Document:

Exhibit 10(a)  

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

We consent to the incorporation by
reference in this Amendment No. 15 to the Registration Statement (Investment Company File
No. 811-21162) of Merrill Lynch Core Principal Protected Fund (“the Fund”) of Merrill
Lynch Principal Protected Trust on Form N-1A of our reports dated December 14, 2004 for
the Fund and for Master Large Cap Core Portfolio of Master Large Cap Series Trust, both
appearing in the October 31, 2004 Annual Report of the Fund, which is incorporated by
reference Part B of this Registration Statement. 

/s/ Deloitte & Touche LLP 

Princeton, New Jersey 

  February 22, 2005Exhibit 10(b)  

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM 

The Board of Directors
Ambac
Assurance Corporation:  

We consent to the incorporation by
reference in the registration statement on Form N-1A (Investment Company Act File
No.811-21162) relating to Merrill Lynch Core Principal Protected Fund, of Merrill Lynch
Principal Protected Trust (the “Registrant”), of our report dated February 27,
2004 on the consolidated financial statements of Ambac Assurance Corporation and
subsidiaries as of December 31, 2003 and 2002, and for each of the years in the
three-year period ended December 31, 2003, which report appears in the Annual Report on
Form 10-K of Ambac Financial Group, Inc., which was filed with the Securities and
Exchange Commission on March 15, 2004. Our report refers to changes, in 2003, in Ambac
Assurance Corporation’s methods of accounting for variable interest entities and
stock-based compensation.  

/s/ KPMG LLP 

New York, New York
February 18, 2005exv10w1

 

Exhibit 10.1

Description of Compensation of Non-Employee Trustees

     Each trustees who is not also an officer and full-time employee of Liberty Property Trust (the
“Company”) will receive for fiscal year 2005 and thereafter, until changed by the Board of
Trustees, fees for service on the Company’s Board of Trustees as listed in the table below. The
members of the Board of Trustees are also eligible for reimbursement for travel and lodging
expenses incurred in connection with attendance at Board and committee meetings in accordance with
Company policy.

	 	 	 	 	 
	Board Membership Fees Payable to Non-Employee Trustees	 	 	 	 
	Annual Trustee Fee (cash)
	 	$	21,500	 
	Annual Trustee Fee (restricted shares)
	 	$	34,500	 
	Audit Committee Chair Annual Retainer
	 	$	10,000	 
	Compensation Committee Chair Annual Retainer
	 	$	6,000	 
	Corporate Governance and Nominating Committee Chair Annual Retainer
	 	$	6,000	 
	Fee for Service on Committee
	 	$	1,000	 
	Trustee Meeting Fee (in person)
	 	$	1,500	 
	Trustee Meeting Fee (telephonic re: routine matters)
	 	$	500	 
	Trustee Informational Teleconference Fee
	 	$	500	 
	Committee Meeting Fee (in person)
	 	$	1,000	 
	Committee Meeting Fee (telephonic)
	 	$	500	 

     All non-employee trustees will also be granted, each year, an option to purchase an additional
5,000 of the Company’s common shares of beneficial interest at an exercise price equal to the fair
market value of the common shares on June 24 of such year. These options vest over a three-year
period beginning with the date of grant as follows: 20% after the first year; 50% after two years;
and 100% after three years.FIRST SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of
February 16, 2005, among Tele-Flow, Inc., Dacco/Detroit of ARIZONA, Inc.,
Dacco/Detroit of Georgia, Inc., Dacco/Detroit of Kentucky, Inc., Dacco/Detroit
of Michigan, Inc., Dacco/Detroit of Missouri, Inc., Dacco/Detroit of Nevada,
Inc., Dacco/Detroit of North Carolina, Inc., Dacco/Detroit of Oklahoma, Inc.,
Dacco/Detroit of South Carolina, Inc., Dacco/Detroit of Virginia, Inc.,
Detroit Transmission Products, Co., Jordan Auto Aftermarket, Inc., Jordan
Specialty Plastics, Inc., Beemak Plastics, Inc., SPL Holdings, Inc., Pamco
Printed Tape & Label Co., Inc., Seaboard Folding Box Corporation, Rolite
Plastics, Inc., Atco Products, Inc., Pioneer Paper Corporation, ABC
Transmission Parts Warehouse, Inc., Dacco Incorporated, Dacco/Detroit of
Alabama, Inc., Dacco/Detroit of Chattanooga, Inc., Dacco/Detroit of Florida,
Inc., Dacco/Detroit of Indiana, Inc., Dacco/Detroit of Memphis, Inc.,
Dacco/Detroit of Minnesota, Inc., Dacco/Detroit of Nebraska, Inc.,
Dacco/Detroit of New Jersey, Inc., Dacco/Detroit of Ohio, Inc., Dacco/Detroit
of Pennsylvania, Inc., Dacco/Detroit of Texas, Inc., Dacco/Detroit of West
Virginia, Inc., Dacco/Detroit of Wisconsin, Inc., Dacco/Detroit of Maryland,
Inc., Nashville Transmission Parts, Inc., Alma Products I, Inc., Deflecto
Corporation, Sate-Lite Manufacturing Company, Valmark Industries, Inc., JII
Promotions, Inc., Welcome Home LLC, Instachange Displays Limited, Deflecto
Canada Ltd., Dacco Transmission Parts (NY), Inc., JI Ventures, Inc., YT
Holdings, Inc., Gramtel Midwest, Inc., Gramtel USA, Inc., Gramtel -Illinois,
Inc., Cho-Pat, Inc., Sate-Lite HK, Inc., JII, LLC (each a "Guaranteeing
Subsidiary" and collectively, the "Guaranteeing Subsidiaries"), each a
subsidiary of JII Holdings, LLC (or its permitted successor), a Delaware
limited liability company (the "Company"), the Company, JII Holdings Finance
Corporation, the Initial Guarantor (as defined in this Indenture referred to
herein) and U.S. Bank National Association, as trustee under this Indenture
referred to below (the "Trustee").

