Document:

exh10_1.htm

    
      

      

    

    Exhibit 10.1

    
 

    ASSET
PURCHASE AGREEMENT

     

    among

     

    STERLING
TRUST COMPANY,

     

    UNITED
WESTERN BANCORP, INC.,

     

    EQUITY
TRUST COMPANY,

     

    and

     

    STERLING
ADMINISTRATIVE SERVICES, LLC

    

    

    

    As
of  April 7, 2009

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    
      
        
          
            
              
                
                  
                    
                      	 
      	 
      	
                              PAGE

                            
	
                              ARTICLE
      I

                            	
                              DEFINITIONS

                            	
                              1

                            
	 	 	 
	
                              ARTICLE
      II

                            	
                              PURCHASE
      AND SALE

                            	
                              8

                            
	 
      	
                              2.1           Purchase
      and Sale of Assets

                            	
                              8

                            
	 
      	
                              2.2           Excluded
      Assets

                            	
                              9

                            
	 
      	
                              2.3           
      Assumption of Certain Liabilities

                            	
                              10

                            
	 
      	
                              2.4           Liabilities
      Not Assumed

                            	
                              10

                            
	 
      	
                              2.5           Certain
      Contracts

                            	
                              11

                            
	 	 	 
	
                              ARTICLE
      III

                            	
                              PURCHASE
      PRICE; ADJUSTMENTS; ALLOCATIONS

                            	
                              12

                            
	 
      	
                              3.1           Consideration

                            	
                              12

                            
	 
      	
                              3.2           Purchase
      Price Allocation

                            	
                              12

                            
	 
      	
                              3.3           Allocation
      of Certain Items

                            	
                              12

                            
	 
      	
                              3.4           Custodial
      Deposits Adjustment

                            	
                              13

                            
	 
      	
                              3.5           Working
      Capital Adjustment

                            	
                              14

                            
	 
      	
                              3.6           Qualified
      Plan Consent Adjustment

                            	
                              16

                            
	 	 	 
	
                              ARTICLE
      IV

                            	
                              REPRESENTATIONS
      AND WARRANTIES OF SELLER AND PARENT

                            	
                              17

                            
	 
      	
                              4.1           Organization

                            	
                              17

                            
	 
      	
                              4.2           Authorization

                            	
                              17

                            
	 
      	
                              4.3           Ownership
      of Seller; No Subsidiaries

                            	
                              18

                            
	 
      	
                              4.4           Absence
      of Restrictions and Conflicts

                            	
                              18

                            
	 
      	
                              4.5           Seller
      Financial Statements; Solvency

                            	
                              19

                            
	 
      	
                              4.6           Undisclosed
      Liabilities

                            	
                              19

                            
	 
      	
                              4.7           Absence
      of Certain Changes

                            	
                              19

                            
	 
      	
                              4.8           Litigation

                            	
                              20

                            
	 
      	
                              4.9           Compliance
      with Law; Permits

                            	
                              21

                            
	 
      	
                              4.10           Employee
      Benefit Plans

                            	
                              21

                            
	 
      	
                              4.11           Taxes

                            	
                              22

                            
	 
      	
                              4.12           Real
      Property

                            	
                              23

                            
	 
      	
                              4.13           Title
      and Condition of Assets

                            	
                              23

                            
	 
      	
                              4.14           Material
      Contracts

                            	
                              23

                            
	 
      	
                              4.15           Intellectual
      Property

                            	
                              25

                            
	 
      	
                              4.16           Labor
      and Employment Matters

                            	
                              26

                            
	 
      	
                              4.17           Officers
      and Employees

                            	
                              27

                            
	 
      	
                              4.18           Vendors
      and Referral Sources

                            	
                              27

                            
	 
      	
                              4.19           Custodial
      Accounts

                            	
                              27

                            
	 	4.20           Accounts
      Receivable; Accounts Payable	
                              29

                            
	 
      	
                              4.21           Insurance

                            	
                              29

                            
	 
      	
                              4.22           Ethical
      Practices

                            	
                              29

                            
	 
      	
                              4.23           Transactions
      with Affiliates

                            	
                              30

                            
	 
      	
                              4.24           Books
      of Account; Records

                            	
                              30

                            
	 
      	
                              4.25           Brokers,
      Finders and Investment Bankers

                            	
                              30

                            
	 	 	 
	 
      	 
      	 
      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        - i
-

        
          

        

      

      
        
        

      

    

     

     

    
      
        
          
            
              
                	 
      	 
      	
                        PAGE

                      
	
                        ARTICLE
      V

                      	
                        REPRESENTATIONS
      AND WARRANTIES OF BUYERS

                      	
                        30

                      
	 
      	
                        5.1           Organization

                      	
                        31

                      
	 
      	
                        5.2           Authorization

                      	
                        31

                      
	 
      	
                        5.3           Absence
      of Restrictions and Conflicts

                      	
                        31

                      
	 
      	
                        5.4           Brokers,
      Finders and Investment Bankers

                      	
                        32

                      
	 
      	
                        5.5           Compliance
      with Law; Permits

                      	
                        32

                      
	 
      	
                        5.6           Buyer
      Financial Statements; Solvency

                      	
                        32

                      
	 
      	
                        5.7           Custodial
      Accounts

                      	
                        33

                      
	 
      	 
      	 
      
	
                        ARTICLE
      VI

                      	
                        CERTAIN
      COVENANTS AND AGREEMENTS

                      	
                        33

                      
	 
      	
                        6.1           Conduct
      of Business of Parent and Seller

                      	
                        33

                      
	 
      	
                        6.2           Buyer
      Inspection and Access to Information

                      	
                        34

                      
	 
      	
                        6.3           Seller
      Inspection and Access to Information

                      	
                        35

                      
	 
      	
                        6.4           Notices
      of Certain Events

                      	
                        35

                      
	 
      	
                        6.5           No
      Solicitation of Transactions

                      	
                        37

                      
	 
      	
                        6.6           Governmental
      Matters

                      	
                        38

                      
	 
      	
                        6.7           Transfer
      of Custodial Rights

                      	
                        39

                      
	 
      	
                        6.8           Reasonable
      Efforts; Cooperation

                      	
                        40

                      
	 
      	
                        6.9           Further
      Assurances

                      	
                        40

                      
	 
      	
                        6.10           Public
      Announcements

                      	
                        40

                      
	 
      	
                        6.11           Employee
      Matters

                      	
                        41

                      
	 
      	
                        6.12           Restrictive
      Covenants

                      	
                        42

                      
	 
      	
                        6.13           Certain
      Tax Matters

                      	
                        44

                      
	 
      	
                        6.14           Use
      of Names

                      	
                        45

                      
	 
      	
                        6.15           Maintenance
      of Insurance

                      	
                        45

                      
	 
      	
                        6.16           Transitional
      Services

                      	
                        45

                      
	 	 	 
	
                        ARTICLE
      VII

                      	
                        CLOSING

                      	
                        46

                      
	 
      	
                        7.1           The
      Closing

                      	
                        46

                      
	 
      	
                        7.2           Deliveries
      by Seller and Parent

                      	
                        46

                      
	 
      	
                        7.3           Deliveries
      by Buyers

                      	
                        47

                      
	 
      	
                        7.4           Conditions
      to Each Party's Obligations

                      	
                        47

                      
	 
      	
                        7.5           Conditions
      to Obligations of Buyers

                      	
                        48

                      
	 
      	
                        7.6           Conditions
      to Obligations of Seller and Parent

                      	
                        48

                      
	 	 	 
	
                        ARTICLE
      VIII

                      	
                        INDEMNIFICATION

                      	
                        49

                      
	 
      	
                        8.1           Survival
      of Representations, Warranties and Agreements

                      	
                        49

                      
	 
      	
                        8.2           Indemnification
      Obligations of Seller and Parent

                      	
                        50

                      
	 
      	
                        8.3           Indemnification
      Obligations of Buyers

                      	
                        51

                      
	 
      	
                        8.4           Materiality

                      	
                        52

                      
	 
      	
                        8.5           Indemnification
      Procedures

                      	
                        52

                      
	 
      	
                        8.6           Liability
      Limits

                      	
                        53

                      
	 
      	
                        8.7           Exclusive
      Remedy

                      	
                        53

                      
	 	 	 

              

            

          

        

      

    

    

    
      
        
           

        

        
          - ii
-

          
            

          

        

        
           

        

      

    

     

    
      	 
      	 
      	
              PAGE

            
	
              ARTICLE
      IX

            	
              TERMINATION

            	
              54

            
	 
      	
              9.1           Termination

            	
              54

            
	 
      	
              9.2           Effect
      of Termination

            	
              55

            
	 
      	
              9.3           Expenses;
      Return of Good Faith Deposit

            	
              55

            
	 
      	 
      	 
      
	
              ARTICLE
      X

            	
              MISCELLANEOUS

            	
              56

            
	 
      	
              10.1           Notices

            	
              56

            
	 
      	
              10.2           Schedules
      and Exhibits

            	
              57

            
	 
      	
              10.3           Assignment;
      Successors in Interest; Amendment

            	
              57

            
	 
      	
              10.4           Interpretation

            	
              57

            
	 
      	
              10.5           Severability

            	
              57

            
	 
      	
              10.6           Counterparts

            	
              57

            
	 
      	
              10.7           No
      Third Party Beneficiaries

            	
              57

            
	 
      	
              10.8           Waiver

            	
              58

            
	 
      	
              10.9           Integration

            	
              58

            
	 
      	
              10.11          Governing
      Law

            	
              58

            
	 
      	
              10.11          Specific
      Performance and Other Remedies

            	 
      

    

    

    
      
        
           

        

        
          - iii
-

          
            

          

        

        
           

        

      

    

    

    INDEX
OF DEFINED TERMS

    

      
        
          	
                  Acquired
      Business

                	 	 	44	 	
                  Excluded
      Assets

                	 	 	9	 
	
                  Action

                	 	 	20	 	
                  Excluded
      Business

                	 	 	1	 
	
                  Additional
      Documents

                	 	 	49	 	
                  Expenses

                	 	 	4	 
	
                  Administrative
      Services Amendment

                	 	 	29	 	
                  Final
      Deposit Amount

                	 	 	13	 
	
                  Affiliate

                	 	 	1	 	
                  Final
      Statement

                	 	 	13	 
	
                  Agreement

                	 	 	1	 	
                  Financial
      Statements

                	 	 	19	 
	
                  Applicable
      Law

                	 	 	2	 	
                  Financing
      Documents

                	 	 	4	 
	
                  Applicable
      Requirements

                	 	 	2	 	
                  GAAP

                	 	 	4	 
	
                  Assumed
      Liabilities

                	 	 	10	 	
                  Good
      Faith Deposit

                	 	 	47	 
	
                  Business
      Day

                	 	 	2	 	
                  Governmental
      Consents

                	 	 	48	 
	
                  Buyer
      Ancillary Documents

                	 	 	31	 	
                  Governmental
      Entity

                	 	 	4	 
	
                  Buyer
      Disclosure Schedule

                	 	 	30	 	
                  Indebtedness

                	 	 	4	 
	
                  Buyer
      Financial statements

                	 	 	32	 	
                  Indemnified
      Party

                	 	 	52	 
	
                  Buyer
      Indemnified Parties

                	 	 	50	 	
                  Indemnifying
      Party

                	 	 	52	 
	
                  Buyer
      Losses

                	 	 	51	 	
                  Intellectual
      Property

                	 	 	4	 
	
                  Buyer,
      Buyers

                	 	 	1	 	
                  IRA
      Amendment

                	 	 	28	 
	
                  Closing

                	 	 	46	 	
                  Knowledge
      of Buyers

                	 	 	5	 
	
                  Closing
      Date

                	 	 	46	 	
                  Knowledge
      of Sellers

                	 	 	5	 
	
                  COBRA

                	 	 	2	 	
                  Leased
      Real Property

                	 	 	5	 
	
                  Code

                	 	 	2	 	
                  Lien

                	 	 	5	 
	
                  Competitive
      Activities

                	 	 	2	 	
                  Material
      Adverse Effect

                	 	 	5	 
	
                  Computer
      Systems

                	 	 	2	 	
                  Material
      Contracts

                	 	 	5	 
	
                  Contract

                	 	 	2	 	
                  Material
      Referral Source

                	 	 	27	 
	
                  Core
      representations

                	 	 	49	 	
                  Material
      Referral Sources

                	 	 	27	 
	
                  Credit
      Agreement

                	 	 	47	 	
                  Materiality
      Qualifiers

                	 	 	52	 
	
                  Custodial
      Account

                	 	 	2	 	
                  Measurement
      Period

                	 	 	6	 
	
                  Custodial
      Agreements

                	 	 	2	 	
                  Most
      Recent Balance Sheet

                	 	 	19	 
	
                  Custodial
      Assets

                	 	 	2	 	
                  Net
      Working Capital

                	 	 	6	 
	
                  Custodial
      Deposits

                	 	 	3	 	
                  Non-Traditional
      Assets

                	 	 	6	 
	
                  Custodial
      File

                	 	 	3	 	
                  Ordinary
      Course of Business

                	 	 	6	 
	
                  Custodial
      Rights

                	 	 	3	 	
                  Organizational
      Documents

                	 	 	6	 
	
                  Customer-Related
      Bank Accounts

                	 	 	9	 	
                  Parent

                	 	 	1	 
	
                  Damages

                	 	 	50	 	
                  Party,
      Parties

                	 	 	1	 
	
                  Delinquent
      Payable

                	 	 	3	 	
                  Permits

                	 	 	6	 
	
                  Deposit
      Benchmark

                	 	 	13	 	
                  Permitted
      Liens

                	 	 	6	 
	
                  Deposits
      Auditor

                	 	 	13	 	
                  Person

                	 	 	6	 
	
                  Disclosure
      Schedule

                	 	 	17	 	
                  Post-Closing
      Tax Period

                	 	 	6	 
	
                  Drop
      Dead Date

                	 	 	54	 	
                  Pre-Closing
      Tax Period

                	 	 	6	 
	
                  Employee
      benefit Plan

                	 	 	3	 	
                  Purchase
      Price

                	 	 	12	 
	
                  Equity
      Trust

                	 	 	1	 	
                  Purchased
      Assets

                	 	 	8	 
	
                  ERISA

                	 	 	3	 	
                  QP
      Admin Services Agreements

                	 	 	29	 
	
                  ERISA
      Affiliate

                	 	 	3	 	
                  QP
      Consent Deadline

                	 	 	39	 
	
                  ERISA
      Affiliate Plan

                	 	 	3	 	
                  QP
      Custodial Account Amendment

                	 	 	28	 
	
                  Estimate
      Certificate

                	 	 	13	 	
                  QP
      Custodial Agreements

                	 	 	28	 
	
                  Estimated
      Deposit Amount

                	 	 	13	 	
                  QP
      Deposit Amount

                	 	 	7	 
	
                  Estimated
      Net Working Capital Amount

                	 	 	14	 	
                  QP
      Revenue Amount

                	 	 	7	 
	
                  Estimated
      Purchase Price

                	 	 	13	 	
                  Qualified
      Plan Consent

                	 	 	29	 
	 
      	 	 	 	 	 
      	 	 	 	 

        

      

    

    

    
      
        
           

        

        
          - iv
-

          
            

          

        

        
           

        

      

    

    
 

    

      
        
          	
                  Real
      Property Lease

                	 	 	7	 	
                  Subaccounting
      Agreement

                	 	 	46	 
	
                  Restricted
      Contract

                	 	 	12	 	
                  Subject
      Business

                	 	 	43	 
	
                  Retained
      Liabilities

                	 	 	11	 	
                  Tax
      Return

                	 	 	8	 
	
                  S.P.A.R.K.

                	 	 	8	 	
                  Tax,
      Taxes

                	 	 	7	 
	
                  S.P.A.R.K.
      Representation

                	 	 	7	 	
                  TDOB

                	 	 	18	 
	
                  SDDOB

                	 	 	32	 	
                  Texas
      Admin

                	 	 	1	 
	
                  Seller

                	 	 	1	 	
                  Transfer
      Instructions

                	 	 	8	 
	
                  Seller
      Ancillary Documents

                	 	 	17	 	
                  Transfer
      Taxes

                	 	 	45	 
	
                  Seller
      Benefit Plan

                	 	 	7	 	
                  Transferred
      Business

                	 	 	1	 
	
                  Seller
      Financing

                	 	 	7	 	
                  Transferred
      Employees

                	 	 	41	 
	
                  Seller
      Indemnified Parties

                	 	 	51	 	
                  Transitional
      Services

                	 	 	46	 
	
                  Seller
      Intellectual Property

                	 	 	7	 	
                  True-up
      Purchase Price

                	 	 	14	 
	
                  Seller
      Losses

                	 	 	52	 	
                  WARN

                	 	 	27	 
	
                  Seller
      Permits

                	 	 	21	 	
                  Working
      Capital Auditor

                	 	 	15	 
	
                  Shrink
      Wrap Licenses

                	 	 	7	 	
                  Working
      Capital Benchmark

                	 	 	14	 
	
                  Software
      Programs

                	 	 	7	 	
                  Working
      Capital Statement

                	 	 	15	 
	
                  Straddle
      Tax Period

                	 	 	7	 	 
      	 	 	 	 
	 
      	 	 	 	 	 
      	 	 	 	 

        

      

     

    

      
        
           

        

        
          - v
-

          
            

          

        

        
           

        

      

    
      
 

      ASSET
PURCHASE AGREEMENT

       

      THIS ASSET PURCHASE AGREEMENT
(this "Agreement"), dated as
of April 7, 2009, is made and entered into by and among Sterling Trust Company,
a trust company organized under the laws of the State of Texas ("Seller"), United
Western Bancorp, Inc., a Colorado corporation ("Parent"), Equity
Trust Company, a South Dakota trust company ("Equity Trust"), and
Sterling Administrative Services, LLC, a Texas limited liability company ("Texas
Admin").  ETC and Texas Admin are sometimes individually
referred to herein as a "Buyer" and
collectively as "Buyers."  Seller,
the Parent and Buyers are sometimes individually referred to herein as a "Party" and
collectively as the "Parties."

       

      A.           Seller
is in the business of providing custody and administration services for
self-directed individual retirement accounts and qualified retirement plan
accounts (the "Transferred
Business"), as well as the business of providing escrow and paying agent
services (the "Excluded
Business").

       

      B.           Parent
owns, indirectly through wholly owned subsidiaries, all of the issued and
outstanding capital stock of Seller and will receive a substantial benefit if
the transactions contemplated by this Agreement are consummated, and Buyers are
unwilling to enter into this Agreement without the agreements of Parent set
forth herein.

       

      C.           Subject
to the limitations and exclusions contained in this Agreement and on the terms
and conditions hereinafter set forth, Seller desires to sell, and Buyers desire
to purchase, all of Seller's right, title and interest in and to substantially
all of the assets of Seller, and Buyers propose to assume certain specified
liabilities and obligations of Seller relating to the Transferred
Business.

       

      NOW, THEREFORE, in
consideration of the foregoing and the respective representations, warranties,
covenants, agreements and conditions hereinafter set forth, and intending to be
legally bound hereby, the Parties agree as follows:

       

      ARTICLE
I 

      DEFINITIONS

       

      For
purposes of this Agreement, the terms set forth in this Article I will have the
meanings ascribed to such terms in this Article I when used herein with initial
capital letters.  Other terms, when used herein with initial capital
letters, shall have the meanings ascribed to such terms on the applicable page
noted in the index of defined terms contained in this Agreement.

       

      "Affiliate" means,
with respect to any Person, any other Person directly or indirectly controlling,
controlled by, or under common control with such other Person. For purposes of
this definition, "control," "controlled" and "controlling" 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.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
 

      "Applicable Law" means
all applicable United States, foreign, federal, provincial, state or local laws
(including common law), statutes, treaties, judicial decisions, regulations,
rules, judgments, orders, decrees, injunctions and agreements with any
Governmental Entity.

       

      "Applicable
Requirements" means, with respect to Seller (i) all applicable
requirements of Applicable Law relating to the Purchased Assets and the
servicing of the Custodial Accounts or otherwise applicable to Seller; (ii) all
contractual obligations of Seller with respect to Custodial Rights, as set forth
in the Custodial Agreements and (iii) all of Seller's custodial and compliance
policies and procedures (a correct and complete description of which Seller has
previously made available to Buyers).

       

      "Business Day" means a
day on which banks are authorized to conduct business in Cleveland, Ohio, but
not including any Saturday or Sunday.

       

      "COBRA" means the
Consolidated Omnibus Budget Reconciliation Act of 1985.

       

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

       

      "Competitive
Activities" mean (i) acting as a custodian or trustee for self-directed
individual retirement accounts in which customers have the ability to invest
through such accounts in Non-Traditional Assets or (ii) acting as custodian for
or administrator of retirement plans qualified or intended to be qualified under
Section 401(a) of the Code ("qualified retirement plans"), in each case
conducted throughout the United States of America and Canada.

       

      "Computer Systems"
means any computer systems used by or for the benefit of the Transferred
Business, and including (i) computer hardware and peripherals,
telecommunications equipment and infrastructure and any other information
technology related plant and equipment; and (ii) the documentation and data
entered into such computer systems.

       

      "Contract" means any
contract, agreement, contract right, license agreement, franchise right or
agreement, outstanding purchase or sale order, or binding quotation or executory
commitment, arrangement or understanding, whether written or oral.

       

      "Custodial Accounts"
means the individual retirement accounts, qualified retirement plans and other
personal custodial accounts that are held by Seller as custodian or administered
by Seller in connection with the Transferred Business and that are created
pursuant to the Custodial Agreements.

       

      "Custodial Agreements"
means the following Contracts between Seller and its customers, including all
related forms, terms and conditions: (i) "Terms of Sterling Trust Company
Individual Retirement Custodial Account;" (ii) "Terms of Sterling Trust Company
SIMPLE Individual Retirement Custodial Account;" (iii) "Custodial Account
Agreement Without Investment Advice;" and (iv) "Administrative Services
Agreement for Qualified Plans."

       

      
        "Custodial Assets"
means all assets, tangible and intangible, held by Seller as custodian on behalf
of customers in connection with the Transferred Business.

      

      

      
        
          
             

          

          
            - 2
-

            
              

            

          

          
             

          

        

      

      

      "Custodial Deposits"
means all cash held by Seller as custodian on behalf of customers in connection
with the Transferred Business.

       

      "Custodial File"
means, for each Custodial Account, copies of the applicable Custodial Agreement,
as executed by the applicable customer, and all other documents, files and other
items related thereto required to be maintained by the custodian pursuant to the
Applicable Requirements.

       

      "Custodial Rights"
means all right, title and interest of Seller in and to (i) the right to perform
custodial services under the Custodial Agreements, including the right to
receive the fees and other income thereunder and the right to be custodian of
all Custodial Assets, (ii) the related custodial obligations as specified in
each Custodial Agreement, but excluding any obligation that is a Retained
Liability, (iii) the right of ownership, possession, control and use of any and
all Custodial Files pertaining to performing custodial services as provided in
the Custodial Agreements, and (iv) all other rights, powers and privileges of
Seller as the custodian under the Custodial Agreements as expressly set forth
therein or as deemed pursuant the Applicable Requirements.

       

      "Delinquent Payable"
means any account payable that remains unpaid more than 30 days from its due
date.

       

      "Employee Benefit
Plan" means with respect to any Person, each plan, fund, program,
agreement, arrangement or scheme, including each plan, fund, program, agreement,
arrangement or scheme maintained or required to be maintained under Applicable
Law that is at any time sponsored or maintained or required to be sponsored or
maintained by such Person or to which such Person makes or has made, or has or
has had an obligation to make, contributions providing for employee benefits or
for the remuneration, direct or indirect, of the employees, former employees,
directors, officers, consultants, independent contractors, contingent workers or
leased employees of such Person or the dependents of any of them (whether
written or oral), including: each deferred compensation, bonus, incentive
compensation, stock purchase, stock option and other equity compensation plan;
each "welfare" plan (within the meaning of Section 3(1) of ERISA determined
without regard to whether such plan is subject to ERISA); each "pension" plan
(within the meaning of Section 3(2) of ERISA, determined without regard to
whether such plan is subject to ERISA); and each severance, retention or change
of control plan or agreement, health, supplemental unemployment benefit,
hospitalization insurance, medical, dental, or life insurance, disability
insurance, legal services and each other employee benefit plan, fund, program,
agreement or arrangement.

       

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

       

      "ERISA Affiliate"
means any Person that, together with Seller, would be deemed a "single employer"
within the meaning of Section 414 of the Code.

       

      
        "ERISA Affiliate Plan"
means each Employee Benefit Plan sponsored or maintained or required to be
sponsored or maintained at any time by any ERISA Affiliate, or to which such
ERISA Affiliate makes or has made, or has or has had an obligation to make,
contributions or provide benefits at any time.

      

      

      
        
          
             

          

          
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      "Expenses" means all
expenses (including all fees and expenses of counsel, accountants, investment
bankers, experts and consultants to a party hereto and its Affiliates) incurred
in connection with or related to the authorization, preparation, negotiation,
execution and performance of this Agreement and the other transactions
contemplated hereby, including expenses related to the solicitation of
governmental approvals and required third party consents and all other matters
related to the other transactions contemplated hereby.

       

      "Financing Documents"
means the Credit Agreement and the agreements, documents, schedules and other
instruments to be delivered at the Closing pursuant thereto, substantially in
the forms attached as exhibits (or otherwise attached) to the form of Credit
Agreement attached hereto as Exhibit F or, if no
such forms are attached, in form and substance reasonably satisfactory to Buyers
and Seller.

       

      "GAAP" means generally
accepted accounting principles as in effect in the United States, consistently
applied.

       

      "Governmental Entity"
means any U.S., foreign, federal, state, regional, municipal or local
governmental or administrative authority, including any court, tribunal, agency,
bureau, committee, board, commission or instrumentality constituted or appointed
by any such authority.

       

      "Indebtedness" means
any of the following: (i) any indebtedness for borrowed money, whether current,
short-term or long-term, secured or unsecured, including all overdrafts and
negative cash balances, (ii) any obligations evidenced by bonds, debentures,
notes or other similar instruments, (iii) any obligations to pay the deferred
purchase price of property or service not evidenced by trade accounts payable,
(iv) any obligations as lessee under capitalized leases in accordance with GAAP,
(v) any indebtedness created or arising under any conditional sale or other
title retention agreement with respect to acquired property, (vi) any
obligations, contingent or otherwise, under acceptance credit, letters of credit
or similar facilities, (vii) all off-balance sheet financings, including
synthetic leases and project financings, (viii) all unearned income and all
income recorded on the books and records for services not yet rendered, (ix) all
liability with respect to interest rate swaps, collars, caps and similar hedging
obligations, (x) any indebtedness or other obligations (including any unpaid
dividends, distributions or compensation) due to Seller or any of its
Affiliates, (xi) any guaranty of any of the foregoing, and (xii) accrued and
unpaid interest on, and prepayment premiums, penalties or similar contractual
charges arising as a result of the discharge of, any such foregoing
obligation.

       

      "Intellectual
Property"  means all intellectual property, including all
patents and patent applications and any reissues, revisions, extensions,
divisions, continuations, continuations-in-part and re-examinations thereof;
statutory or common law copyrights and any renewals thereof; trademarks, trade
names, service marks, and all goodwill associated therewith; domain names; all
registrations and applications for any of the foregoing; software; design
rights; and trade secrets and confidential business information (including all
data and information, know-how, ideas, developments, drawings, specifications,
bills of material, proprietary molds, methods, processes, techniques, formulae,
compositions, vendor lists, customer lists, pricing and cost information,
marketing information and plans, sales and promotional materials, and business
plans).

      

      
        
          
             

          

          
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      "Knowledge of Seller"
means all facts known by any of the officers or directors of Seller who are
listed on Schedule 1.1(a) after due inquiry of the reporting persons listed on
Schedule 1.1(a).

       

      "Knowledge of Buyers"
means all facts known by any of the officers or directors of Buyers who are
listed on Schedule 1.1(b) after due inquiry of the reporting persons listed on
Schedule 1.1(b).

       

      "Leased Real Property"
means the premises leased pursuant to the Real Property Leases.

       

      "Lien" means, with
respect to any property or asset, any mortgages, deeds of trust, liens
(statutory or other), pledges, security interests, collateral security
arrangements, conditional and installment agreements, claims, covenants,
conditions, restrictions, reservations, options, rights of first offer or
refusal, charges, easements, rights-of-way, encroachments, third party rights or
other encumbrances or title imperfections or defects of any kind or
nature.  For the purposes of this Agreement, a Person shall be deemed
to own a property or asset that is subject to a Lien if it has acquired or holds
such property or asset subject to the interest of a vendor or lessor under any
conditional sale agreement, capital lease or other title retention agreement
relating to such property or asset.

       

      "Material Adverse
Effect" means, with respect to any Person, any state of facts, change,
event, effect or occurrence that is or is reasonably likely to, individually or
in the aggregate with all other states of fact, changes, events, effects or
occurrences, (i) be materially adverse to the business, financial condition, or
results of operations, of such Person, together with all subsidiaries of such
Person, taken as a whole, or (ii) prevent or materially delay the consummation
of the transactions contemplated by this Agreement; provided, however, that a
Material Adverse Effect shall not include effects resulting from (a) changes,
effects, events, occurrences or circumstances that generally affect the United
States or the global economy or the industry in which such Person operates,
except to the extent such changes, effects, events, occurrences or circumstances
have a disproportionate impact on such Person relative to other participants in
the industries in which such Person operates, (b) the execution, delivery or the
announcement of this Agreement or the announcement of the transactions
contemplated hereby, (c) changes in GAAP, except to the extent such changes have
a disproportionate impact on such Person relative to other participants in the
industry in which such Person operates, (d) changes in Applicable Law or
interpretations thereof by a Governmental Entity, (e) effects or events caused
by or resulting from the taking of any action required or permitted by this
Agreement or approved in writing by the Parties or (f) any outbreak or material
escalation of hostilities in which the United States is involved or any act of
terrorism within the United States or directed against its facilities or
citizens wherever located (other than any such outbreak, escalation or act that
renders unusable any facility or property of such Person); provided, further, that a
Material Adverse Effect shall include any Action instituted or commenced against
Seller on or after the date hereof, whether or not covered by insurance, in
connection with the Transferred Business that seeks or sought damages in excess
of $3,000,000 or that is reasonably likely to involve payment by Seller or its
insurer of an amount in excess of $3,000,000. 

    

     

        "Material Contracts"
means (i) those Contracts identified or required to be identified in Section
4.14(a) of the Disclosure Schedule and (ii) those Contracts that would be
required to be 

    

    

    
      
        
           

        

        
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    identified
in Section 4.14(a) of the Disclosure Schedule if they had been in existence or
entered into on or prior to the date hereof.

     

    "Measurement Period"
means the period beginning on the 31st calendar days preceding the Closing Date
and ending on the Business Day immediately preceding the Closing
Date.

     

    "Net Working Capital"
means the difference between (i) the aggregate amount of the current assets of
the type set forth on Schedule 3.5 and (ii) the aggregate amount of the current
liabilities of the type set forth on Schedule 3.5, as of 11:59 p.m., eastern
standard time, on the day immediately preceding the Closing Date, in each case
to the extent such assets and liabilities constitute part of the Purchased
Assets or Assumed Liabilities, as the case may be.

     

    "Non-Traditional
Assets" mean assets other than publicly traded securities, certificates
of deposits, money market accounts or obligations of the United States or any
government sponsored agencies.

     

    "Ordinary Course of
Business" means the ordinary course of business consistent with past
custom and practice.

     

    "Organizational
Documents" means, with respect to any corporation, the articles or
certificate of incorporation, as applicable, and the bylaws or code of
regulations, as applicable, of such corporation; with respect to any limited
liability company, the articles of organization and the limited liability
company agreement or operating agreement, as applicable, of such limited
liability company.

     

    "Permits" means all
permits (including environmental, construction and operation permits),
notifications, licenses, franchises, certificates, approvals, exemptions,
classifications, registrations and other similar documents and authorizations,
and applications therefor issued by, or submitted to, any Governmental
Entity.

     

    "Permitted Liens"
means (i) Liens for Taxes not yet due and payable; (ii) statutory Liens of
landlords and Liens of carriers, warehousemen, mechanics, materialmen and
repairmen incurred in the Ordinary Course of Business and not yet delinquent; or
(iii) Liens associated with original purchase price conditional sales contracts
and equipment leases with third parties entered into in the Ordinary Course of
Business.

     

    "Person" means an
individual, corporation, partnership, limited liability company, association,
trust or other entity or organization, including a Governmental
Entity.

     

    
      
        "Pre-Closing Tax
Period" means any Tax period beginning prior to the Closing Date and
ending on or before the Closing Date and the portion of any Straddle Tax Period
beginning before the Closing Date and ending on the Closing Date.

         
"Post-Closing Tax
Period" means any Tax period that begins after the Closing Date and the
portion of any Straddle Tax Period beginning after the Closing Date and ending
at the end of such Straddle Tax Period.  

    

     

    

    
      
        
           

        

        
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    "QP Deposit Amount"
means, with respect to any customer that is a party to a QP Custodial Agreement,
the dollar amount as of the Closing of all cash held by Seller as custodian on
behalf of such customer.

     

    "QP Revenue Amount"
means, with respect to any customer that is a party to a QP Admin Services
Agreement, the aggregate amount of revenue generated by Seller during the year
ended December 31, 2008 from such customer.

     

    "Real Property Leases"
means that certain Lease Agreement, dated July 1, 2006, by and
between Sterling Trust Company and WSW Bridgeview, L.P., and
that certain Lease Agreement, dated March 15, 2005, by and
between Sterling Trust Company and Swanson Realty, Ltd. as amended by
the First Amendment to Lease Agreement, dated April 1, 2007, by and
between Sterling Trust Company and Specialty Property,
Ltd.

     

    "Seller Benefit Plan"
means each Employee Benefit Plan that is sponsored or maintained or required to
be sponsored or maintained at any time by Seller, Parent or any of their
Affiliates or to which Seller, Parent or any of their Affiliates makes or has
made, or has or has had an obligation to make, contributions or provide benefits
at any time and under which any current or former employee, director, officer,
consultant, independent contractor, contingent worker or leased employee of
Seller or a dependent of any of them is or was entitled to any compensation or
benefits as a result of service to Seller or any ERISA Affiliate.

     

    "Seller Financing"
means the financing by Seller of a portion of the Purchase Price pursuant to the
Financing Documents.

     

    "Seller
Intellectual Property"
means all Intellectual Property owned, used or held for use in connection
with the Transferred Business.

     

    "Shrink Wrap Licenses"
means standard "shrink wrap" or "point and click" type licenses or Contracts
relating to Software Programs used by the Transferred Business.

     

    "Software
Programs" means all
computer software programs, including all computer security or programming
software, in their current version, used by or for the benefit of the
Transferred Business.

     

    
      "S.P.A.R.K.
Representation" means the representations and warranties of Seller and
Parent set forth in the last sentence of Section 4.15(d), but only as they
relate to the S.P.A.R.K. computer system.

       

      "Straddle Tax Period"
means any Tax period that begins before the Closing Date and ends after the
Closing Date.

       

      "Tax" and "Taxes" means all
taxes, assessments, charges, duties, fees, levies or other governmental charges
(including interest, penalties or additions associated therewith), including
income, franchise, capital stock, real property, personal property, tangible,
withholding, employment, payroll, social security, social contribution,
unemployment compensation, disability, transfer, sales, use, excise, gross
receipts, value-added and all other taxes of any kind, whether disputed or not,
and any charges, interest or penalties imposed by any Governmental 

       

    
      
        
           

        

        
          - 7
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    Entity
and including any obligation to indemnify or otherwise assume or succeed to the
Tax liability of any other Person.

     

    "Tax Return" means any
report, return, declaration claim for refund or other information in connection
with Taxes, including estimated returns, amended returns and reports of every
kind with respect to Taxes and including any schedule or attachment
thereto.

     

    "Transfer
Instructions" means the instructions set forth in Exhibit A hereto
detailing the procedures pursuant to which Seller shall effect the transfer of
the Custodial Assets, Custodial Rights, Custodial Files and other documents,
reports and files to Buyers.

     

    ARTICLE
II 

    PURCHASE
AND SALE

     

    2.1 Purchase and Sale of
Assets.  Upon the terms and subject to the conditions set forth
in this Agreement, at the Closing Seller shall sell, assign, transfer and
deliver to the applicable Buyer designated by ETC all right, title and interest
of Seller in and to, and Buyers shall purchase, accept and receive, all assets,
properties and rights (contractual or otherwise) and business of every kind and
description, wherever located, personal or mixed, tangible or intangible, owned,
held or used by Seller as the same shall exist on the Closing Date, including
all of the assets shown on the Most Recent Balance Sheet and not disposed of in
the Ordinary Course of Business after the date thereof, and all of the assets of
Seller related principally to the Transferred Business acquired by Seller on or
after the date hereof, but excluding the Excluded Assets (all such assets,
properties and rights, excluding the Excluded Assets, collectively referred to
herein as the "Purchased
Assets").  The Purchased Assets include:

     

    (a) All
equipment, Computer Systems (including the Sterling Processing and Record
Keeping ("S.P.A.R.K.") computer
system), furniture, data and telephone equipment supplies, and other tangible
personal property of Seller, including the personal property listed on Schedule
2.1(a) (other than any such listed personal property disposed of in the Ordinary
Course of Business);

     

    (b) The
Permits held by or issued to Seller that are listed on Schedule
2.1(b).

