustee shall assume the duties of Certificate Registrar and (iii)
the termination of the Trust and discharge of the Trustee's obligations under
this Agreement in accordance with Article IX; provided, however, that the
Depositor may appoint one or more Co-Certificate Registrars; provided,
further, that for so long as the Certificates are listed on the Luxembourg
Stock Exchange, a Co-Certificate Registrar shall be maintained in Luxembourg,
which initially shall be The Bank of New York (Luxembourg) SA. Upon the
resignation of any Certificate Registrar appointed by the Depositor pursuant
to clause (i) above, the Trustee shall promptly appoint a successor
Certificate Registrar or, in the absence of such appointment, assume the
duties of Certificate Registrar.

     Upon (i) the appointment by the Depositor of a Certificate Registrar other
than the Trustee, (ii) the appointment by the Depositor of any Co-Certificate
Registrar or (iii) any change in the identity of the Certificate Registrar or
any Co-Certificate Registrar, the Depositor will, in each case, give the Trustee
written notice within three Business Days of any such appointment or change 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 Certificateholders and the Certificate Principal
Balance and number of each Certificate.

     Upon surrender for registration of transfer of any Certificate at the
Corporate Trust Office of the Trustee, if the requirements of Section 8-401(1)
of the UCC are met to the Trustee's satisfaction, the Trustee shall execute,
authenticate and deliver, in the name of the designated

                                      -25-
<PAGE>

transferee or transferees, one or more new Certificates of any authorized
denomination of a like tenor and aggregate Certificate Principal Balance.

     (b) At the option of the Certificateholder, Certificates may be exchanged
for other Certificates of any authorized denomination or denominations of like
tenor and aggregate Certificate Principal Balance upon surrender of the
Certificates to be exchanged at the Corporate Trust Office of the Trustee.
Whenever any Certificates are so surrendered for exchange, the Trustee shall
execute, authenticate and deliver the requested Certificates that the
Certificateholder making the exchange is entitled to receive. Signatures must be
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Trustee, 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 Trustee in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

     (c) Every Certificate surrendered for registration of transfer or
exchange shall be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Trustee and the Certificate Registrar,
duly executed, by the Certificateholder or his/her attorney duly authorized in
writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located, in The City of New York or the
city in which the Corporate Trust Office is located, or by a member firm of a
national securities exchange, and such other documents as the Trustee may
reasonably require.

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

     No service charge shall be made to a Certificateholder for any registration
of transfer or exchange of its Certificates, but the Trustee may require payment
by the Certificateholders 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 an exchange contemplated in
Section 3.08(a) or 4.01(b) not involving any transfer.

     Section 5.04. Mutilated, Destroyed, Lost and Stolen Certificates. If (i)
any mutilated Certificate is presented to the Depositor and the Trustee or (ii)
the Depositor and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Certificate, and there is delivered to the
Depositor and the Trustee such security or indemnity as they may reasonably
require to save each of them harmless, and neither the Depositor nor the Trustee
receives notice that such Certificate has been acquired by a bona fide
purchaser, then, in each case, the Trustee shall execute, authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of any authorized denomination or
denominations of like tenor and Certificate Principal Balance, bearing a number
not contemporaneously Outstanding, so that neither gain nor loss in interest
shall result from such exchange or substitution.

                                      -26-
<PAGE>

     Upon the issuance of any new Certificate under this Section 5.04, the
Trustee may require the payment by the Certificateholder of a sum sufficient to
cover any tax or other governmental charge that may be imposed in respect
thereto and any other reasonable expenses (including the reasonable fees and
expenses of the Trustee) connected therewith.

     Every new Certificate issued pursuant to this Section 5.04 shall constitute
complete and indefeasible evidence of ownership in the Trust Property, 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
Agreement equally and proportionately with any and all other Certificates, if
any, duly issued thereunder.

     The terms of this Section 5.04 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 5.05. Distributions in Respect of Certificates. (a) Distributions
on a Certificate that are payable on a Regular Distribution Date other than
the Final Scheduled Distribution Date or a Special Distribution Date other
than a Special Distribution Date resulting from the optional redemption of
Underlying Notes shall be made to the Person in whose name such Certificate
(or one or more Predecessor Certificates) is registered at the close of
business on the Record Date immediately preceding such Regular Distribution
Date or Special Distribution Date, as the case may be. Distributions on
Certificates on such Regular Distribution Date or Special Distribution Date,
as the case may be, shall be made by check mailed to the address of the
Certificateholder entitled thereto as such address shall appear in the
Certificate Register. Distributions on Certificates on the Final Scheduled
Distribution Date, on a Special Distribution Date resulting from the optional
redemption of Underlying Notes or upon a removal of Underlying Notes from the
Trust Property under the circumstances prescribed in this Agreement shall be
made in same-day funds against presentation and surrender of such Certificates
to the Trustee at its Corporate Trust Office. Notwithstanding the foregoing,
payments on Global Certificates shall be made in same-day funds on the
applicable Distribution Date.

     (b) Subject to the terms of this Agreement to the contrary, each
Certificate delivered under this Agreement upon transfer of or in exchange for
or in lieu of any other Certificate shall carry the rights to amounts to be
distributed that are accrued and undistributed, and to accrue, that were carried
by such other Certificate.

     Section 5.06. Persons Deemed Owners. Subject to Section 5.05, prior to due
presentment of a Certificate for registration of transfer, the Depositor, the
Trustee and any agent of the Depositor or the Trustee may treat the Person in
whose name any Certificate is registered as the owner of such Certificate for
the purpose of receiving distributions on such Certificate and for all other
purposes whatsoever, whether or not such Certificate be overdue, and none of the
Depositor, the Trustee or any agent of the Depositor or the Trustee shall be
affected by notice to the contrary.

     None of the Depositor, the Trustee or any agent of the Depositor or the
Trustee will have any responsibility or liability for any aspect of the records
relating to or payments made on

                                      -27-
<PAGE>

account of beneficial ownership interests of a Global Certificate or for
maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.

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

     Section 5.07. Cancellation. All Certificates presented and surrendered for
payment, transfer or exchange shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly canceled by it. No
Certificates shall be authenticated in lieu of or in exchange for any
Certificates canceled as provided in this Section 5.07.

     Section 5.08. Currency of Distributions in Respect of Certificates.
Distributions on the Certificates will be made in Dollars.

     Section 5.09. Appointment of Paying Agent. (a) The Trustee may appoint
one or more paying agents (each, a "Paying Agent") with respect to the
Certificates. Any such Paying Agent shall be authorized to make distributions
to Certificateholders pursuant to this Agreement and shall report the amounts
of such distributions to the Trustee. The Trustee may 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 Agreement in any material
respect or if the Paying Agent fails to satisfy the eligibility requirements
set forth in paragraph (b) of this Section 5.09. The Trustee is hereby
initially appointed a Paying Agent. So long as the Certificates are listed on
the Luxembourg Stock Exchange, a Paying Agent shall be maintained in
Luxembourg, which initially shall be The Bank of New York (Luxembourg) SA. Any
Paying Agent shall be permitted to resign as Paying Agent upon 30 calendar
days' written notice to the Trustee. In the event that the Trustee shall no
longer be the Paying Agent and the Depositor has not appointed a co-Paying
Agent, the Trustee shall appoint a successor or additional Paying Agent. The
Trustee shall cause each such Paying Agent to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee
that it will hold all sums, if any, held by it for distribution to the
Certificateholders in an Eligible Account 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 within two years from the time such funds were first eligible to
be claimed.

     (b) The Paying Agent shall at all times be a corporation or an association
the combined capital and surplus of which is at least $200,000,000 and the
long-term debt obligations of which are rated in one of the four highest
categories assigned long-term debt obligations by each of the Rating Agencies
and shall be subject to supervision or examination by U.S. Federal or State
authority. If such corporation or association publishes reports of conditions at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then 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

                                      -28-
<PAGE>

conditions so published. In the event that at any time the Paying Agent shall
cease to be eligible in accordance with the terms of this Section 5.09(b), the
Paying Agent shall release all Trust Property to the Trustee and then resign
immediately. Upon such resignation, the Trustee shall act as Paying Agent
until the appointment of a successor Paying Agent in accordance with Section
5.09(a).

     (c) The terms of Sections 8.01, 8.02, 8.03 and 8.05(b) shall apply to the
Trustee also in its role as Paying Agent, for so long as the Trustee shall act
as Paying Agent.

