Document:

Exhibit 4.5.1

                       STANDARD TERMS FOR TRUST AGREEMENTS
                                     between

                               SELECT ASSET INC.,

                                  as Depositor

                                       and

                               U.S. BANK NATIONAL
                                  ASSOCIATION,

                                   as Trustee

                       CORPORATE-BACKED TRUST CERTIFICATES

                          Dated as of November 9, 2006

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                               TABLE OF CONTENTS

                                                                           Page

                     ARTICLE I Definitions and Assumptions

SECTION 1.01.    Definitions.................................................1
SECTION 1.02.    Rules of Construction......................................19
SECTION 1.03.    Compliance Certificates and Opinions; Record Date..........20

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

SECTION 2.01.    Creation and Declaration of Trusts:  Assignment of
                 Underlying Securities......................................21
SECTION 2.02.    Acceptance by Trustee......................................23
SECTION 2.03.    Representations and Warranties of the Depositor............23
SECTION 2.04.    Breach of Representation, Warranty or Covenant.............25
SECTION 2.05.    Agreement to Authenticate and Deliver Certificates.........25

                   ARTICLE III Administration of each Trust

SECTION 3.01.    Administration of each Trust...............................25
SECTION 3.02.    Collection of Certain Underlying Security Payments.........26
SECTION 3.03.    Certificate Account........................................26
SECTION 3.04.    Liquidation of the Underlying Securities; Sale
                 Procedures.................................................27
SECTION 3.05.    Investment of Funds in the Accounts........................27
SECTION 3.06.    Maintenance of Credit Support..............................28
SECTION 3.07.    Realization Upon Defaulted Underlying Securities...........28
SECTION 3.08.    Access to Certain Documentation............................29
SECTION 3.09.    Preparation and Filing of Exchange Act Reports;
                 Obligations of the Depositor and the Trustee...............29
SECTION 3.10.    Charges and Expenses.......................................38
SECTION 3.11.    SEC Reporting Failure......................................38

          ARTICLE IV Distributions and Reports to Certificateholders

SECTION 4.01.    Distributions..............................................39
SECTION 4.02.    Distributions on Certificates..............................47
SECTION 4.03.    Reports to Certificateholders..............................48
SECTION 4.04.    Allocation of Realized Losses and Trust Expenses...........49
SECTION 4.05.    Compliance with Withholding Requirements...................50
SECTION 4.06.    Optional Exchange..........................................50
SECTION 4.07.    Optional Call..............................................53

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                           ARTICLE V The Certificates

SECTION 5.01.    The Certificates...........................................54
SECTION 5.02.    Execution, Authentication and Delivery.....................55
SECTION 5.03.    Temporary Certificates.....................................55
SECTION 5.04.    Registration; Registration of Transfer and Exchange........56
SECTION 5.05.    Mutilated, Destroyed, Lost and Stolen Certificates.........62
SECTION 5.06.    Persons Deemed Owners......................................63
SECTION 5.07.    Cancellation...............................................63
SECTION 5.08.    Global Securities..........................................63
SECTION 5.09.    Notices to Depository......................................64
SECTION 5.10.    Definitive Certificates....................................64
SECTION 5.11.    Currency of Distributions in Respect of Certificates.......65
SECTION 5.12.    Conditions of Authentication and Delivery of New Series....66
SECTION 5.13.    Appointment of Paying Agent................................67
SECTION 5.14.    Authenticating Agent.......................................67
SECTION 5.15.    Voting Rights with Respect to Underlying Securities........68
SECTION 5.16.    Actions by Certificateholders..............................69
SECTION 5.17.    Notices of Events of Default, Defeasance...................70
SECTION 5.18.    Judicial Proceedings Instituted by Trustee; Trustee
                 May Bring Suit.............................................70
SECTION 5.19.    Control by Certificateholders..............................70
SECTION 5.20.    Waiver of Past Defaults....................................71
SECTION 5.21.    Right of Certificateholders to Receive Payments Not to
                 Be Impaired................................................71
SECTION 5.22.    Remedies Cumulative........................................71

                            ARTICLE VI The Depositor

SECTION 6.01.    Liability of the Depositor.................................72
SECTION 6.02.    Limitation on Liability of the Depositor...................72
SECTION 6.03.    Depositor May Purchase Certificates........................73
SECTION 6.04.    Merger or Consolidation of the Depositor...................73
SECTION 6.05.    No Liability of the Depositor with Respect to the
                 Underlying Securities; Certificateholders to Proceed
                 Directly Against the Underlying Securities Issuer(s).......73

                       ARTICLE VII Concerning the Trustee

SECTION 7.01.    Duties of Trustee..........................................74
SECTION 7.02.    Between Trustee and Sub-Administrative Agents..............77
SECTION 7.03.    Certain Matters Affecting the Trustee......................78
SECTION 7.04.    Trustee Not Liable for Recitals in Certificates or
                 Underlying Securities......................................79
SECTION 7.05.    Trustee May Own Certificates...............................79
SECTION 7.06.    Trustee's Fees and Expenses................................79
SECTION 7.07.    Eligibility Requirements for Trustee.......................81
SECTION 7.08.    Resignation or Removal of the Trustee; Appointment of
                 Successor Trustee..........................................81

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SECTION 7.09.    Merger or Consolidation of Trustee.........................82
SECTION 7.10.    Appointment of Office or Agency............................82
SECTION 7.11.    Representations and Warranties of Trustee..................83
SECTION 7.12.    Indemnification of Trustee by the Depositor;
                 Contribution...............................................84
SECTION 7.13.    Indemnification of Depositor by Trustee....................85
SECTION 7.14.    No Liability of the Trustee with Respect to the
                 Underlying Securities; Certificateholders to Proceed
                 Directly Against the Underlying Securities Issuer(s).......85
SECTION 7.15.    The Depositor To Furnish Trustee with Names and
                 Addresses of Certificateholders............................85
SECTION 7.16.    Preservation of Information................................86
SECTION 7.17.    Reports by Trustee.........................................86
SECTION 7.18.    Trustee's Application for Instructions from the
                 Depositor..................................................86

                           ARTICLE VIII Market Agent

SECTION 8.01.    Market Agent...............................................86

                             ARTICLE IX Termination

SECTION 9.01.    Termination upon Liquidation of All Underlying
                 Securities.................................................87

                       ARTICLE X Miscellaneous Provisions

SECTION 10.01.   Amendment..................................................87
SECTION 10.02.   Limitation on Rights of Certificateholders.................89
SECTION 10.03.   GOVERNING LAW..............................................90
SECTION 10.04.   Notices....................................................91
SECTION 10.05.   Notice to Rating Agencies..................................92
SECTION 10.06.   Severability of Provisions.................................93
SECTION 10.07.   Grant of Security Interest.................................93
SECTION 10.08.   Nonpetition Covenant.......................................94
SECTION 10.09.   No Recourse................................................94
SECTION 10.10.   Article and Section References.............................94
SECTION 10.11.   Counterparts...............................................94
SECTION 10.12.   Trust Indenture Act Controls...............................94
SECTION 10.13.   Segregation Provisions.....................................95

EXHIBIT A        FORM OF INVESTMENT LETTER.
EXHIBIT B        FORM OF TRANSFEROR CERTIFICATE.
EXHIBIT C        FORM OF WARRANT AGENT AGREEMENT  SELECT ASSET INC.
                 WARRANTS Series 20[o]-[o] Trust.

ANNEX A          RELEVANT SERVICING CRITERIA.
ANNEX B          FORM OF ITEM 1123 CERTIFICATION.
ANNEX C          ADDITIONAL DISCLOSURE NOTIFICATION.
ANNEX D          FORM 8-K REPORTABLE EVENTS.

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ANNEX E          FORM 10-D.
ANNEX F          FORM 10-K.
ANNEX G          FORM OF BACK-UP OFFICER'S CERTIFICATE OF TRUSTEE.
ANNEX H          FORM OF OFFICER'S CERTIFICATE OF SERVICER.

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      STANDARD  TERMS FOR  TRUST  AGREEMENTS  dated as of  November  9,  2006,
between  SELECT ASSET INC., a Delaware  corporation,  as  Depositor,  and U.S.
Bank National Association, as Trustee.

                             PRELIMINARY STATEMENT

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

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

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

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

                                   ARTICLE I

                          Definitions and Assumptions

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

            "Account"  As defined in Section 3.05.

            "Accountant's Attestation"  As defined in Section 3.09.

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

            "Additional Form 10-D Disclosure" As defined in Section 3.09.

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

            "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

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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.

            "Allocation Discount Rate" With respect to any Class within a
Series, if applicable, the discount rates used in calculating the IO Strip
Class Allocation, the PO Strip Class Allocation or the P&I Class Allocation,
each as specified in the related Series Supplement.

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

            "Amortizing Notional Balance" With respect to any Series, if
applicable, as defined in the related Series Supplement.

            "Amortizing Notional Discount Rate" The discount rate used in
determining, as of the related Issue Date, that the Amortizing Notional Balance
of any IO Strip Class Certificates equals the present value of the difference
between (i) the interest payments to be received by the Trust in respect of the
related Underlying Securities and (ii) the interest portion of Available Funds
to be distributed to the Holders of the related P&I Class Certificates in
connection with such payments, assuming, in each case, that the payments and
distributions were made when due and that the Underlying Securities were not
redeemed, prepaid or liquidated prior to the related Final Scheduled
Distribution Date

            "Approved   Dealer"  Any  of  the  following   dealers  (or  their
successors):  (1) Bear,  Stearns & Co.  Inc.,  (2)  Citigroup  Global  Markets
Inc.,  (3) Credit Suisse First Boston LLC,  (4) Deutsche Bank Securities Inc.,
(5) Goldman,  Sachs & Co.,  (6)  J.P.  Morgan  Securities  Inc.,  (7) Merrill,
Lynch,  Pierce,  Fenner &  Smith  Incorporated,   (8)  Morgan  Stanley  &  Co.
Incorporated,  (9) UBS  Securities  LLC and (10)  except in the case of a sale
related to the exercise of Call  Warrants by the  Depositor  or any  Affiliate
thereof, Lehman Brothers Inc.

            "Authenticating Agent"  As defined in Section 5.14.

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

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

            "Beneficial Owner" With respect to Certificates held through a
Depository, the beneficial owner of a Certificate. For purposes only of Section
5.16, the Trustee shall be obligated to treat a Person who claims to be a
beneficial owner of a Certificate as a "Beneficial Owner" within the meaning of
the Series Supplement only if such Person has first delivered to

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the Trustee, (i) a certificate or other writing executed by such Person stating
the full name and address of such Person, the principal distribution amount of
the Certificate with respect to which such Person claims to be the Beneficial
Owner, and the Participant in the Depository (such Person's "Participant")
through which such Person holds its beneficial ownership interest in the
Certificates and (ii) a certificate or other writing executed by such Person's
Participant confirming that such Person's Participant holds on its own books
and records Certificates for the account of such Beneficial Owner and
identifying the principal distribution amount held for such Beneficial Owner.

            "Business Day" With respect to any Place of Distribution specified
in the related Series Supplement, any day that is not (i) a Saturday, a Sunday,
a legal holiday or a day on which banking institutions or trust companies in
such Place of Distribution are authorized or obligated by law, regulation or
executive order to close or (ii) any day which is not a Business Day with
respect to the Underlying Securities, except as otherwise specified in the
related Series Supplement and any Business Day specified with respect to the
Underlying Securities.

            "Calculation Agent" With respect to any Series, if applicable,
Select Asset Inc. or such Affiliate thereof as shall be designated by Select
Asset Inc.

            "Call Date" With respect to any Series, if applicable, the meaning
set forth in the related Warrant Agent Agreement.

            "Call Notice" With respect to the exercise of a Call Warrant, if
applicable, the notice delivered pursuant to the related Warrant Agent
Agreement that specifies the number of Call Warrants being exercised and the
related Call Date.

            "Call Price" With respect to any Series (or Class within such
Series), if applicable, the meaning given to such term in the related Warrant
Agent Agreement.

            "Call Warrants" With respect to any Series, if applicable, the call
warrants with respect to the related Underlying Securities issued pursuant to
the related Warrant Agent Agreement.

            "Certificate Account"  As defined in Section 3.03.

            "Certificate Owners"  As defined in Section 5.08.

            "Certificate Principal Balance" With respect to any Outstanding
Certificate that is entitled to all or a portion of the principal portion of
Available Funds in respect of the related Series, as determined at any time,
the maximum amount that the Holder thereof is entitled to receive as
distributions allocable to principal payments with respect to the Underlying
Securities. The Certificate Principal Balance, if any, of any Class within a
given Series (other than those Classes, if any, specified in the related Series
Supplement that are only entitled to receive distributions from the interest
portion of Available Funds), as of any date of determination, shall be equal to
the aggregate initial Certificate Principal Balance thereof less the sum of (i)
all amounts allocable to prior distributions made to such Class with respect to
principal of the Underlying Securities (including, without limitation, the
portion of any redemption proceeds allocable to the principal of or premium on
the Underlying Securities), (ii) if such Certificate or a

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portion thereof has been surrendered in exchange for Underlying Securities as
and to the extent provided herein or in the applicable Series Supplement, any
reductions attributable to Certificates so surrendered, (iii) all amounts
allocable to prior distributions made to such Class with respect to amounts
received by the Trust in connection with any exercise of the related Call
Warrants, (iv) all amounts allocable to prior distributions made to such Class
with respect to Liquidation Proceeds and (v) any reductions in the Certificate
Principal Balance thereof deemed to have occurred in connection with
allocations of (A) Realized Losses in respect of principal of the Underlying
Securities and (B) expenses of the Trust, if any, only to the extent specified
herein or in the applicable Series Supplement, each as allocated to the Class
of which such Certificate is a part pursuant hereto or to the applicable Series
Supplement.

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

            "Certificateholder"  Any Holder of a Certificate.

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

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

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

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

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

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

            "Concentrated Underlying Securities Obligor" In respect of any
Underlying Securities representing 10% or more, of the aggregate principal
amount of Underlying Securities held by the related Trust, the related
Underlying Securities Issuer or Underlying Securities Guarantor, as applicable.

            "Corporate Trust Office" The principal corporate trust office of
the Trustee located at 100 Wall Street, Suite 1600, New York, NY 10005 or such
other addresses as the Trustee may designate from time to time by notice to the
Holders and the Depositor, or the principal corporate trust office of any
successor Trustee (or such other addresses as a successor Trustee may designate
from time to time by notice to the Holders and the Depositor).

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

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

            "Credit Support Provider" If applicable, with respect to any Series
(or any Class within such Series), the Person that provides any Credit Support.

            "Currency" Unless otherwise set forth in the related Series
Supplement, United States Dollars.

            "Definitive Certificates"  As defined in Section 5.08.

            "Depositor" Select Asset Inc., a Delaware corporation, and, if a
successor Person shall have become the Depositor pursuant to any applicable
provisions of this Trust Agreement, "Depositor" shall mean such successor
Person. With respect to any provisions of this Trust Agreement that relate to
the provisions of the Trust Indenture Act, "Depositor" shall include any
obligor on the Certificates as the term obligor is defined in the Trust
Indenture Act.

            "Depositor Order" A written order or request, respectively, signed
in the name of the Depositor by any of its officers.

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

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

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

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

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            "EDGAR"  Electronic Data Gathering and Retrieval System.

            "Eligible Account" With respect to any Series, any of (i) an
account maintained with a federal or state chartered depository institution,
national banking association or trust company, (A) the long-term deposit or
long-term unsecured debt obligations of which are rated by each applicable
Rating Agency in one of its two highest long-term rating categories, or (B) the
short-term deposit or short-term unsecured debt obligations of which are rated
by each applicable Rating Agency in its highest short-term rating category (if
the deposits are to be held in the account for thirty (30) days or less), in
any event at any time funds are on deposit therein, or (ii) a segregated trust
account maintained with the trust department of a federal or state chartered
depository institution or trust company (which, subject to the remainder of
this clause (ii), may include the Trustee) acting in its fiduciary capacity,
and which, in either case, has a combined capital and surplus of at least
$50,000,000 and is subject to supervision or examination by federal or state
authority and to regulations regarding fiduciary funds on deposit similar to
Title 12 of the Code of Federal Regulations Section 9.10(b), or (iii) an
account maintained with any other insured depository institution that is
acceptable to each applicable Rating Agency (as evidenced by the fulfillment of
the Rating Agency Condition with respect to the use of such account).

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

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

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

                  (ii) demand and time deposits in, certificates of deposit of,
            or banker's acceptances issued by any depository institution or
            trust company (including the Trustee or any agent of the Trustee
            acting in their respective commercial capacities) incorporated
            under the laws of the United States or any State and subject to
            supervision and examination by Federal and/or State banking
            authorities so long as the commercial paper and/or the short-term
            debt obligations of such depository institution or trust company
            (or, in the case of a depository institution which is the principal
            subsidiary of a holding company, the commercial paper or other
            short-term debt obligations of such holding company) at the time of

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            such investment or contractual commitment providing for such
            investment have the rating specified in such Series Supplement for
            Eligible Investments; provided, however, that such rating shall be
            no lower than the rating on the Underlying Securities at the time
            of purchase of the investments;

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

                  (iv) securities bearing interest or sold at a discount issued
            by any corporation incorporated under the laws of the United States
            or any State that have the rating specified in such Series
            Supplement for Eligible Investments at the time of such investment
            or contractual commitment providing for such investment; provided,
            however, that such rating shall be no lower than the rating on the
            Underlying Securities; and provided, further, that securities
            issued by any particular corporation will not be Eligible
            Investments to the extent that investment therein will cause the
            then outstanding principal amount of securities issued by such
            corporation and held as part of the Trust for such Series to exceed
            10% of the aggregate outstanding principal balances and amounts of
            all the Underlying Securities and Eligible Investments held as part
            of the Trust for such Series;

                  (v) commercial paper having at the time of such investment
            the rating specified in the Series Supplement for Eligible
            Investments; and

                  (vi) a Guaranteed Investment Contract if and only if
            specified in the related Series Supplement, provided that the
            Rating Agency Condition is met.

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

            "Event of Default" With respect to any Series (or Class within such
Series) of Certificates, (i) a default in the payment of any interest on any
Underlying Security held by the related Trust after the same becomes due and
payable (subject to any applicable grace period), (ii) a default in the payment
of the principal of or any installment of principal of any such Underlying
Security when the same becomes due and payable and (iii) any other event
specified as an "Event of Default" in the related Underlying Securities
Issuance Agreement.

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

            "Exchange Date" As applicable with respect to a given Series, (i)
any Distribution Date, (ii) any date on or after which the related Underlying
Securities Issuer or an Affiliate thereof consummates a tender offer for some
or all of the Underlying Securities but prior to the date on which the
acceptance period with respect to such tender offer expires or (iii) any date
on which the Underlying Securities are to be redeemed by the related Underlying
Securities Issuer.

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            "Exchange Rate Agent" With respect to any Series (or Class within
such Series) of Certificates, if applicable, the Depositor or its agent so
specified in the related Series Supplement.

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

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

            "Final Scheduled Distribution Date" With respect to any
Certificate, the date on which the final payment on such Certificate is
scheduled as a result of the maturity of each of the Underlying Securities (or
otherwise), without giving effect to any prepayment, default, exchange, call or
early termination, to become due and payable as provided therein and in the
applicable Series Supplement.

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

            "Fixed Rate Certificate" A Certificate that provides for a payment
of interest at a Fixed Interest Rate.

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

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

            "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 Registered Certificate evidencing all or part
of a Series (or Class within such Series) of Certificates, issued to the
Depository for such Series or Class in accordance with Section 5.08.

             "Grant" To sell, convey, assign, transfer, create, grant a lien
upon and a security interest in and right of set-off against, deposit, set over
and confirm to the Trustee pursuant to these Standard Terms and a related
Series Supplement. The terms "Granted" and "Granting" have the meanings
correlative to the foregoing. A Grant of any Underlying Securities or of any
other instrument shall include all rights, powers and options (but none of the
obligations) of the Granting party, including the immediate and continuing
right to claim for, collect, receive and give receipt for principal, premium,
if any, and interest payments in respect of such Underlying Securities and all
other moneys payable thereunder, to give and receive notices and other

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communications, to make waivers or other agreements, to exercise all rights and
options, to bring Proceedings in the name of the Granting party or otherwise,
and generally to do and receive anything that the Granting party is or may be
entitled to do or receive thereunder or with respect thereto.

            "Guaranteed Investment Contract" With respect to any Series (or
Class within such Series), a guaranteed investment contract or surety bond
provided for in the related Series Supplement, Granted as part of the Trust or
to the Trustee for the benefit of the Certificateholders for such Series,
providing for the investment of funds in a related Account or related Accounts
and insuring a minimum or a fixed rate of return on the investment of such
funds, which contract or surety bond shall be an obligation of an insurance
company or other entity whose rating is no lower than the rating on the
Underlying Securities and shall satisfy any other requirements specified in
such Series Supplement.

            "Holder" With respect to a Registered Certificate, the Registered
Holder thereof and, with respect to a Call Warrant, the holder thereof (or a
beneficial interest therein).

            "Independent" When used with respect to any Person, any other
Person (including a firm of investment bankers, accountants or lawyers and any
member thereof) who (i) does not have and is not committed to acquire any
direct or indirect material financial interest in such Person or in any
Affiliate of such Person, (ii) is not connected with such Person as an officer,
employee, promoter, underwriter, voting trustee, partner, director or Person
performing similar functions and (iii) is not Affiliated with a firm that fails
to satisfy the criteria set forth in (i) and (ii). "Independent" when used with
respect to any accountant may include an accountant who audits the books of any
Person if in addition to satisfying the criteria set forth above the accountant
is independent with respect to such Person within the meaning of Rule 101 of
the Code of Ethics of the American Institute of Certified Public Accountants.

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

            "Initial Amortizing Notional Balance" With respect to any IO Strip
Class Certificate or any IO Strip Class, the Amortizing Notional Balance of
such Certificate or Class as of the related Issue Date.

            "Initial Distribution Date" With respect to any Series, the first
Distribution Date following the related Issue Date.

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

                                       9
<PAGE>

            "Investment Letter" A letter substantially in the form of Exhibit A
hereto.

            "IO/PO Strip Class Series" Any Series, a Class of which is an IO
Strip Class and another Class of which is a PO Strip Class.

            "IO Strip Class" If applicable with respect to any Series, a Class
of Certificates of such Series entitling the Holders thereof to distributions
solely out of the interest portion of Available Funds (and not to any
distributions out of the principal portion of Available Funds), as specified in
the related Series Supplement.

            "IO Strip Class Allocation" With respect to any IO Strip Class, the
present value (discounted at the applicable Allocation Discount Rate) of any
unpaid amounts due or to become due on the Certificates of such IO Strip Class
(assuming that the IO Strip Class Certificates were paid when due and were not
redeemed or prepaid prior to their stated maturity).

            "IO Strip Class Certificate" Any Certificate evidencing an interest
in an IO Strip Class.

            "IO Strip Class Series" Any Series, a Class of which is an IO Strip
Class and no Class of which is a PO Strip Class.

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

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

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

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

            "Liquidation Price" With respect to the Underlying Securities
relating to any Series, the price at which the Trustee sells such Underlying
Securities when liquidating such Underlying Securities pursuant to the terms of
the related Trust Agreement.

            "Liquidation Proceeds" The amounts received by the Trustee in
connection with (x) the liquidation of an Underlying Security (or collateral,
if any, related thereto) pursuant to

                                      10
<PAGE>

Section 4.01(d) or Section 4.01(i) or (y) any other repurchase, substitution or
sale of an Underlying Security.

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

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

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

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

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

            "Notional Distribution Amount" With respect to a given Series, as
defined in the related Series Supplement.

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

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

            "Optional Call" With respect to any Series, the call of the related
Underlying Securities by a Warrant Holder, in whole or in part, resulting from
the exercise of Call Warrants by such Warrant Holder, pursuant to Section 4.07
hereof.

            "Optional Exchange" With respect to any Series (or Class within
such Series), the exchange of the Certificates by the Trust for Underlying
Securities pursuant to Section 4.06 hereof.

            "Optional Exchange Date" With respect to any Series (or Class
within such Series), any date on which Underlying Securities subject to
Optional Exchange are distributed to a Certificateholder.

                                      11
<PAGE>

        "Ordinary Expenses" The Trustee's costs incurred or to be incurred
in connection with its services as Trustee, including but not limited to (i)
the costs and expenses of preparing, sending and receiving all reports,
statements, notices, returns, filings, solicitations of consent or
instructions, or other communications required by this Trust Agreement, (ii)
the costs and expenses of holding and receiving collections or payments on the
assets of the Trust and of determining and making distributions, (iii) the
costs and expenses of the Trust's or Trustee's counsel, accountants and other
experts for ordinary or routine consultation or advice in connection with the
establishment, administration and termination of the Trust or the preparation
of any current reports on Form 8-K or Form 10-D and annual reports on Form 10-K
and (iv) any other costs and expenses that are, or reasonably should have been,
expected to be incurred in the ordinary course of administration of the Trust.

            "Other Party  Participating in the Servicing  Function" As defined
in Section 3.09.

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

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

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

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

                                      12
<PAGE>

denominated in a Foreign Currency that shall be deemed to be Outstanding for
purposes of the determination referred to in the foregoing provision shall be
the amount calculated pursuant to Section 5.11(c).

            "P&I Class" If applicable with respect to any Series, a Class of
Certificates of such Series entitling the Holders thereof to distributions out
of both the principal and interest portions of Available Funds, as specified in
the related Series Supplement.

            "P&I Class Allocation" If applicable with respect to any Series,
the sum of the present values (discounted at the applicable Allocation Discount
Rate) of the scheduled payments of (i) interest due or to become due on the P&I
Class Certificates and (ii) the outstanding Certificate Principal Balance of
the P&I Class Certificates (in each case assuming that the P&I Class
Certificates were paid when due and were not redeemed or prepaid prior to their
stated maturity).

            "P&I Class Certificate" Any Certificate evidencing an interest in a
P&I Class.

            "P&I Class Series" Any Series a Class of which is a P&I Class and
no Class of which is an IO Strip Class or a PO Strip Class.

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

            "Paying Agent"  As defined in Section 5.13.

            "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.

            "Place of Distribution" With respect to any Series (or Class within
such Series) of Certificates, the place or places where the principal of (and
premium, if any) and interest on the Certificates or such Series (or Class) are
distributable as specified in the related Series Supplement (or, if none, the
Corporate Trust Office).

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

            "PO Strip Class" If applicable with respect to any Series, a Class
of Certificates of such Series entitling the Holders thereof to distributions
solely out of the principal portion of Available Funds (and not to any
distributions out of the interest portion of Available Funds), as specified in
the related Series Supplement.

            "PO Strip Class Allocation" If applicable with respect to any
Series, the present value (discounted at the applicable Allocation Discount
Rate) of any unpaid principal amounts due or to become due on the PO Strip
Class Certificates.

                                      13
<PAGE>

            "PO Strip Class Certificate" Any Certificate evidencing an interest
in a PO Strip Class.

            "PO Strip Class Series" Any Series a Class of which is a PO Strip
Class and no Class of which is an IO Strip Class.

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

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

            "Private Certificate" Any Certificate of a Class that is not
publicly offered by the Depositor in the United States within the meaning of
the Securities Act and that has not been registered under the Securities Act.

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

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

            "QIB" A "qualified institutional buyer" within the meaning of Rule
144A.

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

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

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

            "Record Date" With respect to any Distribution Date for any Series
(or Class within such Series) of Registered Certificates, the day immediately
preceding the related Distribution Date.

                                      14
<PAGE>

            "Regulation AB" Regulation AB ss. 229.1118 (17 C.F.R.
ss.ss.229.1100-229.1123, as such may be amended from time to time, and subject
to such clarification and interpretation as have been provided by the
Commission in the adopting release (Asset-Backed Securities, Securities Act
Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff
of the Commission, or as may be provided by the Commission or its staff from
time to time.

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

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

            "Relevant Servicing Criteria" As defined in Section 3.09.

            "Report" As defined in Section 3.09.

            "Reportable Event" As defined in Section 3.09.

            "Reporting Servicer" As defined in Section 3.09.

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

            "Required Rating" With respect to any Series (or Class within such
Series), the rating category (or categories) assigned to the related Underlying
Securities as of the related Issue Date by the Rating Agency or Rating Agencies
rating the Certificates of such Series or Class.

            "Required Reporting Parties" As defined in Section 3.09.

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

            "Responsible Officer" With respect to the Trustee, any officer
within the Corporate Trust Office of the Trustee with direct responsibility for
administration of the related Trust Agreement.

            "Rule 144A" Rule 144A under the Securities Act.

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

            "SEC Reporting Failure" A determination by the Depositor that any
Concentrated Underlying Securities Obligor in respect of such Trust is not
filing current or periodic reports required under the Exchange Act or making
available comparable reports in the case of a GSE issuer, and that the
obligations of such Concentrated Underlying Securities Obligor have not been
fully and unconditionally guaranteed or assumed by an entity that (x) is
eligible to use Form S-3 or F-3 (or any successor form) for a primary offering
of non-investment

                                      15
<PAGE>

grade securities or (y) if the Underlying Securities are non-convertible
investment grade securities, meets the requirements of General Instruction 1.A
of Form S-3 or General Instructions 1.A.1, 2, 3, 4, 6 and 7 of Form F-3.

            "Securities Account"  As defined in Section 2.03.

            "Securities  Act" The United  States  Securities  Act of 1933,  as
amended.

            "Securities   Intermediary"   The  Person  so   specified  in  the
applicable Series Supplement.

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

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

            "Special Distribution Date" If applicable, with respect to any
Series, as defined in Section 4.01(g) hereof.

            "Specified Currency" As defined in the related Series Supplement.

            "Standard Terms" As defined in the preliminary statement.

            "Strip Class Allocation" The present value of all payments due on
any Strip Class Certificates, assuming all such payments are made as scheduled.

            "Strip  Class  Certificates"  IO Strip Class  Certificates  and PO
Strip Class Certificates.

            "Sub-Administration Account" An Eligible Account established by a
Sub-Administrative Agent in accordance with Section 7.02.

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

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

            "Sub-Contractor" As defined in Section 3.09.

            "Surety Bond" If applicable with respect to any Series (or Class
within such Series) of Certificates, a surety bond providing for the
distribution, under certain circumstances specified in such Series Supplement,
of amounts to the Certificateholders of such Series (or

                                      16
<PAGE>

Class), which surety bond will be issued to the Trustee for the benefit of such
Certificateholders by the related Credit Support Provider, all as specified in
such Series Supplement.

            "Swap Agreement" If applicable with respect to any Series (or Class
within such Series), (i) a confirmation entered into pursuant to a master
agreement in the form of the "1992 ISDA Master Agreement (Multicurrency--Cross
Border)" or any updated similar form, published by the International Swaps and
Derivatives Association, Inc. ("ISDA") incorporating the 2000 ISDA Definitions
or one or more other sets of standard definitions or updates or revisions of
such definitions published by ISDA, and as modified and supplemented by a
schedule, or (ii) similar agreement, in each case dated as of the related Issue
Date by and between the Trust and the Swap Counterparty, as the same may be
amended or supplemented from time to time as provided herein and therein.

            "Swap Counterparty" If applicable with respect to any Series (or
Class within such Series), the Person specified in the related Series
Supplement as the Swap Counterparty.

            "Swap Distribution Amount" If applicable with respect to any Series
(or Class within such Series), all amounts then due and owing to the Swap
Counterparty pursuant to the Swap Agreement, other than Swap Termination
Payments.

            "Swap Guarantee" If applicable with respect to any Series (or Class
within such Series), a Guarantee issued by a Swap Guarantor in favor of the
Trust substantially in the form attached as an exhibit to the Swap Agreement.

            "Swap Guarantor" If applicable with respect to any Series (or Class
within such Series), the Person providing a Swap Guarantee specified in the
related Series Supplement.

            "Swap Receipt Amount" If applicable with respect to any Series (or
Class within such Series), all amounts due and owing to the Trust pursuant to
the Swap Agreement, other than Swap Termination Payments.

            "Swap Termination Payment" If applicable with respect to any Series
(or Class within such Series), the amount payable by the Swap Counterparty or
the Swap Guarantor to the Trust, or by the Trust to the Swap Counterparty,
pursuant to the Swap Agreement in connection with a termination thereof.

            "Transferor Certificate" A certificate substantially in the form of
Exhibit B hereto.

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

            "Trust Agreement" As defined in the preliminary statement.

                                      17
<PAGE>

            "Trust Indenture Act" The Trust Indenture Act of 1939, as amended,
as the same is in force and effect as of the date hereof.

            "Trust Property" With respect to a given Series, as defined in the
related Series Supplement.

            "Trustee" With respect to any Series, the Person so specified in
the applicable Series Supplement, until a successor Person shall have become
the Trustee pursuant to the applicable provisions of these Standard Terms and
the applicable Series Supplement, and thereafter "Trustee" shall mean such
successor Person.

            "Trustee Fee" With respect to any Series, the amount paid to the
Trustee by the Depositor on the related Issue Date.

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

            "Underlying Securities Guarantor" With respect to any Series, if
applicable, the guarantor of the obligations of the related Underlying
Securities Issuer and any successor thereto.

            "Underlying Securities Issuance Agreement" With respect to any
Series, the meaning specified in the related Series Supplement.

            "Underlying Securities Issuer" With respect to an Underlying
Security, the issuer thereof and any successor thereto.

            "Underlying Security" or "Underlying Securities" With respect to
any Series, the asset or assets Granted as part of the Trust for such Series or
acquired (or, in the case of an agreement, entered into) by the Trust, all as
identified in the related Series Supplement. The Underlying Securities for any
such Series or the related Trust shall not constitute Underlying Securities for
any other Series or any other Trust.

            "Underlying Security Interest Payment Date" With respect to an
Underlying Security, each date specified in the related Underlying Securities
Instrument as a date on which interest is scheduled to be payable by or on
behalf of the Underlying Securities Issuer in accordance with its terms.

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

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

            "Voting Rights" With respect to any Series (or Class within such
Series) of Certificates, the voting rights of the related Certificateholders,
which, unless otherwise specified in the related Series Supplement, shall be
allocated as follows:

                                      18
<PAGE>

                  (i) in the case of a P&I Class Series, among all P&I Class
            Certificateholders in proportion to the then Outstanding
            Certificate Principal Balances of their respective Certificates,

                  (ii) in the case of an IO Strip Class Series, between the
            Holders of the P&I Class Certificates and the Holders of the IO
            Strip Class Certificates, pro rata, in proportion to the ratio of
            the P&I Class Allocation to the related IO Strip Class Allocation
            as of any applicable record date (the P&I Class Voting Rights will
            be allocated among all of the P&I Class Certificateholders in
            proportion to the respective Certificate Principal Balances of
            their respective Outstanding Certificates and the IO Strip Class
            Voting Rights will be allocated among all of the IO Strip Class
            Certificateholders in proportion to the then outstanding Amortizing
            Notional Balance or Notional Amount, as applicable, of their
            respective Outstanding Certificates),

                  (iii) in the case of a PO Strip Class Series, among all P&I
            Class Certificateholders and PO Strip Class Certificateholders in
            proportion to the then Outstanding Certificate Principal Balances
            of their respective Certificates, and

                  (iv) in the case of an IO/PO Strip Class Series, by dividing
            (x) the present value (discounted at the applicable Allocation
            Discount Rate) of any unpaid amounts due or to become due on each
            Class of Certificates by (y) the aggregate present value
            (discounted at the applicable Allocation Discount Rate) of any
            unpaid amounts due or to become due on all of the Certificates. The
            P&I Class Voting Rights will be allocated among Certificateholders
            of such Class in proportion to the then unpaid Outstanding
            Certificate Principal Balances of their respective Certificates.
            The IO Strip Class Voting Rights will be allocated among the
            Certificateholders of such Class in proportion to the then
            Outstanding notional amounts or Initial Amortizing Notional
            Balances, as applicable, of their respective Certificates. The PO
            Strip Class Voting Rights will be allocated among
            Certificateholders of such Class in proportion to the then unpaid
            Certificate Principal Balances of their respective Certificates.

            "Warrant Agent" With respect to any Warrant Agent Agreement, the
Person specified as the "Warrant Agent" in such Warrant Agent Agreement.

            "Warrant Agent Agreement" With respect to any Underlying Securities
subject to Call Warrants, the Warrant Agent Agreement pursuant to which such
Call Warrants are issued, dated as of the related Issue Date, between Select
Asset Inc., as warrant originator, and the Warrant Agent, as the same may be
amended from time to time.

            "Warrant Holder"  Any Holder of a Call Warrant.

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

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

                                      19
<PAGE>

                  (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 Trust Agreement as a whole
            and not to any particular Article, Section or other subdivision;

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

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

            SECTION 1.03. Compliance Certificates and Opinions; Record Date.
(a) Except with respect to any amendment hereto pursuant to Section 10.01(a),
upon any application or request by the Depositor to the Trustee to take any
action under any provision of this Trust Agreement other than the initial
issuance of the Certificates, the Depositor shall furnish to the Trustee an
Officer's Certificate stating that, in the opinion of the signer thereof, all
conditions precedent, if any, provided for in this Trust Agreement relating to
the proposed action have been complied with and an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have
been complied with, except that in the case of any such application or request
as to which the furnishing of such documents is specifically required by any
provision of this Trust Agreement relating to such particular application or
request, no additional certificate or opinion need be furnished.

            Every certificate or opinion with respect to compliance with a
condition or covenant provided for this Trust Agreement (other than a
certificate provided pursuant to Section 3.10(d)) shall include:

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

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

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

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

                                      20
<PAGE>

            (b) The Depositor may, at its option, by delivery of an Officer's
Certificate to the Trustee set a record date to determine the Holders of any
subclass of Certificates entitled to give any consent, request, demand,
authorization, direction, notice, waiver or other act. Notwithstanding Section
316(c) of the Trust Indenture Act, such record date shall be the record date
specified in such Officer's Certificate, which shall be a date not more than 30
days prior to the first solicitation of Certificateholders in connection
therewith. If such a record date is fixed, such consent, request, demand,
authorization, direction, notice, waiver or other act may be given before or
after such record date, but only the Holders of record of Certificates of the
applicable subclass at the close of business on such record date shall be
deemed to be Certificateholders of such subclass for the purposes of
determining whether Holders of the requisite aggregate principal amount of
Outstanding Certificates of such subclass have authorized or agreed or
consented to such consent, request, demand, authorization, direction, notice,
waiver or other act, and for that purpose the aggregate principal amount of the
Outstanding Certificates of such subclass shall be computed as of such record
date; provided, however, that no such consent, request, demand, authorization,
direction, notice, waiver or other act by the Holders of Certificates of such
subclass on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Trust Agreement not later than one
year after the record date.

                                  ARTICLE II

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

            SECTION 2.01. Creation and Declaration of Trusts: Assignment of
Underlying Securities. (a) The Depositor, concurrently with the execution and
delivery hereof, does hereby agree to Grant to the Trustee, on behalf and for
the benefit of the Certificateholders of each given Series of Certificates and
without recourse, all the right, title and interest of the Depositor, including
any security interest therein for the benefit of the Depositor, in, to and
under the Underlying Securities attributable to each such Series (except for
the Underlying Securities attributable to such Series which are not Granted by
the Depositor, as specified in the applicable Series Supplement), now existing
or hereafter acquired, in each case as identified in the applicable Series
Supplement, and any other Trust Property included or to be included in the
respective Trust for the benefit of the Certificateholders of each such Series.
Each such Grant will include all interest, premium (if any) and principal, as
well as any other amounts, received by or on behalf of the Depositor of, on or
with respect to any such Trust Property due after the applicable Issue Date,
and, unless otherwise specified in the Series Supplement, will exclude all
interest, premium (if any) and principal of, on or with respect to any such
Underlying Securities due on or before the applicable Issue Date.

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

                                      21
<PAGE>

Trustee, or its authorized agent, and the Trustee shall have the right to hold
and maintain such Underlying Securities on deposit with such Clearing Agency
for all purposes of this Trust Agreement.

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

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

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

                  (ii) the Underlying Securities so delivered are genuine;

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

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

            The above representations and warranties shall survive the delivery
of such Underlying Securities and the Certificates in respect thereof. The
Depositor shall further be deemed by such delivery to have made the
representations that, to the best of its knowledge, as of the related Closing
Date, event of default with respect to such Underlying Securities has occurred
or is continuing.

