Document:

EXHIBIT
10.2-1

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY, TRANSFERRED, ASSIGNED,
PLEDGED OR HYPOTHECATED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
PROMULGATED UNDER THE SECURITIES ACT, PURSUANT TO REGISTRATION UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION.

 

POSITRON
CORPORATION

COMMON
STOCK PURCHASE WARRANT

TO
PURCHASE 750,000 SHARES OF COMMON STOCK

OF
POSITRON CORPORATION

 

This
Warrant Expires May 21, 2009

	
      Warrant
      No. 05-007
	
      750,000
      Shares

	 	 

 

THIS
CERTIFIES that, subject to the terms and conditions herein set forth in this
Warrant, IMAGIN Diagnostic Centres, Inc., an Ontario, Canada corporation,
("IMAGIN" or the
"Holder") is
entitled to purchase from Positron Corporation, a Texas corporation
("Company"), at
any time or from time to time during
the Exercise Period (defined in Section 13 below) and subject to the provisions
regarding Exercise of Warrant (as set forth in Section 6 below) the number of
fully paid and non-assessable shares of common stock of the Company (the
"Shares") as
provided herein upon surrender of this Warrant at the principal office of the
Company, and, at the election of the Holder, upon payment of the purchase price
at said office in cash or by cashier's check or by the wire transfer of funds in
a dollar amount equal to the purchase price of the Shares for which the
consideration is being given. 

 

This
Warrant shall be exercisable for that number of Shares as set forth
above.

 

1.  Purchase
Price. Subject
to adjustment as hereinafter provided, the purchase price of one share of Common
Stock (or such securities as may be substituted for one share of Common Stock
pursuant to the provisions hereinafter set forth) (the "Warrant
Price") shall
be five cents ($0.02). 

 

2.  Adjustment
of Warrant Price and Number of Shares. The
number and kind of securities issuable upon the exercise of this Warrant shall
be subject to adjustment from time to time upon the happening of certain events
as follows: 

 

 

a.  Adjustment
for Dividends in Stock. If at
any time on or after the date hereof, the holders of the Common Stock of the
Company (or any shares of stock or other securities at the time receivable upon
the exercise of this Warrant) shall have received, or, on or after the record
date fixed for the determination of eligible stockholders, shall have become
entitled to receive, without payment therefor, other or additional stock of the
Company by way of dividend (other than as provided for in Section 2(b) below),
then and in each such case, upon the exercise of this Warrant, the Holder shall
be entitled to receive, in addition to the number of shares of Common Stock
receivable, and without payment of any additional consideration therefor, the
amount of such other or additional stock of the Company which the Holder would
receive on the date of such exercise had it been the holder of record of such
Common Stock on the date hereof and had thereafter, during the period from the
date hereof to and including the date of such exercise, retained such shares
and/or all other additional stock receivable by it as aforesaid during such
period and given effect to all adjustments called for during such period by this
Section 2. 

 

b.  Adjustment
for Changes in Common Stock. In the
event of changes in the outstanding Common Stock of the Company by reason of
stock splits, recapitalizations, reclassifications, mergers, consolidations,
combinations or exchanges of shares, separations, reorganizations, liquidations,
or the like, the number and class of shares available under the Warrant in the
aggregate and the Warrant Price shall be correspondingly adjusted by the Board
of Directors of the Company. The adjustment shall be such as will give the
Holder on exercise for the same aggregate Warrant Price the total number, class,
and kind of shares as the Holder would have owned had the Warrant been exercised
immediately prior to the event and had the Holder continued to hold such shares
until after the event requiring adjustment. Notwithstanding, no adjustment shall
be made to the number and class of shares available under the Warrant or the
Warrant Price as a result of any of the transactions effected pursuant to that
certain Note Purchase Agreement, Loan Agreement or Equipment Purchase Agreement
between the Company and IMAGIN, each dated as of May 21, 2004 or pursuant
to that certain Note Purchase Agreement between the Company and Solaris
Opportunity Fund, L.P. dated February 28, 2005.

 

The
foregoing provisions of subparagraph (b) notwithstanding, if at any time while
this Warrant, or any portion thereof, is outstanding and unexpired there shall
be (i) a reorganization (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided herein), (ii) a merger or consolidation
of the Company with or into another entity in which the Company is not the
surviving entity, or a reverse triangular merger in which the Company is the
surviving entity but the shares of the Company's capital stock outstanding
immediately prior to the merger are converted by virtue of the merger into other
property, or (iii) a sale or transfer of all or substantially all the Company's
properties and assets to any other person and further, if as
part of such reorganization, merger, sale or transfer the Holder is entitled to
exercise the Warrant or any portion thereof and, upon payment of the Warrant
Price in effect at the time, is entitled to receive that number of shares of the
successor corporation resulting from such reorganization, merger, sale or
transfer deliverable upon exercise of the Warrant and thereupon exchangeable
into shares of the successor corporation, but
further, such
Holder shall fail or refuse to exercise the Warrant or any portion then
outstanding, then this Warrant or any outstanding portion thereof shall
terminate upon the lapse of ten (10) calendar days following such failure or
refusal to exercise the Warrant and/or any portions thereof remaining
outstanding and unexpired as of the effective date of the reorganization,
merger, sale or transfer.

 

-2-

 

3.  No
Fractional Shares. No
fractional shares of Common Stock will be issued in connection with any
subscription under this Warrant. In lieu of any fractional shares which would
otherwise be issuable, the Company shall pay cash equal to the product of such
fraction multiplied by the fair market value of one share of Common Stock on the
date of exercise as determined in good faith by the Company's Board of
Directors. 

 

4.  No
Stockholder Rights. This
Warrant shall not entitle its holder to any of the rights of a stockholder of
the Company prior to its exercise, including but not limited to the entitlement
to vote or receive dividends, to receive notice of meetings, or otherwise to be
deemed the holder of Common Stock or any other securities of the Company that
may at any time be issuable on exercise hereof for any purpose

 

5.  Reservation
of Stock. The
Company covenants that during the period this Warrant is exercisable, the
Company will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of Common Stock upon the exercise
of this Warrant. If at any relevant time the number of authorized but unissued
shares of Common Stock is insufficient to allow for full exercise of this
Warrant, the Company will use its reasonable efforts to forthwith take such
corporate action as may be necessary to increase its authorized but unissued
shares of Common Stock to such number of shares as shall be sufficient for such
purposes. The Company agrees that its issuance of this Warrant shall constitute
full authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for shares of
Common Stock upon the exercise of this Warrant.

 

6.  Exercise
of Warrant. Subject
to the terms and conditions hereof, this Warrant may be exercised by the holder
hereof then registered on the books of the Company at any time from the date of
issuance and before the expiration date (set forth above). Subject to the
foregoing, this Warrant may be exercised by the Holder or its registered
assigns, in whole or in part and in minimum units of 100,000 shares, by the
surrender of this Warrant at the principal office of the Company, together with
the attached form of subscription duly executed, accompanied by payment in full
of the amount of the Warrant Price in the form described in this Warrant. Upon
partial exercise of this Warrant, a new warrant or warrants containing the same
date and provisions as this Warrant shall be issued by the Company to the
registered holder for the number of shares of Common Stock with respect to which
this Warrant shall not have been exercised. A Warrant shall be deemed to have
been exercised immediately prior to the close of business on the date of its
surrender for exercise as provided above, and the person entitled to receive the
shares of Common Stock issuable upon such exercise shall be treated for all
purposes as the holder of such shares of record as of the close of business on
such date. As promptly as practicable on or after such date, the Company shall
issue and deliver to the person or persons entitled to receive the shares, a
certificate or certificates for the number of full shares of Common Stock
issuable upon such exercise, together with cash in lieu of any fraction of a
share as provided above

 

-3-

 

7.  Certificate
of Adjustment.
Whenever the Warrant Price is adjusted as provided in Section 2, the Company
shall promptly deliver to the record holder of this Warrant a certificate of an
officer of the Company setting forth the relevant Warrant Price or number of
shares after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. 

 

8.  Compliance
With Securities Act. The
Holder, by acceptance of this Warrant, agrees that this Warrant and the Shares
(or shares of any security into which such Common Stock may be converted) are
being acquired for investment and that the Holder will not offer, sell, or
otherwise dispose of this Warrant or any Shares (or shares of any security into
which such Common Stock may be converted) except under circumstances which will
not result in a violation of the Securities Act of 1933, as amended (the
"Securities
Act"). Upon
exercise of this Warrant, the holder hereof shall, if requested by the Company,
confirm in writing its investment purpose and acceptance of the restrictions on
transfer of the Shares. 

 

9.  Registration
Rights. The
Shares issuable upon exercise of this Warrant are the subject of registration
rights under that certain Registration Rights Agreement between the Company and
IMAGIN, dated as of May 21, 2004.

 

10.  Subdivision
of Warrant. At the
request of the holder of this Warrant in connection with a transfer or exercise
of a portion of the Warrant and upon surrender of this Warrant for such purpose
to the Company, the Company at its expense (except for any transfer tax payable)
will issue in exchange therefor warrants of like tenor and date representing in
the aggregate the right to purchase such number of shares of such Common Stock
as shall be designated by such holder at the time of such surrender; provided,
however, that the Company's obligations to subdivide securities under this
Section shall be subject to and conditioned upon the compliance of any such
subdivision with applicable state securities laws and with the Securities Act.

 

11.  Loss,
Theft, Destruction, or Mutilation of Warrant. Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction, or mutilation of this Warrant, and in the case of loss,
theft, or destruction, of indemnity or security reasonably satisfactory to it
and reimbursement to the Company of all reasonable expenses incidental thereto,
in the case of mutilation, and upon surrender and cancellation of this Warrant
the Company will make and deliver a new Warrant of like tenor and dates as of
such cancellation, in lieu of this Warrant. 

 

12.  Miscellaneous. This
Warrant shall be governed by the laws of the State of Texas. The headings in
this Warrant are for purposes of convenience and reference only, and shall not
be deemed to constitute a part of this Warrant. Neither this Warrant nor any
term included may be changed, waived, discharged, or terminated orally but only
by an instrument in writing signed by the Company and the Holder. All notices
and other communications from the Company to the Holder shall be by telecopy or
expedited courier service to the address furnished to the Company in writing by
the last holder of this Warrant who shall have furnished an address to the
Company in writing.

 

-4-

[THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

13.  Exercise
Period. The
Exercise Period shall mean the period commencing on the date hereof and ending
on May 21, 2009. 

 

ISSUED
this 15th day of May, 2005. 

 

	 	POSITRON
      CORPORATION
       

      By:
      _________________________

      Gary
      H. Brooks, President

 

-5-Bond
Trust Products Trust A

 

Trust
Agreement

 

Among

 

Bond
Trust Products LLC,

 

as
Depositor,

 

The
Bank of New York Trust Company, N.A.,

 

as
Trustee and Securities Intermediary,

 

The
Bank of New York (Delaware),

 

as
Delaware Trustee

 

and

 

Incapital
Holdings LLC

 

as
Administrative Agent

 

 

Dated
as of May 31, 2005

 

 

Pass-Through
Certificates

 

 

CROSS-REFERENCE
TABLE

 

	
      Section
      of
	
      Section
      of 

	
      Trust
      Indenture Act of 1939, as amended
	
      Trust
      Agreement

	
      310(a)(1),
      (2)
	
      8.06(a)

	
      310(a)(3)
	
      8.10

	
      310(a)(4)
	
      8.02(c)

	
      310(a)(5)
	
      8.06(a)

	
      310(b)
	
      8.06,
      8.07

	
      310(c)
	
      Not
      Applicable

	
      311(a)
	
      6.07

	
      311(b)
	
      6.07

	
      311(c)
	
      Not
      Applicable

	
      312(a)
	
      4.04(a)
      

	
      312(b)
	
      4.04(b)
      

	
      312(c)
      
	
      4.04(c)

	
      313(a)
      
	
      4.02(d)

	
      313(b)
	
      4.02(d)

	
      313(c)
	
      4.02(d),
      6.06(c)

	
      313(d)
	
      4.02(d)

	
      314(a)
	
      6.06(a),
      6.06(b)

	
      314(b)
	
      Not
      Applicable

	
      314(c)(1)
	
      8.02(b)

	
      314(c)(2)
	
      8.02(b)

	
      314(c)(3)
	
      8.02(b)

	
      314(d)
	
      Not
      Applicable

	
      314(e)
      
	
      8.02(b)

	
      315(a)
	
      8.01(c)

	
      315(b)
	
      4.02(e)

	
      315(c)
	
      Not
      Applicable

	
      315(d)
	
      8.01(c)

	
      316(a)(1)
	
      7.02

	
      316(a)(2)
	
      Not
      Applicable

	
      316(b)
	
      4.01,
      10.02

	
      316(c)
	
      5.06

	
      317(a)
	
      3.08

	
      317(b)
	
      5.09

	
      318(a)
	
      10.01

 

i

 

TABLE
OF CONTENTS

	ARTICLE
      I	
      DEFINITIONS;
      CONSTRUCTION

       
	
      1

       

	 	
      Section
      1.01

       
	 	
      Definitions

       
	
      1

       

	 	
      Section
      1.02

       
	 	
      Rules
      of Construction

       
	
      9

       

	 	
      Section
      1.03

       
	 	
      Article
      and Section References

       
	
      10

       

	ARTICLE
      II	
      ESTABLISHMENT
      OF TRUST; ISSUANCE OF CERTIFICATES

       
	
      10

       

	 	
      Section
      2.01

       
	 	
      Name

       
	
      10

       

	 	
      Section
      2.02

       
	 	
      Office

       
	
      10

       

	 	
      Section
      2.03

       
	 	
      Purposes
      and Powers

       
	
      10

       

	 	
      Section
      2.04

       
	 	
      Creation
      and Declaration of Trust; Assignment of Underlying Notes

       
	
      10

       

	 	
      Section
      2.05

       
	 	
      Entry
      into Agency Agreement

       
	
      11

       

	 	
      Section
      2.06

       
	 	
      Acceptance
      by Trustee

       
	
      11

       

	 	
      Section
      2.07

       
	 	
      Agreement
      to Execute, Authenticate and Deliver Certificates

       
	
      11

       

	ARTICLE
      III	
      TRUST
      POWERS; ADMINISTRATION OF THE TRUST PROPERTY

       
	
      12

       

	 	
      Section
      3.01

       
	 	
      Trust
      Property

       
	
      12

       

	 	
      Section
      3.02

       
	 	
      Administration
      of the Trust.