     Section 5.10. Authenticating Agent. (a) The Trustee may appoint any one or
more Authenticating Agents (each, an "Authenticating Agent") with respect to the
Certificates which shall be authorized to act on behalf of the Trustee in
authenticating the Certificates in connection with the issuance, delivery and
registration or transfer or exchange of the Certificates. Whenever reference is
made in this Agreement to the authentication of Certificates by the Trustee or
the Trustee's unit of authentication, such reference shall be deemed to include
authentication on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent must be acceptable to the Depositor.

     (b) Any institution succeeding to the corporate agency business of any
Authenticating Agent shall continue to be an Authenticating Agent without the
execution or filling 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 the Depositor. The
Trustee may at any time terminate the agency of an Authenticating Agent by
signing and delivery a written 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 may
appoint a successor Authenticating Agent. Subsequent to any such removal or
resignation of the Authenticating Agent, the Trustee shall act as
Authenticating Agent until a successor Authenticating Agent, if any, is
appointed. 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.

     (c) The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section 5.10.

     (d) The provision of Sections 8.01, 8.02 and 8.03 shall be applicable to
any Authenticating Agent.

     (e) Pursuant to an appointment made under this Section 5.10, 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 referred to in the within-mentioned Trust
Agreement.

                                      -29-
<PAGE>

      _________________________________________
      as Authenticating Agent for the Trustee,

      By_______________________________________
               Authorized Signatory

     Section 5.11. Issuance Matters. (a) The Certificates shall be issued on the
Closing Date upon (i) deposit of the Underlying Notes into the Trust by the
Depositor in exchange for all the Certificates and (ii) the due authentication
by the Trustee of the Certificates in the form set forth in Exhibit A attached
hereto.

     (b) Any Global Certificate representing Certificates shall be exchangeable
for Certificated Certificates only if (i) the Depositary notifies the Depositor
that it is unwilling or unable to continue as depositary for the Global
Certificates or the Depositor determines that the Depositary is unable to
continue as depositary, and the Depositor thereupon fails to appoint a successor
Depositary within 60 calendar days or (ii) the Depositor, in its sole
discretion, at any time determines not to have Certificates represented by
Global Certificates. Any Global Certificate that is exchangeable pursuant to the
preceding sentence will be exchangeable for Certificated Certificates of like
tenor and Certificated Principal Balance, in any authorized denomination or
denominations and registered in the names of such Person or Persons as the
Depositary shall direct. Upon such exchange, the Trustee shall execute and
authenticate such Certificated Certificates and register the same in the name
of, and deliver the same to, such Person or Persons consistent with Section
5.02.

     (c) Any Global Certificate representing Certificates shall bear a legend in
substantially the following form:

         "This Certificate is a Global Certificate within the meaning
         of the Trust Agreement hereinafter referred to and is
         registered in the name of the Depositary or the nominee of a
         Depositary. This Certificate is exchangeable for Certificates
         registered in the name of a Person other than the Depositary
         or its nominee only in the limited circumstances described in
         the Trust Agreement, and may not be transferred except as a
         whole by the Depositary to a nominee of the Depositary or by a
         nominee of the Depositary to the Depositary or another nominee
         of the Depositary or by the Depositary or any such nominee to
         a successor of the Depositary or a nominee of such successor."

     (d) Each Person that purchases a Certificate will be deemed to represent
that its acquisition of such Certificate will not constitute or result in a
non-exempt prohibited transaction. In addition, in the event the Certificates do
not constitute Publicly Offered Securities, each Person that purchases a
Certificate on behalf of an employee benefit plan or other plan that is subject
to the provisions of ERISA Section 406 or Section 4975 of the Code will be
deemed to represent that:

                                      -30-
<PAGE>

          (i) the plan is so represented in this regard by a QPAM or INHAM (as
     those terms are defined in Prohibited Transaction Class Exemption ("PTE")
     84-14 and PTE 96-23, respectively) and will be so represented for so long
     as such plan holds the related Certificate, and that the other conditions
     of PTE 84-14 or PTE 96-23 are and will at all times be satisfied,

          (ii) the conditions to the applicability of PTE 90-1, PTE 95-60 or PTE
     91-38 are and will at all times be satisfied, or

          (iii) the conditions of another applicable exemption are and will at
     all times be satisfied,

such that in the case of clause (i), (ii) or (iii) above the applicable
exemption applies to the purchase, continued holding and disposition of such
Certificate, as well as to the underlying transactions of the Trust.

                                   ARTICLE VI

                                  THE DEPOSITOR

     Section 6.01. Representations and Warranties of the Depositor. (a) The
Depositor represents and warrants to the Trustee that as of the Closing Date:

          (i) the Depositor is a limited liability company duly formed, validly
     existing and in good standing under the laws of the State of Delaware;

          (ii) the execution, delivery and performance of this Agreement by the
     Depositor will not violate the Depositor's Limited Liability Company
     Agreement or constitute a default under, or result in the breach or
     acceleration of, any contract, agreement or other instrument to which the
     Depositor is a party or by which the Depositor or any of its assets is
     bound;

          (iii) to the Depositor's knowledge, the Depositor has the full power
     and authority to enter into and consummate all transactions contemplated by
     this Agreement, has duly authorized the execution, delivery and performance
     of this Agreement and has duly executed and delivered this Agreement; and
     this Agreement, assuming due authorization, execution and delivery by the
     Trustee, will constitute a valid and legally 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 or by general equity principles
     (regardless of whether such enforcement is considered in a proceeding in
     equity or at law); and

          (iv) to the Depositor's knowledge, the Depositor is not in violation,
     and the execution, delivery and performance of this Agreement by the
     Depositor will not constitute a violation, of any order decree of any court
     or any order or regulation of any U.S. Federal or State governmental agency
     having jurisdiction over the Depositor or any of its assets, which
     violation would reasonably be expected to materially and adversely affect
     the Depositor's duties and obligations under this Agreement.

                                      -31-
<PAGE>

     (b) It is the express intent of the parties hereto that the conveyance of
the Underlying Notes by the Depositor to the Trustee be, and be construed as, a
sale of the Underlying Notes by the Depositor and not a pledge of any Underlying
Notes by the Depositor to secure a debt or other obligation of the Depositor. In
the event that, notwithstanding the aforementioned intent of the parties, any
Underlying Notes are held to be property of the Depositor, then it is the
express intent of the parties that such conveyance be deemed a pledge of such
Underlying Notes by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor. In connection with the grant of a security interest
in any Underlying Notes, the Depositor hereby represents and warrants to the
Trustee that as of the Closing Date:

          (i) In the event such Underlying Notes are held to be property of the
     Depositor, then this Agreement creates a valid and continuing security
     interest (as defined in the UCC) in such Underlying Notes in favor of the
     Trustee, which security interest is prior to all other liens, claims or
     other encumbrances and is enforceable as such against creditors of, and
     purchasers from, the Depositor;

          (ii) Such Underlying Notes have been credited to the Certificate
     Account and the Trustee has agreed to treat such Underlying Notes as
     "financial assets" within the meaning of the UCC;

          (iii) Immediately prior to the conveyance of such Underlying Notes to
     the Trust, the Depositor owned and had good and marketable title to such
     Underlying Notes free and clear of any lien, claim or other encumbrance of
     any Person;

          (iv) The Depositor has received all consents and approvals required by
     the terms of such Underlying Notes to the conveyance to the Trustee of its
     interest and rights in such Underlying Notes as contemplated by this
     Agreement;

          (v) The Depositor has taken all steps necessary to cause the Trustee
     to identify on its records that the Trustee, as the trustee of the Trust,
     is the Person having a security entitlement in the Certificate Account;

          (vi) The Depositor has not assigned, pledged, granted a security
     interest in, sold or otherwise conveyed any interest in such Underlying
     Notes (or, if any such interest has been assigned, pledged or otherwise
     encumbered, it has been released); the Depositor has not authorized the
     filing of and is not aware of any financing statements against the
     Depositor that includes a description of such Underlying Notes; and the
     Depositor is not aware of any judgment or tax lien filings against the
     Depositor; and

          (vii) The Certificate Account is not in the name of any Person other
     than the Trustee; and the Depositor has not consented to the compliance by
     the Trustee with entitlement orders of any Person other than the Trustee,
     as trustee of the Trust.

     Section 6.02. Breach of Representation or Warranty. Upon the Depositor's
discovery of a breach of any representation or warranty of the Depositor set
forth in Section 6.01 that materially and adversely affects the rights of the
Certificateholders, the Depositor shall notify the Trustee of such breach and
shall use its reasonable efforts to cure such breach in all material respects
within five Business Days of its discovery.