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

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

                                      22
<PAGE>

            (g) No Trust shall merge or consolidate with any other entity
without a Rating Agency Condition with respect thereto having been satisfied.

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

            SECTION 2.03. Representations and Warranties of the Depositor.

            (a) The Depositor hereby represents and warrants to the Trustee as
of the date hereof and as of each Issue Date or as of such other date
specifically provided herein or in the applicable Series Supplement that:

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

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

                  (iii) the execution and delivery of the related Trust
            Agreement by the Depositor and its performance of, and compliance
            with, the terms of the related Trust Agreement will not violate the
            Depositor's 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 which may be
            applicable to the Depositor or any of its assets; and

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

                                      23
<PAGE>

            (b) It is the express intent of the parties hereto that the Grant
of any Underlying Securities by the Depositor to the Trustee be, and be
construed as, a sale of such Underlying Securities by the Depositor and not a
pledge of such Underlying Securities by the Depositor to secure a debt or other
obligation of the Depositor. In the event that, notwithstanding the
aforementioned intent of the parties, the Underlying Securities attributable to
any Series are held to be property of the Depositor, then, it is the express
intent of the parties that such Grant be deemed a pledge of such Underlying
Securities and all proceeds thereof by the Depositor to the Trustee to secure a
debt or other obligation of the Depositor, pursuant to Section 10.07. In
connection with any such Grant of a security interest in such Underlying
Securities and all proceeds thereof, the Depositor hereby represents and
warrants to Trustee as follows with respect to the Underlying Securities
attributable to each Series:

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

                  (ii) The Underlying Securities attributable to each Series
            will be credited to a trust account (each, a "Securities Account")
            in respect of the related Trust established in the name of the
            Trustee in accordance with Section 2.01. The Securities
            Intermediary will establish each Securities Account and agree to
            treat the Underlying Securities as "financial assets" within the
            meaning of the UCC.

                  (iii) Immediately prior to the transfer of the Underlying
            Securities to the related Trust, the Depositor will own and hire
            good and marketable title to such Underlying Securities free and
            clear of any lien, claim or encumbrance of any Person.

                  (iv) The Depositor will obtain all consents and approvals
            required by the terms of any Underlying Securities for the transfer
            to the Trustee all of the Depositor's interest and rights therein
            as contemplated by this Trust Agreement.

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

                  (vi) Immediately prior to the transfer of the Underlying
            Securities attributable to any Series to the Depositor (x) the
            Depositor will not have 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) other than the security
            interest granted to the Trust pursuant to the related Trust
            Agreement and (y) the Depositor will not have authorized the filing
            of and will be deemed not be aware of any financing statements
            against the Depositor that include a description of such Underlying
            Securities other than any financing statement relating to the

                                      24
<PAGE>

            security interest granted to the Trust under the related Trust
            Agreement. The Depositor is not aware of any judgment or tax lien
            filings against the Depositor.

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

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

            SECTION 2.04. Breach of Representation, Warranty or Covenant.
Within 90 days of the earlier of discovery by the Depositor or receipt of
notice by the Depositor of a breach of any representation or warranty of the
Depositor set forth in Section 2.03 that materially and adversely affects the
interests of the Certificateholders of a given Series of Certificates, the
Depositor shall cure such breach in all material respects.

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

                                  ARTICLE III

                          Administration of each Trust

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

                                      25
<PAGE>

administration which it deems necessary to comply with the terms of these
Standard Terms and the applicable Series Supplement.

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

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

            SECTION 3.03. Certificate Account. (a) For each Series of
Certificates, the Trustee shall establish and maintain one or more Eligible
Accounts (collectively, the "Certificate Account"), held in trust for the
benefit of the Certificateholders of such Series. The Trustee on behalf of such
Certificateholders shall possess all right, title and interest in all funds on
deposit from time to time in each Certificate Account and in all proceeds
thereof. With respect to each Series of Certificates, the Certificate Account
shall be under the sole dominion and control of the Trustee for the benefit of
the related Certificateholders. With respect to each Series of Certificates,
not later than the close of business on the Business Day on which the Trustee
receives such amounts in the form of immediately available funds (so long as
such funds are received by the Trustee by 3:00 p.m. New York City time, and on
the next Business Day otherwise), the Trustee shall deposit or cause to be
deposited in the Certificate Account all amounts received by it with respect to
the Underlying Securities, any Credit Support and all Liquidation Proceeds
related to such Series including:

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

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

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

                  (iv) any payments in respect of any such Credit Support; and

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

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

            If, at any time, the Certificate Account for any Series ceases to
be an Eligible Account, the Trustee shall within five Business Days (or such
longer period, not to exceed 30

                                      26
<PAGE>

calendar days, as to which the Rating Agency Condition is met) establish a new
Certificate Account meeting the conditions specified above and the Trustee
shall within five Business Days transfer any cash and any investments on
deposit in the Certificate Account to such new Certificate Account, and from
the date such new Certificate Account is established, it shall be the
Certificate Account for such Series.

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

            SECTION 3.04. Liquidation of the Underlying Securities; Sale
Procedures. (a) Subject to Sections 3.11, 4.01(d) and 4.01(i), upon the
occurrence of certain specified events in respect of the Underlying Securities
attributable to any Series, including an Event of Default or an SEC Reporting
Failure, the Trustee shall direct the Market Agent to sell such Underlying
Securities in compliance with Section 3.04(b) below and shall cause the Market
Agent to deposit the Liquidation Proceeds therefrom into the Certificate
Account pursuant to Section 3.03(a) hereof. Except as expressly provided herein
and in the applicable Series Supplement, the Certificateholders of a Series
shall not be entitled to terminate the related Trust or cause the sale or other
disposition of any Underlying Securities.

            (b) In the event of a sale of Underlying Securities pursuant to
these Standard Terms, the Market Agent (at the direction of the Trustee) shall,
or, if applicable, shall direct an auction agent to, solicit bids for the sale
of the related Underlying Securities from various Persons, including at least
three Approved Dealers. The method of conducting any sale of Underlying
Securities and the specific terms of any such sale, including the method and
timing of any bidding and settlement, shall be determined at the time of the
proposed sale. The Market Agent shall not be responsible for the failure to
obtain a bid so long as such Person or any auction agent acting on their behalf
has made reasonable efforts to obtain bids. If a bid for the sale of the
Underlying Securities has been accepted by the Market Agent but the sale has
failed to settle on the proposed settlement date, the Market Agent shall
request new bids from various potential purchasers (including at least two such
Approved Dealers).

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

                                      27
<PAGE>

in the invested funds. In the event amounts on deposit in an Account are at any
time invested in an Eligible Investment payable on demand, the Trustee shall:

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

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

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

            (b) Amounts on deposit in the Reserve Account and amounts available
pursuant to any other Credit Support for such Series shall be applied by the
Trustee to make distributions of principal of and premium (if any) and interest
on the Certificates of such Series as required pursuant to Section 4.01 and the
applicable Series Supplement to the extent that funds are not otherwise
available for such purpose.

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

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

                                      28
<PAGE>

            (c) If the Liquidation Proceeds of a defaulted Underlying Security
are less than the sum of (i) the outstanding principal balance of the defaulted
Underlying Security, (ii) interest accrued but unpaid thereon at the applicable
interest rate and (iii) the aggregate amount of expenses incurred by the
Trustee in connection with the practices and procedures referred to in
paragraph (b) of this Section 3.07 to the extent reimbursable under these
Standard Terms and the related Series Supplement, the Trust for the applicable
Series shall recognize a Realized Loss equal to the amount of such difference.
Unless otherwise specified in the applicable Series Supplement, any such
Realized Loss shall be allocated pursuant to Section 4.04 among the
Certificateholders of such Series, pro rata, based on their entitlement to the
principal payments on such Underlying Securities.

            (d) Unless otherwise specified in the applicable Series Supplement,
with respect to any related Underlying Securities, if any related document or
instrument is found to be missing or defective in any material respect, neither
the Trustee nor the Depositor shall be obligated to repurchase or provide a
substitute for such Underlying Securities.

            SECTION 3.08. Access to Certain Documentation. The Trustee shall
provide to any federal, state or local regulatory authority that may exercise
authority over any Certificateholder access to the documentation regarding the
Underlying Securities required by applicable laws and regulations. Such access
shall be afforded without charge, but only upon reasonable request and during
normal business hours at the offices of the Trustee designated by it. In
addition, access to the documentation regarding the Underlying Securities
related to a given Series (or Class within such Series) will be provided to any
Certificateholder of such Series (or Class) upon reasonable request during
normal business hours at the offices of the Trustee designated by it at the
expense of the Certificateholder requesting such access.

            SECTION 3.09. Preparation and Filing of Exchange Act Reports;
Obligations of the Depositor and the Trustee.

            (a) The Trustee shall on behalf of each Trust, prepare for
signature by the Depositor and file with the Commission, following the
execution thereof by the Depositor, within the time period set forth below and
subject to the terms 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, "Reports") with respect to each Trust, as and to the extent
provided below. The names of such Reports, as of the date hereof, the dates on
which they are required to be filed with the Commission and other applicable
terms relevant to the performance and filing thereof are as follows:

                  (1) Form 8-K. As set forth on Annex D attached hereto and
            made a part hereof, for so long as the related Trust is subject to
            the Exchange Act reporting requirements, no later than the close of
            business on the second Business Day after the occurrence of an
            event requiring disclosure on Form 8-K (a "Reportable Event") the
            Depositor shall notify the Trustee of the Reportable Event (unless
            such item is specific to the Trustee, in which case the Trustee
            will be deemed to have notice). The Depositor will deliver to the
            Trustee no later than

                                      29
<PAGE>

            two (2) Business Days prior to the filing deadline for such Form
            8-K, all information, data, and exhibits required to be provided or
            filed with such Form 8-K in an EDGAR-compatible format agreed upon
            by the Trustee and Depositor. The Trustee shall not be responsible
            for determining what information is required to be filed on a Form
            8-K in connection with the transactions contemplated by this
            Agreement (unless such information is specific to the Trustee, in
            which case the Trustee will be responsible for consulting with the
            Depositor in making such a determination) or what events shall
            constitute Reportable Events (unless any such Reportable Events are
            specific to the Trustee, in which case the Trustee will be
            responsible for consulting with the Depositor before causing such
            Form 8-K to be filed) and shall not be liable for any late filing
            of a Form 8-K in the event that it does not receive all
            information, data and exhibits required to be provided to the
            Trustee on or prior to the second Business Day prior to the
            applicable filing deadline. After preparing the Form 8-K on behalf
            of the Depositor, the Trustee shall forward electronically a draft
            copy of the Form 8-K to the Depositor for review and a final copy
            no later than the close of business on the second Business Day
            prior to the relevant 8-K filing deadline. No later than the end of
            business on the second Business Day after receiving a final copy of
            the Form 8-K from the Trustee, the Depositor will indicate its
            acceptance of the form and content of the final Form 8-K by
            delivering, via electronic mail or facsimile transmission (with an
            original executed hard copy to follow by overnight mail), the final
            copy of the form executed by its duly authorized representative.
            The Trustee shall file the executed Form 8-K within one (1)
            Business Day of the Depositor's transmittal by electronic mail or
            facsimile transmission. If a Form 8-K cannot be timely filed or if
            a previously filed Form 8-K needs to be amended, the Trustee will
            follow the procedures set forth in Sections 3.09(b) or (c) of this
            Agreement. The Trustee will have no obligation to prepare, execute
            or file such Form 8-K or incur any liability with respect to any
            failure to properly prepare, execute or file such Form 8-K
            resulting from the Trustee's inability or failure to receive any
            information or signatures from Persons other than the Trustee or
            any subcontractor engaged by the Trustee that are needed to
            prepare, arrange for execution or file such Form 8-K within the
            time frames required by this paragraph, not resulting from its own
            negligence, bad faith or willful misconduct;

                  (2) Form 10-D.

                  (A) Within fifteen (15) days after each Distribution Date,
                  the Trustee shall, on behalf of the Trust and in accordance
                  with industry standards, file with the Commission via EDGAR,
                  a Form 10-D with a copy of the report to the
                  Certificateholders for such Distribution Date as an exhibit
                  thereto. Any other information provided to the Trustee by the
                  Depositor to be included in Form 10-D shall be determined and
                  prepared by and at the direction of the Depositor pursuant to
                  the following paragraph, and the Trustee will have no duty or
                  liability for any failure hereunder to determine or prepare
                  any additional information on Form 10-D ("Additional Form
                  10-D Disclosure") other than failures caused by the Trustee's
                  own negligence, bad faith or willful misconduct;

                                      30
<PAGE>

                  (B) Additional Form 10-D Disclosure. The Depositor will
                  notify the Trustee of its intent to provide Additional Form
                  10-D Disclosure prior to the related Distribution Date. As
                  set forth in Annex E hereto, on or prior to the fifth (5th)
                  calendar day after the related Distribution Date (i) a party
                  listed under Annex E hereto will provide to the Depositor and
                  the Trustee, to the extent known to such party, any
                  Additional Form 10-D Disclosure applicable to or required of
                  such party, and (ii) the Depositor, to the extent it deems
                  necessary, will forward to the Trustee in EDGAR-compatible
                  form, or in such other form as may otherwise be agreed upon
                  by the Trustee and the Depositor, the form and substance of
                  such Additional Form 10-D Disclosure. The Depositor will be
                  responsible for any reasonable fees and expenses incurred by
                  the Trustee in connection with including any Additional Form
                  10-D Disclosure on Form 10-D pursuant to this paragraph.
                  Notification of any Additional Form 10-D Disclosure required
                  to be made shall be given in writing substantially in the
                  form of Annex C hereto.

                  (C) Review and Filing of Form 10-D. The Trustee will forward
                  by electronic mail a draft copy of the Form 10-D to the
                  Depositor for review by the ninth (9th) calendar day after
                  the Distribution Date and a final copy no later than the
                  third Business Day prior to date of the filing deadline
                  applicable to such Form 10-D. No later than two (2) Business
                  Days after receipt of a final copy of the Form 10-D, the
                  Depositor shall (1) provide a written notice of any material
                  deficiency or irregularity with respect to such Form 10-D,
                  that will prevent its filing by the applicable deadline or
                  (2) deliver, via electronic mail or facsimile transmission
                  (with an original executed hard copy to follow by overnight
                  mail), the final copy of such Form 10-D, executed by a duly
                  authorized representative of the Depositor. The Trustee shall
                  file a duly executed Form 10-D within one (1) Business Day of
                  transmittal by electronic mail or facsimile transmission by
                  the Depositor. By virtue of its transmittal of an executed
                  Form 10-D by its duly authorized representative, and except
                  as otherwise specified in writing by the Depositor, the
                  Depositor shall be deemed to have made the following
                  representations with respect to such Form 10-D: (x) assuming
                  that the information provided to the Depositor by the Trustee
                  is correct, the monthly statement has been properly prepared
                  by the Trustee, and (y) the Trustee may rely upon the
                  accuracy thereof in its filing of the Form 10-D. If a Form
                  10-D cannot be timely filed for any reason (including a
                  material deficiency or irregularity under clause (1) above)
                  or if a previously filed Form 10-D needs to be amended, the
                  Trustee will follow the procedures set forth in Sections
                  3.09(b) and (c) to file such amended or late Form 10-D. The
                  Trustee will have no liability (1) with respect to any
                  failure to properly prepare, execute or file such Form 10-D
                  resulting from the Trustee's inability or failure to receive
                  any information from Persons other than the Trustee or any
                  subcontractor engaged by the Trustee that are needed to
                  prepare, arrange for execution or file such Form 10-D on a
                  timely basis, and not resulting from its own negligence, bad
                  faith or willful

                                      31
<PAGE>

                  misconduct and (2) with respect to the date of a filing, so
                  long as the Trustee files such form by its applicable
                  deadline;

                  (3) Form 10-K.

                  (A) Prior to March 30 of each year commencing with the first
                  March 30th after the Closing Date, and continuing for so long
                  as the Trust is subject to reporting obligations under the
                  Exchange Act, the Trustee shall, on behalf of the Trust and
                  in accordance with industry standards, prepare and file with
                  the Commission via EDGAR a Form 10-K with respect to the
                  Trust. Such Form 10-K shall include the following items, in
                  each case to the extent they have been delivered to the
                  Trustee within the applicable time frames set forth in this
                  Agreement, (i) an annual compliance statement for the Trustee
                  and each Subcontractor (as defined herein below), in
                  accordance with Item 1123 of Regulation AB, (ii)(A) the
                  annual reports on Assessment of Compliance with Servicing
                  Criteria for the Trustee and each Subcontractor (each a
                  "Reporting Servicer") in accordance with Item 1122 of
                  Regulation AB (unless the Depositor has notified the Trustee
                  that it has determined that such compliance statement is not
                  required by Regulation AB), as described herein below, and
                  (B) if any Reporting Servicer's report on Assessment of
                  Compliance identifies any material instance of noncompliance,
                  disclosure identifying such instance of noncompliance as set
                  forth on the Reporting Servicer's report on Assessment of
                  Compliance or if any report on Assessment of Compliance is
                  not included as an exhibit to such Form 10-K, disclosure that
                  such report is not included and an explanation why such
                  report is not included, (iii)(A) the registered public
                  accounting firm Attestation Report for each Reporting
                  Servicer, as described hereinbelow, and (B) if any registered
                  public accounting firm Attestation Report described
                  hereinabove identifies any material instance of
                  noncompliance, disclosure identifying such instance of
                  noncompliance, or if any such registered public accounting
                  firm Attestation Report is not included as an exhibit to such
                  Form 10-K, disclosure that such report is not included and an
                  explanation why such report is not included, and (iv) any
                  certification (the "Sarbanes-Oxley Certification") required
                  by Regulation AB, executed by the senior officer in charge of
                  securitizations of the Depositor. In addition to clauses (i)
                  through (iv) of this paragraph, any Additional Form 10-K
                  Disclosure shall be determined and prepared by and at the
                  direction of the Depositor pursuant to the following
                  paragraph, and the Trustee will have no duty or liability for
                  any failure hereunder to determine or prepare any Additional
                  Form 10-K Disclosure, except as set forth in the next
                  paragraph. A form of the Form 10-K to be used by the Trustee
                  hereunder shall be provided to the Trustee by the Depositor
                  in EDGAR compatible format. Notification of any Additional
                  Form 10-K Disclosure required to be made shall be given in
                  writing substantially in the form of Annex C attached hereto
                  and made a part hereof;

                                      32
<PAGE>

                  (B) Review and Filing of Form 10-K. After preparing the Form
                  10-K, the Trustee shall forward electronically a draft copy
                  of the Form 10-K to the Depositor for review and a final copy
                  no later than March 15 of each year that any Trust is subject
                  to the Exchange Act reporting requirements, commencing with
                  the first March 15 after the Closing Date. No later than 5:00
                  p.m. EST on the third Business Day following receipt of a
                  final copy of the Form 10-K, the Depositor will deliver, via
                  electronic mail or facsimile transmission (with an original
                  executed hard copy to follow by overnight mail), the final
                  copy of such Form 10-K, executed by a senior officer of the
                  Depositor to the Trustee, and the Trustee shall file such
                  Form 10-K by March 20 (or such later date designated by the
                  Depositor). If a Form 10-K cannot be filed on time or if a
                  previously filed Form 10-K needs to be amended, the Trustee
                  will follow the procedures set forth in Sections 3.09(b) and
                  (c) hereof. After filing a Form 10-K with the Commission, the
                  Trustee shall be authorized and permitted to make available
                  on its internet website a final executed copy of such Form
                  10-K. The Trustee shall have no liability: (1) with respect
                  to any failure to properly prepare, execute or file such Form
                  10-K resulting from the Trustee's inability or failure to
                  receive any information from Persons other than the Trustee
                  or any subcontractor engaged by the Trustee that are needed
                  to prepare, arrange for execution or file such Form 10-K on a
                  timely basis, not resulting from its own negligence, bad
                  faith or willful misconduct (2) with respect to the date of
                  filing so long as the Trustee files such form by its
                  applicable deadline;

                  (C) Additional Form 10-K Disclosure. As set forth in Annex F
                  hereto, (i) no later than March 12 of each year that any
                  Trust is subject to the Exchange Act reporting requirements,
                  commencing with the first March 12 after the Closing Date, a
                  party to the transaction shall be required to provide to the
                  Depositor and the Trustee, to the extent known, any
                  Additional Form 10-K Disclosure such Person is required to
                  provide, and (ii) no later than March 15 of each year that
                  any Trust is subject to the Exchange Act reporting
                  requirements, commencing with the first March 15 after the
                  Closing Date, the Depositor shall, to the extent it deems
                  necessary, forward to the Trustee in EDGAR-compatible form,
                  or in such other form as otherwise agreed upon by the Trustee
                  and the Depositor, the form and substance of such Additional
                  Form 10-K Disclosure. The Depositor will be responsible for
                  any reasonable fees and expenses incurred by the Trustee in
                  connection with including any Additional Form 10-K Disclosure
                  on Form 10-K pursuant to this paragraph;

                  (D) Sarbanes-Oxley Certification. Each Form 10-K shall
                  include any Sarbanes-Oxley Certification required pursuant to
                  Regulation AB. The Depositor will cause its senior officer in
                  charge of securitization to execute the Sarbanes-Oxley
                  Certification required pursuant to Rule 13a-14 under the
                  Securities Exchange Act of 1934, as amended, and to deliver
                  the original executed Sarbanes-Oxley Certification to the
                  Trustee by

                                      33
<PAGE>

                  March 12 of each year in which the Trust is subject to the
                  reporting requirements of the Exchange Act. In connection
                  therewith, the Trustee shall sign an Officer's Certificate
                  (in the form attached hereto and made a part hereof as Annex
                  G ) for the benefit of the Depositor and its officers,
                  directors and Affiliates regarding certain aspects of the
                  Sarbanes-Oxley Certification. To the extent any information
                  or exhibits required to be included in the Form 10 -K are not
                  timely received by the Trustee prior to March 30, the Trustee
                  shall, on behalf of the Trust, file a Form 12B-25 and one or
                  more amended Form 10-Ks, to the extent such amendments are
                  accepted pursuant to the Exchange Act, to include such
                  missing information or exhibits promptly after receipt
                  thereof by the Trustee;

                  (ii) Other Exchange Act Reports. The Trustee shall prepare
            for execution by the Depositor, and upon execution by the Depositor
            shall file such other Reports as the Depositor may request in
            writing from time to time in connection with the requirements of
            the Exchange Act, provided, however, that the Trustee shall be
            entitled to such additional fee compensation in connection herewith
            as shall be agreed upon between the Trustee and Depositor, and
            reimbursement for all related costs and expenses, and provided,
            further, that the terms and procedures concerning such preparation
            and filing (including, without limitation, instruction from or
            approval to be given by the Depositor to the Trustee as to the form
            and content of such Reports) shall be acceptable to the Trustee;

                  (iii) Promptly following the first date legally permissible
            under applicable regulations and interpretations of the Commission,
            the Trustee shall, at the request of the Depositor, on behalf of
            the Trust and in accordance with industry standards, file with the
            Commission via EDGAR a Form 15 Suspension Notification with respect
            to the Trust, if applicable.

                  (iv) The Trustee shall have no responsibility to file any
            items with the Commission other than those specified in this
            Section 3.09.

                  (v) The Depositor shall execute any and all Form 8-Ks, Form
            10-Ds and Form 10-Ks and other reports required hereunder.

            (b) If the Commission issues additional interpretative guidance or
promulgates additional rules or regulations with respect to Regulation AB or
otherwise, or if other changes in applicable law occur, that would require the
reporting arrangements, or the allocation of responsibilities with respect
thereto, as described herein, to be conducted differently than as described,
the Depositor and the Trustee will reasonably cooperate to amend the provisions
of the Standard Terms in order to comply with such amended reporting
requirements and such amendment of the Standard Terms. Any such amendment may
involve or result in a change in the reports filed by the Trustee on behalf of
the Trust under the Exchange Act. Notwithstanding the foregoing, the Trustee
shall not be obligated to enter into any amendment that adversely affects its
obligations and immunities under the Standard Terms. The Depositor

                                      34
<PAGE>

and the Trustee agree to use their good faith efforts to cooperate in complying
with the requirements of this paragraph.

            (c) In the event that the Trustee is unable to timely file with the
Commission all or any required portion of any Form 8-K, Form 10-D or Form 10-K
required to be filed pursuant to this Agreement because required disclosure
information was either not delivered to it or delivered to it after the
delivery deadlines set forth in this Agreement, the Trustee will immediately
notify the Depositor. In the case of Form 10-D and 10-K, the Depositor and
Trustee will thereupon cooperate to prepare and file a Form 12b-25 and a Form
10-DA and Form 10-KA, as applicable, pursuant to Rule 12b-25 of the Exchange
Act. In the case of Form 8-K, the Trustee will, upon receipt of all disclosure
information required to be included on Form 8-K, include such disclosure
information on the next Form 10-D. In the event that any previously filed Form
8-K, Form 10-D or Form 10-K needs to be amended, the party to this Agreement
deciding that an amendment to such Form 8-K, Form 10-D or Form 10-K is required
will notify the Depositor and the Trustee and such parties will cooperate to
prepare any necessary Form 8-KA, Form 10-DA or Form 10-KA. Any Form 15, Form
12b-25 or any amendment to Form 8-K, Form 10-D or Form 10-K shall be signed by
an officer of the Depositor. Each party acknowledges that the performance by
any party of its duties under this Section 3.20 related to the timely
preparation and filing of Form 15, a Form 12b-25 or any amendment to Form 8-K,
Form 10-D or Form 10-K is contingent upon the other parties observing all
applicable deadlines (and the related grace periods thereto) in the performance
of their duties under this Section 3.09. No party shall have liability for any
loss, expense, damage, claim arising out of or with respect to any failure to
properly prepare and/or timely file any such Form 15, Form 12b-25 or any
amendments to Forms 8-K, Form 10-D or Form 10-K, where such failure results
from another party's inability or failure to obtain or receive, on a timely
basis, any information from any party hereto needed to prepare, arrange for
execution or file such Form 15, Form 12b-25 or any amendments to Forms 8-K,
Form 10-D or Form 10-K, not resulting from its own negligence, bad faith or
willful misconduct.

            The text of the Officer's Certificate shall be revised accordingly
in order to comply with any rules or other applicable laws of the Commission.

            A copy of such certificate may be obtained by any Holder by a
request in writing to the Depositor addressed to the Corporate Trust Office of
the Trustee.

            (d) Not later than March 15 of each calendar year (other than the
calendar year during which the Closing Date occurs) during which an annual
report on Form 10-K is required to be filed on behalf of the Trust (or if such
day is not a Business Day, the immediately succeeding Business Day), (i) the
Trustee shall deliver to the Depositor an Officer's Certificate in the form of
Annex B attached hereto and made a part hereof stating, that (i) a review of
the activities of the Trustee during the preceding calendar year and of the
performance of such party under charter documents or by-laws been made under
such officer's supervision, and (ii) to the best of such officer's knowledge,
based on such review, such party has fulfilled all its obligations under its
charter documents or by-laws in all material respects throughout such year or a
portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, specifying each such failure known to such officer and
the nature and status thereof.

                                      35
<PAGE>

            (e) With respect to any sub-contractor that may be engaged by the
Trustee or the Depositor, as the case may be (in any such case, a
"Sub-Contractor"), that meets the criteria of Item 1108(a)(2)(i) through (iii)
of Regulation AB, the Trustee or the Depositor, as applicable, shall cause such
Sub-Contractor engaged by it to agree to deliver, on behalf of such
Sub-Contractor, the Officer's Certificate described in the preceding paragraph,
as and when required by the preceding paragraph, with respect to such
Sub-Contractor.

            (f) Not later than March 15 of each calendar year (other than the
calendar year during which the Closing Date occurs) during which an annual
report on Form 10-K is required to be filed on behalf of the Trust (or if such
day is not a Business Day, the immediately succeeding Business Day), the
Trustee shall deliver to the Depositor, at the Depositor's direction, an
officer's assessment of the Trustee's compliance with the Relevant Servicing
Criteria applicable to it as designated on Annex A attached hereto and made a
part hereof, during the preceding calendar year as required by Rules 13a-18 and
15d-18 of the Exchange Act and Item 1122 of Regulation AB (the "Assessment of
Compliance"), which assessment shall be in the form required by Regulation AB.
As used herein, "Relevant Servicing Criteria" means, with respect to the
Trustee the servicing criteria (within the meaning of Item 1122 of Regulation
AB) applicable to it as designated on Annex A attached hereto and made a part
hereof.

            (g) Not later than March 15 of each calendar year (other than the
calendar year during which the Closing Date occurs) during which an annual
report on Form 10-K is required to be filed on behalf of the Trust, the Trustee
shall cause to be delivered to the Depositor, in each such case at the
Depositor's direction and expense, a statement by a nationally or regionally
recognized firm of independent registered public accountants which is a member
of the American Institute of Certified Public Accountants that attests to and
reports on the Assessment of Compliance provided by such party pursuant to
paragraph 1(a) above (the "Accountant's Attestation"). Such Accountant's
Attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act.

            (h) With respect to any Subcontractor engaged by the Trustee the
Trustee shall cause such Sub-Contractor engaged by it to agree to deliver, on
behalf of such Sub-Contractor (unless the Depositor has notified the Trustee in
writing that such compliance statement is not required by Regulation AB) not
later than March 15 of each calendar year (other than the calendar year during
which the Closing Date occurs) with respect to any calendar year during which
the Trust's annual report on Form 10-K is required to be filed in accordance
with the Exchange Act and the rules and regulations of the Commission, to the
Trustee and the Depositor an Assessment of Compliance with respect to any
servicing criteria under Item 1122 of Regulation AB applicable to the functions
performed by such Sub-Contractor, which assessment shall be substantially in
the form required by Regulation AB. For the avoidance of doubt, and
notwithstanding any terms hereof to the contrary, it is hereby acknowledged
that any Market Agent that may be appointed shall not be deemed to be a
Sub-Contractor engaged by the Trustee for purposes of this Section 3.09(h) and
Section 3.09(i).

            (i) With respect to any Subcontractor engaged by the Trustee the
Trustee shall cause such Sub-Contractor engaged by it to agree to deliver, on
behalf of such Sub-Contractor (unless the Depositor has notified Trustee in
writing that such Accountant's Attestation is not required by Regulation AB)
not later than March 15 of each calendar year

                                      36
<PAGE>

(other than the calendar year during which the Closing Date occurs) with
respect to any calendar year during which the Trust's annual report on Form
10-K is required to be filed in accordance with the Exchange Act and the rules
and regulations of the Commission, to the Trustee and the Depositor an
Accountant's Attestation by nationally or regionally recognized firm of
independent registered public accountants which is a member of the American
Institute of Certified Public Accountants that attests to, and reports on, the
Assessment of Compliance delivered by such Subcontractor pursuant to Section
3.09(h) above.

            (j) With respect to any calendar year during which the Trust's
annual report on Form 10-K with respect to the transactions contemplated by
this Agreement is required to be filed in accordance with the Exchange Act and
the rules and regulations of the Commission, not later than fifteen (15)
calendar days before the date on which such annual report on Form 10-K is
required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission (or, in each case, if such day is not a Business
Day, the immediately preceding Business Day), the Depositor shall cause any
other party "participating in the servicing function" within the meaning of
Item 1122 of Regulation AB (collectively, "Other Party Participating in the
Servicing Function", and any such Other Party Participating in the Servicing
Function and all Subcontractors are sometimes referred to herein collectively
as "Required Reporting Parties") to (i) deliver to the Depositor and the
Trustee an Assessment of Compliance with regard to the servicing criteria under
Item 1122 of Regulation AB applicable to the functions performed by such Other
Party Participating in the Servicing Function during the preceding calendar
year, which assessment shall be in the form required by Regulation AB, (ii)
cause each such Other Party Participating in the Servicing Function to deliver
to the Depositor and the Trustee an Accountant's Attestation by nationally or
regionally recognized firm of independent registered public accountants which
is a member of the American Institute of Certified Public Accountants that
attests to, and reports on, the Assessment of Compliance delivered by such
Other Party Participating in the Servicing Function pursuant to this paragraph,
and (iii) cause each such Other Party Participating in the Servicing Function
to agree in writing, in form and content acceptable to the Trustee and the
Depositor, to indemnify and hold harmless the Trustee and the Depositor, and
each Person, if any, who "controls" the Trustee or the Depositor within the
meaning of the Securities Act and its officers, directors and Affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable and
necessary legal fees and related costs, judgments and other costs and expenses
that such Person may sustain arising out of third party claims based on (x) the
failure of such party to deliver when required any Assessment of Compliance or
Accountant's Attestation required of it pursuant to this paragraph or (y) any
material misstatement or omission contained in any Assessment of Compliance or
Accountant's Attestation provided by it or on its behalf pursuant to this
paragraph. For the avoidance of doubt, it is hereby acknowledged that any
Market Agent shall constitute an Other Party participating in the Servicing
Function described in this paragraph.

            (k) The Trustee agrees that, for so long as reports are required to
be filed with the Commission under the Exchange Act with respect to a Trust, it
shall not engage or utilize any Subcontractor for the performance of its duties
under the related Trust Agreement if such Subcontractor would be "participating
in the servicing function" within the meaning of Item 1122 of Regulation AB
without (a) giving written notice to the Depositor and (b) causing any such
Subcontractor to provide to the Trustee and the Depositor an Assessment of
Compliance and Accountant's Attestation with respect to the functions performed
by it, the Trustee shall

                                      37
<PAGE>

agree in writing, in form and content acceptable to the Depositor, to indemnify
and hold harmless the Depositor; provided, however that the Depositor hereby
undertakes responsibility with the foregoing requirements in the case of, and
as they may be applicable to, the Market Agent.

            (l) Each of the Trustee and the Depositor acknowledges and agrees
that the purpose of this Section 3.09 is to facilitate compliance by the
Depositor with the provisions of Regulation AB, as such may be amended or
clarified from time to time. Therefore, each of such parties agrees that such
party's obligations hereunder may be supplemented and modified from time to
time as reasonably necessary to be consistent with any such amendments,
interpretive advice or guidance, convention or consensus among active
participants in the asset-backed securities markets, advice of counsel, or
otherwise, in respect of the requirements of Regulation AB and each of the
parties shall comply with requests made by the Depositor, or the Trustee in
performing pursuant to the Standard Terms, for delivery of additional or
different information as the Trustee or the Depositor may determine in good
faith is necessary to comply with the provisions of Regulation AB, provided
that such information is available to such party without unreasonable effort or
expense and within such timeframe as may be reasonably requested. Any such
supplementation or modification may include or result in changes in the reports
filed by the Trustee on behalf of the Trust under the Exchange Act pursuant to
this Section 3.09.

            SECTION 3.10. Charges and Expenses. Except as otherwise provided in
these Standard Terms or the related Series Supplement, no amounts in the nature
of fees or charges shall be payable by or withheld from the Trust, the
Depositor or any other person. There shall be no recourse or claim against the
Trust or the property of the Trust for all or any part of any fees or charges
payable to any person.

            SECTION 3.11. SEC Reporting Failure. If the Depositor determines
that an SEC Reporting Failure has occurred in respect of such Trust, and any
Warrant Holder has not designated a Call Date or Optional Exchange Date
pursuant to Section 4.08 hereof, the Depositor shall within a reasonable period
either:

            (a) proceed to (i) apply to the Commission and the New York Stock
Exchange to withdraw the Certificates from listing and registration on the New
York Stock Exchange and (ii) following and subject to prior approval of such
application, file with the Comission a certification on Form 15 (or any
applicable successor form) suspending the reporting obligations of the
Depositor under Section 15(d) of the Exchange Act with respect to the
Certificates, if the Depositor determines in its reasonable, good faith
discretion that the Depositor meets the requirements for a filing of such form
with respect to the Certificates under Rule 12h-3 of the Exchange Act; or

            (b) if the Depositor is unable, after using commercially reasonable
efforts, to satisfy the requirements of Section 3.11(a) above, or the Depositor
has determined in its reasonable, good faith discretion that it would be in
violation of its reporting obligations under the Exchange Act absent a
termination of the Trust, instruct the Trustee to terminate the Trust in
accordance with Section 4.01(i) below.

                                      38
<PAGE>

                                  ARTICLE IV

                Distributions and Reports to Certificateholders

            SECTION 4.01. Distributions. (a) On each Distribution Date for a
given Series of Certificates, the Trustee shall apply Available Funds in the
Certificate Account for such Series in the following manner and priority:

                  (i) For any PO Strip Class Series of Certificates, the
            Trustee shall apply Available Funds in the Certificate Account for
            such Series as follows:

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

                        (A) first, to the Trustee, as reimbursement for any
                        Extraordinary Trust Expenses incurred by the Trustee in
                        accordance with Section 7.06(b) below and approved by
                        100% of the Certificateholders; and

                        (B) second, to the Holders of the P&I Class
                        Certificates, as interest at the per annum rate
                        specified in the related Series Supplement on the
                        outstanding Certificate Principal Balance of the P&I
                        Class Certificates.

                        The PO Strip Class Certificates are not entitled to
                  distributions of interest.

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

                        (A) first, to the Trustee, as reimbursement for any
                        remaining Extraordinary Trust Expenses incurred by the
                        Trustee in accordance with Section 7.06(b) below and
                        approved by 100% of the Certificateholders; and

                        (B) second, to the Holders of the P&I Class
                        Certificates and the PO Strip Class Certificates, the
                        remaining available principal portion of Available
                        Funds (in an aggregate amount not to exceed the
                        outstanding Certificate Principal Balance of the P&I
                        Class Certificates and the PO Strip Class Certificates)
                        pro rata in proportion to their outstanding Certificate
                        Principal Balances.

                        (3) Any Available Funds remaining in the Certificate
                  Account after the payments set forth in clauses 4.01(a)(i)(1)
                  and 4.01(a)(i)(2) above shall be paid to the Trustee as
                  reasonable compensation for services rendered to the
                  Depositor, up to $1,000.

                                      39
<PAGE>

                        (4) The Trustee will pay any Available Funds remaining
                  in the Certificate Account after the payments set forth in
                  clauses 4.01(a)(i)(1) through 4.01(a)(i)(3) above to the
                  Holders of the P&I Class Certificates and the PO Strip Class
                  Certificates pro rata in proportion to their original
                  Certificate Principal Balances.

                  (ii) For any IO Strip Class Series of Certificates, the
            Trustee shall apply Available Funds in the Certificate Account for
            such Series as follows:

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

                        (A) first, to the Trustee, as reimbursement for any
                        Extraordinary Trust Expenses incurred by the Trustee in
                        accordance with Section 7.06(b) below and approved by
                        100% of the Certificateholders; and

                        (B) second, to the Holders of the P&I Class
                        Certificates, accrued and unpaid interest at the per
                        annum rate specified in the related Series Supplement,
                        and to the Holders of the IO Strip Class Certificates,
                        (x) accrued interest at the rate specified in the
                        related Series Supplement and (y) any unpaid Notional
                        Distribution Amount for the related, and any prior,
                        Distribution Date, pro rata in proportion to their
                        entitlements thereto.

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

                        (A) first, to the Trustee, as reimbursement for any
                        remaining Extraordinary Trust Expenses incurred by the
                        Trustee in accordance with Section 7.06(b) below and
                        approved by 100% of the Certificateholders; and

                        (B) second, to the Holders of the P&I Class
                        Certificates, an amount equal to the Certificate
                        Principal Balance of the P&I Class Certificates.

                        The IO Strip Class Certificates are not entitled to
                        distributions of principal.

                        (3) Any Available Funds remaining in the Certificate
                  Account after the payments set forth in clauses
                  4.01(a)(ii)(1) and 4.01(a)(ii)(2) above shall be paid to the
                  Trustee as reasonable compensation for services rendered to
                  the Depositor, up to $1,000.

                        (4) The Trustee will pay any Available Funds remaining
                  in the Certificate Account after the payments set forth in
                  clauses 4.01(a)(ii)(1) through 4.01(a)(ii)(3) above to the
                  Holders of the P&I Class Certificates

                                      40
<PAGE>

                  and the IO Strip Class Certificates pro rata in proportion to
                  the interest rate on each such Class of Certificates.

                  (iii) For any Series of Certificates that includes classes
            other than as described in the preceding clauses (i) and (ii), the
            Trustee shall apply Available Funds in the Certificate Account for
            such Series in the manner and priority set forth in the related
            Series Supplement.