     

    
      
        (c) All
Seller Intellectual Property held by Seller, including all software and source
code related to the S.P.A.R.K. computer system and all other Seller Intellectual
Property listed on Schedule 2.1(c);

         

      

      (d) All
Custodial Rights and all other claims and rights under the Custodial Agreements
and under all other Contracts to which Seller is a party, including the Real
Property Leases and the Contracts listed on Schedule 2.1(d);

       

      (e) All
accounts receivable and notes receivable, deposits, prepaid expenses and other
miscellaneous tangible and intangible assets of Seller, including accounts
receivable listed on Section 4.20(a) of the Disclosure Schedule (subject to
changes therein since the date of the Most Recent Balance Sheet in the Ordinary
Course of Business);

    

    
 

    
      
        
           

        

        
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    (f) All
information, files, correspondence, records, data, plans, reports and recorded
knowledge of Seller, including all Custodial Files and other customer, vendor,
and price and mailing lists; and all other information and records related to
the operation and maintenance of the Transferred Business and/or the Purchased
Assets, in whatever media retained or stored, including computer programs and
disks;

     

    (g) The bank
accounts of Seller used for Customer Deposits, which are set forth on Schedule
2.1(g) (the "Customer-Related Bank
Accounts");

     

    (h) The name
"Sterling Trust Company" and any related or derivative trade names or trade
marks;

     

    (i) All
goodwill of Seller; and

     

    (j) All other
assets, properties and rights of Seller that are listed on Schedule
2.1(j).

     

    2.2 Excluded
Assets.  Notwithstanding anything to the contrary set forth in
this Agreement, the Purchased Assets do not include the following assets,
properties and rights of Seller (collectively, the "Excluded
Assets"):

     

    (a) The
tangible property and assets of Seller set forth on Schedule 2.2(a), and all
intangible assets, claims and rights of Seller that principally relate to the
Excluded Business, including (i) any accounts receivable, notes receivable,
deposits and prepaid expenses principally relating to the Excluded Business,
(ii) all goodwill associated with the Excluded Business, and (iii) all rights
under Contracts principally relating to the Excluded Business, including the
intangible assets listed on Schedule 2.2(a);

     

    (b) Any cash
or other assets held by Seller as custodian, trustee or otherwise on behalf of
customers of the Excluded Business;

     

    (c) Any
positive cash balances, cash equivalents (other than accounts receivables) or
marketable securities of Seller (which, for the avoidance of doubt, does not
include any Custodial Deposits);

     

    
      
        (d) All
ownership and other rights with respect to any Seller Benefit Plan;

         

      

      (e) All
Permits held by or issued to Seller that are not listed on Schedule
2.1(b);

       

    

    
      (f) The
charter documents, minute books, stock ledgers, accounting books and records,
Tax Returns, books of account and other constituent records relating to the
corporate organization of Seller;

       

      (g) The
rights that accrue to Parent and Seller under this Agreement;

       

      (h) Any
equity interests in any Person;

       

    

    
      
        
           

        

        
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    (i) All
causes of actions, judgments, claims or demands of whatever kind or description
that Seller has or may have against any Person;

     

    (j) All bank
accounts of Seller other than the Customer-Related Bank Accounts, including the
bank accounts set forth on Schedule 2.2(j);

     

    (k) Any
income Tax refunds that relate to Taxes incurred with respect to the Purchased
Assets and that are allocable to a Pre-Closing Tax Period;

     

    (l) All
assets of Seller related principally to the Excluded Business that are acquired
in the Ordinary Course of Business on or after the date hereof; and

     

    (m) Those
assets, properties and rights set forth on Schedule 2.2(m).

     

    2.3 Assumption of Certain
Liabilities.  

     

    (a) At the
Closing, Buyers shall only assume and agree to pay, discharge or perform, as
appropriate, the liabilities and obligations of Seller existing as of the
Closing Date (collectively, the "Assumed Liabilities")
that:

     

    (i) arise
under the Contracts listed on Schedule 2.1(d) or under the Custodial Agreements,
but only to the extent (i) such liabilities and obligations relate to Seller and
the conduct of the Transferred Business, (ii) the rights (including all
Custodial Rights) under such Custodial Agreements and Contracts are assigned to
such Buyer (or such Buyer is provided the benefits thereof), (iii) such
liabilities and obligations arise and are first required to be performed after
the Closing or for which indemnification is required under Section 8.3(e) and
(iv) with respect to liabilities and obligations under the terms of the
Custodial Agreements, such liabilities and obligations are explicitly set forth
in a form of Custodial Agreement that has been made available by Seller to
Buyers prior to the Closing Date; or

     

    (ii) constitute
accounts payable or accrued expenses (or other current liabilities) that are
reflected on the Working Capital Statement as finally determined pursuant to
Section 3.5.

     

    
      2.4 Liabilities Not
Assumed.  

       

      (a) With the
exception of the Assumed Liabilities, Buyers shall not, by the execution and
performance of this Agreement, or otherwise, assume or otherwise be responsible
for any liability or obligation of Seller, Parent or any of3 their Affiliates,
of any nature or kind, or claims of such liability or obligation, matured or
unmatured, liquidated or unliquidated, fixed or contingent, or known or unknown,
including any liability or obligation of Seller, Parent or any of their
Affiliates:

       

      (i) Relating
to, resulting from or arising out of (A) the operation or ownership of the
Transferred Business and the Purchased Assets on or prior to the Closing Date,
(B) the operation or ownership of the Excluded Business and the other Excluded
Assets, (C) without limiting the applicability of indemnification by Buyers

    

    

    
      
        
           

        

        
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    under
Sections 8.3(d) or 8.3(e), any claim for fraud, recklessness, negligence, breach
of duty or other tortious act of Seller, whether or not covered by insurance,
(D) Seller's performance or failure to perform its obligations as custodian
under the Custodial Agreements or arising out of or in connection with any
violation by Seller of the Applicable Requirements, (E) any Action against
Seller that arose out of or relates to actions or omissions of Seller in its
capacity as custodian under the Custodial Agreements during the period Seller
acted as custodian, or (D) any former operation of Seller or Parent that has
been discontinued or disposed of prior to the Closing;

     

    (ii) For any
Indebtedness of Seller (unless specifically included in current liabilities
taken into account in the determination of Net Working Capital as finally
determined pursuant to Section 3.5);

     

    (iii) For any Taxes (unless
specifically included in current liabilities taken into account in the
determination of Net Working Capital as finally determined pursuant to Section
3.5);

     

    (iv) To any
current or former shareholder, director, consultant, employee or Affiliate of
Seller or Parent;

     

    (v) Relating
to, resulting from or arising under any Seller Benefit Plan or ERISA Affiliate
Plan, including any severance, retention or termination payments, any pension
obligations and any COBRA obligations (whether or not triggered by the
transactions contemplated by this Agreement); and

     

    (vi) Any fees
and expenses of counsel, accountants, brokers, financial advisors or other
experts of Seller or Parent incurred in connection with the negotiation,
preparation and execution of this Agreement and the transactions contemplated
hereby.

     

    All such
liabilities and obligations other than the Assumed Liabilities are referred to
herein as the "Retained
Liabilities."

     

    
      (b) Seller
shall pay or otherwise satisfy in full, promptly when due, all Retained
Liabilities.

       

      
        (c) In the
case of any Taxes with respect to the Purchased Assets that are imposed on a
periodic basis over a Straddle Tax Period, the portion of such Tax that relates
to the portion of the period up to and including the Closing Date shall be
deemed to be the amount of such Tax for the entire Straddle Tax Period
multiplied by a fraction the numerator of which is the number of days in the Tax
period ending on (and including) the Closing Date and the denominator of which
is the number of days in the entire Straddle Tax Period.

         

        2.5 Certain
Contracts.  Notwithstanding any other provision of this
Agreement, the consummation of the transactions contemplated by this Agreement
shall not constitute an assignment or an attempted assignment of any Contract if
such assignment or attempted assignment, without the consent or approval of
another party thereto, would constitute a breach or violation
thereof.  If the assignment by Seller to Buyers of any Contract,
including the QP Admin Services Agreement and any other Custodial Agreement,
requires the consent or approval 

      

    

    

    
      
        
           

        

        
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    of a
third party (a "Restricted
Contract"), then such assignment shall be subject to such consent or
approval being obtained.  Subject to Section 6.7(a), Seller shall use
its commercially reasonable efforts to obtain the written consent or approval to
the assignment to Buyers of each Restricted Contract.  If and to the
extent that any such consent or approval is not obtained on or prior to the
Closing Date, subject to Section 6.7(a), (a) each Party agrees to cooperate with
the other Party to obtain such consent or approval until such time as it shall
have been obtained, (b) until such consent or approval is obtained, the Parties
agree to cooperate to provide Buyers the benefit under any such Restricted
Contract,  including by entering into any reasonable arrangement
(including subleasing or contracting if permitted) to provide the Parties the
economic and operational equivalent of obtaining such consents and approvals and
assigning such Restricted Contract, including enforcement for the benefit of
Buyers of all claims or rights arising thereunder, and the performance by Buyers
of the obligations thereunder on a prompt and punctual basis.

     

    ARTICLE
III 

    PURCHASE
PRICE; 

    ADJUSTMENTS;
ALLOCATIONS

     

    3.1 Consideration.  Subject
to the terms and conditions set forth in this Agreement, in consideration for
the sale by Seller of the Purchased Assets, ETC or Texas Admin shall (a) assume
and agree to perform and timely discharge the Assumed Liabilities and (b) pay to
Seller the aggregate amount of $61,200,000 as adjusted pursuant to this
Agreement (collectively, the "Purchase
Price").  At the Closing, Buyers shall (x) pay to Seller, by
wire transfer of immediately available funds to the account or accounts
designated by Seller, an amount equal to 25% of the Estimated Purchase Price (as
defined and determined pursuant to Section 3.4(a) hereof and as adjusted
pursuant to Section 3.5(a) hereof) and (y) deliver the Financing Documents to be
delivered at the Closing in accordance with the terms of the Credit Agreement,
including a promissory note in original principal amount of 75% of the Estimated
Purchase Price.

     

    
      3.2 Purchase Price
Allocation.  The Purchase Price (and all other capitalized
costs) shall be allocated among the Purchased Assets and the Assumed
Liabilities in the manner set forth on Schedule 3.2 and in accordance with Code
§1060 and the Treasury regulations thereunder (and any similar provision of
state, local or foreign law, as appropriate).  Subject to the
requirements of applicable Tax law or election, all Tax Returns and reports
filed by Buyers and Seller (including, but not limited to Internal Revenue
Service Form 8594) will be prepared consistently with such allocation. 

         

        3.3 Allocation of Certain
Items.  Notwithstanding anything herein to the contrary, to the
extent that a billing period for real estate taxes, personal property taxes,
utilities, water or sewer charges relating to the real property leased pursuant
to the Real Property Leases does not end on the Closing Date, Buyers shall only
be responsible for such charges, if any, under the Real Property Leases for the
days occurring after the Closing Date, and Seller shall be responsible for all
such charges with respect to the period up to and including the Closing Date (to
the extent such charges are not otherwise reflected on the Working Capital
Statement as finally determined pursuant to Section 3.5).  Appropriate
cash payments by Seller or Buyers, as the case may require, shall be made
hereunder from time to time as soon as practicable after the 

         

        
 

      

    

    
      
        
           

        

        
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    facts
giving rise to the obligation for such payments are known in the amounts
necessary to give effect to the allocations provided for in this Section
3.3.

     

    3.4 Custodial Deposits
Adjustment.

     

    (a) At least
two Business Days prior to the Closing Date, Seller shall deliver to Buyers a
certificate (the "Estimate
Certificate") setting forth, with supporting detail, Seller's good faith
estimate of the average Business Day daily amount of Custodial Deposits held by
Seller during the Measurement Period (the "Estimated Deposit
Amount").  The "Estimated Purchase
Price" shall be as follows:

     

    (i) If the
Estimated Deposit Amount is greater than or equal to $300,000,000 (the "Deposit Benchmark"),
then the Estimated Purchase Price shall be $61,200,000.

     

    (ii) If the
Estimated Deposit Amount is less than the Deposit Benchmark, then the Estimated
Purchase Price shall be $61,200,000 reduced by an amount equal to the product of
(A) the difference of the Deposit Benchmark minus the Estimated Deposit Amount
and (B) 0.2075.

     

     

    (b) Not later
than thirty days after the Closing Date, Buyers will prepare and deliver to
Seller a statement (the "Final Statement")
that sets forth in detail Buyers' determination of the average daily aggregate
amount of Custodial Deposits held by Seller during the Measurement Period (the
"Final Deposit
Amount").  The Final Statement as delivered by Buyers shall be
final and binding on the Parties unless, within 30 days after delivery thereof
to Seller, Seller gives notice to Buyers of its objections, if any, setting
forth in reasonable detail its basis for each objection.  If notice of
objection is given, the Parties shall consult with each other with respect to
the objection.  If the Parties are unable to reach agreement within 15
days after the notice of objection has been given, the objection subject to such
disagreement may be submitted by either Party to the Chicago office of Grant
Thornton LLP (or if Grant Thornton LLP cannot or is unwilling to serve in such
capacity, a nationally recognized, independent public accounting firm selected
by mutual agreement of Seller and Buyers, or if they cannot agree, selected by
mutual agreement of the independent public accounting firms regularly used by
Seller and Buyers in the conduct of their respective businesses) (the "Deposits
Auditor").  The disagreement shall be determined by the
Deposits Auditor on the basis of such procedures as the Deposits Auditor, in its
sole judgment, deems applicable and appropriate, taking into account the nature
of the issues, the amount(s) in dispute, and the respective positions asserted
by the Parties and the terms of this Agreement.  The Deposits Auditor
shall review the disputed matters and as promptly as practicable deliver to
Seller and Buyers a statement in writing setting forth its determination as to
the proper treatment of the items as to which there was disagreement, and such
determination shall be final and binding upon the Parties to this
Agreement.  It is the intention of the foregoing, among other things,
that the scope of the review by the Deposits Auditor of any dispute between
Buyers and Seller under this Section 3.4 be limited solely to the objections of
Seller set forth in its notice of objection as provided in this Section 3.4(b),
and such determination shall be within the range of the amounts proposed by
Buyers and Seller.  In the event that Seller and Buyers submit any
unresolved disputed issues to the Deposits Auditor, the fees and expenses of the
Deposits Auditor shall be borne by Seller and Buyers on the basis of a

     

     

    
      
        
        

      

      
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    determination by the
Deposits Auditor as to whom (Buyers or Seller) was least correct (in net dollar
terms) in its determination of the disputed items.

     

    (c) Using the
Final Deposit Amount as finally determined in accordance with Section 3.4(b),
the Purchase Price shall be recalculated as follows (such recalculated Purchase
Price, the "True-up
Purchase Price"):

     

    (i) If the
Final Deposit Amount is greater than or equal to the Deposit Benchmark, then the
True-up Purchase Price shall be $61,200,000.

     

    (ii) If the
Final Deposit Amount is less than the Deposit Benchmark, then the True-up
Purchase Price shall be $61,200,000 reduced by an amount equal to the product of
(A) the difference of the Deposit Benchmark minus the Final Deposit Amount and
(B) 0.2075.

     

    (d) If the
True-up Purchase Price is equal to the Estimated Purchase Price, no further
payments under this Section 3.4 are required.  If the True-up Purchase
Price is less than the Estimated Purchase Price, then Seller shall pay the
difference to Buyers by wire transfer of immediately available funds to an
account or accounts designated by ETC within five Business Days following the
determination of the final amounts pursuant to Section 3.4(b).  If the
True-up Purchase Price is greater than the Estimated Purchase Price, then Buyers
shall pay the difference to Seller by wire transfer of immediately available
funds to an account or accounts designated by Seller within five Business Days
following the determination of the final amounts pursuant to Section
3.4(b).  For the avoidance of doubt, adjustments to the Purchase Price
pursuant to this Section 3.4 shall affect the cash portion of the Purchase Price
to be paid by Buyers and shall not affect the amount of the Seller
Financing.

     

    3.5 Working Capital
Adjustment.

     

    (a) At least
two Business Days prior to the Closing Date, Seller shall deliver to Buyers a
certificate substantially in the illustrative form attached hereto as Exhibit B setting
forth in detail its good faith estimate of the amount of Net Working Capital
(the "Estimated Net
Working Capital Amount").

     

    (i) If the
Estimated Net Working Capital Amount is equal to $525,000 (the "Working Capital
Benchmark"), then there shall be no adjustment to the Estimated Purchase
Price.

     

    (ii) If the
Estimated Net Working Capital Amount is less than the Working Capital Benchmark,
then the Estimated Purchase Price shall be decreased by an amount equal to such
difference.

     

    (iii) If the
Estimated Net Working Capital Amount is greater than the Working Capital
Benchmark, then the Estimated Purchase Price shall be increased by an amount
equal to such difference.

     

    (b) Buyers
shall cause to be prepared in accordance with this Section 3.5 and deliver to
Seller as promptly as practicable and in any event within 60 days after the
Closing 

    

    
      
        
           

        

        
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    Date a
statement of Net Working Capital (the "Working
Capital Statement").  The Working Capital Statement shall (x)
be prepared in a manner consistent with the accounting policies and procedures
used in the preparation of the balance sheets included in the Seller Financial
Statements (provided that if any type of asset or liability to be included in
Net Working Capital has not been previously accounted for in the preparation of
the balance sheets included in the Seller Financial Statements, then the Working
Capital Statement shall be prepared in accordance with GAAP with respect to such
asset or liability), and (y) otherwise prepared substantially in accordance with
Exhibit
B.  Seller and its representatives shall be given access to
those employees of Buyers responsible for preparing (or who otherwise have
knowledge regarding the contents of) the Working Capital Statement and all
books, records and other data of Buyers with respect to Seller and necessary for
the purpose of reviewing the Working Capital Statement and the methodology used
by Buyers in preparing the Working Capital Statement, subject to customary third
party access letters and indemnification agreements.

     

    (c) The
Working Capital Statement as delivered by Buyers shall be final and binding on
the Parties to this Agreement unless, within 30 days after delivery thereof to
Seller, Seller gives notice to Buyers of its objections, if any, setting forth
in reasonable detail its basis for each objection.  If notice of
objection is given, the Parties shall consult with each other with respect to
the objection.  If the Parties are unable to reach agreement within 15
days after the notice of objection has been given, the objection subject to such
disagreement may be submitted by either Party to the Chicago office of Grant
Thornton LLP (or if Grant Thornton LLP cannot or is unwilling to serve in such
capacity, a nationally recognized, independent public accounting firm selected
by mutual agreement of Seller and Buyers, or if they cannot agree, selected by
mutual agreement of the independent public accounting firms regularly used by
Seller and Buyers in the conduct of their respective businesses) (the "Working Capital
Auditor"), as experts and not arbitrators.   The
disagreement shall be determined by the Working Capital Auditor on the basis of
such procedures as the Working Capital Auditor, in its sole judgment, deems
applicable and appropriate, taking into account the nature of the issues, the
amount(s) in dispute, and the respective positions asserted by the Parties and
the terms of this Agreement.  The Working Capital Auditor shall review
the disputed matters and as promptly as practicable deliver to Seller and Buyers
a statement in writing setting forth its determination as to the proper
treatment of the items as to which there was disagreement, and such
determination shall be final and binding upon the Parties to this
Agreement.  It is the intention of the foregoing, among other things,
that the scope of the review by the Working Capital Auditor of any dispute
between Buyers and Seller be limited solely to the objections of Seller set
forth in its notice of objection as provided in this Section 3.5(c), and such
determination shall be within the range of the amounts proposed by Buyers and
Seller.  In the event that Seller and Buyers submit any unresolved
disputed issues to the Working Capital Auditor, the fees and expenses of the
Working Capital Auditor shall be borne by Seller and Buyers on the basis of a
determination by the Working Capital Auditor as to whom (Buyers or Seller) was
least correct (in net dollar terms) in its determination of the disputed
items.

     

    (d) The
Purchase Price shall be adjusted following the Closing as follows:

     

    (i) If the
amount of the Net Working Capital as finally determined in accordance with
Section 3.5(c) is equal to the Estimated Net Working Capital Amount, 

    

    
      
        
           

        

        
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                    then
there shall be no further adjustment to the Purchase Price pursuant to this
Section 3.5.

    
      (ii) If the
amount of the Net Working Capital as finally determined in accordance with
Section 3.5(c) is less than the Estimated Net Working Capital Amount, then the
Purchase Price shall be decreased by an amount equal to such
difference.

       

      (iii) If the
amount of the Net Working Capital as finally determined in accordance with
Section 3.5(c) is greater than the Estimated Net Working Capital Amount, then
the Purchase Price shall be increased by an amount equal to such
difference.

     

    (e) Any
decrease in the Purchase Price payable under Section 3.5(d)(ii) shall be paid by
Seller by wire transfer of immediately available funds to an account or accounts
designated by ETC within five Business Days following the determination of the
final amounts pursuant to Section 3.5(c).  Any increase in the
Purchase Price payable under Section 3.5(d)(iii) shall be paid by Buyers to
Seller within five Business Days following the determination of the final
amounts pursuant to Section 3.5(c) by wire transfer of immediately available
funds to the account or accounts designated by Seller.  For the
avoidance of doubt, adjustments to the Purchase Price pursuant to this Section
3.5 shall affect the cash portion of the Purchase Price to be paid by Buyers and
shall not affect the amount of the Seller Financing.

     

    3.6 Qualified Plan Consent
Adjustment.  

     

    (a) The
Purchase Price shall be adjusted following the Closing as follows:

     

    (i) If and to
the extent any Qualified Plan Consents are not obtained on or prior to the QP
Consent Deadline as provided in Section 6.7(a), the Purchase Price shall be
decreased by an amount equal to the sum of the following with respect to each
customer from whom such Qualified Plan Consent was not obtained:  (A)
the product of the QP Deposit Amount, if any, with respect to such customer
multiplied by 0.2075, and (B) the product of the QP Revenue Amount with respect
to such customer multiplied by 0.2084.

     

    (ii) If all
Qualified Plan Consents have been obtained on or prior to the QP Consent
Deadline as provided in Section 6.7(a), then there shall be no further
adjustment to the Purchase Price pursuant to this Section 3.6.

     

    (b) Any
decrease in the Purchase Price payable under Section 3.6(a)(i) shall be paid by
Seller by wire transfer of immediately available funds to an account or accounts
designated by ETC within five Business Days following the QP Consent
Deadline.  For the avoidance of doubt, adjustments to the Purchase
Price pursuant to this Section 3.6 shall affect the cash portion of the Purchase
Price to be paid by Buyers and shall not affect the amount of the Seller
Financing.

     

    

    
      
        
           

        

        
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      ARTICLE
IV

      REPRESENTATIONS
AND WARRANTIES

      OF
SELLER AND PARENT

       

      Seller
and Parent jointly and severally represent and warrant to Buyers that the
statements contained in this Article IV are true, correct and complete, subject
to the qualifications and exceptions set forth in the disclosure schedule
delivered by Seller and Parent to Buyers and dated the date hereof (the "Disclosure
Schedule"), which is arranged in Sections corresponding to the numbered
and lettered Sections in this Article IV.  The specification of any
dollar amount in any representation or warranty contained in this Article IV is
not intended to imply that such amount, or higher or lower amounts, are or are
not material for purposes of this Agreement, and no Party shall use the fact of
the setting forth of any such amount in any dispute or controversy between or
among the Parties as to whether any obligation, item or matter not described
herein or included in the Disclosure Schedule is or is not material for purposes
of this Agreement.  Any fact or item which is disclosed on any section
of the Disclosure Schedule in such a way as to make its relevance to a
representation or representations made elsewhere in this Agreement or to the
information called for by another section of the Disclosure Schedule to this
Agreement reasonably apparent (without independent knowledge on the part of
Buyers of the facts so disclosed) shall be deemed to be an exception to such
representation or representations or to be disclosed on such other section of
the Disclosure Schedule, as the case may be, notwithstanding the omission of a
reference or cross-reference thereto.  

       

    

    4.1 Organization.  Seller
and Parent are corporations duly organized, validly existing and in good
standing under the laws of the jurisdiction in which they were formed and have
all requisite power and authority (corporate and other) to own, lease and
operate their respective properties and to carry on their respective businesses
as now being conducted.   Seller is duly qualified to do business
and is in good standing in each jurisdiction listed in Section 4.1 of the
Disclosure Schedule, is not qualified to do business in any other jurisdiction
and neither the nature of the business conducted by it nor the property it owns,
leases or operates requires it to qualify to do business as a foreign
corporation in any other jurisdiction, except where the failure to be so
qualified would not, individually or in the aggregate, have a Material Adverse
Effect with respect to Seller.  Seller is not in default in the
performance, observance or fulfillment of any provision of its Organizational
Documents.  Seller has heretofore furnished to Buyers a complete and
correct copy of its Organizational Documents.

     

    4.2 Authorization.  Seller
and Parent have full power and authority to execute and deliver this Agreement
and any other certificate, agreement, document or other instrument to be
executed and delivered by them in connection with the transactions contemplated
by this Agreement (collectively, the "Seller Ancillary
Documents") and to perform their respective obligations under this
Agreement and the applicable Seller Ancillary Documents and to consummate the
transactions contemplated by this Agreement and the Seller Ancillary
Documents.  The execution and delivery of this Agreement and the
Seller Ancillary Documents by Seller and Parent, the performance by Seller and
Parent of their respective obligations under this Agreement and the Seller
Ancillary Documents, and the consummation of the transactions provided for in
this Agreement and the Seller Ancillary Documents have been duly and validly
authorized by all necessary action on the part of Seller and
Parent.  Without limiting the generality of the foregoing, the board
of directors of Parent and Seller have each unanimously 

    

    
      
        
           

        

        
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approved and adopted this
Agreement and the transactions contemplated hereby in accordance with the
provisions of the Colorado Business Corporation Act or the Texas Business
Corporation Act, as applicable, and their respective organizational
documents.  This Agreement has been duly executed and delivered by
Seller and Parent, and constitutes the valid and binding obligation of Seller
and Parent, enforceable against Seller and Parent in accordance with its terms
(except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally).  The Seller Ancillary Documents to which
Seller and/or Parent is a party, when duly executed by Seller and/or Parent,
will constitute the valid and binding obligations of Seller and/or Parent
enforceable against Seller and/or Parent in accordance with their respective
terms (except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors' rights generally).  Neither the execution and delivery
of this Agreement or the Seller Ancillary Documents, nor the consummation by
Seller or Parent of the transactions contemplated hereby or thereby, requires or
will require the approval of the shareholders of Parent. 

     

    4.3 Ownership of Seller; No
Subsidiaries.  Parent indirectly owns beneficially all of the
issued and outstanding capital stock of Seller.  There are no
outstanding subscriptions, options, warrants, puts, calls, agreements,
understandings, claims, phantom share units or other commitments or rights of
any type relating to the issuance, sale or transfer of any securities of Seller,
nor are there outstanding any securities that are convertible into or
exchangeable for any such securities, and Seller does not have any obligation of
any kind to issue any additional securities or to pay for any of its securities
or of any predecessor.  There are no voting trusts, proxies or other
agreements or understandings with respect to the capital stock or equity
interests of Seller.  There are no accrued but unpaid dividends or
distributions on any shares of capital stock of Seller.  Seller does
not have any subsidiaries, and does not hold any direct or indirect beneficial
interest in any other Person.

     

    4.4 Absence of Restrictions and
Conflicts.  

     

    (a) Neither
the execution and delivery of this Agreement or the Seller Ancillary Documents,
nor the consummation by Seller or Parent of the transactions contemplated hereby
or thereby, nor compliance by Seller or Parent with any of the provisions hereof
or thereof, will (i) conflict with or result in a breach of any provision
of the Organizational Documents of Seller or Parent, (ii) conflict with,
constitute or result in a breach of any term, condition or provision of, or
constitute a default under, result in or give rise to any right of termination,
cancellation or acceleration with respect to, or result in the creation or
imposition of any Lien upon any of the Purchased Assets pursuant to, or require
any notice or consent under, any Material Contract, or any other note, bond,
mortgage, indenture or other instrument (but understanding that the Custodial
Agreements are not covered by this Section 4.4(a)) to which Seller or Parent is
a party that is material to the Transferred Business or (iii) subject to
receipt of the requisite approvals referred to in Section 4.4(b), violate any
Applicable Law.

     

    (b) Other
than approvals and consents required to be obtained from the Texas Department of
Banking (the "TDOB") as set forth
on Section 4.4(b) of the Disclosure Schedule, no notice to, filing with,
authorization of, exemption by or consent of any Government Entity is

    

    
      
        
           

        

        
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    necessary for the
consummation by Seller or Parent of the transactions contemplated by this
Agreement and the Seller Ancillary Documents. 

       

      4.5 Seller Financial Statements;
Solvency.

       

      (a) Seller
has furnished to Buyers an audited balance sheet and statement of income of
Seller as of and for each of the years ended on December 31, 2006 and 2007, an
unaudited balance sheet and statement of income of Seller as of and for the year
ended December 31, 2008, and an unaudited balance sheet and statement of income
of Seller as of and for the two-month period ended February 28, 2009
(collectively, the "Seller Financial
Statements").  The Seller Financial Statements (i) have been
prepared from and are in accordance with the books and records of Seller, (ii)
have been prepared in conformity with GAAP (except for the absence of
footnotes), (iii) are true, correct and complete, and (iv) fairly present in all
material respects the financial condition of Seller as of the dates stated and
the related results of Seller's operations and changes in cash flows for the
respective periods then ended.

    

     

    4.6 Undisclosed
Liabilities.  Seller does not have any liability or obligation
of any nature, whether known or unknown, absolute, accrued, contingent or
otherwise and whether due or to become due, except (a) as and to the extent
disclosed or reserved against on the most recent balance sheet included in the
Seller Financial Statements (the "Most Recent Balance
Sheet"), (b) those provided in any Contract that constitutes a part of
the Purchased Assets or the Excluded Assets, and (c) current liabilities
incurred after the date of the Most Recent Balance Sheet in the Ordinary Course
of Business. 

     

    4.7 Absence of Certain
Changes.  Since December 31, 2008, there has not
been:

     

    (a) Any
occurrence, circumstance or combination thereof that reasonably could be
expected to result in a Material Adverse Effect with respect to
Seller;

     

    (b) Any
increase in amounts payable by Seller as salary, bonus or severance to or for
the benefit of, or committed to be paid by Seller to or for the benefit of, any
director, officer, consultant, agent or employee of Seller whose total annual
compensation exceeds $50,000 or any relatives of such person, or, since December
31, 2008 through the date hereof, other than in the Ordinary Course of Business,
any increase in any benefits granted or provided for under any stock option,
phantom stock, profit-sharing, pension, retirement, deferred compensation, group
health, insurance, or other Seller Benefit Plan, payment or arrangement made to,
with or for the benefit of any director, officer, consultant, agent or employee
of Seller;

     

    

    
      
        
           

        

        
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      (c) Any
material transaction entered into or carried out by Seller other than in the
Ordinary Course of Business;

       

      (d) Any
borrowing or agreement to incur Indebtedness by Seller, any incurring by Seller
of any other obligation or liability (contingent or otherwise), except
liabilities incurred in the Ordinary Course of Business, or any endorsement,
assumption or guarantee of payment or performance of any loan or obligation of
any other Person by Seller;

       

      (e) Any
material change in Seller's method of doing business or any change in Seller's
accounting principles or practices or its methods of application of such
principles or practices;

       

      (f) Any Lien
other than Permitted Liens imposed or agreed to be imposed on or with respect to
the Purchased Assets;

    

     

    (g) Any sale,
lease or other disposition of, or any agreement to sell, lease or otherwise
dispose of any of the Purchased Assets except in the Ordinary Course of
Business;

     

    (h) Any
purchase or disposal of or any agreement to purchase or to dispose of fixed
assets for an amount in excess of $15,000 for any one purchase or disposal or
$25,000 for all such purchases and disposals made by Seller or any lease or any
agreement to lease, as lessee, any capital assets with payments over the term
thereof to be made by Seller exceeding an aggregate of $25,000;

     

    (i) Any loan
or advance (other than trade credit extended to customers of the Transferred
Business in the Ordinary Course of Business not exceeding $5,000, in the
aggregate, to any customer) made by Seller to any Person;

     

    (j) Any
modification, waiver, change, amendment, release, rescission or termination of,
or accord and satisfaction with respect to, any term, condition or provision of
any Material Contract, other than any satisfaction by performance in accordance
with the terms thereof in the Ordinary Course of Business; or

     

    (k) Any labor
dispute or disturbance materially and adversely affecting the business
operations, prospects or condition (financial or otherwise) of Seller, including
the filing of any petition or charge of unfair labor practice with any
Governmental Entity, efforts to effect a union representation election, actual
or threatened employee strike, work stoppage or slowdown.

     

    4.8 Litigation.  There
is not, as of the date hereof, any suit, claim, action, litigation, arbitration,
proceeding, consent order, investigation or hearing (each, an "Action") pending,
instituted, commenced or, to the Knowledge of Seller, threatened against Seller,
whether or not covered by insurance, in connection with the Transferred Business
that seeks damages in excess of $15,000 or that is reasonably likely to involve
payment by Seller or its insurer of an amount in excess of
$15,000.  As of the date hereof, in the past five years, there has not
been any Action against Seller, whether or not covered by insurance, in
connection with the Transferred Business that required the payment by Seller or
its insurer of an amount in excess of $15,000.  To the Knowledge of
Seller, there is no basis for any claim to be asserted against Seller, Parent or
any 

     

    

    
      
        
           

        

        
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    of
their Affiliates involving the Transferred Business or affecting the Purchased
Assets that is reasonably likely to result in an award of damages in excess of
$15,000 or involving payment by Seller or its insurer of an amount in excess of
$15,000.  Neither Seller, Parent nor any of their Affiliates has any
material workers' compensation claims or liabilities pending or threatened with
respect to the operations of the Transferred Business.  Neither Seller
nor any of the Purchased Assets or the Transferred Business is subject to any
order, writ, injunction or decree involving, affecting, relating to or arising
out of the Transferred Business or the Purchased Assets.  Section 4.8
of the Disclosure Schedule contains a true and complete list of all causes of
action, judgments, claims or demands of whatever kind or description that Seller
has during the past three years filed with any court, arbitrator or other
tribunal or has threatened in writing to file with any court, arbitrator or
other tribunal against any Person other than any such cause of action, judgment,
claim or demand filed or threatened to be filed by Seller as custodian for the
benefit of a customer of Seller.

     

    4.9 Compliance with Law;
Permits.

     

    (a) Seller
is, and has been at all times during the past five years, in compliance in all
material respects with all Applicable Law.  Seller has not been
charged in writing with and, to the Knowledge of Seller, is not now under
investigation with respect to, a violation of any such Applicable
Law.  To the Knowledge of Seller, Seller is not a party to or bound by
any order, judgment, decree or award of any Governmental
Entity.  Seller has filed all reports and has all Permits required to
be filed with any Governmental Entity, except where a failure to complete such
filing would not result in a Material Adverse Effect with respect to
Seller.  It is the intent of the Parties that compliance with
Applicable Laws relating to Taxes and ERISA are addressed by the
representations, warranties and covenants of the Parties set forth in the
sections of this Agreement specifically referencing such compliance and not by
this Section 4.9.

     

    (b) Section
4.9(b) of the Disclosure Schedule contains a true and complete list of all
Permits held by Seller in connection with the Transferred Business (the "Seller Permits"). The
Seller Permits constitute all Permits necessary to own, lease and operate the
Purchased Assets and to carry on the Transferred Business as it is now being
conducted by Seller.  To the extent required to conduct the
Transferred Business, Seller is approved by the TDOB.

     

    4.10 Employee Benefit
Plans.

     

    (a) Section
4.10(a) of the Disclosure Schedule contains a true and complete list of each
Seller Benefit Plan currently maintained by Seller or for which Seller has any
liability that has not been satisfied in full, indicating any special Tax status
enjoyed by such plan.  Section 4.10(a) of the Disclosure Schedule
specifically identifies each Seller Benefit Plan that is wholly or partially
self-insured by Seller.

     

    (b) The files
and records of Seller accurately reflect Seller's employees' employment
histories, including their hours of service.

     

    (c) No Seller
Benefit Plan or ERISA Affiliate Plan is or was subject to Title IV of ERISA or
Section 412 of the Code, nor is any Seller Benefit Plan or ERISA Affiliate Plan

     

    

    
      
        
           

        

        
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      a
"multiemployer pension plan," as defined in Section 3(37) of ERISA, or subject
to Section 302 of ERISA.  Neither Seller nor any ERISA Affiliate has
incurred, and no facts exist that reasonably could be expected to result in,
liability to Seller or such ERISA Affiliate as a result of a termination,
withdrawal or funding waiver with respect to an ERISA Affiliate Plan or Seller
Benefit Plan.

       

      (d) No facts
exist that reasonably could be expected to result in any liability to Buyers
with respect to any Seller Benefit Plan or any ERISA Affiliate Plan, including
any liability, Tax, penalty or fee under ERISA, the Code or any Applicable
Law.

    

    (e) No fact
or circumstance exists that could adversely affect the tax-exempt status of a
Seller Benefit Plan that is intended to be tax-exempt.  Further, each
Seller Benefit Plan intended to be "qualified" within the meaning of Section
401(a) of the Code and the trusts maintained thereunder that are intended to be
exempt from Taxation under Section 501(a) of the Code has received a current
favorable determination or other letter indicating that it is so qualified and
has been so qualified during the period from its adoption to date.

     

    (f) Seller
does not maintain, contribute to, or provide for any benefits of any kind
whatsoever (other than under Section 4980B of the Code or a plan qualified under
Section 401(a) of the Code) to any current or future retiree or former employee
of Seller.

     

    (g) Seller
has delivered to Buyers with respect to each Seller Benefit Plan correct and
complete copies of all current summary plan descriptions and the most recent
Internal Revenue Service determination letter, where applicable.