                                      -32-
<PAGE>

     Section 6.03. Liability of the Depositor. The Depositor shall be liable in
accordance with this Agreement only to the extent of the obligations
specifically imposed upon it under this Agreement. Section 6.04. Limitation on
Liability of the Depositor. (a) Unless otherwise expressly specified in this
Agreement, the Depositor shall not be under any obligation to expend or risk its
own funds, except to the extent of its obligation to pay any amount payable
under Section 8.05(b) hereof, or otherwise incur financial liability in the
performance of its duties thereunder or in the exercise of any of its rights or
powers if reasonable grounds exist for believing that the repayment of such
funds or adequate indemnity against such risk or liability is not assured to it.

     (b) The Depositor shall not have any liability, for any losses, costs or
damages or otherwise, to the Trustee or the Certificateholders for any act or
omission except for its willful misconduct, bad faith or gross negligence in the
performance of duties specifically set forth in this Agreement. Notwithstanding
anything to the contrary contained herein, the managers, officers, employees and
agents of the Depositor shall not have any liability, for any losses, costs or
damages or otherwise, to the Trustee or the Certificateholders for any act or
omission, whether on their part or on the part of the Depositor or otherwise.

     The Depositor shall not be under any obligation to appear in, prosecute or
defend any Proceeding; provided, however, that the Depositor may in its
discretion undertake any such Proceeding which it may deem necessary or
desirable with respect to this Agreement.

     (c) The sole obligor with respect to any Underlying Note is the Underlying
Issuer thereof. The Depositor shall not have any obligation on or with respect
to the Underlying Notes. The Depositor, in its capacity as the depositor of the
Underlying Notes into the Trust under this Agreement, is not authorized to
proceed against the Underlying Issuer of any Underlying Note upon the occurrence
of a Default Event or otherwise or to assert the rights and privileges of
Certificateholders (except to the extent otherwise a Certificateholder) and has
no duty in respect thereof.

     Section 6.05. Depositor May Purchase Certificates. The Depositor or its
Affiliates 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.

     Section 6.06. Preparation and Filing of Exchange Act Reports; Obligations
of the Depositor. The Depositor, on behalf of the Trust, shall:

     (a) prepare, sign and file with the Commission, within the time period set
forth below, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe), if any,
which the Depositor on behalf of the Trust may be required to file with the
Commission pursuant to Section 13 or 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:

                                      -33-
<PAGE>

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

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

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

     (b) deliver to the Trustee, within 15 calendar 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 may be required to be
filed with the Commission from time to time by such rules and regulations;

     (c) deliver to the Trustee, which shall then transmit by mail to all
Certificateholders described in TIA Section 313(c), in the manner and to the
extent provided therein, such summaries of any information, documents and
reports required to be filed by the Depositor and received pursuant to clauses
(a) and (b) of this Section 6.06, if any, as may be required by rules and
regulations prescribed from time to time by the Commission;

     (d) prepare, sign and file with the Commission, if necessary appropriate or
advisable, a Form 8-A under the Exchange Act; and

     (e) prepare and deliver to the Certificates Agents and other dealers such
number of copies of the prospectus relating to the offer and sale of the
Certificates as is reasonably requested by them and required to be delivered to
purchasers of the Certificates under the Securities Act.

     Section 6.07. Preferential Collection of Claims Against Depositor.
Irrespective of whether the TIA shall apply to this Agreement, the Trustee shall
comply with TIA Section 311(a), excluding any creditor relationship listed in
TIA Section 311(b). A trustee who has resigned or been removed shall be subject
to TIA Section 311(a) to the extent required by TIA Section 311(a).

                                  ARTICLE VII

                          RIGHTS OF CERTIFICATEHOLDERS

     Section 7.01. Voting Rights with Respect to Underlying Notes. (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 or waivers by,
registered holders of any of the Underlying Notes, the Trustee shall give notice
to the Certificateholders setting forth (i) a record date established therefor
by the Trustee, (ii) such information as is contained in such notice to
registered holders of such Underlying Notes, (iii) a statement that the
Certificateholders as of such record date will be entitled, subject to any
applicable provision of law and any applicable terms of such Underlying Notes,
to direct the Trustee as to the exercise of voting rights or giving of consents
or waivers, if any, that the Trustee, as the registered holder of such
Underlying

                                      -34-
<PAGE>

Notes, is entitled to exercise or give, as the case may be, and (iv) a
statement as to the manner in which instructions may be given to the Trustee.

     (b) The voting, consent or waiver rights allocable to the registered
holders of Underlying Notes pursuant to the terms thereof will be allocated
among the Certificateholders on a pro rata basis (based on their respective
Fractional Undivided Interest) as of a record date established therefor by the
Trustee; and upon the written direction of the Certificateholders, received on
or before the record date established by the Trustee for such purpose, the
Trustee shall, insofar as practicable and permitted under any applicable
provision of law and any applicable provision of the related Underlying Notes,
vote the principal amount of Underlying Notes that coincides with each such
Certificateholder's Certificate Principal Balance in accordance with any
nondiscretionary instruction set forth in the written direction of each such
Certificateholder; provided, however, that neither the Trustee, in its
capacity as such under this Agreement, nor any Certificateholder may (i) take
any action that would affect the conditions under which Underlying Notes may
be removed from Trust Property or (ii) declare an event of default in respect
of any Underlying Notes or to waive any event of default thereunder. With
respect to Underlying Notes issued outside of the United States and the United
Kingdom, at the request of any Certificateholder, the Trustee will provide
such Certificateholder with access to a provider of global proxy services (the
cost of which shall be paid by such Certificateholder). If requested, other
than providing access to such provider of global proxy services, the Trustee
shall have no obligations with respect to voting such Underlying Notes.

     (c) In the absence of any written direction from the Certificateholders,
the Trustee shall not exercise any voting, consent or waiver rights with respect
to the Underlying Notes.

     (d) The Trustee shall endeavor to notify Certificateholders of such rights
or discretionary actions or of the date or dates by when such rights must be
exercised or such action must be taken provided that the Trustee has received,
with respect to Underlying Notes issued in the United States and the United
Kingdom, from the related Underlying Issuer, or, with respect to Underlying
Notes issued in the United States, United Kingdom and in any other country, from
one of the nationally or internationally recognized bond or corporate action
services to which the Trustee subscribes, timely notice of such rights or
discretionary corporate action or of the date or dates such rights must be
exercised or such action must be taken. If the Trustee shall not actually
receive such notice, the Trustee shall have no liability for failing to so
notify Certificateholders.

     Section 7.02. Direction of Remedies. (a) The Holders of a majority in
aggregate Certificate Principal Balance of the Outstanding Certificates shall
have the right to direct any Proceeding for any remedy in respect of any
Underlying Note available to the Trustee as the registered holder of such
Underlying Note. The Certificateholders also have the right to direct the
Trustee to direct any Proceeding for any remedy available to the applicable
trustee of the Underlying Note Agreement under which any Underlying Note is
issued.

     Notwithstanding anything to the contrary contained herein, upon request of
any Certificateholder, the Trustee, on behalf of such Certificateholder, shall
enforce any of the Trustee's rights under U.S. Federal or State securities laws
as the purchaser of Underlying Notes from the related Underlying Issuers and
shall promptly notify the Certificateholders that it has received such a request
and is pursuing such enforcement.

                                      -35-
<PAGE>

     Section 7.03. Meetings of Certificateholders. Certificateholders may
exercise any voting right, give any consent or direct the Trustee at a separate
meeting of Certificateholders convened for that purpose or by written consent.
The Trustee will mail to each Certificateholder a notice of any meeting at which
the Certificateholders are entitled to vote or consent or notice of any matter
upon which action by written consent of those Certificateholders is to be taken.
Each such notice will include a statement setting forth the following
information:

          (i) the date of the meeting or the date by which the action is to be
     taken;

          (ii) a description of any resolution proposed for adoption at the
     meeting on which the Certificateholders are entitled to vote or consent or
     of the matter upon which written consent is sought; and

     Section 7.04. Assignment. The Trustee, as the Purchaser of the Underlying
Notes, hereby assigns to the purchasers of the Certificates from the Trust any
and all of its rights against the Underlying Issuers and the Debt Agents under
the U.S. Federal and State securities laws as the purchaser of the Underlying
Notes, including, but not limited to, any civil liability available to a
purchaser of securities under Rule 10b-5 of the Exchange Act and Sections 11
and 12(a)(2) of the Securities Act.

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

     Section 8.01. Duties of Trustee. (a) The Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Agreement. Any
permissive right of the Trustee enumerated in this Agreement shall not be
construed as a duty.

     (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 Agreement, shall examine them to determine whether they
conform to the requirements of this Agreement. If any such instrument is found
not to conform to the requirements of this 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 the Certificateholders.