Unless otherwise set forth in the related Series Supplement, however, any
amounts collected during any period shall be distributed to the
Certificateholders no later than the Distribution Date immediately following
the receipt thereof.

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

            (c) Unless otherwise provided in the applicable Series Supplement,
on the Initial Distribution Date for a given Series of Certificates, the
Trustee shall cause the Trust to pay to the Depositor the amount of Initial
Accrued Interest. In the event an Optional Exchange shall occur prior to the
Initial Distribution Date, a pro rata portion of any Initial Accrued Interest
shall be paid to the Depositor on the Optional Exchange Date in accordance with
the provisions of Section 4.06(b)(x) hereof (and the amount of Initial Accrued
Interest shall correspondingly be reduced by any payments to the Depositor
under Section 4.06(b)(x)). If the Depositor is not paid any such amount on such
date, it shall have a claim for such amount. If Available Funds are
insufficient to pay such amount, the Trustee will pay the Depositor its pro
rata share, based on the ratio the amount owed to the Depositor bears to all
amounts owed on the related Certificates in respect of accrued interest, of any
proceeds from the recovery on the Underlying Securities.

            (d) Upon the occurrence of an Event of Default in respect of a
given Series, the Trustee shall send each Certificateholder of the related
Trust a notice of such Event of Default pursuant to Section 5.17 hereof.
Therafter, if, within 30 days after delivery of such notice, the related Event
of Default shall not have been cured and the related Call Warrants shall not
have been exercised (or been included in an Optional Exchange), the portion of
the Underlying Securities that are not distibuted in-kind to Certificateholders
in accordance with clause (i)(x) below shall be liquidated in accordance with
Section 3.04 hereof and the Trustee shall distribute the Liquidation Proceeds
to the related Certificateholders (and to any Certificateholders that receive
an in-kind distribution but can not satisfy the minimum denomination
requirements in respect of a portion of such Underlying Securities). The
respective pro rata share of each Certificateholder in any Liquidation Proceed
shall be determined in accordance with clause (i) below.

            (e) With respect to a given Series, if the Trustee receives
non-cash property in respect of the related Underlying Securities as a result
of a payment default on such Underlying Securities (including from the sale
thereof), the Trustee will promptly give notice to the Depository, or for any
Certificates of such Series which are not then held by DTC or any other
depository, directly to the registered Holders of the Certificates of such
Series then outstanding and unpaid and, if applicable, to the related Warrant
Agent. Such notice shall state that the

                                      41
<PAGE>

Trustee shall, and the Trustee shall, not later than 30 days after the receipt
of such property, allocate and distribute such property to the Holders of P&I
Class Certificates and Strip Class Certificates then outstanding and unpaid
(after deducting the costs incurred in connection therewith) in accordance with
(x) the ratio of the P&I Class Allocation to the related Strip Class
Allocations or (y) such other ratio that may be set forth in the related Series
Supplement. At the time of such distribution, the Trustee, at the direction of
the Depositor, shall establish commercially reasonable procedures for such
distribution. Property other than cash will be liquidated by the Trustee, and
the proceeds thereof distributed in cash, only to the extent necessary to avoid
distribution of fractional securities to Certificateholders. Unless otherwise
specified in the related Series Supplement, if any in-kind distribution of
property to the holders of the Underlying Securities reduces the principal
amount of such Underlying Securities, then the in-kind distribution of such
property to Certificateholders, based on the market value of such property as
of the date of distribution to Certificateholders, will be deemed to reduce the
Certificate Principal Balance, Amortizing Notional Balance or Notional Amount,
as applicable, of Certificates of a Class as follows:

                  (i) the aggregate Certificate Principal Balance of any P&I
            Class Certificates shall be reduced by an amount equal to the
            reduction in the principal amount of Underlying Securities
            attributable to the property that is either distributed to holders
            of such Certificates or liquidated in lieu of any such
            distribution;

                  (ii) the Amortizing Notional Balance of any IO Strip Class
            Certificates shall be reduced to an amount, determined by the
            Calculation Agent, which reflects the present value (discounted at
            the related Amortizing Notional Discount Rate) of the difference
            between (x) the interest payments to be received by the Trust in
            respect of the related Underlying Securities (giving effect to any
            distribution of Underlying Securities to Certificateholders
            pursuant to this Section 4.01(e)) from the date of any distribution
            to Certificateholders until the related Final Scheduled
            Distribution Date and (y) the interest portion of Available Funds
            to be distributed to the Holders of the related P&I Class
            Certificates from the date of any distribution to
            Certificateholders until the related Final Scheduled Distribution
            Date, assuming, in each case, that the payments and distributions
            were made when due and that the Underlying Securities remaining in
            the Trust following any such distribution or liquidation were not
            redeemed, prepaid or liquidated prior to the Final Scheduled
            Distribution Date;

                  (iii) the aggregate Notional Amount or Amortizing Notional
            Balance of any IO Strip Class Certificates shall be reduced by an
            amount equal to the reduction in the principal amount of Underlying
            Securities that are removed from the assets of the related Trust as
            a result of any such distribution to Certificateholders; and

                  (iv) the aggregate Certificate Principal Balance of any PO
            Strip Class Certificates shall be reduced by an amount equal to the
            reduction in the principal amount of Underlying Securities
            attributable to the property that is either

                                      42
<PAGE>

            distributed to holders of such Certificates or liquidated in lieu
            of any such distribution.

            (f) Subject to Section 4.01(j) hereof, to the extent Available
Funds are insufficient to make scheduled interest or principal payments on any
Class of Certificates of a given Series on any Distribution Date, an amount
equal to the amount of such shortfall will be carried over and will be
distributed on the next Distribution Date for such Class of Certificates (or
date referred to in Section 4.01(g) hereof) on which sufficient funds are
available to pay such amount.

            (g) If, with respect to a Series, a payment with respect to the
related Underlying Securities is made to the Trustee (i) after the payment date
for such Underlying Securities on which such payment was due or (ii) after such
Underlying Securities are redeemed, prepaid or liquidated, in whole or in part,
for any reason other than due to (A) an exercise of a Call Warrant related to
the Underlying Securities or (B) the occurrence of an Event of Default, an SEC
Reporting Failure or at their maturity, then the Trustee will distribute any
such amounts received in accordance with the provisions of this Section 4.01
and any applicable provisions of the Series Supplement on the next occurring
Business Day (a "Special Distribution Date") as if the funds had constituted
Available Funds on the Distribution Date immediately preceding such Special
Distribution Date; provided, however, that the Record Date for such Special
Distribution Date shall be one Business Day prior to the day on which the
related payment was received with respect to the Underlying Securities.

            (h) Unless otherwise specified in the related Series Supplement in
respect of a Series containing an IO Strip Class, then on any date on which
Underlying Securities are redeemed, prepaid or liquidated for any reason, the
Notional Amount or Amortizing Notional Balance, as applicable, of the IO Strip
Class Certificates of such Series shall be reduced by an amount equal to the
principal amount of the Underlying Securities so redeemed, prepaid or
liquidated, the reduction for the IO Strip Class Certificates to be allocated
pro rata among all IO Strip Class Certificates.

            (i) (w) Within five Business Days following the Trustee's receipt
of a direction from the Depositor to terminate the related Trust as a result of
the occurrence of an SEC Reporting Failure pursuant to Section 3.11(b) hereof,
the Trustee shall send election notice to each Certificateholder whereby each
Certificateholder may elect to receive, subject to the rights of the related
Warrant Holder, either (i) all or a portion of such Certificateholder's pro
rata share of the related Underlying Securities or (ii) all or a portion of
such Certificateholders interest in any Liquidation Proceeds that will be
received in connection with a liquidation of such Underlying Securities. If any
Certificateholder does not respond within 30 calendar days of receipt of such
election notice, it will be deemed to have elected to receive its interest in
Liquidation Proceeds. Thereafter, subject to the rights of the related Warrant
Holder to exercise the related Call Warrants (or to effect an Optional
Exchange), a portion of the related Underlying Securities (in an amount
necessary to pay any Extraordinary Trust Expenses incurred by the Trustee in
accordance with Section 7.06(b) below and approved by 100% of the
Certificateholders) shall be liquidated in accordance with Section 3.04 hereof
and the Trustee shall apply such Liquidation Proceeds towards the payment of
such Extraordinary Trust Expenses. Following the Liquidation of the related
Underlying Securities and the payment of

                                      43
<PAGE>

any such Extraordinary Trust Expenses, , the respective pro rata shares of the
related P&I Class and Strip Class Certificateholders in such Underlying
Securities shall be determined by allocating the remaining principal amount of
the Underlying Securities to the P&I Class Certificateholders and the Strip
Class Certificateholders in accordance with the ratio of the related P&I Class
Allocation to the applicable Strip Class Allocations and the remaining
Underlying Securities shall be liquidated (in accordance with Section 3.04) or
distributed in-kind to Certificateholders, based on the instructions received
by the Trustee. Further allocations of the related Underlying Securities (and
any remaining Liquidation Proceeds) shall be determined as follows:

                        (1) As between Certificateholders of a P&I Class, the
                  pro rata share of each of the P&I Class Certificateholders in
                  the Underlying Securities (and any remaining Liquidation
                  Proceeds) to be distributed to such P&I Class
                  Certificateholders shall be determined based on the then
                  unpaid Certificate Principal Balances of their respective P&I
                  Class Certificates.

                        (2) As between Certificateholders of an IO Strip Class,
                  the pro rata share of each of the IO Strip Class
                  Certificateholders in the Underlying Securities (and any
                  remaining Liquidation Proceeds) to be distributed to such IO
                  Strip Class Certificateholders shall be determined based on
                  the then outstanding Notional Amounts or Amortizing Notional
                  Balances, as applicable, of their respective IO Strip Class
                  Certificates.

                        (3) As between Certificateholders of a PO Strip Class,
                  the pro rata share of each of the PO Strip Class
                  Certificateholders in the Underlying Securities (and any
                  remaining Liquidation Proceeds) to be distributed to such PO
                  Strip Class Certificateholders shall be determined based on
                  the then unpaid Certificate Principal Balances of their
                  respective PO Strip Class Certificates.

                  (x) Within five Business Days (or such longer period as shall
            be acceptable to the Trustee) of receipt from the Trustee of notice
            of an Event of Default or any other liquidation event in respect of
            the related Underlying Securities, any Certificateholder may direct
            the Trustee to distribute all or a portion of such
            Certificateholder's pro rata share (as determined by the
            Calculation Agent in accordance with this Section 4.01(i)) of the
            Underlying Securities to it, in lieu of any proceeds received upon
            liquidation of the Underlying Securities and the Trustee shall
            distribute Underlying Securities to any such Certificateholder
            accordingly.

                        (1) Upon the occurrence of an Event of Default, each
                  Certificateholder's pro rata share of the Underlying
                  Securities shall be determined by allocating the principal
                  amount of the Underlying Securities to the P&I Class
                  Certificateholders and the Strip Class Certificateholders in
                  accordance with the ratio of the related P&I Class

                                      44
<PAGE>

                  Allocation and the applicable Strip Class Allocations.
                  Further allocations of the related Underlying Securities
                  shall be determined as follows:

                              (A) As between Certificateholders of a P&I Class,
                              the pro rata share of each of the P&I Class
                              Certificateholders in the Underlying Securities
                              to be distributed to such P&I Class
                              Certificateholders shall be determined based on
                              the then unpaid Certificate Principal Balances of
                              their respective P&I Class Certificates.

                              (B) As between Certificateholders of an IO Strip
                              Class, the pro rata share of each of the IO Strip
                              Class Certificateholders in the Underlying
                              Securities to be distributed to such IO Strip
                              Class Certificateholders shall be determined
                              based on the then outstanding Notional Amounts or
                              Amortizing Notional Balances, as applicable, of
                              their respective IO Strip Class Certificates.

                              (C) As between Certificateholders of a PO Strip
                              Class, the pro rata share of each of the PO Strip
                              Class Certificateholders in the Underlying
                              Securities to be distributed to such PO Strip
                              Class Certificateholders shall be determined
                              based on the then unpaid Certificate Principal
                              Balances of their respective PO Strip Class
                              Certificates.

                        (2) In the event of a liquidation of the Underlying
                  Securities for any reason other than upon the occurrence of
                  an Event of Default or an SEC Reporting Failure, the Trustee
                  shall allocate Available Funds in the manner set forth in the
                  related Series Supplement; provided, however, that unless
                  otherwise specified in any such Series Supplement, the
                  respective pro rata shares of the Strip Class
                  Certificateholders in the related Underlying Securities
                  (after allocation of such Underlying Securities of the
                  Liquidation Proceeds in respect thereto as provided in the
                  related Series Supplement) shall be determined as follows:

                              (A) As between Certificateholders of an IO Strip
                              Class, the pro rata share of each of the IO Strip
                              Class Certificateholders in the Underlying
                              Securities to be distributed to such IO Strip
                              Class Certificateholders shall be equal to the
                              lesser of (x) a pro rata share (based on the
                              proportion of the aggregate Notional Amount or
                              Amortizing Notional Balance, as applicable, of
                              such Holder's IO Strip Class Certificates to the
                              outstanding aggregate Notional Amount or
                              Amortizing Notional Balance, as applicable, of
                              all IO Strip Class Certificates of such Class) of
                              the principal amount of Underlying

                                      45
<PAGE>

                              Securities remaining after the Trustee has
                              allocated Available Funds towards certain payments
                              specified in the related Series Supplement and
                              (y) the present value of all amounts that would
                              otherwise have been payable on such IO Strip
                              Class Certificate for the period from the date of
                              such redemption or prepayment to the Final
                              Scheduled Distribution Date using the applicable
                              Allocation Discount Rate, assuming no
                              delinquencies, deferrals, redemptions or
                              prepayments on the Underlying Securities.

                              (B) As between Certificateholders of a PO Strip
                              Class, the pro rata share of each of the PO Strip
                              Class Certificateholders in the Underlying
                              Securities to be distributed to such PO Strip
                              Class Certificateholders shall be equal to a pro
                              rata share (based on the proportion of the
                              aggregate Certificate Principal Balance of such
                              Holder's PO Strip Class Certificates to the
                              outstanding aggregate Certificate Principal
                              Balance of all PO Strip Class Certificates of
                              such Class) of the principal amount of Underlying
                              Securities remaining after the Trustee has
                              allocated Available Funds towards certain
                              payments specified in the related Series
                              Supplement.

                  (y) The amount requested to be distributed pursuant to
            Section 4.01(i)(w) or 4.01(i)(x) must be in an even multiple of the
            minimum denomination of the Underlying Securities and may not
            exceed such requesting Certificateholder's pro rata share (as
            determined by the Calculation Agent in accordance with this Section
            4.01(i)) of the Underlying Securities. Upon receipt of any such
            direction from a P&I Class Certificateholder or Strip Class
            Certificateholder, the Trustee shall not cause a liquidation of the
            requested portion of Underlying Securities and instead shall cause
            such Underlying Securities to be distributed to the requesting P&I
            Class Certificateholder or Strip Class Certificateholder; provided,
            however, that the Trustee shall not cause the distribution of any
            Underlying Securities to any P&I Class Certificateholder or Strip
            Class Certificateholder unless, but for the requesting P&I Class
            Certificateholder or Strip Class Certificateholder's giving
            direction in accordance with this Section 4.01(i), such Underlying
            Securities would be liquidated as otherwise provided in these
            Standard Terms. Any portion of any P&I Class Certificateholder's or
            Strip Class Certificateholder's pro rata share of the Underlying
            Securities that is not distributed, based on the failure to meet
            the minimum denomination requirements or otherwise, shall be sold
            in accordance with the provisions of Section 4.01(d) or 3.12
            hereof, as applicable, and the proceeds thereof distributed to such
            P&I Class Certificateholder or Strip Class Certificateholder.

                  (z) All decisions and determinations of any Calculation Agent
            pursuant to this Section 4.01(i) shall be in its sole discretion
            and shall, in the

                                      46
<PAGE>

            absence of manifest error, be conclusive for all purposes and
            irrevocably binding upon the Certificateholders of the relevant
            Series or Class.

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

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

            (b) The distributions of interest and principal on Registered
Certificates shall be made as follows:

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

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

            (c) Subject to the foregoing provisions of this Section 4.02, each
Certificate delivered under this Trust Agreement upon transfer of or in
exchange for or in lieu of any other Certificate shall carry the rights to
interest accrued and undistributed, and to accrue, that were carried by such
other Certificate.

                                      47
<PAGE>

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

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

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

            SECTION 4.03. Reports to Certificateholders.

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

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

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

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

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

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

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

                                      48
<PAGE>

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

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

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

            (b) Unless otherwise specified in the applicable Series Supplement,
the Trustee shall appoint, at the expense of the Depositor, a firm of
independent certified public accountants to review each of the distribution
reports prepared by the Trustee pursuant to this Section 4.03. The Trustee
shall instruct the accountants (i) to promptly report to the Trustee any errors
in such distribution reports discovered in verifying such calculations and (ii)
to render to the Trustee an annual examination report, prepared in compliance
with established or stated criteria as set forth in the professional standards
of the American Institute of Certified Public Accountants, within 45 days (or
such longer period as may be acceptable to the Trustee) following the end of
each calendar year that specifies the calculations made in reviewing the
distribution reports prepared by the Trustee for the previous calendar year and
such accountants' associated findings.

            (c) If any Certificates of a given Series are listed on the New
York Stock Exchange, the Trustee shall simultaneously forward reports to
Certificateholders pursuant to this Section 4.03 of the Standard Terms to the
New York Stock Exchange.

            SECTION 4.04. Allocation of Realized Losses and Trust Expenses.
With respect to any Series of Certificates, the manner and priority of the
allocation of Realized Losses, Administrative Fees, Eligible Expenses,
Allowable Expense Amounts and Extraordinary Trust Expenses, if any, on any
Distribution Date among the Classes, if any, of such Series shall be as set
forth in the related Series Supplement. Notwithstanding the foregoing, unless
otherwise so specified in the applicable Series Supplement, the outstanding
Certificate Principal Balance,

                                      49
<PAGE>

Amortizing Notional Balance or Notional Amount, as the case may be, of the
Certificates of such Series shall not be reduced by the amount of any Realized
Losses.

            SECTION 4.05. Compliance with Withholding Requirements.

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

            (b) Each Certificateholder will provide the Trustee (and, so long
as the Certificates are held at a Depository in the form of Global Securities,
each Beneficial Owner of the Certificates will provide such Depository and the
Trustee) with evidence that there should not be any withholding tax assessed
for federal income tax purposes in respect of distributions to such
Certificateholder, such evidence to take the form of a statement, on a duly
executed and up-to-date Internal Revenue Service Form W-8BEN (or successor
form), Form W-9 (or successor form), or Form 4224 (or successor form), as
applicable, that identifies the Beneficial Owner of the Certificate; provided,
however, that for so long as the Certificates are held at a Depository in the
form of Global Securities, the Certificateholder shall have no obligation to
provide the Trustee with any such evidence except to the extent it has received
such evidence from Beneficial Owners of the Certificates. The Trustee shall not
be required to accept any such Internal Revenue Service forms if it believes
that they are not accurate (but the Trustee shall not be required to make any
independent investigation to determine their accuracy).

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

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

            SECTION 4.06. Optional Exchange. (a) On any Exchange Date, any
Holder of a like percentage of (x) P&I Class Certificates of a Series, (y) each
Strip Class Certificates, if any, of a Series and (z) the related Call
Warrants, if Call Warrants related to the related Underlying Securities are
outstanding, may exchange such Certificates and, if applicable, such Call
Warrants, for a distribution of Underlying Securities representing the same
percentage of the Underlying Securities as the aggregate Certificate Principal
Balance, Amortizing Notional Balance or Notional Amount, as applicable, of such
P&I Class Certificates and Strip Class

                                      50
<PAGE>

Certificates represent, with respect to their respective Classes, of all
outstanding Certificates in their respective Classes.

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

                  (i) A notice specifying the number of Call Warrants and/or
            Certificates being surrendered and the Optional Exchange Date shall
            be delivered to the Trustee no less than 20 days but not more than
            30 days before the Optional Exchange Date.

                  (ii) Certificates and, if applicable, the Call Warrants,
            shall be surrendered to the Trustee no later than 10:00 a.m. (New
            York City time) on the Optional Exchange Date. (iii) P&I Class
            Certificates and Strip Class Certificates representing a like
            percentage (or, subject to clause (viii) below, as close as
            practical thereto) of the Certificate Principal Balance, Amortizing
            Notional Balance or Notional Amount, as applicable, of all
            Outstanding Certificates and Certificates of their respective
            Classes shall be surrendered.

                  (iv) The Trustee shall have received upon its request an
            Opinion of Counsel that (x) such exchange would not be inconsistent
            with the Depositor's and the Trustee's continued satisfaction of
            the applicable requirements for exemption under Rule 3a-7 (or other
            applicable rule or exemption) under the Investment Company Act of
            1940, as amended, and all applicable rules, regulations and
            interpretations thereunder and (y) such Optional Exchange would not
            cause the Trust to be treated as an association or publicly traded
            partnership taxable as a corporation for federal income tax
            purposes.

                  (v) The Trustee shall have received a certification from the
            Certificateholder that any Certificates being surrendered have been
            held for at least six months.

                  (vi) Except where all of the Certificates and Call Warrants
            related to a Series are being exercised, the Certificates being
            surrendered may represent no more than 5% of the initial aggregate
            Certificate Principal Balance, Amortizing Notional Balance or
            Notional Amount, as applicable, of the Certificates.

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

                  (viii) This Section 4.06 shall not provide any person with a
            lien against, an interest in or a right to specific performance
            with respect to the Underlying Securities; provided, however, that
            satisfaction of the conditions set forth in this Section 4.06 shall
            entitle the Certificateholder or Warrant Holder, as applicable, to
            a distribution thereof.

                                      51
<PAGE>

                  (ix) The aggregate Certificate Principal Balance, Amortizing
            Notional Balance or Notional Amount, as the case may be, of
            Certificates exchanged in connection with any Optional Exchange
            pursuant to this Section shall be in an amount that will entitle
            the Certificateholders thereof to Underlying Securities in an even
            multiple of the minimum denomination of such Underlying Securities.
            In the event that the face amount of Underlying Securities to be
            distributed in connection with any Optional Exchange pursuant to
            this Section 4.06 is not an even multiple of the minimum
            denomination of the Underlying Securities, such amount shall be
            rounded down to such minimum denomination. Following such a
            rounding, the aggregate Certificate Principal Balance, Amortizing
            Notional Balance or Notional Amount of Certificates accepted for
            exchange shall be reduced to take into account the effect of such
            rounding and the Certificateholders (and, if applicable, the
            relevant Warrant Holders) requesting the Optional Exchange shall be
            issued Certificates in the amount of the remainder. If such
            Certificates are called Certificates, they may be exchanged for a
            distribution of Underlying Securities on any subsequent Call Date
            on which the other requirements of this Section 4.06 are met. For
            purposes of this provision, in any Optional Exchange of
            Certificates for Underlying Securities on a Call Date by two or
            more Certificateholders (and, if applicable, the relevant Warrant
            Holders), the Trustee shall determine the effects of rounding for
            purposes of the second preceding sentence with regard to the
            aggregate amount of Underlying Securities to be distributed (rather
            than each such Certificateholder's (and, if applicable, Warrant
            Holder's) individual allotment) and shall round each
            Certificateholder's (and, if applicable, Warrant Holder's)
            proportionate distribution in accordance with such instructions
            from such parties.

                  (x) In the event such Optional Exchange shall occur prior to
            the Initial Distribution Date, the Certificateholders exercising
            the Optional Exchange shall pay an amount to the Trustee, on the
            Optional Exchange Date, an equal to the sum obtained by multiplying
            the amount of Initial Accrued Interest by a fraction, the numerator
            of which shall be the Certificate Principal Balance of P&I
            Certificates being exchanged on such Optional Exchange Date and the
            denominator of which shall be the total Certificate Principal
            Balance of P&I Certificates, which amount shall be paid by the
            Trustee to the Depositor.

            (c) The related Series Supplement may set forth additional terms
and/or conditions of an Optional Exchange that may relate to, but are not
limited to, the following:

                        (1) limitations on the right of an exchanging Holder to
                  receive any benefit upon exchange from any Credit Support;
                  and

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

                                      52
<PAGE>

            (d) Unless otherwise provided in the applicable Series Supplement,
no Certificate may be exchanged pursuant to this Section unless the Trustee has
received at least 20 days but not more than 30 days prior to an Optional
Exchange Date in accordance with delivery instructions specified in the
applicable Series Supplement (i) such Certificate with the form entitled
"Option to Elect Exchange" on the reverse thereof duly completed, or (ii) in
the case of Registered Certificates, a telegram, telex, facsimile transmission
or letter from a member of a national securities exchange or the National
Association of Securities Dealers, Inc., the Depository (in accordance with its
normal procedures) or a commercial bank or trust company in the United States
setting forth the name of the Holder of such Registered Certificate, the
Certificate Principal Balance, Amortizing Notional Balance or Notional Amount,
as applicable, of such Registered Certificate to be exchanged and the
Certificate number or a description of the tenor and the terms of such
Registered Certificate, a statement that the option to elect exchange is being
exercised thereby and an assurance that the Registered Certificate to be
exchanged with the form entitled "Option to Elect Exchange" on the reverse of
the Registered Certificate duly completed will be received by such Trustee not
later than five Business Days after the date at such telegram, telex, facsimile
transmission or letter, and such Registered Certificate and form duly completed
must be received by such Trustee by such fifth Business Day. Any tender of a
Certificate by the Holder thereof for exchange shall be irrevocable. Unless
otherwise provided in the applicable Series Supplement, the exchange option may
be exercised pursuant to this Section by the Holder of a Certificate for less
than the Certificate Principal Balance, Amortizing Notional Balance or Notional
Amount, as applicable, of such Certificate provided that (x) the Certificate
Principal Balance, Amortizing Notional Balance or Notional Amount remaining
Outstanding after such exchange is an authorized denomination, (y) such partial
exchange is limited in amount to a maximum of 5% of the initital aggregate
Certificate Principal Balance, Amortizing Notional Balance or Notional Amount
and (z) all other exchange requirements set forth in the related Series
Supplement are satisfied upon such partial exchange such Certificate shall be
cancelled and a new Certificate or Certificates for the remaining Certificate
Principal Balance, Amortizing Notional Balance or Notional Amount, as
applicable, thereof shall be issued (which, in the case of any Registered
Certificate, shall be in the name of the Holder of such exchanged Certificate).

            (e) Upon the completion of any such optional exchange, the Trustee
shall give prompt written notice thereof to each Rating Agency then rating
Certificates of the related Series.

            SECTION 4.07. Optional Call. (a) If applicable with respect to a
Series of Certificates, concurrently with the execution of the related Series
Supplement, the Depositor shall execute a Warrant Agent Agreement dated as of
the related Issue Date, substantially in the form attached as an exhibit to the
related Series Supplement, which will provide the related Warrant Holder with a
right to call the related Underlying Securities.

            (b) Unless otherwise specified in the related Series Supplement, if
the Trustee receives notice of a tender offer for some or all of the related
Underlying Securities, the Trustee shall, within one Business Day, notify the
Warrant Agent and forward to the Warrant Agent copies of all materials received
by the Trustee in connection therewith. Upon the commencement of a tender offer
from the Underlying Securities Issuer or an affiliate thereof and if the
Trustee receives a Call Notice from any Warrant Holder no later than five
Business Days

                                      53
<PAGE>

prior to the expiration of the tender offer acceptance period that such Warrant
Holder desires to exercise all or a portion of its Call Warrants in connection
with the consummation of any such tender offer, then the Trustee shall tender,
in compliance with the tender offer requirements, an amount of Underlying
Securities equal to the amount of Underlying Securities that would be
distributable to the Warrant Holder in connection with the exercise of such
Call Warrants.

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

            (d) Proceeds received by the Trustee in connection with any
exercise of Call Warrants will be allocated to the related Certificateholders
in the manner set forth in the related Series Supplement.

            (e) A Plan fiduciary, whether or not a Certificateholder at such
time, may request in writing that the Trustee provide such Plan fiduciary with
such information as shall be necessary for it to determine whether any of the
related Call Warrant Holders is (i) a "party in interest" (within the meaning
of ERISA, Section 3(14)); or (ii) a "disqualified person" within the meaning of
Internal Revenue Code ("Code") Section 4975(e)(2) with respect to any employee
benefit plan or Plan identified to the Trustee by such Plan fiduciary at the
time such request is made in order for the Plan fiduciary to determine whether
an investment in the Certificates by such Plan is or would be permissible under
ERISA or the Code. Any such written request of a Plan fiduciary shall be
accompanied by a certification of the Plan fiduciary, opinion of counsel
experienced in such issues, and such other documentation as the Trustee may
require, in order to establish that such disclosure is necessary for the Plan
fiduciary to determine compliance with ERISA and the Code, as well as a
confidentiality agreement, whereby the Plan fiduciary agrees not to disclose
the identity of any Call Warrant Holders except to any legal or other experts
as necessary to make such determination.

                                   ARTICLE V

                                The Certificates

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

            (b) The Certificates may be issued in one or more Series, each of
which Series may, subject to the provisions of the Code and the intended status
of each Trust to constitute a fixed investment trust for federal income tax
purposes, be issued in one or more Classes, with such further particular
designation added or incorporated in such title for the Certificates of any
particular Series or Class within such Series as the Depositor may determine.
Each Certificate

                                      54
<PAGE>

shall bear upon its face the designation so selected for the Series and Class
to which it belongs. All Certificates of the same Series and Class shall be
identical in all respects except for the denominations thereof. All
Certificates of all Classes within any one Series at any time Outstanding shall
be identical except for differences among the Certificates of the different
Classes within such Series specified in the applicable Series Supplement.
Except as otherwise provided in a Series Supplement, all Certificates of a
particular Series (and all Classes within such Series) issued under this Trust
Agreement shall be in all respects equally and ratably entitled to the benefits
hereof without preference, priority or distinction on account of the actual
time or times of authentication and delivery, all in accordance with the terms
and provisions of this Trust Agreement.

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

            SECTION 5.02. Execution, Authentication and Delivery. (a) The
Certificates of a Series shall be executed by the Trustee, upon written
direction by the Depositor. The signature of the Trustee may be manual or
facsimile. Certificates bearing the manual or facsimile signature of
individuals who were at any time the proper officers of the Trustee shall be
binding, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such Certificates.

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

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

            SECTION 5.03. Temporary Certificates. Pending the preparation of
Definitive Certificates of any Series (or Class within each such Series), the
Depositor may execute, and upon receipt of a Depositor Order, the Trustee shall
authenticate and deliver temporary Certificates which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the Definitive
Certificates in lieu of which they are issued, in registered form or, if
authorized, in bearer form with one or more coupons or without coupons, and
with such appropriate insertions, omissions, substitutions and other variations
as may be authorized by such Depositor Order. Any such temporary Certificate
may be in global form, representing all or a portion of the Outstanding
Certificates of such Series or Class. Every such temporary Certificate shall be
executed by the

                                      55
<PAGE>

Depositor and shall be authenticated and delivered by the Trustee upon the same
conditions and in substantially the same manner, and with the same effect, as
the Definitive Certificate or Definitive Certificates in lieu of which is
issued.

            If temporary Certificates of any Series (or Class within such
Series) are issued, the Depositor will cause Definitive Certificates of such
Series or Class to be prepared without unreasonable delay. Except as otherwise
specified in the applicable Series Supplement, (a) after the preparation of
Definitive Certificates of such Series or Class, the temporary Certificates of
such Series or Class shall be exchangeable for Definitive Certificates of such
Series or Class upon surrender of the temporary Certificates of such Series or
Class at the office of the Trustee in a Place of Distribution for such Series
or Class, without charge to the Holder, except as provided in Section 5.04 in
connection with a transfer, and (b) upon surrender for cancellation of any one
or more temporary Certificates of any Series or Class within such Series
(accompanied by any unmatured coupons appertaining thereto), the Depositor
shall execute and the Trustees shall authenticate and deliver in exchange
therefore Definitive Certificates with a like Certificate Principal Balance,
Notional Amount or Amortizing Notional Balance, as applicable, of the same
Series (or Class within such Series) of authorized denominations and of like
tenor. Until so exchanged, temporary Certificates of any Series (or Class
within such Series) shall in all respects be entitled to the same benefits
under this Trust Agreement as Definitive Certificates of such Series or Class,
except as otherwise specified in the applicable Series Supplement with respect
to the payment of interest on Global Securities in temporary form.

            Upon any exchange of a portion of a temporary Global Security for a
definitive Global Security or for the individual Definitive Certificates
represented thereby pursuant to this Section 5.03 or Section 5.04, the
temporary Global Security shall be endorsed by the Trustee to reflect the
reduction of the aggregate Certificate Principal Balance, Notional Amount or
Amortizing Notional Balance, as applicable, evidenced thereby, whereupon the
aggregate Certificate Principal Balance, Notional Amount or Amortizing Notional
Balance, as applicable, of such temporary Global Security shall be reduced for
all purposes by the amount so exchanged and endorsed.

            SECTION 5.04. Registration; Registration of Transfer and Exchange.
(a) The Trustee shall cause to be kept a register for each Series of Registered
Certificates (the registers maintained in such office and in any other office
or agency of the Trustee in a Place of Distribution being herein sometimes
collectively referred to as the "Certificate Register") in which a transfer
agent and registrar (which may be the Trustee) (the "Certificate Registrar")
shall provide for the registration of Registered Certificates and the
registration of transfers and exchanges of Registered Certificates. The Trustee
is hereby initially appointed Certificate Registrar for the purpose of
registering Registered Certificates and transfers and exchanges of Registered
Certificates as herein provided; provided, however, that the Trustee may
appoint one or more co-Certificate Registrars. Upon any resignation of any
Certificate Registrar, the Depositor shall promptly appoint a successor or, in
the absence of such appointment, assume the duties of Certificate Registrar.

            If a Person other than the Trustee is appointed by the Depositor as
Certificate Registrar, the Depositor will give the Trustee prompt written
notice of the appointment of a Certificate Registrar and of the location, and
any change in the location, of the Certificate

                                      56
<PAGE>

Register, and the Trustee shall have the right to rely upon a certificate
executed on behalf of the Certificate Registrar by an Executive Officer thereof
as to the names and addresses of the Holders of the Registered Certificates and
the principal amounts and numbers of such Registered Certificates.

            (b) Upon surrender for registration of transfer any Registered
Certificate of any Series (or Class within such Series) at the office or agency
of the Trustee, if the requirements of Section 8-401(1) of the UCC are met to
the Depositor's satisfaction, the Depositor shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Certificates of any authorized
denominations, of a like Series, Class and aggregate Certificate Principal
Balance, Notional Amount or Amortizing Notional Balance, as applicable.

            (c) Notwithstanding any other provisions of this Section, unless
and until it is exchanged in whole or in part for the individual Certificates
represented thereby, a Global Security representing all or a portion of the
Certificates of a Series (or Class within such Series) may not be transferred
except as a whole by the Depository for such Series or Class to a nominee of
such Depository or by a nominee of such Depository to such Depository or
another nominee of such Depository or by such Depository or any such nominee to
a successor Depository for such Series or Class or a nominee of such successor
Depository.

            (d) At the option of the Holder, Registered Certificates of any
Series (or Class within such Series) (other than a Global Security, except as
set forth below) may be exchanged for other Registered Certificates of the same
Series or Class of any authorized denomination or denominations of like tenor
and aggregate Certificate Principal Balance, Notional Amount or Amortizing
Notional Balance, as applicable, upon surrender of the Registered Certificates
to be exchanged at the office or agency of the Trustee maintained for such
purpose.

            (e) If at the time the Depository for the Certificates of a Series
(or Class within such Series) notifies the Depositor that it is unwilling or
unable to continue as Depository for the Certificates of such Series or Class
or if at any time the Depository for the Certificates of such Series or Class
shall no longer be eligible under Section 5.08(b), the Depositor shall appoint
a successor Depository with respect to the Certificates of such Series or
Class. If a successor Depository for the Certificates of such Series or Class
is not appointed by the Depositor within 90 days after the Depositor receives
such notice or becomes aware of such ineligibility, the Depositor's election as
specified in the related Series Supplement shall no longer be effective with
respect to the Certificates of such Series or Class and the Depositor will
execute, and the Trustee, upon receipt of a Depositor Order for the
authentication and delivery of individual Certificates of such Series or Class,
will authenticate and deliver individual Certificates of such Series or Class
in an aggregate Certificate Principal Balance, Notional Amount or Amortizing
Notional Balance, as applicable, equal to the aggregate Certificate Principal
Balance, Notional Amount or Amortizing Notional Balance, as applicable, of the
Global Security or Securities representing Certificates of such Series or Class
in exchange for such Global Security or Securities.

            (f) The Depositor may at any time and in its sole discretion
determine that individual Certificates of any Series (or Class within such
Series) issued in the form of one or

                                      57
<PAGE>

more Global Securities shall no longer be represented by such Global Security
or Securities. In such event the Depositor shall execute, and the Trustee, upon
receipt of a Depositor Order for the authentication and delivery of individual
Certificates of such Series or Class, shall authenticate and deliver,
individual Certificates of such Series or Class in an aggregate Certificate
Principal Balance, Notional Amount or Amortizing Notional Balance, as
applicable, equal to the aggregate Certificate Principal Balance, Notional
Amount or Amortizing Notional Balance, as applicable, of the Global Security or
Securities representing Certificates of such Series or Class in exchange for
such Global Security or Securities.

            (g) If specified by the Depositor pursuant to the related Series
Supplement with respect to a Series (or Class within such Series) of
Certificates, the Depository for such Series may surrender a Global Security
for such Series or Class in exchange in whole or in part for individual
Certificates of such Series or Class on such terms as are acceptable to the
Depositor and such Depository. Thereupon, the Depositor shall execute, and the
Trustee, upon receipt of a Depositor Order, shall authenticate and deliver,
without service charge,

                  (i) to each Person specified by such Depository a new
            individual Certificate or Certificates of the same Series or Class,
            of any authorized denomination as requested by such Person in an
            aggregate Certificate Principal Balance, Notional Amount or
            Amortizing Notional Balance, as applicable, equal to and in
            exchange for such Person's beneficial interest in the Global
            Security; and

                  (ii) to such Depository a new Global Security in a
            denomination equal to the difference, if any, between the aggregate
            Certificate Principal Balance, Notional Amount or Amortizing
            Notional Balance, as applicable, of the surrendered Global Security
            and the aggregate Certificate Principal Balance, Notional Amount or
            Amortizing Notional Balance, as applicable, of individual
            Certificates delivered to Holders thereof.

            In any exchange provided for in any of the preceding three
paragraphs, the Depositor shall execute, and the Trustee, upon receipt of a
Depositor Order, will authenticate and deliver individual Certificates in
registered form in authorized denominations, if the Certificates of such Series
or Class are issuable as Registered Certificates.

            Upon the exchange of a Global Security for individual Certificates,
such Global Security shall be cancelled by the Trustee. Individual Registered
Certificates issued in exchange for a Global Security pursuant to this Section
5.04 shall be registered in such names and in such authorized denominations as
the Depository for such Global Security, pursuant to instructions from its
Participants, any indirect participants or otherwise, shall instruct the
Trustee. The Trustee shall deliver such Registered Certificates to the Person
in whose names such Registered Certificates are so registered.

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

                                      58
<PAGE>

            (i) Every Registered Certificate presented or surrendered for
registration of transfer or exchange shall (if so required by the Depositor,
the Trustee or the Certificate Registrar) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Depositor, the
Trustee or the Certificate Registrar, duly executed, by the Holder thereof or
his attorney duly authorized in writing, with such signature guaranteed by a
brokerage firm or financial institution that is a member of a Securities
Approved Medallion Program such as Securities Transfer Agents Medallion Program
(STAMP), Stock Exchange Medallion Program (SEMP) or New York Stock Exchange
Inc. Medallion Signature Program (MSP).

            (j) No service charge shall be made to a Holder for any
registration of transfer or exchange of Certificates, but the Depositor may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Certificates, other than exchanges pursuant to Section 5.03 not
involving any transfer.