       
	
      12

       

	 	
      Section
      3.03

       
	 	
      Collection
      of Certain Underlying Note Payments

       
	
      13

       

	 	
      Section
      3.04

       
	 	
      Sale

       
	
      13

       

	 	
      Section
      3.05

       
	 	
      Certificate
      Account.

       
	
      13

       

	 	
      Section
      3.06

       
	 	
      Investment
      of Funds in the Accounts

       
	
      16

       

	 	
      Section
      3.07

       
	 	
      Access
      to Certain Documentation

       
	
      16

       

	 	
      Section
      3.08

       
	 	
      Removal
      of Underlying Notes Upon a Removal Event.

       
	
      17

       

	 	
      Section
      3.09

       
	 	
      Removal
      of Underlying Notes Upon Wind-up Event

       
	
      17

       

	 	
      Section
      3.10

       
	 	
      Sale
      Procedures Following a Removal Event or a Wind-up Event

       
	
      18

       

	 	
      Section
      3.11

       
	 	
      Removal
      of Underlying Notes Upon Final Judgment

       
	
      18

       

	 	
      Section
      3.12

       
	 	
      Administrative
      Agent Provisions

       
	
      19

       

	 	
      Section
      3.13

       
	 	
      Indemnification
      of Administrative Agent

       
	
      21

       

 

ii

 

	ARTICLE
      IV	
      DISTRIBUTIONS
      AND REPORTS TO CERTIFICATEHOLDERS

       
	
      22

       

	 	
      Section
      4.01

       
	 	
      Distributions.

       
	
      22

       

	 	
      Section
      4.02

       
	 	
      Reports
      to Certificateholders; Notices.

       
	
      23

       

	 	
      Section
      4.03

       
	 	
      Compliance
      with Tax Reporting and Withholding Requirements

       
	
      25

       

	 	
      Section
      4.04

       
	 	
      Preservation
      of Information, Communications to Certificateholders

       
	
      25

       

	 	
      Section
      4.05

       
	 	
      Exchange
      Act Reports

       
	
      25

       

	ARTICLE
      V	
      THE
      CERTIFICATES

       
	
      26

       

	 	
      Section
      5.01

       
	 	
      The
      Certificates.

       
	
      26

       

	 	
      Section
      5.02

       
	 	
      Execution,
      Authentication and Delivery.

       
	
      27

       

	 	
      Section
      5.03

       
	 	
      Registration;
      Registration of Transfer and Exchange.

       
	
      27

       

	 	
      Section
      5.04

       
	 	
      Mutilated,
      Destroyed, Lost and Stolen Certificates

       
	
      28

       

	 	
      Section
      5.05

       
	 	
      Distributions
      in Respect of Certificates.

       
	
      29

       

	 	
      Section
      5.06

       
	 	
      Persons
      Deemed Owners

       
	
      30

       

	 	
      Section
      5.07

       
	 	
      Cancellation

       
	
      30

       

	 	
      Section
      5.08

       
	 	
      Currency
      of Distributions in Respect of Certificates

       
	
      30

       

	 	
      Section
      5.09

       
	 	
      Appointment
      of Paying Agent

       
	
      30

       

	 	
      Section
      5.10

       
	 	
      Authenticating
      Agent.

       
	
      31

       

	 	
      Section
      5.11

       
	 	
      Issuance
      Matters.

       
	
      32

       

	 	
      Section
      5.12

       
	 	
      Survivor’s
      Option.

       
	
      33

       

	ARTICLE
      VI	
      THE
      DEPOSITOR

       
	
      35

       

	 	
      Section
      6.01

       
	 	
      Representations
      and Warranties of the Depositor.

       
	
      35

       

	 	
      Section
      6.02

       
	 	
      Breach
      of Representation or Warranty

       
	
      36

       

	 	
      Section
      6.03

       
	 	
      Liability
      of the Depositor

       
	
      36

       

	 	
      Section
      6.04

       
	 	
      Limitation
      on Liability of the Depositor.

       
	
      36

       

	 	
      Section
      6.05

       
	 	
      Depositor
      May Purchase Certificates

       
	
      37

       

	 	
      Section
      6.06

       
	 	
      Preparation
      and Filing of Exchange Act Reports; Obligations of the
      Depositor

       
	
      37

       

	 	
      Section
      6.07

       
	 	
      Preferential
      Collection of Claims Against Depositor

       
	
      38

       

	ARTICLE
      VII	
      RIGHTS
      OF CERTIFICATEHOLDERS

       
	
      38

       

	 	
      Section
      7.01

       
	 	
      Voting
      Rights with Respect to Underlying Notes.

       
	
      38

       

	 	
      Section
      7.02

       
	 	
      Direction
      of Remedies

       
	
      39

       

	 	
      Section
      7.03

       
	 	
      Meetings
      of Certificateholders

       
	
      39

       

	 	
      Section
      7.04

       
	 	
      Assignment

       
	
      40

       

 

iii

 

	ARTICLE
      VIII	
      CONCERNING
      THE TRUSTEE AND THE DELAWARE TRUSTEE

       
	
      40

       

	 	
      Section
      8.01

       
	 	
      Duties
      of Trustee

       
	
      40

       

	 	
      Section
      8.02

       
	 	
      Certain
      Matters Affecting the Trustee

       
	
      41

       

	 	
      Section
      8.03

       
	 	
      Limitation
      on Liability of Trustee

       
	
      43

       

	 	
      Section
      8.04

       
	 	
      Trustee
      May Own Certificates

       
	
      44

       

	 	
      Section
      8.05

       
	 	
      Trustee
      Fees and Expenses; Limited Indemnification; Expense Reserve
      Account.

       
	
      44

       

	 	
      Section
      8.06

       
	 	
      Eligibility
      Requirements for Trustee.

       
	
      45

       

	 	
      Section
      8.07

       
	 	
      Resignation
      or Removal of the Trustee and the Delaware Trustee.

       
	
      45

       

	 	
      Section
      8.08

       
	 	
      Successor
      Trustee and Successor Delaware Trustee.

       
	
      46

       

	 	
      Section
      8.09

       
	 	
      Merger
      or Consolidation of Trustee

       
	
      47

       

	 	
      Section
      8.10

       
	 	
      Appointment
      of Co-Trustee.

       
	
      47

       

		
      Section
      8.11
		
      Presentment
      and Surrender at Corporate Trust Office

       
	
      48

	 	
      Section
      8.12

       
	 	
      Representations
      and Warranties of Trustee.

       
	
      48

       

	 	
      Section
      8.13

       
	 	
      Limitation
      of Powers and Duties

       
	
      49

       

	 	
      Section 8.14
	 	
      Delaware Trustee 
	
      49

       

	 	
      Section
      8.15

       
	 	
      Qualifications
      of Delaware Trustee

       
	
      49

       

	 	
      Section
      8.16

       
	 	
      Representations
      and Warranties of Delaware Trustee

       
	
      50

       

	 	
      Section
      8.17

       
	 	
      Certain
      Qualifications of Delaware Trustee Generally

       
	
      50

       

	ARTICLE
      IX	
      TERMINATION

       
	
      50

       

	 	
      Section
      9.01

       
	 	
      Termination
      of the Trust.

       
	
      50

       

	ARTICLE
      X	
      MISCELLANEOUS
      TERMS

       
	
      51

       

	 	
      Section
      10.01

       
	 	
      Trust
      Indenture Act; Conflict with Trust Indenture Act

       
	
      51

       

	 	
      Section
      10.02

       
	 	
      Amendment
      of this Agreement.

       
	
      51

       

	 	
      Section
      10.03

       
	 	
      Counterparts

       
	
      52

       

	 	
      Section
      10.04

       
	 	
      Limitation
      on Rights of Certificateholders.

       
	
      53

       

	 	
      Section
      10.05

       
	 	
      Governing
      Law; Non-exclusive Submission to Jurisdiction; Waiver of Jury
      Trial

       
	
      53

       

	 	
      Section
      10.06

       
	 	
      Notices

       
	
      53

       

	 	
      Section
      10.07

       
	 	
      Severability
      of Terms

       
	
      54

       

	 	
      Section
      10.08

       
	 	
      Notice
      to Rating Agencies

       
	
      54

       

	 	
      Section
      10.09

       
	 	
      No
      Recourse

       
	
      54

       

	 	
      Section
      10.10

       
	 	
      No
      Petition Covenant

       
	
      54

       

	 	
      Section
      10.11

       
	 	
      Intention
      of Parties

       
	
      55

       

	 	
      Section
      10.12

       
	 	
      Force
      Majeure

       
	
      55

       

 

iv

 

TRUST
AGREEMENT

 

This
Trust Agreement (this "Agreement"), dated as of May 31, 2005, by and among The
Bank of New York Trust Company, N.A., as Trustee and Securities Intermediary
(the "Trustee"), The Bank of New York (Delaware), as Delaware trustee, Bond
Trust Products LLC, a Delaware limited liability company, as Depositor (the
"Depositor"), and Incapital Holdings LLC, a Delaware limited liability company,
as Administrative Agent (the "Administrative Agent"), relates to the issuance of
Pass-Through Certificates (the "Certificates") of Bond Trust Products Trust A
(the "Trust").

 

PRELIMINARY
STATEMENT

 

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

 

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

 

The
Depositor is entering into this Agreement, 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;
CONSTRUCTION

 

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

 

"Account":
As defined in Section 3.06.

 

“Act”: As
defined in Section 2.04.

 

"Administrative
Agent": An entity that has agreed to perform, on behalf of the
Certificateholders, the services specified in Sections 3.08, 3.09, 3.10 and
3.12, which Administrative Agent initially shall be Incapital Holdings LLC.

 

“Administrative
Agent Agreement”: Agreement between the Administrative Agent and the Depositor,
dated as of January 11, 2005.

 

"Administrative
Agent Fee": As defined in Section 3.10.

 

"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 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.

 

1

 

"Authenticating
Agent": As defined in Section 5.10.

 

"Available
Expense Amount": An amount equal to the product of (1) the aggregate Certificate
Principal Balance of all Certificates Outstanding on the Business Day
immediately preceding the applicable Regular Distribution Date and (2) .1886%,
which amount shall be deducted first from interest payments and then from
principal payments, if any, received by the Trustee on the Underlying
Notes.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

2

 

"Certificates
Agent": Incapital LLC in its capacity as agent for the Depositor in soliciting
offers to purchase the Certificates.

 

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

 

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

 

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

 

"Concentration
Event": Such time as of which the assets of the Trust are comprised of the
underlying debt securities of three or fewer issuers.

 

"Corporate
Trust Office": The Trustee's offices at 10161 Centurion Parkway, Jacksonville,
Florida 32256, or such other addresses as the Trustee may designate from time to
time by written notice to the Certificateholders and the Depositor.

 

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

 

“Delaware
Trustee”: The Bank of New York (Delaware) initially or such other person as
appointed by the Depositor.

“Deposit
Agreement”: The deposit agreement by and between the Trust and the Depository
dated as of May 31, 2005 relating to the deposit of the Underlying Debt
Securities into the Trust.

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3

 

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

 

	(1)  	
      direct
      obligations of, and obligations fully guaranteed by, the United States,
      the Federal Home Loan Mortgage Corporation, the Federal National Mortgage
      Association, the Federal Farm Credit System or any agency or
      instrumentality of the United States the obligations of which are
      explicitly backed by the full faith and credit of the United States of
      America; provided that obligations of, or guaranteed by, the Federal Home
      Loan Mortgage Corporation, the Federal National Mortgage Association or
      the Federal Farm Credit System shall be Eligible Investments only if, at
      the time, and during the course, of investment, it has at least the credit
      rating of P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by
      Fitch, F1+ or AAA by Fitch;

 

	(2)  	
      demand
      and time deposits in, certificates of deposit of, or bankers' acceptances
      issued by any depository institution or trust company 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 depositary
      institution or trust company (including the Trustee or any agent of the
      Trustee acting in their respective commercial capacities) at the time of,
      and during the course of, such investment or contractual commitment
      providing for such investment have at least the credit rating of P-1 or
      Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by Fitch, F1+ or AAA
      by Fitch (or, in the case of a depository institution which is the
      principal subsidiary of a holding company, the commercial paper or other
      short-term debt obligations of such holding company have a credit rating
      of P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by Fitch,
      F1+ or AAA by Fitch);

 

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

 

	(4)  	
      repurchase
      agreements with respect to (a) any security described in clause (1) above
      or (b) any other security issued or guaranteed by an agency or
      instrumentality of the United States with an entity having the credit
      rating of P-1 or Aaa by Moody's, A-1+ or AAA by S&P, and, if rated by
      Fitch, F1+ or AAA by Fitch (it being understood that copies of any
      repurchase agreement entered into will be delivered to the Rating
      Agencies, if any);

 

4

 

provided,
however, that the total return specified by the terms of each such obligation or
security is at least equal to the purchase price thereof; provided, further,
that each such obligation or security must mature at least one Business Day
prior to the next required distribution to Certificateholders of the funds used
to invest in such obligation or security; provided, further, that each such
obligation or security shall be held in the name of the Trustee in trust for the
benefit of Certificateholders; and provided, further, that an Eligible
Investment shall not consist of (a) a swap agreement as defined in the United
States Bankruptcy Code, 11 U.S.C. Section 101 et seq., (b) an interest-only or
principal-only security or (c) a liability of the Trust in excess of the
principal amount invested by the Trustee. Eligible Investments shall include,
without limitation, those investments meeting the qualifications described above
for which the Trustee or an Affiliate of the Trustee provides
services.