     (c) No provision of this 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 terms of this Agreement, the Trustee shall not be
     liable except for the performance of such duties and obligations as are
     specifically set forth in this Agreement, no implied covenants or
     obligations (except for a fiduciary duty to the beneficiaries of the Trust)
     shall be read into this Agreement against the Trustee and, in the absence
     of negligence, bad faith or willful misconduct on the part of the Trustee,
     the Trustee may

                                      -36-
<PAGE>

     conclusively rely upon any certificates or opinions furnished to the
     Trustee as to the truth and correctness of any statements contained
     therein;

          (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) except with respect to actions or duties required to be taken or
     performed, as applicable, by the Trustee under the express terms of this
     Agreement, 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 or in the exercise of any of its rights or powers under this
     Agreement 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; provided, however, that the Trustee agrees that
     the indemnification under Section 8.05 will provide reasonable assurance
     against such risk or liability;

          (iv) 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 Agreement, the Trustee shall be
     obligated promptly upon its knowledge thereof to perform such obligation,
     duty or agreement in the manner so required; and

          (v) the Trustee shall not be personally liable for any indirect,
     special or consequential damages, or for loss of business or lost profits,
     regardless of the form of action and even if the same were foreseeable.

     Section 8.02. Certain Matters Affecting the Trustee. (a) Except as
otherwise provided in Section 8.01:

          (i) the Trustee may request and rely upon and shall be protected in
     acting or refraining from acting upon any resolution, Officers'
     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 by the proper party or parties;

          (ii) the Trustee may consult with counsel and, in connection with the
     preparation of the Trust's tax returns, accountants, and any advice or
     Opinion of Counsel or tax return prepared by accountants shall be full and
     complete authorization and protection in respect of any action taken or
     suffered or omitted by the Trustee under this Agreement in good faith and
     in accordance with such advice or Opinion of Counsel or the filing of any
     tax return;

          (iii) except for the duties and obligations of the Trustee expressly
     created by this Agreement, the Trustee shall be under no obligation to
     exercise any of the trusts or powers vested in it by this Agreement or to
     institute, conduct or defend any Proceeding hereunder or in relation
     thereto, at the request, order or direction of any of the
     Certificateholders pursuant to the terms of this Agreement unless such
     Certificateholders

                                      -37-
<PAGE>

     or the Depositor 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
     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;

          (vi) the Trustee may execute any of the trusts or powers or perform
     any duties under this Agreement either directly or by or through agents,
     attorneys or custodians;

          (vii) the Trustee shall not be personally liable for any loss
     resulting from the investment of funds held in any Certificate Account
     pursuant to Section 3.05;

          (viii) the Trustee shall not be deemed to have notice or actual
     knowledge of any matter unless (1) a Responsible Officer assigned to and
     working in the Corporate Trust Office has actual knowledge thereof or (2)
     written notice thereof is received by the Trustee at the Corporate Trust
     Office;

          (ix) the Trustee shall not be personally liable for its failure to act
     or delay in acting by reason of circumstances beyond its reasonable
     control, including without limitation, acts of God, acts of war or
     terrorism, earthquakes, fires, floods, civil or military disturbances,
     sabotage, epidemics, riots, interruptions, loss or malfunctions of
     utilities, computer (hardware or software) or communications services; and

          (x) the Trustee shall not be personally liable for any acts or
     omissions of the Depositary or the U.S. Federal Reserve Banks or any
     malfunction in connection with the book-entry system of the Depositary or
     the U.S. Federal Reserve Banks.

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

     Section 8.03. Limitation on Liability of Trustee. The Trustee assumes no
responsibility for the correctness of the recitals contained in this Agreement,
the Certificates or any document issued in connection with the sale of the
Certificates (other than the signature and authentication on the Certificates).
The sole obligor with respect to the Underlying Notes is the related Underlying
Issuer. Except as set forth in Section 8.12, the Trustee makes no
representations or warranties as to the validity or sufficiency of this
Agreement, the Certificates (other than the signature and authentication on the
Certificates), any Underlying Note or any 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, or for the use or
application of any funds paid

                                      -38-
<PAGE>

to the Depositor in respect of the Underlying Notes. The Certificates do
not represent interests in or obligations of the Trustee, and the Trustee
shall not be responsible or accountable for any tax, accounting or other
treatment proposed to be applied to the Certificates or any interest therein.

     Section 8.04. Trustee May Own Certificates. The Trustee, in its individual
capacity or in any other capacity, may become the owner or pledgee of
Certificates with the same rights it would have if it were not Trustee.

     Section 8.05. Trustee Fees and Expenses; Limited Indemnification; Expense
Reserve Account. (a) As compensation for its services required hereunder and
in payment of its expenses (including the fees and disbursements of its
counsel) incurred in connection with the performance of such services, the
Trustee shall be entitled to $o on each Regular Distribution Date (the
"Trustee Fees"), which amount shall be payable solely from (x) the amounts
deducted from Available Funds by the Trustee in accordance with Section
4.01(a)(i) hereof, (y) funds, if any, on deposit in the Expense Reserve
Account and (z) the Depositor and/or the Certificateholders, as specified
below. In the event that the Available Expense Amount exceeds actual Trust
Expenses for the applicable Distribution Period, the Trustee shall deposit the
excess into the Expense Reserve Account. In the event that actual Trust
Expenses exceed the Available Expense Amount for the applicable Distribution
Period, the Trustee shall apply funds, if any, on deposit in the Expense
Reserve Account toward the payment of such actual Trust Expenses. In the event
that actual Trust Expenses for the applicable Distribution Period shall remain
outstanding after the application of funds, if any, on deposit in the Expense
Reserve Account as aforesaid, then the Depositor shall be obligated to satisfy
remaining actual Trust Expenses in an amount for that Distribution Period
equal to $130,000 minus the sum of the Available Expense Amount for that
Distribution Period and funds on deposit in the Expense Reserve Account that
the Trustee is required to apply or has applied, as the case may be, to the
payment of actual Trust Expenses for that Distribution Period, and payments so
made by the Depositor shall be reimbursed by Bank of America Corporation. All
remaining excess actual Trust Expenses on any Regular Distribution Date shall
be the responsibility of Certificateholders and shall be deducted from
Available Funds by the Trustee in accordance with the provisions of Section
4.01(a)(i)(2)(y). Trust Expenses that are required to be paid by the
Certificateholders will be allocated among them on a pro rata basis and
deducted from each Certificateholder's allocable share of interest collections
received by the Trustee on the applicable Regular Distribution Date.

     (b) The Trustee and any director, officer, employee or agent of the Trustee
shall be indemnified by the Depositor and held harmless against any loss,
liability or expense incurred in connection with any Proceeding relating to this
Agreement or the Certificates or the performance of any of the Trustee's duties
under this Agreement, other than any loss, liability or expense (i) that
constitutes a specific liability of the Trustee under this Agreement or (ii)
incurred by reason of willful misconduct, bad faith or negligence in the
performance of the Trustee's duties hereunder or as a result of a breach or
reckless disregard of the Trustee's obligations and duties hereunder (such loss,
liability or expense, other than as described in clauses (i) and (ii) of this
sentence, "Extraordinary Trust Expense"); provided, however, that with respect
to any such Proceeding, (1) the Trustee shall have given the Depositor notice
thereof promptly after the Trustee shall have knowledge thereof, (2) while
maintaining control over its own defense in any such Proceeding, the Trustee
shall consult with the Depositor in preparing such defense, (3) if any Person
ever alleges such willful misconduct, bad faith or negligence by the Trustee,
the

                                      -39-
<PAGE>

indemnification provided for in this Section 8.05(b) shall nonetheless be paid
upon demand, subject to later adjustment or reimbursement, until such time as
a court of competent jurisdiction enters a final judgment as to the extent and
effect of the alleged willful misconduct, bad faith or negligence and (4) the
Depositor shall in no event be obligated under this Agreement to indemnify the
Trustee for any Extraordinary Trust Expense to the extent that such
Extraordinary Trust Expense, when aggregated with all Extraordinary Trust
Expenses previously indemnified, exceeds $o (the "Maximum Reimbursable
Amount"). In the event the Trustee is not indemnified by the Depositor in
accordance with this Section 8.05(b), the Trustee shall nevertheless remain
obligated to perform its duties under this Agreement.

     (c) The Trustee and the Depositor expressly acknowledge that the limited
obligations of the Depositor to indemnify the Trustee pursuant to Section
8.05(b) do not extend to amounts attributable to compensation for services or
payment of expenses of the Trustee, which amounts are payable in full in
accordance with Section 8.05(a).