            (k) (i) No Private Certificate may be offered, resold, assigned or
otherwise transferred (including by pledge or hypothecation) unless the
purchaser or transferee is a QIB or an Accredited Investor; provided, however,
that if such purchaser or transferee is a QIB, it shall be required to
represent that (a) if it is a dealer of the type described in paragraph
(a)(1)(ii) of Rule 144A, such purchaser or transferee owns and invests on a
discretionary basis not less than U.S. $25,000,000 in securities of issuers
that are not affiliated with it and (b) it is not a participant-directed
employee plan, such as a 401(k) plan, or any other type of plan referred to in
paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A, or a trust fund referred
to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan,
unless investment decisions with respect to the plan are made solely by the
fiduciary, trustee or sponsor of such plan.

                  (A) Prior to any offer, resale, assignment or transfer of any
                  Private Certificates to a QIB in accordance with Rule 144A,
                  the prospective transferee shall deliver to the Trustee an
                  executed copy of an Investment Letter with respect to the
                  Private Certificates to be transferred and the transferor
                  must provide the Trustee with a Transferor Certificate. In
                  the event the resale, assignment or transfer shall involve
                  Private Certificates then being held in physical form, such
                  Private Certificates shall be delivered to the Trustee for
                  cancellation and the Trustee shall instruct the Depository to
                  increase (x) in the case of an IO Strip Class, the aggregate
                  Notional Amount or Amortizing Notional Balance, as
                  applicable, or (y) in the case of a P&I Class or a PO Strip
                  Class, the aggregate Certificate Principal Balance, of such
                  Private Certificates held in book-entry form by an amount
                  equal to the aggregate notional amount or aggregate principal
                  amount, as the case may be, of the Private Certificates so
                  resold, assigned or transferred and to issue a beneficial
                  interest in such global Private Certificates to such
                  transferee.

                  (B) Prior to any offer, resale, assignment or transfer of any
                  Private Certificates to an Accredited Investor, the
                  prospective transferee and the

                                      59
<PAGE>

                  prospective transferor shall be required to deliver to the
                  Trustee documentation certifying that the offer, resale,
                  assignment or transfer is made pursuant to an available
                  exemption from registration provided under the Securities Act
                  and in accordance with any applicable securities laws of any
                  state of the United States and other jurisdictions and, in
                  the event any such Private Certificate shall then be held in
                  book entry form and such resale, assignment or transfer shall
                  be to an Accredited Investor that is not a QIB, the Trustee
                  shall instruct the Depository to decrease (x) in the case of
                  an IO Strip Class, the aggregate Notional Amount or
                  Amortizing Notional Balance, as applicable, or (y) in the
                  case of a P&I Class or a PO Strip Class, the Certificate
                  Principal Balance, of such Private Certificates held in book
                  entry form and the Trustee shall authenticate and deliver one
                  or more Private Certificates in physical form in an aggregate
                  notional amount or aggregate principal amount, as the case
                  may be, equal to the amount of Private Certificates resold,
                  assigned or transferred.

            The Trustee may conclusively rely on the statements in any
Investment Letter, Transferor Certificate or other documentation provided
pursuant to Section 5.04(l)(i)(A) or 5.04(l)(i)(B) and shall be entitled to
rely conclusively on the continuing accuracy thereof from time to time (unless
and until otherwise notified in writing by the signatory thereto) in
determining whether the provisions of this Section 5.04(l) have been complied
with. None of the Certificate Trustee, the Depositor or any other Person shall
be required to register the Certificates under the Securities Act or any state
securities laws.

                  (ii) In addition to the foregoing, each prospective
            transferee of any Private Certificates shall acknowledge, represent
            and agree as follows:

                  (A) The transferee (1) is a QIB and (x) is aware that the
                  sale to it is being made in reliance on Rule 144A and (y) is
                  acquiring such Private Certificates for its own account or
                  for the account of a QIB or (2) is an Accredited Investor. If
                  such beneficial owner is a QIB, then (a) if it is a dealer of
                  the type described in paragraph (a)(1)(ii) of Rule 144A under
                  the Securities Act, it owns and invests on a discretionary
                  basis not less than U.S. $25,000,000 in securities of issuers
                  that are not affiliated with it and (b) it is not a
                  participant-directed employee plan, such as a 401(k) plan, or
                  any other type of plan referred to in paragraph (a)(1)(i)(D)
                  or (a)(1)(i)(E) of Rule 144A, or a trust fund referred to in
                  paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of
                  such a plan, unless investment decisions with respect to the
                  plan are made solely by the fiduciary, trustee or sponsor of
                  such plan.

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

                                      60
<PAGE>

                  (C) The transferee agrees that (x) if in the future it
                  decides to offer, resell, pledge or otherwise transfer the
                  Private Certificates, such Private Certificates shall only be
                  offered, resold, assigned or otherwise transferred (1) to a
                  QIB, in accordance with Rule 144A or (2) to an Accredited
                  Investor, and, in each case, in accordance with any
                  applicable securities laws of any state of the United States
                  and other jurisdictions and (y) the transferee will, and each
                  subsequent Holder is required to, notify any subsequent
                  purchaser of such Private Certificates from it of the resale
                  restrictions referred to in subclause (x) above.

                  (D) The transferee understands that none of the Trustee, the
                  Depositor or the Underwriter is acting as a fiduciary or
                  financial or investment adviser for such transferee.

                  (E) The transferee agrees that it is not relying (for
                  purposes of making any investment decision or otherwise) upon
                  any advice, counsel or representations (whether written or
                  oral) of the Trustee, the Depositor or the Underwriter other
                  than any statements in a current offering memorandum for such
                  Certificates.

                  (F) The transferee agrees that it has consulted with its own
                  legal, regulatory, tax, business, investment, financial and
                  accounting advisers to the extent it has deemed necessary and
                  has made its own investment decisions (including decisions
                  regarding the suitability of any transaction pursuant to the
                  Trust Agreement) based upon its own judgment and upon any
                  advice from such advisers as it has deemed necessary and not
                  upon any view expressed by the Trustee, the Depositor or the
                  Underwriter.

                  (G) The transferee understands that the Private Certificates
                  are being offered only in a transaction not involving any
                  public offering in the United States within the meaning of
                  the Securities Act, the Private Certificates have not been
                  and will not be registered under the Securities Act, and, if
                  in the future such beneficial owner decides to offer, resell,
                  pledge or otherwise transfer the Private Certificates, such
                  Private Certificates may be offered, resold, pledged or
                  otherwise transferred only in accordance with the provisions
                  of the Trust Agreement and the legend on such Private
                  Certificates. Such transferee acknowledges that no
                  representation has been made as to the availability of any
                  exemption under the Securities Act or any state securities
                  laws for resale of the Private Certificates.

                  (iii) No Private Certificate may be sold or transferred
            (including, without limitation by pledge or hypothecation) unless
            such sale or transfer is exempt from the registration requirements
            of the Securities Act and is exempt under applicable state
            securities laws. No purported transfer of any interest in any
            Private Certificate of any Series or any portion thereof that is
            not made in accordance with this Section 5.04(l) shall not be
            effective against or binding upon

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<PAGE>

            the Trust and any such purported transfer shall be null and void ab
            initio and vest in the purported transferee no rights under this
            Trust Agreement or against the related Underlying Assets in respect
            of such Series.

            (l) The Private Certificates of a Series will, unless otherwise
agreed by the Depositor and the Trustee, bear a legend substantially to the
following effect:

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

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

            SECTION 5.05. Mutilated, Destroyed, Lost and Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Trustee at its Corporate
Trust Office or (ii) the Depositor and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Certificate, and there is
delivered to the Depositor and the Trustee such security or indemnity as they
may require to hold each of them and any Paying Agent harmless, and neither the
Depositor nor the Trustee receives notice that such Certificate has been
acquired by a bona fide purchaser, then the Depositor shall execute and the
Trustee, upon receipt of a Depositor Order, shall authenticate and deliver, in
exchange for any such mutilated Certificate, or in lieu of any such destroyed,
lost or stolen Certificate, a new Certificate of the same Series or Class of
like tenor, form, terms and principal amount, bearing a number not
contemporaneously Outstanding.

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

            Every new Certificate of any Series or Class issued pursuant to
this Section shall constitute complete and indefeasible evidence of ownership
in the Trust related to such Series, whether or not the destroyed, lost or
stolen Certificate shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Trust Agreement equally and
proportionately with any and all other Certificates of that Series or Class
duly issued hereunder.

            The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Certificates.

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            SECTION 5.06. Persons Deemed Owners. (a) The Depositor, the Trustee
and any agent of the Depositor or the Trustee may treat the Person in whose
name any Registered Certificate is registered as the owner of such Registered
Certificate for the purpose of receiving distributions of principal of (and
premium, if any) and (subject to Section 4.02) interest, if any, on such
Registered Certificate and for all other purposes whatsoever, whether or not
such Registered Certificate be overdue, and neither the Depositor or the
Trustee, nor any agent of the Depositor or the Trustee shall be affected by
notice to the contrary.

            (b) None of the Depositor, the Trustee or any of their agents will
have any responsibility or liability for any aspect of the records relating to
or distributions made on account of beneficial ownership interests in a Global
Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

            SECTION 5.07. Cancellation. Unless otherwise specified in the
related Series Supplement for Certificates of any Series, all Certificates
surrendered for payment, redemption, transfer or exchange shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be
promptly cancelled by it. No Certificates shall be authenticated in lieu of or
in exchange for any Certificates cancelled as provided in this Section, except
as expressly permitted by this Trust Agreement.

            SECTION 5.08. Global Securities. (a) If the Series Supplement
pursuant to Section 5.01 provides that a Series (or Class within such Series)
of Certificates shall be represented by one or more Global Securities, then the
Depositor shall execute and the Trustee shall authenticate and deliver one or
more Global Securities, that (i) shall represent an aggregate initial
Certificate Principal Balance, Notional Amount or Amortizing Notional Balance,
as applicable, equal to the aggregate initial Certificate Principal Balance,
Notional Amount or Amortizing Notional Balance, as applicable, of the
Certificates of such Series or Class to be represented by such one or more
Global Securities, (ii) shall be registered, if in registered form, in the name
of the Depository for such Global Security or Securities or the nominee of such
Depository, (iii) shall be delivered by the Trustee to such Depository or
pursuant to such Depository's instruction and (iv) shall bear a legend
substantially to the following effect: "Unless and until it is exchanged in
whole or in part for the individual Certificates represented hereby, this
Global Security may not be transferred except as a whole by the Depository to a
nominee of the Depository or by a nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such
successor Depository."

            No Holder of a Certificate of such Series or Class will receive a
Definitive Certificate representing such Holder's interest in such Certificate
or Certificates, except as provided in Section 5.09. Unless and until
definitive, fully registered Certificates (the "Definitive Certificates") have
been issued to Holders of such Series or Class pursuant to Section 5.10:

                  (i) the provisions of this Section 5.08 shall be in full
            force and effect;

                  (ii) the Certificate Registrar and the Trustee shall be
            entitled to deal with the Depository for all purposes of this Trust
            Agreement (including the distribution of principal of, and premium,
            if any, and interest on the Certificates

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<PAGE>

            and the giving of instructions or directions hereunder) as the sole
            Holder of the Certificates of such Series or Class, and shall have
            no obligation to the owners of beneficial interests in such Series
            or Class (collectively, the "Certificate Owners");

                  (iii) to the extent that the provisions of this Section 5.08
            conflict with any other provisions of this Trust Agreement, the
            provisions of this Section 5.08 shall control;

                  (iv) the rights of Certificate Owners of such Series or Class
            shall be exercised only through the Depository and shall be limited
            to those established by law and agreements between such Certificate
            Owners and the Depository or its Participants; and

                  (v) whenever this Trust Agreement requires or permits actions
            to be taken based upon instructions or directions of Holders of
            Certificates of such Series or Class evidencing a specified
            percentage of the aggregate Voting Rights of such Series or Class,
            the Depository shall be deemed to represent such percentage only to
            the extent that it has received instructions to such effect from
            Certificate Owners of such Series or Class or Participants in such
            Depository's system owning or representing, respectively, such
            required percentage of the beneficial interest in the Certificates
            of such Series or Class and has delivered such instructions to the
            Trustee.

            (b) Each Depository designated in the related Series Supplement for
a Global Security in registered form must, at the time of its designation and
at all times while it serves as such Depository, be a clearing agency
registered under the Exchange Act and any other applicable statute or
regulation.

            SECTION 5.09. Notices to Depository. Whenever a notice or other
communication to the Holders of a Series or Class within such Series
represented by one or more Global Securities is required under this Trust
Agreement, unless and until Definitive Certificates for such Series or Class
shall have been issued to such Certificate Owners pursuant to Section 5.10, the
Trustee shall give all such notices and communications specified herein to be
given to Holders of the Certificates of such Series to the Depository, and
shall have no obligation to the Certificate Owners.

            SECTION 5.10. Definitive Certificates. If in respect of a Series
(or Class within such Series) represented by one or more Global Securities (i)
the Depositor advises the Trustee in writing that the Depository is no longer
willing or able to properly discharge its responsibilities with respect to the
Certificates of such Series or Class and the Depositor is unable to locate a
qualified successor, (ii) the Depositor at its option advises the Trustee in
writing that it elects to terminate the book-entry system of such Series or
Class through the Depository or (iii) Certificate Owners representing
beneficial interests aggregating at least a majority (or such other Required
Percentage that may be specified in a Series Supplement) of the Voting Rights
of the Certificates of such Series or Class advise the Depository in writing
that the continuation of a book-entry system for such Series or Class through
the Depository is no longer

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<PAGE>

in the best interests of the Certificates Owners of such Series or Class, then
the Depository shall notify all Certificate Owners or Participants in the
Depository's system with respect to such Series or Class and the Trustee of the
occurrence of any such event and of the availability of Definitive Certificates
for such Series or Class to Certificate Owners of such Series or Class
requesting the same.

            Upon surrender to the Trustee of the Global Securities of such
Series or Class by the Depository, accompanied by registration instructions,
the Depositor shall execute and the Trustee shall authenticate the Definitive
Certificates of such Series or Class in accordance with the instructions of the
Depository. None of the Depositor, the Certificate Registrar or the Trustee
shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates of Series or Class, the Trustee
shall recognize the Holders of the Definitive Certificates of such Series or
Class as Holders.

            SECTION 5.11. Currency of Distributions in Respect of Certificates.
(a) Except as otherwise specified in the related Series Supplement for
Registered Certificates of any Series (or Class within such Series),
distributions of the principal of (and premium, if any) and interest on
Registered Certificates of such Series or Class will be made in Dollars.

            (b) For purposes of any provision of the Trust Agreement where the
Holders of Outstanding Certificates may perform an act that requires that a
specified percentage of the aggregate Voting Rights of the Certificates of all
Series perform such act and for purposes of any decision or determination by
the Trustee of amounts due and not distributed for the principal of (and
premium, if any) and interest on the Certificates of all Series in respect of
which moneys are to be disbursed ratably, the principal of (and premium, if
any) or notional amount of, as applicable, and interest on the Outstanding
Certificates denominated in a Foreign Currency will be the amount in Dollars
based upon exchange rates, determined as specified in the related Series
Supplement for Certificates of such Series, as of the date for determining
whether the Holders entitled to perform such act have performed it or as of the
date of such decision or determination by the Trustee, as the case may be.

            (c) With respect to Certificates of any Series, any decision or
determination to be made regarding exchange rates shall be made by an Exchange
Rate Agent appointed by the Depositor; provided, however, that such Exchange
Rate Agent shall accept such appointment in writing and the terms of such
appointment shall be acceptable to the Trustee and shall, in the opinion of the
Depositor at the time of such appointment, require such Exchange Rate Agent to
make such determination by a method provided in the applicable Series
Supplement for the making of such decision or determination. All decisions and
determinations of such Exchange Rate Agent regarding exchange rates shall be in
its sole discretion and shall, in the absence of manifest error, be conclusive
for all purposes and irrevocably binding upon the Depositor, the Trustee and
all Holders of the Certificates of such Series.

            (d) If distributions in respect of a Certificate are required to be
made in a Specified Currency other than Dollars and such currency is
unavailable due to the imposition of exchange controls or other circumstances
beyond the control of the Trustee and the Depositor or is no longer used by the
government of the country issuing such Specified Currency or is no

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<PAGE>

longer commonly used for the settlement of transactions by public institutions
of or within the international banking community, then all distributions in
respect of such Certificate shall be made in Dollars until such Specified
Currency is again so used in the manner specified in the related Series
Supplement.

            SECTION 5.12. Conditions of Authentication and Delivery of New
Series. Certificates of a new Series may be issued at any time and from time to
time after the execution and delivery of these Standard Terms and the related
Series Supplement. The Depositor shall execute and deliver Certificates of such
Series to the Trustee and the Trustee shall authenticate and deliver such
Certificates upon a Depositor Order and upon delivery by the Depositor to the
Trustee of the following:

                        (1) The delivery of the Underlying Securities in
                  accordance with Section 2.01(b);

                        (2) Opinions of Counsel to the Depositor, addressed to
                  the Trustee, in a form acceptable to the Trustee;

                        (3) An Officer's Certificate of the Depositor, dated as
                  of the applicable Issue Date, to the effect that all of the
                  requirements of this Section 5.12 have been satisfied, and
                  that the Depositor is not in breach of this Trust Agreement
                  and that the issuance of the Certificates will not result in
                  any breach of any of the terms, conditions, or provisions of,
                  or constitute a default under, the Depositor's Certificate of
                  Incorporation or by-laws, or any indenture, mortgage, deed of
                  transfer or other agreement or instrument to which the
                  Depositor is a party or by which it or its property is bound
                  or any order of any court or administrative agency entered in
                  any Proceeding to which the Depositor is a party or by which
                  it or its property may be bound or to which it or its
                  property may be subject;

                        (4) A Series Supplement consistent with the applicable
                  provisions of these Standard Terms;

                        (5) If applicable, a fully executed copy of the Swap
                  Agreement or any Credit Support Instrument, together with all
                  documents and opinions required to be delivered to the Trust
                  upon execution thereof pursuant to the terms thereof; and

                        (6) Written instructions by the Depositor to the
                  Trustee directing the Trustee to enter into and perform any
                  obligations under the Swap Agreement, if applicable, and/or
                  the Market Agent Agreement, if applicable.

            If all the Certificates of a Series are not to be originally issued
at the same time, then the documents required to be delivered pursuant to this
Section 5.12 must be delivered only once, prior to the authentication and
delivery of the first Certificate of such Series; provided, however, that any
subsequent Depositor Order to the Trustee to authenticate Certificate of such
Series upon original issuance shall constitute a representation and warranty by
the Depositor that,

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<PAGE>

as of the date of such request, the statements made in this Section 5.12 shall
be true and correct as if made on such date.

            SECTION 5.13. Appointment of Paying Agent. The Trustee may appoint
one or more paying agents (each, a "Paying Agent") with respect to the
Certificates of any Series. Any such Paying Agent shall be authorized to make
distributions to Certificateholders of such Series from the Certificate Account
for such Series pursuant to the provisions of the applicable Series Supplement
and shall report the amounts of such distributions to the Trustee. Any Paying
Agent shall have the revocable power to withdraw funds from such Certificate
Account for the purpose of making the distributions referred to above. The
Trustee may revoke such power and remove the Paying Agent if the Trustee
determines in its sole discretion that the Paying Agent shall have failed to
perform its obligations under this Trust Agreement in any material respect. The
Paying Agent shall initially be the Trustee and any co-paying agent chosen by
the Trustee and acceptable to the Depositor, including, if and so long as any
Series or Class within such Series is listed on the Luxembourg Stock Exchange
and such exchange so requires, a co-paying agent in Luxembourg or another
European city. Any Paying Agent shall be permitted to resign as Paying Agent
upon 30 days' notice to the Trustee. In the event that the Trustee shall no
longer be the Paying Agent, the Trustee shall appoint a successor or additional
Paying Agent. The Trustee shall cause each successor to act as Paying Agent to
execute and deliver to Trustee an instrument in which such successor or
additional Paying Agent shall agree with the Trustee that it will hold all
sums, if any, held by it for distribution to the Certificateholders in trust
for the benefit of the Certificateholders entitled thereto until such sums
shall be distributed to such Certificateholders and will agree to such other
matters as are required by Section 317(b) of the Trust Indenture Act. The
Paying Agent shall return all unclaimed funds to the Trustee and upon removal
shall also return all funds in its possession to the Trustee. The provisions of
Sections 7.01, 7.03, 7.04 and 7.06 shall apply to the Trustee also in its role
as Paying Agent, for so long as the Trustee shall act as Paying Agent. Any
reference in this Trust Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise. Notwithstanding anything
contained herein to the contrary, the appointment of a Paying Agent pursuant to
this Section 5.13 shall not release the Trustee from the duties, obligations,
responsibilities or liabilities arising under this Trust Agreement other than
with respect to funds paid to such Paying Agent.

            SECTION 5.14. Authenticating Agent. (a) The Trustee may appoint one
or more authenticating agents (each, an "Authenticating Agent") with respect to
the Certificates of any Series which shall be authorized to act on behalf of
the Trustee in authenticating such Certificates in connection with the
issuance, delivery and registration of transfer or exchange of such
Certificates. Whenever reference is made in this Trust Agreement to the
authentication of Certificates by the Trustee or the Trustee's certificate of
authentication, such reference shall be deemed to include authentication on
behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent must be acceptable to the Depositor. Notwithstanding
anything contained herein to the contrary, the appointment of an Authenticating
Agent pursuant to this Section 5.14 shall not release the Trustee from the
duties, obligations, responsibilities or liabilities arising under this Trust
Agreement.

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<PAGE>

            (b) Any institution succeeding to the corporate agency business of
any Authenticating Agent shall continue to be an Authenticating Agent without
the execution or filing of any power or any further act on the part of the
Trustee or such Authenticating Agent. An Authenticating Agent may at any time
resign by giving notice of resignation to the Trustee and to the Depositor. The
Trustee may at any time terminate the agency of an Authenticating Agent by
giving notice of termination to such Authenticating Agent and to the Depositor.
Upon receiving such a notice of resignation or upon such a termination, or in
case at any time an Authenticating Agent shall cease to be acceptable to the
Trustee or the Depositor, the Trustee promptly may appoint a successor
Authenticating Agent. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless acceptable to the Depositor. The Trustee agrees to pay to each
Authenticating Agent from time to time reasonable compensation for its services
under this Section. The provisions of Section 7.01, 7.03 and 7.04 shall be
applicable to any Authenticating Agent.

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

            "This is one of the Certificates described in the Standard Terms
and the related Series Supplement.

Dated:

                                    as Authenticating Agent
                                        for the Trustee,

                                    By
                                        --------------------------------------

            SECTION 5.15. Voting Rights with Respect to Underlying Securities.
(a) The Trustee, as holder of the Underlying Securities, has the right to vote
and give consents and waivers in respect of such Underlying Securities as
permitted by the depository with respect thereto and except as otherwise
limited by the Trust Agreement. In the event that the Trustee receives a
request from the Depository, Underlying Securities Trustee or Underlying
Securities Issuer for its consent to any amendment, modification or waiver in
respect of the Underlying Securities or any document relating thereto, or
receives any other solicitation for any action with respect to the Underlying
Securities, the Trustee shall mail a notice of such proposed amendment,
modification, waiver or solicitation to each Certificateholder of record as of
such date. The Trustee shall request instructions from the Certificateholders
as to whether or not to consent to or vote to accept such amendment,
modification, waiver or solicitation. The Trustee shall consent or vote, or
refrain from consenting or voting, in the same proportion (based on the
relative Voting Rights of the Certificates) as the Certificates of the Trust
were actually voted or not voted by the Certificateholders thereof as of a date
determined by the Trustee prior to the date on which such consent or vote is
required.

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<PAGE>

            (b) Notwithstanding the foregoing paragraph (a), the Trustee shall
at no time vote in favor of or consent to any matter (i) which would defer the
timing or reduce the amount of any then presently scheduled payment on the
Underlying Securities, including, without limitation, the deferral or
elimination of any then existing right of Certificateholders to demand to
accelerate the Underlying Securities following a default thereon or (ii) which
would result in the exchange or substitution of any Underlying Security, except
in each case with (x) the unanimous consent of the Certificateholders and (y)
an opinion of counsel that such vote or consent would not materially increase
the risk that the related Trust would be taxed as an association or publicly
traded partnership taxable as a corporation under the Code; provided, however,
that if an Event of Default has occurred and is continuing on the date on which
any consent or vote described in clause (i) or (ii) of this paragraph (b) is
required, the requirement set forth in clause (x) of this paragraph (b) shall
not apply and the Trustee shall instead consent or vote, or refrain from
consenting or voting, in the same proportion (based on the relative Voting
Rights of the Certificates) as the Certificates of the Trust were actually
voted or not voted by the Certificateholders thereof as of a date determined by
the Trustee prior to the date on which such consent or vote is required.

            (c) Notwithstanding anything to the contrary stated herein, the
Trustee shall at no time vote in favor of or consent to any matter that would
cause the related Trust to be taxed as an association or publicly traded
partnership taxable as a corporation under the Code.

            (d) The Trustee shall have no liability for any failure to act
resulting from Certificateholders' late return of, or failure to return,
directions requested by the Trustee from the Certificateholders.

            SECTION 5.16. Actions by Certificateholders.

            (a) Wherever in this Trust Agreement a provision is made that an
action may be taken or a notice, demand or instruction given by
Certificateholders or Beneficial Owners, such action, notice or instruction may
be taken or given by any Certificateholder or Beneficial Owner.

            (b) Certificateholders or Beneficial Owners shall not be required
to act in concert with any other Certificateholder or Beneficial Owner or any
other Person.

            (c) Any request, demand, authorization, direction, notice, consent,
waiver or other act by a Certificateholder or Beneficial Owner of a Certificate
shall bind such Certificateholder or Beneficial Owner and every subsequent
Certificateholder or Beneficial Owner of such Certificate or any Certificate
issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof in respect of anything done, suffered or omitted to be done by the
Certificateholder or Beneficial Owner or the Trustee in reliance thereon,
whether or not notation of such action is made upon such Certificate.

            (d) Certificateholders of Certificates are beneficial owners of the
right to receive principal payments and interest payments to which such
Certificates relate and, as such, will have the right following an event of
default with respect to any Underlying Security to proceed directly against the
Underlying Securities Issuer(s). Such Certificateholders are not

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<PAGE>

required to join other Certificateholders of Certificates, the Depositor or the
Trustee in order to proceed against the Underlying Securities Issuer(s).

            SECTION 5.17. Notices of Events of Default, Defeasance. (a) As
promptly as practicable after, and in any event within 30 days after, the
occurrence of any Event of Default with respect to a Series actually known to a
Responsible Officer of the Trustee, the Trustee shall give notice of such Event
of Default to the Depository, or, if any Certificates of such Series are not
then held by DTC or any other depository, directly to the registered Holders of
such Certificates and, if applicable, to the Warrant Agent. However, except in
the case of an Event of Default relating to the payment of principal of or
interest on any of the Underlying Securities, the Trustee will be protected in
withholding such notice if in good faith it determines that the withholding of
such notice is in the interest of the Certificateholders.

            (b) In addition, if applicable with respect to a given Series, the
Trustee shall promptly notify each Rating Agency then rating the Certificates
of such Series upon its obtaining actual knowledge of the occurrence of a
defeasance under the applicable Underlying Securities Issuance Agreement with
respect to the Underlying Securities.

            SECTION 5.18. Judicial Proceedings Instituted by Trustee; Trustee
May Bring Suit. If there shall be a failure to make payment of the principal of
or premium, if any, or interest on any Underlying Security, then the Trustee,
in its own name, and as trustee of an express trust, as holder of such
Underlying Security, shall be, to the extent permitted by and in accordance
with the terms of the Underlying Security, subject to the limitations on
acceleration and the exercise of remedies set forth therein, entitled and
empowered to institute any suits, actions or proceedings at law, in equity or
otherwise, including the power to make a demand on the trustee in respect of
such Underlying Security, if provided for, to take action to enforce the
Underlying Security for the collection of the sums so due and unpaid on such
Underlying Security and may prosecute any such claim or proceeding to judgment
or final decree with respect to the whole amount of any such sums so due and
unpaid.

            SECTION 5.19. Control by Certificateholders. The Holders of
Certificates and Call Warrants of a Series, subject to the approval of (i)
Certificates representing not less than the Required Percentage and (ii) if
applicable, 100% of the Warrant Holders, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising any trust or power conferred on the Trustee under
this Trust Agreement, including any right of the Trustee as holder of the
Underlying Securities; provided, however, that:

                        (1) such direction shall not be in conflict with any
                  rule of law or with this Trust Agreement and would not
                  involve the Trustee in personal liability or expense;

                        (2) the Trustee shall not determine that the action so
                  directed would be unjustly prejudicial to the Holders of
                  Certificates of such Series not taking part in such
                  direction; and

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<PAGE>

                        (3) the Trustee may take any other action deemed proper
                  by the Trustee which is not inconsistent with such direction.

            SECTION 5.20. Waiver of Past Defaults. The Holders of the Required
Percentage of any Series may direct the Trustee to vote such percentage of the
Underlying Securities held by the Trustee as corresponds to the percentage of
the aggregate principal amount of the Certificates of such Series held by such
Holders to waive any past Event of Default thereunder with respect to such
Series of Certificates and its consequences or may instruct the Trustee, on
behalf of all Certificateholders of such Series, to waive any past default
under this Trust Agreement and its consequences, except a default:

                        (1) in the payment of the principal of or premium, if
                  any, or interest on the Underlying Securities or the
                  Certificates;

                        (2) in respect of a covenant or provision hereof which
                  under Article X hereof cannot be modified or amended without
                  the consent of the Holder of each Outstanding Certificate
                  affected; or

                        (3) specified in the applicable Series Supplement, if
                  any, unless the applicable Series Supplement provides
                  otherwise.

Upon any such direction, the Trustee shall vote such percentage of the
Underlying Securities of the corresponding Series held by the Trustee as
corresponds to the percentage of the aggregate principal amount of the
Outstanding Certificates of such Series held by Holders who directed the
Trustee to waive such default or Event of Default thereunder. Upon any waiver
that is effective under the terms of such Class of Underlying Securities to
waive such default or Event of Default, such default or Event of Default shall
cease to exist with respect to this Trust Agreement, and, in the case of a
default, any Event of Default arising therefrom shall be deemed to have been
cured for every purpose of this Trust Agreement and any direction given by the
Trustee on behalf of such Certificateholders or in respect of any Underlying
Securities shall be annulled with respect thereto; but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any
right consequent thereon.

            SECTION 5.21. Right of Certificateholders to Receive Payments Not
to Be Impaired. Anything in this Trust Agreement to the contrary
notwithstanding, the right of any Certificateholder to receive distributions of
payments required pursuant to Section 4.01 hereof on the Certificates when due,
or to institute suit for enforcement of any such payment on or after the
applicable Distribution Date, Special Distribution Date or other date specified
herein for the making of such payment, shall not be impaired or affected
without the consent of such Certificateholder.

            SECTION 5.22. Remedies Cumulative. Every remedy given hereunder to
the Trustee or to any of the Certificateholders shall not be exclusive of any
other remedy or remedies, and every such remedy shall be cumulative and in
addition to every other remedy given hereunder or now or hereafter given by
statute, law, equity or otherwise.

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                                  ARTICLE VI

                                 The Depositor

            SECTION 6.01. Liability of the Depositor. The Depositor shall be
liable in accordance herewith only to the extent of the obligations
specifically imposed by these Standard Terms and the related Series Supplement.

            SECTION 6.02. Limitation on Liability of the Depositor. (a) The
Depositor shall not be under any obligation to expend or risk its own funds or
otherwise incur financial liability in the performance of its duties hereunder
or under a Series Supplement or in the exercise of any of its rights or power
if reasonable grounds exist for believing that the repayment or such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.

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

            Unless otherwise provided in a related Series Supplement, each
Trust will indemnify and hold harmless the Depositor and any director, officer,
employee or agent of the Depositor against any loss, liability or expense
incurred in connection with any legal action relating to the Trust Agreement or
the Certificates, other than any loss, liability or expense incurred by reason
of willful misfeasance, bad faith or gross negligence in the performance of
duties by the Depositor and any of its directors, officers, employees or agents
hereunder or by reason of reckless disregard of their obligations and duties
hereunder.

            (c) The Depositor shall not be under any obligation to appear in,
prosecute or defend any legal action unless such action is related to its
respective duties under this Trust Agreement and, in its opinion, does not
involve it in any expense or liability; provided, however, that the Depositor
may in its discretion undertake any such action which it may deem necessary or
desirable with respect to this Trust Agreement and the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder. The
Depositor shall be under no obligation whatsoever to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Underlying
Securities.

            (d) The Depositor shall not be liable to any Certificateholder for
any action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any Certificateholder of a Certificate or any
other person believed by it in good faith to be competent to give such advice
or information, including, without limitation, the Calculation Agent, the
Market Agent or the other party to this Trust Agreement. The Depositor may rely
and

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shall be protected in acting upon any written notice, request, direction or
other document believed by it to be genuine and to have been signed or
presented by the proper party or parties.

            (e) The Depositor shall not incur any liability to any
Certificateholder if, by reason of any provision of any present or future law,
or regulation thereunder, or any governmental authority, or by any reason of
any act of God or war or other circumstance beyond the control of the relevant
party, the Depositor shall be prevented or forbidden from doing or performing
any act or thing which the terms of this Trust Agreement provide shall be done
or performed; and the Depositor shall not incur any liability to any
Certificateholder by reason of any non-performance or delay, caused as
aforesaid, in the performance of any act or thing which the terms of this Trust
Agreement provide shall or may be done or performed, or by reason of any
exercise of, or failure to exercise, any discretion provided for in this Trust
Agreement.

            SECTION 6.03. Depositor May Purchase Certificates. The Depositor
may at any time purchase Certificates in the open market or otherwise.
Certificates so purchased by the Depositor may, at the discretion of the
Depositor, be held or resold. If Certificates are owned by Persons other than
the Depositor, then the Certificates beneficially owned by the Depositor will
be disregarded for purposes of determining whether the Required Percentage of
the aggregate Voting Rights has given any request, demand, authorization,
direction, notice, consent or waiver hereunder.

            SECTION 6.04. Merger or Consolidation of the Depositor. Nothing in
this Trust Agreement shall prevent any consolidation or merger of the Depositor
with or into any other corporation, or any consolidation or merger of any other
corporation with or into the Depositor or any sale or transfer of all or
substantially all of the property and assets of the Depositor to any other
Person lawfully entitled to acquire the same; provided, however, that so long
as Certificates are outstanding hereunder, (a) the Depositor covenants and
agrees that any such consolidation, merger, sale or transfers shall be upon the
condition that the due and punctual performance and observance of all the
terms, covenants and conditions of this Trust Agreement to be kept or performed
by the Depositor shall be assumed by the Person (if other than the Depositor)
formed by or resulting from any such consolidation or merger, or which shall
have received the transfer of all or substantially all of the property and
assets of the Depositor, just as fully and effectually as if successor Person
had been the original party of the first part hereto; and in the event of any
such sale or transfer the predecessor Depositor may be dissolved, wound up and
liquidated at any time thereafter and (b) the Depositor covenants and agrees
that it will not, without the consent of its independent directors, consolidate
or merge with or into any other Person or permit any other Person to
consolidate or merge with or into it.

            SECTION 6.05. No Liability of the Depositor with Respect to the
Underlying Securities; Certificateholders to Proceed Directly Against the
Underlying Securities Issuer(s). (a) The sole obligor with respect to any
Underlying Security is the Underlying Securities Issuer thereof. The Depositor
shall not have any obligation on or with respect to the Underlying Securities;
and its obligations with respect to Certificates shall be solely as set forth
in this Trust Agreement.

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            (b) The Depositor is not authorized to proceed against the
Underlying Securities Issuer of any Underlying Security in the event of a
default or to assert the rights and privileges of Certificateholders of
Certificates and has no duty in respect thereof.

                                  ARTICLE VII

                             Concerning the Trustee

            SECTION 7.01. Duties of Trustee. (a) The Trustee undertakes to
perform such duties and only such duties as are specifically set forth in these
Standard Terms and the related Series Supplement. The Trustee shall exercise
such of the rights and powers vested in it by this Trust Agreement, and shall
use the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of such person's own
affairs. The Trustee shall exercise those rights in a manner consistent with
the status of any Trust created hereunder as a fixed investment trust for
federal income tax purposes. The Trustee shall not have any power to vary the
investment of any Certificateholders of any Series or to accept any assets
(other than proceeds of the Underlying Securities) other than the Underlying
Securities transferred to it on the Issue Date of any Series. Any permissive
right of the Trustee enumerated in this Trust Agreement shall not be construed
as a duty and shall be interpreted consistently with the status of the Trust as
a fixed investment trust.

            (b) The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of this Trust Agreement, shall examine them to determine whether they
conform to the requirements of this Trust Agreement. If any such instrument is
found not to conform to the requirements of this Trust Agreement, the Trustee
shall take action as it deems appropriate to have the instrument corrected, and
if the instrument is not corrected to the Trustee's satisfaction, the Trustee
will provide notice thereof to the Depositor and Certificateholders.

            (c) No provision of this Trust Agreement shall be construed to
relieve the Trustee from liability for its own negligent action, its own
negligent failure to act or its own misconduct; provided, however, that:

                  (i) the duties and obligations of the Trustee shall be
            determined solely by the express provisions of this Trust
            Agreement, the Trustee shall not be liable except for the
            performance of such duties and obligations as are specifically set
            forth in this Trust Agreement, no implied covenants or obligations
            shall be read into this Trust Agreement against the Trustee and, in
            the absence of bad faith on the part of the Trustee, the Trustee
            may conclusively rely, as to the truth of the statements and the
            correctness of the opinions expressed therein, upon any
            certificates or opinions furnished to the Trustee that conform to
            the requirements of this Trust Agreement;

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

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                  (iii) the Trustee shall not be personally liable with respect
            to any action taken, suffered or omitted to be taken by it in good
            faith in accordance with the direction of Holders of the Required
            Percentage of the aggregate Voting Rights of a given Series (or
            Class or group of Classes within such Series), as specified in the
            applicable Series Supplement relating to the time, method and place
            of conducting any proceeding for any remedy available to the
            Trustee, or exercising any trust or power conferred upon the
            Trustee, under this Trust Agreement;

                  (iv) the Trustee shall not be required to expend or risk its
            own funds or otherwise incur financial liability in the performance
            of any of its duties hereunder or in the exercise of any of its
            rights or powers if there is reasonable ground for believing that
            the repayment of such funds or adequate indemnity against such risk
            or liability is not reasonably assured to it;

                  (v) except for actions expressly authorized by this Trust
            Agreement, the Trustee shall take no actions reasonably likely to
            impair the interests of the Trust in any Underlying Security now
            existing or hereafter acquired or to impair the value of any
            Underlying Security now existing or hereafter acquired;

                  (vi) except as expressly provided in this Trust Agreement,
            the Trustee shall have no power to vary the corpus of the Trust
            including by (A) accepting any substitute obligation or asset for a
            Underlying Security initially assigned to the Trustee under Section
            2.01, (B) adding any other investment, obligation or security to
            the Trust or (C) withdrawing from the Trust any Underlying
            Securities;

                  (vii) in the event that the Paying Agent or the Certificate
            Registrar shall fail to perform any obligation, duty or agreement
            in the manner or on the day required to be performed by the Paying
            Agent or Certificate Registrar, as the case may be, under this
            Trust Agreement, the Trustee shall be obligated promptly upon its
            knowledge thereof to perform such obligation, duty or agreement in
            the manner so required;

                  (viii) the Trustee shall not be liable to any
            Certificateholder for any action or non-action by it in reliance
            upon the advice of or information from legal counsel, accountants,
            any Certificateholder of a Certificate or any other person believed
            by it in good faith to be competent to give such advice or
            information, including, without limitation, the Calculation Agent,
            the Market Agent or the other party to this Trust Agreement. The
            Trustee may rely and shall be protected in acting upon any written
            notice, request, direction or other document believed by it to be
            genuine and to have been signed or presented by the proper party or
            parties;

                  (ix) the Trustee shall not incur any liability to any
            Certificateholder if, by reason of any provision of any present or
            future law, or regulation thereunder, or any governmental
            authority, or by any reason of any act of God or war or other
            circumstance beyond the control of the relevant party, the Trustee
            shall be prevented or forbidden from doing or performing any act or
            thing which the terms

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            of this Trust Agreement provide shall be done or performed; and the
            Trustee shall not incur any liability to any Certificateholder by
            reason of any non-performance or delay, caused as aforesaid, in the
            performance of any act or thing which the terms of this Trust
            Agreement provide shall or may be done or performed, or by reason
            of any exercise of, or failure to exercise, any discretion provided
            for in this Trust Agreement;

                  (x) the Trustee shall be under no obligation whatsoever to
            appear in, prosecute or defend any action, suit or other proceeding
            in respect of any Underlying Securities;

                  (xi) whenever in the administration of this Trust Agreement
            the Trustee shall deem it desirable that a matter be proved or
            established prior to taking, suffering or omitting any action
            hereunder, the Trustee (unless other evidence be herein
            specifically prescribed) may, in the absence of bad faith on its
            part, conclusively rely upon an Officers' Certificate; and

                  (xii) the Trustee may consult with counsel of its selection
            and the advice of such counsel or any Opinion of Counsel shall be
            full and complete authorization and protection in respect of any
            action taken, suffered or omitted by it hereunder in reliance
            thereon, unless the Trustee's taking, suffering or omitting such
            action shall have been willful misconduct, in bad faith or
            negligent.