     

    (h) All
contributions required to be made to any Seller Benefit Plan by Applicable Law
or by any plan document or other contractual undertaking, and all premiums due
or payable with respect to insurance policies funding any Seller Benefit Plan,
for any period through the date hereof, have been timely made or paid in full
or, to the extent not required to be made or paid on or before the date hereof,
have been or will be fully reflected in the Seller Financial
Statements.

     

    4.11 Taxes.  

     

    (a) Seller
has duly filed all Tax Returns (including those filed on a consolidated,
combined or unitary basis) required to have been filed by Seller prior to the
Closing Date.  All of the Tax Returns filed by Seller are true,
correct and complete in all material respects, and all Taxes required to be paid
in respect of the periods covered by such Tax Returns or otherwise due to any
federal, state, foreign, local or other Governmental Entity (whether or not
shown on any Tax Return) have been paid.  The unpaid Taxes of Seller
do not, as of the Closing Date, exceed the reserve for Tax liability (as
distinguished from any reserve for deferred Taxes established to reflect timing
differences between book and Tax income) set forth on the face of the Most
Recent Balance Sheet.  Seller does not have any liability for any
Taxes in excess of the amounts so paid or reserves so established and Seller is
not delinquent in the payment of any Tax, assessment or governmental
charge.  No deficiencies for any Tax, assessment or governmental
charge have been proposed in writing, asserted or assessed 

     

    

    
      
        
           

        

        
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    (tentatively or
definitely), in each case, by any Governmental Entity, against Seller for which
there are not adequate reserves.

     

    
      (b) There is
no material dispute or claim concerning any Tax liability of Seller either (i)
claimed or raised by any Government Entity in writing or (ii) as to which Seller
or any director or officer of Seller has knowledge based upon personal contact
with any agent of such Government Entity.  There are no Liens with
respect to Taxes upon any of the properties or assets, real or personal,
tangible or intangible of Seller (other than Liens for Taxes not yet
due).

    

     

    (c) Seller
has withheld and paid all Taxes required to have been withheld and paid in
connection with amounts paid or owing to any employee, independent contractor,
creditor, stockholder or other third party.

     

    (d) Seller is
not obligated by any contract, agreement or other arrangement to indemnify any
other Person with respect to Taxes.

     

    (e) Seller is
not a party to any agreement, arrangement or plan that has resulted or could
result in the payment of any amount that will not be fully deductible under Code
Section 162(m) (or any corresponding provision of state, local or foreign Tax
law).

     

    4.12 Real
Property.  Seller does not currently own, nor for the past
three years has Seller owned, any real property.  During the past
three years, Seller has not leased or operated any real property other than the
Leased Real Property. The Leased Real Property constitutes the only real
property used by Seller in the conduct and operation of the Transferred
Business.  Seller has not subleased or assigned to any Person the
right to lease or occupy the Leased Real Property.  

     

    4.13 Title and Condition of
Assets.  Seller has good and valid title to or a valid
leasehold interest in all of the Purchased Assets, free and clear of all Liens
other than the Permitted Liens.  The Purchased Assets are in good
condition and repair (subject to normal wear and tear consistent with the age of
the assets and properties) and, other than the Excluded Assets, constitute all
of the assets and property now used in the conduct of the Transferred Business
as presently conducted.  The property and assets set forth on Schedule
2.2(a) and the computer hardware and software listed under the heading "Computer
Software Systems" on Schedule 2.2(m) are (a) principally related to the Excluded
Business, (b) used principally by employees to be retained by Seller in
connection with the Excluded Business, and/or (c) not currently being used in
any substantial respect in connection with the Transferred
Business.  No financing statement with respect to the Purchased Assets
under the Uniform Commercial Code or similar Applicable Law naming Seller or any
of Seller's predecessors as debtor or borrower is on file in any jurisdiction in
which Seller does business, and Seller is not a party to or bound under any
agreement or legal obligation authorizing any party to file any such financing
statement.

     

    4.14 Material Contracts.

     

    (a) Section
4.14(a) of the Disclosure Schedule sets forth, as of the
date hereof,  a true, correct and complete list of all Contracts,
excluding all Custodial Agreements, to which Seller or any of its Affiliates is
party in connection with or relating to the Transferred Business or the
Purchased Assets and which fall within any of the following
categories:

     

     

    

    
      
        
           

        

        
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      (i) Contracts
that require payment by any party thereto in excess of $5,000 in any
twelve-month period;

       

      (ii) all,
bonds, indentures, mortgages, promissory notes, loan agreements, guarantees,
letters of credit or other Contracts, instruments or commitments evidencing any
Indebtedness of Seller or providing for the creation of or granting any Person
any Lien upon all or any part of the Purchased Assets;

       

    

    (iii) all
leases (as lessor or lessee) of any property or assets (whether real, personal
or mixed, tangible or intangible) that require payment by any party thereto in
excess of $5,000;

     

    (iv) Contracts
that, after the Closing, would have the effect of limiting the freedom of any
Buyer directly or indirectly, to compete in any line of business in any
geographic area or to hire any individual or group of individuals, including any
Contracts with agents, distributors, sales representatives or referral sources
granting any exclusive rights;

     

    (v) joint
venture, partnership, operating and similar Contracts;

     

    (vi) all
franchising (as franchisor or franchisee) Contracts;

     

    (vii) any
Contract for capital expenditures or the acquisition or construction of fixed
assets;

     

    (viii) any
Contract that provides for an increased payment or benefit, or accelerated
vesting of rights, upon the execution of this Agreement or in connection with
the transactions contemplated hereby;

     

    (ix) any
Contract granting to any Person an option or a first refusal, first offer or
similar preferential right to purchase or acquire any Purchased
Asset;

     

    (x) any
Contract with any agent, distributor, sales representative or referral source
for customers of the Transferred Business, including any Material Referral
Sources;

     

    (xi) any
Contract providing for the indemnification or holding harmless of any officer,
director, employee of Seller or any other Person;

     

    (xii) any
Contract providing for "earn-outs" or other contingent payments;

     

    (xiii) any
Contract with or for the benefit of any Affiliate of Seller;

     

    (xiv) any
Contract that contains minimum purchase conditions or requirements or other
terms that restrict or limit the purchasing rights of Seller;

     

     

    

    
      
        
           

        

        
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      (xv) any other
Contracts not called for above that is material to Seller or the Transferred
Business.

    

     

    (b) Each
Material Contract to which Seller is a party or by which Seller or any Purchased
Assets is bound is legal, valid, binding and enforceable in accordance with its
respective terms with respect to Seller and, to the Knowledge of Seller, each
other party thereto.  There are no existing material defaults or
breaches of Seller under any Material Contract (or events or conditions which,
with notice or lapse of time or both would constitute a default or breach) on
the part of Seller and, to the Knowledge of Seller, there are no existing
material defaults or breaches (or events or conditions which, with any notice or
lapse of time or both, would constitute a default or breach) with respect to any
other party to any Material Contract.  Seller has not engaged any
subservicers, subcontractors or other agents to perform any of Seller's duties
under any Material Contract.  Seller is not participating in any
discussions or negotiations regarding modification of or amendment to any such
Contract or entry in any new Material Contract relating the Transferred
Business.  Section 4.14(a) of the Disclosure Schedule identifies with
an asterisk each Material Contract set forth therein that requires the consent
of or notice to any other party to avoid any breach, default or violation
thereof in connection with the transactions contemplated hereby, including the
assignment of such Material Contract to Buyers, if applicable.  Seller
has made available to Buyers true, correct and complete copies of each of the
Contracts listed in Schedule 2.1(d) or Section 4.14(a) of the Disclosure
Schedule.

     

    4.15 Intellectual
Property.

     

    (a) Section
4.15(a) of the Disclosure Schedule sets forth all registered and applied for
Intellectual Property owned by Seller and all material licenses, sublicenses,
support agreements, assignments and other Contracts under which Seller is either
a licensor, licensee, developer, reseller, assignor or assignee of any
Intellectual Property.  Seller owns or has a valid right to use all
Seller Intellectual Property, and the consummation of the transactions
contemplated by this Agreement shall not alter or impair such
rights.

     

    (b) The
operation of the Transferred Business has not in the past, and does not
currently, infringe upon, violate or misappropriate any Intellectual Property of
any third party, and Seller has not received notice of any threatened claims
alleging any of the foregoing, nor is Seller aware of any facts that would
support a claim of the foregoing, including any claim that Seller must license
or refrain from using any Intellectual Property of a third
party.  Seller has taken all reasonable to steps preserve and maintain
the Seller Intellectual Property owned by Seller.  To the Knowledge of
Seller, no third party is infringing any Seller Intellectual Property owned by
Seller.

     

    (c) The
execution, delivery and performance of this Agreement and the transactions
contemplated hereby do not and will not (i) breach, violate, conflict with or
constitute a default or violation of, or require any payment under, any license
agreement (excluding any Shrink Wrap License) or any other agreement relating to
any use of or support or maintenance of any Seller Intellectual Property, other
than recurring license or support fees as set forth in Section 4.15(a) of the
Disclosure Schedule or (ii) give rise to a right of forfeiture or termination of
any right to use any Seller Intellectual Property or in any way impair the right
of Buyers to use, sell, offer to sell, license or dispose of, or to bring any
action for the infringement 

     

    

    
      
        
           

        

        
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of, any Seller
Intellectual Property. Seller
has performed (or will perform) all obligations imposed upon it thereunder that
are required to be performed by it on or prior to the Closing Date, and neither
Seller nor, to the Knowledge of Seller, any other party thereto, is in breach of
or default thereunder, nor is there any event that, with notice or lapse of time
or both, would constitute a default thereunder.  All of the licenses,
assignments and other agreements listed in Section 4.15(a) of the Disclosure
Schedule are valid and enforceable against the parties thereto in accordance
with their respective terms, and will continue to be so on the same terms
immediately following the Closing and no permission or consent from any Person
to assign or transfer such agreements is required to consummate this
transaction.

     

    (d) Seller
has disclosed to Buyers: (i) all of the Computer Systems and all agreements
and arrangements relating to the Computer Systems; and (ii) all of the Software
Programs (excluding any Software Program licensed under a Shrink Wrap License)
and any related documentation or integrated products or upgrade services
included in the Seller Intellectual Property, all of which Computer Systems and
Software Programs are set forth on Section 4.15(d) of the Disclosure
Schedule.  True and complete copies of all documentation relating to
the Computer Systems and the Software Programs (excluding any Software Program
licensed under a Shrink Wrap License) have been previously provided to
Buyers.  Seller has full right and authority to use the Computer
Systems and the Software Programs, and all such use is within the scope of such
right and authority.  The Computer Systems and the Software
Programs:  (x) comprise all the hardware, software and other
equipment necessary to conduct the Transferred Business as it is currently being
conducted by Seller, including for the processing and other functions required
to be performed for the purposes of operating the Transferred Business, and
(y) are in satisfactory working order and are fit for the purpose for which
they are being used consistent with the use by Seller of such Computer Systems
and Software Programs.

     

    (e) Seller
does not have any obligation to compensate any employee or other Person for the
development, use, sale or exploitation of any Computer Systems owned by
Seller.

     

    4.16 Labor and Employment
Matters.

     

    (a) There is
no labor strike, dispute, slowdown or stoppage pending or, to the Knowledge of
Seller, threatened against Seller, and Seller has not experienced any labor
strike, dispute, slowdown or stoppage, unfair labor practice charge, union
organizing campaign or other labor difficulty involving its
employees.  To the Knowledge of Seller, there are not any current or
threatened attempts to organize or establish any labor union or employee
association to represent any employees of Seller.

     

    (b) To the
Knowledge of Seller, no employee of Seller has stated his or her plan to
terminate his or her employment with Seller.  As of the date hereof,
there is no pending Action relating to the employment, termination of
employment, compensation or employee benefits of any current or former employees
of Seller, nor, to the Knowledge of Seller, is any such Action
threatened.

     

    (c) All
individuals performing services for Seller (including sales representatives) are
employees of Seller and are not classified as independent
contractors.  To the 

     

    
      
        
           

        

        
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    Knowledge of Seller, none
of Seller's employees is subject to any stay agreement, retention agreement or
any agreement that limits his or her ability to perform his or her duties for
Seller.

    
       

      (d) Since
January 1, 2000, Seller has not taken any action that would constitute a "plant
closing" or "mass layoff" within the meaning of the Worker Adjustment and
Retraining Notification Act ("WARN") or issued any
notification of a plant closing or mass layoff a such business required by
WARN.

       

    

    4.17 Officers and
Employees.  Section 4.17 of the Disclosure Schedule contains a
true and complete list, as of the date hereof, of all of the officers and
employees (whether full-time, part-time or otherwise) and independent
contractors of Seller.  Section 4.17 of the Disclosure Schedule sets
forth each such person's annual salary or annual hourly wages, annual consulting
or other independent contractor fees, position, status, length of service and
perquisites provided to each of them, respectively, together with an appropriate
notation next to the name of any officer or other employee on such list (a) who
is subject to any written employment agreement or any other written term sheet
or other document describing the terms or conditions of employment of such
employee or of the rendering of services by such independent contractor or (b)
who is to be retained by Seller in connection with the Excluded
Business.  Seller has made available to Buyers true, correct and
complete copies of each employment agreement, term sheet or other document
listed or referenced in Section 4.17 of the Disclosure
Schedule.   Seller is not a party to or bound by any contracts,
consulting agreements or termination or severance agreements in respect to any
officer, employee or former employee, consultant or independent contractor of
Seller.  All officers and employees of Seller are active on the date
hereof.  

     

    4.18 Vendors and Referral
Sources. 

     

    (a) No vendor
of Seller has, with respect to the Transferred Business, notified Seller in
writing that it shall stop, or decrease the rate of, or substantially increase
its fees for, supplying products or services, as applicable, either prior to, or
following the Closing.

     

    (b) Section
4.18(b) of the Disclosure Schedule sets forth a list of each referral source who
referred more than 50 Custodial Accounts to Seller during the period commencing
January 1, 2008 and ending December 31, 2008 (each a "Material Referral
Source" and collectively, "Material Referral
Sources"), together with the number of new Custodial Accounts referred by
each Material Referral Source per month during such period.  Seller is
not engaged in any material dispute with any Material Referral Source and, to
the Knowledge of Seller, no Material Referral Source intends to terminate, limit
or reduce its business relations with Seller.

     

    4.19 Custodial
Accounts.

     

    (a) Each
Custodial Agreement is on one of Seller's forms (that are identified in the
definition of "Custodial Agreement" that is set forth in Article I of this
Agreement) and does not deviate from such form in any material
respect.  Seller has made available to Buyers copies of all such
forms.   Since December 31, 2008 and except as provided in
Section 4.19(d), (e) and (f) hereof, there has not been any modification,
change, or amendment to any form of Custodial Agreement.  The
Custodial Agreements constitute all of the agreements, forms and other Contracts
between Seller and its customers that relate to the Transferred Business and set

    

    
      
        
           

        

        
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forth all of the
provisions with respect to fees and other income between Seller and the
customers of the Transferred Business as well as all of the other terms and
conditions of Seller's rights and obligations relating to the servicing of the
Custodial Accounts.  Except as set forth in the Custodial Agreements,
Seller has not made any warranties or guaranties as to the services it provides
or its duties to customers, and there is no pending or, to the Knowledge of
Seller, threatened claim alleging any breach of any such warranty or
guaranty.

     

    (b) Seller's
operation of the Transferred Business has continuously been performed in all
material respects in accordance with standard industry practices of prudent
custodians and in compliance in all material respects with Applicable
Requirements.  To the Knowledge of Seller, the employees, sales
persons and other representatives of Seller do not give any financial,
investment or other advise to any customer of the Transferred Business with
respect to available investments options.  Neither Seller nor any
employee, sales person or other representative of Seller receives any commission
or other compensation based upon the investment of Custodial Assets in any
particular investment.  The Custodial Files contain an electronic
image of the executed copy of each Custodial Agreement and all other documents,
instruments and information necessary to enforce and service the Custodial
Accounts in accordance in all material respects with Applicable
Requirements.

     

    (c) Seller
owns the entire right, title and interest in and to the Custodial Agreements and
the sole right, to the extent set forth therein, to serve as custodian of the
Custodial Agreements free and clear of all Liens other than the rights of
customers pursuant to the Custodial Agreements.  The transfer,
assignment and delivery of the Custodial Rights in accordance with the terms and
conditions of this Agreement shall, upon execution and delivery of the
applicable Additional Documents by the parties thereto, permit Buyers to perform
all the duties and exercise all the powers connected with or incidental to the
Custodial Accounts in the same manner as if Buyers had been originally
designated as the custodian under such Custodial Accounts; provided, however, that a
failure to obtain the consent from any customer under any Custodial Agreement
shall not constitute a breach of any representation of Seller contemplated by
this Section 4.19(c).   

     

    (d) Seller
has prepared with respect to each Custodial Agreement relating to self-directed
individual retirement accounts an amendment (the "IRA Amendment")
providing, among other things, that ETC may, upon Closing and assuming ETC is
properly authorized and qualified to act as custodian thereunder, succeed to the
rights, powers, duties and obligations of Seller under such Custodial
Agreements.  Seller has made available to Buyers a true, correct and
complete copy of the IRA Amendment and Seller has delivered the IRA Amendment to
each customer with respect to any Custodial Agreement relating to a
self-directed individual retirement account in accordance with the terms of such
Custodial Agreement.

     

    (e) Seller
has prepared with respect to each Custodial Agreement pursuant to which Seller
acts as custodian for qualified retirement plan accounts and which is styled
"Custodial Account Agreement without Investment Advice" (the "QP Custodial
Agreements") an  amendment (each, a "QP Custodial Account
Amendment") providing, among other things, that ETC may upon Closing and
assuming ETC is properly authorized and qualified to act as custodian thereunder
succeed to the rights, powers, duties and obligations of Seller under such QP
Custodial Agreements.  Seller has made available to Buyers a true,
correct and complete 

    

    
      
        
           

        

        
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    copy
of the QP Custodial Account Amendment, and Seller has delivered the QP Custodial
Account Amendment to each customer with respect to each QP Custodial Account
Agreement in accordance with the terms of such QP Custodial Account
Agreement.

     

    (f) Seller
has prepared with respect to each Custodial Agreement pursuant to which Seller
provides administrative services related to qualified retirement plan accounts
and which is styled "Administrative Services Agreement" (the "QP Admin Services
Agreements"), an amendment (the "Administrative Services
Amendment") providing, among other things, that ETC may upon Closing and
assuming ETC is properly authorized and qualified to act as custodian thereunder
succeed to the rights, powers, duties and obligations of Seller under such QP
Admin Services Agreements.  Seller has made available to Buyers a
true, correct and complete copy of the Administrative Services Amendment and
Seller has delivered the Administrative Services Amendment to each customer that
is a party to each QP Admin Services Agreement in accordance with the terms of
such QP Admin Services Agreement, and has requested such customer's consent
(each, a "Qualified
Plan Consent") to such Administrative Services Amendment, as required by
the QP Admin Services Agreement.

     

    4.20 Accounts Receivable;
Accounts Payable. 

     

    (a) Section
4.20(a) of the Disclosure Schedule contains a list of the accounts receivable of
Seller related to the Transferred Business as of the date of the Most Recent
Balance Sheet, showing the amount of each such receivable and an aging of
amounts due thereunder, which schedule is true and complete as of that
date.  To the Knowledge of Seller, the debtors to which such
receivables relate are not in or subject to a bankruptcy or insolvency
proceeding, and to the Knowledge of Seller, none of the receivables have been
made subject to an assignment for the benefit of creditors.  As of the
date hereof, all accounts receivable reflected on the Most Recent Balance Sheet
related to the Transferred Business are current, and there are no disputes
regarding the collectibility of any such receivables.  The accounts
receivable reflected on the Working Capital Statement will represent monies due
for goods sold and delivered or services rendered in the Ordinary Course of
Business and will not be subject to any assignment, restrictions, security
interests or other Liens.

     

    (b) The
accounts payable (which, for the avoidance of doubt, does not include the line
item "prepaid revenue") of Seller related to the Transferred Business reflected
on the Most Recent Balance Sheet are not (or will not be) Delinquent Payables
and arose (or will arise) from bona fide transactions in the Ordinary Course of
Business.

     

    4.21 Insurance.  Set
forth on Section 4.21 of the Disclosure Schedule is a list of all policies of
fire, liability, casualty, fidelity, blanket bond, and other insurance owned or
held by Seller which are related to the Transferred Business.  Such
policies are in full force and effect as of the date of this
Agreement.  To the Knowledge of Seller, there is no fact, event, or
condition which would render any of such policies void or voidable or subject
any of such policies to cancellation or termination.  

     

    
      4.22 Ethical
Practices.  Neither Seller nor, to the Knowledge of Seller, any
agent or representative of Seller, has offered or given anything of value to:
(a) any official of a Governmental Entity, any political party or official
thereof, or any candidate for political office, 

    
      
        
           

        

        
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    (b)
any customer or member of the government, or (c) any other Person, in any such
case while knowing or having reason to know that all or a portion of such money
or thing of value may be offered, given or promised, directly or indirectly, to
any customer, member of the government or candidate for political office where
such payment would constitute a bribe, kickback or illegal or improper payment
to assist Seller in obtaining or retaining business for, or with, or directing
business to, any Person.

     

    4.23 Transactions with
Affiliates.  Neither Parent, nor any officer, director or
Affiliate of Seller has any interest in any Contract with, or relating to,
Seller or the Transferred Business or Purchased Assets.  Neither
Parent nor any such Affiliate provides any material assets or material services
to Seller or the Transferred Business.  None of the Assumed
Liabilities constitutes or results from a transaction with an Affiliate of
Seller.  

     

    4.24 Books of Account;
Records.  Seller's general ledgers, stock record books, minute
books and other material records relating to the assets, properties, contracts
and outstanding legal obligations of Seller are, in all material respects,
complete and correct, and have been maintained in accordance with good business
practices and the matters contained therein are, to the extent required by GAAP,
appropriately and accurately reflected in the Financial Statements and Interim
Statements.

     

    4.25 Brokers, Finders and
Investment Bankers.  Neither Parent, Seller nor any of their
respective officers, directors, employees or Affiliates has employed any broker,
finder or investment banker or incurred any liability for any investment banking
fees, financial advisory fees, brokerage fees or finders' fees in connection
with the transactions contemplated by this Agreement.  

     

    ARTICLE
V

    REPRESENTATIONS
AND WARRANTIES 

    OF
BUYERS

     

    Buyers
jointly and severally represent and warrant to Seller and Parent that the
statements contained in this Article V are true, correct and complete, subject
to the qualifications and exceptions set forth in the disclosure schedule
delivered by Buyers to Seller and Parent and dated the date hereof (the "Buyer Disclosure
Schedule"), which is arranged in Sections corresponding to the numbered
and lettered Sections in this Article V.  The specification of any
dollar amount in any representation or warranty contained in this Article V is
not intended to imply that such amount, or higher or lower amounts, are or are
not material for purposes of this Agreement, and no Party shall use the fact of
the setting forth of any such amount in any dispute or controversy between or
among the Parties as to whether any obligation, item or matter not described
herein or included in the Buyer Disclosure Schedule is or is not material for
purposes of this Agreement.  Any fact or item which is disclosed on
any section of the Buyer Disclosure Schedule in such a way as to make its
relevance to a representation or representations made elsewhere in this
Agreement or to the information called for by another section of the Buyer
Disclosure Schedule to this Agreement reasonably apparent (without independent
knowledge on the part of Seller of the facts so disclosed) shall be deemed to be
an exception to such representation or representations or to be disclosed on
such other section of the Buyer Disclosure 

    

    
      
        
           

        

        
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    Schedule, as the case may
be, notwithstanding the omission of a reference or cross-reference
thereto.

     

    5.1 Organization.  ETC
is a corporation duly organized and validly existing under the laws of the
jurisdiction set forth in the introductory paragraph of this Agreement and has
all requisite power and authority (corporate or otherwise) to own, lease and
operate its properties and to carry on its business as now being
conducted.  Texas Admin is a limited liability company duly organized
and validly existing under the laws of the jurisdiction set forth in the
introductory paragraph of this Agreement and has all requisite power and
authority (as a limited liability company or otherwise) to own, lease and
operate its properties and to carry on its business as now being
conducted.

     

    5.2 Authorization.  Each
Buyer has full power and authority to execute and deliver this Agreement and any
other certificate, agreement, document or other instrument to be executed and
delivered by it in connection with the transactions contemplated by this
Agreement (collectively, the "Buyer Ancillary
Documents"), to perform its obligations under this Agreement and the
Buyer Ancillary Documents and to consummate the transactions contemplated by
this Agreement and the Buyer Ancillary Documents.  The execution and
delivery of this Agreement and the Buyer Ancillary Documents by each Buyer, the
performance by each Buyer of its obligations under this Agreement and the Buyer
Ancillary Documents, and the consummation of the transactions provided for in
this Agreement and the Buyer Ancillary Documents have been duly and validly
authorized by all necessary action on the part of each Buyer.  This
Agreement has been duly executed and delivered by Buyers, and constitutes the
valid and binding obligation of Buyers, enforceable against Buyers in accordance
with its terms.  The Buyer Ancillary Documents to which any Buyer is a
party, when duly executed by such Buyer, will constitute the valid and binding
obligations of such Buyer enforceable against such Buyer in accordance with
their respective terms.  Neither the execution and delivery of this
Agreement, the Financing Documents or the Buyer Ancillary Documents, nor the
consummation by Buyers of the transactions contemplated hereby or thereby,
requires or will require any approval of the shareholders of ETC or the members
of Texas Admin that has not or will not be obtained prior to the
Closing.

     

    5.3 Absence of Restrictions and
Conflicts.  

     

    (a) Neither
the execution and delivery of this Agreement or the Buyer Ancillary Documents,
nor the consummation by Buyers of the transactions contemplated hereby or
thereby, nor compliance by Buyers with any of the provisions hereof or thereof,
will (i) conflict with or result in a breach of any provision of the
Organizational Documents of Buyers, (ii) conflict with, constitute or
result in a breach of any term, condition or provision of, or constitute a
default under, result in or give rise to any right of termination, cancellation
or acceleration with respect to, or, except for the Liens granted under the
Financing Documents, result in the creation or imposition of any Lien upon any
material assets of Buyers pursuant to, or require any notice or consent under,
any material Contract, or any other note, bond, mortgage, indenture or other
instrument to which any Buyer is a party that is material to such Buyer's
business, or (iii) subject to receipt of the requisite approvals referred
to in Section 5.3(b), violate any Applicable Law.

     

    

    
      
        
           

        

        
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    (b) Other
than approvals and consents required to be obtained from the TDOB as set forth
on Section 5.3(b) of the Buyer Disclosure Schedule, no notice to, filing with,
authorization of, exemption by or consent of any Governmental Entity is
necessary for the consummation by Buyers of the transactions contemplated by
this Agreement and the Buyer Ancillary Documents.

     

    5.4 Brokers, Finders and
Investment Bankers.  Neither Buyers, nor any of their
respective officers, directors, employees or Affiliates, has employed any
broker, finder or investment banker or incurred any liability for any investment
banking fees, financial advisory fees, brokerage fees or finders' fees in
connection with the transactions contemplated by this Agreement.

     

    5.5 Compliance with Law;
Permits.  

     

    (a) Buyers
are, and have been at all times during the past five years, in compliance in all
material respects with all Applicable Law.  No Buyer has been charged
with and, to the Knowledge of Buyers, is not now under investigation with
respect to, a violation of any such Applicable Law.  To the Knowledge
of Buyers, no Buyer is a party to or bound by any order, judgment, decree or
award of any Governmental Entity.  Each Buyer has filed all reports
and has all Permits required to be filed with any Governmental Entity, except
where the failure to complete such filing would not result in a Material Adverse
Effect with respect to such Buyer.

     

    (b) To the
extent required to conduct the Transferred Business following the Closing, Buyer
is (or will be prior to the Closing) approved by the South Dakota Division of
Banking (the "SDDOB").

     

    5.6 Buyer Financial Statements;
Solvency.

     

    (a) Buyers
have furnished to Seller an audited balance sheet and statement of income of
each Buyer as of and for each of the years ended on December 31, 2006 and 2007,
an unaudited balance sheet and statement of income of each Buyer as of and for
the year ended December 31, 2008, and an unaudited balance sheet and statement
of income of each Buyer as of and for the two-month period ended February 28,
2009 (collectively, the "Buyer Financial
Statements").  The Buyer Financial Statements (i) have been
prepared from and are in accordance with the books and records of the applicable
Buyer, (ii) have been prepared in conformity with GAAP (except for the absence
of footnotes), (iii) are true, correct and complete, and (iv) fairly present in
all material respects the financial condition of the applicable Buyer as of the
dates stated and the related results of such Buyer's operations and changes in
cash flows for the respective periods then ended.

     

    (b) On the
Closing Date, and after giving effect to the consummation of the transactions
contemplated by this Agreement, (i) the fair market value of the assets of
each Buyer (as determined in accordance with Applicable Law governing
determination of the insolvency of debtors) will as of such date exceed the fair
market value of the liabilities of the respected Buyer (as determined in
accordance with Applicable Law governing determination of the insolvency of
debtors), (ii) each Buyer will not have an unreasonably small amount of
capital 

    

    
      
        
           

        

        
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    with
which to conduct its businesses, and (iii) each Buyer will be able to pay
its debts as they mature.

    
      
5.7 Custodial
Accounts.  Buyers' operation of their respective businesses has
continuously been performed in all material respects in accordance with standard
industry practices of prudent custodians and in compliance in all material
respects with Applicable Laws, except where such failure to comply will not
result in a Material Adverse Effect with respect to Buyers.  Buyers
have (or will have prior to the Closing) sufficient authority to act as a
custodian or trustee with respect to the Custodial Rights that constitute a part
of the Purchased Assets in accordance with Applicable Law.

     

    ARTICLE
VI 

    CERTAIN
COVENANTS 

    AND
AGREEMENTS

     

    6.1 Conduct of Business of
Parent and Seller.  During the period from the date of this
Agreement to the Closing Date, Seller shall, and Parent shall take all actions
as may be reasonably necessary to cause Seller to: (i) conduct its operations in
the Ordinary Course of Business, except as expressly contemplated by this
Agreement and the transactions contemplated hereby, (ii) use commercially
reasonable efforts to maintain and preserve the business organizations and the
material rights of Seller, (iii) use commercially reasonable efforts to retain
the services of the officers, managers and key employees of Seller, (iv) use
commercially reasonable efforts to maintain relationships with customers,
vendors, lessees and licensees of Seller and other third parties, (v) maintain
the books and records relating to the Transferred Business or the Purchased
Assets in a manner consistent with past practices, (vi) use commercially
reasonable efforts to maintain the Purchased Assets in their current condition
(ordinary wear and tear excepted), and (vii) comply in all material respects
with all Applicable Requirements.  Without limiting the generality of
the foregoing, during the period from the date of this Agreement to the Closing
Date, Seller shall not, except as otherwise expressly contemplated by this
Agreement or as set forth in Schedule 6.1, without the prior written consent of
ETC (which consent shall not be unreasonably withheld or denied if the Closing
has not occurred by May 15, 2009 and such consent is requested or required after
such date), provided that ETC shall be deemed to have provided consent to any
particular action if ETC does not object in writing to Seller's written request
for consent to such action within 10 Business Days after ETC receives such
request:

     

    (a) do or
effect any of the following actions with respect to the securities of
Seller:  (i) grant any Person any right or option to acquire any
capital stock interests or other equity interests, (ii) issue, deliver or sell
or agree to issue, deliver or sell any capital stock or other equity interests
or any securities or obligations convertible into or exchangeable or exercisable
for any capital stock interests or other equity interests or such securities, or
(iii) enter into any Contract with respect to the sale or voting of any capital
stock interests or other equity interests;

     

    (b) directly
or indirectly sell, transfer, lease, pledge, mortgage, encumber or otherwise
dispose of any of the Purchased Assets (other than in the Ordinary Course of
Business);

     

    

    
      
        
           

        

        
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    (c) merge or
consolidate with any other Person or acquire the assets (other than in the
Ordinary Course of Business) or capital stock or other equity interests of any
other Person, or enter into any confidentiality agreement with any Person in
contemplation of any of the foregoing;

     

    (d) incur,
create, assume or otherwise become liable for any additional Indebtedness except
in the Ordinary Course of Business; assume, guarantee, endorse or otherwise as
an accommodation become responsible or liable for the obligations of any other
Person;

     

    (e) enter
into or modify any employment, severance, termination or similar agreements,
arrangements or Employee Benefit Plans with, or grant any bonuses, salary
increases, severance or termination pay to, any officer, director, member,
manager, consultant or employee, as the case may be, or otherwise increase the
compensation or benefits provided to any officer, director, member, manager,
consultant or employee, as the case may be, except for salary and benefit
increases or bonuses granted in the Ordinary Course of Business to employees who
are not officers or directors, and except as may be required by Applicable Law
or a binding written Contract in effect prior to the date of this
Agreement;

     

    (f) change
its method of doing business or change any method or principle of accounting in
a manner that is inconsistent with past practice except changes required by GAAP
or by any Governmental Entity;

     

    (g) except as
contemplated by this Agreement or as disclosed on Section 4.14(a) of the
Disclosure Schedule, modify, amend or terminate, or waive, release or assign any
material rights or claims with respect to any Material Contract, any
confidentiality agreement to which Seller is a party or the form of any
Custodial Agreement, or enter into any new Material Contract;

     

    (h) incur or
commit to any capital expenditures, obligations or liabilities relating to the
Purchased Assets or that will be an Assumed Liability which in the aggregate
exceeds or will exceed $15,000;

     

    (i) make any
material changes or modifications to any pricing policy or investment policy
relating to the Transferred Business;

     

    (j) enter
into or carry out any other material transaction other than in the Ordinary
Course of Business; or

     

    (k) agree in
writing or otherwise to take any of the foregoing actions.

     

    
       

      6.2 Buyer Inspection and Access
to Information.

       

      (a) From the
date of this Agreement to the Closing Date, Seller and Parent shall (i) provide
Buyers with such information as Buyers may from time to time reasonably request
with respect to the operations of Seller, the Purchased Assets and the Assumed
Liabilities and the transactions contemplated by this Agreement; (ii) provide
Buyers and their officers, counsel, accountants, actuaries, and other authorized
representatives access during regular 

       

       

    

    
      
        
           

        

        
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    business hours and upon
reasonable notice to the books, records, offices, personnel, counsel,
accountants and actuaries of the Transferred Business as Buyers may from time to
time reasonably request; and (iii) permit Buyers to make such inspections of the
foregoing as Buyers may reasonably request.

     

    (b) On and
after the Closing Date, Seller and Parent will cooperate with and afford
promptly to Buyers and their agents reasonable access to its books of account,
financial and other records (including accountant's work papers), information,
employees and auditors to the extent necessary or useful for Buyers in
connection with any audit, investigation, dispute or litigation or any other
reasonable business purpose relating to the Transferred Business; provided, that
any such access by Buyers shall not unreasonably interfere with the conduct of
the Transferred Business.

     

    6.3 Seller Inspection and Access
to Information.  

     

    (a) From the
date of this Agreement to the Closing Date, each Buyer shall (a) provide Seller
with such information as Seller may from time to time reasonably request with
respect to the operations of any Buyer and the transactions contemplated by this
Agreement; (b) provide Seller and its officers, counsel, accountants, actuaries,
and other authorized representatives access during regular business hours and
upon reasonable notice to the books, records, offices, personnel, counsel,
accountants and actuaries of Buyers as Seller may from time to time reasonably
request; and (c) permit Seller to make such inspections of the foregoing as
Seller may reasonably request.

     

    (b) On and
after the Closing Date, Buyers shall cooperate with and afford promptly to
Seller and its agents reasonable access to such records and documents relating
to the Transferred Business as Seller may reasonably request from time to time
for the limited purposes of concluding its involvement in the Transferred
Business and for complying with its obligations under Applicable Law or its
contractual obligations.  Seller shall be permitted to keep and
utilize a copy of all documents and records that make up a part of the Purchased
Assets (excluding Custodial Files and other customer, vendor, price and mailing
lists related to the Transferred Business) as long as such use does not
constitute a violation of the restrictive covenants set forth in Section
6.12.

     

    6.4 Notices of Certain
Events.

     

    (a) From and
after the date of this Agreement to the Closing, each Party to this Agreement
shall promptly notify the other Parties of:

     

    
      (i) Any
notice or other communication from any Person alleging that any consent, waiver
or approval of such Person is or may be required in connection with the
transactions contemplated by this Agreement;

       

      (ii) Any
notice or other communication from any Governmental Entity in connection with
the transactions contemplated by this Agreement; or

       

      (iii) Any
Actions commenced or, to the Knowledge of Seller or to the Knowledge of Buyers,
as applicable, threatened against, relating to or involving or 

       

       

      
 

    

    
      
        
           

        

        
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    otherwise affecting such
Party that: (A) with respect to Seller, if pending on the date of this
Agreement, would have been required to have been disclosed pursuant to Section
4.6 or that would have a Material Adverse Effect with respect to Seller; or (B)
with respect to any Buyer would have a Material Adverse Effect with respect to
any Buyer.