     (d) On the Closing Date, the Trustee shall establish an Expense Reserve
Account. Funds, if any, on deposit in the Expense Reserve Account shall be (x)
held separate and apart from, and shall not be commingled with, any other
moneys, including, without limitation, any moneys held by the Trustee pursuant
to this Agreement, (y) invested by the Trustee in Eligible Investments and (z)
deposited and withdrawn in accordance with the provisions of Section 8.05(a).
The Certificates shall evidence ownership of the Expense Reserve Account for
U.S. Federal income tax purposes and the Expense Reserve Account will not be
treated as an asset of the Trust for any purpose. In the event that all actual
Trust Expenses are paid in full upon the final distribution to
Certificateholders of all amounts due in respect of the Underlying Notes, all
funds on deposit in the Expense Reserve Account shall be distributed to the
Certificateholders on a pro rata basis.

     Section 8.06. Eligibility Requirements for Trustee. (a) The Trustee shall
at all times satisfy the requirements of TIA Section 310(a) and Section
(a)(4)(i) of Rule 3a-7 under the Investment Company Act. The Trustee hereunder
shall at all times be a corporation which is not an Affiliate of the Depositor
(but may have normal banking relationships with the Depositor or any obligor
with respect to the Underlying Notes and their respective 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 $200,000,000 and subject to supervision or examination
by U.S. Federal or State banking authorities, and the long-term debt obligations
of which are rated in one of the four highest categories assigned long-term debt
obligations by each of the Rating Agencies. If such corporation or association
publishes reports of conditions at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then 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. In the event that at any time the Trustee shall cease
to be eligible in accordance with the terms of this Section 8.06, the Trustee
shall resign immediately in the manner and with the effect specified in Section
8.07.

     (b) The Trustee shall comply with Section 310(b) of the TIA; provided,
however, that there shall be excluded from the operation of TIA Section
310(b)(1) other outstanding debt

                                      -40-
<PAGE>

securities of the Underlying Issuer if the requirements for such exclusion set
forth in TIA Section 310(b)(1) are met.

     Section 8.07. Resignation or Removal of the Trustee. (a) Subject to the
last sentence of this Section 8.07(a), the Trustee may at any time resign and
be discharged from its obligations and duties hereunder by giving written
notice thereof to the Depositor and to all Certificateholders. Upon receiving
such notice of resignation, the Depositor shall as promptly as possible (and
in any event within 45 calendar days after the date of such notice of
resignation) appoint a successor Trustee by written instrument, in duplicate,
which instrument shall be delivered to the resigning Trustee and to the
successor Trustee. A copy of such instrument shall be delivered to the
Certificateholders by the Depositor. If no such successor Trustee shall have
been so appointed and have accepted appointment within 45 calendar days after
the giving of such notice of resignation, the resigning Trustee may petition
any court of competent jurisdiction for the appointment of a successor Trustee
for the Certificates. Upon any appointment of a successor Trustee pursuant to
this Section 8.07(a), the resigning Trustee shall be solely liable for (i) the
payment of such successor Trustee's fees and expenses and (ii) provision of
adequate indemnities satisfactory to such successor Trustee (it being
understood that the indemnification obligations of the Depositor pursuant to
Section 8.05(b) shall inure to the benefit of such successor Trustee, but that
any Extraordinary Trust Expense previously indemnified by the Depositor shall
reduce the Maximum Reimbursable Amount with respect to such successor Trustee
on a dollar-for-dollar basis). In the event that the Trustee fails to satisfy
the conditions contained in clauses (i) and (ii) above, the Trustee may not
resign pursuant to this Section 8.07(a).

     (b) If at any time the Trustee shall cease to be eligible in accordance
with the terms of Section 8.06 and shall fail to resign after written request
therefor by the Depositor, or if at any time the Trustee shall become incapable
of acting, or shall be adjudged 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 or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Depositor may remove
the Trustee and appoint a successor Trustee by written instrument, in duplicate,
which instrument shall be delivered to the Trustee so removed and to the
successor Trustee. A copy of such instrument shall be delivered to the
Certificateholders by the Depositor.

     (c) Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the terms of this Section 8.07 shall not
become effective until acceptance of appointment by the successor Trustee as
provided in Section 8.08.

     Section 8.08. Successor Trustee. (a) Any successor Trustee appointed as
provided in Section 8.07 shall execute, acknowledge and deliver to the Depositor
and its predecessor Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Trustee
shall become effective and such successor Trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and
obligations of the predecessor Trustee under this Agreement, with the like
effect as if originally named as Trustee in this Agreement. The predecessor
Trustee shall deliver to the successor Trustee all documents and statements held
by it under this Agreement, and the Depositor and the predecessor Trustee shall
execute and deliver such instruments and do such

                                      -41-
<PAGE>

other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor Trustee all such rights, powers,
duties and obligations. No successor Trustee shall accept appointment as
provided in this Section 8.08 unless at the time of such acceptance such
successor Trustee shall be eligible under the terms of Section 8.06.

     (b) Upon acceptance of appointment by a successor Trustee as provided in
this Section 8.08, the Depositor shall transmit notice of the succession of such
Trustee under this Agreement to all Certificateholders.

     Section 8.09. 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 a party, or any
corporation or association succeeding to the business of the Trustee, shall be
the successor of the Trustee under this Agreement, provided such corporation or
association shall be eligible under the terms of Section 8.06, without the
execution or filing of any paper or any further act on the part of any of the
parties to this Agreement, anything in this Agreement to the contrary
notwithstanding.

     Section 8.10. Appointment of Co-Trustee. (a) Notwithstanding any other
terms of this Agreement, at any time, for the purpose of meeting any legal
requirements of any jurisdiction in which any party of the Trust Property may at
the time be located, the Depositor and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-Trustee or co-Trustees, jointly
with the Trustee, of all or any part of the Trust Property, and to vest in such
Person or Persons, in such capacity, such title to the Trust Property, or any
part thereof, and, subject to the other terms of this Section 8.10, such powers,
duties, obligations, rights and trusts as the Depositor and the Trustee may
consider necessary or desirable. If the Depositor shall not have joined in such
appointment within 30 calendar days after the receipt by it of a request so to
do, the Trustee alone shall have the power to make such appointment. No
co-Trustee under this Agreement shall be required to meet the terms of
eligibility as a successor Trustee under Section 8.06 and no notice to
Certificateholders of the appointment of a co-Trustee or co-Trustees shall be
required under Section 8.08.

     (b) In the case of any appointment of a co-Trustee pursuant to this Section
8.10, all rights, powers, duties and obligations conferred or imposed upon the
Trustee shall be conferred or imposed upon and exercised or performed by the
Trustee and such co-Trustee jointly, except to the extent that under any law of
any jurisdiction in which any particular act or acts are to be performed by the
Trustee, the Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the
holding of title to such Trust Property or any portion thereof in any such
jurisdiction) shall be exercised and performed by such co-Trustee at the
direction of the Trustee.

     (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the co-Trustees, as effectively as if given
to each of them. Every instrument appointment any co-Trustee shall refer to this
Agreement and the conditions of this Article VIII. Each co-Trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, jointly with the Trustee subject

                                      -42-
<PAGE>

to all the terms of this Agreement, specifically including every provision of
this Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. Every such instrument shall be filed
with the Trustee.

     (d) Any co-Trustee may, at any time, constitute the Trustee, its agent or
attorney-in-fact, with full power and authority, to the extent not prohibited
by law, to do any lawful act under or in respect of this Agreement on its
behalf and in its name. If any co-Trustee shall die, become incapable of
acting, resign or be removed, all its estates, properties, rights, remedies
and trusts shall vest in and be exercised by the Trustee, to the extent
permitted by law, without the appointment of a new or successor Trustee.

     Section 8.11. Presentment and Surrender at Corporate Trust Office. The
Certificates may be surrendered for registration of transfer or exchange, and
presented and surrendered on the Final Scheduled Distribution Date, on a Special
Distribution Date resulting from the optional redemption of Underlying Notes or
upon an event requiring removal of any Underlying Notes from the Trust Property,
and notices and demands to or upon the Trustee in respect of the Certificates
and this Agreement may be served, at the Corporate Trust Office of the Trustee.