 

"Eligible
Issuer": An issuer of Underlying Notes that (1) has registered its Underlying
Notes (or, in the case of Section 3.08(a), is eligible to register its debt
securities) for sale pursuant to an effective registration statement under the
Securities Act on Form S-3 and is either (a) a Reporting Company that satisfies
either (x) the public float condition of $75 million or more of General
Instruction I.B.1 or (y) the non-convertible investment grade securities
condition of General Instruction I.B.2, in each case of Form S-3 as of the date
of this Agreement or (b) a subsidiary that is not a Reporting Company and is
eligible to use Form S-3 solely in reliance on General Instruction I.C.3 of Form
S-3 and whose guarantor satisfies the requirements of Rule 3-10 of Regulation
S-X, and (2) banks and GSE’s whose securities are exempt from registration under
the Securities Act and the Exchange Act but which make publicly available
financial statements prepared in accordance with accounting principles generally
accepted in the United States.

 

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

 

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

 

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

 

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

 

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

 

"Final
Scheduled Distribution Date": June 15, 2010.

 

"Fitch":
Fitch Ratings Ltd.

 

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

 

5

 

"FRBNY":
As defined in Section 2.04(b).

 

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

 

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

 

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

 

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

 

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

 

“Investment
Company Wind-up Event”: The Trust ceases to be exempt from registration under
the Investment Company Act.

 

"Moody's":
Moody's Investors Service, Inc. or any successor thereto.

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

"Paying
Agent": As defined in Section 5.09.

 

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

 

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

 

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

 

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

 

"Rating
Agencies": Moody’s.

 

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

 

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

 

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

 

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

 

“Representative”:
As defined in Section 5.12(c).

 

"Responsible
Officer": With respect to the Trustee or the Administrative Agent, as the
context requires, any Vice President, Assistant Vice President, Assistant
Secretary, Assistant Treasurer or any other officer of such entity customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

 

7

 

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

 

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

 

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

 

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

 

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

 

“Successor
Delaware Trustee”: As defined in Section 8.08(c).

 

“Survivor’s
Option”: As defined in Section 5.12(a).

 

“Tax
Wind-up Event”: The Trustee has received an opinion of nationally recognized
independent tax counsel experienced in such matters to the effect that there is
more than an insubstantial risk that at such time, or within 90 days of the date
thereof, the Trust is, or would be, subject to more than an insignificant amount
of taxes, duties or other governmental charges.

 

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

 

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

 

"Trust":
Bond Trust Products Trust A, the trust created by this Agreement.

 

"Trust
Expenses": The sum of: (1) Trustee Fees; (2) fees and expenses relating to the
formation and organization of the Trust; (3) fees and expenses relating to
preparing, filing, printing and delivering prospectuses, reports and other
information relating to the Trust under the Securities Act or the Exchange Act
(including the fees and disbursements of the Trust's counsel and accountants);
(4) any fees charged by the Administrative Agent under the Administrative Agent
Agreement, (5) fees paid to any stock exchange upon which the Certificates are
listed, (6) fees charged by the Rating Agencies with respect to their ratings of
the Certificates and (7) upon dissolution of the Trust, all claims and
obligations, including all contingent, conditional or unmatured claims and
obligations, known to the Trust, and all claims and obligations which are known
to the Trust but for which the identity of the claimant is unknown.

 

8

 

"Trust
Property": As defined in Section 3.01.

 

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

 

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

 

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

 

"Underlying
Issuer": Each issuer of Underlying Notes.

 

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

 

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

 

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

 

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

“Underwriting
Agreement”: The agency agreement among the Trust, the Certificates Agent and the
Depositor, dated as of May 31, 2005 relating to the offer and sale of the
Certificates.

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

 

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

 

“Wind-up
Event”: A Tax Wind-up Event, an Investment Company Wind-up Event and a
Concentration Event.

 

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

 

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

 

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

 

9

 

(b)  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;

 

(c)  "or" is
not exclusive;

 

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

 

(e)  "including"
means including without limitation; and words in the singular include the plural
and words in the plural include the singular.

 

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

 

ARTICLE
II

ESTABLISHMENT OF
TRUST; ISSUANCE OF CERTIFICATES

 

Section
2.01  Name. The
Trust created hereby shall be known as Bond Trust Products Trust A, in which
name the Trustee may conduct the activities contemplated hereby, make and
execute contracts and other instruments, acquire, mortgage, lease, convey and
transfer assets, and sue and be sued.

 

Section
2.02  Office. The
principal office of the Trust shall be in care of the Trustee, addressed to the
Corporate Trust Office of the Trustee. The office of the Trust in the State of
Delaware shall be in care of the Delaware Trustee, addressed to White Clay
Center, Route 273, Newark, DE 19711, Attention: Corporate Trust Administration,
or at such other address as the Delaware Trustee may designate by notice to the
Certificateholders.

 

Section
2.03  Purposes
and Powers. The
Trust shall have the power and authority to engage in the following activities:
(i) issue and sell Certificates and use the proceeds from such sale to acquire
the Trust Property, (ii)enter
into the Deposit Agreement and the Underwriting Agreement and such other
agreements necessary, suitable or convenient to accomplish the issuance and sale
of the Certificates and the conversations of the Trust Property, (iii)
activities which are necessary, suitable or convenient to accomplish the
foregoing or are incidental thereto or connected therewith and (iv) such other
activities as may be required in connection with conservation of the Trust
Property and distributions to the Certificateholders.

 

Section
2.04  Creation
and Declaration of Trust; Assignment of Underlying Notes.

 

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

 

10

 

(b)  In
connection with the Transfer referred to in Section 2.04(a), the Depositor
shall, on the Closing Date, either (i) deposit the Underlying Notes in
definitive, physical form with the Trustee by physical delivery of such
Underlying Notes, duly endorsed and accompanied by all necessary Transfer
documents, to the Trustee, (ii) cause the Underlying Notes represented by global
securities (other than those Underlying Notes issued by GSEs, if any) to be
transferred to the Trustee on the books and records of the applicable Depositary
and its participants or (iii) cause any Underlying Notes issued by GSEs that are
represented by global securities to be transferred to the Trustee in the
book-entry records of the Federal Reserve Bank of New York
("FRBNY").

 

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

 

(d)   It is
the intention of the parties hereto that the Trust constitute a statutory trust
under Chapter 38 of Title 12 of the Delaware Code (the “Act”) and that this
Agreement constitute the governing instrument of the Trust. Pursuant to Section
3810 of the Act, the Trustee and the Delaware Trustee shall file a certificate
of trust with the Delaware Secretary of State on the date hereof in order to
form the Trust.

 

Section
2.05  Entry
into Underwriting Agreement. Simultaneously
with the execution of this Agreement, the Depositor and the Trust shall
have entered into the Underwriting Agreement with the Certificates
Agent[s].

 

Section
2.06  Acceptance
by Trustee. Each of
the Trustee and the Delaware Trustee acknowledges its receipt of the Underlying
Notes and the related documents referred to in Section 2.01 and declares that it
will hold such assets and all other assets comprising the Trust Property in
trust for the exclusive benefit of all present and future Certificateholders and
for the purposes and subject to the terms and conditions set forth in this
Agreement, including the Trustee's obligations to make distributions to the
Certificateholders in accordance with Section 4.01.

 

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

 

11

 

ARTICLE
III

TRUST
POWERS; ADMINISTRATION OF THE TRUST PROPERTY

 

Section
3.01  Trust
Property. The
"Trust Property" will consist of (i) the Underlying Notes and all payments on or
collections in respect of such Underlying Notes and (ii) all Eligible
Investments and all funds from time to time deposited in segregated accounts
held by the Trustee in trust for the benefit of the Certificateholders other
than the Expense Reserve Account. Legal title to all Trust Property shall be
vested in the Trust, except that the Trustee may cause legal title to any Trust
Property to be held by or in the name of any Trustee or any other Person as
nominee. No Certificateholder shall be deemed to have a severable ownership
interest in any individual asset of the Trust or any right of partition or
possession thereof.

 

Section
3.02  Administration
of the Trust.

 

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

 

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

 

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

 

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

 

12

 

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

 

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

 

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

 

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

 

Section
3.05  Certificate
Account.

 

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

 

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

 

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

 

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

 

13

 

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

 

The
Trustee shall also deposit or cause to be deposited in the Certificate Account
all payments received in respect of any Eligible Investments. If, at any time,
the Certificate Account is not an Eligible Account, the Trustee shall, within
five Business Days (or such longer period, not to exceed 30 calendar days),
establish a new Certificate Account meeting the conditions specified above and
the Trustee shall, within five Business Days after establishing a new
Certificate Account, transfer any cash and any investments on deposit in the
Certificate Account to such new Certificate Account, and from the date such new
Certificate Account is established it shall be the Certificate Account for
purposes of this Agreement.

 

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

 

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

 

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

 

(iii)  Notwithstanding
anything to the contrary and for the avoidance of doubt, if at any time the
Securities Intermediary shall receive any notification or entitlement order from
the Trustee directing it to transfer or redeem any financial asset or other
property relating to the Certificate Account, the Securities Intermediary shall
comply with such notification or other entitlement order without further consent
by the Depositor or any other Person.

 

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

 

14

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

15

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
3.06  Investment
of Funds in the Accounts. The
Trustee shall invest all uninvested funds in the Certificate Account or any
other segregated account the content of which is held for the benefit of the
Trust (each, an "Account") in Eligible Investments (which Eligible Investment
will be selected by the Trustee unless otherwise directed in writing by the
Depositor) prior to the close of business on the Business Day such funds are
deposited in any such Account. The Trustee or any such depository institution
shall be required to hold such Eligible Investments to maturity unless any such
investments shall (x) no longer qualify as Eligible Investments (as determined
by the Administrative Agent) or (y) be payable on demand.

 

Section
3.07  Access
to Certain Documentation. The
Trustee shall provide to any regulatory authority that may exercise authority
over the Depositor or any Certificateholder access to the documentation
regarding the Underlying Notes required by applicable laws and regulations. Such
access shall be afforded without charge, but only upon reasonable request and
during normal business hours at the offices of the Trustee designated by it. In
addition, access to the documentation regarding the Underlying Notes will be
provided to the Depositor or any Certificateholder upon request during normal
business hours at the Corporate Trust Office of the Trustee at the expense of
the Person requesting such access.

 

16

 

Section
3.08  Removal
of Underlying Notes Upon a Removal Event.

 

(a)  If a
Removal Event with respect to any Underlying Note or the related Underlying
Issuer has occurred, then the Trustee, within two Business Days following its
receipt of written notice from the applicable Underlying Note indenture trustee
or fiscal agent or its actual knowledge of a payment default, in the case of a
Default Event, or its receipt of written notice from the Administrative Agent,
in the case of a Non-Filing Event, will deliver to the Certificateholders notice
of the applicable Removal Event in the form specified in Annex A hereto in
accordance with Section 4.02(b) and, within twelve Business Days following its
receipt of any such written notice or its actual knowledge of a payment default,
will remove the related Underlying Notes from the Trust Property and will
distribute such Underlying Notes to the Certificateholders on a pro rata basis
(based on their respective Fractional Undivided Interests) and the Certificate
Principal Balance of each Certificate will be reduced by an amount equal to the
pro rata share of the principal amount of such Underlying Notes, provided,
however, that if at the time of the Removal Event the Trust has Trust Expenses
that have not been fully paid or amortized by the Trust, the Trust may retain
Underlying Notes, and not distribute them to Certificateholders, in an amount
equal to each Certificateholder’s pro rata share of these Trust Expenses. In
such cases, (i) the Trustee will decrease the Certificate Principal Balance of a
Global Certificate to reflect such reduction or (ii) Certificateholders holding
Certificated Certificates will be required to deliver the same to the Corporate
Trust Office of the Trustee, whereupon the Trustee will execute, authenticate
and deliver to such Certificateholders (without any service charge) new
Certificated Certificates of authorized denominations for the remaining
Certificate Principal Balance and will deliver a pro rata share of such
Underlying Notes or the sale proceeds specified in Sections 3.08(b) and 3.10, as
required, to such Certificateholders.

 

(b)  If the
Trustee cannot distribute the related Underlying Notes that are to be
distributed to Certificateholders upon the occurrence of a Removal Event as a
result of the failure to satisfy the minimum authorized denomination
requirements of such Underlying Notes, the Trustee will deliver (1) Underlying
Notes in any whole increments to each Certificateholder and (2) Underlying Notes
attributable to the fractional amount of Underlying Notes to which each
Certificateholder would be entitled to receive were there no minimum authorized
denomination requirement, to the Administrative Agent for sale on behalf of the
related Certificateholders. Following such sale, the Administrative Agent will
promptly deliver the proceeds received from such sale (less any Administrative
Agent Fee) to the Trustee for distribution to the applicable
Certificateholders.