     

    (b) From and
after the date of this Agreement to the Closing, Seller shall promptly notify
Buyers of:

     

    (i) Any
damage or destruction by fire or other casualty of any of the Leased Real
Property or the Purchased Assets or part thereof or in the event that any of the
Leased Real Property becomes the subject of any proceeding or, to the Knowledge
of Seller, threatened proceeding for the taking thereof or any part thereof or
of any right relating thereto by condemnation, eminent domain or other similar
governmental action; or

     

    (ii) The
occurrence, or failure to occur, of any event subsequent to the date hereof that
renders or would render any representation, warranty or statement of Seller or
Parent in this Agreement or the Disclosure Schedule to be untrue or inaccurate
at any time from the date hereof to the Closing Date or that results or may
result in the failure to satisfy any of the conditions specified in Article VII
of this Agreement.  No notice under this clause (ii) shall be deemed
to avoid or cure any misrepresentation or breach of warranty or constitute an
amendment of any representation, warranty or statement in this Agreement or the
Disclosure Schedule; provided,
however, that if (A) such notice relates to an event occurring subsequent
to the date hereof (without breach of Section 6.1), (B) Seller and Parent
acknowledge in such notice that Buyers have the right to terminate this
Agreement pursuant to Section 9.1(c)(i) as a result of the information
disclosed in the notice, (C) Buyers have been provided with all information
under the custody and control of Seller and/or Parent that is reasonably
necessary to enable Buyers to assess the effects of such event, and (D) Buyers
do not exercise such right promptly following delivery by Seller and/or Parent
of the information contemplated by (C) above, then the information disclosed in
such notice shall constitute an amendment of the Disclosure Schedule and the
representations, warranties or statements of Seller or Parent in this Agreement
to which such information relates for purposes of Article VIII; provided, further, that in
the event such occurrence has been agreed to or deemed agreed to by Buyers
pursuant to Section 6.1, then the information agreed to shall constitute an
amendment to the Disclosure Schedule and the representations, warranties, or
statements of Seller or Parent in this Agreement to which such information
relates for purposes of Article VIII; or

     

    
      (iii) Any
failure of Seller or Parent to comply with or satisfy any covenant, condition or
agreement to be complied with or satisfied by any of them under this
Agreement.

       

      (c) From and
after the date of this Agreement to the Closing, Buyers shall promptly notify
Seller of:

       

    

    

    
      
        
           

        

        
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    (i) The
occurrence, or failure to occur, of any event subsequent to the date hereof that
renders or would render any representation, warranty or statement of Buyers in
this Agreement, the Buyer Disclosure Schedule, the Credit Agreement or the
disclosure schedules thereto to be untrue or inaccurate at any time from the
date hereof to the Closing Date or that results or may result in the failure to
satisfy any of the conditions specified in Article VII of this Agreement or
Section 3.1(a) of the Credit Agreement.  No notice under this clause
(i) shall be deemed to avoid or cure any misrepresentation or breach of warranty
or constitute an amendment of any representation, warranty or statement in this
Agreement, the Buyer Disclosure Schedule, the Credit Agreement or the disclosure
schedules thereto; provided,
however, that if (A) such notice relates to an event occurring subsequent
to the date hereof in the Ordinary Course of Business of Buyers, (B) Buyers
acknowledge in such notice that Parent has the right to terminate this Agreement
pursuant to Section 9.1(b) as a result of the information disclosed in the
notice, and (C) Parent does not exercise such right prior to the Closing, then
the information disclosed in such notice shall constitute an amendment of the
Buyer Disclosure Schedule and the representations, warranties or statements of
Buyers in this Agreement to which such information relates for purposes of
Article VIII; and provided,
further, that if (x) such notice relates to an event occurring subsequent
to the date hereof in the Ordinary Course of Business of Buyers, (y) Buyers
acknowledge in such notice that the Obligors (as defined in the Credit
Agreement) are unable to execute and deliver the Credit Agreement at the Closing
pursuant Section 7.3(e) because such event would cause the representations and
warranties of the Obligors in the Credit Agreement to be untrue or inaccurate in
any material respect as of the Closing Date, and (z) Seller executes and
delivers the Credit Agreement at the Closing, then the information disclosed in
such notice shall constitute an amendment of the applicable schedule,
representations, warranties and statements of the Obligors in the Credit
Agreement, as executed and delivered by the parties at the Closing, to which
such information relates; or

     

    (ii) Any
failure of Buyers to comply with or satisfy any covenant, condition or agreement
to be complied with or satisfied by any of them under this
Agreement.

     

    6.5 No Solicitation of
Transactions.  Neither Seller, Parent nor any of their
respective Affiliates will, directly or indirectly, through any officer,
director or agent of any of them or otherwise, initiate, solicit or encourage
(including by way of furnishing non-public information or assistance), or enter
into negotiations of any type, directly or indirectly, or enter into a
confidentiality agreement, letter of intent or purchase agreement, merger
agreement or other similar agreement with any Person, firm or corporation other
than Buyers with respect to a sale of any substantial portion of the property or
assets (including the Purchased Assets) of Seller, or a merger, consolidation,
business combination, sale of all or any substantial portion of the capital
stock or other equity interests of Seller, or the liquidation or similar
extraordinary transaction with respect to Seller that may prevent or materially
delay the performance by Seller of any of its obligations under this Agreement
or the consummation of the transactions contemplated hereby.  Seller
will notify Buyers orally (within one Business Day) and in writing (as promptly
as practicable) of all relevant terms of any proposals by a third party to do
any of the foregoing which Seller or any of its Affiliates or any of their
respective officers, directors, partners, employees, investment bankers,
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representatives may
receive relating to any of such matters and, if such proposal is in writing,
Seller will deliver to Buyers a copy of such inquiry or
proposal.  Notwithstanding the foregoing, and for avoidance of doubt,
nothing in this Agreement shall be deemed or interpreted to prohibit or limit
the right and ability of Parent or any other Affiliate of Parent (other than
Seller) and their representatives from (and the provisions of this Section 6.5
shall not apply to their) engaging in negotiations, providing information or
entering into transactions that relate to any tender offer, sale of all or
substantially all of the assets of, merger, or any other similar business
transaction or reorganization (no matter how structured), of Parent or any other
Affiliate of Seller, provided that any such negotiations, information or
transaction fitting within this last sentence of this Section 6.5 do not
diminish or otherwise adversely affect Buyers' rights under this
Agreement.

     

    6.6 Governmental
Matters.  

     

    (a) Subject
to the terms and conditions of this Agreement, each Party shall use its
commercially reasonable efforts to (i) file any filings or notices required
to be made or given with respect to the transactions contemplated hereby as
promptly as practicable after the date hereof, including those required by the
TDOB or the SDDOB, and (ii) take any additional action that may be necessary,
proper or advisable in connection with any other notices to, filings with, and
authorizations, consents and approvals of any Governmental Entity that it may be
required to give, make or obtain.

     

    (b) In
connection with the efforts referenced in Section 6.6(a), each Party shall
use its commercially reasonable efforts to (i) cooperate with each other in
connection with any filing or submission and in connection with any
investigation or other inquiry, including any proceeding initiated by a private
party; (ii) keep the other Parties informed in all material respects of any
material communication received by such Party from, or given by such Party to,
the TDOB, the SDDOB or any other Governmental Entity and of any material
communication received or given in connection with any proceeding by a private
party, in each case regarding any of the transactions contemplated hereby; and
(iii) unless designated as confidential by any such Governmental Entity or
otherwise prohibited from doing so by any such Governmental Entity, permit the
other Party to review any material communication given to it by, and consult
with each other in advance of any meeting or conference with, the TDOB, the
SDDOB or any other Governmental Entity in connection with any proceeding by a
private party.  Each Party shall coordinate and cooperate fully with
the other in exchanging such information and providing such assistance as the
other Party may reasonably request in connection with the foregoing and in
seeking early termination of any applicable notice or waiting
periods.

     

    
      (c) If any
objections are asserted with respect to the transactions contemplated hereby or
if any suit is instituted by the TDOB, the SDDOB or any other Governmental
Entity or any private party challenging any of the transactions contemplated
hereby, each of the Parties shall use its commercially reasonable efforts to
resolve such objections or challenge as such Governmental Entity or private
party may have to such transactions, including to vacate, lift, reverse or
overturn any order, whether temporary, preliminary or permanent, so as to permit
consummation of the transactions contemplated by this Agreement and the
Additional Documents.

    
      
        
           

        

        
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    (d) Notwithstanding
anything to the contrary in this Section 6.6, a Party shall not be obligated to
take any action pursuant to this Section 6.6 if the taking of such action or the
obtaining of any waiver, consent, approval or exemption is reasonably likely
(i) to adversely impact the economic or business benefits of the
transactions contemplated hereby or (ii) to result in an order
(A) prohibiting or limiting the ownership or operation by any Buyer of any
portion of the Transferred Business or the Purchased Assets or compelling any
Buyer to dispose of or hold separate any of the business or assets of such Buyer
or its Affiliates or any portion of the Transferred Business or Purchased Assets
as a result of the transactions contemplated hereby, or (B) prohibiting any
Buyer from effectively controlling in any material respect the Transferred
Business or other operations of Seller as acquired hereunder.

     

    6.7 Transfer of Custodial
Rights.

     

    (a) Seller
shall use its commercially reasonable efforts to obtain the Qualified Plan
Consents at its sole cost and expense on or prior to the
Closing.  During the period beginning on the Closing Date and
continuing until the date that is 60 days after the Closing Date (the "QP Consent
Deadline"), the Parties shall, in accordance with Section 2.5, cooperate
to obtain any Qualified Plan Consent not obtained on or prior to the Closing
Date and to provide Buyers the benefit under the QP Admin Services Agreement to
which such consent relates.  If and to the extent that any Qualified
Plan Consent is not obtained on or prior to the QP Consent Deadline, (i) the
applicable Party shall exercise its right to terminate the QP Admin Services
Agreement to which such QP Consent relates and, if applicable, the related QP
Custodial Agreement, in accordance with the terms of such agreements, and (ii)
the Purchase Price shall be adjusted as provided in Section 3.6.

     

    (b) Without
limiting any other provision of this Agreement, Seller shall, in accordance with
the Transfer Instructions, take all steps and shall execute and deliver (or
shall have executed and delivered) all such agreements, letters or other
documents as are set forth in the Transfer Instructions or are reasonably
requested by either Buyer to effect the transfer of the Custodial Agreements
(and the related Custodial Assets) from Seller to the applicable Buyer such
that, after the Closing Date, the applicable Buyer has all of the Custodial
Rights, the Custodial Assets, the Custodial Files and any and all assets and
rights necessary to perform its obligations under the Custodial Agreements as of
the Closing Date.   Without limiting any other provision of this
Agreement, Buyers shall, in accordance with the Transfer Instructions, take all
steps and shall execute and deliver (or shall have executed and delivered) all
such agreements, letters or other documents as are set forth in the Transfer
Instructions or are reasonably requested by Seller to take possession of the
Custodial Agreements (and the related Custodial Assets) at the Closing and to
acknowledge receipt of the Custodial Rights, the Custodial Assets, the Custodial
Files and any and all other assets and rights transferred in connection
therewith.

     

    
      (c) Seller
and Buyers agree to take all such actions as are required, in accordance with
the Transfer Instructions and this Section 6.7, to change the named party on
documents related to the Custodial Assets that are currently in the name of
Seller in its capacity as custodian.  From time to time following the
Closing, Buyers shall take all reasonable action necessary to re-register each
of the Custodial Assets in the name and under the taxpayer identification number
of the appropriate Buyer.  Buyers shall use their reasonable best
efforts to complete such re-registration within one year after the Closing
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    such
re-registration shall be borne by Buyers.  In addition, from time to
time after the Closing, at the request of either Buyer, Seller shall execute one
or more powers of attorney appointing such Buyer as its attorney-in-fact to
execute and deliver any assignments, applications or other instruments necessary
to transfer any Custodial Assets registered in the name of Seller as custodian
on behalf of any customer.

     

    (d) Seller
shall be responsible for all costs of compliance related to the operation of the
Transferred Business and the Purchased Assets prior to the Closing
Date.  Buyers shall be responsible for all costs of compliance related
to the operation of the Transferred Business and the Purchased Assets on and
after the Closing Date. After the Closing Date, Seller shall be responsible for
complying with all reporting and compliance obligations under the Custodial
Agreements with respect to the period on or prior to the Closing Date, including
pursuant to Regulation AB under the Exchange Act and matters relating to
IRS Forms 1098 and 1099.

     

    6.8 Reasonable Efforts;
Cooperation.  Each Party to this Agreement will (a) execute and
deliver such other documents as any other Party may reasonably request, (b) use
its reasonable, good faith efforts to perform its obligations in this Agreement
and to take, or cause to be taken, and do, or cause to be done, all things
necessary, proper or advisable under Applicable Law or Applicable Requirements,
to obtain all consents and give all notices required as described in Sections
4.4 and 6.7 of this Agreement and in Section 4.14(a) and 4.15(d) of the
Disclosure Schedule, obtain any regulatory approvals and satisfy all conditions
to its respective obligations under this Agreement and to cause the transactions
contemplated by this Agreement to be effected on or prior to May 15, 2009, in
accordance with the terms of this Agreement, and (c) cooperate fully with each
other Party hereto and such Party's respective officers, directors, employees,
agents, counsel, accountants and other designees to obtain the full benefit of
this Agreement.  

     

    6.9 Further
Assurances.  From and after the Closing, each Party shall
execute and deliver such further instruments of conveyance, transfer and
assignment and shall take such other actions as a Party may reasonably request
of the other in order to effectuate the purposes of this Agreement and the
Additional Documents and to carry out the terms hereof and
thereof.  If for any reason, Seller does not or is unable to execute
such further documents within ten days of a Buyer's written request, Seller
hereby irrevocably appoints such Buyer as its attorney-in-fact (which
appointment is coupled with an interest) to execute and deliver any assignments,
applications or other instruments as shall be necessary to effectuate the
purposes of this Agreement and the Additional Documents and to protect and vest
title in and to the Purchased Assets.

     

    
      6.10 Public
Announcements.  Subject to their respective legal obligations,
the Parties shall consult with one another regarding the timing and content of
all announcements regarding any aspect of this Agreement or the transactions
contemplated hereby to the financial community, Governmental Entities,
employees, customers or the general public and shall use reasonable efforts to
agree upon the text of any such announcement prior to its
release.  Buyers acknowledge that Parent will be required to prepare
and file notice of the transactions contemplated by this Agreement, including a
copy of this Agreement, in the form of a Current Report on Form 8-K with the
Securities and Exchange Commission; provided, that, prior to the 

      
 

    

    
      
        
           

        

        
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    filing
of such report, Parent shall consult with Buyers with respect to such filing and
shall afford Buyers reasonable opportunity to comment thereon.

     

    6.11 Employee
Matters.  Effective as of the Closing, an applicable Buyer
shall, subject to such Buyer's standard policies and procedures applicable to
new hires, make an offer of at-will employment to each of Seller's employees
designated on Schedule 6.11, which shall be delivered by ETC to Seller within 15
days after the date hereof and which may be updated prior to the Closing by the
mutual agreement of ETC and Seller, excluding any such employees on short-term
disability, on long-term disability, or on non-medical leave of absence, or who
are consultants, independent contractors providing individual services, agents
or directors, or those who have terminated from Seller's employment prior to the
Closing (employees of Seller who accept such offers are, as of the time they
first perform services for the applicable Buyer, referred to herein as the
"Transferred
Employees"). The initial compensation, hours, duties and working
conditions of such Transferred Employees' employment with the applicable Buyer
shall be substantially equivalent (in the aggregate) to the compensation, hours,
duties and working conditions of such employees' employment with Seller as of
the date of this Agreement.  Seller shall terminate the employment of
the Transferred Employees effective immediately before the
Closing.  Buyers may terminate at any time after the Closing the
employment of any Transferred Employee.  Seller will not take any
action which would impede, hinder, interfere or otherwise compete with Buyers'
effort to hire any Transferred Employees, and Seller hereby consents to the
hiring of any such employees by Buyers and waives, with respect to the
employment by Buyers of such employees, any claims or rights Seller may have
against Buyers or any such employee under any non-competition, confidentiality
or employment agreement.  No Buyer shall assume responsibility for any
Transferred Employee until such employee commences employment with such
Buyer.  For purposes of the plans, programs and arrangements of Buyers
relating to compensation and employee benefits, each Transferred Employee shall
be credited with all years of service for which such Transferred Employee was
credited at the Closing Date for purposes of eligibility and vesting only and
not for purposes of benefit service and accrual.  Each Transferred
Employee shall cease participation in all Seller Benefit Plans on the Closing
Date.  Any and all liabilities relating to or arising out of the
employment or cessation of employment of any employee of Seller (whether or not
a Transferred Employee) on or prior to the close of business on the Closing Date
shall be the sole responsibility of Seller.  Seller shall retain all
liability for providing and administering all required notices and benefits
under COBRA with respect to the Transferred Employees and their dependents and
all other current and former employees of Seller and their
dependents.  This Section 6.11 is solely for purposes of defining the
obligations between Buyers and Seller concerning the employees of Seller who are
employed solely in connection with the Transferred Business immediately prior to
the Closing Date and shall in no way be construed as creating any employment or
other contract between Buyers and any such person or as restricting the right of
Buyers to terminate or change the terms and conditions of the employment of a
Transferred Employee who becomes an employee of either Buyer.  Nothing
herein is intended to, and shall not be construed to, create any third party
beneficiary rights of any kind or nature, including the right of any Transferred
Employee or other individual to seek to enforce any right to compensation,
benefits, or any other right or privilege of employment with Buyers or any of
their Affiliates.  Seller shall be solely responsible for any notices
required to be given under, and to otherwise comply with, WARN or similar
Applicable Laws of any jurisdiction relating to any plant closing or mass layoff
(or similar triggering event) caused by Seller with respect to its employees on
or before the Closing.  Buyers shall be solely responsible

    

    
      
        
           

        

        
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    for
any liability that may arise under WARN as a result of any actions taken by
Buyers after the Closing Date.

     

    6.12 Restrictive
Covenants. 

     

    (a) At all
times after the date hereof, Seller, Parent, and Seller's and Parent's agents
and representatives and all of their respective Affiliates, shall hold in
confidence and not disclose, publish or make use of, without the prior written
consent of Buyers, all trade secrets, know-how, technology and other
confidential information with respect to Seller, and shall not disclose, publish
or make use of such trade secrets, know-how, technology and other confidential
information at any time after the date hereof without the prior written consent
of Buyers or unless such disclosure is required by Applicable Law or any
Governmental Entity.  Nothing in this Agreement shall diminish the
rights of Buyers regarding the protection of trade secrets, know-how, technology
and other confidential information and Seller Intellectual Property pursuant to
Applicable Law.

     

    (b) Seller
and Parent acknowledge that to protect adequately the interest of Buyers in the
Purchased Assets, it is essential that any noncompete covenant with respect
thereto cover Seller, Parent and their Affiliates with respect to Competitive
Activities.  In consideration of the foregoing, and of the Purchase
Price payable by Buyers pursuant to Article III, Seller and Parent, on behalf of
themselves and each corporation, partnership, limited partnership, limited
liability company, limited liability partnership, joint venture or other entity
that is, or in the future may be, under the control of Parent, shall not, during
the five-year period beginning as of the Closing Date:

     

    (i) directly
or indirectly, whether as an owner, shareholder, member, investor, partner,
joint venturer, licensor, financier, operator, consultant, employee, agent,
distributor, independent contractor, participant, creditor or otherwise, invest
in (other than ownership as a passive investor of less than two percent of the
voting stock of a company listed on a national stock exchange), own, manage,
operate, control or participate in the ownership, management, operation, control
of, or act as a consultant to, be associated with, lend its or their name or any
trade name to, any of its or their credit to, or otherwise render services or
advice to or on behalf of, any business that engages in any Competitive
Activity; provided,
however, that nothing in this clause shall restrict Parent or its
Affiliates from providing banking or lending services in the Ordinary Course of
Business (excluding, for the avoidance of doubt, any services referred to in
Section 6.12(c)(ii));

     

    (ii) directly
or indirectly solicit or attempt to solicit business patronage from or call on
any customers or referral sources or prospective customers or prospective
referral sources of the Transferred Business or otherwise interfere or attempt
to interfere in any way with any of Buyer's or any of Buyer's Affiliates'
relationships with its employees, officers, directors, members, managers,
partners, shareholders, sales representatives, agents, customers, vendors,
referral sources, independent contractors or others after the Closing Date;
provided, however, that
the following shall not constitute a violation of this Section 6.12(b)(ii): (A)
solicitations included in Seller's, Parent's or their Affiliates' general
advertisements or other general marketing efforts, and (B) direct or indirect
solicitations of banking or lending services of Parent or its Affiliates in the

    

    
      
        
           

        

        
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    Ordinary Course of
Business (excluding, for the avoidance of doubt, any services referred to in
Section 6.12(c)(ii)) to customers or prospective customers of the Transferred
Business who also have an active account with Parent or its Affiliates as of the
Closing Date (for purposes of this clause 6.12(b)(ii), (x) a "customer of the
Transferred Business" is any Person who has a Custodial Account or QP Admin
Services Agreement with Seller as of the Closing Date, (y) a "referral source of
the Transferred Business" means any Person who has referred to Seller 10 or more
Custodial Accounts during any 12-month period over the 60-month period ending
the last full calendar month preceding the month during which the Closing
occurs, and (z) "prospective customer" and "prospective referral source" mean
any potential customer or potential referral source of the Transferred Business
who Seller, as part of its marketing or sales efforts, is actively soliciting as
of the Closing Date); or

     

    (iii) directly
or indirectly, except as expressly permitted by the applicable Buyer or its
successors or assigns in advance in writing, solicit any Transferred Employee to
leave the employ of any Buyer or such Buyer's successors or assigns; provided, however, that
solicitations included in Seller's, Parent's or their Affiliates' general
advertisements or other general marketing efforts shall not constitute a
violation of this Section 6.12(b).

     

    (c) For the
avoidance of doubt and notwithstanding anything in this Agreement to the
contrary, the Parties hereby acknowledge and agree that the following shall not
constitute activities that violate the covenants of Seller and Parent in Section
6.12(b)(i):

     

    (i) providing
custody and administration services of individual retirement accounts and other
personal custodial accounts where the sole investment alternatives are comprised
of publicly traded securities, certificates of deposits, money market accounts
or obligations of the United States or any government sponsored
agencies;

     

    (ii) providing
securities clearing services and related services, including acting as an escrow
agent for securities clearing firms; provided, however, that
such services shall not include (A) acting as a custodian or trustee for
self-directed individual retirement accounts or qualified retirement plan
accounts through which the accountholder invests in Non-Traditional Assets
unless (x) Seller, Parent or the applicable entity offers to ETC the right to
perform such custodial or trustee services on market terms and conditions for
such services and (y) ETC does not exercise such right within a reasonable time
period after it receives such offer; or (B) active solicitation of retail
self-directed individual retirement accounts or qualified retirement plan
accounts in which customers have the ability to invest through such accounts in
Non-Traditional Assets;

     

    (iii) providing
life settlement, viatical settlement or escrow-related custodial or trust
services;

     

    (iv) the
custodial or administration services (the "Subject Business") of
any business that is acquired by Parent or any of its Affiliates after the
Closing, including 

    

    
      
        
           

        

        
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                any securities clearing
business (but in the case of any such securities clearing business, subject to
the proviso of Section 6.12(c)(ii) above) (an "Acquired
Business"); provided,
however, that if the aggregate revenues from Competitive Activities of
such Acquired Business for the fiscal year ending prior to the completion of
such acquisition are in excess of 10% of the aggregate revenues of the Acquired
Business for such fiscal year, then Parent and Seller shall use their
commercially reasonable efforts to sell or agree to sell that portion of the
Acquired Business comprising such Competitive Activities within one year after
such acquisition;

     

    
      (v) the
Subject Business of any Person that purchases or acquires control of Parent or
any of its Affiliates (other than Seller) after the Closing (whether such
acquisition is through merger, stock sale, asset sale, or
otherwise).

    

     

    (d) Seller,
Parent and their successors and assigns shall use their commercially reasonable
efforts to cause all of their Affiliates not a party to this Agreement to comply
with the restrictions of this Section 6.12.  Seller and Parent
acknowledge and agree that Buyers' remedies at law for any violation or
attempted violation of Seller's or Parent's obligations under this Section 6.12
would be inadequate and incomplete, and agree that in the event of any such
violation, Buyers shall be entitled to a temporary restraining order, temporary
and permanent injunctions, and other equitable relief, without the necessity of
posting any bond or proving any actual damage, in addition to all other rights
and remedies that may be available to Buyers from time to time.

     

    (e) If a
judicial or arbitral determination is made that any of the provisions of this
Section 6.12 constitutes an unreasonable or otherwise unenforceable restriction
against Seller, Parent or their Affiliates, the provisions of this
Section 6.12 shall be rendered void only to the extent that such judicial
or arbitral determination finds such provisions to be unreasonable or otherwise
unenforceable with respect to Seller, Parent or such Affiliate.  In
this regard, the Parties hereby agree that any judicial authority construing
this Agreement shall be empowered to sever any territory or portion thereof, any
prohibited business activity or any time period from the coverage of this
Section 6.12 and to apply the provisions of this Section 6.12 to the
remaining portion of the covered territory, the remaining business activities
and the remaining time period not so severed by such judicial or arbitral
authority.

     

    6.13 Certain Tax
Matters.

     

    (a) Buyers
and Seller shall furnish or cause to be furnished to each other, upon request,
as promptly as practicable, such information (including access to books and
records) and assistance relating to the Purchased Assets as is reasonably
necessary for the preparation and filing of any Tax Return, for the preparation
for any audit and for the prosecution or defense of any claim, suit or
proceeding relating to any proposed adjustment.  Buyers and Seller
agree to retain or cause to be retained all books and records pertinent to the
Purchased Assets until the applicable period for assessment under Applicable Law
(giving effect to any and all extensions or waivers) has expired, and to abide
by or cause the abidance with all record retention agreements entered into with
any Governmental Entity.

     

    

    
      
        
           

        

        
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      (b) Buyers
and Seller anticipate that no excise, sales, use, value added, registration,
stamp, recording, documentary, conveyancing, franchise, property, transfer,
gains and similar Taxes, levies, charges and fees (collectively, "Transfer Taxes") will
be due as a result of this Agreement or the transaction contemplated
hereby.  If any Transfer Taxes are incurred in connection with the
transactions contemplated by this Agreement, then such Transfer Taxes shall be
borne by Seller.  Buyers and Seller shall cooperate in providing each
other with any appropriate resale exemption certifications and other similar
documen­tation.  The Party that is required by Applicable Law to
make the filings, reports, or returns with respect to any applicable Transfer
Taxes shall do so, and the other Party shall cooperate with respect thereto as
necessary.

       

                                    
 (c) Buyers and Seller agree to utilize or cause their respective
Affiliates to utilize the alternate procedure set forth in Revenue Procedure
2004-53 with respect to wage reporting.

    

     

    (d) Buyers
and Seller agree that any indemnity payments made under Article VIII will be
treated as an adjustment in the Purchase Price for federal, state, local and
foreign income tax purposes unless otherwise specifically required by applicable
Tax law.

     

    6.14 Use of
Names.  Seller and Parent shall (a) amend Seller's articles of
association and take all other actions necessary to change Seller's name to one
sufficiently dissimilar to "Sterling Trust Company", in Buyers' reasonable
judgment, to avoid confusion promptly following the Closing Date, but not later
than five Business Days after the Closing Date, and (b) take all other actions
reasonably requested by Buyers from time to time after the Closing to enable
Buyers or Buyers' Affiliates to have exclusive use of Seller's present name or
any derivative trade name thereof as promptly as
practicable.  

     

    6.15 Maintenance of
Insurance. Seller and/or Parent, at its sole cost and expense, shall
maintain and renew its current errors and omissions (i.e., banker's professional
and trust liability and fiduciary) insurance policies such that such policy
shall remain in effect, without interruption, through and until the third
(3rd)
anniversary of the Closing Date, or, in the alternative, obtain and maintain
errors and omissions tail insurance coverage with respect to the operation of
the Transferred Business prior to the Closing Date written by an insurance
company reasonably acceptable to ETC and in such amounts and under such terms
and conditions reasonably satisfactory to ETC, but in no event for a term (with
available renewals) that ends prior to the third (3rd)
anniversary of the Closing Date. If any renewal or
replacement policy is not obtained as required herein, Buyers are authorized to
obtain the same in Seller's and/or Parent's name and at Seller's and/or Parent's
expense. 

     

    6.16 Transitional
Services.  The Parties acknowledge that certain administrative
operations of Seller relate to or are used by both the Transferred Business and
the Excluded Business.  Certain of such operations will be acquired by
Buyers pursuant to this Agreement, while other such operations will be retained
by Seller.  In order to promote the orderly transition of the
Transferred Business from Seller to Buyers, to the extent requested in writing
prior to the Closing by Buyers, on the one hand, or Seller, on the other hand:
(a) Seller shall continue to provide for Buyers those services that are
reasonably necessary for Buyers to conduct the Transferred Business following
the Closing, including those services set forth on Schedule 6.16(a), and (b)
Buyers shall provide those services for Seller that are reasonably necessary for

    

    
      
        
           

        

        
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    Seller
to conduct the Excluded Business following the Closing, including, without
limitation, those services set forth on Schedule 6.16(b) (collectively, the
"Transitional
Services").  Each Party’s obligation to provide Transitional
Services shall terminate twelve months after the Closing Date or such earlier
time as the Party receiving such services can assume responsibility therefor in
an orderly manner.  The Party receiving Transitional Services shall
reimburse the Party providing such services for the costs and expenses
reasonably incurred in providing such services (including an hourly fee for each
employee who provides Transitional Services); provided,
however, that such costs and expenses shall not include any fee, service
charge or other profit consideration.

     

     

    ARTICLE
VII 

    CLOSING

     

    7.1 The
Closing.  The consummation of the transactions contemplated by
this Agreement (the "Closing") shall take
place at a time and on a date to be specified by Buyers and Seller (the "Closing Date"), which
shall be no later than the second Business Day after satisfaction or waiver of
the conditions set forth in Section 7.4, 7.5 and 7.6 (other than those
conditions that by their nature are to be satisfied at the Closing, but subject
to the fulfillment or waiver of those conditions), at the offices of Baker &
Hostetler LLP, 3200 National City Center, 1900 East 9th Street,
Cleveland, Ohio 44114, or remotely by electronic exchange of documents and
signatures.

     

    7.2 Deliveries by Seller and
Parent.  At the Closing, in addition to any other documents
specifically required to be delivered pursuant to the terms of this Agreement,
Seller and Parent shall deliver or cause to be delivered to Buyers:

     

    (a) One or
more General Conveyance, Assignment and Bills of Sale, in the form attached
hereto as Exhibit
C, executed by Seller;

     

    (b) One or
more Assignment and Assumption Agreements, in the form attached hereto as Exhibit D, executed
by Seller;

     

    (c) A
certified copy of the resolutions of the board of directors and sole stockholder
of Seller, and of the board of directors of Parent, in each case authorizing the
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby;

     

    (d) Pay-off
letters, lien discharges, releases of guarantees and any other documents as are
reasonably requested by Buyers in order to release any Liens other than
Permitted Liens against the Purchased Assets simultaneously with the
Closing;

     

    (e) A
certificate of non-foreign status pursuant to Treasury Regulations Section
1.1445-2(b) from Seller;

     

    (f) An
Amended and Restated Subaccounting Agreement, substantially in the form attached
hereto as Exhibit
E (the "Subaccounting
Agreement"), dated the Closing Date and duly executed by Parent or an
Affiliate of Parent;

     

     

    
      
        
           

        

        
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      (g) A Loan
and Security Agreement, substantially in the form attached hereto as Exhibit F (the "Credit Agreement"),
dated the Closing Date and duly executed by Seller as the lender thereunder,
together with all other Financing Documents to be executed or delivered by
Seller or any of its Affiliates, dated the Closing Date and duly executed by
Seller or such Affiliate, as applicable, assuming all conditions set forth in
Section 3.1(a) of the Credit Agreement have been satisfied or waived on or
before the Closing Date; and

       

    

    (h) Such
other separate instruments of sale, assignment or transfer that Buyers may
reasonably deem necessary or appropriate in order to perfect, confirm or
evidence title to all or any part of the Purchased Assets.

     

    7.3 Deliveries by
Buyers.  At or prior to the Closing, the applicable Buyer shall
deliver or cause to be delivered to Seller and Parent: 

     

    (a) The
Estimated Purchase Price in accordance with Section 3.1, less the amount of the
$2,000,000 good faith deposit paid to Seller (the "Good Faith Deposit")
(or applicable portion thereof remaining in the interest bearing escrow account)
in connection with the execution of the letter of intent with respect to the
transactions contemplated hereby, plus all interest accrued
thereon;

     

    (b) A
certified copy of the resolutions of the Board of Directors of each of the
Buyers, authorizing the execution and delivery of this Agreement and
consummation of the transactions contemplated hereby;

     

    (c) The
Assignment and Assumption Agreements, dated the Closing Date and duly executed
by the applicable Buyer;

     

    (d) The
Subaccounting Agreement, dated the Closing Date and duly executed by ETC, Texas
Admin and Equity Administrative Services, Inc.;

     

    (e) The
Credit Agreement, dated the Closing Date and duly executed by Buyers as
co-borrowers thereunder, together with all other Financing Documents (including
the disclosure schedules to the Credit Agreement, after giving effect to Section
6.4(c)(i)) to be executed or delivered by Buyers or any of their Affiliates,
dated the Closing Date and duly executed by Buyers or such Affiliates, as
applicable, assuming the representations and warranties of the Obligors set
forth in the Credit Agreement, after giving effect to Section 6.4(c)(i), are
true and correct as of the Closing Date; and

     

    (f) Such
other instruments or documents as Seller and Parent may reasonably deem
necessary or appropriate in order to perfect, confirm or evidence the transfer
of title to Buyers of all or any part of the Purchased Assets.

     

    7.4 Conditions to Each Party's
Obligations. The respective obligations of each Party to effect the
transactions contemplated by this Agreement will be subject to the fulfillment
at or prior to the Closing of each of the following conditions: 

     

    (a) Laws, Regulations and
Injunction. No provision of any Applicable Law shall restrain, prevent,
materially delay or restructure the transactions contemplated by this

    

    
      
        
           

        

        
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    Agreement. There will be
no effective injunction, writ or preliminary restraining order or any order of
any nature issued by a Governmental Entity of competent jurisdiction (which for
purposes of this Section 7.4(a) shall be deemed to include the Office of Thrift
Supervision) to the effect that the purchase and sale of the Purchased Assets
may not be consummated as provided in this Agreement, no proceeding or lawsuit
will have been commenced by any such Governmental Entity for the purpose of
obtaining any such injunction, writ or preliminary restraining order and no
written notice will have been received from any such Governmental Entity
indicating an intent to restrain, prevent, materially delay or restructure the
transactions contemplated by this Agreement.

     

    (b) Governmental
Consents. All consents, approvals, orders or authorizations of, or
registrations, declarations or filings with, any Governmental Entity required in
connection with the execution, delivery or performance of this Agreement
(collectively, the "Governmental
Consents") will have been obtained or made.

     

    7.5 Conditions to Obligations of
Buyers. The obligations of Buyers to consummate the transactions
contemplated by this Agreement will be subject to the fulfillment at or prior to
the Closing of each of the following additional conditions: 

     

    (a) Representations and
Warranties. Giving effect to Section 6.4(b)(ii), each of the
representations and warranties of Seller and Parent set forth herein shall be
true and correct in all material respects on the date hereof and on and as of
the Closing Date as though made on and as of the Closing Date, except that (i)
representations and warranties made as of a specified date need be true and
correct only as of the specified date, and (ii) representations and warranties
that are subject to Materiality Qualifiers shall be true and correct in all
respects on the date hereof and on and as of the Closing Date.

     

    (b) Performance of
Obligations. Seller and Parent shall have performed in all material
respects all covenants and agreements required to be performed by them under
this Agreement on or prior to the Closing Date, including the delivery of all
the agreements, documents and other instruments required by Section
7.2.

     

    (c) No Material Adverse
Effect. Between the date hereof and the Closing Date, there shall not
have occurred any Material Adverse Effect with respect to Seller.

     

    (d) Seller and Parent
Certificate. Seller and Parent shall each have furnished Buyers with a
certificate dated the Closing Date and signed by Seller or Parent, as
applicable, to the effect that the conditions set forth in Sections 7.5(a), (b)
and (c) have been satisfied.

     

    (e) Consents. Seller
shall have obtained and delivered to Buyers the written consents (or waivers
with respect to thereto) as described in Section 4.4 of this Agreement and in
Section 4.14(a) of the Disclosure Schedule (and all such consents and waivers
shall be in full force and effect).

     

    7.6 Conditions to Obligations of
Seller and Parent. The obligations of Seller and Parent to consummate the
transactions contemplated by this Agreement will be subject to the fulfillment
at or prior to the Closing of each of the following additional conditions:

     

     

    

    
      
        
           

        

        
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      (a) Representations and
Warranties. Each of the representations and warranties of Buyers set
forth herein shall be true and correct in all material respects on the date
hereof and on and as of the Closing Date as though made on and as of the Closing
Date, except that (i) representations and warranties made as of a specified date
need be true and correct only as of the specified date, and (ii) representations
and warranties that are subject to Materiality Qualifiers shall be true and
correct in all respects on the date hereof and on and as of the Closing
Date.

       

    

    (b) Performance of Obligations
by Buyers. Buyers shall have performed in all material respects all
covenants and agreements required to be performed by them under this Agreement
on or prior to the Closing Date, including the delivery of all the agreements,
documents and other instruments required by Section 7.3.

     

    (c) No Material Adverse
Effect. Between the date hereof and the Closing Date, there shall not
have occurred any Material Adverse Effect with respect to any of the
Buyers.

     

    (d) Buyers Certificate.
Buyers shall have furnished Seller with a certificate dated the Closing Date and
signed on their behalf, to the effect that the conditions set forth in Sections
7.6(a), (b) and (c) have been satisfied.