     Section 8.12. Representations and Warranties of Trustee. (a) The Trustee
represents and warrants that:

          (i) the Trustee is duly organized, validly existing and in good
     standing under the laws of the State of New York;

          (ii) the Trustee has full power, authority and right to execute,
     authenticate, deliver and perform its duties and obligations under this
     Agreement and the Certificates and has taken all necessary action to
     authorize the execution, authentication, delivery and performance by it
     (or, with respect to the Certificates, by an Authenticating Agent on its
     behalf, if applicable) of this Agreement and the Certificates;

          (iii) the execution, authentication and delivery of this Agreement and
     the Certificates by the Trustee and its performance of and compliance with
     the terms of this Agreement and the Certificates will not violate the
     Trustee's charter or by-laws or constitute a default under, or result in
     the breach or acceleration of, any contract, agreement or other instrument
     to which the Trustee is a party or which may be applicable to the Trustee
     or any of its assets;

          (iv) as of the Closing Date, each of this Agreement and the
     Certificates has been duly executed, authenticated and delivered by the
     Trustee (or, with respect to the Certificates, by an Authenticating Agent
     on its behalf, if applicable) and this Agreement constitutes the valid and
     legally binding obligation of the Trustee, enforceable in accordance with
     its terms, except as enforcement may be limited by the applicable
     bankruptcy, insolvency, reorganization, moratorium or similar laws
     affecting the rights of creditors generally or by general principles of
     equity;

          (v) the Trustee is not in violation, and the execution, authentication
     and delivery of this Agreement and the Certificates by the Trustee and its
     performance and compliance with respective terms of this Agreement and the
     Certificates will not

                                      -43-
<PAGE>

     constitute a violation, of any order or decree of any court or any order
     or regulation of any U.S. Federal, State, municipal or governmental agency
     having jurisdiction over the Trustee or any of its assets, which
     violation would reasonably be expected to have a material adverse effect
     on the business, prospects, condition (financial or otherwise) or
     operations of the Trustee or on the performance of its duties thereunder;

          (vi) there are no 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 this Agreement or to
     render the Certificates invalid, (b) seeking to prevent the issuance of the
     Certificates or the consummation of any of the transactions contemplated by
     this Agreement or (c) that could reasonably be expected to prohibit or
     materially and adversely affect the performance by the Trustee of its
     obligations under, or the validity or enforceability of, this Agreement or
     the Certificates; and

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

     (b) Within 30 calendar days of the discovery by the Trustee of a breach of
any of its representations or warranties set forth in this Section 8.12, the
Trustee shall promptly cure such breach.

     Section 8.13. Limitation of Powers and Duties. The Trust is constituted
solely for the purposes of acquiring and holding the Underlying Notes, entering
into the Agency Agreement, issuing the Certificates and engaging in activities
necessary, advisable or incidental to the foregoing. The Trust may not incur any
additional debt other than debt that does not constitute a claim against the
Trust Property. The Trustee is not authorized to acquire any other investments
or engage in any activities not authorized in this Agreement and, in particular,
the Trustee is not authorized (i) to Transfer any of the Underlying Notes or
interests therein to any Person except as contemplated in Section 3.08 or 3.09
or (ii) to do anything that would cause the Trust to (1) be required to be
registered under the Investment Company Act or (2) cause the Trust to be taxed
as a corporation or a publicly traded partnership taxable as a corporation or
otherwise alter the classification of the Trust for U.S. Federal income tax
purposes.

                                   ARTICLE IX

                                   TERMINATION

     Section 9.01. Termination of the Trust. (a) The respective obligations and
responsibilities under this Agreement of the Depositor and the Trustee (other
than the obligations of the Trustee to provide reports and other information
under this Agreement and to make distributions to Certificateholders as herein
set forth) shall terminate upon the distribution to such Certificateholders of
all amounts required to be paid by the Underlying Issuers of their

                                      -44-
<PAGE>

respective Underlying Notes then constituting a part of the Trust Property;
provided, however, that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy Sr., the late United States Ambassador to the Court of
St. James.

     (b) Written notice of any termination shall be provided to each
Certificateholder and the Depositor within ten Business Days of such
termination, unless such termination occurs on the Final Scheduled Distribution
Date.

     (c) On the Final Scheduled Distribution Date, unless none of the
Certificates are then Outstanding, the Trustee shall distribute to each
Certificateholder presenting and surrendering its Certificates, the amount
distributable on the Final Scheduled Distribution Date pursuant to Section 4.01
in respect of the Certificates so presented and surrendered. Any funds not
distributed on the Final Scheduled Distribution Date shall be set aside and held
in trust by the Trustee for the benefit of Certificateholders that fail to
present and surrender their Certificates on the Final Scheduled Distribution
Date and shall be disposed of upon such presentation and surrender, subject to
Sections 4.01 and 5.09. Immediately following the deposit of such funds in trust
hereunder, the Trust shall terminate.

                                   ARTICLE X

                              MISCELLANEOUS TERMS

     Section 10.01. Amendment of this Agreement. (a) This 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 or to correct or supplement any provision in this Agreement which
may be defective or inconsistent with any other provision in this Agreement;
(ii) to add to the covenants, restrictions or obligations of the Depositor for
the benefit of the Certificateholders, (iii) to comply with any requirements
imposed by the Code; (iv) to amend the definition Maximum Reimbursable Amount so
as to increase, but not decrease, the amount contained in such definition or to
otherwise amend or waive the terms of Section 8.05(b) in any manner which shall
not adversely affect the Certificateholders in any material respect; (v) to
evidence and provide for the acceptance of appointment under this Agreement by a
successor Trustee.

     (b) This Agreement may also be amended from time to time by the Depositor
and the Trustee with the consent of Certificateholders representing a majority
of the aggregate Certificate Principal Balances of the Outstanding Certificates
on the date of such determination for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Certificateholders; provided,
however, that, the consent of 100% of the aggregate Certificate Principal
Balances of all Outstanding Certificates on the date of such determination shall
be required in the event any such amendment would (i) reduce in any manner the
amount, delay the timing or otherwise alter the pass-through nature of payments
received on Underlying Notes that are required to be distributed on any
Certificate, (ii) reduce the Certificate Principal Balance of the Certificates
except upon payment on the Final Scheduled Distribution Date or upon the
occurrence of a Removal Event, an event requiring removal of any Underlying
Notes from the Trust Property

                                      -45-
<PAGE>

pursuant to Section 3.10 or the optional redemption of Underlying Notes, or
(iii) reduce the aforesaid required percentages required for the consent to
any amendment with the consent of the Certificateholders.

     (c) Notwithstanding the foregoing, no amendment of this Agreement pursuant
to Section 10.01(a) or (b) hereof shall be permitted that would (1) require the
Trust to be registered under the Investment Company Act, (2) cause the Trust to
be taxed as an association or publicly traded partnership taxable as a
corporation or otherwise alter the classification of the Trust for U.S. Federal
income tax purposes, (3) result in a sale or exchange of any Certificate for tax
purposes, (4) not meet the Rating Agency Condition, (5) change or add any
Removal Events or any conditions under which any Underlying Notes are required
to be removed from the Trust Property, (6) substitute Underlying Notes of an
Underlying Issuer for debt securities of another issuer or (7) modify the
provisions of this Agreement in a manner that would permit the Trustee, in its
capacity as such under this Agreement, or the Certificateholders to declare or
waive an event of default in respect of the Underlying Notes.

     (d) Promptly after the execution of any amendment under this Section 10.01,
the Trustee shall furnish a copy of such amendment to each Certificateholder.

     Section 10.02. Counterparts. This Agreement 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 but one and the same
instrument.

     Section 10.03. Limitation on Rights of Certificateholders. (a) The death
or incapacity of any Certificateholder shall not (1) operate to terminate this
Agreement or the Trust Property, (2) entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any Proceeding in
any court for a partition or winding up of the Trust Property or (3) otherwise
affect the rights, obligations and liabilities of the parties thereto or any
of them.

     (b) Except as otherwise expressly provided herein, no Certificateholder
shall have any right to control the operation and management of any Trust
Property, or the obligations of the parties thereto, nor shall anything in this
Agreement 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. In addition, no Certificateholder shall be under any
liability to any third person by reason of any action taken by the parties to
this Agreement pursuant to any provision thereof.

     Section 10.04. GOVERNING LAW; Non-exclusive Submission to Jurisdiction.
THIS AGREEMENT AND EACH CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. With respect to any
Proceedings relating to or arising out of this Agreement, the Depositor, Trustee
(including any Authentication Agent, Certificate Registrar and Paying Agent),
Administrative Agent and each Certificateholder irrevocably submits to the
non-exclusive jurisdiction of the courts of the State of New York and the United
States District Court located in the Borough of Manhattan in New York City.
Nothing in this Agreement precludes any such Person from bringing Proceedings in
any other jurisdiction, nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

                                      -46-
<PAGE>

     Section 10.05. Notices. All directions, demands and notices under this
Agreement shall be in writing and shall be delivered to the Trustee at its
Corporate Trust Office and to the Administrative Agent at Bank of America
Corporate Center, Charlotte, North Carolina 28255. Any notice required to be
given to a Certificateholder will be sent by first class mail, postage prepaid,
to the last address of such Certificateholder set forth in the Certificate
Register or will be given by facsimile to such number as may be provided to the
Trustee and the Administrative Agent. Any notice so mailed within the time
prescribed in this Agreement shall be conclusively presumed to have been duly
given when mailed, whether or not the Certificateholder receives such notice.
Notices given by facsimile will be effective upon confirmation (including
electronic confirmation) of effective transmission. So long as the Certificates
are listed on the Luxembourg Stock Exchange, notices will also be made by
publication in a Luxembourg Authorized Newspaper. Any notice in a Luxembourg
Authorized Newspaper will be deemed to have been given on the date of
publication or, if published more than once, on the date of the first
publication.