 

Section
3.09  Removal
of Underlying Notes Upon Wind-up Event.

 

(a)  If a
Wind-up Event has occurred, then the Trustee, within two Business Days following
its receipt of written notice from the Administrative Agent of such Wind-up
Event, will deliver to the Certificateholders notice of the applicable Wind-up
Event in the form specified in Annex A hereto in accordance with Section 4.02(b)
and, within twelve Business Days following its receipt of any such notice, will
remove the Underlying Notes from the Trust Property and will distribute all such
Underlying Notes to the Certificateholders on a pro rata basis (based on their
respective Fractional Undivided Interests) or the sale proceeds specified in
Sections 3.09(b) and 3.10, as required, to such Certificateholders provided,
however, that if at the time of the Wind-up Event the Trust has Trust Expenses
that have not been fully paid or amortized by the Trust, the Trust may retain
Underlying Notes, and not distribute them to Certificateholders, in an amount
equal to each Certificateholder’s pro rata share of these Trust
Expenses.

 

17

 

(b)  If the
Trustee cannot distribute the related Underlying Notes that are to be
distributed to Certificateholders upon the occurrence of a Wind-up Event as a
result of the failure to satisfy the minimum authorized denomination
requirements of such Underlying Notes, the Trustee will deliver (1) Underlying
Notes in any whole increments to each Certificateholder and (2) Underlying Notes
attributable to the fractional amount of Underlying Notes to which each
Certificateholder would be entitled to receive were there no minimum authorized
denomination requirement, to the Administrative Agent for sale on behalf of the
related Certificateholders. Following such sale, the Administrative Agent will
promptly deliver the proceeds received from such sale (less any Administrative
Agent Fee) to the Trustee for distribution to the applicable
Certificateholders.

 

Section
3.10  Sale
Procedures Following a Removal Event or a Wind-up Event. In
connection with any sale of any Underlying Notes required pursuant to Sections
3.08 or 3.09, the Administrative Agent, on behalf of the applicable
Certificateholders, will use its reasonable efforts to sell such Underlying
Notes to the highest of not less than three solicited bidders (which bidders may
include the Administrative Agent and its Affiliates); provided, however, that
neither the Administrative Agent nor any of its Affiliates shall be obligated to
bid for such Underlying Notes; provided, further, that the Administrative Agent
shall use its reasonable efforts to solicit no less than three bids from
financial institutions with invested assets or assets under management of at
least $100 million that are not Affiliates of the Administrative Agent. If, in
connection with the sale of any Underlying Notes pursuant to Sections 3.08(b) or
3.09(b) hereof, the Administrative Agent receives less than three such bids
prior to the close of business on the second Business Day following the
Administrative Agent's receipt of all such Underlying Notes to be sold pursuant
to Section 3.08(b) or 3.09(b), the Administrative Agent shall sell the related
Underlying Notes to the highest bidder and deliver the proceeds received in
connection with such sale (less any Administrative Agent Fee) to the Trustee for
distribution to the applicable Certificateholders. In the sole judgment of the
Administrative Agent, bids may be evaluated on the basis of bids for all or a
portion of the Underlying Notes to be sold or any other basis selected in good
faith by the Administrative Agent. The proceeds of such sale will be allocated
in the following order of priority: (i) to the Administrative Agent for its fee
for its services for the sale of Underlying Notes pursuant to Section 3.08(b) or
3.09(b) equal to the product of the (1) the aggregate principal amount of the
Underlying Notes so sold and (2) _% (the "Administrative Agent Fee") and (ii) to
the Certificateholders. The Administrative Agent will deduct this fee from the
gross proceeds received from any such sale.

 

Section
3.11  Removal
of Underlying Notes Upon Final Judgment. Upon
the Trustee's receipt of written notice or its actual knowledge of any action
brought under any U.S. Federal or State securities laws in respect of an
Underlying Note of any Underlying Issuer, the Trustee shall promptly notify
Certificateholders about the existence of such action and the Trustee's role, if
any, in such action. Furthermore, as soon as practicable (but in no event later
than twelve Business Days) following the Trustee's receipt of any written notice
or its actual knowledge of a final judgment or decree granting a right of
rescission with respect to an Underlying Note of an Underlying Issuer in
connection with any action brought under any U.S. Federal or State securities
laws in respect of such Underlying Note, the Trustee will remove all of the
Underlying Notes of such Underlying Issuer, in whole and not in part, from the
Trust Property and will distribute such Underlying Notes to the
Certificateholders on a pro rata basis (based on their respective Fractional
Undivided Interests) and the Certificate Principal Balance of each Certificate
will be reduced by an amount equal to the pro rata share of the principal amount
of such Underlying Notes, provided, however, that if at the time of such removal
the Trust has Trust Expenses that have not been fully paid or amortized by the
Trust, the Trust may retain Underlying Notes, and not distribute them to
Certificateholders, in an amount equal to each Certificateholder’s pro rata
share of these Trust Expenses. The removal of any Underlying Note pursuant to
this Section 3.11 shall not be subject to or eligible for sale under Section
3.10.

 

18

 

Section
3.12  Administrative
Agent Provisions.

 

(a)  The
Administrative Agent undertakes to perform its duties hereunder, and no implied
covenants or obligations shall be read into this Agreement against the
Administrative Agent. Any permissive right of the Administrative Agent
enumerated in this Agreement shall not be construed as a duty.

 

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

 

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

 

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

 

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

 

(c)  Except as
otherwise provided in Section 3.12(b):

 

19

 

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

 

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

 

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

 

(iv)  the
Administrative Agent shall not be bound to make any investigation into the facts
of matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, appraisal, approval, bond or
other paper or document believed by it to be genuine;

 

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

 

(vi)  the
Administrative Agent shall not be deemed to have notice or actual knowledge of
any matter unless written notice thereof is received by the Administrative Agent
at its office at One North LaSalle Street, Suite 3500, Chicago, IL 60602,
Attention: Joseph Novak.

 

(d)  The
Administrative Agent may at any time resign and be discharged from its
obligations and duties hereunder by giving written notice thereof to the
Depositor. Upon receiving such notice of resignation, the Depositor shall as
promptly as possible (and in any event within 45 calendar days after the date of
such notice of resignation) appoint a successor Administrative Agent by written
instrument, in duplicate, which instrument shall be delivered to the resigning
Administrative Agent and to the successor Administrative Agent. A copy of such
instrument shall be delivered to the Certificateholders and the Trustee by the
Depositor. If no such successor Administrative Agent shall have been so
appointed and have accepted appointment within 45 calendar days after the giving
of such notice of resignation, the resigning Administrative Agent may petition
any court of competent jurisdiction for the appointment of a successor
Administrative Agent.

 

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

 

(f)  Any
resignation or removal of the Administrative Agent and appointment of a
successor Administrative Agent pursuant to any of the terms of Section 3.12(d)
or (e) shall not become effective until acceptance of appointment by the
successor Administrative Agent as provided in Section 3.12(g).

 

20

 

(g)  Any
successor Administrative Agent appointed as provided in Section 3.12(d) or (e)
shall execute, acknowledge and deliver to the Depositor and its predecessor
Administrative Agent an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor
Administrative Agent shall become effective and such successor Administrative
Agent, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of the predecessor
Administrative Agent under this Agreement, with the like effect as if originally
named as Administrative Agent in this Agreement. The predecessor Administrative
Agent shall deliver to the successor Administrative Agent all documents and
statements held by it under this Agreement, and the Depositor and the
predecessor Administrative Agent shall execute and deliver such instruments and
do such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor Administrative Agent all such rights,
powers, duties and obligations. Upon acceptance of appointment by a successor
Administrative Agent as provided herein, the Depositor shall transmit notice of
the succession of such Administrative Agent under this Agreement to all
Certificateholders and the Trustee.

 

(h)  Any
corporation or association into which the Administrative Agent may be merged or
converted or with which it may be consolidated, or any corporation or
association resulting from any merger, conversion or consolidation to which the
Administrative Agent shall be a party, or any corporation or association
succeeding to the business of the Administrative Agent, shall be the successor
of the Administrative Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties to this
Agreement, anything in this Agreement to the contrary
notwithstanding.

 

Section
3.13  Indemnification
of Administrative Agent.

 

The
Administrative Agent and any director, officer, employee or agent of the
Administrative Agent shall be indemnified by the Trust and held harmless against
any loss, liability or expense incurred in connection with any Proceeding
relating to this Agreement or the Certificates or the performance of any of the
Administrative Agent’s duties under this Agreement (each such loss, liability or
expense indemnified hereunder shall be considered a Trust Expense), other than
any loss, liability or expense (i) that constitutes a specific liability of the
Administrative Agent under this Agreement or (ii) incurred by reason of willful
misconduct, bad faith or negligence in the performance of the Administrative
Agent’s duties hereunder or as a result of a breach or reckless disregard of the
Administrative Agent’s obligations and duties hereunder; provided, however, that
with respect to any such Proceeding, (1) the Administrative Agent shall have
given the Trust notice thereof promptly after the Administrative Agent shall
have knowledge thereof, (2) while maintaining control over its own defense in
any such Proceeding, the Administrative Agent shall consult with the Trust in
preparing such defense, (3) if any Person ever alleges such willful misconduct,
bad faith or negligence by the Administrative Agent, the indemnification
provided for in this Section 3.13 shall nonetheless be paid upon demand, subject
to later adjustment or reimbursement, until such time as a court of competent
jurisdiction enters a final judgment as to the extent and effect of the alleged
willful misconduct, bad faith or negligence. In the event the Administrative
Agent is not indemnified by the Trust in accordance with this Section 3.13, the
Administrative Agent shall nevertheless remain obligated to perform its duties
under this Agreement.

 

21

 

ARTICLE
IV

DISTRIBUTIONS
AND REPORTS TO CERTIFICATEHOLDERS

 

Section
4.01  Distributions.

 

(a)  On each
Regular Distribution Date for the Certificates, the Trustee shall distribute the
Available Funds in the Certificate Account in the following manner:

 

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

 

(ii)  second,
(1) to the extent the Available Expense Amount for such Distribution Period
exceeds the actual Trust Expenses for such Distribution Period, to the Expense
Reserve Account in the amount of such excess, and (2) to the extent actual Trust
Expenses for such Distribution Period exceed the sum of (x) the Available
Expense Amount for such Distribution Period and (y) funds, if any, on deposit in
the Expense Reserve Account (including net investment earnings on such funds),
to the Trustee for all remaining unpaid actual Trust Expenses for any prior
Distribution Period; 

 

(iii)  third, to
the Certificateholders on a pro rata basis (based on their Fractional Undivided
Interests), provided, however, that if there are any remaining actual Trust
Expenses unpaid, the Trustee will not distribute any portion of the Available
Funds to the Certificateholders and will apply any Available Funds on the next
succeeding Regular Distribution Date to the payment of such expenses and
provided, further, that notice will be provided to Certificateholders in the
event any distributions are made in accordance with this subparagraph (iii).

 

(b)  Upon
redemption or at the stated maturity of an Underlying Note the Trustee will
distribute the principal and premium, if any, portion of Available Funds (to the
extent not applied to, or withheld for, the Trust Expenses and reserves or
applied to the Expense Reserve Account, as provided for in (a) above) to the
Certificateholders on a pro rata basis (based on their Fractional Undivided
Interests). Upon such payment, the Certificate Principal Balance of each
Certificate will be reduced on a pro rata basis (based on its Fractional
Undivided Interest) with respect to payment of the principal amount of each
Underlying Notes paid at its stated maturity or upon redemption, exclusive of
any premium. In such cases, (i) the Trustee will decrease the Certificate
Principal Balance of a Global Certificate to reflect the maturing or redeemed
Underlying Notes or (ii) Certificateholders holding Certificated
Certificates will be required to deliver the same to the Corporate Trust Office
of the Trustee, whereupon the Trustee will execute, authenticate and deliver to
such Certificateholders (without any service charge) new Certificated
Certificates of authorized denominations for any remaining Certificate Principal
Balance and will also deliver the principal and any premium and interest so
received on the maturing or redeemed Underlying Notes. In addition, in the event
of any optional redemption of any Underlying Note by the related Underlying
Issuer prior to the stated maturity of such Underlying Note, the Trustee shall
notify the Depositary to decrease the beneficial ownership interests in each
Global Certificate on a pro rata basis.

 

22

 

All
distributions made to Certificateholders pursuant to this Section 4.01(a) shall
be made to (i) Certificateholders on the Record Date for a Regular Distribution
Date or (ii) Certificateholders against presentation and surrender of their
Certificates on the Final Scheduled Distribution Date.

 

(c)  If the
Trustee receives a payment of principal of or premium or interest on an
Underlying Note after the due date for such payment as specified in such
Underlying Note then the Trustee will distribute the amounts so received no more
than three (3) Business Days following receipt of such payment (each, a "Special
Distribution Date") to Certificateholders on the Record Date for a Special
Distribution Date, in the manner specified in Section 4.01(a). 

 

(d)  If
Underlying Notes are retained by the Trustee pursuant to Section 3.08 or 3.09,
the Trustee shall apply the retained Underlying Notes to payment of such unpaid
Trust Expenses in the manner provided for in (a)(ii) above. 

 

Section
4.02  Reports
to Certificateholders; Notices.

 

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

 

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

 

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

 

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

 

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

 

Within 60
days after each anniversary date of the issuance of the Certificates, the
Depositor shall cause an independent public accounting firm to furnish a report
to the Trustee to the effect that such firm has compared the information
contained in the statements delivered to the Depositor and each
Certificateholder pursuant to Section 4.02(a) with information contained in the
accounts, records and computer systems for such period. The Depositor will cause
a copy of each report delivered pursuant to this Section 4.02(a) to be delivered
to the Rating Agencies at the same time it is delivered to the
Trustee.