     

    (e) Consents. Buyers
shall have obtained and delivered to Seller the written consents (or waivers
with respect to thereto) as described on Section 5.3 of the Buyer Disclosure
Schedule and shall have delivered any assignment and assumption agreements,
consent and non-disturbance and attornment agreements as may be reasonably
requested by the landlords of the Leased Real Property.

     

    ARTICLE
VIII 

    INDEMNIFICATION

     

    8.1 Survival of Representations,
Warranties and Agreements.  Subject to the limitations set
forth in Section 8.6 below, and notwithstanding any investigation conducted at
any time by or on behalf of any Party, all representations, warranties,
covenants and agreements of the Parties in this Agreement and in any other
agreements, documents or certificates executed or delivered by the Parties
pursuant to this Agreement or in connection with the transactions contemplated
by this Agreement (the "Additional
Documents") shall survive the execution, delivery and performance of this
Agreement and the Additional Documents.  With respect to the
representations and warranties contained in this Agreement:

     

    (a) the
representations and warranties of Seller and Parent set forth in Section 4.2
(Authorization), Section 4.13 (Title and Condition) and 4.15(a) (Intellectual
Property), but in the case of Sections 4.13 and 4.15(a), only as they relate to
title (collectively, the "Core
Representations"), and the representations and warranties of Buyers set
forth in Section 5.2 (Authorization), shall survive until the expiration of the
applicable statute of limitations relating to such matters;

     

    

    
      
        
           

        

        
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      (b) the
representations and warranties of Seller and Parent set forth in Section 4.10
(Employee Benefit Plans) and Section 4.11 (Taxes) shall survive until 90 days
following expiration of the applicable statutes of limitation relating to such
matters; and

       

      (c) all other
representations and warranties of Seller and Parent set forth in Article IV, and
all other representations and warranties of Buyers set forth in Article V, shall
survive for 18 months following the Closing Date.

       

      
        Notwithstanding
the foregoing, if, prior to the expiration of any representation or warranty as
provided above, an Indemnifying Party is notified of a claim for indemnity
hereunder and such claim has not been finally resolved or disposed of at such
date of expiration, such claim shall continue to survive and shall remain a
basis for indemnity hereunder until such claim is finally resolved or disposed
of in accordance with the terms hereof.  This Section 8.1 shall not
limit any covenant or agreement of the parties hereto that by its terms
contemplates performance after the Closing, all of which shall survive the
Closing.

      

    

    8.2 Indemnification Obligations
of Seller and Parent.  From and after the Closing, Seller and
Parent will jointly and severally indemnify, defend and hold harmless Buyers,
their respective Affiliates, each of their respective officers, directors,
employees, agents and representatives and each of their heirs, executors,
successors and assigns (collectively, the "Buyer Indemnified
Parties") from, against and in respect of any and all losses,
liabilities, damages, demands, lost profits, claims, suits, actions, judgments
or causes of action, assessments, costs and expenses (including interest,
penalties, reasonable attorneys' fees and any and all expenses incurred in
investigating, preparing or defending against any litigation, commenced or
threatened, or any claim), and any and all amounts paid in settlement of any
claim or litigation (collectively, "Damages"), asserted
against, resulting to, imposed upon, or incurred or suffered by any Buyer
Indemnified Party, directly or indirectly, as a result of or arising from any of
the following:

     

    (a) any
inaccuracy in or breach or nonfulfillment of any of the representations or
warranties made by Seller and Parent in this Agreement or in the Additional
Documents;

     

    (b) any
breach or non-performance of any covenant, agreement or undertaking made by
Seller or Parent in this Agreement or in the Additional Documents;

     

    (c) any
Retained Liability;

     

    (d) any
action or omission of Seller or Parent or any of their predecessors in relation
to its operation of the Transferred Business (but not the condition of the
Transferred Business or any of the assets comprising a part thereof) occurring
prior to the Closing Date, regardless of any claim that any liabilities or
obligations arising from such actions or omissions can, under Applicable Law, be
asserted against any Buyer by virtue of such Buyer's operation of the acquired
businesses or ownership of the Purchased Assets; or

     

    (e) any claim
by any customer or former customer of the Transferred Business relating to any
investment made or requested by such customer to be made through such customer's
Custodial Account prior to the Closing Date, even if (i) the funding of such
investment occurs on or after the Closing Date pursuant to a request made prior
to the Closing 

    
       

    

    
      
        
           

        

        
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        Date,
(ii) such investment continues through the Closing Date or (iii) the facts or
circumstances giving rise to the claim first arise or are first discovered on or
after the Closing Date; provided, however, that
Seller and Parent shall have no indemnification obligation under this Section
8.2(e) to the extent any such claim directly relates to or arises from the
negligence of Buyers in their performance of their respective obligations to
customers with respect to such investment, or from a breach of a legal duty or
obligation of Buyers with respect to such investment.

         

        The
Damages of the Buyer Indemnified Parties described in this Section 8.2 as to
which the Buyer Indemnified Parties are entitled to indemnification are
collectively referred to herein as the "Buyer
Losses."

         

      

    

    8.3 Indemnification Obligations
of Buyers.  From and after the Closing, Buyers will jointly and
severably indemnify, defend and hold harmless Seller and Parent and their
respective Affiliates and each of their officers, directors, employees, agents
and representatives and each of the heirs, executors, successors and assigns
(collectively, the "Seller Indemnified
Parties") from, against and in respect of any and all Damages asserted
against, resulting to, imposed upon, or incurred or suffered by any Seller
Indemnified Party, directly or indirectly, as a result of or arising from any of
the following:

     

    (a) any
inaccuracy in or breach or nonfulfillment of, or any alleged inaccuracy in or
breach or nonfulfillment of, any of the representations or warranties made by
any Buyer in this Agreement or in the Additional Documents;

     

    (b) any
breach or non-performance of, or any alleged inaccuracy in or breach or
nonfulfillment of, any covenant, agreement or undertaking made by any Buyer in
this Agreement or in the Additional Documents;

     

    (c) any
Assumed Liability;

     

    (d) any
action or omission of any Buyer or any of their successors in relation to its
operation of the Transferred Business occurring after to the Closing Date
(including acts or omissions by Buyers in connection with any Restricted
Contract (whether on behalf of Seller or otherwise) or actions taken in
connection with providing Buyers the benefit of any Restricted Contract under
Section 2.5), regardless of any claim that any liabilities or obligations
arising from such actions or omissions can, under Applicable Law, be asserted
against Seller by virtue of Seller's operation of the acquired businesses or
ownership of the Purchased Assets prior to the Closing Date; or

     

    (e) any claim
by any customer or former customer of the Transferred Business relating to any
investment made or requested by such customer to be made through such customer's
Custodial Account on or after the Closing Date, even if (i) such investment was
available prior to the Closing Date or (ii) the facts or circumstances giving
rise to the claim first arose or were first discovered prior to the Closing
Date; provided,
however, that Buyers shall have no indemnification obligation under this
Section 8.3(e) to the extent any such claim directly relates to or arises from
the negligence of Seller or Parent in their performance of their respective
obligations to customers with respect to such investment, or from a breach of a
legal duty or obligation of Seller or Parent with respect to such
investment.

     

    

    
      
        
           

        

        
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      The
Damages of the Seller Indemnified Parties described in this Section 8.3 as to
which the Seller Indemnified Parties are entitled to indemnification are
hereinafter collectively referred to as "Seller
Losses."

       

    

    8.4 Materiality.  If
a representation or warranty contained herein is qualified by reference to the
word "material" or "materially" or the phrase "Material Adverse Effect,"
(collectively, the "Materiality
Qualifiers"), such representation or warranty shall be deemed to be
inaccurate or breached for purposes of this Article VIII (and Buyer Losses or
Seller Losses, as the case may be, shall be deemed suffered or incurred) only if
the amount of Damages relating to or resulting from the facts or circumstances
(or series of related facts or circumstances) giving rise to the breach or
inaccuracy exceeds $15,000.

     

    8.5 Indemnification
Procedures. 

     

    (a) Promptly
after receipt by a Buyer Indemnified Party or a Seller Indemnified Party
(hereinafter collectively referred to as an "Indemnified Party")
of notice by a third party (including any Governmental Entity) of any complaint
or the commencement of any Action with respect to which such Indemnified Party
may be entitled to seek indemnification pursuant to this Article VIII, such
Indemnified Party shall notify the party from whom such indemnification is
sought (the "Indemnifying Party")
promptly following the Indemnified Party's receipt of such complaint or of
notice of the commencement of such Action; provided, however, that the
failure to so notify the Indemnifying Party will not relieve the Indemnifying
Party from liability under this Agreement with respect to such claim unless, and
only to the extent that, such failure to notify the Indemnifying Party results
in the forfeiture by the Indemnifying Party of rights and defenses otherwise
available to the Indemnifying Party with respect to such claim.  The
Indemnifying Party will have the right, upon written notice delivered to the
Indemnified Party within ten days thereafter resulting from such Action, to
assume the defense thereof, including the employment of counsel reasonably
satisfactory to the Indemnified Party and the payment of the fees and
disbursements of such counsel.  If, however, the Indemnifying Party
declines or fails to assume the defense of the Action on the terms provided
above or to employ counsel reasonably satisfactory to the Indemnified Party, in
either case within such ten day period, then such Indemnified Party may employ
counsel to represent or defend it in any such Action and the Indemnifying Party
will pay the reasonable fees and disbursements of such counsel as
incurred.  In any Action with respect to which indemnification is
being sought hereunder, the Indemnified Party or the Indemnifying Party,
whichever is not assuming the defense thereof, will have the right to
participate in such matter and to retain its own counsel at such Party's own
expense.  The Indemnifying Party or the Indemnified Party, as the case
may be, will at all times use reasonable efforts to keep the Indemnifying Party
or the Indemnified Party, as the case may be, reasonably apprised of the status
of the defense of any matter the defense of which they are maintaining and to
cooperate in good faith with each other with respect to the defense of any such
matter.

     

    (b) No
Indemnified Party may settle or compromise any claim or consent to the entry of
any judgment with respect to which indemnification is being sought hereunder
without the prior written consent of the Indemnifying Party, unless such
settlement, compromise or consent includes an unconditional release of the
Indemnifying Party from all liability arising out of such claim.  An
Indemnifying Party may not, without the prior written consent of the

    

    
      
        
           

        

        
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    Indemnified Party, settle
or compromise any claim or consent to the entry of any judgment with respect to
which indemnification is being sought hereunder unless (i) such settlement,
compromise or consent includes an unconditional release of the Indemnified Party
from all liability arising out of such claim, (ii) does not contain any
admission or statement suggesting any wrongdoing or liability on behalf of the
Indemnified Party and (iii) does not contain any equitable order, judgment or
term which in any manner affects, restrains or interferes with the business of
the Indemnified Party or any of the Indemnified Party's
Affiliates.

     

    8.6 Liability
Limits.  

     

    (a) The Buyer
Indemnified Parties shall not be entitled to indemnification for Buyer Losses
pursuant to Section 8.2(a) unless and until the aggregate amount of such Buyer
Losses exceeds $250,000, in which event the Buyer Indemnified Parties may only
claim indemnification for such Buyer Losses that exceed $250,000; provided,
however, that the foregoing limitation shall not apply to any breach of any Core
Representation, the S.P.A.R.K. Representation or the representations and
warranties set forth in Section 4.25 (Brokers, Finders and Investment
Bankers).

     

    (b) Notwithstanding
anything to the contrary set forth herein, the maximum aggregate liability of
Seller and Parent for Buyer Losses with respect to claims for indemnification
pursuant to Section 8.2(a) shall be 35% of the Purchase Price; provided, however, that the
foregoing limitation shall not apply to any breach of any Core Representation,
which shall be limited to the Purchase Price.  In addition,
notwithstanding anything to the contrary set forth herein, the maximum aggregate
liability of Seller and Parent for Buyer Losses with respect to claims for
indemnification pursuant to Section 8.2(a) for breach of the S.P.A.R.K.
Representation shall be $3,000,000.

     

    (c) Notwithstanding
anything to the contrary set forth herein, the maximum aggregate liability of
Parent for Buyer Losses with respect to claims for indemnification (i) pursuant
to Section 8.2(a) or (ii) pursuant to Sections 8.2(b) through (e) for any
breach, non-performance, action or omission by Seller or any of its predecessors
shall be the Purchase Price.  For the avoidance of doubt, this clause
(c) shall in no event limit any liability of Seller under this Article VIII or
limit any liability of Parent under this Article VIII for Buyer Losses with
respect to claims for indemnification pursuant to Sections 8.2(b) through (e)
for any breach, non-fullfillment, action or omission by Parent (as opposed to
Seller) or any of its predecessors (other than Seller, to the extent, if any,
Seller is deemed a predecessor of Parent for any reason).

     

    (d) The
amount for which any Indemnifying Party shall be liable under this Article VIII
to an Indemnified Party shall be net of (i) any insurance proceeds
received  by an Indemnified Party under insurance policies relating to
such Damages (provided,
however, that the Indemnified Party shall use commercially reasonable
efforts to seek a claim or suit for any such proceeds to which it may be
entitled under such insurance policies); and (ii) any net Tax benefit available
to the Indemnified Party as a result of the Damages and any payments made by the
Indemnifying Party to the Indemnified Party.

     

    8.7 Exclusive
Remedy.  Absent fraud and subject to the rights of the Parties
described in Section 10.11 hereof, from and after the Closing, the
indemnification provided pursuant to this 

    

    
      
        
           

        

        
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    Article VIII shall be the
sole and exclusive remedy hereto for any Damages as a result of, with respect to
or arising out of the breach of this Agreement or any representation or warranty
contained herein, any of the transactions or other agreements or instruments
contemplated or entered into in connection herewith (including all exhibits, the
Schedules, or any other schedule attached hereto or referenced herein), or any
matter related to the Transferred Business.  In
no event shall any Party be liable for any special or punitive damages or any
damages that are remote or speculative such that Applicable Law would deny
recovery for breaches of contract (except to the extent such Party suffers
losses arising from any such damages awarded to a third
party).  For the avoidance of doubt, Seller's remedies with
respect to the Seller Financing and the Financing Documents are addressed
separately in the Financing Documents and are not governed by this Article VIII
or any other provision of this Agreement.  For the avoidance of doubt,
Buyers shall have no right to set off any claims for indemnification under this
Article VIII against the obligations owed by Buyers in connection with the
Seller Financing.

     

     

    ARTICLE
IX 

    TERMINATION

     

    9.1 Termination. This
Agreement may be terminated at any time at or prior to the Closing:

     

    (a) in
writing by mutual consent of the Parties;

     

    (b) by
written notice from Parent to Buyers, if any Buyer (i) fails to perform in any
material respect any of its agreements contained in this Agreement required to
be performed by it on or prior to the Closing Date or (ii) materially breaches
any of its representations and warranties contained in this Agreement, which
failure or breach is not cured within ten days after Parent has notified Buyers
of its intent to terminate this Agreement pursuant to this subparagraph
(b);

     

    (c) by
written notice from Buyers to Parent, if Seller or Parent (i) fails to perform
in any material respect its covenants or agreements contained in this Agreement
and required to be performed on or prior to the Closing Date or (ii) materially
breaches any representations and warranties contained in this Agreement, which
failure or breach is not cured within ten days after Buyers have notified Parent
of its intent to terminate this Agreement pursuant to this subparagraph
(c);

     

    (d) by
written notice by Parent and Seller to Buyers, or Buyers to Parent and Seller,
as the case may be, if the Closing has not occurred on or prior to June 30, 2009
(the "Drop Dead
Date") for any reason other than delay or nonperformance of the Party
seeking such termination; provided, however, that if
any Governmental Consent has not been obtained by such date, then the Drop Dead
Date shall be automatically extended to July 31, 2009 or such later date as
mutually agreed to in writing by ETC and Parent;

     

    (e) by either
Buyers or Parent if there shall be any Applicable Law that makes the
consummation of the transactions contemplated hereby illegal or otherwise
prohibited or if consummation of the transactions contemplated hereby would
violate any nonappealable final 

     

    

    
      
        
           

        

        
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    order,
decree or judgment of any court or other Governmental Entity having competent
jurisdiction; or

     

    
      (f) by
written notice by Parent to Buyers in the event that the Estimated Purchase
Price (as defined and determined pursuant to Section 3.4(a) and as adjusted
pursuant to Section 3.5(a)) is less than $55,000,000.

       

      9.2 Effect of
Termination. If this Agreement is terminated as permitted by Section 9.1,
such termination shall be without liability of either Party (or any owner,
stockholder, member, director, officer, employee, agent, consultant or
representative of such Party) to the other Party to this Agreement; provided,
that if such termination results from the (a) willful failure of any Party to
fulfill a condition to the performance of the obligations of the other Parties,
(b) willful failure by any Party to perform a covenant of this Agreement or (c)
willful breach by any Party of any representation or warranty or agreement
contained herein, such Party shall be fully liable for any and all Damages
incurred or suffered by the other Party or Parties as a result of such failure
or breach. The provisions of Sections 6.11, 9.3, 10.1 and 10.10 shall survive
any termination hereof pursuant to Section 9.1.

       

    

    9.3 Expenses; Return of Good
Faith Deposit.  

     

    (a) Except as
otherwise expressly provided herein, Buyers will pay their own Expenses and
Seller and Parent will pay their own Expenses, whether or not the transactions
contemplated hereby are consummated.

     

    (b) Parent
and Seller shall reimburse Buyers for all of their Expenses incurred prior to
termination in the event of the termination of this Agreement by Buyers pursuant
to Section 9.1(c)(ii) as a result of a breach of the representations and
warranties set forth in the last sentence of Section 4.2.  Buyers
shall reimburse Parent and Seller for all of their Expenses incurred prior to
termination in the event of the termination of this Agreement by Parent pursuant
to Section 9.1(b)(ii) as a result of a breach of the representations and
warranties set forth in the last sentence of Section 5.2.  The
Expenses payable pursuant to this Section 9.3(b) shall be paid by wire transfer
of same-day funds within 10 Business Days after demand therefor following the
occurrence of the termination event giving rise to such payment
obligation.

     

    (c) Parent
and Seller shall return the Good Faith Deposit, together with all interest
accrued thereon, to ETC by wire transfer of same-day funds in the event of any
termination of this Agreement:

     

    (i) pursuant
to Sections 9.1(a), 9.1(c), 9.1(e) or 9.1(f);

     

    (ii) by Parent
or Seller pursuant to Section 9.1(d); or

     

    (iii) by Buyers
pursuant to Section 9.1(d) if, at the time of such termination, any of the
conditions set forth in Sections 7.4 or 7.5 have not been
satisfied.

     

    Any
payment required under this Section 9.3(c) shall be made by wire transfer of
same-day funds within three Business Days after the later of (x) the date of
such termination and (y) July 31, 2009.

     

    
      
        
           

        

        
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      ARTICLE
X 

      MISCELLANEOUS

       

      10.1 Notices.  All
notices, communications and deliveries under this Agreement will be made in
writing signed by or on behalf of the Party making the same, will specify the
Section under this Agreement pursuant to which it is given or being made,
and will be delivered personally or by telecopy transmission or sent by
registered or certified mail (return receipt requested) or by next day courier
(with evidence of delivery and postage and other fees prepaid) as
follows:

       

      To
Buyers:                            Equity
Trust Company

      225 Burns Road

      Elyria, OH 44035

      Fax: (440) 323-4529

      Attn:  Jeffrey A.
Desich

    

    

    with a
copy
to:                      Baker
& Hostetler LLP

    3200 National City Center

    1900 E. 9th St.

    Cleveland, OH 44114-3485

    Fax: (216) 696-0740

    Attn: Matthew D.
Graban

    To
Seller

       or
Parent:                            United Western Bancorp,
Inc.

    700 17th Street, Suite
2100

    Denver, CO 80202

    Fax: (720) 932-9737

    Attn:  Scot T.
Wetzel

    

    with a
copy
to:                      Hunton & Williams
LLP

    1445 Ross Avenue, Suite
3700

    Dallas, Texas 75202

    Fax:  (214)
740-7147

    Attn: T.
Allen McConnell

    

    or to
such other representative or at such other address of a Party as such Party may
furnish to the other Parties in writing.  Any notice which is
delivered personally or by telecopy transmission in the manner provided herein
shall be deemed to have been duly given to the Party to whom it is directed upon
actual receipt by such Party or its agent.  Any notice which is
addressed and mailed in the manner herein provided shall be conclusively
presumed to have been duly given to the Party to which it is addressed at the
close of business, local time of the recipient, on the fourth Business Day after
the day it is so placed in the mail (or on the first Business Day after placed
in the mail if sent by overnight courier) or, if earlier, the time of actual
receipt.

     

    

    
      
        
           

        

        
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      10.2 Schedules and
Exhibits.  Subject to Section 8.7 hereof, the Schedules and
Exhibits to this Agreement are hereby incorporated into this Agreement and
are hereby made a part of this Agreement as if set out in full in this
Agreement.

       

      10.3 Assignment; Successors in
Interest; Amendment.  No assignment or transfer by any Party of
such Party's rights and obligations under this Agreement will be made except
with the prior written consent of the other Parties to this Agreement; provided, however, that any
Party may, without the obligation to obtain the prior written consent of any
other Party to this Agreement, assign this Agreement or all or any part of its
rights hereunder to any one or more of its Affiliates or to any acquiror of all
or substantially all of the assets or equity interests of such Party or such
Affiliate or as collateral to secure any financing (provided that this proviso
shall only be available to Buyers with respect to an assignment to an acquiror
of all or substantially all of the assets or equity interests of Buyers so long
as all amounts owed by Buyers under the Seller Financing have been paid in full
or will be paid in full at the closing of such acquisition).  This
Agreement will be binding upon and will inure to the benefit of the Parties and
their successors and permitted assigns, and any reference to a Party will also
be a reference to a successor or permitted assign.  This Agreement may
not be amended, modified or supplemented except by written agreement of the
Parties.

       

    

    10.4 Interpretation.  When
a reference is made in this Agreement to an Article or Section, such reference
shall be to an Article or Section of this Agreement unless otherwise
indicated.  The headings and the table of contents contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.  Whenever the words
"include," "includes," or "including" are used in this Agreement, they shall be
deemed to be followed by the words "without limitation."  Whenever the context requires, words
used in the singular shall be construed to mean or include the plural and vice
versa, and pronouns of any gender shall be deemed to include and designate the
masculine, feminine or neuter gender.

     

    10.5 Severability.  Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction will, as to such jurisdiction, be ineffective to the extent of such
pro­hibition or unenforceability without invalidating the remaining
provisions of this Agreement, and any such prohibition or unenforceability in
any jurisdiction will not invalidate or render unenforceable such provision in
any other jurisdiction.  To the extent permitted by law, the Parties
waive any provision of law which renders any such provision prohibited or
unenforceable in any respect.

     

    10.6 Counterparts.  This
Agreement may be executed in two or more counterparts, each of which will be
deemed an original, and it will not be necessary in making proof of this
Agreement or the terms of this Agreement to produce or account for more than one
of such counterparts.

     

    10.7 No Third Party
Beneficiaries.  Nothing expressed or implied in this Agreement
is intended, or will be construed, to confer upon or give any Person other than
the Parties, and their successors or permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement, or result in
such Person being deemed a third party beneficiary of this
Agreement.  

     

    

    
      
        
           

        

        
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      10.8 Waiver.  Any
agreement on the part of a Party to any extension or waiver of any provision of
this Agreement will be valid only if set forth in an instrument in writing
signed on behalf of such Party.  A waiver by a Party of the
performance of any covenant, agreement, obligation, condition, representation or
warranty will not be construed as a waiver of any other covenant, agreement,
obligation, condition, representation or warranty. A waiver by any Party of the
performance of any act will not constitute a waiver of the performance of any
other act or an identical act required to be performed at a later
time.

       

      10.9 Integration.  This
Agreement and the documents executed pursuant to this Agreement supersede all
negotiations, agreements and understandings (both written and oral) among the
Parties with respect to the subject matter of this Agreement, and constitute the
entire agreement between the Parties.

    

    10.10 Governing
Law.  This Agreement shall in all respects be construed in
accordance with and governed by the laws of the State of Ohio.  It is
the intention of the Parties that this Agreement shall be deemed to have been
entered into in Cuyahoga County, Ohio and that the laws of the State of Ohio
should govern the validity of this Agreement, the construction of its terms and
the interpretation of the rights and duties of the Parties.  The
Parties agree that any action arising out of this Agreement shall be venued in a
federal court located in, or otherwise having jurisdiction over Cuyahoga County,
Ohio, and the Parties hereby consent to personal jurisdiction in such courts and
such courts shall be the exclusive venue for actions arising out of this
Agreement.  To the fullest extent permitted by law, the Parties hereby
waive their respective rights to a trial by jury.  For the avoidance
of doubt, the provisions of this Section 10.10 shall not apply to the Financing
Documents.

     

    10.11 Specific Performance and
Other Remedies.  The Parties hereto acknowledge that the
Transferred Business is unique and recognize and affirm that in the event of a
breach of this Agreement by any Party, money damages may be inadequate and the
non-breaching Party may have no adequate remedy at law.  Accordingly,
the Parties agree that each Party shall have the right to enforce its rights and
the obligations of the other Parties hereunder by an Action or Actions for
specific performance, injunctive or other equitable relief in addition to any
other remedies permitted by this Agreement, including Article VIII
hereof.  Notwithstanding any other dispute resolution provision in
this Agreement, the Parties are free to seek temporary equitable relief to
enjoin conduct causing irreparable harm and/or for the purpose of maintaining
the status quo from any court of competent
jurisdiction.  

     

    

     

    

     

    [Signature
page follows.]

     

    

     

    

    
      
        
           

        

        
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    IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed, as
of the date first above written.

     

     

    

    
      
        
          	
                  SELLER

                	
                  PARENT

                
	 
      	 
      
	 
      	 
      
	
                  STERLING
      TRUST COMPANY

                	
                  UNITED
      WESTERN BANCORP, INC.

                
	 
      	 
      
	
                  /s/ Paul T. Maxwell

                	
                  /s/ Scot T. Wetzel

                
	
                  By:
      Paul E. Maxwell

                	
                  By:
      Scot T. Wetzel

                
	
                  Its:  Chief
      Executive Officer

                	
                  Its:  President
      & Chief Executive Officer

                
	 
      	 
      
	
                  ETC

                	
                  TEXAS
      ADMIN

                
	 
      	 
      
	
                  EQUITY
      TRUST COMPANY

                	
                  STERLING
      ADMINISTRATIVE SERVICES, LLC

                
	 
      	 
      
	 
      	 
      
	
                  /s/

                	
                  /s/

                
	
                  By:

                	
                  By:

                
	
                  Its:

                	
                  Its:

                

        

      

    

    
      
 

       

      [Signature page to Asset
Purchase Agreement]EXHIBIT 4.1

     

     

    
 

     

     

     

     

    

    FORM OF
STANDARD TERMS FOR TRUST AGREEMENTS

     

    between

     

    MERRILL
LYNCH DEPOSITOR, INC.,

     

    as
Depositor,

     

    and

     

    THE BANK
OF NEW YORK MELLON,

     

    as
Trustee and as Securities Intermediary

     

    TRUST
CERTIFICATES

     

    Dated as
of
[                 ],
2009

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Reconciliation
and tie between the Standard Terms, dated as of
[             ],
2009, and the Trust Indenture Act of 1939, as amended.  This
reconciliation and tie does not constitute part of the Standard
Terms.

     

    

    
      	 
      	 
      
	
              Trust
      Indenture Act

              of
      1939 Section

            	
              Standard

              Terms
      Section

            
	
              310(a)(1)

            	
              7.07

            
	
              (a)(2)

            	
              7.07

            
	
              (a)(5)

            	
              7.07

            
	
              312(a)

            	
              7.14

            
	
              313(a)

            	
              7.16

            
	
              314(a)

            	
              3.10

            
	
              (c)(1)

            	
              1.03

            
	
              (c)(2)

            	
              1.03

            
	
              (e)

            	
              1.03

            
	
              315(a)(1)

            	
              7.01

            
	
              315(a)(2)

            	
              7.03

            
	
              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)

            	
              11.11

            
	 
      	 
      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    TABLE OF CONTENTS

     

    
      
        	
                ARTICLE
      I DEFINITIONS AND ASSUMPTIONS

              	
                1

              
	 
      	 
      
	
                Section
      1.01.

              	
                Definitions

              	
                1

              
	
                Section
      1.02.

              	
                Rules
      of Construction

              	
                13

              
	
                Section
      1.03.

              	
                Compliance
      Certificates and Opinions; Record Date

              	
                14

              
	 
      	 
      	 
      
	
                ARTICLE
      II DECLARATION OF TRUSTS; ISSUANCE OF CERTIFICATES; PURPOSE AND
      CLASSIFICATION OF TRUSTS

              	
                15

              
	 
      	 
      
	
                Section
      2.01.

              	
                Creation
      and Declaration of Trusts; Assignment of Deposited Assets

              	
                15

              
	
                Section
      2.02.

              	
                Acceptance
      by Trustee

              	
                16

              
	
                Section
      2.03.

              	
                Representations
      and Warranties of the Depositor

              	
                16

              
	
                Section
      2.04.

              	
                Breach
      of Representation, Warranty or Covenant

              	
                17

              
	
                Section
      2.05.

              	
                Agreement
      to Execute, Authenticate and Deliver Certificates

              	
                17

              
	
                Section
      2.06.

              	
                Custody
      and Holding of Deposited Assets

              	
                17

              
	 
      	 
      	 
      
	
                ARTICLE
      III ADMINISTRATION OF EACH TRUST

              	
                18

              
	 
      	 
      
	
                Section
      3.01.

              	
                Administration
      of Each Trust

              	
                18

              
	
                Section
      3.02.

              	
                Collection
      of Certain Underlying Security Payments

              	
                18

              
	
                Section
      3.03.

              	
                Certificate
      Accounts

              	
                18

              
	
                Section
      3.04.

              	
                Distribution
      or Sale of the Underlying Securities

              	
                19

              
	
                Section
      3.05.

              	
                Investment
      of Funds in the Accounts

              	
                20

              
	
                Section
      3.06.

              	
                Maintenance
      of Credit Support

              	
                20

              
	
                Section
      3.07.

              	
                Realization
      upon Defaulted Underlying Securities

              	
                21

              
	
                Section
      3.08.

              	
                Retained
      Interest

              	
                21

              
	
                Section
      3.09.

              	
                Access
      to Certain Documentation

              	
                21

              
	
                Section
      3.10.

              	
                Reports
      by the Depositor

              	
                21

              
	
                Section
      3.11.

              	
                Charges
      and Expenses

              	
                22

              
	 
      	 
      	 
      
	
                ARTICLE
      IV DISTRIBUTIONS AND REPORTS TO CERTIFICATEHOLDERS

              	
                22

              
	 
      	 
      
	
                Section
      4.01.

              	
                Distributions

              	
                22

              
	
                Section
      4.02.

              	
                Distributions
      on Certificates

              	
                22

              
	
                Section
      4.03.

              	
                Reports
      to Certificateholders

              	
                23

              
	
                Section
      4.04.

              	
                Advances

              	
                24

              
	
                Section
      4.05.

              	
                Allocation
      of Realized Losses and Trust Expenses

              	
                25

              
	
                Section
      4.06.

              	
                Compliance
      with Withholding Requirements

              	
                25

              
	
                Section
      4.07.

              	
                Optional
      Exchange

              	
                25

              
	
                Section
      4.08.

              	
                Call
      Right

              	
                26

              
	 
      	 
      	 
      
	
                ARTICLE
      V THE CERTIFICATES

              	
                28

              
	 
      	 
      
	
                Section
      5.01.

              	
                The
      Certificates

              	
                28

              
	
                Section
      5.02.

              	
                Execution,
      Authentication and Delivery

              	
                28

              
	
                Section
      5.03.

              	
                Temporary
      Certificates

              	
                28

              
	
                Section
      5.04.

              	
                Registration;
      Registration of Transfer and Exchange

              	
                29

              
	
                Section
      5.05.

              	
                Mutilated,
      Destroyed, Lost and Stolen Certificates

              	
                30

              
	
                Section
      5.06.

              	
                Persons
      Deemed Owners

              	
                30

              
	
                Section
      5.07.

              	
                Cancellation

              	
                31

              
	
                Section
      5.08.

              	
                Global
      Securities

              	
                31

              
	
                Section
      5.09.

              	
                Notices
      to Depository

              	
                32

              

      

      
        	
                Section
      5.10.

              	
                Definitive
      Certificates

              	
                32

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
      5.11.

              	
                Currency
      of Distributions

              	
                33

              
	
                Section
      5.12.

              	
                Conditions
      of Execution, Authentication and Delivery of New Series

              	
                33

              
	
                Section
      5.13.

              	
                Appointment
      of Paying Agent

              	
                35

              
	
                Section
      5.14.

              	
                Authenticating
      Agent

              	
                35

              
	
                Section
      5.15.

              	
                Voting
      Rights with Respect to Underlying Securities

              	
                36

              
	
                Section
      5.16.

              	
                Actions
      by Certificateholders

              	
                36

              
	
                Section
      5.17.

              	
                Events
      of Default

              	
                37

              
	
                Section
      5.18.

              	
                Judicial
      Proceedings Instituted by Trustee; Trustee May Bring Suit

              	
                37

              
	
                Section
      5.19.

              	
                Control
      by Certificateholders

              	
                37

              
	
                Section
      5.20.

              	
                Waiver
      of Past Defaults

              	
                37

              
	
                Section
      5.21.

              	
                Right
      of Certificateholders to Receive Payments Not to Be
    Impaired

              	
                38

              
	
                Section
      5.22.

              	
                Remedies
      Cumulative

              	
                38

              
	 
      	 
      	 
      
	
                ARTICLE
      VI THE DEPOSITOR

              	
                38

              
	 
      	 
      
	
                Section
      6.01.

              	
                Liability
      of the Depositor

              	
                38

              
	
                Section
      6.02.

              	
                Limitation
      on Liability of the Depositor

              	
                38

              
	
                Section
      6.03.

              	
                Depositor
      May Purchase Certificates

              	
                39

              
	
                Section
      6.04.

              	
                Merger
      or Consolidation of the Depositor

              	
                39

              
	
                Section
      6.05.

              	
                No
      Liability of the Depositor with Respect to the Underlying Securities;
      Certificateholders to Proceed Directly Against the Underlying Securities
      Issuer(s)

              	
                39

              
	 
      	 
      	 
      
	
                ARTICLE
      VII THE TRUSTEE

              	
                39

              
	 
      	 
      
	
                Section
      7.01.

              	
                Duties
      of Trustee

              	
                39

              
	
                Section
      7.02.

              	
                Agreements
      Between Trustee and Administrative Agents

              	
                42

              
	
                Section
      7.03.

              	
                Certain
      Matters Affecting the Trustee

              	
                43

              
	
                Section
      7.04.

              	
                Trustee
      Not Liable for Recitals in Certificates or Underlying
      Securities

              	
                44

              
	
                Section
      7.05.

              	
                Trustee
      May Own Certificates

              	
                44

              
	
                Section
      7.06.

              	
                Trustee’s
      Fees and Expenses

              	
                44

              
	
                Section
      7.07.

              	
                Eligibility
      Requirements for Trustee

              	
                45

              
	
                Section
      7.08.

              	
                Resignation
      or Removal of the Trustee; Appointment of Successor
Trustee

              	
                45

              
	
                Section
      7.09.

              	
                Appointment
      of Office or Agency

              	
                46

              
	
                Section
      7.10.

              	
                Representations
      and Warranties of Trustee

              	
                46

              
	
                Section
      7.11.

              	
                Indemnification
      of Trustee by the Depositor; Contribution

              	
                47

              
	
                Section
      7.12.

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

              	
                48

              
	
                Section
      7.13.

              	
                The
      Depositor to Furnish Trustee with Names and Addresses of
      Certificateholders

              	
                48

              
	
                Section
      7.14.

              	
                Preservation
      of Information

              	
                48

              
	
                Section
      7.15.

              	
                Reports
      by Trustee

              	
                48

              
	
                Section
      7.16.

              	
                Trustee’s
      Application for Instructions from the Depositor

              	
                48

              
	
                Section
      7.17.

              	
                Assessment
      of Compliance by Trustee; Annual Independent Certified Public Accountant’s
      Report, Etc

              	
                48

              
	
                Section
      7.18.

              	
                Information
      to be Provided by the Trustee

              	
                49

              
	 
      	 
      	 
      
	
                ARTICLE
      VIII MARKET AGENT

              	
                50

              
	 
      	 
      
	
                Section
      8.01.

              	
                Market
      Agent

              	
                50

              
	 
      	 
      	 
      
	
                ARTICLE
      IX SECURITIES INTERMEDIARY

              	
                51

              
	 
      	 
      	 
      
	
                Section
      9.01.

              	
                Resignation
      or Removal of the Securities Intermediary; Appointment of Successor
      Securities Intermediary

              	
                51

              
	 
      	 
      	 
      

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	
                ARTICLE
      X TERMINATION

              	
                52

              
	 
      	 
      
	
                Section
      10.01.

              	
                Termination
      upon Liquidation of All Underlying Securities

              	
                52

              
	 
      	 
      	 
      
	
                ARTICLE
      XI MISCELLANEOUS PROVISIONS

              	
                52

              
	 
      	 
      
	
                Section
      11.01.

              	
                Amendment

              	
                52

              
	
                Section
      11.02.

              	
                Limitation
      on Rights of Certificateholders

              	
                53

              
	
                Section
      11.03.

              	
                Governing
      Law

              	
                54

              
	
                Section
      11.04.