            (d) As promptly as practicable after, and in any event within 10
days after, the occurrence of any default (as such term is defined below)
hereunder with respect to any Class of Certificates, the Trustee shall transmit
by mail to the Depositor and the Holders of Certificates of such Class in
accordance with Section 313(c) of the Trust Indenture Act, notice of such
default hereunder known to the Trustee, unless such default shall have been
cured or waived; provided, however, that, except in the case of a default in
the payment of the principal of or premium, if any, or interest on any
Underlying Security, the Trustee shall be protected in withholding such notice
if and so long as a trust committee of the Trustee in good faith determine that
the withholding of such notice is in the interests of the Holders of the
Certificates of such Class. For the purpose of this Section, the term "default"
means, with respect to any Class of Certificates, any event that is, or after
notice or lapse of time or both would become, an Event of Default with respect
to such Class of Certificates.

            (e) Within five (5) Business Days after the receipt by the Trustee
of a written application by any three or more Certificateholders stating that
the applicants desire to communicate with other Certificateholders with respect
to their rights under this Trust Agreement or under the Certificates, and
accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, and by reasonable proof that each such
applicant has owned its Certificates for a period of at least six (6) months
preceding the date of such application, the Trustee shall, at its election,
either:

                  (i) afford to such applicants access to all information so
            furnished to or received by the Trustee; or

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                  (ii) inform such applicants as to the approximate number of
            Certificateholders according to the most recent information so
            furnished to or received by the Trustee, and as to the approximate
            cost of mailing to such Certificateholders the form of proxy or
            other communication, if any, specified in such application.

If the Trustee shall elect not to afford to such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to all such Certificateholders copies of the form of proxy or other
communication which is specified in such request, with reasonable promptness
after a tender to the Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of such mailing.

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

            SECTION 7.02. Between Trustee and Sub-Administrative Agents. (a)
Unless otherwise provided in a Series Supplement, the Trustee may enter into
Sub-Administration Agreements with one or more Sub-Administrative Agents in
order to delegate certain of its administrative obligations with respect to a
related Series under this Trust Agreement to such Sub-Administrative Agents;
provided, however, that (i) such delegation shall not release the Trustee from
the duties, obligations, responsibilities or liabilities arising under this
Trust Agreement; (ii) the Rating Agency Condition shall have been satisfied
with respect to the entering into of any such agreement and (iii) such
agreements are consistent with the terms of these Standard Terms and, with
respect to Certificates of any Series, the related Series Supplement. With
respect to any Series (or Class within such Series) of Certificates, each
Sub-Administration Agreement shall impose on the Sub-Administrative Agent
requirements conforming to the provisions set forth in Section 3.01 and provide
for administration of the related Trust and all or certain specified Underlying
Securities for such Series consistent with the terms of this Trust Agreement.
Additional requirements relating to the scope and contents of any
Sub-Administration Agreement may be provided in the applicable Series
Supplement. The Trustee shall deliver to the Depositor copies of all
Sub-Administration Agreements which it enters into, and any amendments or
modifications thereof, promptly upon the Trustee's execution and delivery of
any such instruments.

            (b) The Trustee shall be entitled to terminate any
Sub-Administration Agreement which it enters into and the rights and
obligations of any Sub-Administrative Agent under any Sub-Administration
Agreement in accordance with the terms and conditions of any such
Sub-Administration Agreement. In the event of a termination of any
Sub-Administration Agreement, the Trustee shall simultaneously reassume direct
responsibility for all obligations delegated in such Sub-Administration
Agreement without any act or deed on the part of the applicable
Sub-Administrative Agent, the Trustee shall administer directly the related
Underlying Securities or shall enter into a Sub-Administration Agreement with a
successor Sub-Administrative Agent which so qualifies under this Section 7.02.

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(c) Unless otherwise provided in the applicable Series Supplements, in the
event a Sub-Administrative Agent is administering one or more Underlying
Securities pursuant to a Sub-Administration Agreement, the Sub-Administrative
Agent shall be required immediately to direct the Trustee to deposit into a
Sub-Administration Account any amounts collected with respect thereto, and all
such amounts shall be deposited into the related Certificate Account not later
than the Business Day after receipt thereof.

            SECTION 7.03. Certain Matters Affecting the Trustee. (a) Except as
otherwise provided in this Article VII:

                  (i) the Trustee may request and rely upon and shall be
            protected in acting or refraining from acting upon any resolution,
            Officer's Certificate, certificate of auditors or any other
            certificate, statement, instrument, opinion, report, notice,
            request, consent, order, appraisal, bond or other paper or document
            reasonably believed by it to be genuine and to have been signed or
            presented by the proper party or parties;

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

                  (iii) the Trustee shall be under no obligation to exercise
            any of the trusts or powers vested in it by this Trust Agreement or
            to institute, conduct or defend any litigation hereunder or in
            relation hereto, at the request, order or direction of any of the
            Certificateholders, pursuant to the provisions of this Trust
            Agreement, unless such Certificateholders shall have offered to the
            Trustee reasonable security or indemnity against the costs,
            expenses and liabilities which may be incurred therein or thereby;

                  (iv) the Trustee shall not be personally liable for any
            action taken, suffered or omitted by it in good faith and believed
            by it to be authorized or within the discretion or rights or powers
            conferred upon it by this Trust Agreement;

                  (v) the Trustee shall not be bound to make any investigation
            into the facts of matters stated in any resolution, certificate,
            statement, instrument, opinion, report, notice, request, consent,
            order, appraisal, approval, bond or other paper or document
            believed by it to be genuine, unless requested in writing to do so
            by Holders of the Required Percentage of the aggregate Voting
            Rights of the affected Series (or Class or Classes within any such
            Series), as specified by the applicable Series Supplement;
            provided, however,that if the payment within a reasonable time to
            the Trustee of the costs, expenses or liabilities likely to be
            incurred by it in the making of such investigation is, in the
            opinion of the Trustee, not reasonably assured to the Trustee by
            the security afforded to it by the terms of this Trust Agreement,
            the Trustee may require reasonable indemnity against such expense
            or liability as a condition to taking any such action;

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                  (vi) the Trustee may execute any of the trusts or powers
            hereunder or perform any duties hereunder either directly or by or
            through agents or attorneys or a custodian; and

                  (vii) the Trustee shall not be personally liable for any loss
            resulting from the investment of funds held in any Certificate
            Account or Reserve Account at the direction of the Depositor
            pursuant to Section 3.05.

            (b) All rights of action under this Trust Agreement or under any of
the Certificates, enforceable by the Trustee, may be enforced by it without the
possession of any of the Certificates of any Series (or Class within such
Series), or the production thereof at the trial or other Proceeding relating
thereto, and any such suit, action or proceeding instituted by the Trustee
shall be brought in its name for the benefit of all the Holders of such
Certificates, subject to the provisions of this Trust Agreement.

            SECTION 7.04. Trustee Not Liable for Recitals in Certificates or
Underlying Securities. The Trustee assumes no responsibility for the
correctness of the recitals contained herein and in the Certificates or in any
document issued in connection with the sale of the Certificates (other than the
signature and authentication on the Certificates). Except as set forth in
Section 7.11, the Trustee makes no representations or warranties as to the
validity or sufficiency of this Trust Agreement or of the Certificates of any
Series (other than the signature and authentication on the Certificates) or of
any Underlying Security or related document. The Trustee shall not be
accountable for the use or application by the Depositor, of any of the
Certificates or of the proceeds of such Certificates.

            SECTION 7.05. Trustee May Own Certificates. The Trustee in its
individual capacity or any other capacity may become the owner or pledgee of
Certificates with the same rights it would have if it were not Trustee;
provided, however, that in determining whether the required percentage of
aggregate Voting Rights shall have consented to any action hereunder requiring
the consent of the Certificateholders, the Trustee's interest shall be
excluded.

            SECTION 7.06. Trustee's Fees and Expenses. (a) As compensation for
its services hereunder with respect to each Series for which the Trustee acts
as Trustee, the Trustee shall be entitled to the Trustee Fee and any amounts
that constitute any Extraordinary Trust Expenses approved by 100% of the
Certificateholders. The Trustee Fee with respect to any Series shall be paid by
the Depositor and not from any related Trust Property. The Trustee shall bear
all Ordinary Expenses. Failure by the Depositor to pay such amount shall not
entitle the Trustee to any payment or reimbursement from the related Trust, nor
shall such failure release the Trustee from the duties it is required to
perform under the Trust Agreement.

            (b) Extraordinary Trust Expenses shall not be paid out of the Trust
Property of a given Series unless all the Holders of the P&I Class Certificates
and Strip Class Certificates of such Series then Outstanding have directed the
Trustee to incur such Extraordinary Trust Expenses. The Trustee may incur other
Extraordinary Trust Expenses if any lesser percentage of the Certificateholders
requesting such action pursuant hereto reimburse the Trustee for the cost
thereof from their own funds in advance. If Extraordinary Trust Expenses are
not approved unanimously as set forth in the first sentence of this Section
7.06(b), such Extraordinary Trust

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

            (c) If the Prepaid Ordinary Expenses set forth in the Series
Supplement is greater than zero, the Trustee acknowledges that the Depositor
has paid to the Trustee an amount equal to the Prepaid Ordinary Expenses, and
the Trustee agrees that the payment of such amount shall constitute full and
final satisfaction of and payment for all Ordinary Expenses.

            (d) If the Prepaid Ordinary Expenses set forth in the Series
Supplement is zero, the Series Supplement may indicate that Ordinary Expenses
will be paid for by the Trust, in which case the Trustee shall be paid on a
periodic basis by the Trust at the rate or amount and on the terms provided for
in the Series Supplement. The Trustee agrees that its right to receive such
payments from the Trust shall constitute full and final satisfaction of and
payment for all Ordinary Expenses and that the Trustee shall have no claim on
payment of Ordinary Expenses from any other source, including the Depositor.

            (e) If the Prepaid Ordinary Expenses set forth in the Series
Supplement is zero, the Series Supplement may provide that the Depositor shall
pay to the Trustee from time to time a fee for its services and expenses as
Trustee as set forth in the Series Supplement payable at the times set forth
therein. The Trustee agrees that its right to receive such payments from the
Depositor shall constitute full and final satisfaction of and payment for all
Ordinary Expenses and that the Trustee shall have no claim for payment of
Ordinary Expenses from the Trust. The Trustee further agrees that,
notwithstanding any failure by the Depositor to make such periodic payments of
the Ordinary Expenses, the Trustee shall continue to perform its obligations
under this Trust Agreement. The Depositor's obligations to pay Ordinary
Expenses under this Trust Agreement shall be extinguished and of no further
effect upon the payment of Ordinary Expenses due and owing on the termination
of the Trust pursuant to Section 9.01 hereof.

            (f) Subject to subsection 7.06(g), all Extraordinary Trust
Expenses, to the extent not paid by a third party are, and shall be,
obligations of the Trust and when due and payable shall be satisfied solely by
the Trust.

            (g) The Trustee shall not take any action, including appearing in,
instituting or conducting any action or suit hereunder or in relation hereto,
which is not indemnifiable under Section 7.12 hereof which, in the Trustee's
opinion, would or might cause it to incur costs, expenses or liabilities that
are Extraordinary Trust Expenses unless (i) the Trustee is satisfied that it
will have adequate security or indemnity in respect of such costs, expenses and
liabilities, (ii) the Trustee has been instructed to do so by
Certificateholders representing not less than the Required Percentage of the
aggregate principal amount of Certificates then outstanding, and (iii) the
Certificateholders, pursuant to the instructions given under clause (ii) above,
have agreed that such costs, expenses or liabilities shall either be (x) paid
by the Trustee from the Trust, in the case of a vote of 100% of the aggregate
principal amount of Certificates then outstanding, or (y) paid by the Trustee
(which payment shall be made out of its own funds and not from monies on
deposit in the Trust) in which case the Trustee shall be entitled to receive,
upon demand, reimbursement from those Certificateholders who have agreed to
bear the entire amount of such costs, expenses or liabilities, on a pro rata
basis among such Certificateholders.

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            SECTION 7.07. Eligibility Requirements for Trustee. (a) The Trustee
hereunder shall at all times be a corporation or an association which is not an
Affiliate of the Depositor, the Underlying Securities Issuer or the Credit
Support Provider (but may have normal banking relationships with such parties
and their Affiliates) organized and doing business under the laws of any State
or the United States, authorized under such laws to exercise corporate trust
powers which shall be eligible to act as a trustee under Section 310(a) of the
Trust Indenture Act, having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by Federal or State
authority. If such corporation or association (or its parent) publishes reports
of conditions at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section the combined capital and surplus of such corporation or association
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of conditions so published. Such corporation or association (or
its parent) must be rated in one of the four highest rating categories by the
Rating Agency. In the event that at any time such Trustee shall cease to be
eligible in accordance with the provisions of this Section, such Trustee shall
resign immediately in the manner and with the effect specified in Section 7.08.

            (b) In determining whether the Trustee has a conflicting interest
with respect to any Class of Certificates under Section 310(b) of the Trust
Indenture Act and this Section, each other Class of Certificate will be treated
as having been issued under an indenture other than this Trust Agreement.

            SECTION 7.08. Resignation or Removal of the Trustee; Appointment of
Successor Trustee. (a) The Trustee may at any time resign as Trustee hereunder
by written notice of its election so to do, delivered to the Depositor and each
Rating Agency, and such resignation shall take effect upon the appointment of a
successor Trustee and its acceptance of such appointment as hereinafter
provided; provided, however, that in the event of such resignation, the Trustee
shall (a) assist the Depositor in finding a successor Trustee acceptable to the
Depositor and (b) negotiate in good faith concerning any prepaid but unaccrued
fees.

            (b) The Trustee may be removed as Trustee hereunder (i) by the
Depositor at any time by written notice delivered to the Trustee and each
Rating Agency in the manner provided in Section 10.04 hereof or (ii) by the
Holders of the Required Percentage of Certificates upon 60 days prior written
notice delivered to the Trustee and each Rating Agency in the manner provided
in Section 10.04 hereof. Any such removal shall take effect upon the
appointment of the successor trustee and its acceptance of such appointment as
provided in the succeeding paragraph; provided, however, that in the event of
such removal, the Depositor shall negotiate in good faith with the Trustee in
order to agree regarding payment of the termination costs of the Trustee
resulting from such removal.

            (c) Upon the designation of a successor Trustee, following either
resignation or removal of the Trustee, the Trustee shall deliver to the
successor Trustee all records relating to the Certificates in the form and
manner then maintained by the Trustee, which shall include a hard copy thereof
upon written request of the successor Trustee.

            (d) If at any time the Trustee shall become incapable of acting or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of
its property shall be

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appointed, or any public officer shall take charge or control of the Trustee or
of its property of affairs for the purpose of rehabilitation, conservation or
liquidation, the Depositor shall petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor Trustee. In
the event the Trustee resigns or is removed, the Trustee shall reimburse the
Depositor for any fees or charges previously paid to the Trustee in respect of
duties not yet performed under this Trust Agreement which remain to be
performed by a successor Trustee.

            (e) In case at any time the Trustee acting hereunder notifies the
Depositor that it elects to resign or the Depositor or Holders of the Required
Percentage of Certificates notifies or notify the Trustee that it or they
elects or elect to remove the Trustee as Trustee, the Depositor shall, within
ninety (90) days after the delivery of the notice of resignation or removal,
appoint a successor Trustee, which shall satisfy the requirements for a trustee
under Section 7.07. If no successor Trustee has been appointed within 90 days
after the Trustee has given written notice of its election to resign or the
Depositor or Holders of the Required Percentage of Certificates have given
written notice to the Trustee of its or their election to remove the Trustee,
as the case may be, the Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee. Every successor
Trustee shall execute and deliver to its predecessor and to the Depositor an
instrument in writing accepting its appointment hereunder, and thereupon such
successor Trustee, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor and for
all purposes shall be the Trustee under this Trust Agreement, and such
predecessor, upon payment of all sums due it and on the written request of the
Depositor, shall execute and deliver an instrument transferring to such
successor all rights, obligations and powers of such predecessor hereunder, and
shall duly assign, transfer and deliver all right, title and interest in the
Underlying Securities and parts thereof to such successor Trustee. Any
successor Trustee shall promptly give notice of its appointment to the
Certificateholders of Certificates for which it is successor Trustee in the
manner provided in Section 10.04 hereof.

            (f) Any corporation into or with which the Trustee may be merged,
consolidated or converted shall be the successor of such Trustee without the
execution or filing of any document or any further act.

            SECTION 7.09. Merger or Consolidation of Trustee. Any corporation
or association into which the Trustee may be merged or converted or with which
it may be consolidated or any corporation or association resulting from any
merger, conversion or consolidation to which the Trustee shall be party, or any
corporation or association succeeding to the trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided that such corporation
or association shall be eligible under the provisions of Section 7.07, without
the execution or filing of any paper or any further act on the part of any of
the parties hereto, anything herein to the contrary notwithstanding.

            SECTION 7.10. Appointment of Office or Agency. As specified in a
Series Supplement, the Trustee shall appoint an office or agency in the City of
New York where the Certificates may be surrendered for registration of transfer
or exchange, and presented for the final distribution with respect thereto, and
where notices and demands to or upon the Trustee in respect of the Certificates
of the related Series and this Trust Agreement may be served.

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            SECTION 7.11. Representations and Warranties of Trustee. The
Trustee represents and warrants that:

                  (i) the Trustee is duly organized, validly existing and in
            good standing under the laws of its jurisdiction of incorporation
            or association;

                  (ii) neither the execution nor the delivery by the Trustee of
            this Trust Agreement, nor the consummation by it of the
            transactions contemplated hereby nor compliance by it with any of
            the terms or provisions hereof will contravene any Federal or New
            York law, governmental rule or regulation governing the banking or
            trust powers of the Trustee or any judgment or order binding on it,
            or violate its charter documents or by-laws or constitute a default
            under (or an event which, without notice or lapse of time or both,
            would constitute a default) under, or result in the breach or
            acceleration of any material contract, indenture, mortgage,
            agreement or instrument to which it is a party or by which any of
            its properties may be bound.

                  (iii) the Trustee has full power, authority and right to
            execute, deliver and perform its duties and obligations as set
            forth herein and in each Series Supplement to which it is a party
            and has taken all necessary action to authorize the execution,
            delivery and performance by it of this Trust Agreement;

                  (iv) this Trust Agreement has been duly executed and
            delivered by the Trustee and constitutes the legal, valid and
            binding obligation of the Trustee, enforceable in accordance with
            its terms, except as enforcement may be limited by the applicable
            bankruptcy, insolvency, reorganization, moratorium or similar laws
            affecting the rights of creditors generally and general principles
            of equity (regardless of whether such enforceability is considered
            in a proceeding in equity or at law);

                  (v) the Trustee is not in violation, and the execution and
            delivery of the Trust Agreement by the Trustee and its performance
            and compliance with the terms thereof will not constitute a
            violation, of any order or decree of any court or any order or
            regulation of any federal, state, municipal or governmental agency
            having jurisdiction over the Trustee or its properties, which
            violation would reasonably be expected to have a material adverse
            effect on the condition (financial or otherwise) or operations of
            the Trustee or its properties or on the performance of its duties
            hereunder;

                  (vi) there are no actions or proceedings against, or
            investigations of, the Trustee pending, or, to the knowledge of the
            Trustee, threatened, before any court, administrative agency or
            other tribunal (A) that could reasonably be expected to prohibit
            its entering into the Trust Agreement, (B) seeking to prevent the
            issuance of the Certificates contemplated by the Trust Agreement or
            (C) that could reasonably affect the performance by the Trustee of
            its obligations under, or the validity or enforceability against
            the Trustee of, the Trust Agreement; and

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                  (vii) no consent, approval, authorization or order of any
            court, governmental agency or body is required for the execution,
            delivery and performance by the Trustee of, or compliance by the
            Trustee with, the Trust Agreement, or for the consummation of the
            transactions contemplated by the Trust Agreement, except for such
            consents, approvals, authorizations and orders, if any, that have
            been obtained prior to the date hereof.

The representations and warranties of the Trustee set forth in this Section
7.11 shall survive the receipt of Underlying Securities by the Trustee and
shall survive the delivery of the Trust Agreement by the Trustee to the
Depositor.

            SECTION 7.12. Indemnification of Trustee by the Depositor;
Contribution. (a) The Depositor agrees, to the extent the Trustee is not
reimbursed pursuant to Section 7.06 hereof, to indemnify the Trustee against,
and hold it harmless from, any loss, expense or liability incurred in
connection with any legal action relating to this Trust Agreement or the
Certificates or the performance of any of the Trustee's duties hereunder, other
than any loss, liability or expense (i) that constitutes a specific liability
of the Trustee under this Trust Agreement or (ii) incurred by reason of willful
misfeasance, bad faith or negligence in the performance of the Trustee's duties
hereunder or by reason of reckless disregard of the Trustee's obligations and
duties hereunder or as a result of a breach of the Trustee's obligations and
duties hereunder.

            (b) If the indemnification provided for in the preceding paragraph
is invalid or unenforceable in accordance with its terms, then the Depositor
shall contribute to the amount paid or payable by the Trustee as a result of
such liability in such proportion as is appropriate to reflect the relative
benefits received by the Depositor on one hand and the Trustee as Trustee on
the other hand. For this purpose (i) the benefits received by the Depositor
shall be the aggregate amount received by it upon the sale of such
Certificates, less the costs and expenses of such sale, including the cost of
acquisition of the Underlying Securities or parts thereof evidenced thereby,
and (ii) the benefits received by the Trustee as Trustee shall be the aggregate
amount of fees received by it as Trustee, less costs and expenses incurred by
it as Trustee in relation to such Certificates. If, however, the allocation
provided by the immediately preceding two sentences is not permitted by
applicable law, then the Depositor shall contribute to such amount paid or
payable by the Trustee in such proportion as is appropriate to reflect not only
such relative benefits but also the relative fault of the Depositor on the one
hand and the Trustee on the other in connection with the actions or omissions
which resulted in such liability, as well as any other relevant equitable
considerations.

            (c) In case any claim shall be made or action brought against the
Trustee for any reason for which indemnity may be sought against the Depositor
as provided above, the Trustee shall promptly notify the Depositor in writing
setting forth the particulars of such claim or action and the Depositor may
assume the defense thereof. In the event that the Depositor assumes the
defense, the Trustee shall have the right to retain separate counsel in any
such action but shall bear the fees and expenses of such counsel unless (i) the
Depositor shall have specifically authorized the retaining of such counsel or
(ii) the parties to such suit include the Trustee and the Depositor, and the
Trustee has been advised in writing by such counsel that one or more legal
defenses may be available to it which may not be available to the Depositor, in

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which case the Depositor shall not be entitled to assume the defense of such
suit notwithstanding its obligation to bear the reasonable fees and expenses of
such counsel.

            (d) The term "liability," as used in this Section 7.12, shall
include any losses, claims, damages, expenses (including without limitation the
Trustee's reasonable costs and expenses) in defending itself against any
losses, claims or investigations of any nature whatsoever.

            (e) The obligations of the Depositor under this Section 7.12 shall
be in addition to any liability which the Depositor may otherwise have and
shall extend, upon the same terms and conditions, to each officer and director
of the Trustee, and to each person, if any, who controls the Trustee within the
meaning of the Exchange Act.

            (f) Notwithstanding anything to the contrary contained in this
Section 7.12, the Depositor shall not be liable for settlement of any such
claim by the Trustee entered into without the prior written consent of the
Depositor, which consent shall not be unreasonably withheld.

            (g) The indemnity provided in this Section shall survive the
termination or discharge of this Trust Agreement.

            SECTION 7.13. Indemnification of Depositor by Trustee. The Trustee,
in its individual capacity and not from the assets of the Trust, shall
indemnify the Depositor and any successor trustee against any losses, claims,
damages, expenses (including without limitation the Depositor's costs and
expenses in defending itself against any losses, claims or investigations of
any nature whatsoever) or other liabilities, joint or several, which may arise
out of acts performed or omitted by the Trustee or its agents due to its or
their negligence, bad faith or willful misconduct.

            SECTION 7.14. No Liability of the Trustee with Respect to the
Underlying Securities; Certificateholders to Proceed Directly Against the
Underlying Securities Issuer(s).

            (a) The sole obligor with respect to any Underlying Security is the
Underlying Securities Issuer thereof. The Trustee shall not have any obligation
on or with respect to the Underlying Securities; and its obligations with
respect to Certificates shall be solely as set forth in this Trust Agreement.

            (b) The Trustee is not authorized to proceed against the Underlying
Securities Issuer of any Underlying Security in the event of a default or to
assert the rights and privileges of Certificateholders of Certificates and has
no duty in respect thereof except as expressly provided herein.

            SECTION 7.15. The Depositor To Furnish Trustee with Names and
Addresses of Certificateholders. The Depositor will furnish to the Trustee
within 15 days after each Record Date with respect to any Distribution Date,
and at such other times as the Trustee may request in writing, within 30 days
after receipt by the Depositor of any such request, a list, in such form as the
Trustee may reasonably require, of all information in the possession or control
of the Depositor as to the names and addresses of the Certificateholders, in
each case as

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of a date not more than 15 days prior to the time such list is furnished;
provided, however, that so long as the Trustee is the sole Certificate
Registrar, no such list need be furnished.

            SECTION 7.16. Preservation of Information. The Trustee shall
preserve, in as current a form as is reasonably practicable, the names and
addresses of Certificateholders contained in the most recent list furnished to
the Trustee as provided in Section 7.15, and the names and addresses of
Certificateholders received by the Trustee in its capacity as Certificate
Registrar, if so acting. The Trustee may destroy any list furnished to it as
provided in Section 7.15, upon receipt of a new list so furnished.

            SECTION 7.17. Reports by Trustee. If required, within 60 days after
May 15 of each year, commencing with the year 2007, the Trustee shall transmit
to the Certificateholders, as provided in Section 313(c) of the Trust Indenture
Act, a brief report dated as of such May 15, if required by Section 313(a) of
the Trust Indenture Act.

            SECTION 7.18. Trustee's Application for Instructions from the
Depositor. Any application by the Trustee for written instructions from the
Depositor may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Trust Agreement and
the date on and/or after which such action shall be taken or such omission
shall be effective, if, but only if, the obligations of the Trustee with
respect to such proposed action or omission are not set forth reasonably
clearly in these Standard Terms and the related Series Supplement. The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in
accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than ten (10)
Business Days after the date an officer of the Depositor actually receives such
application, unless any such officer shall have consented in writing to any
earlier date) unless, prior to taking any such action (or the effective date in
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted;
provided, however, that this provision shall not protect the Trustee from
liability for any action or omission constituting willful misconduct, bad faith
or negligence.

                                 ARTICLE VIII

                                  Market Agent

            SECTION 8.01. Market Agent. On or after an Issue Date in respect of
any Trust, the Trustee may enter into one or more Market Agent Agreements with
Lehman Brothers Inc. (or any other Person approved by the Depositor that is
eligible to act as Market Agent pursuant to this Section), as the initial
Market Agent. The Market Agent shall serve as such under the terms and
provisions hereof and of the Market Agent Agreement. The Market Agent,
including any successor appointed pursuant hereto, shall be a member of the
National Association of Securities Dealers, Inc., have capitalization of at
least $25,000,000, and be authorized by law to perform all the duties imposed
upon it by this Trust Agreement and the Market Agent Agreement. The Market
Agent may be removed at any time by the Trustee, acting at the direction of the
Depositor; provided, however, that such removal shall not take effect until the
appointment of a successor Market Agent. The Market Agent may resign upon 30
days' written notice delivered to the Trustee. The Trustee shall use its best
efforts to appoint a

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successor Market Agent that is a qualified institution, effective as of the
effectiveness of any such resignation or removal.

                                  ARTICLE IX

                                  Termination

            SECTION 9.01. Termination upon Liquidation of All Underlying
Securities.

            (a) The respective obligations and responsibilities under this
Trust Agreement of the Depositor, and the Trustee (other than the obligations
of the Trustee to make distributions to Holders of the Certificates of any
given Series as hereafter set forth and to provide information reports and
information tax reporting) shall terminate upon the distribution to such
Holders of all amounts held in all the Accounts for such Series and required to
be paid to such Holders pursuant to this Trust Agreement on the Distribution
Date coinciding with the final payment on or other liquidation (which may
include redemption or other purchase thereof by the applicable Underlying
Securities Issuer or purchase thereof pursuant to an exercise of Call Warrants)
of the last Underlying Security remaining in the Trust for such Series or the
disposition of all property acquired upon liquidation of any such Underlying
Security; provided, however, that in no event shall the Trust created hereby
continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late ambassador of the United
States to the Court of St. James, living on the date hereof.

            (b) Written notice of any termination shall be provided as set
forth in Section 10.04.

            (c) Upon presentation and surrender of the Certificates by the
Certificateholders to the Trustee at its Corporate Trust Office in New York
City on the Final Scheduled Distribution Date or the Distribution Date
coinciding with or next following the earlier to occur of the occurrences
specified in 9.01(a), with respect to the applicable Series of Certificates,
the Trustee shall, upon its cancellation of each surrendered Certificate,
distribute to each Holder presenting and surrendering its Certificates (i) the
amount otherwise distributable on such Distribution Date in accordance with
Section 4.01 in respect of the Certificates so presented and surrendered, or
(ii) as specified in the applicable Series Supplement, if in connection with
the Trustee's sale of all the remaining Underlying Securities. Any funds not
distributed on such Distribution Date shall be set aside and held in trust for
the benefit of Certificateholders not presenting and surrendering their
Certificates in the aforesaid manner, and shall be disposed of in accordance
with this Section 9.01 and Section 4.01 hereof. Immediately following the
deposit of funds in trust hereunder, the Trust for such Series shall terminate.

                                   ARTICLE X

                            Miscellaneous Provisions

            SECTION 10.01. Amendment. (a) This Trust Agreement may be amended
from time to time by the Depositor and the Trustee without the consent of any
of the Certificateholders for any of the following purposes:

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                  (i) to cure any ambiguity;

                  (ii) to correct or supplement any provision herein which may
            be defective or inconsistent with any other provision herein or in
            the prospectus supplement;

                  (iii) to evidence and provide for the acceptance of
            appointment hereunder of a change in Trustee as Trustee for a
            Series of Certificates subsequent to the Issue Date for such
            Series, and to add to or change any of the provisions of this Trust
            Agreement as shall be necessary to provide for or facilitate the
            administration of the separate Trusts hereunder by more than one
            trustee, pursuant to the requirements of Section 5.01 hereof;

                  (iv) to evidence and provide for the acceptance of
            appointment hereunder by a successor Trustee with respect to the
            Certificates of one or more Series or to add to or change any of
            the provisions of this Trust Agreement as shall be necessary to
            provide for or facilitate the administration of the trusts
            hereunder;

                  (v) to add or supplement any credit support for the benefit
            of any Certificateholders (provided that if any such addition
            affects any Series or Class of Certificateholders differently than
            any other Series or Class of Certificateholders, then such addition
            will not, as evidenced by an Opinion of Counsel, have a material
            adverse effect on the interests of any affected Series or Class of
            Certificateholders);

                  (vi) to add to the covenants, restrictions or obligations of
            the Depositor, the Sub-Administrative Agent, if any, or the Trustee
            for the benefit of the Certificateholders;

                  (vii) to add, change or eliminate any other provisions with
            respect to matters or questions arising under this Trust Agreement
            so long as (x) any such addition, change or elimination will not,
            as evidenced by an Opinion of Counsel, affect the tax status of the
            Trust or result in a sale or exchange of any Series of Certificates
            for tax purposes and (y) the Trustee has received written
            confirmation from each Rating Agency rating such Certificates that
            such amendment will not cause such Rating Agency to qualify, reduce
            or withdraw the then current rating thereof;

                  (viii) to provide for the issuance of a new Series of
            Certificates pursuant to a Series Supplement issued hereunder
            pursuant to Sections 5.01 and 5.12 hereof; or

                  (ix) to comply with any requirements imposed by the Code or
            the Investment Company Act of 1940.

            (b) Without limiting the generality of the foregoing, with respect
to any Series, unless otherwise specified in a related Series Supplement, this
Trust Agreement may also

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be modified or amended from time to time by the Depositor and the Trustee with
the consent of the Holders of Certificates representing the Required Percentage
of the aggregate Voting Rights of those Certificates to which such modification
or amendment relates for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Trust Agreement or of
modifying in any manner the rights of the Holders of Certificates; provided,
however, that, unless otherwise specified in a related Series Supplement, no
such amendment shall (i) reduce in any manner the amount of, or delay the
timing of, payments received on Underlying Securities which are required to be
distributed on any Certificate without the consent of 100% of the Holders of
such Certificates, or (ii) reduce the percentage of aggregate Voting Rights
required by (i), as described in (i), without the consent of the Holders of all
Certificates of such Series or Class then Outstanding.

            Notwithstanding any other provision of this Trust Agreement, for
purposes of the giving or withholding of consents pursuant to this Section
10.01, Certificates registered in the name of the Depositor or the Trustee or
any Affiliate thereof shall not be entitled to Voting Rights with respect to
matters affecting such Certificates, except that in the case of any
modification or amendment requiring the consent of 100% of the Holders of
Certificates of a particular Series (or Class within a Series), Certificates
registered in the name of the Depositor or the Trustee or any Affiliate shall
be entitled to Voting Rights will respect to such modification or amendment;
and provided, further, that in the event the Rating Agency Condition is not
satisfied with respect to such modification or amendment, the Required
Percentage shall be increased to require an aggregate percentage of the
aggregate Voting Rights in the amount specified in the applicable Series
Supplement. Notwithstanding any other provision of this Trust Agreement, this
Section 10.01(b) shall not be amended without the unanimous consent of the
Holders of all such Certificates.

            (c) Notwithstanding anything herein to the contrary, the Trustee
shall not consent to any amendment or modification of these Standard Terms, the
related Series Supplement or related Warrant Agent Agreement which would
adversely affect the Warrant Holders or any Certificateholder in respect of any
Class of Certificates within any Series (including, without limitation, any
alteration of the timing or amount of any payment of the related Call Price in
a manner adverse to such Warrant Holders) without the prior written consent of
100% of such Warrant Holders and 100% of the Holders of such Certificates.

            (d) Promptly after the execution of any such amendment or
modification, the Trustee shall furnish a copy of such amendment or
modification to each Certificateholder of the affected Series or Class and to
the Rating Agency. It shall not be necessary for the consent of
Certificateholders under this Section to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be
subject to such reasonable regulations as the Trustee may prescribe.

            SECTION 10.02. Limitation on Rights of Certificateholders. (a) The
death or incapacity of any Certificateholder shall not operate to terminate
this Trust Agreement or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the applicable

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Trust, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

            (b) No Certificateholder of a given Series shall have any right to
vote (except as expressly provided for herein) or in any manner otherwise
control the operation and management of any Trust, or the obligations of the
parties hereto, nor shall anything herein set forth, or contained in the terms
of the Certificates, be construed so as to constitute the Certificateholders
from time to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to this Trust Agreement pursuant to any provision
hereof.

            (c) No Certificateholder of a given Series shall have any right by
virtue of any provision of this Trust Agreement to institute any suit, action
or proceeding in equity or at law upon or under or with respect to this Trust
Agreement, unless (i) such Holder previously shall have given to the Trustee a
written notice of breach and of the continuance thereof, (ii) the Holders of
Certificates of such Series evidencing not less than the Required Percentage of
the aggregate Voting Rights of such Series shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, (iii) the Trustee, for 15 days after its receipt
of such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding, and (iv) no direction
inconsistent with such written request has been given to the Trustee during
such 15-day period by Certificateholders evidencing not less than the Required
Percentage of the aggregate Voting Rights of such Series. It is understood and
agreed that the Trustee shall not be obligated to make any investigation of
matters arising under this Trust Agreement or to institute, conduct or defend
any litigation hereunder or in relation hereto at the request, order or
direction of any Certificateholders unless such Certificateholders have offered
to the Trustee the reasonable security or indemnity referred to above. It is
further understood and agreed, and expressly covenanted by each
Certificateholder of each Series with every other Certificateholder of such
Series and the Trustee, that no one or more Holders of Certificates of such
Series shall have any right in any manner whatever by virtue of any provision
of this Trust Agreement to affect, disturb or prejudice the rights of the
Holders of any other of the Certificates of such Series, or to obtain or seek
to obtain priority over or preference to any other such Holder, or to enforce
any right under this Trust Agreement, except in the manner herein provided and
for the equal, ratable and common benefit of all Certificateholders of such
Series. For the protection and enforcement of the provisions of this Section,
each and every Certificateholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.

            SECTION 10.03. GOVERNING LAW. THIS TRUST AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY IN THE STATE OF NEW
YORK AND WITHOUT GIVING EFFECT TO SUCH STATE'S PRINCIPLES OF CONFLICTS OF LAW
TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE

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PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

            SECTION 10.04. Notices. (a) All directions, demands and notices
required hereunder or under the applicable Series Supplement shall be in
writing and shall be delivered as set forth below (unless written notice is
otherwise provided to the Trustee):

            If to the Depositor, to:

                  Select Asset Inc.
                  745 Seventh Avenue
                  New York, New York  10019
                  Attention: Structured Credit Trading
                  Telephone:  (212) 526-6575
                  Facsimile:  (201) 508-4621

            If to the Trustee or the Warrant Agent, to:

                  U.S. Bank National Association
                  100 Wall Street, Suite 1600
                  New York, NY 10005
                  Attention: David Kolibachuk, Vice
                  President Telephone: (212)361-2459
                  Facsimile: (212)809-5459

            If to the Rating Agencies, to, as applicable:

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

      and to:

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

            If to the New York Stock Exchange, to:

                  New York Stock Exchange, Inc.
                  20 Broad Street
                  New York, New York  10005

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                  Attention:  Victoria Paper, Senior Listing Representative
                  Telephone:  (212) 656-5090
                  Facsimile:  (212) 656-5465

            (b) Any notice required to be provided to a Holder of a Registered
Certificate shall be given by first class mail, postage prepaid, at the last
address of such Holder as shown in the Certificate Register. Any notice so
mailed within the time prescribed in this Trust Agreement shall be conclusively
presumed to have been duly given when mailed, whether or not the
Certificateholder receives such notice. Any and all notices to be given to the
Depositor shall be deemed to have been duly given if sent by facsimile
transmission to the Depositor at the number set forth in clause (a) above. The
Depositor may change this information by written notice to the Trustee. Any and
all notices to be given to the Trustee shall be deemed to have been duly given
if sent by facsimile transmission to the Trustee at the number set forth in
clause (a) above. The Trustee may change this information by notice to the
Depositor.

            (c) If applicable with respect to a given Series, copies of all
directions, demands and notices required to be given to the Certificateholders
hereunder or under the Series Supplement will also be given to the Warrant
Holders in writing as set forth in the Series Supplement, and copies of all
directions, demands and notices required to be given to the Trustee hereunder
or under the Series Supplement will also be given to the Warrant Agent in
writing as set forth in the Series Supplement.

            (d) Any and all notices to be given to the Swap Counterparty, if
any, will be specified in the Series Supplement or in the related Swap
Agreement.