 

23

 

In the
case of information furnished pursuant to clause (i) above, any amount shall be
expressed as a Dollar amount per minimum denomination of Certificates or for
such other specified portion thereof. Within a reasonable period of time after
the end of each calendar year, the Trustee shall furnish to each Person who at
any time during each such calendar year was a Certificateholder a statement
containing the information set forth in clause (i) above, aggregated for such
calendar year or the applicable portion thereof during which such Person was a
Certificateholder, which statement shall contain sufficient information to allow
Certificateholders to calculate their U.S. Federal income tax liability with
respect to the Certificates. Such obligation of the Trustee shall be deemed to
have been satisfied to the extent that substantially comparable information
shall have been provided by the Trustee pursuant to any requirements of the Code
as are from time to time in effect.

 

(b)  If there
is a Removal Event with respect to any Underlying Note or Underlying Issuer and
such Removal Event is actually known to the Trustee or the Trustee is required
to remove any Underlying Note from the assets of the Trust in accordance with
Section 3.11 hereof, the Trustee shall give notice to the Certificateholders
thereof as promptly as practicable in the manner and to the extent provided in
TIA Section 313(c). Such notice will set forth (i) the identity of the
Underlying Issuer of the relevant Underlying Notes, (ii) the date and nature of
such Removal Event, if any, including whether such Removal Event relates to the
failure of such Underlying Issuer to pay the principal of or premium, if any, or
interest on such Underlying Notes, (iii) whether the Trustee is required to
remove such Underlying Note pursuant to Section 3.11 hereof, (iv) the aggregate
principal amount of such Underlying Notes and the aggregate principal amount and
weighted average interest rate per annum applicable to the remaining Underlying
Notes, (v) the Certificate Principal Balance of each Certificate after the
removal of such Underlying Notes from the Trust Property, (vi) the requirement
that Holders of Certificated Certificates must deliver the same to the Trustee
at its Corporate Trust Office to reflect a reduced Certificate Principal Balance
in exchange for such Underlying Notes or the proceeds therefrom in accordance
with Sections 3.08, 3.09 and 3.10 and (vii) the then current rating of the
Certificates by each applicable Rating Agency after taking such removal into
account. In addition to delivering such notice, in the event of the occurrence
of any such event requiring removal of any Underlying Note from the Trust
Property, the Trustee shall notify the Depositary to decrease the beneficial
ownership interests in each Global Certificate on a pro rata basis.

 

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

 

(d)  Within 60
days after May 15 of each year, the Trustee shall mail a brief report dated as
of such date that complies with TIA Section 313(a) to (i) each Certificateholder
as provided by TIA Section 313(c) and (ii) the Depositor. The Trustee also shall
comply with TIA Section 313(b). The Trustee will file a copy of each such report
with each stock exchange upon which the Certificates are listed and with the
Commission.

 

(e)  If there
is an event of default (as defined in the indenture or other document pursuant
to which the Underlying Notes were issued) with respect to any Underlying Note
and such default is known to the Trustee, the Trustee shall promptly give notice
to the Depository or, if the Certificates are Certificated Certificates,
directly to Certificateholders thereof (in the manner and to the extent provided
in TIA Section 313(c)) within 90 days after such event of default occurs. Such
notice shall set forth (i) the identity of the Underlying Notes, (ii) the date
and nature of such default, (iii) the face amount of the obligation to which
such default relates, and (iv) any other information which the Trustee may deem
appropriate. Except in the case of a default in payment of principal or interest
(including payments pursuant to a redemption of any Certificate), the Trustee
may withhold the notice to Certificateholders if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is
in the interests of the Certificateholders

 

24

 

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

 

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

 

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

 

(c)  The
Depositor, the Trustee and the Certificate Registrar shall have the protections
provided pursuant to TIA Section 312(c).

 

Section
4.05  Exchange
Act Reports. The
Trustee will promptly deliver to Certificateholders, upon written request,
copies of any reports filed with the Commission by the Depositor on behalf of
the Trust and which have been filed with the Trustee by the Depositor pursuant
to Section 6.06 hereof in respect of the Certificates under the Exchange
Act.

 

25

 

ARTICLE
V

THE
CERTIFICATES

 

Section
5.01  The
Certificates.

 

(a)  There is
hereby created a series of Certificates to be distinguished and known as Bond
Trust Products Trust A, Pass-Through Certificates. Each Certificate represents a
Fractional Undivided Interest in the assets of the Trust. The aggregate
Certificate Principal Balance of the Certificates shall initially be equal to
$5,500,000. Certificates will be denominated in Dollars and issued in
denominations of $1,000. No additional interests in the Trust other than the
Certificates shall be issued hereunder, except in accordance with Section
5.04.

 

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

 

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

 

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

 

(e)  The
Certificates shall be personal property giving only the rights specifically set
forth therein and in this Agreement. The Certificates shall have no preemptive
or similar rights and when issued and delivered to the Holders against payment
of the purchase price therefor will be fully paid and nonassessable by the
Trust. The Holders of the Certificates, in their capacities as such, shall be
entitled to the same limitation of personal liability extended to stockholders
of private corporations for profit organized under the General Corporation Law
of the State of Delaware. THE RECEIPT AND ACCEPTANCE OF A CERTIFICATE OR ANY
INTEREST THEREIN BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL
CERTIFICATEHOLDER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT,
SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS
HAVING A BENEFICIAL INTEREST IN SUCH CERTIFICATE OF ALL THE TERMS AND PROVISIONS
OF THIS AGREEMENT, AND SHALL CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH HOLDER
AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS AGREEMENT SHALL BE
BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH
OTHERS.

 

26

 

Section
5.02  Execution,
Authentication and Delivery.

 

(a)  The
Certificates shall be executed on behalf of the Trust by the Trustee by one of
its Responsible Officers. The signature of a Responsible Officer may be manual
or facsimile. Certificates bearing the manual or facsimile signature of an
individual who was, at any time, a Responsible Officer shall be valid,
notwithstanding that such individual ceased to be a Responsible Officer prior to
the execution, authentication and delivery of such Certificates or was not a
Responsible Officer at the date of such Certificates.

 

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

 

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

 

Section
5.03  Registration;
Registration of Transfer and Exchange.

 

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

 

Upon (i)
the appointment by the Depositor of a Certificate Registrar other than the
Trustee, (ii) the appointment by the Depositor of any Co-Certificate Registrar
or (iii) any change in the identity of the Certificate Registrar or any
Co-Certificate Registrar, the Depositor will, in each case, give the Trustee
written notice within three Business Days of any such appointment or change and
of the location, and any change in the location, of the Certificate Register,
and the Trustee shall have the right to rely upon a certificate executed on
behalf of the Certificate Registrar by an Executive Officer thereof as to the
names and addresses of the Certificateholders and the Certificate Principal
Balance and number of each Certificate.

 

27

 

Upon
surrender for registration of transfer of any Certificate at the Corporate Trust
Office of the Trustee, if the requirements of Section 8-401(1) of the UCC are
met to the Trustee's satisfaction, the Trustee shall execute, authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Certificates of any authorized denomination of a like tenor and aggregate
Certificate Principal Balance.

 

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

 

(c)  Every
Certificate surrendered for registration of transfer or exchange shall be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Trustee and the Certificate Registrar, duly executed, by the
Certificateholder or his/her attorney duly authorized in writing, with such
signature guaranteed by an eligible guarantor institution (as set forth in
Section 5.03(b)), and such other documents as the Trustee may reasonably
require.

 

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

 

No
service charge shall be made to a Certificateholder for any registration of
transfer or exchange of its Certificates, but the Trustee may require payment by
the Certificateholders of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of
transfer or exchange of Certificates other than an exchange contemplated in
Section 3.08(a), 3.09(a), 3.11, or 4.01(a)(ii) not involving any
transfer.

 

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

 

28

 

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

 

Every new
Certificate issued pursuant to this Section 5.04 shall constitute complete and
indefeasible evidence of ownership in the Trust Property, whether or not the
destroyed, lost or stolen Certificate shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Agreement equally and
proportionately with any and all other Certificates, if any, duly issued
thereunder.

 

The terms
of this Section 5.04 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Certificates.

 

Section
5.05  Distributions
in Respect of Certificates.

 

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

 

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

 

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

 

29

 

None of
the Depositor, the Trustee or any agent of the Depositor or the Trustee will
have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a Global
Certificate or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

 

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

 

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

 

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

 

Section
5.09  Appointment
of Paying Agent.

 

(a)  The
Trustee may appoint one or more paying agents (each, a "Paying Agent") with
respect to the Certificates. Any such Paying Agent shall be authorized to make
distributions to Certificateholders pursuant to this Agreement and shall report
the amounts of such distributions to the Trustee. The Trustee may remove the
Paying Agent if the Trustee determines in its sole discretion that the Paying
Agent shall have failed to perform its obligations under this Agreement in any
material respect or if the Paying Agent fails to satisfy the eligibility
requirements set forth in paragraph (b) of this Section 5.09. The Trustee is
hereby initially appointed a Paying Agent. Any Paying Agent shall be permitted
to resign as Paying Agent upon 30 calendar days' written notice to the Trustee.
In the event that the Trustee shall no longer be the Paying Agent and the
Depositor has not appointed a co-Paying Agent, the Trustee shall appoint a
successor Paying Agent. The Trustee shall cause each such Paying Agent to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee that it will hold all sums, if any, held by it for
distribution to the Certificateholders in an Eligible Account in trust for the
benefit of the Certificateholders entitled thereto until such sums shall be
distributed to such Certificateholders. The Paying Agent shall return all
unclaimed funds to the Trustee within two years from the time such funds were
first eligible to be claimed.

 

(b)  The
Paying Agent shall at all times be a corporation or an association the combined
capital and surplus of which is at least $50,000,000 (or is a wholly-owned
subsidiary of a bank holding company having a consolidated capital and surplus
of at least $50,000,000) and the long-term debt obligations of which are rated
in one of the four highest categories assigned long-term debt obligations by
each of the Rating Agencies and shall be subject to supervision or examination
by U.S. Federal or State authority. If such corporation or association publishes
reports of conditions at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then the combined capital
and surplus of such corporation or association shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
conditions so published. In the event that at any time the Paying Agent shall
cease to be eligible in accordance with the terms of this Section 5.09(b), the
Paying Agent shall release all Trust Property to the Trustee and then resign
immediately. Upon such resignation, the Trustee shall act as Paying Agent until
the appointment of a successor Paying Agent in accordance with Section
5.09(a).

 

30

 

(c)  The terms
of Article VIII, as applicable, shall apply to the Trustee also in its role as
Paying Agent, for so long as the Trustee shall act as Paying Agent.

 

Section
5.10  Authenticating
Agent.

 

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

 

(b)  Any
institution succeeding to the corporate agency business of any Authenticating
Agent shall continue to be an Authenticating Agent without the execution or
filling of any power or any further act on the part of the Trustee or such
Authenticating Agent. An Authenticating Agent may at any time resign by giving
notice of resignation to the Trustee and the Depositor. The Trustee may at any
time terminate the agency of an Authenticating Agent by signing and delivering a
written notice of termination to such Authenticating Agent and to the Depositor.
Upon receiving such a notice of resignation or upon such a termination, or in
case at any time an Authenticating Agent shall cease to be acceptable to the
Trustee or the Depositor, the Trustee may appoint a successor Authenticating
Agent. Subsequent to any such removal or resignation of the Authenticating
Agent, the Trustee shall act as Authenticating Agent until a successor
Authenticating Agent, if any, is appointed. Any successor Authenticating Agent,
upon acceptance of its appointment hereunder, shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent.

 

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

 

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

 

31

 

(e)  Pursuant
to an appointment made under this Section 5.10, the Certificates may have
endorsed thereon, in lieu of the Trustee's certificate of authentication, an
alternate certificate of authentication in substantially the following
form:

 

"This is
one of the Certificates referred to in the within-mentioned Trust
Agreement.

 

_________________________

 

as
Authenticating Agent for the Trustee,

 

By________________________

 

Authorized
Signatory"

 

Section
5.11  Issuance
Matters. 

 

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

 

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

 

(c)  Any
Global Certificate representing Certificates shall bear a legend in
substantially the following form:

 

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

 

(d)  Each
Person that purchases a Certificate will be deemed to represent that its
acquisition of such Certificate will not constitute or result in a non-exempt
prohibited transaction. In addition, in the event the Certificates do not
constitute Publicly Offered Securities, each Person that purchases a Certificate
on behalf of an employee benefit plan or other plan that is subject to the
provisions of ERISA Section 406 or Section 4975 of the Code will be deemed to
represent that: (i) the plan is so represented in this regard by a QPAM or INHAM
(as those terms are defined in Prohibited Transaction Class Exemption ("PTE")
84-14 and PTE 96-23, respectively) and will be so represented for so long as
such plan holds the related Certificate, and that the other conditions of PTE
84-14 or PTE 96-23 are and will at all times be satisfied, (ii) the conditions
to the applicability of PTE 90-1, PTE 95-60 or PTE 91-38 are and will at all
times be satisfied, or (iii) the conditions of another applicable exemption are
and will at all times be satisfied, such that in the case of clause (i), (ii) or
(iii) above the applicable exemption applies to the purchase, continued holding
and disposition of such Certificate, as well as to the underlying transactions
of the Trust.

 

32

 

Section
5.12  Survivor’s
Option. 