              	
                Notices

              	
                54

              
	
                Section
      11.05.

              	
                Notice
      to Rating Agencies

              	
                55

              
	
                Section
      11.06.

              	
                Severability
      of Provisions

              	
                56

              
	
                Section
      11.07.

              	
                Nonpetition
      Covenant

              	
                56

              
	
                Section
      11.08.

              	
                No
      Recourse

              	
                56

              
	
                Section
      11.09.

              	
                Article
      and Section References

              	
                56

              
	
                Section
      11.10.

              	
                Counterparts

              	
                56

              
	
                Section
      11.11.

              	
                Trust
      Indenture Act

              	
                56

              

      

    

    
 

     

     

     

     

     

     

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

     

    
      

      STANDARD
TERMS FOR TRUST AGREEMENTS dated as
of                    ,
2009 between MERRILL LYNCH DEPOSITOR, INC., a Delaware corporation, as Depositor
(the “Depositor”), and THE BANK OF NEW YORK MELLON (formerly The Bank of New
York), a New York corporation, as Trustee (in such capacity, the “Trustee”) and
as securities intermediary (in such capacity, the “Securities
Intermediary”).

       

      PRELIMINARY
STATEMENT

       

      The
Depositor, the Trustee and the Securities Intermediary 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) will be
issued under a separate Supplement to these Standard Terms, duly executed and
delivered by the Depositor, the Trustee and the Securities
Intermediary.  With respect to each Series, these Standard Terms and
all amendments hereof and, unless the context otherwise requires, the related
Supplement and all amendments thereto shall be known as the “Trust
Agreement”.

       

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

       

      The
Depositor and the Securities Intermediary are entering into these Standard
Terms, and the Trustee is accepting the trust 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 Supplement or as the context
may otherwise require, the following terms have the respective meanings set
forth below for all purposes of this Trust Agreement.

       

      “Account”:  As
defined in Section 3.05.

       

      “Accounting
Date”:  With respect to any Series, if applicable, as defined in the
related Supplement. “Administration Account”:  As defined in
Section 7.02.

       

      “Administrative
Agent”:  Any Person with which the Trustee has entered into an
Administration Agreement and that meets the qualifications of an Administrative
Agent, pursuant to Section 7.02.

       

      “Administration
Agreement”:  The written contract, if any, between the Trustee and an
Administrative Agent and any successor Trustee or Administrative Agent providing
that the Trustee can delegate certain of its administrative obligations with
respect to any Series hereunder.

       

      “Administrative
Agent Termination Event”:  With respect to any given Series, any of
the following:  (i) any failure by an Administrative Agent to remit to
the Trustee any funds in respect of collections on the Underlying Securities and
Credit Support, if any, as required under this Trust Agreement, that continues
unremedied for five days after the giving of written notice of such failure to
the Administrative Agent by the Trustee or the Depositor, or to the
Administrative Agent, the Depositor and the Trustee by the Holders of not less
than 25% of the Voting Rights; (ii) any failure by an Administrative Agent duly
to observe or perform in any material respect any of its other covenants or
obligations under the Administration Agreement with respect to such Series that
continues unremedied for thirty days after the giving of written notice of such
failure to the Administrative Agent by the Trustee or the Depositor, or to the
Administrative Agent, the Depositor and the Trustee by the Holders of not less
than 25% of the Voting Rights; and (iii) events of insolvency, readjustment of
debt, marshalling of assets and liabilities or similar 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      proceedings
and certain actions by or on behalf of an Administrative Agent indicating its
insolvency or inability to pay its obligations.  Any additional
Administrative Agent Termination Event with respect to any given Series may be
set forth in the applicable Supplement.

       

      “Advance”:  As
defined in Section 4.04.

       

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

       

      “Allocation
Ratio”:  With respect to any Series, as defined in the related
Supplement.

       

      “Authenticating
Agent”:  As defined in Section 5.14.

       

      “Authorized
Denomination”:  The minimum denomination in which a Certificate may be
issued, or any multiple thereof, as specified in the related
Supplement.

       

      “Available
Funds”:  Unless otherwise specified in the applicable 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 earned on Account funds
invested pursuant to Section 3.05) 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 Supplement less any
amount held for the benefit of the Retained Interest.

       

      “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 Supplement only if such Person has first delivered to the
Trustee, (i) a certificate or other writing executed by such Person stating the
full name and address of such Person, the principal distribution amount of the
Certificate with respect to which such Person claims to be the Beneficial Owner,
and the participant in the Depository (“such Person’s Participant”) through
which such Person holds its beneficial 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.

       

      “Book-Entry
Securities”:  Securities maintained in the form of entries (including,
without limitation, the Security Entitlements in such Securities) in the
commercial book-entry system of the Fed and held for the Trustee, directly or
indirectly, by any Trustee’s Fed Member.  Book-Entry Securities shall
not include, in any event, any Certificated Security (or any Security
Entitlement in any Certificated Security) held, directly or indirectly, through
a Clearing Corporation.

       

      “Business
Day”:  With respect to any Series, as defined in the related
Supplement.

       

      “Calculation
Agent”:  If applicable with respect to any Series, as specified in the
applicable Supplement.

       

      “Call
Date”:  The date on which the Call Right may be exercised, as
specified in the applicable Supplement.

       

      “Call
Price”:  If applicable with respect to any Series, as specified in the
applicable Supplement.

       

      “Callable
Series”:  A Series or Class within such Series subject to a Call
Right, as specified in the applicable Supplement.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      “Call
Right”:  The right of the holder thereof (or any successor), as named
in the applicable Supplement, to purchase Certificates from the Holders thereof
or to purchase Underlying Securities from the Trust.

       

      “Call
Terms”:  The terms pursuant to which a Call Right may be exercised, as
set forth in the applicable Supplement.

       

      “Certificate”
and “Certificates”:  Any trust certificate or trust certificates
authorized by, executed pursuant to and authenticated and delivered under, this
Trust Agreement, and unless the context requires otherwise, “Certificate” and
“Certificates” shall also be deemed to refer to the Retained
Interest.

       

      “Certificate
Account”:  As defined in Section 3.03.

       

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

       

      “Certificate
Register” and “Certificate Registrar”:  As defined in
Section 5.04.

       

      “Certificated
Security”:  As defined in Section 8-102(a)(4) of the
UCC.

       

      “Certificateholder”:  Any
holder of a Certificate or a Retained Interest.

       

      “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 that (i) is registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act and (ii) is a
Clearing Corporation.

       

      “Clearing
Agency Participant”:  At any time, in respect of any Clearing Agency,
a securities intermediary that maintains Securities Accounts with such Clearing
Agency at such time.

       

      “Clearing
Corporation”:  The meaning specified in Section 8-102(a)(5) of
the UCC.

       

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

       

      “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
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”:  Any Underlying Security that is issued by a
Significant Obligor.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

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

       

      “Credit
Support”:  As specified in the related Supplement, a Letter of Credit,
Limited Guaranty, Surety Bond, Swap Agreement, Swap Guarantee, or other asset
intended to support or ensure the timely or ultimate distributions of amounts
due in respect of a Series (or Class within such Series).

       

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

       

      “Credit
Support Provider”:  With respect to any Series (or Class within
such Series), the Person, if any, that will provide any Credit Support with
respect to all or a portion of a Series or Class, as specified in the applicable
Supplement.

       

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

       

      “Definitive
Certificates”:  As defined in Section 5.10.

       

      “Deposited
Assets”:  With respect to any Series, the following assets, properties
and items (together with the accounts and book-entry accounts containing or
reflecting, directly or indirectly, such assets, properties and items), in each
case, wherever located, however held and whether now existing or hereafter
acquired:

       

      (i)           all
Underlying Securities and Related Assets;

       

      (ii)          all
payments receivable or received in respect of the Underlying Securities
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
the Underlying Securities and all other monies payable thereunder;

       

      (iii)         all
Financial Assets, Security Entitlements and Investment Property in,
constituting, evidenced by, resulting from or otherwise related to, any of the
Deposited Assets;

       

      (iv)         all
other rights and remedies (but none of the obligations) comprising, arising or
resulting from or related to the Grant of the Deposited Assets including,
without limitation, the right to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and
options of the Depositor, to bring Proceedings in the name of the Depositor or
otherwise, and generally to exercise all of the rights and remedies of the
Depositor and to do and receive anything that the Depositor is or may be
entitled to do or receive thereunder or with respect thereto; and

       

      (v)          any
other assets identified as Deposited Assets in the related Supplement, which
assets may include cash, cash equivalents, guarantees, letters of credit,
financial insurance, interest rate, currency, equity, commodity and
credit-linked swaps, caps, floors, collars and options, forward contracts,
structured securities and other instruments and transactions that credit
enhance, hedge or otherwise support the Underlying Securities designed to assure
the servicing or timely distribution of payments to Holders.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      “Depositor”:  Merrill
Lynch Depositor, Inc., a Delaware corporation, and, if a successor Person shall
have become the Depositor pursuant to any applicable provisions of this Trust
Agreement, “Depositor” shall mean such successor Person.  With respect
to any provisions of this Trust Agreement that relate to the provisions of the
TIA, “Depositor” shall include any obligor on the Certificates as the term
obligor is defined in the TIA.

       

      “Depositor
Order”:  A written order or request, respectively, signed in the name
of the Depositor by any one of its Executive 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 so designated in the applicable Supplement, 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.

       

      “Disqualified
Credit Support” Any Credit Support in relation to which (i) the Credit
Support Provider, together with any other affiliated entities providing any
Credit Support in relation to any Series (or Class within such Series) is
liable or contingently liable to provide payments representing 10% or more of
the cash flow supporting any such Series (or Class within such Series), as
determined in accordance with Item 1114 of Regulation AB and
(ii) none of the following is true:  (A)(1) such Credit
Support Provider meets the requirements of General Instruction I.A. of
Form S-3 or General Instructions 1.A.1, 2, 3, 4 and 6 of Form F-3
under the Securities Act and (2) the relevant Credit Support relating to such
Credit Support Provider is not guaranteed by a wholly owned subsidiary of such
Credit Support Provider which does not meet the conditions in (A)(1);
(B) such Credit Support Provider does not meet the conditions of
paragraph (A)(1) but the relevant Credit Support relating to such Credit
Support Provider is fully and unconditionally guaranteed by a direct or indirect
parent of the third party who meets the conditions of paragraph (A)(1) and
the requirements of Rule 3-10 of Regulation S-X under the Exchange Act
are satisfied regarding the information in the reports to be referenced;
(C) the relevant Credit Support relating to such Credit Support Provider
are guaranteed by a wholly owned subsidiary of such Credit Support Provider and
the subsidiary does not meet the conditions of paragraph (A)(1), but the
conditions in paragraph (A)(1) are met with respect to such issuer and the
requirements of Rule 3-10 of Regulation S-X under the Exchange Act are
satisfied regarding the information in the reports to be
referenced.

       

      “Disqualified
Swap Counterparty”:  A swap counterparty with respect to which
(i) the “significance percentage” as determined in accordance with
Item 1115 of Regulation AB is 10% or more and (ii) none of the
following is true:  (A)(1) such swap counterparty meets the
requirements of General Instruction LA. of Form S-3 or General Instructions
1.A.1, 2, 3, 4 and 6 of Form F-3 under the Securities Act and (2) the
relevant swap transaction relating to such swap counterparty are not guaranteed
by a wholly owned subsidiary of such swap counterparty which does not meet the
conditions in (A)(1); (B) such swap counterparty does not meet the
conditions of paragraph (A)(1) but the relevant swap transaction relating
to such swap counterparty are fully and unconditionally guaranteed by a direct
or indirect parent of the third party who meets the conditions of
paragraph (A)(1) and the requirements of Rule 3-10 of Regulation S-X
under the Exchange Act are satisfied regarding the information in the reports to
be referenced; (C) the relevant swap transaction relating to such swap
counterparty are guaranteed by a wholly owned subsidiary of such swap
counterparty and the subsidiary does not meet the conditions of
paragraph (A)(1), but the conditions in paragraph (A)(1) are met with
respect to such swap counterparty and the requirements of Rule 3-10 of
Regulation S-X under the Exchange Act are satisfied regarding the information in
the reports to be referenced.

       

      “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),
each date specified as a “Distribution Date” for such Series (or Class) in
the related Supplement.

       

      “Distribution
Election”:  With respect to any Series, as specified in the related
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.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      “Depository
Securities”:  Securities consisting of Security Entitlements to
Certificated Securities, held by the Depository or a Clearing Corporation or a
nominee of either subject to the control of the Depository and in bearer form or
indorsed in blank by an appropriate Person or registered on the books of the
issuer thereof in the name of the Depository or its Clearing Corporation or a
nominee of either.

       

      “DCR”:  Duff
& Phelps Credit Rating Co. and any successor thereto.

       

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

       

      “Eligible
Investments”:  With respect to any Series, unless otherwise specified
in the related 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” from S&P 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; 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, such investment has the rating
specified in such Supplement for Eligible Investments;

       

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

       

      (iii)         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 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 lower of the rating on the Underlying
Securities or the Trust Certificates; 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; and

       

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

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      “Entitlement
Holder”:  As defined in Section 8-102(a)(7) of the
UCC.

       

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

       

      “Exchange
Act”:  The Securities Exchange Act of 1934, as amended.

       

      “Exchange
Rate Agent”:  As specified in the Supplement.

       

      “Executive
Officer”:  With respect to any limited liability company or
corporation, the chief executive officer, the chief operating officer, the chief
financial officer, the president, any vice president, the secretary or the
treasurer of such limited liability company or corporation; with respect to any
partnership, any general partner thereof.

       

      “Extraordinary
Trust Expenses”:  Any and all costs, expenses or liabilities arising
out of the establishment, existence or administration of the Trust, other than
(i) Ordinary Expenses, and (ii) costs and expenses payable by a particular
Certificateholder, the Trustee or the Depositor pursuant to this Trust
Agreement.

       

      “Fed”:  The
Federal Reserve Bank of New York.

       

      “Fed
Member Securities Account”:  In respect of any Person, an account in
the name of such Person at the Fed, to which account Book-Entry Securities held
for such Person are or may be credited.

       

      “Federal
Book-Entry Regulations”:  (a) the Federal regulations contained in
Subpart B (“Treasury/Reserve Automated Debt Entry System (TRADES)” governing
Book-Entry Securities consisting of U.S. Treasury bonds, notes and bills) and
Subpart D (“Additional Provisions”) of 31 C.F.R. Part 357, 31 C.F.R. ss.
357.10 through ss. 357.14 and ss. 357.41 through ss. 357.44 (including
related defined terms in 31 C.F.R. ss. 357.2) and (b) to the extent
substantially identical to the federal regulations referred to in
clause (a) above (as in effect from time to time), the federal regulations
governing other Book-Entry Securities.

       

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

       

      “Financial
Asset”:  As defined in Section 8-102(a)(9) of the
UCC.

       

      “Fitch”:  Fitch
Investors Service, L.P., and any successor thereof.

       

      “Fixed
Pass-Through Rate”:  With respect to any Fixed Rate Certificate, as
defined in the related Supplement.

       

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

       

      “Floating
Pass-Through Rate”:  With respect to any Floating Rate Certificate, as
defined in the related Supplement.

       

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

       

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

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      “Grant”:  To
grant, bargain, sell, warrant, alienate, remise, demise, release, convey,
assign, transfer, deposit, set over and confirm to the Trustee pursuant to these
Standard Terms and the applicable Supplement; and the terms “Granted” and
“Granting” have the meanings correlative to the foregoing.

       

      “Holder”:  The
Person in whose name a Certificate or Retained Interest is registered in the
Certificate Register on the applicable Record Date.  Where the context
requires, “Holder” may refer to the person entitled to exercise the Voting
Rights accompanying a Certificate.

       

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

       

      “Investment
Property”:  As defined in Section 9-115 of the UCC.

       

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

       

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

       

      “Liquidation
Price”:  If applicable with respect to any Series, the price at which
the Market Agent sells the Underlying Securities on behalf of the Trustee, as
specified in the applicable Supplement.

       

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

       

      “Market
Agent”:  The market agent or market agents, if any, appointed pursuant
to Section 8.01, and its or their successors or assigns.

       

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

       

      “Merrill
Lynch & Co.”:  Merrill Lynch & Co., a Delaware
corporation.

       

      “Minimum
Wire Denomination”:  $10,000,000 or the equivalent in any Specified
Currency.

       

      “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 Supplement on which
distributions of interest may be determined at the applicable Pass-Through Rate,
as the same may be adjusted as specified in such Supplement.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

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

       

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

       

      “Optional
Exchange”:  shall mean the exchange of Certificates of any
Series (or Class within such Series) for a pro rata portion of the
Deposited Assets of the related Trust.

       

      “Optional
Exchange Date”:  With respect to any Series (or Class within such
Series), as defined, if applicable, in the related Supplement.

       

      “Optional
Redemption”:  The right of an Underlying Securities Issuer to redeem
such Underlying Securities in accordance with the terms of the Underlying
Securities Indenture.

       

      “Ordinary
Expenses”:  The Trustee’s customary fee for its services as Trustee,
as set forth in the related Supplement, including but not limited
to

       

      (i)           the
costs and expenses of preparing, sending and receiving all reports, statements,
notices, returns, filings, solicitation of consent or instructions, or other
communications required by this Trust Agreement, (ii) the costs and expenses of
holding and making ordinary collection or payments on the assets of the Trust
and of determining and making distributions, (iii) the 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, 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.

       

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

       

      (i)           Certificates
theretofore cancelled by the Certificate Registrar; and

       

      (ii)          Certificates,
including Predecessor Certificates, in exchange for or in lieu of which other
Certificates have been executed, 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 any request, demand, authorization,
direction, notice, consent or waiver hereunder has been given by the required
percentage of the aggregate Voting Rights, Voting Rights accompanying
Certificates beneficially owned by the Depositor, the Trustee, or any Affiliate
thereof shall be disregarded and deemed not to be Outstanding, and such Voting
Rights 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.

       

      “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.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      “Pass-Through
Rate”:  With respect to any Series (or Class within such Series)
(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 Supplement.

       

      “Paying
Agent”:  As defined in Section 5.13.

       

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

       

      “Predecessor
Certificate”:  As defined in Section 5.05.

       

      “Prepaid
Ordinary Expenses”:  The amount (if any) paid by the Depositor to the
Trustee on or before the Closing Date to cover Ordinary Expenses, as specified
in the related Supplement.

       

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

       

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

       

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

       

      “Realized
Loss”:  With respect to any defaulted and liquidated Underlying
Security, the excess, if any, of (x) the price paid by the Depositor for such
Underlying Security plus expenses incurred by the Trustee in connection with the
practices and procedures referred to in Section 3.07(b) of these Standard
Terms, to the extent reimbursable under these Standard Terms and the related
Supplement, over (y) Liquidation Proceeds with respect thereto.

       

      “Record
Date”:  With respect to any Distribution Date for any Series (or
Class within such Series), the date specified in the related
Supplement.

       

      “Regulation AB”:  Subpart 229.1100
- Asset Backed Securities (Regulation AB), 17 C.F.R.
Sections 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.

       

      “Related
Assets”:  Any assets held by a Trust the return of which is linked to
one or more Underlying Securities and which, if applicable, shall be described
in the related Supplement or a schedule thereto.

       

      “Required
Percentage--Amendment”:  Unless otherwise specified in the related
Supplement, if a Rating Agency Condition is specified in such Supplement and
such Rating Agency Condition is met, or, if a Rating Agency Condition is not so
specified in such Supplement, 66-2/3% of the aggregate Voting Rights of such
Series, and 100% otherwise.

       

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

       

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

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      “Required
Percentage--Removal of Securities Intermediary”:  Unless otherwise
specified in the related Supplement, more than 50% of the aggregate Voting
Rights of such Series.

       

      “Required
Percentage--Removal of Trustee”:  Unless otherwise specified in the
related Supplement, more than 50% of the aggregate Voting Rights of a
Series.

       

      “Required
Percentage--Waiver”:  Unless otherwise specified in the related
Supplement, 66-2/3% of the aggregate Voting Rights of a Series.

       

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

       

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

       

      “Reserve
Account”:  An Eligible Account, if any, created and maintained
pursuant to Section 3.06.

       

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

       

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

       

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

       

      “S&P”:  Standard
& Poor’s Ratings Services, and any successor thereof.

       

      “Securities
Account”:  As defined in Section 8-501(a) of the
UCC.

       

      “Securities
Control”:  “Control” as defined in Section 8-106 of the UCC and,
for purposes of determining an interest in investment property under UCC
Article 9, Section 9-115(1)(e) of the UCC.

       

      “Securities
Intermediary”:  As defined in Section 8-102(a)(14) of the UCC
and, in respect of any Book-Entry Security, a “securities intermediary” (as
defined in 31 C.F.R. ss. 357.2 or, as applicable to such Book-Entry Security,
the corresponding Federal Book-Entry Regulations).

       

      “Securities
Intermediary”:  With respect to any Series, the Securities
Intermediary shall be the Person so specified in the applicable Supplement until
a successor Person shall have become the Securities Intermediary 

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      pursuant
to the applicable provisions of these Standard Terms and the applicable
Supplement, and thereafter “Securities Intermediary” shall mean such successor
Person.

       

      “Security”:  As
defined in Section 8-102(a)(15) of the UCC.

       

      “Security
Certificate”:  As defined in Section 8-102(a)(9) of the
UCC.

       

      “Security
Entitlement”:  As defined in Section 8-102(a)(17) of the UCC or,
in respect of any Book-Entry Security, as defined in 31 C.F.R.
Section 357.2 (or, as applicable to such Book-Entry Security, the
corresponding Federal Book-Entry Regulations).

       

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

       

      “Significant
Obligor”:  As defined in Item 1101(k) of Regulation
AB.

       

      “Specified
Currency”:  As specified in the related Supplement for the applicable
Series or Class, which may be a currency issued by the government of any country
or a composite currency the value of which is determined by reference to the
values of the currencies of any group of countries.  If not specified
in the related Supplement, the Specified Currency shall be Dollars.

       

      “State”:  Any
one of the 50 states of the United States, or the District of
Columbia.

       

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

       

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

       

      “Swap
Agreement”:  If so specified in the Supplement with respect to any
Series, the ISDA Master Agreement dated as of the Closing Date by and between
the Trust and the Swap Counterparty, as the same may be amended or supplemented
from time to time as provided therein.

       

      “Swap
Counterparty”:  If so specified in the Supplement with respect to any
Series (or Class within such Series), as specified in such
Supplement.

       

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

       

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

       

      “Swap
Guarantor”:  If so specified in the Supplement with respect to any
Series, the guarantor specified as such in such Supplement.

       

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

       

      “Swap
Termination Payment”:  If so specified in the Supplement with respect
to any Series, the amount payable by the Swap Counterparty to the Trust, or by
the Trust to the Swap Counterparty, pursuant to the Swap Agreement.

       

      
        
          
          

        

        
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      “Tax
Event”:  The right of an Underlying Securities Issuer to shorten the
maturity of or repurchase such Underlying Securities, in accordance with the
terms of the Underlying Securities Indenture, due to a change in the treatment
of such Underlying Securities under the Code.

       

      “Trust”:  With
respect to any Series, the segregated asset or pool of assets subject hereto,
constituting the trust created hereby and by the related Supplement and to be
administered hereunder and thereunder, consisting of those Deposited Assets, 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
Supplement, all for the benefit of the Certificateholders of such Series as of
any particular time.

       

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

       

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

       

      “Trustee’s
Fed Member”:  Any Person that is eligible to maintain a Fed Member
Securities Account in such Person’s name with the Fed and through which the
Trustee holds Book-Entry Securities.

       

      “TIA”:  The
Trust Indenture Act of 1939, as amended, as the same is in force and effect as
of the date hereof.

       

      “UCC”:  The
Uniform Commercial Code as in effect from time to time in the State of New York
and any successor statute.

       

      “Underlying
Securities Indenture”:  The indenture pursuant to which the Underlying
Securities were issued, as identified in the Underlying Securities
Schedule.

       

      “Underlying
Securities Issuer”:  With respect to an Underlying Security, the
issuer thereof (including, if applicable, the guarantor of the Underlying
Security), as identified in the Underlying Securities Schedule.

       

      “Underlying
Securities Schedule”:  Schedule I to the Supplement.

       

      “Underlying
Security” or “Underlying Securities”:  With respect to any Series, the
asset or assets identified in the Underlying Securities Schedule.  The
Underlying Securities for any 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 Underlying Securities Schedule as a date on
which interest is scheduled, as of the Closing Date, to be payable by or on
behalf of the Underlying Securities Issuer on such 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”:  The voting rights with respect to the Underlying Securities,
which voting rights shall be allocated to Certificateholders of each Class
within a given Series (and to the holders of the Retained Interest and Call
Right, if any) in accordance with the Allocation Ratio.

       

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

       

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

       

      
        
          
          

        

        
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      (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) 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 in this Trust Agreement (other than a certificate provided pursuant
to Section 3.10(d)) shall include:

       

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

       

      (ii)           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;

       

      (iii)           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

       

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

       

      (b)           The
Depositor may at its option by delivery of an Officer’s Certificate to the
Trustee set a record date to determine the Holders entitled to give any consent,
request, demand, authorization, direction, notice, waiver or other
act.  Notwithstanding TIA Section 316(c), 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 at
the close of business on such record date shall be deemed to be Holders for the
purposes of determining whether the requisite aggregate Voting Rights have
authorized or agreed or consented to such consent, request, demand,
authorization, direction, notice, waiver or other act, and for that purpose the
aggregate Voting Rights 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 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.

       

      
        
          
          

        

        
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      ARTICLE
II

      DECLARATION
OF TRUSTS; ISSUANCE OF CERTIFICATES;

      PURPOSE
AND CLASSIFICATION OF TRUSTS

       

      SECTION
2.01.   Creation and Declaration of
Trusts; Assignment of Deposited Assets.  (a) The Depositor,
concurrently with the execution and delivery of the related Supplement, does
hereby agree to Grant to the Trustee for the benefit of the Trustee and the
Certificateholders of each given Series 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 and
other Deposited Assets.  Unless otherwise specified in the Supplement,
each such Grant will include all interest, premium (if any) and principal of, on
or with respect to any such Underlying Securities due after the Cut-off Date and
received by the Depositor, and will exclude all interest, premium (if any) and
principal of, on or with respect to any such Underlying Securities due on or
before the Cut-off Date.  With respect to any Concentrated Underlying
Security, the Underlying Securities Schedule shall include information regarding
the payment terms of the Concentrated Underlying Security, the maturity or terms
thereof, the rating, if any, thereof and any other material information with
respect thereto.

       

      (b)           In
connection with each Grant referred to in paragraph (a) of this
Section 2.01, the Depositor shall, not later than the applicable Closing
Date, either

       

      (i)           deposit
the Underlying Securities for a given Series (except for the Underlying
Securities attributable to such Series that are to be acquired from a Person
other than the Depositor, as specified on the Underlying Securities Schedule to
the applicable Supplement) with the Trustee by physical delivery of such
Underlying Securities duly endorsed, together with any documents necessary to
transfer ownership of such Underlying Securities, to the Trustee,
or

       

      (ii)           have
ensured that the Underlying Securities have been delivered to a Clearing Agency,
in which event (A) the Securities Intermediary or its agent, on behalf of the
Trustee, has accepted delivery of such Underlying Securities through such
Clearing Agency, and (B) the Underlying Securities have been credited to a
Securities Account of the Trustee and maintained by the Securities Intermediary
on behalf of the Trustee, and the Securities Intermediary or its agent 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)           In
the case of each delivery of Underlying Securities referred to in
paragraph (b) of this Section 2.01, the Depositor shall be deemed
thereby to represent and warrant to the Trustee and the Securities Intermediary
that:

       

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

       

      (ii)           the
Underlying Securities so delivered are genuine;

       

      (iii)           at
the time of delivery of the Underlying Securities, 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 (other than
the lien created by this Trust Agreement); 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.

       

      The above
representations and warranties shall survive the delivery of the 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 Depositor’s knowledge but without having made any independent inquiry, as
of the Closing Date, no default or event of default with respect to the
Underlying Securities has occurred and is continuing.

       

      
        
          
          

        

        
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      (d)           Unless
otherwise specified in the related Supplement, the Grant of the Deposited Assets
accomplished by this Trust Agreement is absolute and shall constitute a
sale.  In addition, the Trust created hereunder and thereunder shall
constitute a fixed investment trust for United States 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.

       

      (e)           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 Deposited Assets and the issuance of the Certificates and, if applicable,
Call Rights, and other than those required or authorized by this Trust Agreement
or incidental to and necessary to accomplish such activities.  Any
Trust created hereunder shall not issue or sell any certificates or other
obligations other than the Certificates or, if applicable, Call Rights or
otherwise incur, assume or guarantee any indebtedness for money
borrowed.

       

      (f)           Anything
herein to the contrary notwithstanding, none of the Trustee, the Securities
Intermediary or any of the Certificateholders assumes any of the obligations of
the Depositor or any other Person in respect of the Underlying
Securities.

       

      (g)           The
Securities Intermediary expressly agrees with the Trustee and the
Certificateholders that, at all times from and after the date hereof, any and
all of the Deposited Assets held by the Securities Intermediary in the
Certificate Account are to be treated as Financial Assets under, and for all
purposes of, UCC Article 8 and UCC Article 9.

       

      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 now existing or hereafter acquired, and declares that it
will hold such Underlying Securities 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, 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.  The Depositor hereby represents
and warrants to the Trustee that as of the Closing Date or as of such other date
specifically provided herein or in the applicable Supplement:

       

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

       

      (ii)          with
respect to each Supplement, to the Depositor’s knowledge but without having made
any independent inquiry, the information set forth in the Underlying Securities
Schedule with respect to each Underlying Security is true and correct in all
material respects at the date or dates, respecting which, such information is
furnished;

       

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

       

      (iv)         the
Depositor has the full power and authority to enter into and consummate all
transactions contemplated by this Trust Agreement, has duly authorized the
execution, delivery and performance of this Trust Agreement and has duly
executed and delivered this Trust Agreement.  This Trust Agreement,
upon its execution and delivery by the Depositor and assuming due authorization,
execution and delivery by the Trustee, will constitute a valid, legal

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      and
binding obligation of the Depositor, enforceable against it in accordance with
the terms hereof, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws relating to
or affecting the rights of creditors generally, and by general equity principles
(regardless of whether such enforcement is considered a Proceeding in equity or
at law); and

       

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

       

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

       

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

       

      SECTION
2.05.   Agreement to Execute,
Authenticate and Deliver Certificates.  With respect to each
Series 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, cause to be executed, 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 an Authorized Denomination
evidencing ownership of the entire Trust for such Series, all in accordance with
the terms and subject to the conditions of Section 5.02.

       

      SECTION
2.06.   Custody and Holding of
Deposited Assets.  (a) With respect to each Series, the Trustee
shall hold and maintain the Deposited Assets with the Securities Intermediary in
and through, and hereby directs the Securities Intermediary to credit any and
all such Deposited Assets to, the Certificate Account (all as further provided
in this Article II) in such manner as shall enable the Trustee to be and
have the rights of an Entitlement Holder with respect to, and have sole dominion
and control (including, without limitation, Securities Control) over, such
Deposited Assets.

       

      (b)           The
Securities Intermediary hereby represents, warrants, covenants and agrees that
from and after the Closing Date:

       

      (i)           Each
Certificate Account is a Securities Account, with the Trustee (for its benefit
and the benefit of the Certificateholders) as the Entitlement Holder in, and
having sole dominion and control (including, without limitation, Securities
Control) over, any and all Deposited Assets (including, without limitation, any
and all assets and properties referred to in clause (ii) below) in such
Certificate Account.

       

      (ii)           All
assets and properties from time to time transferred or credited to the
Certificate Account constitute Financial Assets.

       

      (iii)           The
Securities Intermediary is (and will remain) a securities intermediary and is
acting (and will continue to act) as such with respect to the Certificate
Account, the Deposited Assets therein and the Trustee as Entitlement
Holder.  Unless otherwise instructed by the Trustee in writing, the
Securities Intermediary will treat the Trustee (for its benefit and the benefit
of the Certificateholders) as entitled to exercise the rights that comprise the
Deposited Assets in each Certificate Account.  Further, the Securities
Intermediary is and will remain (A) a bank, banking institution, financial firm
or similar party, in each case, that regularly accepts in its course of its

       

      
        
          
          

        

        
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      business
Book-Entry Securities as a custodial service for customers and maintains
Securities Accounts in the name of such customers reflecting ownership of or
interest in such Securities, (B) will maintain its books and records
reflecting such Book-Entry Securities in the State of New York and (C) if the
Trustee maintains one or more Certificate Accounts with the Securities
Intermediary, will have entered into, and will maintain in full force and
effect, an agreement with the Trustee (which, on the date hereof, is comprised
of this Trust Agreement) to the effect that their respective rights and
obligations in respect of each other, said Underlying Securities and said
Certificate Accounts are governed by the laws of the State of New
York.

       

      (iv)           The
Securities Intermediary shall hold any and all assets and properties from time
to time comprising the Deposited Assets (whether individually or as part of a
fungible bulk) in a manner such that the Trustee will have dominion and control
(including, without limitation, Securities Control) over such Deposited
Assets.  The Securities Intermediary will credit to the appropriate
Certificate Account (and will thereby or by book entry or otherwise identify as
being subject to the Grant to the Trustee hereunder) any and all assets and
properties from time to time comprising the Deposited Assets in accordance with
Section 2.06(a) hereof.

       

      (v)           To
effect the intention of clauses (i) through (iv) above, the Securities
Intermediary or its agent maintains (and will continue to maintain)

       

      (A)           one
or more Securities Accounts with the Depository.  The Securities
Intermediary or its agent will instruct the Depository to credit such Securities
Accounts of the Securities Intermediary or its agent with the Depository with
the Depository Securities comprising from time to time the Deposited Assets;
and

       

      (B)           one
or more Fed Member Securities Accounts to which the Securities Intermediary
through its agent will instruct the Fed to credit, in accordance with the
Book-Entry Regulations, all Book-Entry Securities from time to time comprising
the Deposited Assets.

       

      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 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
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 Administrative Agents as provided in Section 7.02,
to do or cause to be done any and all things in connection with such
administration which it deems necessary to comply with the terms of these
Standard Terms and the applicable Supplement.

       

      (b)           The
duties of the Trustee shall be performed in accordance with applicable local,
State and Federal law, and the Trustee shall, at the direction of the Depositor,
make any and all filings, reports, notices or applications with (as prepared by
the Depositor), 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, the Trustee shall make reasonable efforts to collect all payments
required to be made pursuant to the terms of the Underlying Securities in a
manner consistent with the terms of this Trust Agreement, such Underlying
Securities and any related Credit Support Instruments, if
applicable.

       

      SECTION
3.03.   Certificate
Accounts.  (a) For each Series, the Trustee shall establish and
maintain one or more Eligible Accounts (collectively, the “Certificate
Accounts”), which shall be Securities Accounts and shall be 

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      held in
trust in the name of the Trustee for its benefit and the benefit of
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 and in accordance with
Section 2.06, the Certificate Accounts shall be under the sole dominion and
control (including, without limitation, Securities Control) of the Trustee for
the benefit of the related Certificateholders.  With respect to each
Series, 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 Accounts all amounts received by it with respect
to the Deposited Assets, 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;

       

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

       

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

       

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

       

      If, at
any time, the Certificate Account for any Series ceases to be an Eligible
Account, the Trustee shall within five Business Days (or such longer period, not
to exceed 30 calendar days, as to which the Rating Agency Condition is met)
establish a new

       

      Certificate
Account meeting the conditions specified above and the Trustee shall within five
Business Days transfer any cash and any investments on deposit in the
Certificate Account to such new Certificate Account, and from the date such new
Certificate Account is established, it shall be the Certificate Account for such
Series.

       

      (b)           The
Trustee shall give notice to the Depositor of the location of each Eligible
Account constituting the Certificate Account and prior to any change thereof, if
such Eligible Account is or will be located at an institution other than United
States Trust Company of New York.

       

      SECTION
3.04.   Distribution or Sale of the
Underlying Securities.  If (a) there occurs a payment default
on the Underlying Securities, (b) there occurs an acceleration of the date of
maturity of the Underlying Securities or (c) the Underlying Securities
Issuer of any Concentrated Underlying Securities ceases to be a reporting
company under the Exchange Act, (d) any Swap Counterparty becomes a Disqualified
Swap Counterparty or (e) any Credit Support becomes a Disqualified Credit
Support, then the Trustee, upon receiving notice of the events set forth in (a),
(b), (c), (d) or (e) shall exercise one of the following remedies, in accordance
with the Distribution Election:

       

      (i)           immediately
direct the Market Agent to sell the Underlying Securities and a pro rata portion
of the Related Assets held by such Trust, in accordance with the Sale
Procedures, and the Liquidation Proceeds, if any, shall be deposited into the
Certificate Account for distribution in accordance with the Allocation Ratio on
the first Business Day (or such other date specified in the applicable
Supplement) following such deposit into the Certificate Account;

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      (ii)           distribute
the Underlying Securities and a pro rata portion of the Related Assets in
accordance with the Allocation Ratio to each Holder’ s last address as it
appears in the Certificate Register within three Business Days (or such other
date specified in the applicable Supplement) of receiving the notice referred to
in the first sentence of this Section 3.04; or

       

      (iii)           provide
that the Holders of a given Series or Class may vote in favor of either
(i) or (ii), in accordance with the procedures set forth in the applicable
Supplement.

       

      In the
case of a sale by the Market Agent of Underlying Securities and Related Assets
pursuant to clause (i) of this Section 3.04, the Trustee shall deliver
such Underlying Securities and Related Assets to the purchaser of such
Underlying Securities and Related Assets only against payment in same day funds
and the Trustee shall deposit the same into the Certificate
Account.