            SECTION 10.05. Notice to Rating Agencies. (a) The Trustee shall use
its best efforts promptly to provide notice to each Rating Agency with respect
to each of the following of which it has actual knowledge:

                  (i) any change or amendment to this Trust Agreement;

                  (ii) the resignation or termination of the Trustee;

                  (iii) the final payment to Holders of the Certificates of any
            Class;

                  (iv) any change in the location of the Certificate Account;

                  (v) the occurrence of an SEC Reporting Failure;

                  (vi) the exercise of any Call Warrant; and

                  (vii) any liquidation of the Underlying Securities, whether
            following an Event of Default, an SEC Reporting Failure          or
            otherwise.

            (b) In addition, the Trustee shall promptly furnish to each Rating
Agency copies of each report to Certificateholders described in Section 4.03.

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            (c) Any notice given pursuant to this Section 10.05 shall be in
writing and shall be deemed to have been duly given if (i) personally delivered
or mailed by first class mail, postage prepaid, or by express delivery service
to each Rating Agency at the address specified in Section 10.04 or in the
applicable Series Supplement, or (ii) sent by facsimile transmission to each
Rating Agency at the facsimile transmission number specified in Section 10.04
or in the applicable Series Supplement. Any Rating Agency may change the
information set forth in Section 10.04 by notice to the Depositor and the
Trustee.

            SECTION 10.06. Severability of Provisions. If any one or more of
the covenants, agreements, provisions or terms of this Trust Agreement shall be
for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Trust Agreement and shall in no way
affect the validity or enforceability of the other provisions of this Trust
Agreement or of the Certificates or the rights of the Holders thereof.

            SECTION 10.07. Grant of Security Interest. (a) It is the express
intent of the parties hereto that each conveyance of any Underlying Securities
by the Depositor to the Trustee be, and be construed as, a sale of the
Underlying Securities by the Depositor and not a pledge of any Underlying
Securities by the Depositor to secure a debt or other obligation of the
Depositor.

            (b) In the event that, notwithstanding the aforementioned intent of
the parties, any Underlying Securities are held to be property of the
Depositor, then, (x) it is the express intent of the parties that such
conveyance be deemed a pledge of such Underlying Securities by the Depositor to
the Trustee to secure a debt or other obligation of the Depositor and (y)(1)
this Trust Agreement shall also be deemed to be a security agreement within the
meaning of Articles 8 and 9 of the UCC as in effect from time to time in the
State of New York, or such other State as may be specified in the related
Series Supplement; (2) the conveyance provided for in Section 2.01 hereof shall
be deemed to be a grant by the Depositor to the Trustee of a security interest
in all the Depositor's right, title and interest in and to such Underlying
Securities and all amounts payable to the holders of such Underlying Securities
in accordance with the terms hereof and all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities
or other property including all amounts from time to time held or invested in
the applicable Certificate Account, whether in the form of cash, instruments,
securities or other property; (3) the obligations secured by such security
agreement shall be deemed to be all the Depositor's obligations under this
Trust Agreement, including the obligation to provide to the Certificateholders
the benefits of this Trust Agreement relating to such Underlying Securities and
the applicable Trust; and (4) notifications to persons holding such property,
and acknowledgements, receipts or confirmations from persons holding such
property, shall be deemed notifications to, or acknowledgements, receipts or
confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Trustee for the purpose of perfecting such security interest under
applicable law.

Accordingly, the Depositor hereby grants to the Trustee a security interest in
the Underlying Securities and all other property described in clause (y)(2) of
the preceding paragraph, for the purpose of securing to the Trustee the
performance by the Depositor of the obligations described in clause (y)(3) of
the preceding paragraph. Notwithstanding the foregoing, the parties hereto
intend the Grant pursuant to Section 2.01 to be a true, absolute and
unconditional sale of the

                                      93
<PAGE>

Underlying Securities and assets constituting the applicable Trust by the
Depositor to the Trustee.

            (c) The Depositor and the Trustee shall to the extent consistent
with this Trust Agreement, take such actions as may be necessary to ensure
that, if this Trust Agreement were deemed to create a security interest in the
Underlying Securities, such security interest would be deemed to be a perfected
security interest of first priority under applicable law and will be maintained
as such for so long as any of the Underlying Securities remain outstanding.
Without limiting the generality of the foregoing, the Trustee shall file, or
shall cause to be filed, all filings necessary to maintain the effectiveness of
any original filings necessary under the UCC as in effect in any jurisdiction
to perfect the Trustee's security interest in or lien on the Underlying
Securities, including (x) continuation statements and (y) such other statements
as may be occasioned by (1) any change of name of the Depositor or the Trustee,
(2) any change of location of the place of business or the chief executive
office of the Depositor or (3) any transfer of any interest of the Depositor in
any Underlying Security.

            SECTION 10.08. Nonpetition Covenant. Notwithstanding any prior
termination of this Trust Agreement, each of the Trustee (including any
Sub-Administrative Agent, Authenticating Agent, Calculation Agent, or Paying
Agent), the Depositor and each Certificateholder agrees that it shall not,
until the date which is one year and one day after the termination of the Trust
acquiesce, petition or otherwise invoke or cause the Trust to invoke the
process of the United States of America, any State or other political
subdivision thereof or any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government for the
purpose of commencing or sustaining a case by or against the Trust under a
Federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Trust or all or any part of the property or assets of
the Trust or ordering the winding up or liquidation of the affairs of the
Trust.

            SECTION 10.09. No Recourse. Neither the Trustee (including any
Sub-Administrative Agent, Authenticating Agent, Calculation Agent, or Paying
Agent) nor the Depositor shall have any recourse to the Underlying Securities,
except for as specifically provided in the related Series Supplement.

            SECTION 10.10. Article and Section References. All article and
section references used in these Standard Terms, unless otherwise provided, are
to articles and sections in these Standard Terms.

            SECTION 10.11. Counterparts. These Standard Terms may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and such counterparts shall constitute one and the
same instrument.

            SECTION 10.12. Trust Indenture Act Controls. This Trust Agreement
is subject to the provisions of the Trust Indenture Act and shall, to the
extent applicable, be governed by such provisions. The Trustee agrees to take
all actions within its control to prevent these Standard Terms, as supplemented
by any Series Supplements, from failing to qualify under the Trust Indenture
Act.

                                      94
<PAGE>

            SECTION 10.13. Segregation Provisions.

            (a) Each Trust established hereunder is a legal entity separate and
apart from each other Trust established by the Depositor under these Standard
Terms or otherwise.

            (b) Pursuant to Section 2.01 hereof, each Trust will issue only one
Series of securities, unambiguously identified with the Underlying Securities
unambiguously identified on a series-by-series basis in the Basic Documents,
and the Underlying Securities will be held separate and apart from the
Underlying Securities relating to any other Series and separate and apart from
any property backing any other securities caused to be issued by the Depositor.

            (c) Any swap transaction entered into by a Trust for a Series will
be separate from any other swap transaction for any other Series.

            (d) A first priority ownership or, pursuant to Section 10.07
hereof, security interest shall be created and perfected over all of the
Underlying Securities with respect to each Series and it shall be enforceable
notwithstanding the related Trust's insolvency.

            (e) The Certificateholders of each Series shall have recourse
solely to the Underlying Securities deposited in the Trust issuing such Series,
and not to any Underlying Securities or other property deposited in any other
Trust. If the foregoing provisions of this paragraph 10.13(e) are unenforceable
for any reason, or for any reason notwithstanding such provisions any
Certificateholder with respect to a Series issued by a Trust is deemed to have
an interest in the assets of a different Trust (the "Non-Issuing Trust") such
interest shall be subordinate to the interest of the Holders of Certificates
issued by the Non-Issuing Trust. Such Certificateholders are deemed to agree
that the preceding sentence constitutes a subordination agreement for purposes
of Section 510(a) of the Bankruptcy Code. Creditors of the Depositor, and
claimants with respect to trusts established pursuant to other instruments,
shall have no recourse with respect to the assets of any Trust established
hereunder. This Paragraph 10.13(e) shall survive the termination or discharge
of the related Trust Agreement

            (f) Except as provided in Section 10.02(b) hereof, only the Trustee
shall be entitled to exercise remedies on behalf of the Certificateholders in
accordance with the related Series Supplement.

            (g) Any difference between the amount realized from the Underlying
Securities upon enforcement of the Underlying Securities and the amount that
otherwise would have been due pursuant to the related Series Supplement will
not constitute a claim against the related Trust, any other Trust, the
Depositor, the Trustee or any of their Affiliates.

            (h) Each Trust shall not sell, assign or transfer the Underlying
Securities except as expressly provided for herein or in the related Series
Supplement.

            (i) The Depositor agrees that it shall not issue any debt
obligations unless it first obtains written confirmation from each relevant
Rating Agency that such action will not result in the reduction, withdrawal or
qualification, of the rating of any outstanding Series of Certificates.

                                      95
<PAGE>

            IN WITNESS WHEREOF, the Depositor and the Trustee have caused their
names to be signed hereto by their respective officers thereunto duly
authorized, in each case as of the day and year first above written.

                                    SELECT ASSET INC.,
                                    as Depositor

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

                                    U.S. Bank National Association, as Trustee

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

                                      96
<PAGE>

                                   EXHIBIT A

                           FORM OF INVESTMENT LETTER

             [Attached as exhibit to the related Series Supplement]

<PAGE>

                                   EXHIBIT B

                         FORM OF TRANSFEROR CERTIFICATE

             [Attached as exhibit to the related Series Supplement]

<PAGE>

                                   EXHIBIT C

                        FORM OF WARRANT AGENT AGREEMENT

                           SELECT ASSET INC. WARRANTS
                             Series 20[o]-[o] Trust

            WARRANT AGENT AGREEMENT, dated as of [o] (the "Warrant Agent
Agreement"), by and between SELECT ASSET INC., as Warrant Originator (the
"Warrant Originator"), and [o], as Warrant Agent (the "Warrant Agent").

                             W I T N E S S E T H:

            In consideration of the mutual covenants expressed herein, the
Warrant Originator and the Warrant Agent have duly authorized the execution and
delivery of this Warrant Agent Agreement to provide for the issuance of Call
Warrants, issuable as provided herein.

                                   ARTICLE I

                                  DEFINITIONS

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

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

            "Call Date": Any Business Day that any Holder of Call Warrants
designates as a Call Date occurring on or after the Scheduled Call Commencement
Date or prior thereto on any Business Day (i) following an announcement by the
Underlying Securities Issuer of any redemption, prepayment or unscheduled
payment of principal on the Underlying Securities (but on or before the date
any such redemption, prepayment or unscheduled payment is made), (ii) following
notification from the Trustee to Certificateholders of an Event of Default or
an SEC Reporting Failure (but on or before the date of any proposed sale of the
Underlying Securities pursuant to Section 3.11 or 4.01(i) of the Agreement) or
(iii) during the period following an announcement by the Underlying Securities
Issuer or an Affiliate thereof of any proposed tender offer for some or all of
the Underlying Securities (but on or before the date such tender offer expires
or is consummated).

            "Call Notice":  As defined in Section 3.1(a)(ii) hereof.

            "Call Price": With respect to each Call Warrant being exercised, an
amount equal to the sum of (i) $[o] (correlating to the aggregate principal
balance of P&I Class Certificates that will be redeemed with the proceeds of
the exercise of the Call Warrant); (ii) in connection with any exercise of a
Call Warrant prior to the Scheduled Call Commencement Date, $[o] (correlating
to $1.50 per $25 in principal balance of P&I Class Certificates that will be
redeemed in connection with the exercise of the Call Warrant); (iii) the
present value (discounted at a rate of [o]% per annum) of any unpaid amounts
due or to become due on $[o] aggregate principal or

                                      C-1
<PAGE>

notional amount of the Strip Class Certificates related to the Called
Underlying Securities (assuming that such Strip Class Certificates were paid
when due and were not redeemed or prepaid prior to their stated maturity); and
(iv) accrued and unpaid interest at the P&I Class Interest Rate on the
principal balance of P&I Class Certificates that will be redeemed with the
proceeds of the Call Warrant.

            "Call Warrants":  As defined in the recitals.

            "Called  Underlying  Securities":  As defined  in  Section  3.1(b)
hereof.

            "Certificate Account": As defined in the Trust Agreement.

            "Certificated  Call Warrant":  A definitive  physical Call Warrant
in fully registerable form.

            "Corresponding Strip Class Certificates": Means, in connection with
any exercise of a Call Warrant, Strip Class Certificates having an aggregate
[Amortizing Notional Balance] [Certificate Principal Balance] equal to [o]% of
the principal amount of the Called Underlying Securities.

            "Depositor":  As defined in the recitals.

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

            "Depository":  [o]

            "Global Call Warrant": Means a definitive, fully registered Call
Warrants deposited with the Warrant Agent as custodian for, and registered in
the name of, a nominee of the Depository.

            "Investor Representation Letter": A letter substantially in the
form of Exhibit A attached hereto, duly completed as appropriate.

            "Issue Date":  [o]

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

            "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.

            "Purchaser": Any Person who acquires a Call Warrant represented by
an interest in a Global Call Warrant or Certificated Call Warrant.

            "QIB":  As defined in Section 4.1 hereof.

                                      C-2
<PAGE>

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

            "Responsible Officer": With respect to the Trustee, any officer
within the Corporate Trust Office of the Trustee, including any Vice President,
Assistant Vice President, Assistant Treasurer or any other officer of the
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer's
actual knowledge of and familiarity with the particular subject.

            "Required   Percentage--Amendment":   As   defined   in  the  Trust
Agreement.

            "Rule 144A":  As defined in Section 4.1.

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

            "Scheduled Call  Commencement  Date": The fifth anniversary of the
Issue Date.

            "Securities  Act" The United  States  Securities  Act of 1993,  as
amended.

            "Trust":  As defined in the recitals.

            "Trust Agreement":  As defined in the recitals.

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

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

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

            "Warrant Holder":  As defined in Section 3.1(a) hereof.

            Capitalized terms used herein but not defined herein have the
meanings set forth in the Trust Agreement.

                                   ARTICLE II

                           CREATION OF CALL WARRANTS

            SECTION 2.01.     The Trust.

            (a) Select Asset Inc. (the "Depositor") and [o], not in its
individual capacity but solely as Trustee (the "Trustee"), will form the
[Select Asset Inc. [o] [Note][Debenture]-Backed Series 20[o]-[o] Trust] (the
"Trust") pursuant to a Standard Terms for Trust Agreements, dated as of [o],
2005 (the "Agreement"), as supplemented by the Series Supplement [o]

                                      C-3
<PAGE>

[Note][Debenture]-Backed Series 20[o]-[o], dated as of the date hereof (the
"Series Supplement" and, together with the Agreement, the "Trust Agreement").

            (b) The sole asset of the Trust will be $[o] aggregate principal
amount of [o]% [Notes][Debentures] (the "Underlying Securities") issued by [o]
(the "Underlying Securities Issuer").

            SECTION 2.02. The Warrants. The Call Warrants shall consist
initially of [o] call warrants with respect to the Underlying Securities, each
relating to $1000 principal amount of Underlying Securities (the "Call
Warrants").

                                  ARTICLE III

                           EXERCISE OF CALL WARRANTS

            SECTION 3.01.     Manner of Exercise.

            (a) Call Warrants may be exercised by any holder thereof (each, a
"Warrant Holder") on any Call Date. The Warrant Holder shall represent and
agree to the following conditions that apply to any exercise of Call Warrants:

                  (i) Each exercise of Call Warrants must relate to at least
            500 Call Warrants (or $500,000 aggregate principal amount of
            Underlying Securities).

                  (ii) A written notice (each, a "Call Notice") specifying the
            number of Call Warrants being exercised and the related Call Date
            shall be delivered to the Warrant Agent and the Trustee at least
            five but not more than 30 Business Days before such Call Date.

                  (iii) The Warrant Holder shall surrender the Call Warrants
            with respect to the called Underlying Securities to the Warrant
            Agent at its office specified in Section 6.3 hereof no later than
            10:00 a.m. (New York City time) on such Call Date.

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

                  (v) The Warrant Holder shall be solvent at the time of any
            exercise of the Call Warrants.

            (b) Upon exercise of Call Warrants, any Warrant Holder shall be
entitled to delivery of the Called Underlying Securities. The "Called
Underlying Securities" shall be the Underlying Securities with a principal
amount equal to $1000 per Call Warrant exercised on the related Call Date.

                                      C-4
<PAGE>

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

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

            SECTION 3.02      Transfer of Called Underlying Securities.

            (a) As soon as practicable after each surrender of the Call
Warrants on the Call Date and upon satisfaction of all other requirements
described in Section 3.1 hereof and upon satisfaction of all other requirements
described in the Call Warrants, the Warrant Agent shall instruct the Trustee to
cause the Called Underlying Securities represented by the number of Call
Warrants being exercised to be registered on the book-entry system of the
related depository in the registered name or names furnished by the Warrant
Holder, or, as applicable, transfer the Called Underlying Securities to the
Warrant Holder.

            (b) If such exercise is of less than all the outstanding Call
Warrants, (i) with respect to the Certificated Call Warrants, the Warrant Agent
shall authenticate new Call Warrants, of like tenor, representing the
outstanding Certificated Call Warrants and the Warrant Agent shall deliver such
Certificated Call Warrant to the Holders thereof and (ii) with respect to
Global Call Warrants registered with a Depository, the Warrant Agent shall
modify the schedule thereto accordingly to reflect the outstanding Call
Warrants represented by one or more Global Call Warrant for such Holders
possessing a beneficial interest therein.

            (c) If any Call Warrant is exercised in connection with a partial
redemption of the Underlying Securities, the Trustee shall, to the extent
possible, deliver to the exercising Warrant Holder, Underlying Securities that
have been selected for redemption.

            SECTION 3.03. Cancellation and Destruction of Call Warrants. All
Call Warrants surrendered to the Warrant Agent for the purpose of exercise
pursuant to Section 3.1 and actually exercised, or for the purpose of transfer
or exchange pursuant to Article V, shall be cancelled by the Warrant Agent, and
no Call Warrant (other than that reflecting any such transfer or exchange)
shall be issued in lieu thereof. The Warrant Agent shall destroy all cancelled
Call Warrants.

                                      C-5
<PAGE>

            SECTION 3.04. No Rights as Holder of Trust Securities Conferred by
Call Warrants. The Call Warrants shall not entitle the Warrant Holder to any of
the rights of a holder of any securities which may be issued by the Trust,
including, without limitation, the right to receive the payment of any amount
on or in respect of any such securities or to enforce any of the covenants of
the Trust Agreement applicable to any holders of such securities.

            SECTION 3.05. No Rights of Trustee in Call Warrants; Delivery of
Underlying Securities. The Trustee, as holder of the Underlying Securities, (a)
shall have no right, title or interest in the Call Warrants created hereunder
and (b) shall hereinafter accept delivery of the Underlying Securities from the
Depositor subject to the terms of this Warrant Agent Agreement, which
restricted acceptance shall be acknowledged in a writing evidencing receipt by
the Trustee as holder of such Underlying Securities.

            SECTION 3.06. Pro Rata Reduction of Call Warrants if Partial
Redemption of Underlying Securities. If Underlying Securities are redeemed in
part by the Underlying Securities Issuer and the Warrant Holders do not
exercise their Call Warrants in connection with such partial redemption, the
number of Call Warrants held by each Warrant Holder shall be reduced
proportionately so that the aggregate principal amount of Underlying Securities
callable by Call Warrants shall equal the amount of outstanding Underlying
Securities held by the Trustee after giving effect to such partial redemption;
provided, that, in no event shall partial Call Warrants be issued in the event
of any such proportionate reduction. The Warrant Agent shall make such
adjustments to its records as shall be necessary to reflect such reductions,
shall round the adjusted number of Call Warrants downward, as appropriate, to
ensure that each Call Warrant relates to Underlying Securities having a
principal amount of $1,000 and shall notify each Warrant Holder of such
adjustments.

            SECTION 3.07. Selection of Called Underlying Securities in the
event of a Call in Connection with a Partial Redemption. If a Warrant Holder
exercises Call Warrants in connection with a partial redemption of the
Underlying Securities, the Trustee shall, to the extent possible, select Called
Underlying Securities for transfer to the Warrant Holder that have been
selected by the Underlying Securities Issuer for redemption. If more than one
Warrant Holder exercises Call Warrants in such circumstances, such Called
Underlying Securities that have been selected for redemption shall be allocated
among such Warrant Holders in proportion to the number of Call Warrants
exercised by each.

                                   ARTICLE IV

                            RESTRICTIONS ON TRANSFER

            SECTION 4.01. Restrictive Legends. No Call Warrant may be offered,
resold, assigned or otherwise transferred (including by pledge or
hypothecation) unless such offer, resale, assignment or transfer is to a
qualified institutional buyer (a "QIB"), as such term is defined in Rule 144A
promulgated under the Securities Act ("Rule 144A"), in accordance with Rule
144A (or in the case of the initial sale by the Warrant Originator, in reliance
on Section 4(2) under the Securities Act) acquiring the Call Warrants for its
own account or for the account of a QIB. Prior to any offer, resale, assignment
or transfer of any Certificated Call Warrant, the prospective transferee shall
be required to deliver to the Warrant Agent an executed copy of a

                                      C-6
<PAGE>

Investor Representation Letter with respect to any Call Warrant to be
transferred substantially in the form of Exhibit A attached hereto. Each Call
Warrant (including each Call Warrant issued upon the transfer of any Call
Warrant) shall be issued with a legend in substantially the following form
(unless the Warrant Agent shall have received an opinion of counsel reasonably
satisfactory to the Warrant Originator and the Warrant Agent that such legend
is no longer required to ensure compliance with the Securities Act):

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

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

            SECTION 4.02. Representation of Warrant Holder. Each Purchaser of a
Call Warrant shall represent and agree, or in the case of a Global Call Warrant
be deemed to represent and agree, as follows:

            (a) In connection with the purchase of the Call Warrants:

                  (i) The Purchaser represents that in making its investment
            decision to acquire the Call Warrants, the Purchaser has not relied
            on representations, warranties, opinions, projections, financial or
            other information or analysis, if any, supplied to it by any
            person, including the Warrant Originator or Warrant Agent, or any
            of their respective affiliates, except as expressly contained in
            written information, if any.

                  (ii) The Purchaser has such knowledge and experience in
            financial and business matters as to be capable of evaluating the
            merits and risks of an investment in the Call Warrants, and the
            Purchaser is able to bear the substantial economic risks of such an
            investment. The Purchaser has relied upon its own tax, legal and
            financial advisors in connection with its decision to purchase the
            Call Warrants.

                  (iii) The Purchaser (A) is a QIB and (B) is acquiring the
            Call Warrants for its own account or for the account of an investor
            of the type described in clause (A) above as to each of which the
            Purchaser exercises sole investment discretion. The Purchaser is
            purchasing the Call Warrants for investment purposes and not with a
            view to, or for, the offer or sale in connection with, a public
            distribution or in any other manner that would violate the
            Securities Act or the securities or blue sky laws of any state.

                                      C-7
<PAGE>

                  (iv) The Purchaser understands that the Call Warrants have
            not been and will not be registered under the Securities Act or
            under the securities or blue sky laws of any state, and that (x) if
            it decides to resell, pledge or otherwise transfer any Security,
            such resale, pledge or other transfer must comply with the
            provisions of the Warrant Agent Agreement relating to the Call
            Warrants (including, without limitation, the provisions of Section
            4.1 of the Warrant Agent Agreement) and (y) it will, and each
            subsequent holder will be required to, notify any purchaser of any
            Call Warrant from it of the resale restrictions referred to in
            clause (x) above.

                  (v) The Purchaser understands that each of the Call Warrants
            will bear a legend described in Section 4.1 of the Warrant Agent
            Agreement unless otherwise agreed by the Warrant Originator and the
            Warrant Agent.

                  (vi) The Purchaser understands that no subsequent transfer of
            the Call Warrants is permitted unless (A) such transfer is of at
            least 500 Call Warrants (or Call Warrants relating to $500,000
            aggregate principal amount of Underlying Securities) and (B) the
            Purchaser causes the proposed transferee to provide to the
            Depositor and the Trustee such documentation as may be required
            pursuant to Section 4.1 of the Warrant Agent Agreement, or such
            other written statement as the Warrant Agent shall reasonably
            prescribe.

                  (vii) The Purchaser is a person or entity (a "Person") who is
            either:

                        (A)   a citizen or resident of the United States, (2) a
                              corporation, partnership or other entity
                              organized in or under the laws of the United
                              States or any political subdivision thereof, (3)
                              an estate the income of which is includible in
                              gross income for federal income tax purposes
                              regardless of source, or (4) a trust if a court
                              within the United States is able to exercise
                              primary supervision of the administration of the
                              trust and one or more United States persons have
                              the authority to control all substantial
                              decisions of the trust, or

                        (B)   a Person not described in (A), whose ownership of
                              such Call Warrant is effectively connected with
                              such Person's conduct of a trade or business
                              within the United States within the meaning of
                              the Internal Revenue Code of 1986, as amended
                              (the "Code"), and its ownership of any interest
                              in such Call Warrant will not result in any
                              withholding obligation with respect to any
                              payments with respect to the Call Warrants by any
                              Person (other than withholding, if any, under
                              Section 1446 of the Code), or

                        (C)   a Person not described in (A) or (B) above, who
                              is not a Person: (1) that owns, directly or
                              indirectly, 10% or more of the total combined
                              voting power of all classes of stock in

                                      C-8
<PAGE>
                              the Underlying Securities Issuer (as defined in
                              the Prospectus Supplement) entitled to vote, (2)
                              that is a controlled foreign corporation related
                              to the Underlying Securities Issuer within the
                              meaning of Section 864(d)(4) of the Code, or (3)
                              that is a bank extending credit pursuant to a
                              loan agreement entered into in the ordinary
                              course of its trade or business.

                  (viii) The Purchaser agrees that (I) if it is a Person
            described in clause (A) above, it will furnish to the Depositor and
            the Trustee a properly executed IRS Form W-9, and (II) if it is a
            Person described in clause (B) above, it will furnish to the
            Depositor and the Trustee a properly executed IRS Form W-8ECI, and
            (III) if it is a Person described in clause (C) above, it will
            furnish to the Depositor and the Trustee a properly executed IRS
            Form W-8BEN (or, if the Purchaser is treated as a partnership for
            federal income tax purposes, a properly executed IRS Form W-8IMY
            with appropriate certification for all partners or members
            attached). The Purchaser also agrees that it will provide a new IRS
            form upon the expiration or obsolescence of any previously
            delivered form, and that it will provide such other certifications,
            representations or Opinions of Counsel as may be requested by the
            Depositor and the Trustee.

                  (ix) The Purchaser agrees that if at some time in the future
            it wishes to transfer or exchange any of the Call Warrants, it will
            not transfer or exchange any of the Call Warrants unless such
            transfer or exchange is in accordance with the terms of this
            Agreement and other documents applicable to the Call Warrant. The
            Purchaser understands that any purported transfer of the Call
            Warrants (or any interest therein) in contravention of any of the
            restrictions and conditions in the agreements, as applicable, shall
            be void, and the purported transferee in such transfer shall not be
            recognized by any Person as a holder of such Call Warrants, for any
            purpose.

            SECTION 4.03. Notice of Proposed Transfer. Prior to any transfer of
any Call Warrant or portion thereof (other than to a Participant in compliance
with Rule 144A), the Warrant Holder will give five (5) Business Days (or such
lesser period acceptable to the Warrant Agent) prior written notice to the
Warrant Agent of such Warrant Holder's intention to effect such transfer. Each
transfer must relate to a whole number of Call Warrants.

                                   ARTICLE V

               REGISTRATION AND TRANSFER OF CALL WARRANTS, ETC.

            SECTION 5.01. Warrant Register; Ownership of Call Warrants. The
Warrant Agent will keep a register in which the Warrant Agent will provide for
the registration of Call Warrants and the registration of transfers of Call
Warrants representing numbers of Call Warrants. The Warrant Agent may treat the
Person in whose name any Call Warrant is registered on such register as the
owner thereof for all purposes, and the Warrant Agent shall not be affected by
any notice to the contrary.

                                      C-9
<PAGE>

            SECTION 5.02.     Transfer and Exchange of Call Warrants.

            (a) Exchange of Global Call Warrant for Certificated Call Warrant.
If a Holder of a beneficial interest in a Call Warrant represented by a Global
Call Warrant wishes to exchange its interest in such Global Call Warrant for a
Certificated Call Warrant, or to transfer its interest in such Global Call
Warrant to a Person who wishes to take delivery thereof in the form of one or
more Certificated Call Warrants, such Holder may exchange, transfer or cause
the transfer of such Call Warrant upon receipt by the Warrant Agent of:

                  (i) instructions given in accordance with the Depository's
            procedures from a Participant directing the Warrant Agent to reduce
            the principal amount of the Global Call Warrant with instructions
            to issue Certificated Call Warrants and

                  (ii) an Investor Representation Letter certifying that the
            transfer is being made to a QIB in accordance with Rule 144A under
            the Securities Act,

            the Warrant Agent shall instruct the Depository to reduce the
      principal amount of the Global Call Warrant; and the Warrant Agent shall
      authenticate and deliver a Certificated Call Warrants in principal
      amounts equal to the related reduction in principal amount of the Global
      Call Warrant.

            (b) Exchange of Certificated Call Warrant for Global Call Warrant.
If a Holder of Certificated Call Warrant wishes at any time to exchange its
interest in such Certificated Call Warrant for an interest in the corresponding
Global Warrant, or to transfer its interest in such Certificated Call Warrant
to a Person who wishes to take delivery thereof in the form of an interest in
the corresponding Global Call Warrant, upon receipt by the Warrant Agent of:

                  (i) such Certificated Call Warrant properly endorsed for such
            transfer and written instructions from such Warrant Holder
            directing that the corresponding Global Call Warrant be credited
            with a beneficial interest equal to the principal amount of such
            Certificated Call Warrant,

                  (ii) a written order containing information regarding the
            participant account with the Depositor to be credited with such
            increase and any other information required by the Depositor, and

                  (iii) an Investor Representation Letter certifying that the
            transfer is being made to a QIB in accordance with Rule 144A under
            the Securities Act,

            then the Warrant Agent shall cancel the Certificated Call Warrant,
      record the transfer and instruct the Depository to credit or cause to be
      credited to the securities account of the transferee beneficial interests
      in the Call Warrants equal to the principal amount of the related
      canceled Certificated Call Warrants.

            SECTION 5.03. Replacement of Call Warrants. Upon receipt of
evidence reasonably satisfactory to the Warrant Agent of the loss, theft,
destruction or mutilation of any Call Warrant and, in the case of any such
loss, theft or destruction of any Call Warrant, upon

                                     C-10
<PAGE>

delivery of an indemnity bond in such reasonable amount as the Warrant Agent
may determine, or, in the case of any such mutilation, upon the surrender of
such Call Warrant for cancellation to the Warrant Agent, the Warrant Agent
shall execute and deliver in lieu thereof, a new Call Warrant of like tenor
bearing a number not contemporaneously outstanding.

            SECTION 5.04. Execution and Delivery of Call Warrants by Trustee.
The Warrant Agent hereby agrees (subject to compliance with Article IV) to
execute and deliver any new Call Warrants issued in accordance with Section 3.2
or this Article V.

                                   ARTICLE VI

                                 WARRANT AGENT

            SECTION 6.01. Limitation on Liability. The Warrant Agent shall be
protected and shall incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of the Call
Warrants in reliance upon any instrument of assignment or transfer, power of
attorney, endorsement, affidavit, letter, notice, direction, consent,
certificate, statement or other paper or document in good faith believed by it
to be genuine and to be signed, executed and, where necessary, verified and
acknowledged, by the proper Person or Persons.

            SECTION 6.02. Duties of Warrant Agent. The Warrant Agent undertakes
only the specific duties and obligations imposed hereunder upon the following
terms and conditions, by all of which the Depositor, the Trust, the Trustee and
each Warrant Holder shall be bound:

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

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

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

            (d) The Warrant Agent shall not be liable for or by reason of any
of the statements of fact or recitals contained herein or be required to verify
the same.

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

                                     C-11
<PAGE>

thereof (except the due execution hereof by the Warrant Agent); nor shall it be
responsible for any breach by any party of any covenant or condition contained
in the Call Warrants; nor shall it by any act thereunder be deemed to make any
representation or warranty as to the Called Underlying Securities to be
purchased thereunder.

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

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

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

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

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

            SECTION 6.03. Change of Warrant Agent. The Warrant Agent may resign
and be discharged from its duties hereunder upon thirty (30) days notice in
writing mailed to the Warrant Originator by registered or certified mail, and
to the Warrant Holders by first-class mail at the expense of the Warrant
Originator; provided, that, no such resignation or discharge shall become
effective until a successor Warrant Agent shall have been appointed hereunder.
The Warrant Originator may remove the Warrant Agent or any successor Warrant
Agent upon thirty (30) days notice in writing, mailed to the Warrant Agent or
successor Warrant Agent, as the case may be, and to the Warrant Holders by
first-class mail; provided, further, that no such removal shall become
effective until a successor Warrant Agent shall have been appointed hereunder.
If

                                     C-12
<PAGE>

the Warrant Agent shall resign or be removed or shall otherwise become
incapable of acting, the Warrant Originator shall promptly appoint a successor
to the Warrant Agent, which may be designated as an interim Warrant Agent. If
an interim Warrant Agent is designated, the Warrant Originator shall then
appoint a permanent successor to the Warrant Agent, which may be the interim
Warrant Agent. If the Warrant Originator shall fail to make such appointment of
a permanent successor within a period of thirty (30) days after such removal or
within sixty (60) days after notification in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the Warrant
Holder, then the Warrant Agent or registered Warrant Holder may apply to any
court of competent jurisdiction for the appointment of such a successor. Any
successor to the Warrant Agent appointed hereunder must be rated in one of the
four highest rating categories by the Rating Agencies. Any entity which may be
merged or consolidated with or which shall otherwise succeed to substantially
all of the trust or agency business of the Warrant Agent shall be deemed to be
the successor Warrant Agent without any further action.

            SECTION 6.04. Warrant Agent Transfer Fee. The Warrant Agent will
assess a fee of $50.00 upon the issue of any new Call Warrant, such fee to be
assessed upon the new Call Warrant Holder.

                                  ARTICLE VII

                                 MISCELLANEOUS

            SECTION 7.01. Remedies. The remedies at law of the Warrant Holder
in the event of any default or threatened default by the Warrant Agent in the
performance of or compliance with any of the terms of the Call Warrants are not
and will not be adequate and, to the full extent permitted by law, such terms
may be specifically enforced by a decree for the specific performance of any
agreement contained herein or by an injunction against a violation of any of
the terms thereof or otherwise.

            SECTION 7.02. Limitation on Liabilities of Warrant Holder. Nothing
contained in this Warrant Agent Agreement or the Call Warrants shall be
construed as imposing any obligation on the Warrant Holder to purchase any of
the Underlying Securities except in accordance with the terms hereof or
thereof.

            SECTION 7.03. Notices. All notices and other communications under
this Warrant Agent Agreement shall be in writing and shall be delivered, or
mailed by registered or certified mail, return receipt requested, by a
nationally recognized overnight courier, postage prepaid, addressed (a) if to
any Warrant Holder, at the registered address of such Warrant Holder as set
forth in the register kept by the Warrant Agent or (b) if to the Warrant Agent,
to [o] or to such other address notice of which the Warrant Agent shall have
given to the Warrant Holder and the Trustee or (c) if to the Warrant Originator
to Select Asset Inc., 745 Seventh Avenue, New York, New York 10019; provided,
that, the exercise of any Call Warrants shall be effective in the manner
provided in Article I. The Warrant Agent shall forward to the Warrant Holder
any notices received by it hereunder by facsimile within one Business Day of
receipt thereof.

                                     C-13
<PAGE>

            SECTION 7.04.     Amendment.

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

            (b) Without limiting the generality of the foregoing, any Call
Warrant may also be modified or amended from time to time by the Warrant Agent
with the consent of Warrant Holders of 66-2/3% of the outstanding Call
Warrants, upon receipt of an opinion of counsel satisfactory to the Warrant
Agent that the provisions hereof (including, without limitation, the following
proviso) have been satisfied, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Call
Warrants or of modifying in any manner the rights of the Warrant Holders;
provided, however, that no such amendment shall alter the terms on which Call
Warrants are exercisable or the amounts payable upon exercise of a Call Warrant
without the consent of the Trustee and 100% of the affected Warrant Holders.
Notwithstanding any other provision hereof or of the Call Warrants, this
Section 7.4(b) shall not be amended without the consent of 100% of the affected
Warrant Holders.

            (c) Promptly after the execution of any such amendment or
modification, the Warrant Agent shall furnish a copy of such amendment or
modification to each Warrant Holder, to the Trustee and to the Rating Agencies.
It shall not be necessary for the consent of Warrant Holders to approve the
particular form of any proposed amendment, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such
consents and of evidencing the authorization of the execution thereof shall be
subject to such reasonable regulations as the Warrant Agent may prescribe. Any
consent by a Warrant Holder (or any predecessor Warrant Holder) shall be
conclusive and binding on such Warrant Holder and upon all future Warrant
Holders of the same Call Warrant and of any Call Warrant issued upon the
transfer thereof or in exchange thereof or in lieu thereof, whether or not
notation of such consent is made upon the Call Warrant.

            SECTION 7.05. Expiration. The right to exercise the Call Warrants
shall expire on the earliest to occur of (a) the cancellation thereof, (b) the
termination of the Trust Agreement, or (c) the liquidation, disposition, or
maturity of all of the Underlying Securities.

                                     C-14
<PAGE>

            SECTION 7.06. Descriptive Headings. The headings in this Warrant
Agent Agreement are for purposes of reference only and shall not limit or
otherwise affect the meaning hereof.

            SECTION 7.07. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED
BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT
OF LAWS.

            SECTION 7.08. Judicial Proceedings; Waiver of Jury. Any judicial
proceeding brought against the Warrant Originator or the Warrant Agent with
respect to this Warrant Agent Agreement may be brought in any court of
competent jurisdiction in the County of New York, State of New York or of the
United States of America for the Southern District of New York and, by
execution and delivery of the Call Warrants, the Warrant Agent (a) accepts,
generally and unconditionally, the nonexclusive jurisdiction of such courts and
any related appellate court, and irrevocably agrees that the Warrant Originator
and the Warrant Agent shall be bound by any judgment rendered thereby in
connection with this Warrant Agent Agreement or the Call Warrants, subject to
any rights of appeal, and (b) irrevocably waives any objection that the Warrant
Originator or the Warrant Agent may now or hereafter have as to the venue of
any such suit, action or proceeding brought in such a court or that such court
is an inconvenient forum.

            SECTION 7.09. Nonpetition Covenant; No Recourse. Each of (i) the
Warrant Holder by its acceptance thereof, and (ii) the Warrant Agent agrees
that it shall not (and, in the case of the Warrant Holder, that it shall not
direct the Warrant Agent to), until the date which is one year and one day
after the exercise of or expiration of the Call Warrants, acquiesce, petition
or otherwise invoke or cause the Trustee, the Warrant Originator, or any such
other entity to invoke the process of the United States of America, any State
or other political subdivision thereof or any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government for the purpose of commencing or sustaining a case by or against
the Trustee, the Warrant Originator or any such other entity under a federal or
state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Trust, the Depositor or any such other entity or all or any
part of the property or assets of Trustee, the Warrant Originator or any such
other entity or ordering the winding up or liquidation of the affairs of the
Trustee, the Warrant Originator or any such other entity. Each of (i) the
Warrant Holder, by its acceptance thereof, and (ii) the Warrant Agent agrees
that it shall not have any recourse to the Trustee or the Warrant Originator.

                                     C-15
<PAGE>

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

                                       SELECT ASSET INC.,
                                       as Warrant Originator

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

                                      [o],
                                       as Warrant Agent

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

<PAGE>

                                   EXHIBIT A

                         Investor Representation Letter

U.S. Bank National Association
100 Wall Street, Suite 1600
New York, New York 10005
Attention: [___________],
as Warrant Agent

Ladies and Gentlemen:

      We are delivering this letter in connection with our proposed transfer of
[o] Call Warrants relating to $27,500,000 aggregate principal amount of 7?%
Debentures (the "Underlying Securities") held by the Select Asset Inc.
Debenture-Backed Series 2006-1 Trust (the "Trust"). The Call Warrants were
issued under the warrant agent agreement (the "Warrant Agent Agreement"), dated
as of November 9, 2006 between Select Asset Inc., as Warrant Originator and
U.S. Bank National Association, as Warrant Agent.