                             W I T N E S S E T H

         WHEREAS, the Company has heretofore executed and delivered to the
Trustee an indenture (the "Indenture"), dated as of February 16, 2004 providing
for the issuance of 13% Senior Secured Notes due 2007 (the "Notes");

         WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiaries shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall
unconditionally guarantee all of the Company's Obligations under the Notes and
the Indenture on the terms and conditions set forth herein (the "Note
Guarantee"); and

         WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

         NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

         1. CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

<PAGE>

         2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiaries hereby agree
to provide an unconditional Guarantee on the terms and subject to the conditions
set forth in the Note Guarantee and in the Indenture including but not limited
to Article 12 thereof.

         3. NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder or agent of any Guaranteeing
Subsidiary, as such, will have any liability for any obligations of the Issuers
or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the
Indenture, the Security Documents or this Supplemental Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for
issuance of the Notes. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a
waiver is against public policy.

         4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

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

         6. EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

         7. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
recitals are made solely by the Guaranteeing Subsidiaries and the Issuers.

                   [Signatures appear on the following pages.]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date first above
written.

TELE-FLOW, INC.                         DACCO/DETROIT OF MINNESOTA, INC.
DACCO/DETROIT OF ARIZONA, INC.          DACCO/DETROIT OF NEBRASKA, INC.
DACCO/DETROIT OF GEORGIA, INC.          DACCO/DETROIT OF NEW JERSEY, INC.
DACCO/DETROIT OF KENTUCKY, INC.         DACCO/DETROIT OF OHIO, INC.
DACCO/DETROIT OF MICHIGAN, INC.         DACCO/DETROIT OF PENNSYLVANIA, INC.
DACCO/DETROIT OF MISSOURI, INC.         DACCO/DETROIT OF TEXAS, INC.
DACCO/DETROIT OF NEVADA, INC.           DACCO/DETROIT OF WEST VIRGINIA, INC.
DACCO/DETROIT OF NORTH CAROLINA, INC.   DACCO/DETROIT OF WISCONSIN, INC.
DACCO/DETROIT OF OKLAHOMA, INC.         DACCO/DETROIT OF MARYLAND, INC.
DACCO/DETROIT OF SOUTH CAROLINA, INC.   NASHVILLE TRANSMISSION PARTS, INC.
DACCO/DETROIT OF VIRGINIA, INC.         ALMA PRODUCTS I, INC.
DETROIT TRANSMISSION PRODUCTS, CO.      DEFLECTO CORPORATION
JORDAN AUTO AFTERMARKET, INC.           SATE-LITE MANUFACTURING COMPANY
JORDAN SPECIALTY PLASTICS, INC.         VALMARK INDUSTRIES, INC.
BEEMAK PLASTICS, INC.                   JII PROMOTIONS, INC.
SPL HOLDINGS, INC.                      WELCOME HOME LLC
PAMCO PRINTED TAPE & LABEL CO., INC.    INSTACHANGE DISPLAYS LIMITED
SEABOARD FOLDING BOX CORPORATION        DEFLECTO CANADA LTD.
ROLITE PLASTICS, INC.                   DACCO TRANSMISSION PARTS (NY), INC.
ATCO PRODUCTS, INC.                     JI VENTURES, INC.
PIONEER PAPER CORPORATION               YT HOLDINGS, INC.
ABC TRANSMISSION PARTS WAREHOUSE, INC.  GRAMTEL MIDWEST, INC.
DACCO INCORPORATED                      GRAMTEL USA, INC.
DACCO/DETROIT OF ALABAMA, INC.          GRAMTEL-ILLINOIS, INC.
DACCO/DETROIT OF CHATTANOOGA, INC.      CHO-PAT, INC.
DACCO/DETROIT OF FLORIDA, INC.          SATE-LITE HK, INC.
DACCO/DETROIT OF INDIANA, INC.          JII, LLC
DACCO/DETROIT OF MEMPHIS, INC.

<PAGE>

By:      /s/ Gordon L. Nelson, Jr.
         --------------------------
Name:    Gordon L. Nelson, Jr.

JII HOLDINGS, LLC
JII HOLDINGS FINANCE CORPORATION
as Issuers

By:      /s/ Gordon L. Nelson, Jr.
         --------------------------
Name:    Gordon L. Nelson, Jr.
Title:   Vice President

JORDAN INDUSTRIES, INC.
as Initial Guarantor

By:      /s/ Gordon L. Nelson, Jr.
         --------------------------
Name:    Gordon L. Nelson, Jr.
Title:   Senior Vice President

U.S. BANK NATIONAL ASSOCIATION as Trustee

By:  /s/ Richard Prokosch
     ------------------------------

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