       

      SECTION
3.05.   Investment of Funds in the
Accounts.  The Trustee may direct any depository institution
maintaining the Certificate Account or the Reserve Account, if any, for the
Series and any other segregated Eligible Account, which Eligible Account shall
be a Securities Account the contents of which are held for the benefit of
Certificateholders of such applicable 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 by 10:00 a.m. on any Business Day, funds held in any Account will be
invested in the Eligible Investments specified in clause (iv) of the
definition thereof until receipt of investment directions to the
contrary.  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 Supplement, any earnings with respect to such
Eligible Investments shall be paid to, and any losses with respect to such
Eligible Investments shall be solely for the account of, the Certificateholders
in proportion to their interest in the invested funds.  In the event
amounts on deposit in an Account are at any time invested in an Eligible
Investment payable on demand, the Securities Intermediary, on behalf of the
Trustee and the Trust, shall:

       

      (i)           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

       

      (ii)           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.

       

      None of
the Trustee, the Depositor or the Securities Intermediary shall in any way be
held liable by reason of any insufficiency in any Account resulting from any
loss on any Eligible Investment made in accordance with this Trust
Agreement.

       

      SECTION
3.06.   Maintenance of Credit
Support.  (a) On the applicable Closing Date, the Trustee at
the written direction of the Depositor or, if so specified in the applicable
Supplement, the Depositor shall, to the extent specified in the applicable
Supplement, establish and maintain, or enter into, as applicable, in the name of
the Trustee, either as 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 Supplement.  To the extent specified in the applicable
Supplement, the Depositor will make or cause to be made any initial deposit to
the Certificate Account or any Reserve Account (which shall be an Eligible
Account) for the related Series as of the Closing Date.  Unless the
Supplement for a given Series provides otherwise, if a Reserve Account exists
for such Series, collections with respect to the Underlying Securities for such
Series not distributed to the Certificateholders of such Series shall be
deposited in the Reserve Account.  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 United States federal, state and local
income and franchise tax purposes) and will not be a part of or otherwise be
included in the Trust but will be held for the benefit of the
Certificateholders.

       

      
        
          
          

        

        
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      (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 Supplement to the extent that funds are not otherwise available for
such purpose.  If specified in such Supplement, immediately after each
Distribution Date, amounts on deposit in the Reserve Account for such Series in
excess of a specified amount shall be paid to the Person so specified in such
Supplement.

       

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

       

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

       

      (c)           If
the Liquidation Proceeds of a defaulted Underlying Security are less than the
sum of (i) the outstanding principal balance of the defaulted Underlying
Security and (ii) 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 Supplement, the Trust for the applicable Series shall recognize a
Realized Loss equal to the amount of such difference.  Any such
Realized Loss shall be allocated in accordance with
Section 4.05.

       

      SECTION
3.08.   Retained
Interest.  The Retained Interest, if any, in any Underlying
Security shall initially be held by the Person so specified in the related
Supplement as and to the extent specified therein.

       

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

       

      SECTION
3.10.   Reports by the
Depositor.  The Depositor shall:

       

      (i)           file
with the Trustee, within 30 days after the Depositor is required to file the
same with the Commission, 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)
which the Depositor is required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Exchange Act; or, if the Depositor
is not required to file information, documents or reports pursuant to either of
such Sections, then to file with the Trustee and the Commission, in accordance
with rules and regulations prescribed by the Commission, such of the
supplementary and periodic information, documents and reports which may be
required pursuant to Section 13 of the Exchange Act in respect of a
security listed and registered on a national securities exchange as may be
prescribed in such rules and regulations;

       

      (ii)           file
with the Trustee and the Commission, in accordance with the rules and
regulations prescribed by the Commission, such additional information, documents
and reports with respect to compliance by the Depositor with the conditions and
covenants provided for in this Trust Agreement, as may be required by such rules
and regulations, certificates or opinions of independent accountants, conforming
to the requirements of TIA Section 314(e);

       

      
        
          
          

        

        
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      (iii)           supply
to the Trustee (and the Trustee shall transmit to all Certificateholders, in the
manner and to the extent provided in TIA Section 313(c)), such summaries of
any information, documents and reports required to be filed by the Depositor
pursuant to clauses (i) and (ii) of this Section 3.10 as may be
required by rules and regulations prescribed by the Commission; and

       

      (iv)           furnish
to the Trustee, not less often than annually, a certificate from the principal
executive, financial or accounting officer of the Depositor as to his or her
knowledge of the Depositor’s compliance with all conditions and covenants under
this Trust Agreement.  For purposes of this clause (iv), such
compliance shall be determined without regard to any period of grace or
requirement of notice provided under this Trust Agreement.

       

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

       

      Each
annual report on Form 10-K will be signed by the Depositor and will include
a certification required by Section 302 of the Sarbanes-Oxley Act of 2002,
in the form prescribed by Item 601 of Regulation S-K under the Securities
Act.

       

      SECTION
3.11. Charges and
Expenses.  Except as otherwise provided in these Standard Terms
or the related 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 and
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.

       

      ARTICLE
IV

      DISTRIBUTIONS
AND REPORTS TO CERTIFICATEHOLDERS

       

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

       

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

       

      SECTION
4.02.   Distributions on
Certificates.  (a) Distributions on any 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 Certificate (or one or
more Predecessor Certificates) is registered at the close of business on the
related Record Date notwithstanding the cancellation of such Certificate upon
any transfer or exchange subsequent to such related Record Date.

       

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

       

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

       

      (ii)           if
the Holder is not a Depository, at the Corporate Trust Office (except as
otherwise specified pursuant to the applicable 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 pursuant
to the applicable 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
clause (i) of this paragraph (a), 

       

      
        
          
          

        

        
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      with
respect to a Holder 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 Holder in a
written request received by the Trustee not later than 10 days prior to such
Distribution Date; provided, however, that if a wire transfer cannot be made for
any reason, payment shall be made by check.  The Trustee shall not be
required to send federal funds wires until any corresponding payments which were
not same day funds when received by it have become same day funds.

       

      (b)           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.

       

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

       

      (d)           With
respect to any computations or calculations to be made under these Standard
Terms, the applicable Supplement and the Certificates, except as otherwise
provided, 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.

       

      (e)           The
final distribution of principal and/or premium shall be made upon presentation
and surrender of such Certificates at the Corporate Trust Office.

       

      SECTION
4.03.   Reports to
Certificateholders.  Unless otherwise specified in the
applicable Supplement, on the fifth Business Day following each such
Distribution Date the Trustee shall forward or cause to be forwarded to the
Depositor, each Holder of such Series, each Swap Counterparty, if any, each
Rating Agency rating such Series and such other Persons as may be specified in
such 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, the Swap Receipt
Amount, if any, and any other derivatives transaction that may be entered into
by the Trust pursuant to the terms of these Standard Terms and the related
Supplement;

       

      (ii)           the
Swap Distribution Amount, if any, received by the Trustee as of such
Distribution Date and any other amounts payable pursuant to any other
derivatives transaction that may be entered into by the Trust pursuant to the
terms of these Standard Terms and the related Supplement;

       

      (iii)           the
amount of compensation received by the Trustee, and any Administrative Agent,
for the period relating to such Distribution Date, and the amount of any other
fees or expenses accrued and paid by the trust for the period relating to such
Distribution Date with an identification of the general purpose of such fees and
the party receiving such fees or expenses;

       

      (iv)           the
amount of the distribution on such Distribution Date to Holders allocable to
principal of and premium, if any, and interest on the Certificates of each such
Class and to the Retained Interest, and the amount of aggregate unpaid interest
accrued as of such Distribution Date;

       

      (v)           the
applicable Record Date and interest accrual date for calculating the
distributions on such Distribution Date;

       

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

       

      
        
          
          

        

        
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      (vii)           if
the Supplement provides for a Reserve Account, the balance of such Reserve
Account at beginning and end of the period relating to such Distribution Date
and any material Reserve Account activity during such period;

       

      (viii)           if
the Supplement provides for Advances, the aggregate amount of Advances, if any,
included in such distribution, and the aggregate amount of unreimbursed
Advances, if any, at the close of business on such Distribution
Date;

       

      (ix)           the
aggregate stated principal amount and, if applicable, notional amount of the
Underlying Securities related to such Series, any delinquency or loss
information with respect to the Underlying Securities, any material breaches of
representations, warranties or covenants related to the Underlying Securities,
the current interest rate or rates thereon at the close of business on such
Distribution Date, and the current rating assigned to the Certificates, as
provided to the Trustee in writing in an instrument specifically referring to
this Trust Agreement by the applicable rating agency;

       

      (x)           the
aggregate Certificate Principal Balance (or Notional Amount, 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) due to the allocation of any Realized Losses on
such Distribution Date or otherwise as may be specified by the
Depositor;

       

      (xi)           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, any payments made with respect to each
element of Credit Support for the period relating to such Distribution Date with
an identification of the general purpose of such payments and the party
receiving such payments and any amounts drawn on each element of Credit Support;
and

       

      (xii)           any
other information appropriate for a Series, as specified in the applicable
Supplement.

       

      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
Holder a statement containing the information set forth in clause (iii)
above, aggregated for such calendar year during which such person was a
Holder.  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 Holders in
writing at such Holder’s expense who so request all materials received by the
Trustee from the Underlying Securities Issuer.

       

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

       

      (b)           However,
as and to the extent provided in the Supplement for a given Series, and subject
to the terms of paragraphs (c) and (d) of this Section 4.04, on or
prior to each Distribution Date, the Trustee shall advance or cause to be
advanced in immediately available funds for deposit in the Certificate Account
for such Series an advance (each, an “Advance”) in an amount equal, unless
otherwise specified in the related Supplement, to the aggregate of distributions
of principal, premium (if any) and interest due on the Underlying Securities for
such Series (or Class) during the related Collection Period, to the extent
remaining unpaid at the time of such Advance.  In satisfaction of its
obligation to make such Advances, the Trustee shall make such Advances from its
own funds and may recover Advances from late collections received by the Trustee
on the applicable Underlying Securities, proceeds from any applicable Credit
Support, if any, and Liquidation Proceeds with respect to the Underlying
Securities for such Series or Class, as specified in the related Supplement, as
to which any such Advance was made.

       

      
        
          
          

        

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

       

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

       

      SECTION
4.05.   Allocation of Realized
Losses and Trust Expenses.  With respect to any Series,
Realized Losses and Extraordinary Trust Expenses, if any, shall be allocated on
any Distribution Date in accordance with the Allocation Ratio, provided,
however, that distributions pursuant to Section 3.04 shall be completed as
the earliest practicable date.

       

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

       

      (b)          Each
Holder will provide the Trustee (and, so long as the Certificates are held at a
Depository in the form of Global Certificates, 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 United States federal
income tax purposes in respect of distributions to such Holder, such evidence to
take the form of a statement, on a duly executed and up-to-date Internal Revenue
Service Form W-8 (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 Certificates, the
Holder 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 Holder and may be withheld by
the Trustee.  The consent of the Holder shall not be required for such
withholding.  In the event the Trustee does withhold any amount from
interest or original issue discount distributions or Advances thereof to any
Holder 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 Holder thereof.

       

      SECTION
4.07. Optional
Exchange.  (a) The terms and conditions, if any, of an Optional
Exchange will be specified in the related Supplement; provided, however, that
any right of Optional Exchange shall be exercisable only to the extent that the
Depositor provides upon the Trustee’s request an Opinion of Counsel that (i)
such exchange would not be inconsistent with 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 (ii) such
exchange would not affect the 

       

      
        
          
          

        

        
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      characterization
of the Trust as a “grantor trust” under the Code.  The terms of an
Optional Exchange may include, but are not limited to, the
following:

       

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

       

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

       

      (iii)           a
requirement that the Certificate Principal Balance or Notional Amount, as
applicable, of each Certificate tendered for exchange be an Authorized
Denomination;

       

      (iv)           specified
dates on which a Holder may effect such an Optional Exchange (each, an “Optional
Exchange Date”), as specified in the applicable Supplement;

       

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

       

      (vi)           adjustments
to the value of the proceeds of any Optional Exchange based upon required
prepayment of future expense allocations and the establishment of a reserve for
any unanticipated Extraordinary Trust Expenses.

       

      (b)           Unless
otherwise provided in the applicable Supplement, no Certificate may be exchanged
pursuant to this Section 4.07 unless the Trustee has received at least 30
days (or such shorter period acceptable to the Trustee or specified in the
applicable Supplement) but not more than 45 days prior to an Optional Exchange
Date 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,
the Certificate Principal Balance or Notional Amount of such Registered
Certificate to be exchanged and the number or a description of the tenor and the
terms of such Certificate, a statement that the Optional 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 of such telegram, telex, facsimile
transmission or letter, and such Certificate and form duly completed must be
received by such Trustee by such fifth Business Day.  Any tender by
the Holder thereof for Optional Exchange shall be irrevocable.  Unless
otherwise provided in the applicable Supplement, the Optional Exchange option
may be exercised pursuant to this Section 4.07 by the Holder of a
Certificate for less than the aggregate Certificate Principal Balance or
Notional Amount of such Certificate as long as the Certificate Principal Balance
or Notional Amount remaining Outstanding after such Optional Exchange is an
Authorized Denomination and all other requirements set forth in the related
Supplement are satisfied.  Upon such partial exchange, such
Certificate shall be cancelled and a new Certificate or Certificates for the
remaining Certificate Principal Balance or Notional Amount thereof shall be
issued (which shall be in the name of the Holder of such exchanged
Certificate).

       

      (c)           Upon
the completion of any such Optional Exchange, the Trustee shall give prompt
written notice thereof to each Rating Agency.

       

      SECTION
4.08.   Call
Right.  (a) The holder of a Call Right may purchase
Certificates of a given Series or Class from the Holders thereof prior to
maturity if the applicable Supplement designates such Series or Class as a
Callable Series, or upon the occurrence of a Tax Event or an Optional
Redemption.  The Call Terms shall be set forth in the applicable
Supplement and shall include, without limitation, the following:

       

      (i)           the
initial holder of the Call Right;

       

      (ii)           whether
the Certificate Principal Balance or Notional Amount of each Certificate being
purchased pursuant to the Call Right must be an Authorized
Denomination;

       

      
        
          
          

        

        
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      (iii)           the
Call Date or Dates; and

       

      (iv)           the
Call Price.

       

      (b)           A
Call Right may be exercised at the option of the holder thereof, in accordance
with the Call Terms, upon not less than 35 days’ (or such shorter period
acceptable to the Trustee or specified in the applicable Supplement) nor more
than 60 days’ prior notice sent via facsimile with transmission confirmed to the
Trustee at the Corporate Trust Office.  Such notice to the Trustee
shall include the Certificate Principal Balance (or Notional Amount) of the
Certificates to be purchased and shall reference the Call Price and the Call
Date.  On or prior to the second Business Day following receipt of
such notice from the holder of the Call Right, the Trustee shall notify the
Holders of the Certificates by first class mail; such notices shall
state:

       

      (i)           the
Certificate Principal Balance (or Notional Amount) of Certificates to be
purchased;

       

      (ii)           the
Call Price;

       

      (iii)           the
name and address of the Paying Agent;

       

      (iv)           that
Certificates called for purchase must be surrendered to the Paying Agent in
order to collect the Call Price;

       

      (v)           that
interest on Certificates called for purchase pursuant to the Call Right ceases
to accrue on and after the Call Date, and the only remaining right of Holders of
such Certificates is to receive payment of the Call Price upon surrender of the
Certificates to the Paying Agent; and

       

      (vi)           that,
if any Certificate contains a CUSIP, CINS or ISIN number, no representation is
being made as to the correctness of the CUSIP, CINS or ISIN number either as
printed on the Certificates or as contained in such notice and that reliance may
be placed only on the other identification numbers printed on the
Certificates.

       

      (c)           If
less than all of the Certificates are to be purchased pursuant to the exercise
of the Call Right, the Trustee shall select the Certificates to be purchased in
accordance with the requirements of the principal national securities exchange
on which the Certificates are listed or, if the Certificates are not listed on a
national securities exchange, on a pro rata basis, by lot or by such other
method as such Trustee in its sole discretion shall deem to be fair and
appropriate.  The Trustee shall notify the Depositor and the
Certificate Registrar promptly in writing of the Certificates or portions of the
Certificates to be purchased by the holder of the Call Right, provided, however,
that this Section 4.08(c) shall not apply to Certificates subject to a Call
Right due to a Tax Event or an Optional Redemption.

       

      (d)           Once
such notice is mailed to a Holder, such Holder shall not be entitled to any
right as a Holder other than the right to receive payment of the Call Price on
the Call Date and the Certificates subject to the Call Right shall be deemed to
have been automatically surrendered to the Trust for further transfer to the
holder exercising its Call Right.  Upon surrender of any Certificates
to the Paying Agent, the Holders of such Certificates shall be paid the Call
Price.  Notice of purchase shall be deemed to be given when mailed,
whether or not the Holder receives the notice.  In any event, failure
to give such notice, or any defect therein, shall not affect the validity of the
proceedings for the purchase of Certificates held by Holders to whom such notice
was properly given.

       

      (e)           At
or prior to 12:00 noon on the Call Date, the holder of the Call Right to be
exercised shall deposit with the Paying Agent by wire transfer in same-day funds
money sufficient to pay the Call Price of the Certificates to be redeemed on
that date.

       

      (f)           If
a notice has been given in the manner provided above, the Certificates or
portion of Certificates specified in such notice to be purchased shall become
due and payable on the Call Date at the Call Price stated therein, together with
accrued interest (if applicable) on and after such dates.  Upon
surrender of any 

       

      
        
          
          

        

        
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      Certificate
in connection with the Call Right, such Certificate shall be paid and redeemed
by the holder of the Call Right at the Call Price.

       

      (g)           Upon
surrender of any Certificate that is purchased in part, the Depositor shall
execute and the Trustee shall authenticate and deliver to the Holder a new
Certificate equal in principal amount to the portion of such surrendered
Certificate not purchased.

       

      (h)           Notwithstanding
anything to the contrary in these Standard Terms or any Supplement, a Series or
Class will be subject to a Call Right of the Underlying Securities Issuer if the
Underlying Securities Issuer gives notice of a Tax Event or an Optional
Redemption, regardless of whether such Series or Class is also designated a
Callable Series in the applicable Supplement, and in the case of a Tax Event or
an Optional Redemption the required notice of the Call Right shall be the lesser
of the time set forth in Section 4.08(b) and the time set forth in the
notice provisions relating to such Tax Event or Optional Redemption,
respectively, in the Underlying Securities Indenture, as specified in the
related Supplement.

       

      ARTICLE
V

       

      THE
CERTIFICATES

       

      SECTION
5.01.   The
Certificates.  (a) The Certificates of any Series (or
Class within such Series) shall be issued in fully registered form without
coupons and shall be substantially in the form of the exhibit attached to the
applicable Supplement.

       

      (b)           Each
Series (and all Classes within such Series) shall be created by a
Supplement authorized by the Depositor and establishing the terms and provisions
of such Series.  Each Trust must be a fixed investment trust under the
Code.  Each such Series may be issued in one or more Classes, with
such further particular designation added or incorporated in such title for the
Certificates of any particular Series or Class within such Series as the
Depositor may determine.  Each Certificate shall bear upon its face
the designation so selected for the Series and Class to which it
belongs.  All Certificates of the same Series and Class shall be
identical in all respects except for the denominations thereof.  All
Certificates of all Classes within any one Series at any time Outstanding shall
be identical except for differences among the Certificates of the different
Classes within such Series specified in the applicable
Supplement.  Except as otherwise provided in the related 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.

       

      SECTION
5.02.   Execution, Authentication
and Delivery.  (a) The Certificates shall be executed by the
Trustee by one of its Responsible Officers, which may be in facsimile form and
imprinted or otherwise reproduced thereon.  The signature of any of
the Responsible Officers may be manual or facsimile.  Certificates
bearing the manual or facsimile signature of individuals who were at any time
the Responsible 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.

       

      (b)           Each
Certificate shall be dated as of the later of the date specified in the related
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 executed by the Trustee by the manual signature of one of its Responsible
Officers, and such signature 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 or permanent Global Securities of any Series (or Class within
each such Series), and upon receipt of a Depositor Order, the 

       

      
        
          
          

        

        
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      Trustee
shall execute, 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 or permanent Global Securities in lieu of which they are issued, in
registered form and with such appropriate insertions, omissions, substitutions
and other variations as may be authorized by such Depositor
Order.  Any such temporary Certificate may be in global form,
representing all or a portion of the Outstanding Certificates of such Series or
Class.  Every such temporary Certificate shall be executed,
authenticated and delivered by the Trustee upon the same conditions and in
substantially the same manner, and with the same effect, as the Definitive
Certificates or permanent Global Securities in lieu of which is
issued.

       

      If
temporary Certificates of any Series (or Class within such Series) are
issued, the Trustee will cause Definitive Certificates or Global Securities of
such Series or Class to be prepared without unreasonable delay.  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 or permanent Global Securities of such Series or Class
upon surrender of the temporary Certificates of such Series or Class at the
Corporate Trust Office, without charge to the Holder.  Upon surrender
for cancellation of any one or more temporary Certificates of any Series or
Class within such Series, the Trustee, upon receipt of a Depositor Order, shall
execute, authenticate and deliver in exchange therefor Definitive Certificates
or permanent Global Securities with a like Certificate Principal Balance or
Notional Amount, as applicable, of the same Series (or Class within such
Series) of Authorized Denomination 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 or permanent Global Securities of such
Series or Class, except as otherwise specified in the applicable
Supplement.

       

      Upon any
exchange of a portion of a temporary Global Security for a permanent definitive
Global Security or for the individual Definitive Certificates represented
thereby, the temporary Global Security shall be endorsed by the Trustee to
reflect the reduction of the aggregate Certificate Principal Balance or Notional
Amount, as applicable, evidenced thereby, whereupon the aggregate Certificate
Principal Balance or Notional Amount, 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 (the registers maintained in such office
and in any other office or agency of the Trustee 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 Certificates and the registration of
transfers and exchanges of Certificates.  The Trustee is hereby
initially appointed Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided;
provided, however, that the Trustee may appoint one or more co-Certificate
Registrars.  Upon any resignation of any Certificate Registrar, the
Depositor shall promptly appoint a successor or, in the absence of such
appointment, assume the duties of Certificate Registrar.

       

      If a
Person other than the Trustee is appointed by the Depositor as Certificate
Registrar, the Depositor will give the Trustee prompt written notice of the
appointment of a Certificate Registrar and of the location, and any change in
the location, of the Certificate Register, and the Trustee shall have the right
to rely upon a certificate executed on behalf of the Certificate Registrar by an
Executive Officer thereof as to the names and addresses of the Holders and the
principal amounts and numbers of the Certificates held by each
Holder.

       

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

       

      (c)           Notwithstanding
any other provisions of this Section 5.04, 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 

       

      
        
          
          

        

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

       

      (e)           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.

       

      (f)           Every
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).

       

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

       

      SECTION
5.05.   Mutilated, Destroyed, Lost
and Stolen Certificates.  If (i) any mutilated Certificate is
surrendered to the Trustee at its Corporate Trust Office or (ii) the Depositor
and the Trustee receive evidence to their satisfaction of the destruction, loss
or theft of 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 or in lieu of any such
mutilated, 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.  Any Certificate executed,
authenticated and delivered under this Section 5.05 in lieu of a lost,
destroyed or stolen Certificate (a “Predecessor Certificate”) shall be deemed to
evidence the same interest as the Predecessor Certificate.

       

      Upon the
issuance of any new Certificate under this Section 5.05, the Trustee 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 shall constitute
complete and indefeasible evidence of ownership in the Trust related to such
Series, whether or not the Predecessor 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 5.05 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of Predecessor Certificates.

       

      SECTION
5.06.   Persons Deemed
Owners.  (a) The Depositor, the Trustee, the Securities
Intermediary and any agent of the Depositor, the Trustee or the Securities
Intermediary may treat the Person in whose name any Certificate is registered as
the owner of such 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 Certificate and for all other purposes 

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

       

      whatsoever,
whether or not such Certificate be overdue, and neither the Depositor, the
Trustee or the Securities Intermediary, nor any agent of the Depositor, the
Trustee or the Securities Intermediary shall be affected by notice to the
contrary.

       

      (b)           None
of the Depositor, the Trustee, the Securities Intermediary or any of their
agents will have any responsibility or liability for any aspect of the records
relating to or distributions made by the Depository to Beneficial Owners of
interests in a Global Security or for maintaining, supervising or reviewing any
records relating to such Beneficial Owners.

       

      SECTION
5.07.   Cancellation.  Unless
otherwise specified pursuant to 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 the Trustee.  No Certificates shall be
authenticated in lieu of or in exchange for any Certificates cancelled as
provided in this Section 5.07, except as expressly permitted by this Trust
Agreement.

       

      SECTION
5.08.   Global
Securities.  (a) If the Supplement provides that a
Series (or Class within such Series) of Certificates shall be held by the
Depository in book-entry form, then the Depositor shall execute and, upon
receipt of a Depositor Order, the Trustee shall authenticate and deliver one or
more Global Securities that (i) shall represent an aggregate initial
Certificate Principal Balance or Notional Amount, as applicable, equal to the
aggregate initial Certificate Principal Balance or Notional Amount, as
applicable, of the Certificates of such Series or Class to be represented by
such one or more Global Securities, (ii) shall be registered 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
THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF A NOMINEE OF THE DEPOSITORY (AND
ANY PAYMENT IS MADE TO A NOMINEE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF HAS AN INTEREST HEREIN.

       

      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 TO THE DEPOSITORY OR TO ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY.”

       

      (b)           No
Holder of a Certificate of such Series or Class will receive a Definitive
Certificate representing such Holder’s interest in such Certificate or
Certificates, except as provided in Section 5.10.  Unless and
until Definitive 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 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
Beneficial Owners of interests in such Series or Class;

       

      (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;

       

      
        
          
          

        

        
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      (iv)           the
rights of Beneficial 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 Beneficial 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 a specified percentage of the aggregate
Voting Rights of a 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 Beneficial 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.

       

      (c)           Each
Depository for a Global Security 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
Beneficial 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 Beneficial Owners.

       

      SECTION
5.10.   Definitive
Certificates.  (a) If in respect of a Series (or Class
within such Series) represented by one or more Global Securities (i) the
Depositor advises the Trustee and the Securities Intermediary 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 does not appoint a successor within 90 days or (ii) the Depositor
at its option advises the Trustee and the Securities Intermediary in writing
that it elects to terminate the book-entry system of such Series or Class
through the Depository, then the Depository shall notify all Beneficial 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, fully registered Certificates (“Definitive Certificates”) for such
Series or Class to Beneficial 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 Trustee upon receipt
of a Depositor Order for the execution, authentication and delivery of
Definitive Certificates of such Series or Class, will execute, authenticate and
deliver Definitive Certificates of such Series or Class in an aggregate
Certificate Principal Balance or Notional Amount, as applicable, equal to the
aggregate Certificate Principal Balance or Notional Amount, as applicable, of
the Global Security or Securities representing Certificates of such Series or
Class in exchange for such Global Security or Securities.  None of the
Depositor, the Certificate Registrar, the Trustee or the Securities Intermediary
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 exchange of a Global Security for Definitive
Certificates, such Global Security shall be cancelled by the
Trustee.  Definitive Certificates issued in exchange for a Global
Security 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 Certificates to the Person in
whose names such Certificates are so registered.  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.

       

      (b)           In
addition, if the Depositor so specifies with respect to the Certificates of a
given Series, a Beneficial Owner may, on terms acceptable to the Depositor and
the Depository for such Global Security, receive individual Definitive
Certificates in exchange for such beneficial interest.  Upon the
request of such Beneficial Owner, the Trustee upon receipt of a Depositor Order
shall execute, authenticate and deliver, without service charge,

       

      (i)           to
each such Person specified, a new individual Certificate or Certificates of the
same Series or Class, of any Authorized Denomination as requested by such Person
in an 

       

      
        
          
          

        

        
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      aggregate
Certificate Principal Balance or Notional Amount, as applicable, equal to and in
exchange for such Person’s beneficial interest in the Global Security;
and

       

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

       

      In any
exchange provided for above, the Trustee, upon receipt of a Depositor Order,
will execute, authenticate and deliver individual Certificates in registered
form in Authorized Denominations.

       

      SECTION
5.11.   Currency of
Distributions.  (a) Except as otherwise specified pursuant to
the applicable Supplement, distributions of the principal of (and premium, if
any) and interest in respect of Certificates of any Series or Class will be made
in Dollars.

       

      (b)           In
the case of a Series denominated in a Specified Currency other than the Dollar,
all exchange rate calculations shall be based upon the noon buying rate in New
York City for cable transfers as certified for customs purposes by the Fed for
such Specified Currency.  If the Fed does not publish a noon buying
rate for the applicable Specified Currency, the applicable Supplement will
designate the source for calculating the Dollar value of such Specified
Currency.

       

      (c)           With
respect to any Series, any decision or determination to be made regarding
exchange rates shall be made by an Exchange Rate Agent, 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 require such
Exchange Rate Agent to make such determination by the method provided in
Section 5.11(b) for the making of such decisions 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 such
Series.

       

      (d)           If
distributions in respect of a Series must 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 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 Series shall be made in
Dollars until such Specified Currency is available.

       

      SECTION
5.12.   Conditions of Execution,
Authentication and Delivery of New Series.  (a) 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 Supplement.  The
Trustee shall execute, authenticate and deliver such Certificates upon a
Depositor Order and upon delivery by the Depositor to the Trustee of the
following:

       

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

       

      (ii)           An
Opinion of Counsel to the Depositor, addressed to the Trustee,
stating:

       

      1.           The
Certificates are in the form contemplated by the Trust Agreement and assuming
that the Certificates have been duly executed, authenticated and delivered by
the Trustee in the manner described in its certificate delivered today, the
Certificates are entitled to the benefits provided in the Trust Agreement and
constitute valid and binding obligations of the Trust, enforceable against the
Trust in accordance with their terms, except as the enforcement thereof may be
limited by bankruptcy, insolvency (including, without limitation, all laws
relating to fraudulent transfers), reorganization, moratorium or similar laws
affecting enforcement of creditors’ rights generally and except as enforcement
thereof is subject to general principles of equity 

       

      
        
          
          

        

        
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      (regardless
of whether enforcement is considered in a proceeding in equity or at law), and
will be entitled to the benefits of the Trust Agreement.

       

      2.           Execution,
authentication and delivery of such Certificates by the Trustee will not violate
the terms of the Trust Agreement.

       

      3.           The
execution and delivery of the Trust Agreement will not contravene the
certificate of incorporation or by-laws of the Company or result in any
violation of any of the terms or provisions of any law or regulation or, to our
knowledge of any indenture, mortgage or other agreement by which the Company is
bound.

       

      4.           The
Trust Agreement has been duly authorized, executed and delivered by the Company
and (assuming the due authorization, execution and delivery thereof by the
Trustee and the Securities Intermediary) constitutes a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its
terms, except as enforcement thereof may be limited by bankruptcy, insolvency
(including, without limitation, all laws relating to fraudulent transfers),
reorganization, moratorium or other similar laws affecting enforcement of
creditors’ rights generally and except as enforcement thereof is subject to
general principles of equity (regardless of whether enforcement is considered in
a proceeding in equity or at law).

       

      (iii)           An
Officer’s Certificate of the Depositor, dated as of the Closing Date, to the
effect that all of the requirements of this Section 5.12 have been
satisfied, and that the Depositor is not in breach of this Trust Agreement and
that the execution and delivery of this Trust Agreement and 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 and
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;

       

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

       

      (v)           All
agreements, instruments or other documents called for by the applicable
Supplement as a condition to the issuance of the Certificates of such
Series;

       

      (vi)           If
applicable, a fully executed copy of any Swap Agreement or other 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

       

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

       

      (b)           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 Certificates of such
Series upon original issuance shall constitute a representation and warranty by
the Depositor that, as of the date of such request, the statements made in this
shall be true and correct as if made on such date.

       

      
        
          
          

        

        
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      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 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;
provided, however, no Paying Agent may be removed or replaced until a successor
(which successor may be the Trustee) has been appointed as provided for herein
and has accepted the appointment.  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, as specified in the
related Supplement.  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 TIA
Section 317(b).  The Paying Agent shall return all unclaimed
funds to the Trustee and upon removal shall also return all funds in its
possession to the Trustee.  The provisions of Sections 7.01,
7.03, 7.04 and 7.06 shall apply to the Trustee also in its role as Paying Agent,
for so long as the Trustee shall act as Paying Agent.  Any reference
in this Trust Agreement to the Paying Agent shall include any co-paying agent
unless the context requires otherwise.  Notwithstanding anything
contained herein to the contrary, the appointment of a Paying Agent pursuant to
this Section 5.13 shall not release the Trustee from the duties,
obligations, responsibilities or liabilities arising under this Trust Agreement
other than with respect to funds paid to such Paying Agent.

       

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

       

      (b)           Any
institution succeeding to the corporate agency business of any Authenticating
Agent shall continue to be an Authenticating Agent without the execution or
filing of any power or any further act on the part of the Trustee or such
Authenticating Agent.  An Authenticating Agent may at any time resign
by giving notice of resignation to the Trustee and to the
Depositor.  The Trustee may at any time terminate the agency of an
Authenticating Agent by giving notice of termination to such Authenticating
Agent and to the Depositor.  Upon receiving such a notice of
resignation or upon such a termination, or in case at any time an Authenticating
Agent shall cease to be acceptable to the Trustee or the Depositor, the Trustee
promptly may appoint a successor Authenticating Agent which may be the
Trustee.  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
Sections 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:

       

      
        
          
          

        

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

       

      
        
          	 
      	
                  Dated:

                	
                  [NAME
      OF AUTHENTICATING AGENT]

                
	 
      	 
      	 
      	
                  as
      Authenticating Agent

                
	 
      	 
      	 
      	
                  for
      the Trustee,

                
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                  By:________________________________

                
	 
      	 
      	 
      	
                  Authorized
      Officer”

                

        

      

       

       

      SECTION
5.15.   Voting Rights with Respect
to Underlying Securities.  (a) Within five Business Days after
receipt of notice of any meeting of, or other occasion for the exercise of
voting rights or the giving of consents by owners of any of the Underlying
Securities, the Trustee shall give notice to the Holders, setting forth (i) such
information as is contained in such notice to owners of Underlying Securities,
(ii) a statement that Holders will be entitled, subject to any applicable
provision of law and any applicable provisions of such Underlying Securities to
instruct the Trustee as to the exercise of Voting Rights, if any, pertaining to
such Underlying Securities and (iii) a statement as to the manner in which
instructions may be given to the Trustee to give a discretionary proxy to a
person designated in the notice received by the Trustee.  Such notice
shall be given by the Trustee to the Holders of record on such Record
Date.

       

      Upon the
written request of the applicable Holder, received on or before the date
established by the Trustee for such purpose, the Trustee shall endeavor, insofar
as practicable and permitted under any applicable provision of law and any
applicable provision of or governing the Underlying Securities, to vote in
accordance with any nondiscretionary instruction set forth in such written
request.  The Trustee shall not vote except as specifically authorized
and directed in written instructions from the applicable Holder entitled to give
such instructions.  Notwithstanding the foregoing, if the Trustee
determines (based solely upon advice furnished by nationally recognized
independent tax counsel, whether at the request of any Holder or otherwise) that
the exercise of voting rights with respect to any Underlying Securities could
result in a “sale or other disposition” of such Underlying Securities within the
meaning of Section 1001(a) of the Code, as amended, the Trustee shall
exercise such voting rights in a manner that would not result in any such sale
or other disposition.  The Trustee will have no responsibility to
undertake on its own initiative to determine that any exercise of voting rights
will result in any such sale or other disposition.

       

      (b)           By
accepting delivery of a Certificate, whether upon original issuance or
subsequent transfer, exchange or replacement thereof, and without regard to
whether ownership is beneficial or otherwise, the Holder agrees so long as it is
an owner thereof that it shall not grant any consent (i) to any conversion of
the timing of payment of, or the method or rate of accruing, interest on the
Underlying Securities underlying the Certificates held by such Holder or (ii) to
any redemption or prepayment of the Underlying Securities underlying the
Certificates held by such Holder.  The Trustee shall not grant any
consent solicited from the owners of the Underlying Securities underlying the
Certificates with respect to the matters set forth in this Section nor shall it
accept or take any action in respect of any consent, proxy or instructions
received from any Holder in contravention of the provisions of this
Section.

       

      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)           Each
Certificateholder or Beneficial Owner shall have the right to assert any rights
and privileges of a Certificateholder or Beneficial Owner, and shall have the
right to proceed directly and individually against any Person to enforce any
remedies hereunder and 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 

       

      
        
          
          

        

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

       

      SECTION
5.17.   Events of
Default.  If any Event of Default shall occur and be continuing
with respect to any Class of Certificates, then, and in each and every case, the
Trustee shall exercise any rights in respect of the related Underlying
Securities as provided in the applicable Supplement.

       

      SECTION
5.18.   Judicial Proceedings
Instituted by Trustee; Trustee May Bring Suit.  If there shall
be a failure to make payment of the principal of or premium, if any, or interest
on any Underlying Security, then 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, and further subject to the provisions of Sections 7.01(c)
and 7.06(f) herein, entitled and empowered to institute 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 Proceeding to judgment or final
decree with respect to the whole amount of any such sums so due and
unpaid.