      Capitalized terms used but not defined in this letter have the respective
meanings ascribed to them in the Warrant Agent Agreement.

                        (1) The Purchaser represents that in making its
                  investment decision to acquire the Call Warrants, the
                  Purchaser has not relied on representations, warranties,
                  opinions, projections, financial or other information or
                  analysis, if any, supplied to it by any person, including the
                  Warrant Originator or Warrant Agent, or any of their
                  respective affiliates, except as expressly contained in
                  written information, if any.

                        (2) The Purchaser has such knowledge and experience in
                  financial and business matters as to be capable of evaluating
                  the merits and risks of an investment in the Call Warrants,
                  and the Purchaser is able to bear the substantial economic
                  risks of such an investment. The Purchaser has relied upon
                  its own tax, legal and financial advisors in connection with
                  its decision to purchase the Call Warrants.

                        (3) The Purchaser (i) is a QIB and (ii) is acquiring
                  the Call Warrants for its own account or for the account of
                  an investor of the type described in clause (i) above as to
                  each of which the Purchaser exercises sole investment
                  discretion. The Purchaser is purchasing the Call Warrants for
                  investment purposes and not with a view to, or for, the offer
                  or sale in connection with, a public distribution or in any
                  other manner that would violate the Securities Act or the
                  securities or blue sky laws of any state.

                        (4) The Purchaser understands that the Call Warrants
                  have not been and will not be registered under the Securities
                  Act or under the

                                     C-A-1

<PAGE>

                  securities or blue sky laws of any state, and that (x) if it
                  decides to resell, pledge or otherwise transfer any Security,
                  such resale, pledge or other transfer must comply with the
                  provisions of the Warrant Agent Agreement relating to the
                  Call Warrants (including, without limitation, the provisions
                  of Section 4.1 of the Warrant Agent Agreement) and (y) it
                  will, and each subsequent holder will be required to, notify
                  any purchaser of any Call Warrant from it of the resale
                  restrictions referred to in clause (x) above.

                        (5) The Purchaser understands that each of the Call
                  Warrants will bear a legend described in Section 4.1 of the
                  Warrant Agent Agreement unless otherwise agreed by the
                  Warrant Originator and the Warrant Agent.

                        (6) The Purchaser understands that no subsequent
                  transfer of the Call Warrants is permitted unless (i) such
                  transfer is of at least 500 Call Warrants (or Call Warrants
                  relating to $500,000 aggregate principal amount of Underlying
                  Securities) and (ii) the Purchaser causes the proposed
                  transferee to provide to the Depositor and the Trustee such
                  documentation as may be required pursuant to Section 4.1 of
                  the Warrant Agent Agreement, or such other written statement
                  as the Warrant Agent shall reasonably prescribe.

                        (7) The Purchaser is a person or entity (a "Person")
                  who is either:

                  (A) (1) a citizen or resident of the United States, (2) a
                  corporation, partnership or other entity organized in or
                  under the laws of the United States or any political
                  subdivision thereof, (3) an estate the income of which is
                  includible in gross income for federal income tax purposes
                  regardless of source, or (4) a trust if a court within the
                  United States is able to exercise primary supervision of the
                  administration of the trust and one or more United States
                  persons have the authority to control all substantial
                  decisions of the trust, or

                  (B) a Person not described in (A), whose ownership of such
                  Call Warrant is effectively connected with such Person's
                  conduct of a trade or business within the United States
                  within the meaning of the Internal Revenue Code of 1986, as
                  amended (the "Code"), and its ownership of any interest in
                  such Call Warrant will not result in any withholding
                  obligation with respect to any payments with respect to the
                  Call Warrants by any Person (other than withholding, if any,
                  under Section 1446 of the Code), or

                  (C) a Person not described in (A) or (B) above, who is not a
                  Person: (1) that owns, directly or indirectly, 10% or more of
                  the total combined voting power of all classes of stock in
                  the Underlying Securities Issuer (as defined in the
                  Prospectus Supplement) entitled to vote, (2) that is a

                                     C-A-2

<PAGE>

                  controlled foreign corporation related to the Underlying
                  Securities Issuer within the meaning of Section 864(d)(4) of
                  the Code, or (3) that is a bank extending credit pursuant to
                  a loan agreement entered into in the ordinary course of its
                  trade or business.

                        (8) The Purchaser agrees that (I) if it is a Person
                  described in clause (A) above, it will furnish to the
                  Depositor and the Trustee a properly executed IRS Form W-9,
                  and (II) if it is a Person described in clause (B) above, it
                  will furnish to the Depositor and the Trustee a properly
                  executed IRS Form W-8ECI, and (III) if it is a Person
                  described in clause (C) above, it will furnish to the
                  Depositor and the Trustee a properly executed IRS Form W-8BEN
                  (or, if the Purchaser is treated as a partnership for federal
                  income tax purposes, a properly executed IRS Form W-8IMY with
                  appropriate certification for all partners or members
                  attached). The Purchaser also agrees that it will provide a
                  new IRS form upon the expiration or obsolescence of any
                  previously delivered form, and that it will provide such
                  other certifications, representations or Opinions of Counsel
                  as may be requested by the Depositor and the Trustee.

                        (9) The Purchaser agrees that if at some time in the
                  future it wishes to transfer or exchange any of the Call
                  Warrants, it will not transfer or exchange any of the Call
                  Warrants unless such transfer or exchange is in accordance
                  with the terms of this Agreement and other documents
                  applicable to the Call Warrant. The Purchaser understands
                  that any purported transfer of the Call Warrants (or any
                  interest therein) in contravention of any of the restrictions
                  and conditions in the agreements, as applicable, shall be
                  void, and the purported transferee in such transfer shall not
                  be recognized by any Person as a holder of such Call
                  Warrants, for any purpose.

Date:
      ------------------------------   ----------------------------------------
                                       [the Purchaser]

                                       By:
                                           ------------------------------------
                                           Name:
                                           Title:
                                     C-A-3

<PAGE>

Reconciliation and tie between the Trust Agreement dated as of [_____], and the
Trust Indenture Act of 1939 as amended. This reconciliation does not constitute
part of Trust Agreement.

     Trust Indenture Act                   Trust
       of 1939 Section               Agreement Section
       ---------------               -----------------

           310(a)(1)                        7.07
              (a)(2)                        7.07
              (a)(5)                        7.07
              310(b)                        7.07
              312(a)                        7.15
              313(a)                        7.17
              314(a)                        3.10
              (c)(1)                        1.03
              (c)(2)                        1.03
                 (e)                        1.03
           315(a)(1)                     7.01(a)
           315(a)(2)                     7.03(a)
              315(b)                     7.01(d)
              315(d)                     7.01(c)
        316(a)(1)(A)                        5.19
           (a)(1)(B)                        5.20
                 (b)                        5.21
                 (c)                     1.03(b)
           317(a)(1)                        5.18
                 (b)                        5.13
              318(a)                       10.12

<PAGE>

                                    ANNEX A
                                    -------

                          RELEVANT SERVICING CRITERIA

      The assessment of compliance to be delivered by the Trustee shall
address, at a minimum, the criteria identified as below as "Applicable
Servicing Criteria" if applicable to the Trustee:

Where there are multiple checks for a criteria, the Trustee will identify in
its management assertion that it is attesting only to the portion of the
distribution chain it is responsible for in the related transaction agreements.

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Regulation AB         Applicable Servicing Criteria                          Trustee
Reference
--------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------
                      General Servicing Considerations
--------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------
<S>                  <C>                                                   <C>
                      Policies and procedures are instituted to                 n/a
                      monitor any  performance or other triggers and
                      events of default in accordance with the
1122(d)(1)(i)         transaction agreements.
--------------------------------------------------------------------------------------------
                                                                                   X
                                                                              (only to the
                                                                            extent applicable
                      If any material servicing activities are                to Trustee, to
                      outsourced to third parties, policies and            extent it engages a
                      procedures are instituted to monitor the third        subcontractor at
                      party's performance and compliance with such         time of assessment).
1122(d)(1)(ii)        servicing activities.
--------------------------------------------------------------------------------------------
                      Any requirements in the transaction agreements            n/a
                      to maintain a back-up servicer for the Pool
1122(d)(1)(iii)       Assets are maintained.
--------------------------------------------------------------------------------------------
                                                                                n/a
                      A fidelity bond and errors and omissions policy is in
                      effect on the party participating in the servicing
                      function throughout the reporting period in the amount
                      of coverage required by and otherwise in accordance
1122(d)(1)(iv)        with the terms of the transaction agreements.
--------------------------------------------------------------------------------------------
                      Cash Collection and Administration
--------------------------------------------------------------------------------------------
                      Payments on pool assets are deposited into the             X
                      appropriate custodial bank accounts and related bank
                      clearing accounts no more than two business days
                      following receipt, or such other number of days
1122(d)(2)(i)         specified in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Disbursements made via wire transfer on behalf             X
                      of an obligor or to an investor are made only
1122(d)(2)(ii)        by authorized personnel.
--------------------------------------------------------------------------------------------
                      Advances of funds or guarantees regarding                 n/a
                      collections, cash flows or distributions, and any
                      interest or other fees charged for such advances, are
                      made, reviewed and approved as specified in the
1122(d)(2)(iii)       transaction agreements.
--------------------------------------------------------------------------------------------
1122(d)(2)(iv)        The related accounts for the transaction, such as cash     X
--------------------------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------------------------
                      reserve accounts or accounts established as a form of
                      over collateralization, are separately maintained
                      (e.g., with respect to commingling of cash) as
                      set forth in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Each custodial account is maintained at a                  X
                      federally insured depository institution as
                      set forth in the transaction agreements. For
                      purposes of this criterion, "federally insured
                      depository institution" with respect to a
                      foreign financial institution means a foreign
                      financial institution that meets the
                      requirements of Rule 13k-1(b)(1) of the
1122(d)(2)(v)         Securities Exchange Act.
--------------------------------------------------------------------------------------------
                      Unissued checks are safeguarded so as to                  n/a
1122(d)(2)(vi)        prevent unauthorized access.
--------------------------------------------------------------------------------------------
                      Reconciliations are prepared on a monthly                  X
                      basis for all asset-backed securities related
                      bank accounts, including custodial accounts
                      and related bank clearing accounts. These
                      reconciliations are (A) mathematically
                      accurate; (B) prepared within 30 calendar days
                      after the bank statement cutoff date, or such
                      other number of days specified in the
                      transaction agreements; (C) reviewed and
                      approved by someone other than the person who
                      prepared the reconciliation; and (D) contain
                      explanations for reconciling items. These
                      reconciling items are resolved within 90
                      calendar days of their original
                      identification, or such other number of days
1122(d)(2)(vii)       specified in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Investor Remittances and Reporting
--------------------------------------------------------------------------------------------
                      Reports to investors, including those to be filed          X
                      with the Commission, are maintained in accordance
                      with the transaction agreements and applicable
                      Commission requirements. Specifically, such reports (A)
                      are prepared in accordance with timeframes and other
                      terms set forth in the transaction agreements; (B)
                      provide information calculated in accordance with the
                      terms specified in the transaction agreements; (C) are
                      filed with the Commission as required by its rules and
                      regulations; and (D) agree with investors' or the
                      trustee's records as to the total unpaid principal
                      balance and number of Pool Assets
1122(d)(3)(i)         serviced by the Servicer.
--------------------------------------------------------------------------------------------
                      Amounts due to investors are allocated and                 X
                      remitted in accordance with timeframes,
                      distribution priority and other terms set
1122(d)(3)(ii)        forth in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Disbursements made to an investor are posted within two    X
                      business days to the Servicer's investor records, or
                      such other number of days specified in the transaction
1122(d)(3)(iii)       agreements.
--------------------------------------------------------------------------------------------
                      Amounts remitted to investors per the investor             X
                      reports agree with cancelled checks, or other
1122(d)(3)(iv)        form of payment, or custodial bank statements.
--------------------------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------------------------
                      Pool Asset Administration
--------------------------------------------------------------------------------------------
                      Collateral or security on pool assets is                  n/a
                      maintained as required by the transaction
1122(d)(4)(i)         agreements or related pool asset documents.
--------------------------------------------------------------------------------------------
                      Pool assets  and related documents are                     X
                      safeguarded as required by the transaction
1122(d)(4)(ii)        agreements
--------------------------------------------------------------------------------------------
                      Any additions, removals or substitutions to                X
                      the asset pool are made, reviewed and approved
                      in accordance with any conditions or
1122(d)(4)(iii)       requirements in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Payments on pool assets, including any                     X
                      payoffs, made in accordance with the related
                      pool asset documents are posted to the
                      Servicer's obligor records maintained no more
                      than two business days after receipt, or such
                      other number of days specified in the
                      transaction agreements, and allocated to
                      principal, interest or other items (e.g.,
                      escrow) in accordance with the related pool
1122(d)(4)(iv)        asset documents.
--------------------------------------------------------------------------------------------
                      The Servicer's records regarding the pool assets agree     X
                      with the Servicer's records with respect to an obligor's
1122(d)(4)(v)         unpaid principal balance.
--------------------------------------------------------------------------------------------
                      Changes with respect to the terms or status of an         n/a
                      obligor's pool assets (e.g., loan modifications or
                      re-agings) are made, reviewed and approved by authorized
                      personnel in accordance with the transaction agreements
1122(d)(4)(vi)        and related pool asset documents.
--------------------------------------------------------------------------------------------
                      Loss mitigation or recovery actions (e.g.,                n/a
                      forbearance plans, modifications and deeds in lieu of
                      foreclosure, foreclosures and repossessions, as
                      applicable) are initiated, conducted and concluded in
                      accordance with the timeframes or other requirements
1122(d)(4)(vii)       established by the transaction agreements.
--------------------------------------------------------------------------------------------
                      Records documenting collection efforts are maintained      X
                      during the period a pool asset is delinquent in
                      accordance with the transaction agreements. Such
                      records are maintained on at least a monthly basis, or
                      such other period specified in the transaction
                      agreements, and describe the entity's activities in
                      monitoring delinquent pool assets including, for
                      example, phone calls, letters and payment rescheduling
                      plans in cases where delinquency
1122(d)(4)(viii)      is deemed temporary (e.g., illness or unemployment).
--------------------------------------------------------------------------------------------
                      Adjustments to interest rates or rates of return for      n/a
                      pool assets with variable rates are computed based on
1122(d)(4)(ix)        the related pool asset documents.
--------------------------------------------------------------------------------------------
                      Regarding any funds held in trust for an obigor           n/a
                      (such as escrow accounts): (A) such funds are
                      analyzed, in accordance with the obligor's pool asset
                      documents, on at least an annual basis, or such other
1122(d)(4)(x)         period
--------------------------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------------------------
                      specified in the transaction agreements; (B)
                      interest on such funds is paid, or credited, to
                      obligors in accordance with applicable pool asset
                      documents and state laws; and (C) such funds are
                      returned to the obligor within 30 calendar days of full
                      repayment of the related pool assets, or such other
                      number of days specified in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Payments made on behalf of an obligor (such as tax or     n/a
                      insurance payments) are made on or before the related
                      penalty or expiration dates, as indicated on the
                      appropriate bills or notices for such payments,
                      provided that such support has been received by the
                      servicer at least 30 calendar days prior to these
                      dates, or such other number of days specified
1122(d)(4)(xi)        in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Any late payment penalties in connection with any         n/a
                      payment to be made on behalf of an obligor are paid
                      from the Servicer's funds and not charged to the
                      obligor, unless the late payment was due to the
1122(d)(4)(xii)       obligor's error or omission.
--------------------------------------------------------------------------------------------
                      Disbursements made on behalf of an obligor are posted     n/a
                      within two business days to the obligor's records
                      maintained by the servicer, or such other number of
1122(d)(4)(xiii)      days specified in the transaction agreements.
--------------------------------------------------------------------------------------------
                      Delinquencies, charge-offs and uncollectible              n/a
                      accounts are recognized and recorded in
1122(d)(4)(xiv)       accordance with the transaction agreements.
--------------------------------------------------------------------------------------------
                      Any external enhancement or other support, identified     n/a
                      in Item 1114(a)(1) through (3) or Item 1115 of
                      Regulation AB, is maintained as set forth in the
1122(d)(4)(xv)        transaction agreements.
--------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                    ANNEX B
                                    -------

                        FORM OF ITEM 1123 CERTIFICATION

                                     [DATE]

[Depositor]
U.S. Bank National Association
100 Wall Street, Suite 1600
New York, New York 10005
Attention: [___________]

Re: Standard Terms For Trust Agreements (the "Standard Terms") dated as of
November 9, 2006 (the "Closing Date") by and between Select Asset Inc. as
Depositor (the "Depositor"), and U.S. Bank National Association, as Trustee
(the "Trustee") and that certain Series Supplement Corporate Backed Callable
Trust Certificates, [__] Debenture-Backed Series 200[_]-[_] Trust (the "Series
Supplement" and together with the Standard Terms, the "Trust Agreement") dated
as of the Closing Date, by and between the Depositor and the Trustee, relating
to the Class [_] Certificates and Class [_] Certificates, each as defined
therein (collectively, the "Securities").

I, [identify name of certifying individual], [title of certifying individual]
of [______________] (the "Servicer"), hereby certify that:

(1) A review of the activities of the Servicer during the preceding calendar
year and of the performance of the Servicer under the Agreement has been made
under my supervision; and

(2) To the best of my knowledge, based on such review, the Servicer has
fulfilled all its obligations under the Agreement in all material respects
throughout such year or a portion thereof[, or, if there has been a failure to
fulfill any such obligation in any material respect, I have specified below
each such failure known to me and the nature and status thereof].

Date:
                                    [------------]

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

<PAGE>

                                    ANNEX C
                                    -------

                       ADDITIONAL DISCLOSURE NOTIFICATION

[Depositor]
U.S. Bank National Association
100 Wall Street, Suite 1600
New York, New York 10005
Attention: [___________]

Re:   Additional Form [10-D][10-K][8-K] Disclosure** Required

Ladies and Gentlemen:

      In accordance with that certain Standard Terms For Trust Agreements (the
"Standard Terms") dated as of November 9, 2006 (the "Closing Date") by and
between Select Asset Inc. as Depositor (the "Depositor"), and U.S. Bank
National Association, as Trustee (the "Trustee") and that certain Series
Supplement Corporate Backed Callable Trust Certificates J.C. Penney
Debenture-Backed Series 2006-1 Trust (the "Series Supplement" and together with
the Standard Terms, the "Trust Agreement") dated as of the Closing Date, by and
between the Depositor and the Trustee, relating to the Class A-1 Certificates
and Class A-2 Certificates, each as defined therein (collectively, the
"Securities"), the undersigned, as [ ], hereby notifies you that certain events
have come to our attention that [will] [may] need to be disclosed on Form
[10-D] [ 10-K] [8-K].

Description of Additional Form [10-D][10-K][8-K] Disclosure:

List of any Attachments hereto to be included in the Additional Form [10-D][
10-K][8-K] Disclosure:

Any inquiries related to this notification should be directed to [       ],
phone number: [         ]; email address: [            ].

[NAME OF PARTY],
  as [role]

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

<PAGE>

                                    ANNEX D
                                    -------

                           FORM 8-K REPORTABLE EVENTS

<TABLE>
<CAPTION>
          Item on Form 8-K                                                     Party Responsible

<S>                                                                        <C>
Item 1.01- Entry into a Material Definitive Agreement                      Each party to such agreement
Item 1.02- Termination of a Material Definitive Agreement                  Each party to such agreement
Item 1.03- Bankruptcy or Receivership                                      Material parties
Item 2.01- Completion of Acquisition or Disposition of Assets.             Depositor
Item 2.03-Creation of a Direct Financial Obligation or an Obligation       Depositor
under an Off-Balance Sheet Arrangement of a Registrant.
Item 2.04- Triggering Events that Accelerate or Increase a Direct          Depositor
Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement
Item 3.01- Notice of Delisting or Failure to Satisfy a Continued Listing   Depositor
Rule or Standard; Transfer of Listing;
Item 3.03- Material Modification to Rights of Security Holders             Depositor
Item 4.01- Changes in Registrant's Certifying Accountant                   Depositor
Item 5.01- Changes in Control of Registrant;
Item 5.03- Amendments of Articles of Incorporation or Bylaws; Change of    Depositor
Fiscal Year
Item 6.01- ABS Informational and Computational Material                    Depositor
Item 6.02- Change of Servicer or Trustee                                   Depositor
Item 6.03- Change in Credit Enhancement or External Support                Depositor
Item 6.04- Failure to Make a Required Distribution                         Trustee
Item 6.05- Securities Act Updating Disclosure                              Depositor
Item 7.01- Regulation FD Disclosure                                        Depositor
Item 8.01- Other Events                                                    Depositor
</TABLE>

<PAGE>

                                    ANNEX E
                                    -------

                                   FORM 10-D

<TABLE>
<CAPTION>
                       Item on Form 10-D                                                Party Responsible

<S>                                                               <C>
Item 1: Distribution and Pool Performance Information             Trustee, Depositor
Plus any information required by 1121 which is NOT included on    Depositor and Trustee (to the extent known and required by
the monthly statement to Certificateholders                       Regulation AB)
Item 2: Legal Proceedings  per Item 1117 of Regulation AB         All parties to the Trust Agreement (as to themselves), the
                                                                  Depositor/Servicer/Trustee (to the extent known) as to the
                                                                  Trust, the Sponsor, 1106(b) originator, any 1100(d)(1) party
Item 3:  Sale of Securities and Use of Proceeds                   Depositor
Item 4:  Defaults Upon Senior Securities                          Trustee
Item 5:  Submission of Matters to a Vote of Security Holders      Trustee
Item 6:  Significant Obligors of Pool Assets                      Depositor/Sponsor
Item 7:  Significant Enhancement Provider Information             Depositor/Sponsor
Item 8:  Other Information                                        Trustee/Depositor (to the extent known) and any other party
                                                                  responsible for disclosure items on Form 8-K
Item 9:  Exhibits                                                 Trustee/Depositor to the extent applicable to each
</TABLE>

<PAGE>

                                    ANNEX F
                                    -------

                                   FORM 10-K

<TABLE>
<CAPTION>
          Item on Form 10-K                                               Party Responsible

<S>                                                             <C>
Item 1B: Unresolved Staff Comments                              Depositor

Item 9B:  Other Information                                     Depositor and any other party responsible for disclosure items
                                                                on Form 8-K
Item 15:  Exhibits, Financial Statement Schedules               Depositor.
Additional Item:                                                All parties to the Trust Agreement (as to themselves), the
                                                                Depositor/Trustee (to the extent known) as to the Trust, the
Disclosure per Item 1117 of Regulation AB                       Sponsor, 1106(b) originator, any 1100(d)(1) party
Additional Item:                                                All parties to the  Trust Agreement, the Depositor, Sponsor,
Disclosure per Item 1119 of Regulation AB                       originator, significant obligor, enhancement or support provider
Additional Item:                                                Depositor/Sponsor
Disclosure per Item 1112(b) of Regulation AB
Additional Item:                                                Depositor/Sponsor
Disclosure per Items 1114(b) and 1115(b) of Regulation AB
</TABLE>

<PAGE>

                                    ANNEX G
                                    -------

               FORM OF BACK-UP OFFICER'S CERTIFICATE OF [TRUSTEE]

[Depositor]
U.S. Bank National Association
100 Wall Street, Suite 1600
New York, New York 10005
Attention: [___________]

Re: Standard Terms For Trust Agreements (the "Standard Terms") dated as of
November 9, 2006 (the "Closing Date") by and between Select Asset Inc. as
Depositor (the "Depositor"), and U.S. Bank National Association, as Trustee
(the "Trustee") and that certain Series Supplement Corporate Backed Callable
Trust Certificates, [*] Debenture-Backed Series 200[_]-[_] Trust (the "Series
Supplement" and together with the Standard Terms, the "Trust Agreement") dated
as of the Closing Date, by and between the Depositor and the Trustee, relating
to the Class [_] Certificates and Class [_] Certificates, each as defined
therein (collectively, the "Securities").

Dear [________]:

      The [Trustee] hereby certifies to the Depositor and its officers,
  directors and Affiliates, and with the knowledge and intent that they will
  rely upon this certification, that:

(1) I have reviewed the annual report on Form 10-K for the fiscal year [2006]
(the "Annual Report"), and all reports on Form 8-K (if any) and on Form 10-D
required to be filed in respect of the period covered by the Annual Report
(collectively with the Annual Report, the "Reports"), of the Trust;

(2) To the best of my knowledge, and assuming the accuracy of the statements
required to be made or data required to be delivered by the [Market
Agent][Sub-Contractor and] Depositor (to the extent that such statements or
data were received by the Trustee and are relevant to the statements made by
the Trustee in this Back-Up Certification), the distribution and any other
information required to be provided by the Trustee to the Depositor under the
Related Trust Agreement for inclusion in the Reports is included in the
Reports;

(3) The report on assessment of compliance (the "Assessment of Compliance')
with servicing criteria for asset-backed securities of the Trustee and its
related attestation report (the "Attestation Report") on assessment of
compliance with servicing criteria required to be included in the Annual Report
in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and
15d-18 has been included as an exhibit to the Annual Report. Any material
instances of non-compliance of the Trustee are described in such report and
have been disclosed in the Annual Report;

<PAGE>

(5) A review of the Trustee's activities during the preceding calendar year or
portion thereof and of such Trustee's performance of its distribution and
calculation activities under the Agreement has been made under my supervision.
Based on my knowledge, based on such review, the Trustee has fulfilled all its
obligations with respect to such distribution and calculation activities under
the Agreement, in all material respects throughout the year or applicable
portion thereof, or, if there has been a failure to fulfill any such obligation
in any material respect, the Trustee has specified each such failure known to
such officer and the nature and status thereof; and

(6) Based on my knowledge, and assuming the accuracy of the statements required
to be made or data required to be delivered by the Depositor (to the extent
that such statements or data were received by the Trustee and are relevant to
the statements made by the Trustee in this Back-Up Certification), the
Assessment of Compliance and the related Attestation Report, taken as a whole,
do not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the light of the
circumstances under which such statements were made, not misleading with
respect to the period of time covered by the Assessment of Compliance and the
related Attestation Report.

Date:

                                    U.S. Bank National Association, as Trustee

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

<PAGE>

                                    ANNEX H
                                    -------

                  FORM OF OFFICER'S CERTIFICATE OF [SERVICER]

[Depositor]
U.S. Bank National Association
100 Wall Street, Suite 1600
New York, New York 10005
Attention: [___________]

Re: Standard Terms For Trust Agreements (the "Standard Terms") dated as of
November 9, 2006 (the "Closing Date") by and between Select Asset Inc. as
Depositor (the "Depositor"), and U.S. Bank National Association, as Trustee
(the "Trustee") and that certain Series Supplement Corporate Backed Callable
Trust Certificates, [*] Debenture-Backed Series 200[_]-[_] Trust (the "Series
Supplement" and together with the Standard Terms, the "Trust Agreement") dated
as of the Closing Date, by and between the Depositor and the Trustee, relating
to the Class [_] Certificates and Class [_] Certificates, each as defined
therein (collectively, the "Securities").

Dear [________]:

[___________________] (the "Servicer") certifies to the Depositor and the
Trustee, and their officers, directors and Affiliates, and with the knowledge
and intent that they will rely upon this certification, that:

(1) I am responsible for reviewing the activities performed by the Servicer
under the Related Trust Agreement and I have reviewed, or persons under my
supervision have reviewed, the servicer compliance statement of the Servicer
and the compliance statements of each Subservicer, if any, engaged by the
Servicer provided to the Depositor and the Trustee for the Trust's fiscal year
[___] in accordance with Item 1123 of Regulation AB (each a "Compliance
Statement"), the report on assessment of the Servicer's compliance with the
servicing criteria set forth in Item 1122(d) of Regulation AB (the "Servicing
Criteria") and reports on Assessment of Compliance with servicing criteria for
asset-backed securities of the Servicer and of each Subservicer [or
Subcontractor], if any, engaged or utilized by the Servicer provided to the
Depositor and the Trustee for the Trust's fiscal year [___] in accordance with
Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the
"Exchange Act") and Item 1122 of Regulation AB (each a "Servicing Assessment"),
the registered public accounting firm's attestation report provided in
accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section
1122(b) of Regulation AB related to each Servicing Assessment (each a
"Attestation Report"), and all servicing reports, officer's certificates and
other information relating to the servicing of the [Trust assets] by the
Servicer during 200[ ] that were delivered or caused to be delivered by the
Servicer pursuant to the Agreement (collectively, the "Servicing Information");

<PAGE>

(2) Based on my knowledge, and assuming the accuracy of the information
provided to the Servicer in connection with the transfer of servicing of the
[Trust assets] to the Servicer, the Servicing Information, taken as a whole,
does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in the light of the
circumstances under which such statements were made, not misleading with
respect to the period of time covered by the Servicing Information;

(3) Based on my knowledge, the servicing information required to be provided to
the Trustee by the Servicer pursuant to the Related Trust Agreement has been
provided to the Trustee;

(4) Based on my knowledge and the compliance review conducted in preparing
Compliance Statement of the Servicer and, if applicable, reviewing each
Compliance Statement of each Subservicer, if any, engaged by the Servicer, and
except as disclosed in such Compliance Statement[(s)], the Servicer [(directly
and through its Subservicers, if any)] has fulfilled its obligations under the
related Trust Agreement in all material respects;

(5) Each Servicing Assessment of the Servicer and of each Subservicer [or
Subcontractor], if any, engaged or utilized by the Servicer and its related
Attestation Report required to be included in the Annual Report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has
been provided to the Depositor and the Trustee. Any material instances of
non-compliance are described in any such Servicing Assessment or Attestation
Report.

Date:

                                    [--------------------],

                                    as Servicer

                                    By:
                                          -------------------------------
                                    Name:
                                                  -----------------------------
                                    Title:
                                                  -----------------------------CONFIDENTIAL TREATMENT REQUEST
[ * ] INDICATES INFORMATION THAT HAS BEEN OMITTED PURSUANT TO A
CONFIDENTIAL TREATMENT REQUEST AND THIS INFORMATION
HAS BEEN FILED UNDER SEPARATE COVER WITH THE COMMISSION

                         PRODUCT COLLABORATION AGREEMENT

         THIS PRODUCT COLLABORATION  AGREEMENT,  made as of November 10, 2006 by
and between ELITE  Pharmaceuticals,  Inc., a corporation  organized and existing
under the laws of Delaware  having its principal place of business at 165 Ludlow
Avenue,  Northvale,  New Jersey 07647  ("ELITE")  and  THEPHARMANETWORK,  LLC, a
limited  liability  company  organized and existing under the laws of New Jersey
with a principal  place of business at 180 Summit Avenue,  Suite 200,  Montvale,
New Jersey 07645 ("TPN").

                                    RECITALS

       WHEREAS,  TPN is  engaged  in the  research  and  development  of generic
pharmaceutical products and has accumulated  considerable knowledge in the field
of pharmaceutical product development management services.

       WHEREAS,  ELITE is engaged in the business of research  and  development,
manufacturing, sales and marketing of oral controlled release products.

       WHEREAS,  TPN  wishes  to  collaborate  with  ELITE and  provide  product
development services including analytical methods development and validation and
formulation of a generic pharmaceutical product in the Territory.

       NOW,  THEREFORE,  in consideration  of the mutual covenants  contained in
this Agreement, the Parties agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

1.1    DEFINITIONS.  Capitalized  terms used in this  Agreement,  whether in the
singular or plural,  have the meanings set forth in SCHEDULE 1 which is attached
hereto and made part of this Agreement,  or as otherwise specifically defined in
this Agreement.

                                   ARTICLE II
                          PRODUCT DEVELOPMENT SERVICES

2.1    PROVISION OF DEVELOPMENT SERVICES. During the term of this Agreement, TPN
shall provide the product development  services described on SCHEDULE 2 attached
to this Agreement (the  "DEVELOPMENT  SERVICES") to ELITE and its  Collaboration
Parties in  connection  with the  development  of the  Product.  ELITE  shall be
responsible  for  the  payment  of

ELITE: _____                            1                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

[*] costs and expenses incurred by the Collaboration  Parties in connection with
the  active  pharmaceutical  ingredients.  Any and all  out-of-pocket  costs and
expenses will be split between TPN ([*]%) and ELITE ([*]%);  provided,  however,
that TPN's share of the out of pocket  expenses will accrue and will be recouped
by Elite out of TPN's [*] ([*]%) percent royalty share upon commercialization of
the product. Each party should be responsible for paying its own labor costs.

2.2    PROVISION OF DEVELOPMENT SUPPORT AND  COMMERCIALIZATION  SERVICE.  During
the term of this  Agreement,  ELITE shall  provide the  development  support and
commercialization  services  described on SCHEDULE 2 attached to this  Agreement
and made a part hereof to TPN in  connection  with the  development  support and
commercialization  of the  Product  (the  "Support  Services").  ELITE  shall be
responsible  for  the  payment  of  [*]  costs  and  expenses  incurred  by  the
Collaboration Parties in connection with the active pharmaceutical  ingredients.
Any and all  out-of-pocket  costs and expenses  will be split between TPN ([*]%)
and  ELITE  ([*]%)  provided,  however,  that  TPN's  share of the out of pocket
expenses  will accrue and be  recouped by Elite out of TPN's [*] ([*]%)  percent
royalty share upon commercialization of the product.

2.3    ANDA HOLDER. TPN shall be the owner and party of record of all regulatory
filings with respect to the Product,  including the ANDA for the Product.  ELITE
shall  cooperate  with  TPN and the  Collaboration  Parties,  as TPN  reasonably
requires, in preparing such regulatory filings,  including,  without limitation,
any and all data contained therein.

2.4    IDENTIFICATION  OF PRODUCT.  Commencing  promptly after the execution and
delivery of this  Agreement,  TPN and ELITE shall work together to determine the
specific  synthetic  narcotic  analgesic  drug  product  from  which  a  generic
equivalent  shall be developed as the Product.  TPN and ELITE shall discuss,  in
good faith, each synthetic  narcotic analgesic drug product suggested by a party
and use  commercially  reasonable  efforts to agree upon the specific  synthetic
narcotic  analgesic  drug  product  from  which a  generic  equivalent  shall be
developed  within  sixty (60) days of the date  hereof,  unless  such  period is
otherwise extended by the mutual consent of the parties.

                                   ARTICLE III
                                  COMPENSATION

3.1    DEVELOPMENT PAYMENTS.  ELITE shall, within thirty (30) days after receipt
of written  notice from TPN of the  completion  of each  milestone  specified in
SCHEDULE 3 hereto,  make the payment to TPN which is payable upon  completion of
such milestone.

3.2    ROYALTY  PAYMENTS  TO TPN.  ELITE  shall,  within  thirty (30) days after
receipt of royalty  payments from the Marketing  Partner  (selected  pursuant to
Section 4.2 hereof) with  respect to sale of the Product  remit to TPN an amount
equal to [*] percent ([*]%) of the royalty payment  received.  Royalty  payments
due to TPN shall  continue  with respect to the Product

ELITE: _____                            2                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

during the term of this  Agreement.  If ELITE later  determines that any royalty
payment was miscalculated for any reason whatsoever,  ELITE shall pay to TPN the
amount that should have been paid to TPN pursuant to this  Agreement but was not
paid,  and TPN shall pay to ELITE any amount  that was paid to TPN  pursuant  to
this  Agreement but should not have been paid.  Any payment  required to be made
pursuant to a subsequent recalculation (if any) shall be made within thirty (30)
days of the paying party's receipt of written notice of the recalculated amount.

3.3    RECORDS AND AUDIT.  ELITE  shall keep full,  true and  accurate  books of
account  containing all particulars  with respect to royalty  payments  received
from the Marketing Partner for the purpose of showing the amounts payable to TPN
hereunder.  Such books of accounts shall be kept at ELITE's  principal  place of
business.  During  the term of this  Agreement  and for one (1) year  after  its
termination or expiration, such books and the supporting data shall be available
at ELITE's  principal place of business,  at mutually  acceptable times and upon
reasonable prior written notice during normal business hours for inspection by a
firm of certified  public  accountants  selected by TPN and acceptable to ELITE,
which  consent shall not be  unreasonably  withheld for the purpose of verifying
ELITE's royalty statements;  PROVIDED,  HOWEVER, that such examination shall not
take place more often than once each calendar year and shall not cover more than
the preceding three (3) years,  with no right to audit any previous period.  The
cost of inspection is to be paid by TPN. All information  provided to TPN or its
accountants  pursuant to this Section 3.3 shall be subject to the MCA referenced
in Article V. If requested by ELITE, the accounting firm designated by TPN shall
be  required  to  execute  a  confidentially   agreement  containing  terms  and
conditions substantially equivalent to those provided in the MCA.

                                   ARTICLE IV
               MANUFACTURING, PACKAGING, DELIVERY AND DISTRIBUTION

4.1.   MANUFACTURING;  PACKAGING & DELIVERY Following ANDA approval, ELITE shall
manufacture  the Product on [*] in accordance  with the terms and  conditions of
the Marketing Partner Agreement.

4.2    LICENSE FOR  DISTRIBUTION The Parties shall mutually select a third party
for distribution of the Product in the territory (the "Marketing Partner").

                                    ARTICLE V
                                 CONFIDENTIALITY

       ELITE  and TPN  acknowledge  that the  Mutual  Confidentiality  Agreement
between the Parties dated as of the Effective Date of this Agreement (the "MCA")
is in full force and effect as provided  therein.  A copy of the MCA is appended
to,  and is  hereby  incorporated  into and made a part of,  this  Agreement  as
SCHEDULE 4. No Party shall make any press release  regarding  this  Agreement or
the Product that names the other Party without the written consent of such other
Party.

ELITE: _____                            3                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

                                   ARTICLE VI
          DISCLAIMERS, REPRESENTATIONS, WARRANTIES AND INDEMNIFICATIONS

6.1    TPN  REPRESENTATIONS,   WARRANTIES  AND  COVENANTS.  TPN  represents  and
warrants to and covenants with ELITE as follows:

       6.1.1    COMPANY EXISTENCE AND AUTHORITY.  As of the Effective Date, TPN:
       (a) is a limited liability  company duly organized,  validly existing and
       in good standing under the laws of the State of New Jersey in which it is
       formed,  (b) has full company  power and authority and the legal right to
       own and operate its  property  and assets and to carry on its business as
       it is  now  being  conducted  and  as  contemplated  in  this  Agreement,
       including the right to grant the license granted  hereunder,  (c) has the
       company  power  and  authority  and the  legal  right to enter  into this
       Agreement  and  perform  its  obligations  hereunder,  (d) has  taken all
       necessary  company action on its part required to authorize the execution
       and delivery of the  Agreement  and the  performance  of its  obligations
       hereunder,  and (e) has  delivered  this  Agreement,  which has been duly
       executed and constitutes a legal, valid, binding obligation of TPN and is
       enforceable against it in accordance with its terms.

       6.1.2    COMPLIANCE  WITH  LAWS.  In  carrying  out its work  under  this
       Agreement,  all TPN work  shall be  carried  out in  compliance  with any
       applicable laws including,  without limitation,  federal, state, or local
       laws,  regulations,  or  guidelines  governing the work at the site where
       such work is being conducted.

       6.1.3    NO DEBARMENT.  TPN will comply at all times with the  provisions
       of the Generic Drug Enforcement Act of 1992 and will upon request certify
       in writing to ELITE that none of its employees  nor any person  providing
       services to TPN in connection with the  Collaboration  have been debarred
       under the provisions of such Act.

       6.1.4    NO ACTIONS. TPN has not taken nor will it take any action, which
       would, in TPN' s good faith  judgment,  interfere with the performance of
       any obligations of TPN set forth in this Agreement.