 

(a)  If so
specified in any Certificate, the representative of a beneficial owner of such
Certificate shall have the option to elect repurchase of such Certificate (or
portion thereof) following the death of the beneficial owner of such Certificate
(a “Survivor’s Option”); provided however, that the Certificate was acquired by
such beneficial owner at least six months prior to the request, and provided,
further that the Trust shall only repurchase such Certificate (or portion
thereof) to the extent that (i) the Underlying Notes also have survivor’s option
provisions that the Trustee, on behalf of the Trust, may elect to exercise on
behalf of the beneficial owner of such Certificate and (ii) the issuer of the
Underlying Notes honors such election by the Trustee. 

 

(b)  If such
Underlying Notes do not have survivor’s option provisions, pursuant to the valid
exercise of the Survivor’s Option by the Representative (as defined below) of
the beneficial owner, the Trustee shall distribute, subject to the provisions
set forth below, those Underlying Notes to such Representative.

 

(c)  Pursuant
to the valid exercise of the Survivor’s Option, the Trust shall repurchase any
Certificate (or portion thereof) properly tendered for repurchase by or on
behalf of the person (the “Representative”) that has authority to act on behalf
of the deceased beneficial owner of a Certificate under the laws of the
appropriate jurisdiction (including, without limitation, the personal
representative or executor of the deceased beneficial owner or surviving joint
owner with such deceased beneficial owner) at a price equal to 100% of the
principal amount of such deceased beneficial owner’s beneficial interest in such
Certificate (subject to the limitations set forth in (a) above) plus accrued
interest to the date of such repurchase less future or unamortized trust
expenses and any processing fees required to be paid to the Trustee by the
Person exercising the Survivor’s Option. Any Certificate (or portion thereof)
tendered pursuant to a valid exercise of the Survivor’s Option may not be
withdrawn. Following repurchase of any Certificate as to which the Survivor’s
Option has been validly exercised, such Certificate will be cancelled and will
not be reissued.

 

(d)  Each
Certificate (or portion thereof) that is tendered pursuant to valid exercise of
the Survivor’s Option shall be accepted in the order all such Certificates are
received by the Trustee, except for any Certificate (or portion thereof) the
acceptance of which would contravene a Put Limitation, if any. If as of the end
of any calendar year, the aggregate principal amount of Certificates (or
portions thereof) that have been tendered pursuant to the valid exercise of the
Survivor’s Option during such year has exceeded a Put Limitation, if any, any
exercise(s) of the Survivor’s Option with respect to Certificates (or portions
thereof) not accepted during such calendar year because such acceptance would
have contravened such Put Limitation, if applied, shall be deemed to be tendered
in the following calendar year in the order all such Certificates (or portions
thereof) were originally tendered. Any Certificate (or portion thereof) accepted
for repurchase pursuant to exercise of the Survivor’s Option shall be
repurchased by the Trust on a quarterly basis. At the end of each fiscal
quarter, the Trustee will aggregate all accepted exercises of the Survivor’s
Option. If, upon aggregation, the Certificates to be repurchased pursuant to a
valid exercise of the Survivor’s Option do not aggregate to an integral multiple
of the authorized minimum denomination of each Underlying Note, the
Administrative Agent may purchase, in the open market, the number of
Certificates necessary to make the Certificates to be so repurchased equal an
integral multiple of the authorized minimum denomination of the Underlying Note.
On the first Regular Distribution Date that occurs 20 or more calendar days
after the date of completion of the aggregate process described herein, to the
extent the Trust receives, by such time, sufficient proceeds from the exercise
of the Survivor’s Option contained in the related Underlying Notes, those
Survivor’s Options accepted for repurchase or redemption will be so redeemed or
repurchased by the Trust. In the event that a Certificate (or any portion
thereof) tendered for redemption or repurchase pursuant to valid exercise of the
Survivor’s Option is not accepted, the Trustee shall deliver a notice, by
first-class mail to the registered holder thereof at its last known address as
indicated in the Certificate Register, that states the reason such Certificate
(or portion thereof) has not been accepted for repurchase.

 

33

 

(e)  In order
for a Survivor’s Option to be validly exercised with respect to any Certificate
(or portion thereof), the Trustee must receive from the Representative of the
deceased beneficial owner (i) a written request for repurchase signed by the
Representative, and such signature must be guaranteed by an eligible guarantor
institution (as set forth in Section 5.03(b)); (ii) tender of a Certificate (or
portion thereof) to be repurchased; (iii) appropriate evidence satisfactory to
the Trustee that (A) the deceased was the beneficial owner of the Certificate at
the time of death, (B) the death of such beneficial owner has occurred, (C) the
Representative has authority to act on behalf of the deceased beneficial owner,
(D) such deceased beneficial owner acquired such Certificate at least six months
prior to the request, and (E) any other conditions applicable to such Survivor’s
Option have been satisfied; (iv) if applicable, a properly executed assignment
or endorsement; (v) if the interest in such Certificate is held by a nominee of
the deceased beneficial owner, a certificate satisfactory to the Trustee from
such nominee attesting to the deceased’s beneficial ownership in such
Certificate; (vi) tax waivers and such other instruments or documents that the
Trustee reasonably requires in order to establish the validity of the beneficial
ownership of the Certificates and the claimants entitlement to repurchase; and
(vii) any additional information the Trustee requires to evidence satisfaction
of any conditions to the exercise of the Survivor’s Option or to document
beneficial ownership or authority to make the election or to cause the
repurchase of the Certificates. All questions as to the eligibility or validity
of any exercise of the Survivor’s Option will be determined by the Trustee, in
consultation with the Depositor, which determination shall be final and binding
on all parties.

 

(f)  For
Certificates represented by a Global Certificate, the Depositary or its nominee
shall be the holder of such Certificate and therefore can be the only entity
that can exercise the Survivor’s Option for such Certificate. To obtain
repurchase pursuant to exercise of the Survivor’s Option with respect to such
Certificate, the Representative must provide to the broker or other entity
through which the beneficial interest in such Certificate is held by the
deceased beneficial owner (i) the items described in the preceding paragraph and
(ii) instructions to such broker or other entity to notify the Depositary of
such Representative’s desire to obtain repurchase pursuant to exercise of the
Survivor’s Option. Such broker or other entity shall provide to the Trustee (i)
the documents received from the Representative referred to in clause (i) of the
preceding sentence and (ii) a certificate satisfactory to the Trustee from such
broker or other entity stating that it represents the deceased beneficial owner.
Such broker or other entity shall be responsible for disbursing any payments it
receives pursuant to exercise of the Survivor’s Option to the appropriate
Representative.

 

34

 

ARTICLE
VI

THE
DEPOSITOR

 

Section
6.01  Representations
and Warranties of the Depositor.

 

(a)  The
Depositor represents and warrants to the Trustee that as of the Closing
Date:

 

(i)  the
Depositor is a limited liability company duly formed, validly existing and in
good standing under the laws of the State of Delaware; 

 

(ii)  the
execution, delivery and performance of this Agreement by the Depositor will not
violate the Depositor's Limited Liability Company Agreement or constitute a
default under, or result in the breach or acceleration of, any contract,
agreement or other instrument to which the Depositor is a party or by which the
Depositor or any of its assets is bound;

 

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

 

(iv)  to the
Depositor's knowledge, the Depositor is not in violation, and the execution,
delivery and performance of this Agreement by the Depositor will not constitute
a violation, of any order decree of any court or any order or regulation of any
U.S. Federal or State governmental agency having jurisdiction over the Depositor
or any of its assets, which violation would reasonably be expected to materially
and adversely affect the Depositor's duties and obligations under this
Agreement.

 

(b)  It is the
express intent of the parties hereto that the conveyance of the Underlying Notes
by the Depositor to the Trustee be, and be construed as, a sale of the
Underlying Notes by the Depositor and not a pledge of any Underlying Notes by
the Depositor to secure a debt or other obligation of the Depositor. In the
event that, notwithstanding the aforementioned intent of the parties, any
Underlying Notes are held to be property of the Depositor, then it is the
express intent of the parties that such conveyance be deemed a pledge of such
Underlying Notes by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor. In connection with the grant of a security interest
in any Underlying Notes, the Depositor hereby represents and warrants to the
Trustee that as of the Closing Date:

 

35

 

(i)  In the
event such Underlying Notes are held to be property of the Depositor, then this
Agreement creates a valid and continuing security interest (as defined in the
UCC) in such Underlying Notes in favor of the Trustee, which security interest
is prior to all other liens, claims or other encumbrances and is enforceable as
such against creditors of, and purchasers from, the Depositor;

 

(ii)  Such
Underlying Notes have been credited to the Certificate Account; 

 

(iii)  Immediately
prior to the conveyance of such Underlying Notes to the Trust, the Depositor
owned and had good and marketable title to such Underlying Notes free and clear
of any lien, claim or other encumbrance of any Person;

 

(iv)  The
Depositor has received all consents and approvals required by the terms of such
Underlying Notes to the conveyance to the Trustee of its interest and rights in
such Underlying Notes as contemplated by this Agreement;

 

(v)  The
Depositor has not assigned, pledged, granted a security interest in, sold or
otherwise conveyed any interest in such Underlying Notes (or, if any such
interest has been assigned, pledged or otherwise encumbered, it has been
released); the Depositor has not authorized the filing of and is not aware of
any financing statements against the Depositor that includes a description of
such Underlying Notes; and the Depositor is not aware of any judgment or tax
lien filings against the Depositor; and

 

(vi)  The
Certificate Account is not in the name of any Person other than the Trustee; and
the Depositor has not consented to the compliance by the Trustee with
entitlement orders of any Person other than the Trustee, as trustee of the
Trust.

 

Section
6.02  Breach
of Representation or Warranty. Upon
the Depositor's discovery of a breach of any representation or warranty of the
Depositor set forth in Section 6.01 that materially and adversely affects the
rights of the Certificateholders, the Depositor shall notify the Trustee of such
breach and shall use its reasonable efforts to cure such breach in all material
respects within five Business Days of its discovery.

 

Section
6.03  Liability
of the Depositor. The
Depositor shall be liable in accordance with this Agreement only to the extent
of the obligations specifically imposed upon it under this
Agreement.

 

Section
6.04  Limitation
on Liability of the Depositor.

 

(a)  Unless
otherwise expressly specified in this Agreement, the Depositor shall not be
under any obligation to expend or risk its own funds, except to the extent of
its obligation to pay any amount payable under Section 8.05(b) hereof, or
otherwise incur financial liability in the performance of its duties thereunder
or in the exercise of any of its rights or powers if reasonable grounds exist
for believing that the repayment of such funds or adequate indemnity against
such risk or liability is not assured to it.

 

36

 

(b)  The
Depositor shall not have any liability, for any losses, costs or damages or
otherwise, to the Trustee or the Certificateholders for any act or omission
except for its willful misconduct, bad faith or gross negligence in the
performance of duties specifically set forth in this Agreement. Notwithstanding
anything to the contrary contained herein, the managers, officers, employees and
agents of the Depositor shall not have any liability, for any losses, costs or
damages or otherwise, to the Trustee or the Certificateholders for any act or
omission, whether on their part or on the part of the Depositor or
otherwise.

 

(c)  The
Depositor shall not be under any obligation to appear in, prosecute or defend
any Proceeding; provided, however, that the Depositor may in its discretion
undertake any such Proceeding which it may deem necessary or desirable with
respect to this Agreement.

 

(d)  The sole
obligor with respect to any Underlying Note is the Underlying Issuer thereof.
The Depositor shall not have any obligation on or with respect to the Underlying
Notes. The Depositor, in its capacity as the depositor of the Underlying Notes
into the Trust under this Agreement, is not authorized to proceed against the
Underlying Issuer of any Underlying Note upon the occurrence of a Default Event
or otherwise or to assert the rights and privileges of Certificateholders
(except to the extent the Depositor is otherwise a Certificateholder) and has no
duty in respect thereof.

 

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

 

Section
6.06  Preparation
and Filing of Exchange Act Reports; Obligations of the Depositor. The
Depositor, as agent of the Trust, shall:

 

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

 

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

 

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

 

(iii)  Form
10-D, within the time requirement prescribed by the Exchange Act if the filing
of Form 10-D is necessary; and

 

37

 

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

 

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

 

(c)  deliver
to the Trustee, which shall then transmit by mail to all Certificateholders
described in TIA Section 313(c), in the manner and to the extent provided
therein, such summaries of any information, documents and reports required to be
filed by the Depositor and received pursuant to clauses (a) and (b) of this
Section 6.06, if any, as may be required by rules and regulations prescribed
from time to time by the Commission;

 

(d)  prepare,
sign and file with the Commission, if necessary appropriate or advisable, a Form
8-A under the Exchange Act; and

 

(e)  prepare
and deliver to the Certificates Agents and other dealers such number of copies
of the prospectus relating to the offer and sale of the Certificates as is
reasonably requested by them and required to be delivered to purchasers of the
Certificates under the Securities Act.

 

Section
6.07  Preferential
Collection of Claims Against Depositor. The
Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent required by TIA
Section 311(a).

 

ARTICLE
VII  

RIGHTS
OF CERTIFICATEHOLDERS

 

Section
7.01  Voting
Rights with Respect to Underlying Notes.

 

(a)  Within
five Business Days after receipt of notice of any meeting of, or other occasion
for the exercise of voting rights or the giving of consents or waivers, or the
acceptance of a tender offer, by, registered holders of any of the Underlying
Notes, the Trustee shall give notice to the Certificateholders setting forth (i)
a record date established therefor by the Trustee, (ii) such information as is
contained in such notice to registered holders of such Underlying Notes, (iii) a
statement that the Certificateholders as of such record date will be entitled,
subject to any applicable provision of law and any applicable terms of such
Underlying Notes, to direct the Trustee as to the exercise of voting rights or
giving of consents or waivers or the acceptance of a tender offer, if any, that
the Trustee, as the registered holder of such Underlying Notes, is entitled to
exercise or give or accept, as the case may be, and (iv) a statement as to the
manner in which instructions may be given to the Trustee.