       

      SECTION
5.19.   Control by
Certificateholders.  The Holders of Certificates of any Class
holding Certificates representing not less than the Required
Percentage--Direction of Trustee of the aggregate Voting Rights of the
Outstanding Certificates of such Class shall have 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 that:

       

      (i)           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;

       

      (ii)           the
Trustee shall determine, based upon an Opinion of Counsel, that the action so
directed would not be unjustly prejudicial to the Holders of Certificates of
such Class not taking part in such direction; and

       

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

       

      SECTION
5.20.   Waiver of Past
Defaults.  The Holders of the Required Percentage--Waiver of
Certificates of any Series may (a) waive any past default under this Trust
Agreement and its consequences or (b) 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 default thereunder and its consequences
with respect to such Series; provided that such Holders may not waive or direct
the Trustee to waive a default

       

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

       

      (ii)           in
respect of a covenant or provision hereof that under Section 11.01 hereof
cannot be modified or amended without the consent of the Holder of each
Outstanding Certificate affected.

       

      
        
          
          

        

        
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      Upon any
waiver of a default under this Trust Agreement or direction that is effective to
waive a default in respect of the Underlying Securities, such default shall
cease to exist with respect to this Trust Agreement, 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 Holders
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 or other date specified
herein for the making of such payment, shall not be impaired or affected without
the consent of such Certificateholder.

       

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

       

      ARTICLE
VI

       

      THE
DEPOSITOR

       

      SECTION
6.01.   Liability of the
Depositor.  The Depositor shall be liable in accordance
herewith only to the extent of the obligations specifically imposed by these
Standard Terms and the related 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 Supplement or in
the exercise of any of its rights or powers 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
negligence in the performance of duties or by reason of reckless disregard of
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, and a 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 Market Agent or the other
parties to this Trust Agreement.  The Depositor may rely and shall be
protected in acting upon any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by
the proper party or parties.

       

      (e)          The
Depositor shall not incur any liability to any Certificateholder if, by reason
of any provision of any present or future law, or regulation thereunder, or any
governmental authority, or by any reason of any act of God or war or other
circumstance beyond the control of the relevant party, the Depositor shall be

       

      
        
          
          

        

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

       

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

       

      SECTION
6.04.   Merger or Consolidation of
the Depositor.   Nothing in this Trust Agreement shall
prevent any consolidation or merger of the Depositor with or into any other
corporation, or any consolidation or merger of any other corporation with or
into the Depositor or any sale or transfer of all or substantially all of the
property and assets of the Depositor to any other Person lawfully entitled to
acquire the same; provided, however, that, so long as Certificates are
outstanding hereunder, the Depositor covenants and agrees that any such
consolidation, merger, sale or transfer shall be upon the condition that the due
and punctual performance and observance of all the terms, covenants and
conditions of this Trust Agreement to be kept or performed by the Depositor
shall be assumed by the Person (if other than the Depositor) formed by or
resulting from any such consolidation or merger, or which shall have received
the transfer of all or substantially all of the property and assets of the
Depositor, just as fully and effectually as if successor Person had been the
original party of the first part hereto; and in the event of any such sale or
transfer the predecessor Depositor may be dissolved, wound up and liquidated at
any time thereafter.

       

      SECTION
6.05.   No
Liability of the Depositor with Respect to the Underlying Securities;
Certificateholders to Proceed Directly Against the Underlying Securities
Issuer(s).  (a) The sole obligor with respect to any Underlying
Security is the Underlying Securities Issuer(s).  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.

       

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

       

      ARTICLE
VII

      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 Supplement.  The Trustee shall exercise in case of receipt of
notice of Default (as such term is defined in paragraph (d) below) such of
the rights and powers vested in it by this Trust Agreement, and shall use the
same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own
affairs.  In the event that the Underlying Securities Issuer ceases to
file periodic reports under the Exchange Act, the Depositor shall notify the
Trustee of that fact and the Trustee shall take such actions as specifically set
forth in the Supplement.  The Trustee shall exercise those rights in a
manner consistent with the status of any Trust created hereunder as a fixed
investment trust for United States federal income tax purposes as directed
by the Depositor.  The Trustee shall not have any power to vary the
investment of any Certificateholders of any Series or to accept any assets
(other than proceeds of the Underlying Securities) other than the Underlying
Securities transferred to it on the Closing Date of any Series.  Any
permissive right of the Trustee enumerated in this Trust Agreement shall not be
construed as a duty and shall be interpreted consistently with the status of the
Trust as a fixed investment trust.

       

      (b)           The
Trustee, upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments furnished to the Trustee which
are specifically required to be furnished pursuant to any provision of this
Trust Agreement, shall examine them to determine, in its best judgment, 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

       

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

       

      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 a Responsible Officer or Responsible Officers of the Trustee, unless it
shall be proved that the Trustee was negligent in ascertaining the pertinent
facts;

       

      (iii)           the
Trustee shall not be personally liable with respect to any action taken,
suffered or omitted to be taken by it in good faith in accordance with the
direction of Holders of the Required Percentage--Direction of Trustee of the
aggregate Voting Rights of a given Series (or Class or group of Classes
within such Series), as specified in the applicable 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 an 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 or any other person believed by it
in good faith to be competent to give such advice or information, including,
without limitation, the Market Agent or the other parties to this Trust
Agreement.  The Trustee may rely and shall be protected in acting upon
any written notice, facsimile transmission, request, direction or other document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;

       

      
        
          
          

        

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

       

      (x)           the
Trustee shall be under no obligation whatsoever to appear in, prosecute or
defend any 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 selected by the Trustee with due care shall be full and
complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in reliance thereon.

       

      (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 TIA
Section 313(c), notice of such Default hereunder actually known to the
Trustee, unless such Default shall have been cured or waived; provided, however,
that, except in the case of a Default in the payment of the principal of or
premium, if any, or interest on any Underlying Security, the Trustee shall be
protected in withholding such notice if and so long as a trust committee of
Responsible Officers of the Trustee in good faith determines 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 7.01(d), 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 such Certificateholders
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 Certificateholders
propose to transmit, and by reasonable proof that each such Certificateholder
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 Certificateholders access to all information so furnished to or received
by the Trustee; or

       

      (ii)           inform
such Certificateholders 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 Certificateholders access to such
information, the Trustee shall, upon the written request of such
Certificateholders, 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)           The
Trustee shall prepare for filing, at the direction of and with information
provided by the Depositor, periodic reports for the Trust pursuant to the
Exchange Act, and the rules and regulations promulgated thereunder on behalf of
the Depositor.  The Depositor shall respond reasonably promptly to any
inquiry 

       

      
        
          
          

        

        
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      of the
Trustee concerning such reports and shall provide the information required for
such reports within three days of the filing due date.

       

      SECTION
7.02.   Agreements Between Trustee
and Administrative Agents.  (a) The Trustee may enter into
Administration Agreements with one or more Administrative Agents in order to
delegate to such Administrative Agents certain of its administrative obligations
with respect to a Series hereunder; provided, however, that:

       

      (i)           such
delegation shall not release the Trustee from the duties, obligations,
responsibilities or liabilities arising hereunder;

       

      (ii)          such
delegation shall not cause the Administrative Agent to be considered a servicer
under Regulation AB;

       

      (iii)         the
Rating Agency Condition shall have been satisfied with respect to the entering
into of any such agreement;

       

      (iv)         such
agreement must be consistent with these Standard Terms and, with respect to
Certificates of any Series, the related Supplement;

       

      (v)          the
Trustee will remain solely liable for all fees and expenses it may owe to such
Administrative Agent;

       

      (vi)         the
Administrative Agent shall give representations and warranties in such
Administration Agreement that are the same in substance as those set forth in
Section 7.10 herein (references therein to the Trust Agreement, the Trustee
and the Depositor shall be to the applicable Administration Agreement,
Administrative Agent and Trustee, respectively, for purposes of this
Section 7.02(a)); and

       

      (vii)         such
Administrative Agent shall meet the eligibility requirements of a Trustee
pursuant to Section 7.07 herein.

       

      An
Administration Agreement must provide that an entity serving as Administrative
Agent may resign from its obligations and duties under this Trust Agreement with
respect to any Series only if such resignation, and the appointment of a
successor, would satisfy the Rating Agency Condition or upon a determination
that the duties of the Administrative Agent with respect to such Series are no
longer permissible under applicable law.  No such resignation shall
become effective until the Trustee or a successor Administrative Agent has
assumed the obligations of such Administrative Agent with respect to such
Series.  In addition, with respect to any Series (or Class within
such Series), each Administration Agreement shall impose on the 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 Administration Agreement may be provided in the applicable
Supplement.  The Trustee shall deliver to the Depositor copies of all
Administration Agreements into which it enters, and any amendments or
modifications thereof, promptly upon the Trustee’ s execution and delivery of
any such instruments.

       

      (b)           Upon
the occurrence of an Administrative Agent Termination Event, the Trustee shall
be entitled to terminate the relevant Administration Agreement and the rights
and obligations of any such Administrative Agent under any Administration
Agreement in accordance with the terms and conditions of any such Administration
Agreement.  If such Administration Agreement is terminated, the
Trustee shall simultaneously reassume direct responsibility for all obligations
delegated in such Administration Agreement without any act or deed on the part
of the applicable Administrative Agent, and the Trustee shall administer
directly the related Underlying Securities or shall enter into an Administration
Agreement with a successor Administrative Agent which so qualifies under
Section 7.02(a).  If the Trustee is unwilling or unable to act,
it may appoint, or petition a court of competent jurisdiction for the
appointment of, an Administrative Agent which so qualifies under
Section 7.02(a).  Pending such appointment, the Trustee must act
in such capacity (except that if the Trustee is prohibited by law from doing so,
then the Trustee will not be so obligated).

       

      
        
          
          

        

        
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      (c)           If
an Administrative Agent is administering one or more Underlying Securities
pursuant to an Administration Agreement, the Administrative Agent shall deposit
into an Eligible Account established by such Administrative Agent (an
“Administration Account”) any amounts collected with respect thereto, and all
such amounts shall be distributed to the Trustee for deposit 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,
facsimile transmission, 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, facsimile transmission, request, consent, order, appraisal, approval,
bond or other paper or document believed by it to be genuine, unless requested
in writing to do so by Holders of the Required Percentage--Direction of Trustee
of the aggregate Voting Rights of the affected Series (or Class or Classes
within any such Series), as specified by the applicable 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;

       

      (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 shall not be liable for any misconduct or negligence of any such agents or
attorneys selected with due care by it; 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 in
accordance with 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 

       

      
        
          
          

        

        
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      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 7.10, 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, any interest beneficially held by the Trustee in its
individual capacity shall be excluded.

       

      SECTION
7.06.   Trustee’s Fees and
Expenses.  (a) The applicable Supplement shall specify the
amount and circumstances of the Trustee’s compensation and the source
thereof.

       

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

       

      (c)         If
the Prepaid Ordinary Expenses set forth in the Supplement is zero, the
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 Supplement.  In
such cases, 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.

       

      (d)         If
the Prepaid Ordinary Expenses set forth in the Supplement is zero, the
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
Supplement payable at the times set forth therein.  In such cases, 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 10.01 hereof.

       

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

       

      (f)         The
Trustee shall not take any action, including appearing in, instituting or
conducting any action or suit hereunder or in relation hereto which is not
indemnifiable under Section 7.11 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 100% of the aggregate principal amount of
Certificates then outstanding and (iii) such Certificateholders have agreed that
such costs, expenses or liabilities shall be paid by the Trustee from the
Trust.

       

      
        
          
          

        

        
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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 (but
may have normal banking relationships with the Depositor and its 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 TIA Section 310(a), having a combined
capital and surplus of at least $50,000,000, subject to supervision or
examination by Federal or State authority and have a rating from S&P of BBB-
or higher.  If such corporation or association publishes reports of
conditions at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section 7.07 the combined capital and surplus of such corporation or
association shall be deemed to be its combined capital and surplus as set forth
in its most recent report of conditions so published.  In the event
that at any time such Trustee shall cease to be eligible in accordance with the
provisions of this Section 7.07, 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 under TIA
Section 310(b) with respect to any Class of Certificates and this
Section 7.07, 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 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 (i) assist the Depositor in finding a successor Trustee
acceptable to the Depositor and (ii) negotiate in good faith concerning any
prepaid but unaccrued fees.

       

      (b)         The
Depositor or Holders of the Required Percentage--Removal of Trustee of
Certificates may at any time remove the Trustee as Trustee hereunder by written
notice delivered to the Trustee in the manner provided in Section 11.04
hereof, and such removal shall take effect upon the appointment of the successor
Trustee and its acceptance of such appointment as provided in paragraph (e)
of this Section 7.08; 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 and acceptance thereof of a successor Trustee, following either
resignation or removal of the Trustee, the Trustee shall deliver to the
successor Trustee all records relating to the Certificates in the form and
manner then maintained by the Trustee, which shall include a hard copy thereof
upon written request of the successor Trustee.

       

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

       

      (e)         In
case at any time the Trustee acting hereunder notifies the Depositor that it
elects to resign or the Depositor or Holders of the Required Percentage--Removal
of Trustee of Certificates notifies or notify the Trustee that it or they elects
or elect to remove the Trustee as Trustee, the Depositor shall, within sixty
(60) 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
sixty (60) days after the Trustee has given written notice of its election to
resign or the Depositor or Holders of the Required Percentage--Removal of
Trustee of Certificates have given written notice to the Trustee of its or their
election to remove the Trustee, as the case may be, the Trustee may petition any
court of competent jurisdiction for the appointment of a successor
Trustee.  Every successor Trustee shall execute and deliver to its
predecessor and to the Depositor an instrument in writing accepting its
appointment hereunder, and thereupon such successor Trustee, without any further
act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor and for all purposes shall be the Trustee under
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      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 Deposited Assets and
parts thereof to such successor.  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 11.04
hereof.

       

      (f)         Any
Person 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 other than as required by Section 7.18(d)
hereof.

       

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

       

      SECTION
7.10.   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 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, subject to due execution by the Depositor, 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 Closing Date.

       

      The
representations and warranties of the Trustee set forth in this
Section 7.10 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
7.11.   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 Proceeding 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 incurred by reason of
wilful 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.

       

      (b)         If
the indemnification provided for in paragraph (a) of this 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 (i) 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 may promptly notify the Depositor in writing setting forth
the particulars of such claim or action and the Depositor may assume the defense
thereof.  In the event that the Depositor assumes the defense, the
Trustee shall have the right to retain separate counsel in any such action but
shall bear the fees and expenses of such counsel unless (i) the Depositor shall
have specifically authorized the retaining of such counsel or (ii) the parties
to such suit include the Trustee and the Depositor, and the Trustee has been
advised in writing by such counsel that one or more legal defenses may be
available to it which may not be available to the Depositor, in which case the
Depositor shall not be entitled to assume the defense of such suit
notwithstanding its obligation to bear the reasonable fees and expenses of such
counsel.

       

      (d)         The
term “Liability”, as used in this Section 7.11, shall include any losses,
claims, damages, expenses (including without limitation the Trustee’ s
reasonable costs, expenses and attorneys’ fees and expenses) in defending itself
against any losses, claims or investigations of any nature
whatsoever.

       

      (e)         The
obligations of the Depositor under this Section 7.11 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 7.11, 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 7.11 shall survive the termination or
discharge of this Trust Agreement.

       

      
        
          
          

        

        
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      SECTION
7.12.   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(s).  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 in
the event of a default or to assert the rights and privileges of
Certificateholders of Certificates and has no right or duty in respect thereof
except as expressly provided herein.

       

      SECTION
7.13.   The
Depositor to Furnish Trustee with Names and Addresses of
Certificateholders.  The Depositor will furnish to the Trustee
within 15 days after each Record Date with respect to any Distribution Date, and
at such other times as the Trustee may request in writing, within 30 days after
receipt by the Depositor of any such request, a list, in such form as the
Trustee may reasonably require, of all information in the possession or control
of the Depositor as to the names and addresses of the Certificateholders, in
each case as of a date not more than 15 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the sole Registrar,
no such list need be furnished.

       

      SECTION
7.14.   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 7.14, and the names and addresses of Certificateholders received by
the Trustee in its capacity as Registrar, if so acting.  The Trustee
may destroy any list furnished to it as provided in Section 7.14, upon
receipt of a new list so furnished.

       

      SECTION
7.15.   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 TIA Section 313(c), a brief report dated
as of such May 15, if required by TIA Section 313(a).

       

      SECTION
7.16.   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, in
the view of the Trustee, are not set forth reasonably clearly in these Standard
Terms and the related 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 a
Responsible Officer of the Depositor actually receives such application, unless
any such Responsible 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.

       

      SECTION
7.17.   Assessment of Compliance by
Trustee; Annual Independent Certified Public Accountant’s Report,
Etc.  (a) On or prior to March 15 of each year, with
respect to any Series, commencing with the year following the year of issuance
of certificates of such Series, the Trustee shall deliver to the Depositor an
assessment of compliance (or other such form that may be reasonably requested by
the Depositor from the Trustee to conform to the requirements of Regulation AB)
that contains the following:

       

      (i)           statement
of the Trustee’s responsibility for assessing compliance with the servicing
criteria applicable to it under the Trust Agreement;

       

      (ii)           a
statement that the Trustee used the criteria in Item 1122(d) of Regulation
AB (17 CFR 229.1122) to assess compliance with the applicable servicing criteria
under the Trust Agreement;

       

      
        
          
          

        

        
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      (iii)           the
Trustee’s assessment of compliance with the applicable servicing criteria during
and as of the end of the prior calendar year, setting forth any material
instance of noncompliance identified by the Trustee; and

       

      (iv)           a
statement that a registered public accounting firm has issued an attestation
report on the Trustee’s assessment of compliance with the applicable servicing
criteria under the trust agreement during and as of the end of the prior
calendar year.

       

      (b)           The
Trustee shall cause a firm of independent certified public accountants to
deliver to the Depositor on or before March 15 a report with respect to
each Series, that attests to, and reports on, the Trustee’s assessment delivered
pursuant to Section 7.17(a), which attestation report shall be made in
accordance with the requirements of Rule 15d-18 under the Exchange
Act.

       

      (c)           On
or before March 15 of each calendar year, with respect to each Series,
commencing the year following the year of issuance of certificates of such
Series, the Trustee shall deliver to the Depositor a statement of compliance
addressed to the Depositor and signed by an authorized officer of the Trustee,
to the effect that (i) a review of the Trustee’s activities during the
immediately preceding calendar year (or applicable portion thereof) and of its
performance under the Trust Agreement during such period has been made under
such officer’s supervision, and (ii) to the best of such officers’ knowledge,
based on such review, the Trustee has fulfilled all of its obligations under the
Trust Agreement in all material respects throughout such calendar year (or
applicable portion thereof) or, if there has been a failure to fulfill any such
obligation in any material respect, specifically identifying each such failure
known to such officer and the nature and the status thereof.

       

      SECTION
7.18.    Information to be Provided
by the Trustee.  In connection with any transaction pursuant to
a Trust Agreement, the Trustee shall (i) within five Business Days following
request by the Depositor provide to the Depositor, in form and substance
reasonably satisfactory to the Depositor, the information and materials
specified in paragraphs (a) and(b) of this Section and (ii) as promptly as
practicable following notice to or discovery by the Trustee, provide the
Depositor (in writing and in form and substance reasonably satisfactory to the
Depositor) the information specified in paragraph (c) of this
Section.

       

      (a)           If
so requested by the Depositor the Trustee shall provide information regarding
the Trustee as is requested for compliance with Items 1103 (a)(1), 1108,
1109, 1117 and 1119 of Regulation AB.  Such information shall include,
at a minimum:

       

      (i)           the
Trustee’s form of organization;

       

      (ii)          a
description of how long the Trustee has been acting as Trustee for transactions
similar to the contemplated transaction;

       

      (iii)         the
number of transactions similar to the contemplated transaction for which the
Trustee has acted as Trustee;

       

      (iv)         the
number of asset-backed securities transactions for which the Trustee, as of the
most recent year end, acts as trustee and the aggregate outstanding dollar
amount of securities issued in connection with such asset-backed securities
transactions;

       

      (v)          a
discussion of the Trustee’s experience in, and procedures for, the function it
will perform under these Standard Terms and the related Supplement;

       

      (vi)         a
description of any material changes during the three-year period immediately
preceding the contemplated transaction to the Trustee’s policies or procedures
with respect to the function it will perform under these Standard Terms and the
related Supplement;

       

      (vii)        information
regarding the Trustee’s financial condition, to the extent that there is a
material risk that an adverse financial event or circumstance involving the
Trustee could have a 

       

      
        
          
          

        

        
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      material adverse effect on the performance by the Trustee of its
obligations under these Standard Terms and the related Supplement;

       

      (viii)       information
regarding advances made by the Trustee, with respect to transactions similar to
the contemplated transaction, for the three-year period immediately preceding
the contemplated transaction, which may be limited to a statement by an
authorized officer of the Trustee to the effect that the Trustee has made all
advances required to be made with respect to such transactions for such period,
or, if such statement would not be accurate, information regarding the
percentage and types of advances not made as require and the reasons for such
failure to advance;

       

      (ix)         a
description of any material legal or governmental proceedings pending (or known
to be contemplated) against the Trustee;

       

      (x)          a
description of any affiliations or relationships between the Trustee and the
Depositor, any underwriter, any Significant Obligor, any Credit Support
Provider, Swap Counterparty or other material party related contemplated
transaction as contemplated by Item 1100(d)(1) of Regulation
AB

       

      (b)           In
addition to such information as the Trustee is obligated to provide pursuant to
other provisions of these Standard Terms, if so requested by the Depositor, the
Trustee shall provide such information as is reasonably required to facilitate
preparation of distribution reports in accordance with Item 1121 of
Regulation AB.  Such information shall be provided concurrently with
the reports delivered pursuant to Section 4.03 hereof.

       

      (c)           The
Trustee shall (i) notify the Depositor in writing of (A) any material litigation
or government proceedings pending against the Trustee and (B) any affiliations
between the Trustee and any of the parties identified in clause (ix) of
paragraph (a) of this Section, and (ii) provide the Depositor with a
description of such proceedings, affiliations or relationships.

       

      As a
condition to the succession of the Trustee as trustee under these Standard Terms
and any Supplement by any Person (i) into which the Trustee may be merged or
consolidated or (ii) which may be appointed as a successor to the Trustee, the
Trustee shall provide to the Depositor at least 15 calendar days prior to the
effective date of such succession or appointment, (i) written notice to the
Depositor of such succession or appointment and (ii) in writing and in form
and substance reasonably satisfactory to the Depositor, all information
reasonably requested by the Depositor in order to comply with its reporting
obligation under Item 6.02 of Form 8-K with respect to any
Series (or any Class of such Series).

       

      ARTICLE
VIII

      MARKET
AGENT

       

      SECTION
8.01.   Market
Agent.  (a) If specified for a given Series, on the Closing
Date the Trustee shall enter into a Market Agent Agreement with Merrill Lynch
& Co. as the initial Market Agent, in the form attached to the related
Supplement.  The Market Agent shall serve as such under the terms and
provisions hereof and of the Market Agent Agreement.  The Market
Agent, including any successor appointed pursuant hereto, shall be a member of
the 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 written
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 Depositor shall use its best efforts to appoint a
successor Market Agent that is a qualified institution, effective as of the
effectiveness of any such resignation or removal.

       

      
        
          
          

        

        
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      ARTICLE
IX

      SECURITIES
INTERMEDIARY

       

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

       

      (b)         The
Trustee, the Depositor or the Holders of the Required Percentage--Removal of
Securities Intermediary of Certificates may at any time remove the Securities
Intermediary as Securities Intermediary hereunder by written notice delivered to
the Securities Intermediary in the manner provided in Section 11.04 hereof,
and such removal shall take effect upon the appointment of the successor
Securities Intermediary and its acceptance of such appointment as provided in
paragraph (e) of this Section 9.01; provided, however, that in the
event of such removal, the Depositor shall negotiate in good faith with the
Securities Intermediary in order to agree regarding payment of the termination
costs of the Securities Intermediary resulting from such removal.

       

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

       

      (d)         If
at any time the Securities Intermediary shall become incapable of acting or
shall be adjudged a bankrupt or insolvent, or a receiver of the Securities
Intermediary or of its property shall be appointed, or any public officer shall
take charge or control of the Securities Intermediary 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 Securities Intermediary and the appointment of a successor Securities
Intermediary.  In the event the Securities Intermediary resigns or is
removed, the Securities Intermediary shall reimburse the Depositor for any fees
or charges previously paid to the Securities Intermediary in respect of duties
not yet performed under this Trust Agreement which remain to be performed by a
successor Securities Intermediary.

       

      (e)         In
case at any time the Securities Intermediary acting hereunder notifies the
Trustee or the Depositor that it elects to resign or the Trustee, the Depositor
or Holders of the Required Percentage--Removal of Securities Intermediary of
Certificates notifies or notify the Securities Intermediary that it or they
elects or elect to remove the Securities Intermediary as Securities
Intermediary, the Depositor shall, within sixty (60) days after the delivery of
the notice of resignation or removal, appoint a successor Securities
Intermediary, which shall satisfy the requirements set forth in
Section 2.06.  If no successor Securities Intermediary has been
appointed within sixty (60) days after the Securities Intermediary has given
written notice of its election to resign or the Trustee, the Depositor or
Holders of the Required Percentage--Removal of Securities Intermediary of
Certificates have given written notice to the Securities Intermediary of its or
their election to remove the Securities Intermediary, as the case may be, the
Securities Intermediary may petition any court of competent jurisdiction for the
appointment of a successor Securities Intermediary.  Every successor
Securities Intermediary shall execute and deliver to its predecessor, to the
Trustee and to the Depositor an instrument in writing accepting its appointment
hereunder, and thereupon such successor Securities Intermediary, 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
Securities Intermediary under this Trust Agreement, and such predecessor, upon
payment of all sums due it and on the written request of the Trustee and 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
Deposited Assets and parts thereof to such successor.  Any successor
Securities Intermediary shall promptly give notice of its appointment to the
Certificateholders of Certificates for which it is successor Securities
Intermediary in the manner provided in Section 11.04 hereof.

       

      
        
          
          

        

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

       

      ARTICLE
X

      TERMINATION

       

      SECTION
10.01.   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 any Advance with respect thereto)
of the last Deposited Asset 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 any trust created hereby
continue beyond the earlier of (1) any date set forth in Section 13 of the
applicable Supplement as the termination date for such trust or (2) 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)           The
Depositor shall provide the Trustee with written notice of any of the events set
forth in paragraph (a) of this Section 10.01.

       

      (c)           Upon
presentation and surrender of the Certificates by the Certificateholders on the
Final Scheduled Distribution Date, or the Distribution Date coinciding with or
next following the earlier to occur of the occurrences specified in
paragraph (a) of this Section 10.01, with respect to the applicable
Series of Certificates, the Trustee shall 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 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 10.01 and Section 4.01 hereof.  Immediately
following the deposit of funds in trust hereunder, the Trust for such Series
shall terminate.  Subject to applicable escheat laws, the Trustee
shall pay to the Depositor any cash that remains unclaimed, together with
interest, if any, thereon, held by the Trustee on the date two years after such
termination.

       

      ARTICLE
XI

      MISCELLANEOUS
PROVISIONS

       

      SECTION
11.01.  Amendment.  (a)
Unless otherwise specified in the applicable Supplement, this Trust Agreement
may be amended from time to time by the Depositor, the Trustee and the
Securities Intermediary without notice to or consent of any of the
Certificateholders, for any of the following purposes:

       

      (i)           to
cure any ambiguity;

       

      (ii)          to
correct or supplement any provision herein that may be inconsistent with any
other provision herein or in the Supplement;

       

      (iii)         to
change the Trustee or the Securities Intermediary for a Series subsequent to the
Closing Date for such Series;

       

      (iv)         to
provide for administration of separate Trusts by more than one
trustee;

       

      (v)          to
provide for a successor Trustee or successor Securities Intermediary with
respect to Certificates of one or more Series;

       

      
        
          
          

        

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

       

      (vii)        to
add or supplement any Credit Support for the benefit of any Certificateholders
(provided, however, 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);

       

      (viii)       to
add to the covenants, restrictions or obligations of the Depositor, the Trustee,
the Securities Intermediary or the Administrative Agent, if any, for the benefit
of the Certificateholders;

       

      (ix)         to
comply with any requirements imposed by the Code; or

       

      (x)          to
add, change or eliminate any other provisions with respect to matters or
questions arising under this Trust Agreement.

       

      Any
amendment made pursuant to this paragraph (a) is subject to the condition
that such amendment shall satisfy the Rating Agency Condition with respect to
such amendment and shall not cause any Trust created hereunder to fail to
qualify as a fixed investment trust (or “grantor trust”) for United
States federal income tax purposes.

       

      (b)           Without
limiting the generality of the foregoing, unless otherwise specified in the
applicable Supplement, with respect to any Series, this Trust Agreement may also
be modified or amended from time to time by the Depositor, the Trustee and the
Securities Intermediary with the consent of the Holders of Certificates
representing the Required Percentage--Amendment of the aggregate Voting Rights
of those Certificates that are adversely affected by such modification or
amendment for the purpose of adding any provision 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 no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments received on Underlying Securities which are required to be
distributed on any Certificate without the consent of the Holders of such
Certificates, (ii) reduce the percentage of aggregate Voting Rights required to
take any action specified in this Trust Agreement, without the consent of the
Holders of all Certificates of such Series or Class then Outstanding, or (iii)
cause any Trust created hereunder to fail to qualify as a fixed investment trust
(or “grantor trust”) for United States federal income tax
purposes.

       

      Notwithstanding
any other provision of this Trust Agreement, for purposes of the giving or
withholding of consents pursuant to this Section 11.01, Certificates
registered in the name of the Depositor, the Trustee, the Securities
Intermediary or any Affiliate of the Depositor, the Trustee or the Securities
Intermediary shall be entitled to Voting Rights with respect to matters
affecting such Certificates.  Notwithstanding any other provision of
this Trust Agreement, this paragraph (b) shall not be amended without the
unanimous consent of the Holders of all such Certificates.

       

      (c)           Promptly
after the execution of any such amendment or modification, the Trustee shall
furnish a copy of such amendment or modification to each Certificateholder of
the affected Series or Class and to the Rating Agency.  It shall not
be necessary for the consent of Certificateholders under this Section 11.01
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
11.02.  Limitation on Rights of
Certificateholders.  (a) The death or incapacity of any
Certificateholder shall not operate to terminate this Trust Agreement or the
Trust, nor entitle such Certificateholder’s legal representatives or heirs to
claim an accounting or to take any action or Proceeding in any court for a
partition or winding up of the applicable Trust, nor otherwise affect the
rights, obligations and liabilities of the parties hereto or any of
them.

       

      
        
          
          

        

        
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      (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 other than pursuant to the provisions
hereof.

       

      (c)           No
Certificateholder of a given Series shall have any right by virtue of any
provision of this Trust Agreement to institute any 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 of
this Trust Agreement and of the continuance thereof;

       

      (ii)          the
Holders of Certificates of such Series evidencing not less than the Required
Percentage--Remedies of the aggregate Voting Rights of such Series shall have
made written request upon the Trustee to institute such Proceeding in its own
name as Trustee hereunder;

       

      (iii)         such
Certificateholder or Certificateholders 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;

       

      (iv)         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 Proceeding;
and

       

      (v)          no
direction inconsistent with such written request has been given to the Trustee
during such 15-day period by Certificateholders evidencing not less than the
Required Percentage-Remedies of the aggregate Voting Rights of such
Series.

       

      It is
understood and agreed that the Trustee shall not be obligated to make any
investigation of matters arising under this Trust Agreement or to institute,
conduct or defend any Proceeding hereunder or in relation hereto at the request,
order or direction of any Certificateholders unless such Certificateholders have
offered to the Trustee the reasonable 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 11.02, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

       

      SECTION
11.03.  Governing
Law.  This Trust Agreement (including, without limitation, the
establishment and maintenance of Certificate Accounts and all interests, duties
and obligations of the parties hereunder or thereunder or with respect hereto or
thereto) and each Certificate shall be construed in accordance with and governed
by the law of the State of New York.

       

      SECTION
11.04.  Notices.  (a)
All directions, demands and notices hereunder shall be in writing and shall be
delivered as set forth in the applicable Supplement.

       

      (b)         Any
notice required to be provided to a Holder 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.

       

      
        
          
          

        

        
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      (c)         Any
and all notices to be given to the Depositor shall be deemed to have been duly
given if sent by facsimile transmission to the Depositor at Merrill Lynch &
Co., World Financial Center, New York, New York 10080,
Attention:  Michael F. Connor, facsimile transmission
number (212) 449-9054, telephone confirmation number (212)
449-2401.  The Depositor may change this information by written notice
to the Trustee and to the Securities Intermediary.

       

      (d)         Any
and all notices to be given to the Trustee shall be deemed to have been duly
given if sent by facsimile transmission to the Trustee at The Bank of New York,
101 Barclay Street, 7W, New York, NY 10286, Attn:  Corporate Dealing
& Trading, referencing the designation of the applicable Series, facsimile
transmission number (212) 815-2850, telephone confirmation number (212)
815-2896.  The Trustee may change this information by notice to the
Depositor and to the Securities Intermediary.

       

      (e)           Any
and all notices to be given to the Securities Intermediary shall be deemed to
have been duly given if sent by facsimile transmission to the Securities
Intermediary at The Bank of New York, 101 Barclay Street, 7W, New York, NY
10286, Attn:  Corporate Dealing & Trading, referencing the
designation of the applicable Series, facsimile transmission number (212)
815-2380, telephone confirmation number (212) 815-2896.  The
Securities Intermediary may change this information by notice to the Depositor
and to the Trustee.

       

      (f)           Any
and all notices to be given to the Swap Counterparty, if any, will be specified
in the Supplement.

       

      SECTION
11.05.  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; and

       

      (v)           any
event that would result in the inability of the Trustee to make
Advances.

       

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

       

      (c)           Any
such notice pursuant to this Section 11.05 shall be in writing and shall be
deemed to have been duly given if personally delivered or mailed by first class
mail, postage prepaid, or by express delivery service to each Rating Agency at
the address specified below or in the applicable Supplement.

       

      (d)           (i)
Any and all notices to be given to Moody’s shall be deemed to have been duly
given if sent by facsimile transmission to Moody’s at Moody’s Investors Service,
Inc., 99 Church Street, New York, NY 10007, Attention:  CBO/CLO
Monitoring Department, facsimile transmission number (212) 553-0355, telephone
confirmation number (212) 553-1494.  Moody’s may change this
information by notice to the Depositor and the Trustee.

       

      (ii)           Any
and all notices to be given to S&P shall be deemed to have been duly given
if sent by facsimile transmission to Standard & Poor’s Ratings Services, 55
Water Street, 40th Floor, New York, NY 10041, Attention:  Structured
Finance Surveillance Group, facsimile transmission number (212) 438-2664,
telephone confirmation number (212) 438-2482.  S&P may change this
information by notice to the Depositor and the Trustee.

       

      
        
          
          

        

        
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      (iii)           Any
and all notices to be given to DCR shall be deemed to have been duly given in
sent by facsimile transmission to DCR at Duff & Phelps Credit Rating Co., 55
E. Monroe Street, Suite 3500, Chicago, IL 60603-5701,
Attention:  Karen O’Donnell, facsimile transmission number (312)
368-3155, telephone confirmation number (312) 368- 3100.  DCR may
change this information by notice to the Depositor and the Trustee.

       

      (iv)           Any
and all notices to be given to Fitch shall be deemed to have been duly given in
sent by facsimile transmission to Fitch at Fitch Investors Service, L.P., One
State Street Plaza, New York, NY 10004, telephone confirmation number (212)
908-0243.  Fitch may change this information by notice to the
Depositor and the Trustee.

       

      SECTION
11.06.  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
11.07.  Nonpetition
Covenant.  Notwithstanding any prior termination of this Trust
Agreement, each of the Trustee (including any Administrative Agent,
Authenticating Agent and Paying Agent) and the Depositor agrees that it shall
not, until the date which is one year and one day after the termination of a
Series, acquiesce, petition or otherwise invoke or cause a Trust to invoke the
process of the United States, 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 such
Trust or all or any part of the property or assets of such Trust or ordering the
winding up or liquidation of the affairs of such Trust.

       

      SECTION
11.08.  No
Recourse.  None of the Trustee (including any Administrative
Agent, Authenticating Agent or Paying Agent), the Securities Intermediary or the
Depositor shall have any recourse to the Underlying Securities, except as
specifically provided in the related Supplement.

       

      SECTION
11.09.  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
11.10.  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
11.11.  Trust
Indenture Act.  This Trust Agreement is subject to the
provisions of the TIA 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 Supplements, from
failing to qualify under the TIA.

       

      
        
          
          

        

        
          56

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the Depositor, the Trustee and the Securities Intermediary have
caused these Standard Terms to be duly executed by their respective officers
thereunto duly authorized, in each case as of the day and year first above
written.

       

      
         

        
          	 	
                  MERRILL
      LYNCH DEPOSITOR, INC.,
as
      Depositor

                	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	Name:	Michael
      Connor	 
	 	Title: 	President	 
	 	 	 	 	 

        

      

       

      
        
          
            	 	
                    THE
      BANK OF NEW YORK MELLON,
as
      Trustee

                  	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	Name:	 	 
	 	Title: 	Assistant
      Vice President	 
	 	 	 	 	 

          

        

         

        
          
            
              	 	
                      THE
      BANK OF NEW YORK MELLON,
as Securities
      Intermediary

                    	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 
	 	Name:	 	 
	 	Title: 	Assistant
      Vice President	 
	 	 	 	 	 

            

          

           

           

        

      

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
A

       

      Form of
Certificate

       

      

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      EXHIBIT
B

       

      Market
Agent Agreement

       

       

       

       

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
C

       

      Form of
Escrow Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]