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

     Section 10.07. Notice to Rating Agencies. The Trustee shall use its best
efforts promptly to provide notice to the Rating Agencies with respect to each
of the following events as to which it has actual knowledge:

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

          (ii) the resignation or termination of the Trustee;

          (iii) any change in the location of the Certificate Account;

          (iv) any Removal Event;

          (v) any event requiring removal of any Underlying Note from the Trust
     Property in accordance with Section 3.10;

          (vi) any optional redemption of Underlying Notes; and

          (vii) the final distribution to Certificateholders.

In addition, the Trustee shall promptly furnish to the Rating Agencies copies of
each report to Certificateholders described in Section 4.02. Any such notice
pursuant to this Section 10.07 shall be in writing and shall be deemed to have
been duly given if personally delivered, sent by facsimile or mailed by first
class mail, postage prepaid, or by express delivery service to the Rating
Agencies.

     Section 10.08. No Recourse. Each Holder, by its acceptance of a Certificate
or a beneficial interest or participation therein, acknowledges that such
Holder's Certificate

                                      -47-
<PAGE>

represents a beneficial ownership interest in the assets of
the Trust only and does not represent an interest in or obligation of the
Depositor, the Trustee, any Affiliate of the Depositor or the Trustee or any
other entity or any of their respective directors, managers, officers, employees
or agents and no recourse may be had against such Persons or individuals or
their respective assets, except as may be expressly set forth or contemplated in
this Agreement or the Certificates, and each Holder's recourse is limited to the
Trust Property secured hereby. The Trustee shall have no recourse to the
Underlying Notes.

     Section 10.09. No Petition Covenant. Notwithstanding any prior termination
of this Agreement, the Trustee and each Certificateholder shall not, prior to
the date which is one year and one day after the termination of this Agreement,
acquiesce in, petition or otherwise invoke or cause the Trust or the Depositor
to invoke the process of any court or governmental authority for the purpose of
commencing or sustaining a case against the Trust or the Depositor under any
U.S. 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 the Depositor or any substantial part of its
property, or ordering the winding up or liquidation of the affairs of the Trust
or the Depositor.

     Section 10.10. Intention of Parties. The parties hereto intend that the
Trust be classified for U.S. Federal income tax purposes as a grantor trust
under Subpart E, Part I of Subchapter J of the Code and not as a trust or
association taxable as a corporation or as a partnership. Each
Certificateholder, by its acceptance of its Certificate or a beneficial interest
or participation therein, agrees to treat the Trust as a grantor trust for all
U.S. Federal, State and local income tax purposes. The powers granted and
obligations undertaken pursuant to this Agreement shall be so construed so as to
further such intent.

                                      -48-
<PAGE>

     IN WITNESS WHEREOF, the Depositor, the Trustee and the Administrative Agent
have each caused this Agreement to be duly executed by its duly authorized
representative as of the date first above written.

                                        CORE BOND PRODUCTS LLC, as Depositor

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        THE BANK OF NEW YORK, as Trustee and
                                         Securities Intermediary

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                        BANC OF AMERICA SECURITIES LLC,
                                         as Administrative Agent

                                        By:  ___________________________________
                                             Name:
                                             Title:

                                      -49-
<PAGE>

                                      -50-
<PAGE>

                                      -51-
<PAGE>

                                   SCHEDULE I

                            Underlying Note Schedule

<TABLE>
<CAPTION>
------- ------------ ----------- ------ ----------- ---------- --------- -------- ------------ ------------- -------- ------ -------
                       Series/                      Underlying                                    Non-U.S.
                       Tranche          Underlying     Note                                       Company/
                         of                Note      Interest                      Make-Whole   Withholding
         Underlying   Underlying         Interest    Payment   Principal Maturity  Redemption    Redemption  Moody's   S&P    Fitch
 CUSIP     Issuer       Notes     Rank      Rate      Dates     Amount     Date   Option/Price     Option    Rating   Rating  Rating
------- ------------ ----------- ------ ----------- ---------- --------- -------- ------------ ------------- -------- ------ -------
<S>     <C>          <C>         <C>    <C>         <C>        <C>       <C>      <C>          <C>           <C>       <C>   <C>
------- ------------ ----------- ------ ----------- ---------- --------- -------- ------------ ------------- -------- ------ -------
------- ------------ ----------- ------ ----------- ---------- --------- -------- ------------ ------------- -------- ------ -------
------- ------------ ----------- ------ ----------- ---------- --------- -------- ------------ ------------- -------- ------ -------
------- ------------ ----------- ------ ----------- ---------- --------- -------- ------------ ------------- -------- ------ -------
</TABLE>

                                      -52-
<PAGE>

                                                                     EXHIBIT A
                                                                     ---------

                               FORM OF CERTIFICATE
                               -------------------

                              [FACE OF CERTIFICATE]

EACH PERSON THAT PURCHASES A CERTIFICATE WILL BE DEEMED TO REPRESENT THAT ITS
ACQUISITION OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION. IN ADDITION, IN THE EVENT THE CERTIFICATES DO NOT
CONSTITUTE PUBLICLY OFFERED SECURITIES, EACH PERSON THAT PURCHASES THIS
CERTIFICATE ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE PROVISIONS OF SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED, WILL BE DEEMED TO REPRESENT THAT EITHER (I) THE PLAN IS SO REPRESENTED
IN THIS REGARD BY A QPAM OR INHAM (AS THOSE TERMS ARE DEFINED IN PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTE") 84-14 AND PTE 96-23, RESPECTIVELY) AND WILL
BE SO REPRESENTED FOR SO LONG AS SUCH PLAN HOLDS THIS CERTIFICATE, AND THAT THE
OTHER CONDITIONS OF PTE 84-14 OR PTE 96-23 ARE AND WILL AT ALL TIMES BE
SATISFIED, (II) THE CONDITIONS TO THE APPLICABILITY OF PTE 90-1, PTE 95-60 OR
PTE 91-38 ARE AND WILL AT ALL TIMES BE SATISFIED OR (III) THE CONDITIONS OF
ANOTHER APPLICABLE EXEMPTION ARE AND WILL AT ALL TIMES BE SATISFIED, SUCH THAT
IN THE CASE OF EITHER (I), (II) OR (III), THE APPLICABLE EXEMPTION APPLIES TO
THE PURCHASE, CONTINUED HOLDING AND DISPOSITION OF THIS CERTIFICATE, AS WELL AS
TO THE UNDERLYING TRANSACTIONS OF THE TRUST REFERRED TO HEREIN.

                                      B-1

<PAGE>

[Include if this Certificate is a Global Certificate:

     This Certificate is a Global Certificate within the meaning of the Trust
Agreement hereinafter referred to and is registered in the name of the
Depositary or a nominee of the Depositary. This Certificate is exchangeable for
Certificates registered in the name of a Person other than the Depositary or its
nominee only in the limited circumstances described in the Trust Agreement, and
may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor of the Depositary or a nominee of such successor.]

[Include if this Certificate is a Global Certificate and DTC is the Depositary:

     Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange or payment, and any certificate
issued in exchange for this certificate or any portion hereof 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.]

CERTIFICATE                              CERTIFICATE PRINCIPAL BALANCE: $_______
No. ______
CUSIP No. ___________
ISIN US _____________
Common Code No. ____________

                       Core Investment Grade Bond Trust I
                     Pass-Through Certificate, Series 2002-1

                        Issuance Date: ____________, 2002

                      Final Scheduled Distribution Date: o

Evidencing a Fractional Undivided Interest in Core Investment Grade Bond Trust I

     THIS CERTIFIES THAT _______________, for value received, is the registered
owner (the "Holder") of $__________ (___________ dollars) in Certificate
Principal Balance, subject to change as specified in Schedule 1 hereto, in Core
Investment Grade Bond Trust I (the "Trust") created pursuant to a Trust
Agreement, dated as of [ ], 2002 (the "Trust Agreement"), among The Bank of New
York, as trustee and securities intermediary (the "Trustee"), Core Bond Products
LLC, as depositor (the "Depositor"), and Banc of America Securities LLC, as
administrative agent (the "Administrative Agent"), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to
them in the Trust Agreement.