6.2    ELITE  REPRESENTATIONS,  WARRANTIES AND COVENANTS.  ELITE  represents and
warrants to and covenants with TPN as follows:

       6.2.1    CORPORATE  EXISTENCE AND  AUTHORITY.  As of the Effective  Date,
       ELITE: (a) is a corporation duly organized,  validly existing and in good
       standing  under the laws of Delaware,  (b) has full  corporate  power and
       authority  and the legal right to own and operate its property and assets
       and  to  carry  on  its  business  as it is now  being  conducted  and as
       contemplated  in this  Agreement,  including  the right to grant  license
       granted  hereunder,  (c) has the  corporate  power and  authority and the
       legal right to enter into this  Agreement  and  perform  its  obligations
       hereunder,  (d) has  taken  all  necessary  corporate  action on its part
       required to authorize the execution and delivery of the

ELITE: _____                            4                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

       Agreement and the performance of its obligations  hereunder,  and (e) has
       delivered this Agreement,  which has been duly executed and constitutes a
       legal,  valid,  binding obligation of ELITE and is enforceable against it
       in accordance with its terms.

       6.2.2    COMPLIANCE  WITH  LAWS.  In  carrying  out its work  under  this
       Agreement,  all ELITE work shall be carried  out in  compliance  with any
       applicable laws including,  without limitation,  federal, state, or local
       laws,  regulations,  or  guidelines  governing the work at the site where
       such work is being conducted.

       6.2.3    NO DEBARMENT. ELITE will comply at all times with the provisions
       of the Generic Drug Enforcement Act of 1992 and will upon request certify
       in writing  to TPN that none of its  employees  nor any person  providing
       services to ELITE in connection with this Collaboration or this Agreement
       have been debarred under the provisions of such Act.

       6.2.4    NO  ACTIONS.  ELITE has not  taken nor will it take any  action,
       which  would,  in  ELITE's  good  faith  judgment,   interfere  with  the
       performance of any obligations of ELITE set forth in this Agreement.

6.3    DISCLAIMER.  EXCEPT AS  EXPRESSLY  SET FORTH IN THIS  AGREEMENT,  NEITHER
PARTY  MAKES ANY  REPRESENTATION  OR  WARRANTY  TO THE OTHER  PARTY OF ANY KIND,
EXPRESS  OR   IMPLIED,   INCLUDING,   WITHOUT   LIMITATION,   ANY   WARRANTY  OF
NON-INFRINGEMENT,  MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.  Without
limiting the generality of the foregoing,  each Party expressly does not warrant
(a) the success of any  research  and  development  undertaken  pursuant to this
Agreement,  (b) the  safety  for  any  purpose  of the  technology  it  provides
hereunder or (c) that the Product will be  successfully  marketed  following its
approval for commercial sale.

6.4    TPN'S RIGHT TO  INDEMNIFICATION.  ELITE shall  indemnify each of TPN, its
Affiliates,  permitted  successors  and assigns,  and the  directors,  officers,
employees,  agents and counsel thereof (the "TPN  INDEMNITEES"),  and defend and
hold each TPN  Indemnitee  harmless  from and against  any and all  liabilities,
damages, losses, settlements, claims, actions, suits, penalties, fines, costs or
expenses (including, without limitation, reasonable attorneys' fees) (any of the
foregoing,  "DAMAGES")  incurred by or asserted  against any TPN  Indemnitee  of
whatever kind or nature, including,  without limitation,  any claim or liability
based upon  negligence,  warranty,  strict  liability or violation of government
regulation  arising  out of or  relating  to:  (a) any  breach of or  failure to
perform any representation,  warranty or covenant made by ELITE pursuant to this
Article V; (b) any material  breach of this Agreement by ELITE;  or (c) the use,
handling,  storage,  sale or other  disposition  of the Product  that is sold by
ELITE, its Affiliates or agents following receive of approval for the commercial
sale of the Product;  except, in each such case in subparagraphs (a) through (c)
above,  to the extent that such Damages result from the negligence or misconduct
of a TPN Indemnitee or TPN's breach of or failure to perform any representation,
warranty or covenant under Section 6.1.

ELITE: _____                            5                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

6.5    ELITE'S RIGHT TO INDEMNIFICATION.  TPN shall indemnify each of ELITE, its
Affiliates,  successors  and assigns,  and the directors,  officers,  employees,
agents and counsel thereof (the "ELITE  INDEMNITEES"),  and defend and hold each
ELITE  Indemnitee  harmless from and against any and all Damages  incurred by or
asserted  against any ELITE  Indemnitee of whatever  kind or nature,  including,
without  limitation,  any claim or liability  based upon  negligence,  warranty,
strict  liability  or  violation  of  government  regulation  arising  out of or
relating  to:  (a) any  breach of or  failure  to  perform  any  representation,
warranty or covenant  made by TPN pursuant to this Article V or (b) any material
breach of this Agreement by TPN; except, in each such case, in subparagraphs (a)
and (b) above,  to the extent that such Damages  result from the  negligence  or
misconduct of a ELITE  Indemnitee or ELITE's breach of or failure to perform any
representation or warranty under Section 6.2.

6.6    INDEMNIFICATION  PROCEDURES WITH RESPECT TO THIRD PARTY CLAIMS.  Promptly
after  a  Party  entitled  to  indemnification  under  Section  6.4 or  6.5  (an
"INDEMNITEE")  receives notice of any pending or threatened claim against it (an
"ACTION"),  such  Indemnitee  shall give written notice to the Party to whom the
Indemnitee  is entitled to look for  indemnification  pursuant to Section 6.4 or
6.5, as applicable (the  "INDEMNIFYING  PARTY"),  of the  commencement  thereof,
provided that the failure so to notify the Indemnifying  Party shall not relieve
it of any liability that it may have to any Indemnitee hereunder,  except to the
extent the Indemnifying  Party  demonstrates that it is prejudiced  thereby.  In
case any Action that is subject to indemnification under this Article V shall be
brought  against  an  Indemnitee  and  it  shall  give  written  notice  to  the
Indemnifying Party of the commencement  thereof, the Indemnifying Party shall be
entitled to  participate  therein  and, if it so desires,  to assume the defense
thereof with counsel  reasonably  satisfactory  to such  Indemnitee  and,  after
notice from the  Indemnifying  Party to the Indemnitee of its election to assume
the  defense  thereof,  the  Indemnifying  Party  shall  not be  liable  to such
Indemnitee  under  this  Article  V for any fees of other  counsel  or any other
expenses,  in each case  subsequently  incurred by such Indemnitee in connection
with  the  defense  thereof,  other  than  reasonable  costs  of  investigation.
Notwithstanding  an Indemnifying  Party's  election to assume the defense of any
such  Action  that is  subject  to  indemnification  under  this  Article V, the
Indemnitee shall have the right to employ separate counsel and to participate in
the defense of such Action, and the Indemnifying Party shall bear the reasonable
fees,  costs and  expenses of such  separate  counsel if: (i) the use of counsel
chosen by the Indemnifying  Party to represent the Indemnitee would present such
counsel with a conflict of interest; (ii) the actual or potential defendants in,
or targets  of, any such  Action  include  both the  Indemnifying  Party and the
Indemnitee, and the Indemnitee shall have reasonably concluded that there may be
legal  defenses  available to it which are different from or additional to those
available to the Indemnifying  Party (in which case the Indemnifying Party shall
not have the right to assume  the  defense  of such  Action on the  Indemnitee's
behalf); (iii) the Indemnifying Party shall not have employed counsel reasonably
satisfactory  to the Indemnitee to represent the Indemnitee  within a reasonable
time after notice of the  institution of such Action;  or (iv) the  Indemnifying
Party  shall  authorize  the  Indemnitee  to  employ  separate  counsel  at  the
Indemnifying  Party's expense.  If an Indemnifying  Party assumes the defense of
such  Action,  no  compromise  or  settlement  thereof  may be  effected  by the
Indemnifying Party without the Indemnitee's written consent, which consent shall
not be  unreasonably  withheld  or  delayed,

ELITE: _____                            6                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

unless (1) there is no  finding  or  admission  of any  violation  of law or any
violation  of the  rights of any other  Party and no effect on any other  claims
that may be made  against the  Indemnitee  and (2) the sole  relief  provided is
monetary  damages that are paid in full by the  Indemnifying  Party.  Unless the
Parties shall  otherwise  agree, or unless there shall be a finding of liability
of either Party to the other,  the Parties shall be jointly  liable with respect
to the claims of any third Party claims.

6.7    LIMITATION ON DAMAGES. Notwithstanding any provision of this Agreement to
the contrary,  neither Party shall be entitled in connection  with any breach or
violation of this Agreement to recover any punitive,  exemplary or other special
damages or any indirect,  incidental or consequential damages, including without
limitation damages relating to loss of profit,  business opportunity or business
reputation.  Each Party,  as a material  inducement  to the other Party to enter
into and perform its obligations  under this Agreement,  hereby expressly waives
its right to assert any claim relating to such damages and agrees not to seek to
recover such damages in connection with any action,  suit or proceeding relating
to this  Agreement.  The  foregoing  shall not  limit  the  right of any  person
entitled to  indemnification in accordance with the provisions of this Article V
with  respect to all  components  of any claim,  award or judgment  against such
person by any unaffiliated third party.

6.8    EXCLUSIVE  REMEDY.  In the absence of fraud or the intentional  breach of
this  Agreement,  the  indemnification  provisions  contained in this Article VI
shall  constitute the sole and exclusive  recourse and remedy of the Parties for
monetary  damages  arising  out  of  any  breach  or  violation  of  any  of the
representations,   warranties,   covenants  or  agreements   contained  in  this
Agreement.  Nothing herein shall be deemed to limit the right of either Party to
seek injunctive or other equitable  relief in connection with the failure of the
other Party to perform any covenant or agreement contained in this Agreement.

                                   ARTICLE VII
                              INTELLECTUAL PROPERTY

7.1    TPN OWNERSHIP OF INTELLECTUAL  PROPERTY. TPN shall own sole and exclusive
ownership  of, and all right,  title,  and interest in and to all  developments,
improvements and enhancements  thereof conceived of or made by TPN or any of its
employees or agents to the Product during the term of this  Agreement.  The ANDA
shall be filed in the name of TPN and shall be owned by TPN.

7.2    LICENSE OF ANDA. TPN shall license the right to manufacture, use and sell
the Product to ELITE,  subject to Elite maintaining required compliance with all
regulatory agencies having jurisdiction over the Product.

ELITE: _____                            7                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

                                  ARTICLE VIII
                              TERM AND TERMINATION

8.1    TERM OF  COLLABORATION.  This  Agreement  shall  become  effective on the
Effective  Date and shall  continue in effect for a period of fifteen (15) years
from the date of first  commercial  sale of the  Product  unless  terminated  in
accordance  with this Article  VIII.  The Parties  hereto may agree,  by written
consent signed by both Parties,  to renew this Agreement for an additional  five
(5) year term (or such longer or shorter period of time as the Parties may agree
in writing).

8.2    TERMINATION  FOR BREACH.  Either Party may  terminate  this  Agreement by
notice to the other Party at any time during the term of this  Agreement  if the
other Party is in breach of any material obligations hereunder and has not cured
such breach within ninety (90) days after notice  requesting  cure of the breach
or such longer  period of time as is required to cure such breach as long as the
breaching Party is proceeding in good faith to cure; provided,  however, that in
any case when a breach is alleged regarding the payment of money hereunder,  the
time period will be thirty (30) days and  undisputed  amounts must be paid prior
to such time to avoid breach. Upon material breach by a Party of its obligations
hereunder,  if such Party decides not to terminate  this  Agreement,  such Party
shall have the right to offset any costs it may incur as a result of curing such
breach against the amounts payable to the breaching Party for the performance of
such obligations.

8.3    TERMINATION UPON INSOLVENCY.

       8.3.1    VOLUNTARY  PROCEEDING.  In the  event  that a  Party  shall  (1)
       voluntarily  commence any proceeding or file any petition  seeking relief
       under any federal,  state or local bankruptcy,  insolvency,  liquidation,
       receivership  or similar  law (a  "BANKRUPTCY  LAW");  (2) consent to the
       institution of, or fail to intervene in a timely and appropriate  manner,
       any such proceeding or the filing of any such petition;  (3) apply for or
       consent  to  the   appointment   of  a  receiver,   trustee,   custodian,
       sequestrator or similar official for such Party or for a substantial part
       of its  property or assets;  (4) file an answer  admitting  the  material
       allegations of a petition filed against it in any such proceeding; or (5)
       make a general assignment for the benefit of creditors,  the other Party,
       at its sole option,  may terminate this Agreement at any time by delivery
       of written notice of termination to the party subject to such event.

       8.3.2    INVOLUNTARY  PROCEEDING.  In the  event  that a Party  shall  be
       subject to the  commencement of any involuntary  proceeding or the filing
       of any involuntary petition in a court of competent  jurisdiction seeking
       (1) relief in respect  of such Party or of a  substantial  part of any of
       its property or assets under any Bankruptcy Law; (2) the appointment of a
       receiver, trustee, custodian,  sequestrator, or similar official for such
       Party or for a  substantial  part of its  property or assets;  or (3) the
       winding-up or liquidation of such Party,  and such proceeding or petition
       shall continue  undismissed for one hundred twenty (120) days or an order
       or decree  approving  or ordering  any of the  foregoing  shall  continue
       unstayed and in effect for sixty (60) days, the other Party,  at its sole
       option,  may terminate  this Agreement at any time by delivery of written
       notice of termination to the party subject to such event.

ELITE: _____                            8                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

8.4    ADDITIONAL TERMINATION RIGHTS. The Agreement shall be terminated if ELITE
and TPN  mutually  determine  that due to changes in the market for the Product,
including the costs of obtaining the active drug substance and the Product,  the
introduction of competitive  products and changes in the reimbursement  policies
of third party payors, it is not economically  viable to market,  distribute and
sell the Product.

8.5    ACCRUED  RIGHTS/SURVIVING  OBLIGATIONS.  Except as expressly  provided in
this Agreement, expiration or termination of this Agreement will not relieve the
Parties of any obligation  that accrued prior to such expiration or termination.
Upon  expiration  or  early  termination  of  this  Agreement,  all  rights  and
obligations of the Parties shall cease, except as follows:

       (a)      The obligations to pay sums accruing hereunder up to the date of
                termination or expiration shall survive;

       (b)      The  obligations  of ELITE,  pursuant to Section 3.2 hereof,  to
                remit to TPN [*] ([*]%)  percent  of  royalties  received  shall
                survive;

       (c)      The obligations of confidentiality  set forth in Article V shall
                survive;

       (d)      TPN's obligations under Article VII shall survive;

       (e)      The  obligations  for record keeping and accounting  reports set
                forth in Article III shall survive for so long as the Product is
                sold.  At such time  after  termination  or  expiration  of this
                Agreement  when  sales  or other  dispositions  of  Product  has
                ceased, ELITE shall render a final report along with any royalty
                payments due;

       (f)      TPN's  rights to  inspect  books and  records  as  described  in
                Article III shall survive;

       (g)      Any  cause of  action  or claim  of TPN or ELITE  accrued  or to
                accrue  because  of any  breach or  default  by the other  Party
                hereunder shall survive; and

       (h)      All  other  terms,  provisions,   representations,   rights  and
                obligations  contained  in this  Agreement  that are intended to
                survive as  specifically  set forth  elsewhere in this Agreement
                shall survive.

                                   ARTICLE IX
                                  MISCELLANEOUS

9.1    FORCE  MAJEURE.  No Party will be held liable or responsible to the other
Party nor be deemed to have  defaulted  under or  breached  this  Agreement  for
failure or delay in fulfilling or performing  any term of the Agreement  (except
payment  obligations)  when such  failure or delay is caused by or results  from
causes beyond the reasonable  control of the affected Party  including,

ELITE: _____                            9                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

but not limited to,  fire,  flood,  embargo,  war,  acts of war  (whether war be
declared  or not),  acts or  terrorism,  insurrection,  riot,  civil  commotion,
strike, lockout or other labor disturbance, act of God or act, omission or delay
in acting by any  governmental  authority or the other Party. The affected Party
will  notify the other  Party of such  force  majeure  circumstances  as soon as
reasonably practical and will use its commercially  reasonable efforts to remedy
such circumstances as soon as practicable.

9.2    ASSIGNMENT.  This Agreement may not be assigned or otherwise transferred,
nor,  except as  expressly  provided  hereunder,  may any  right or  obligations
hereunder be assigned or transferred,  by a Party without the written consent of
the other Party; provided, however, that either Party may, without such consent,
assign  the  Agreement  and its  rights  and  obligations  hereunder  to (i) any
Affiliate or (ii) to any successor by merger or sale of substantially all of its
business unit to which this Agreement relates,  or in the event of its merger or
consolidation or change in control or similar transaction.  This Agreement shall
be binding upon the permitted  successors and permitted  assigns of the Parties.
Any assignment not in accordance with this Section 9.2 shall be void.

9.3    SEVERABILITY.  In the event that any of the provisions  contained in this
Agreement  are held  invalid,  illegal  or  unenforceable  in any  respect,  the
validity,  legality and  enforceability  of the remaining  provisions  contained
herein will not in any way be affected or impaired  thereby,  unless the absence
of the invalidated  provision(s)  adversely affect the substantive rights of the
Parties.  The  Parties  will  replace  the  invalid,  illegal  or  unenforceable
provision(s) with valid, legal and enforceable  provision(s),  which, insofar as
practical, implement the purposes of this Agreement.

9.4    NOTICES.  All  notices  or other  communications  which are  required  or
permitted  hereunder  will be in writing and deemed to be  effective  (a) on the
date of delivery if delivered in person and written  confirmation of delivery is
provided,  (b) on the date sent by facsimile or other  electronic  transmission,
provided such receipt is verified, (c) on the day following date of deposit with
an overnight  courier if a receipt  confirming  delivery by overnight courier is
provided,  or (d) five days  after  mailing if mailed by  first-class  certified
mail,  postage  paid, to the  respective  addresses  given below,  or to another
address as it will designate by written notice given to the other Party.

IF TO TPN, TO:

ThePharmaNetwork, LLC
180 Summit Avenue, Suite 200
Montvale, New Jersey 07645
Attention: Jonathan B. Rome/ President & CEO
Telephone: (201) 476-1977
Facsimile: (201) 476-1987

ELITE: _____                           10                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

WITH A COPY (WHICH SHALL NOT CONSTITUTE NOTICE) TO:

Attention: Allen Bagatsing, Esq./Director
Telephone: (201) 476-1977
Facsimile: (201) 476-1987

IF TO ELITE, TO:

ELITE Pharmaceuticals, Inc.
165 Ludlow Avenue
Northvale, New Jersey 07647
Attention:  Bernard Berk
Telephone: (201) 750-2646
Facsimile: (201) 750-2755

WITH A COPY (WHICH SHALL NOT CONSTITUTE NOTICE) TO:

Reitler Brown & Rosenblatt, LLC
800 Third Avenue
New York, NY 10022
Attention:Scott Rosenblatt, Esq.
Telephone: (212) 209-3050
Facsimile: (212) 371-5500

9.5    DISPUTE RESOLUTION. In the event of any controversy or claim arising from
or relating to any provision of this Agreement, or any term or condition hereof,
or the performance by a Party of its obligations hereunder,  or its construction
or  its  actual  or  alleged  breach,  the  Parties  will  try to  settle  their
differences amicably between themselves.  If the Parties are not able to resolve
such dispute within such thirty (30) day period, then the Parties shall initiate
arbitration  on an expedited  basis before one  arbitrator in New York City, New
York in accordance with the then effective  Commercial  Arbitration Rules of the
American   Arbitration   Association  (the  "AAA").  The  arbitration  shall  be
administered  by AAA, or its successor,  pursuant to its Commercial  Arbitration
Rules,  and judgment on the award  rendered by the  arbitrator may be entered in
any court of competent  jurisdiction.  The arbitrator  will have no authority to
award  punitive or other damages not measured by the  prevailing  party's actual
damages, except as may be required by statute. The arbitrator shall award to the
prevailing  party,  if  any,  as  determined  by the  arbitrator,  all  of  such
prevailing party's costs and fees. In absence of a determination of a prevailing
party, the Parties shall split equally all expenses of the arbitration and shall
bear their own attorneys',  expert, and witness fees and costs. The decision and
award of the arbitrator  shall be accompanied by a reasoned opinion and shall be
enforceable  in any court of competent  jurisdiction.  The  foregoing  shall not
limit the right of  either  Party to  commence  litigation  before  any court of
competent  jurisdiction  for the purpose of obtaining  specific  performance  or
other  equitable  remedies in connection with the enforcement of this Agreement,
to  maintain  the status quo between the  Parties  pending the  commencement  of
arbitration  proceedings as provided herein, or in connection with any claim for
indemnification,

ELITE: _____                           11                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

contribution  or other relief in connection  with this Agreement with respect to
any claim, action, suit or proceeding involving an unaffiliated third party.

9.6    CHOICE OF LAW.  This  Agreement  will be  governed  by and  construed  in
accordance  with the laws of the State of New York and the United States without
reference to any rules of conflict of laws.

9.7    ENTIRE  AGREEMENT.  This  Agreement  (including  all  Schedules  hereto),
constitutes the entire agreement between the Parties with respect to the subject
matter  hereof,  and  supersedes  all previous  arrangement  with respect to the
subject matter hereof, whether written or oral. Any amendment or modification to
this Agreement shall be made in writing signed by both Parties.

9.8    HEADINGS.  The captions to the several  Articles and Sections  hereof are
not a part of the  Agreement,  but are  merely  guides  or  labels  to assist in
locating and reading the several Articles and Sections hereof.

9.9    INDEPENDENT CONTRACTORS.  It is expressly agreed that the Parties will be
independent  contractors and that the relationship  between the Parties will not
constitute  a  partnership,  joint  venture  or  agency.  No Party will have the
authority to make any statements, representations or commitments of any kind, or
to take any action,  which will be binding on the other Party, without the prior
consent in writing of such other Party.

9.10   FURTHER  ACTIONS.  Each Party agrees to execute,  acknowledge and deliver
such further instruments,  and to do all such other acts, as may be necessary or
appropriate in order to carry out the purposes and intent of the Agreement.

9.11   WAIVER.  The  waiver  by a Party  hereto of any  right  hereunder  or the
failure to  perform or of a breach by another  Party will not be deemed a waiver
of any other  right  hereunder  or of any other  breach or failure by said other
Party whether of a similar nature or otherwise.

9.12   JOINTLY PREPARED.  This Agreement has been prepared jointly and shall not
be strictly construed against either Party.

9.13   COUNTERPARTS. This Agreement may be executed in two or more counterparts,
each of  which  will be  deemed  an  original,  but all of which  together  will
constitute one and the same instrument.

9.14   EXHIBITS.  The exhibits,  schedules and appendices  listed below,  as the
same may be amended  from time to time  pursuant to this  Agreement,  are hereby
incorporated within and made a part of this Agreement:

ELITE: _____                           12                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

                Schedule 1           Definition of Terms

                Schedule 2           Roles and Responsibilities of TPN and ELITE

                Schedule 3           Payments upon Milestone Achievement

                Schedule 4           Mutual Confidentiality Agreement

ELITE: _____                           13                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

       IN WITNESS  WHEREOF,  the Parties have executed this  Agreement as of the
Effective Date

ELITE PHARMACEUTICALS, INC.,
a Delaware corporation

By:       /s/ Bernard Berk
       --------------------------------
Name:  Bernard Berk
Title: President

Date:  November 10, 2006
       --------------------------------

THEPHARMANETWORK, LLC,
a New Jersey limited liability company

By:       /s/ Johnathan Rome
       --------------------------------
       Jonathan B. Rome
       President/CEO

Date:  November 10, 2006
       --------------------------------

ELITE: _____                           14                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

                                   SCHEDULE 1

                               DEFINITION OF TERMS

"AFFILIATE" means any person, organization, corporation or other business entity
that  controls,  directly  or  indirectly,  the  power to  direct,  or cause the
direction  of, the  management  and  policies of another  person,  organization,
corporation or entity,  whether through the ownership of voting securities or by
contract or court order or otherwise. For purposes of this definition, an entity
will be deemed to control  another  entity if it owns or  controls,  directly or
indirectly,  at least fifty  percent  (50%) of the  outstanding  voting stock or
other voting  rights  entitled to elect  directors or their  equivalent  of such
other entity.

"ANDA" means an Abbreviated New Drug Application as defined in 21 C.F.R. 314 and
any versions thereof governing the FDA as may be amended from time to time.

"COLLABORATION" means, collectively, the development,  manufacturing, supply and
commercialization of the generic equivalent of Product.

"COLLABORATION  PARTIES" means supplier of the active pharmaceutical  ingredient
for use in the manufacture of the Product and marketing partner for the Product.

"COST OF GOODS SOLD" means costs of supplying  Product  calculated in accordance
with a Party's accounting methods  consistently  applied which methodology shall
be calculated in compliance with GAAP.

"EFFECTIVE  DATE"  means  the last date on which the last  Party  executes  this
Agreement.

"FDA" means the United  States  Food and Drug  Administration  or any  successor
agency  having  the  administrative  authority  to  regulate  the  approval  for
marketing of new human pharmaceutical or biological  therapeutic products in the
United States.

"FIRST  COMMERCIAL  SALE" means with respect to the Product the first sale to an
unaffiliated third party by the designated  marketing company.  First Commercial
Sale shall not include transfer of reasonable  quantities of any free samples of
Product or reasonable  quantities of Product  solely for  development  purposes,
such as for use in experimental studies or clinical trials.

"GROSS PROFIT" means Net Sales less Cost of Goods Sold.

"NET  SALES"  means,  with  respect to sales of the  Product,  the gross  amount
invoiced  by the  Marketing  Partner or its  Affiliates  to  unaffiliated  third
parties  purchasing  the  Product,  less the  following  items to the extent and
provided that such items are actually incurred:

       (a)      trade,   cash,   quantity  and   promotional   discounts   which
                effectively reduce the net selling price;

ELITE: _____                            i                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.
<PAGE>

       (b)      excise,  sales, value added or other taxes imposed upon and paid
                with respect to such sales (excluding taxes based on income);

       (c)      freight,  insurance and other transportation  charges reasonably
                incurred by the  Marketing  Partner in  shipping  the Product to
                third parties and included in the amount  invoiced to such third
                parties and amounts  repaid or credited by reason of rejections,
                defects, recalls or returns or retroactive price reductions, all
                as consistent with customary industry practice; and

       (d)      all  charge  back  payments,   discounts  and  rebates  (whether
                mandated   or   otherwise)   granted  to  managed   health  care
                organizations or to federal, state and local governments,  their
                agencies,  and purchasers and reimbursers or to trade customers,
                including but not limited to, wholesalers and chain and pharmacy
                buying  groups and charge back  payments,  discounts and rebates
                (whether  mandated  or  otherwise)  charged by national or local
                government.

       Net Sales shall be determined from the books and records of the Marketing
Partner,  maintained in accordance with GAAP,  consistently  applied.  Net Sales
excludes:

           (i)    The transfer of reasonable  and  customary  quantities of free
           sample of Product  and the  transfer  of Product  as  clinical  trial
           materials, other than for subsequent resale;

           (ii)   Sales or transfers of Product among a Party and its Affiliates
           unless the  receiving  Party is the  consumer or user of the Product;
           and

           (iii)  Use by a Party of Product in  connection  with the securing of
           regulatory  approval or validating of a manufacturing  process or the
           obtaining of other necessary  marketing approvals for Product (unless
           such Product is subsequently sold).

"PARTY" means ELITE or TPN.

"PARTIES" means ELITE and TPN.

"PRODUCT"  means the drug product to be mutually agreed upon by the parties that
is a generic equivalent of a synthetic narcotic analgesic drug product.

"TERRITORY" means United States of America.

ELITE: _____                           ii                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.

<PAGE>

                                   SCHEDULE 2

                   ROLES AND RESPONSIBILITIES OF TPN AND ELITE

I.     The strategic  direction and day-to-day  management of the  Collaboration
until  the  successful   scale  up  of  the   submission   batch  shall  be  the
responsibility  of  TPN.  TPN   responsibilities   include  the  following  (the
"Development Services"):

       (a)      to perform the  completion of methods  development,  validation,
                formulation  and  transfer of  technology  to  designated  Elite
                personnel;

       (b)      to prepare  and file the ANDA in the name of TPN for the Product
                with the FDA and any and all pre-and  post  approval  regulatory
                inquiries, audit or investigations pertinent to the ANDA.

       (c)      to  identify,  evaluate,  and  provide a source  for  active and
       inactive pharmaceutical ingredients for the Product;

II.    The strategic  direction and day-to-day  management of the  Collaboration
during the  commercialization  period and provision of development support shall
be the responsibility of ELITE. ELITE's  responsibilities  include the following
(the "Support Services"):

       (a)      to  directly   purchase   active   pharmaceutical   ingredients,
       excipient and any and all materials and supplies  required to manufacture
       the batch;

       (b)      to provide reasonably  adequate facilities to TPN for use in its
       development  efforts  particularly  method validation,  process scale-up,
       validation  batches,  preparation and filing of ANDA and responses to FDA
       letters and inspections;

       (c)      to  perform  commercial  production  and  product  launch at [*]
       thereof;

III.   ELITE and TPN shall be mutually responsible to:

       (a)      review and approve the use of any  Collaboration  Parties during
       the development period;

       (b)      periodically   review   the   progress   and   results   of  the
       Collaboration to ensure that TPN and ELITE are meeting their  commitments
       for both milestones and financial  support and are each fulfilling all of
       their respective contractual obligations;

       (c)      jointly identify,  evaluate and select the Marketing Partner for
       the Product with ELITE.

ELITE: _____                            i                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.
<PAGE>

                                   SCHEDULE 3

                       PAYMENTS UPON MILESTONE ACHIEVEMENT

       ELITE shall make payments for the  Development  Services  provided by TPN
pursuant to the Agreement at the  completion of the  Milestones  for each of the
Products, as set forth below:

<TABLE>
<CAPTION>
------------------------------- ------------------------------- -------------------------------
           PRODUCT                         MILESTONE                     PAYMENT TO TPN
------------------------------- ------------------------------- -------------------------------
<S>                             <C>                             <C>
                                1.  Upon receipt of API         $[*] within 30 days
The drug  product to be
mutually agreed upon by         ------------------------------- -------------------------------
the parties that is a generic   2.  Filing of ANDA              $[*] within 30 days
equivalent of a synthetic
narcotic analgesic drug         ------------------------------- -------------------------------
product                         3.  Approval of ANDA                 $[*]
                                ------------------------------- -------------------------------
                                TOTAL                                $[*]
------------------------------- ------------------------------- -------------------------------
</TABLE>

ELITE: _____                            i                             TPN: _____

* Portions of this exhibit have been omitted and filed separately pursuant to an
application  for  confidential  treatment filed with the Securities and Exchange
Commission  pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as
amended.
<PAGE>

                                   SCHEDULE 4

                        MUTUAL CONFIDENTIALITY AGREEMENT

ELITE: _____                            i                             TPN: _____

<PAGE>

                          MUTUAL CONFIDENTIAL AGREEMENT

This  MUTUAL  CONFIDENTIAL  AGREEMENT  ("CDA")  is made as of  ___________, 2006
(EFFECTIVE  DATE")  by and among  THEPHARMANETWORK,  LLC,  a  limited  liability
company formed under the laws of New Jersey having a principal office located at
180 Summit  Avenue,  Suite 200,  Montvale,  New Jersey  07645  ("TPN)" and ELITE
PHARMACEUTICALS,  INC., a company formed under the laws of the State of Delaware
having a principal office located at Ludlow Avenue,  Northvale, New Jersey 07647
("ELITE") (each individually a "PARTY", collectively the "PARTIES).

1.   BUSINESS PURPOSE:   Pursuant  to  entering  into  a  contemplated   product
opportunity discussions between the parties (the "Business Purpose"), each party
or  its  affiliates,  parent  companies,  subsidiaries,   divisions  or  related
companies  (the  "DISCLOSING  PARTY")  may  disclose  to the other  party or its
affiliates, parent companies, subsidiaries,  divisions or related companies (the
"RECEIVING  PARTY")  certain  confidential  information of such party to be used
only for the Business  Purpose,  and the Receiving  Party agrees to protect such
information from unauthorized use and disclosure.

2.   CONSIDERATION:   In  consideration   of  the  mutual   disclosure  of  such
information by the parties pursuant to the Business Purpose,  both parties agree
to be bound by the terms of this CDA.

3.   INFORMATION  COVERED:  This CDA will apply to all information  disclosed by
the  Disclosing  Party (or on the  Disclosing  Party's  behalf) to the Receiving
Party, whether directly or indirectly, in writing, orally,  electronically or by
drawings or  inspection of equipment,  products,  facilities,  software or other
property  of the  Disclosing  Party,  including,  but not  limited  to,  (a) any
information,  regardless of form,  proprietary to or maintained in confidence by
the Disclosing Party, including,  without limitation, any information,  patents,
patent   applications,   technical  data  or  know-how   relating  to  products,
formulations, manufacturing, discoveries, ideas, inventions, concepts, software,
equipment, designs, drawings,  specifications,  techniques,  processes, systems,
models, data, source code, object code,  documentation,  diagrams,  flow charts,
research,  development,  business plans or opportunities,  business  strategies,
marketing  plans or  opportunities,  marketing  strategies,  future  projects or
products, projects or products under consideration,  procedures, sales data, and
information related to finances, costs, prices, suppliers,  vendors,  licensors,
licensees,  business partners,  customers,  consumers and employees; and (b) any
other  information  marked as  confidential  or, if not  disclosed  in  writing,
identified as confidential at the time of disclosure and summarized in a written
document that is marked confidential and delivered within thirty (30) days after
the disclosure date ("CONFIDENTIAL INFORMATION"). In the event that Confidential
Information  is disclosed  orally by the  Disclosing  Party,  and not reduced to
writing  and  communicated  to the  Receiving  Party  within  thirty  (30)  days
following such oral  disclosure,  the burden or proof shall be on the Disclosing
Party to demonstrate the confidential nature and extent of such oral disclosures
if it wishes to enforce any obligation of confidentiality.

4.   OBLIGATIONS:  The parties agree that (a) the Receiving Party will treat all
Confidential  Information  with the same degree of care as the  Receiving  Party
accords to its own confidential information, but in no case less than reasonable
care; (b) the Receiving Party will not use, disseminate,  or in any way disclose
any   Confidential   Information,   except  to  its   personnel  or   authorized
representatives  to the extent such  persons  have a specific  need to know such
information  necessary for the Business  Purpose,  and for any other purpose the
Disclosing Party may hereafter  authorize,  provided that all such persons shall
have agreed in writing to be bound by terms and conditions substantially similar
to, and no less  restrictive  with respect to  limitations on use and disclosure
than,  those of this  CDA;  and (c) the  Receiving  Party  will  deliver  to the
Disclosing  Party,  within  five (5) days  following  the  receipt  of a written
request by the Disclosing  Party,  all tangible  embodiments of the Confidential
Information  including copies, notes,  packages,  pictures,  diagrams,  computer
memory media,  and all other  materials  reflecting  or containing  Confidential
Information with a certification of its return,  except that the Receiving Party
may  retain  one (1)  complete  record  copy for  archival  purposes  to confirm
compliance with this CDA. In particular,  each party  understands that the other
party's  Confidential   Information  may  be  considered  material,   non-public
information  under U.S.  federal and state  securities laws and other securities
laws and  either  party  could be found to be in  violation  thereof if it takes
advantage of such  information  by (a) trading in the other party's or any other
party's stock based on Confidential  Information,  or (b) furnishing information
to others in connection with the trading of such stock.

5.   TERM:  This CDA is effective as of the Effective Date  indicated  above and
shall terminate on the later of (a) the date on which the parties are not longer
interested in pursuing the Business  Purpose;  or (b) fifth (5th) anniversary of
the Effective  Date,  except that the  obligations  set forth in Section 4 above
with respect to Confidential  Information  disclosed  prior to such  termination
shall survive the termination of this agreement.

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

<PAGE>

6.   INFORMATION  NOT COVERED:  The Receiving Party will have no obligation with
respect to any portion of the Disclosing Party's  Confidential  Information that
(a) is now, or hereafter  becomes,  through no act or failure to act on the part
of the  Receiving  Party,  generally  known or available to the public;  (b) was
acquired by the  Receiving  Party before  receiving  such  information  from the
Disclosing Party and without restriction as to use or disclosure as evidenced by
written record; (c) is hereafter  rightfully furnished to the Receiving Party by
a third party,  without restriction as to use or disclosure;  (d) is information
which the Receiving Party can document was  independently  developed by it or on
its behalf without reference to the Disclosing Party's Confidential  Information
received  hereunder;  or (e) is disclosed with the prior written  consent of the
Disclosing Party. The Receiving Party may disclose the Confidential  Information
pursuant to the  requirements  of a  governmental  agency or  operation  of law,
provided that it gives the Disclosing Party reasonable advance notice sufficient
to contest such  requirement  of  disclosure,  takes all  reasonable  and lawful
actions to avoid and/or minimize the extent of such  disclosure,  and cooperates
with the Disclosing  Party,  at the  Disclosing  Party's cost, if the Disclosing
Party wishes to seek a protective order.

7.   NO OBLIGATION: Nothing contained in this CDA shall be construed to obligate
in any way either  party to enter into any  transaction  whatsoever.

8.   NO LICENSE  GRANTED:  Nothing in this CDA shall be  construed  to imply the
grant of any license to the Receiving  Party to make,  use or sell, or otherwise
commercialize any portion of the Confidential Information.

9.   INJUNCTIVE  RELIEF:  The Receiving Party acknowledges that the unauthorized
disclosure or use of the  Disclosing  Party's  Confidential  Information  by the
Receiving  Party  may  cause  irreparable  harm and  significant  injury  to the
Disclosing   Party,   the  degree  of  which  may  be  difficult  to  ascertain.
Accordingly,  the Receiving Party agrees that the Disclosing Party will have the
right to seek an immediate  injunction enjoining any breach of this CDA, as well
as the right to pursue any and all other rights and remedies available at law or
in equity for such a breach.

10.  ASSIGNMENT:  Neither  party may assign,  delegate  or  transfer  any of its
rights or obligations  hereunder  without the prior written consent of the other
party, provided that either party shall have the right to assign this CDA to its
affiliates,  subsidiaries,  related companies, divisions or successors. Any such
unauthorized  assignment or transfer shall be void. All covenants and agreements
hereunder shall inure to the benefit of, and be binding upon, the parties, their
successors and permitted assigns.

11.  CHOICE OF LAW:  This CDA will be  construed,  interpreted,  and  applied in
accordance with the laws of the State of New Jersey,  USA, without regard to the
conflicts of law principles thereof.

12.  NOTICE:  Any notice or  communication  required  or  permitted  to be given
hereunder  may be  delivered  by  hand,  deposited  with an  overnight  courier,
confirmed  facsimile,  or mailed by registered or certified mail, return receipt
requested,  postage  prepaid,  in each case to the address of the  recipient  as
listed above or at such other  address as may  hereafter be furnished in writing
by either  party to the other  party.  Such  notice  will be deemed to have been
given as of the date it is  delivered,  mailed,  faxed  or  sent,  whichever  is
earlier.

13.  ENTIRE  AGREEMENT:  This  CDA  is  the  complete  and  exclusive  statement
regarding  the  subject  matter  hereof  and  supersedes  all prior  agreements,
understandings  and  communications,   oral  or  written,  between  the  parties
regarding the subject matter hereof;  provided,  however, that any and all other
written  agreements or  provisions  of agreements  between the parties (or their
respective predecessors,  affiliates,  subsidiaries) that relate to confidential
information  or trade  secrets  shall  remain  in full  force  and  effect.  Any
amendment to or modification of this CDA, or any waiver of any provision hereof,
shall be in writing  and signed by both  parties.  Any waiver by the  Disclosing
Party of any provision of this CDA shall not operate or be construed as a waiver
of any subsequent breach of such provision or any other provision hereof.

14.  COUNTERPARTS  AND FAX  SIGNATURES:  This CDA may be executed by the parties
hereto in separate  counterparts,  each of which when so executed and  delivered
shall be an original,  and all of which shall  together  constitute  one and the
same instrument. This CDA may be executed and delivered by facsimile signatures.

                            [SIGNATURE PAGE FOLLOWS]

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

<PAGE>

       IN WITNESS  WHEREOF,  each of the parties hereto has executed this CDA by
its duly authorized officer or representative.

THEPHARMANETWORK, LLC,
a New Jersey limited liability company

By:
        ------------------------------------
        Jonathan B. Rome
        President/CEO

Date:
        ------------------------------------

ELITE PHARMACEUTICALS, INC.
a  Delaware corporation

By:
        ------------------------------------
        (name of officer)
        (position)

Date:
        ------------------------------------

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

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