 

(b)  The
voting, consent or waiver or tender rights allocable to the registered holders
of Underlying Notes pursuant to the terms thereof will be allocated among the
Certificateholders on a pro rata basis (based on their respective Fractional
Undivided Interests) as of a record date established therefor by the Trustee,
and upon the written direction of the Certificateholders, received on or before
the record date established by the Trustee for such purpose, the Trustee shall,
insofar as practicable and permitted under any applicable provision of law and
any applicable provision of the related Underlying Notes, vote and/or tender the
principal amount of Underlying Notes that coincides with each such
Certificateholder's Certificate Principal Balance in accordance with any
nondiscretionary instruction set forth in the written direction of each such
Certificateholder; provided, however, that neither the Trustee, in its capacity
as such under this Agreement (subject to the provisions of 7.02), nor any
Certificateholder may (subject to the provisions of 7.02) (i) take any action
that would affect the conditions under which Underlying Notes may be removed
from Trust Property or (ii) declare an event of default in respect of any
Underlying Notes or waive any event of default thereunder. 

 

38

 

(c)  In the
absence of any written direction from the Certificateholders, the Trustee shall
not exercise any voting, consent or waiver rights with respect to the Underlying
Notes. 

 

(d)  The
Trustee shall endeavor to notify Certificateholders of such rights or
discretionary actions or of the date or dates by when such rights must be
exercised or such action must be taken provided that the Trustee has received,
with respect to Underlying Notes issued in the United States, from the related
Underlying Issuer timely notice of such rights or discretionary corporate action
or of the date or dates such rights must be exercised or such action must be
taken. If the Trustee shall not actually receive such notice, the Trustee shall
have no liability for failing to so notify Certificateholders.

 

Section
7.02  Direction
of Remedies. The
holders of a majority in aggregate Certificate Principal Balance of the
Outstanding Certificates shall have the right to direct any Proceeding for any
remedy in respect of any Underlying Note available to the Trustee as the
registered holder of such Underlying Note. Holders of a majority in aggregate
Certificate Principal Balance of the Outstanding Certificates also have the
right to direct the Trustee to direct any Proceeding for any remedy available to
the applicable trustee of the Underlying Note Agreement under which any
Underlying Note is issued.

 

Notwithstanding
anything to the contrary contained herein, upon request of any
Certificateholder, the Trustee, on behalf of such Certificateholder, shall
enforce any of the Trustee's rights under U.S. Federal or State securities laws
as the purchaser of Underlying Notes from the related Underlying Issuers and
shall promptly notify the Certificateholders that it has received such a request
and is pursuing such enforcement.

 

Section
7.03  Meetings
of Certificateholders.
Certificateholders may exercise any voting right, give any consent or direct the
Trustee at a separate meeting of Certificateholders convened for that purpose or
by written consent. The Trustee will mail to each Certificateholder a notice of
any meeting at which the Certificateholders are entitled to vote or consent or
notice of any matter upon which action by written consent of those
Certificateholders is to be taken. Each such notice will include a statement
setting forth the following information:

 

(i)  the date
of the meeting or the date by which the action is to be taken; and

 

39

 

(ii)  a
description of any resolution proposed for adoption at the meeting on which the
Certificateholders are entitled to vote or consent or of the matter upon which
written consent is sought.

 

Section
7.04  Assignment. The
Depositor and the Trustee, as purchasers of the Underlying Notes, hereby assign
to the purchasers of the Certificates from the Trust any and all of their rights
against the Underlying Issuers under the U.S. Federal and State securities laws
as the purchaser of the Underlying Notes, including, but not limited to, any
civil liability available to a purchaser of securities under Rule 10b-5 of the
Exchange Act and Sections 11 and 12(a)(2) of the Securities Act.

 

ARTICLE
VIII

CONCERNING
THE TRUSTEE AND THE DELAWARE TRUSTEE

 

Section
8.01  Duties
of Trustee.

 

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

 

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

 

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

 

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

 

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

 

40

 

(iii)  except
with respect to actions or duties required to be taken or performed, as
applicable, by the Trustee under the express terms of this Agreement, the
Trustee shall not be required to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties or in the exercise
of any of its rights or powers under this Agreement if there is reasonable
ground for believing that the repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it;

 

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

 

(v)  the
Trustee shall not be personally liable for any indirect, special or
consequential damages, or for loss of business or lost profits, regardless of
the form of action and even if the same were foreseeable.

 

Section
8.02  Certain
Matters Affecting the Trustee.

 

(a)  Except as
otherwise provided in Section 8.01:

 

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

 

(ii)  the
Trustee may consult with counsel of its selection and, in connection with the
preparation of the Trust's tax returns, accountants, and any advice or Opinion
of Counsel or tax return prepared by accountants shall be full and complete
authorization and protection in respect of any action taken or suffered or
omitted by the Trustee under this Agreement in good faith and in accordance with
such advice or Opinion of Counsel or the filing of any tax return;

 

(iii)  except
for the duties and obligations of the Trustee expressly created by this
Agreement, the Trustee shall be under no obligation to exercise any of the
trusts or powers vested in it by this Agreement or to institute, conduct or
defend any Proceeding hereunder or in relation thereto, at the request, order or
direction of any of the Certificateholders pursuant to the terms of this
Agreement unless such Certificateholders or the Depositor shall have offered to
the Trustee security or indemnity satisfactory to it against the costs, expenses
and liabilities which may be incurred therein or thereby;

 

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

 

(v)  the
Trustee shall not be bound to make any investigation into the facts of matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, approval, bond or other paper or
document believed by it to be genuine;

 

41

 

(vi)  the
Trustee may execute any of the trusts or powers or perform any duties under this
Agreement either directly or by or through agents, attorneys or custodians and
the Trustee shall not be responsible for any misconduct or negligence on the
part of any agent, attorney or custodian appointed with due care by it
hereunder;

 

(vii)  the
Trustee shall not be personally liable for any loss, fee, tax or other charge
resulting from the investment or reinvestment of funds or for any liquidation of
an investment held in any Certificate Account pursuant to Sections 3.05 and
3.06;

 

(viii)  the
Trustee shall not be deemed to have notice or actual knowledge of any matter
including, without limitation, any default or Default Event, unless (A) a
Responsible Officer assigned to and working in the Corporate Trust Office has
actual knowledge thereof or (B) written notice thereof is received by the
Trustee at the Corporate Trust Office;

 

(ix)  the
Trustee shall not be personally liable for its failure to act or delay in acting
by reason of circumstances beyond its reasonable control, including without
limitation, acts of God, acts of war or terrorism, earthquakes, fires, floods,
civil or military disturbances, sabotage, epidemics, riots, interruptions, loss
or malfunctions of utilities, computer (hardware or software) or communications
services;

 

(x)  the
Trustee shall not be personally liable for any acts or omissions of the
Depositary or the U.S. Federal Reserve Banks or any malfunction in connection
with the book-entry system of the Depositary or the U.S. Federal Reserve Banks;

 

(xi)  the
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed by the Trustee to act hereunder;
and

 

(xii)  the
Trustee may request that the Depositor deliver an Officers’ Certificate setting
forth the names of individuals and/or titles of officers authorized at such time
to take specified actions pursuant to this Agreement, which Officers’
Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.

 

(b)  Upon any
application or request by the Depositor to the Trustee to take any action under
the provisions of this Agreement, which action is subject to the satisfaction of
a condition precedent (including any covenants compliance with which constitutes
a condition precedent), the Depositor shall furnish to the Trustee: (i) an
Officer’s Certificate stating that all conditions precedent, if any, provided
for in this Agreement relating to the proposed action have been complied with,
(ii) an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with and (iii) (if required by
the TIA) an Independent Certificate from a firm of certified public accountants
meeting the applicable requirements of the TIA, 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 Agreement, 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
Agreement shall include:

 

42

 

(i)  a
statement that such signatory of such certificate or opinion has read or has
caused to be read such covenant or condition and the definitions herein relating
thereto;

 

(ii)  a brief
statement as t 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 judgment of each such signatory, such signatory has made
such examination or investigations as is necessary to enable such signatory 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 each such signatory, such condition
or covenant has been complied with.

 

(c)  The
Trustee shall have the legal power to exercise all of the rights, powers and
privileges of holders of the Underlying Securities in which the Certificates
evidence an interest. However, neither the Trustee (except as specifically
provided herein or in the TIA) nor the Depositor shall be under any obligation
whatsoever to appear in, prosecute or defend any action, suit or other
proceeding in respect of Underlying Securities or Certificates.

 

(d)  All
rights of action under this Agreement or under any of the Certificates,
enforceable by the Trustee, may be enforced by it without the possession of any
of the Certificates, or the production thereof at the trial or other Proceeding
relating thereto, and any Proceeding instituted by the Trustee shall be brought
in its name for the benefit of all the Certificateholders, subject to the terms
of this Agreement.

 

Section
8.03  Limitation
on Liability of Trustee. The
Trustee assumes no responsibility for the correctness of the recitals contained
in this Agreement, the Certificates or any document issued in connection with
the sale of the Certificates (other than its signature and authentication on the
Certificates in its capacity as Authentication Agent). The sole obligor with
respect to any Underlying Note is the related Underlying Issuer. Except as set
forth in Section 8.12, the Trustee makes no representations or warranties as to
the validity or sufficiency of this Agreement, the Certificates (other than its
signature and authentication on the Certificates), any Underlying Note or any
related document. The Trustee shall not be accountable for the use or
application by the Depositor of any of the Certificates or of the proceeds of
such Certificates, or for the use or application of any funds paid to the
Depositor in respect of the Underlying Notes. The Certificates do not represent
interests in or obligations of the Trustee, and the Trustee shall not be
responsible or accountable for any tax, accounting or other treatment proposed
to be applied to the Certificates or any interest therein.

 

43

 

Section
8.04  Trustee
May Own Certificates. The
Trustee, in its individual capacity or in any other capacity, may become the
owner or pledgee of Certificates with the same rights it would have if it were
not Trustee.

 

Section
8.05  Trustee
Fees and Expenses; Limited Indemnification; Expense Reserve
Account.

 

(a)  As
compensation for its services required hereunder and in payment of its expenses
(including the fees and disbursements of its counsel) incurred in connection
with the performance of such services, the Trustee shall be entitled to receive
on each Regular Distribution Date (i) acceptance fees of $3,500 initially and
$1,500 annually, (ii) an annual administrative fee of $3,500 plus 2.0% of the
aggregate principal amount of the Certificates then Outstanding, (iii) a fee of
$50 per request to exercise the Survivor’s Option (iv) an annual fee of $1,000
for any custody accounts established by the Trustee (if applicable) and (v) a
$50 fee per delivery of an Underlying Note to a Certificateholder upon
redemption of such Underlying Note or exercise of a Survivor’s Option with
respect to such Underlying Note (collectively, the "Trustee Fees"), which amount
shall be payable or reimbursable, as the case may be, solely from (x) the
amounts deducted from Available Funds by the Trustee in accordance with Section
4.01(a) hereof and (y) funds, if any, on deposit in the Expense Reserve Account.
In the event that the Available Expense Amount exceeds actual Trust Expenses for
the applicable Distribution Period, the Trustee shall deposit the excess into
the Expense Reserve Account. In the event that actual Trust Expenses exceed the
Available Expense Amount for the applicable Distribution Period, the Trustee
shall apply funds, if any, on deposit in the Expense Reserve Account (including
net investment earnings on such funds) toward the payment of such actual Trust
Expenses. If there are any remaining actual unpaid Trust Expenses after applying
such funds in the Expense Reserve Account, the Trustee will apply any Available
Funds relating to the next succeeding Regular Distribution Date to the payment
of such unpaid expenses on such Regular Distribution Date. 

 

(b)  The
Trustee and any director, officer, employee or agent of the Trustee shall be
indemnified by the Depositor and held harmless against any loss, liability or
expense incurred in connection with this Agreement or the Certificates or the
performance of any of the Trustee's duties under this Agreement, other than any
loss, liability or expense (i) that constitutes a specific liability of the
Trustee under this Agreement or (ii) incurred by reason of willful misconduct,
bad faith or gross negligence in the performance of the Trustee's duties
hereunder or as a result of reckless disregard of the Trustee's obligations and
duties hereunder (such loss, liability or expense, other than as described in
clauses (i) and (ii) of this sentence, "Extraordinary Trust Expense"); provided,
however, that with respect to any such Proceeding, (1) the Trustee shall have
given the Depositor notice thereof promptly after the Trustee shall have
knowledge thereof, (2) while maintaining control over its own defense in any
such Proceeding, the Trustee shall consult with the Depositor in preparing such
defense, and (3) if any Person ever alleges such willful misconduct, bad faith
or gross negligence by the Trustee, the indemnification provided for in this
Section 8.05(b) shall nonetheless be paid upon demand, subject to later
adjustment or reimbursement, until such time as a court of competent
jurisdiction enters a final judgment as to the extent and effect of the alleged
willful misconduct, bad faith or gross negligence. In the event the Trustee is
not indemnified by the Depositor in accordance with this Section 8.05(b), the
Trustee shall nevertheless remain obligated to perform its duties under this
Agreement.