                                      B-2

<PAGE>

     This Certificate is one of the duly authorized Certificates designated as
"Pass-Through Certificates, Series 2002-1" (the "Certificates"). This
Certificate is issued under and is subject to the terms, provisions, and
conditions of the Trust Agreement. By virtue of its acceptance hereof, the
Holder assents to and agrees to be bound by the provisions of the Trust
Agreement.

     This Certificate evidences a Fractional Undivided Interest in the Trust
Property. Subject to the terms and conditions of the Trust Agreement, until the
obligations created by the Trust Agreement shall have terminated in accordance
therewith, Certificateholders will be entitled to receive on the related
Distribution Date distributions in an amount equal to their Fractional Undivided
Interest in the amounts received by the Trustee and required to be distributed
to Certificateholders on such Distribution Date pursuant to the terms of the
Trust Agreement.

     Except as otherwise provided in the Trust Agreement and notwithstanding the
foregoing, distributions payable on the Final Schedule Distribution Date, on a
Special Distribution Date resulting from the optional redemption of Underlying
Notes or upon a removal of Underlying Notes under the circumstances prescribed
in the Trust Agreement will be made only upon presentation and surrender of this
Certificate at the Corporate Trust Office of the Trustee.

     Each Certificateholder, by its acceptance of this Certificate or a
beneficial interest herein, agrees to treat the Trust as a trust, the
certificateholders of which are treated as the owners thereof under Section 671
of the Code, for U.S. Federal income tax purposes.

     THE TRUST AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Trustee, 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 Trustee in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. Unless the certificate of
authentication hereon has been executed by the Trustee, by manual or facsimile
signature, this Certificate shall not be entitled to any benefit under the Trust
Agreement or be valid for any purpose.

     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 rights, benefits, obligations and duties evidenced thereby. A copy of the
Trust Agreement may be examined by any Certificateholder, upon request (free of
charge), during normal business hours at the Corporate Trust Office of the
Trustee, located initially at 100 Church Street, New York, New York 10286, and
at such other places, if any, designated by the Trustee, including, for so long
as the Certificates are listed on the Luxembourg Stock Exchange, the main office
of The Bank of New York (Luxembourg) SA, the Trust's Luxembourg paying agent,
initially located at Aerogolf Centre 1A, Hoehenhof, L-1736 Senningerberg,
Luxembourg.

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

                                      B-3

<PAGE>

     IN WITNESS WHEREOF, the Trustee, on behalf of the Trust, and not in its
individual capacity, has caused this Certificate to be duly executed.

                                         CORE INVESTMENT GRADE BOND TRUST I

                                         By: THE BANK OF NEW YORK, as Trustee

                                         By: ___________________________________
                                                   Authorized Signatory

DATED:

Trustee's Certificate of Authentication:

     This is one of the Certificates referred to in the within-mentioned Trust
Agreement.

Date:                                          THE BANK OF NEW YORK, as Trustee

                                              By: ______________________________
                                                     Authorized Signatory

                                      B-4

<PAGE>

                            [REVERSE OF CERTIFICATE]

                       Core Investment Grade Bond Trust I
                     Pass-Through Certificate, Series 2002-1

     The Trust Agreement permits the amendment thereof, in certain
circumstances, without the consent of the Holders of any of the Certificates.

     As provided in the Trust Agreement and subject to certain limitations
herein and 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 Corporate Trust Office, accompanied by a written instrument
of transfer in form and substance satisfactory to the Trustee duly completed and
executed by the Holder hereof or such Holder's attorney duly authorized in
writing, and thereupon one or more new Certificates of authorized denominations
evidencing the same aggregate Certificate Principal Balance will be issued to
the designated transferee.

     As provided in the Trust Agreement and subject to certain limitations
herein and therein set forth, this Certificate is exchangeable for new
Certificates of authorized denominations representing the same aggregate
Certificate Principal Balance, as requested by the Holder surrendering the same.
The Trustee may require payment of a sum sufficient to cover any tax or
governmental charges payable in connection therewith and any expenses reasonably
incurred by the Trustee, except as otherwise specified in the Trust Agreement.

     The Certificates are issuable only in registered form without coupons in
denominations of $1,000.

     Prior to due presentment for registration of transfer, the Depositor, 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 none of the Depositor, the Trustee or any such agent shall be affected by
any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the
Trust created thereby will terminate upon the payment to Certificateholders of
all amounts required to be paid to them pursuant to the Trust Agreement.

     Notwithstanding anything contained in the Trust Agreement to the contrary,
the Trust Agreement has been accepted by the Trustee, not in its individual
capacity but solely as Trustee. In no event shall the Trustee have any liability
for the representations, warranties, covenants, agreements or other obligations
of the Depositor thereunder or in any of the certificates, notices or agreements
of the Depositor delivered pursuant thereto, as to all of which recourse shall
be had solely to the assets of the Depositor, and, except as specified in
Section 8.05 of the Trust Agreement, under no circumstances shall the Trustee be
personally liable for the payment of any indebtedness or expenses of the Trust.
This Certificate does not represent an interest in or obligation of the Trustee
and the Trustee shall not be responsible or accountable for any tax, accounting
or other treatment proposed to be applied to the Certificates or any interest
therein except as expressly provided in the Trust Agreement.

                                      B-5

<PAGE>

[Include if this Certificate is a Global Certificate]

                                                                      Schedule 1

        SCHEDULE OF CHANGES IN OUTSTANDING CERTIFICATE PRINCIPAL BALANCE

     The following notations in respect of changes in the outstanding
Certificate Principal Balance of this Global Certificate have been made in
respect of a Removal Event or a Special Distribution Date resulting from the
optional redemption of Underlying Notes:

<TABLE>
<CAPTION>
      Initial Certificate      Change in Outstanding       New Certificate   Notation
Date   Principal Balance   Certificate Principal Balance  Principal Balance   Made by
----   -----------------   -----------------------------  -----------------   -------
<S>    <C>                 <C>                            <C>                 <C>

</TABLE>

                                      B-6

<PAGE>

                                                                         Annex A

        FORM OF NOTICE OF REMOVAL OF UNDERLYING NOTES FROM TRUST PROPERTY

[Name and Address of Certificateholder]

     Re:   Core Investment Grade Bond Trust I
           Pass-Through Certificates, Series 2002-1

     We hereby notify you in accordance with Section 3.08(a) of the Trust
Agreement, dated as of November o, 2002 (the "Trust Agreement"), among Core Bond
Products LLC, as Depositor, The Bank of New York, as trustee and securities
intermediary, and Banc of America Securities LLC, as administrative agent, [of
the occurrence of a Removal Event with respect to the following Underlying
Notes: [specify series or issue of Underlying Notes and specific Removal
Event]][that the following series or issue of Underlying Notes are subject to
removal from the Trust Property in accordance with Section 3.10 of the Trust
Agreement.]

     [In accordance with Section 3.08, you have the right to have the
administrative agent sell your pro rata portion of the Underlying Notes subject
to removal and receive the proceeds thereof. If you choose to exercise this
option, please notify us no later than three Business Days from your receipt of
this notification by completing and returning to our attention, the form of
notice specified in Annex B to the Trust Agreement.] [If you choose not to
exercise this option,] we will distribute to you your pro rata portion of the
Underlying Notes subject to removal.

     Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Trust Agreement.

                                                THE BANK OF NEW YORK

                                                By:  ___________________________
                                                     Name:
                                                     Title:

                                      B-7

<PAGE>

                                                                         Annex B

                       FORM OF NOTICE OF ELECTION TO SELL

The Bank of New York
100 Church Street
New York, New York 10286
Attention: Corporate Trust Administration

     Re:  Core Investment Grade Bond Trust I
          Pass-Through Certificates, Series 2002-1

     The undersigned Holder of this Certificate hereby irrevocably exercises the
option to effect the sale of its pro rata portion of the Underlying Notes
subject to removal as specified in the notice received by the Trustee on o with
respect to the following Underlying Notes: [specify series or issue of
Underlying Notes subject to removal] in accordance with the terms of the Trust
Agreement, dated as of November o, 2002 (the "Trust Agreement"), among Core Bond
Products LLC, as Depositor, The Bank of New York, as trustee and securities
intermediary, and Banc of America Securities LLC, as administrative agent.

Dated:______________________                ________________________________
                                            Signature

Signature Guarantee: _________________________

Social Security or other
Taxpayer Identification
Number, if any:                ______________________________

                                      B-8

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