 

44

 

(c)  The
Trustee and the Depositor expressly acknowledge that the limited obligations of
the Depositor to indemnify the Trustee pursuant to Section 8.05(b) do not extend
to amounts attributable to compensation for services or payment of expenses of
the Trustee, which amounts are payable in full in accordance with Section
8.05(a).

 

(d)  On the
Closing Date, the Trustee shall establish an Expense Reserve Account. Funds, if
any, on deposit in the Expense Reserve Account shall be (x) held separate and
apart from, and shall not be commingled with, any other moneys, including,
without limitation, any moneys held by the Trustee pursuant to this Agreement,
(y) invested by the Trustee in Eligible Investments and (z) deposited and
withdrawn in accordance with the provisions of Section 8.05(a). The Certificates
shall evidence ownership of the Expense Reserve Account for U.S. Federal income
tax purposes and the Expense Reserve Account will not be treated as an asset of
the Trust for any purpose. In the event that all actual Trust Expenses are paid
in full upon the final distribution to Certificateholders of all amounts due in
respect of the Underlying Notes, all funds on deposit in the Expense Reserve
Account shall be distributed to the Certificateholders on a pro rata
basis.

 

Section
8.06  Eligibility
Requirements for Trustee.

 

(a)  The
Trustee shall at all times satisfy the requirements of TIA Section 310(a) and
Section (a)(4)(i) of Rule 3a-7 under the Investment Company Act. The Trustee
hereunder shall at all times be a corporation which is not an Affiliate of the
Depositor (but may have normal banking relationships with the Depositor or any
obligor with respect to the Underlying Notes and their respective Affiliates)
organized and doing business under the laws of any State or the United States,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $50,000,000 (or is a wholly-owned subsidiary of
a bank holding company having a consolidated capital and surplus of at least
$50,000,000) and subject to supervision or examination by U.S. Federal or State
banking authorities, and the long-term debt obligations of which are rated in
one of the four highest categories assigned long-term debt obligations by each
of the Rating Agencies. If such corporation or association publishes reports of
conditions at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then the combined capital and
surplus of such corporation or association shall be deemed to be its combined
capital and surplus as set forth in its most recent report of conditions so
published. In the event that at any time the Trustee shall cease to be eligible
in accordance with the terms of this Section 8.06, the Trustee shall resign
immediately in the manner and with the effect specified in Section
8.07.

 

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

 

Section
8.07  Resignation
or Removal of the Trustee and the Delaware Trustee.

 

45

 

(a)  Subject
to the last sentence of this Section 8.07(a), each of the Trustee or the
Delaware Trustee may at any time resign and be discharged from their respective
obligations and duties hereunder by giving written notice thereof to the
Depositor and to all Certificateholders. Upon receiving such notice of
resignation, the Depositor shall as promptly as possible (and in any event
within 45 calendar days after the date of such notice of resignation) appoint a
successor Trustee or Successor Delaware Trustee (as defined below) by written
instrument, in duplicate, which instrument shall be delivered to the resigning
Trustee and to the successor Trustee or Successor Delaware Trustee. A copy of
such instrument shall be delivered to the Certificateholders by the Depositor.
If no such successor Trustee or Successor Delaware Trustee shall have been so
appointed and have accepted appointment within 45 calendar days after the giving
of such notice of resignation, the resigning Trustee or the Delaware Trustee may
petition, at the expense of the Depositor, any court of competent jurisdiction
for the appointment of a successor Trustee for the Certificates.

 

(b)  If at any
time the Trustee or the Delaware Trustee shall cease to be eligible in
accordance with the terms of Sections 8.06 and 8.14, respectively and shall fail
to resign after written request therefor by the Depositor, or if at any time the
Trustee or the Delaware Trustee shall become incapable of acting, or shall be
adjudged bankrupt or insolvent, or a receiver of the Trustee or the Delaware
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or the Delaware Trustee or of their respective
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Depositor may remove the Trustee or the Delaware Trustee
and appoint a successor Trustee or Successor Delaware Trustee by written
instrument, in duplicate, which instrument shall be delivered to the Trustee or
the Delaware Trustee so removed and to the successor Trustee or Successor or
Delaware Trustee. A copy of such instrument shall be delivered to the
Certificateholders by the Depositor.

 

(c)  Any
resignation or removal of the Trustee or the Delaware Trustee and appointment of
a successor Trustee or Successor Delaware Trustee pursuant to any of the terms
of this Section 8.07 shall not become effective until acceptance of appointment
by the successor Trustee or Successor Delaware Trustee as provided in Section
8.08.

 

Section
8.08  Successor
Trustee and Successor Delaware Trustee.

 

(a)  Any
successor Trustee appointed as provided in Section 8.07 shall execute,
acknowledge and deliver to the Depositor and its predecessor Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Trustee shall become effective and
such successor Trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of the
predecessor Trustee under this Agreement, with the like effect as if originally
named as Trustee in this Agreement. The predecessor Trustee, upon payment of all
amounts owed to it hereunder, shall deliver to the successor Trustee all
documents and statements held by it under this Agreement, and the Depositor and
the predecessor Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for more fully and certainly vesting
and confirming in the successor Trustee all such rights, powers, duties and
obligations. No successor Trustee shall accept appointment as provided in this
Section 8.08 unless at the time of such acceptance such successor Trustee shall
be eligible under the terms of Section 8.06.

 

46

 

(b)  Upon
acceptance of appointment by a successor Trustee as provided in this Section
8.08, the Depositor shall transmit notice of the succession of such Trustee
under this Agreement to all Certificateholders.

 

(c)  The
Delaware Trustee shall not be removed until a successor Trustee possessing the
qualifications to act as Delaware Trustee under Section 8.14 and 8.16 (a
“Successor Delaware Trustee”) has been appointed and has accepted such
appointment by written instrument executed by such Successor Delaware Trustee
and delivered to the Trustees and the Depositor.

 

Section
8.09  Merger
or Consolidation of Trustee. Any
corporation or association into which the Trustee or the Delaware Trustee may be
merged or converted or with which it may be consolidated or any corporation or
association resulting from any merger, conversion or consolidation to which the
Trustee or the Delaware Trustee shall be a party, or any corporation or
association succeeding to all or substantially all the corporate trust business
of the Trustee or the Delaware Trustee, shall be the successor of the Trustee or
the Delaware Trustee, respectively under this Agreement, provided, that such
corporation or association shall be eligible under the terms of Section 8.06 or
8.14, as the case may be, without the execution or filing of any paper or any
further act on the part of any of the parties to this Agreement, anything in
this Agreement to the contrary notwithstanding.

 

Section
8.10  Appointment
of Co-Trustee.

 

(a)  Notwithstanding
any other terms of this Agreement, at any time, for the purpose of meeting any
legal requirements of any jurisdiction in which any party of the Trust Property
may at the time be located, the Depositor and the Trustee acting jointly shall
have the power and shall execute and deliver all instruments to appoint one or
more Persons approved by the Trustee to act as co-Trustee or co-Trustees,
jointly with the Trustee, of all or any part of the Trust Property, and to vest
in such Person or Persons, in such capacity, such title to the Trust Property,
or any part thereof, and, subject to the other terms of this Section 8.10, such
powers, duties, obligations, rights and trusts as the Depositor and the Trustee
may consider necessary or desirable. If the Depositor shall not have joined in
such appointment within 30 calendar days after the receipt by it of a request so
to do, the Trustee alone shall have the power to make such appointment. No
co-Trustee under this Agreement shall be required to meet the terms of
eligibility as a successor Trustee under Section 8.06 and no notice to
Certificateholders of the appointment of a co-Trustee or co-Trustees shall be
required under Section 8.08.

 

(b)  In the
case of any appointment of a co-Trustee pursuant to this Section 8.10, all
rights, powers, duties and obligations conferred or imposed upon the Trustee
shall be conferred or imposed upon and exercised or performed by the Trustee and
such co-Trustee jointly, except to the extent that under any law of any
jurisdiction in which any particular act or acts are to be performed by the
Trustee, the Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties and obligations (including the
holding of title to such Trust Property or any portion thereof in any such
jurisdiction) shall be exercised and performed by such co-Trustee at the
direction of the Trustee.

 

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

 

47

 

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

 

(e)  No
Trustee hereunder shall be personally liable by reason of any act or omission of
any other Trustee hereunder.

 

Section
8.11  Presentment
and Surrender at Corporate Trust Office. The
Certificates may be surrendered for registration of transfer or exchange, and
presented and surrendered on the Final Scheduled Distribution Date, on a Special
Distribution Date resulting from the optional redemption of Underlying Notes or
upon an event requiring removal of any Underlying Notes from the Trust Property,
and notices and demands to or upon the Trustee in respect of the Certificates
and this Agreement may be served, at the designated office of the
Trustee.

 

Section
8.12  Representations
and Warranties of Trustee.

 

(a)  The
Trustee represents and warrants that:

 

(i)  the
Trustee is a national association duly organized, validly existing and in good
standing under the laws of the United States.

 

(ii)  the
Trustee has full power, authority and right to execute, authenticate, deliver
and perform its duties and obligations under this Agreement and the Certificates
and has taken all necessary action to authorize the execution, authentication,
delivery and performance by it (or, with respect to the Certificates, by an
Authenticating Agent on its behalf, if applicable) of this Agreement and the
Certificates;

 

(iii)  the
execution, authentication and delivery of this Agreement and the Certificates by
the Trustee and its performance of and compliance with the terms of this
Agreement and the Certificates will not violate the Trustee's charter or by-laws
or constitute a default under, or result in the breach or acceleration of, any
contract, agreement or other instrument to which the Trustee is a party or which
may be applicable to the Trustee or any of its assets; and

 

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

 

48

 

(b)  Within 30
calendar days of the discovery by the Trustee of a breach of any of its
representations or warranties set forth in this Section 8.12, the Trustee shall
promptly cure such breach.

 

Section
8.13  Limitation
of Powers and Duties. The
Trust is constituted solely for the purposes of acquiring and holding the
Underlying Notes, issuing the Certificates and engaging in activities necessary,
advisable or incidental to the foregoing. The Trust may not incur any additional
debt other than debt that does not constitute a claim against the Trust
Property. The Trustee is not authorized to acquire any other investments or
engage in any activities not authorized in this Agreement and, in particular,
subject to the Trustee’s obligation to perform all acts required of it by this
Agreement, the Trustee is not authorized (i) to Transfer any of the Underlying
Notes or interests therein to any Person except as contemplated in Section 3.08,
3.09 or 3.10 or (ii) to do anything that would cause the Trust to (1) be
required to be registered under the Investment Company Act or (2) cause the
Trust to be taxed as a corporation or a publicly traded partnership taxable as a
corporation or otherwise alter the classification of the Trust for U.S. Federal
income tax purposes.

 

Section
8.14  Delaware
Trustee.

 

(a)  The
Delaware Trustee is appointed to serve as the trustee of the Trust in the State
of Delaware for the sole purpose of satisfying the requirement of Section
3807(a) of the Act that the Trust have at least one trustee with a principal
place of business in the State of Delaware. It is understood and agreed by the
parties hereto that the Delaware Trustee shall have none of the duties or
liabilities of the other Trustee.

 

(b)  The
duties of the Delaware Trustee shall be limited to (i) accepting legal process
served on the Trust in the State of Delaware and (ii) the execution of any
certificates required to be filed with the Delaware Secretary of State which the
Delaware Trustee is required to execute under Section 3811 of the Act. To the
extent that, at law or in equity, the Delaware Trustee has duties (including
fiduciary duties) and liabilities relating thereto to the Trust or the
Certificateholders, it is hereby understood and agreed by the other parties
hereto that such duties and liabilities are replaced by the duties and
liabilities of the Delaware Trustee expressly set forth in this Agreement. The
Delaware trustee shall have no liability for the acts or omissions of the other
Trustee.

 

(c)  The
Delaware Trustee shall be entitled to all of the same rights, protections
indemnities and immunities under this Agreement and with respect to the Trust as
the other Trustee. No amendment or waiver of any provision of this Agreement
which adversely affects the Delaware Trustee shall be effective against it
without its prior written consent.

 

Section
8.15  Qualifications
of Delaware Trustee. If
required by the Business Act, the Delaware Trustee shall be:

 

(a)  a natural
person who is a resident of the State of Delaware; or 

 

49

 

(b)  if not a
natural person, an entity which has its principal place of business in the State
of Delaware, and otherwise meets the requirements of applicable
law;

 

provided that, if the
Trustee has its principal place of business in the State of Delaware and
otherwise meets the requirements of applicable law, then the Trustee shall also
be the Delaware Trustee and Section 8.14 shall have no application.

 

Section
8.16  Representations
and Warranties of Delaware Trustee. The
Delaware Trustee represents and warrants to the Trust and to the Depositor as of
the date hereof, and each Successor Delaware Trustee represents and warrants to
the Trust and the Depositor at the time of the Successor Delaware Trustee’s
acceptance of its appointment as Delaware Trustee, that:

 

(a)  the
Delaware Trustee is duly organized, validly existing and in good standing under
the laws of the State of Delaware, with trust powers and the authority to
execute and deliver, and to carry out and perform its obligations under the
terms of, this Trust Agreement;

 

(b)  the
Delaware Trustee has been authorized to perform its obligations under the
Certificate of Trust and the Trust Agreement. The Trust Agreement under Delaware
law constitutes a legal, valid and binding obligation of the Delaware Trustee,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, reorganization, moratorium, insolvency, and other similar laws
affecting creditors’ rights generally and to general principles of equity and
the discretion of the court (regardless of whether the enforcement of such
remedies is considered in a proceeding in equity or at law);

 

(c)  no
consent, approval or authorization of, or registration with or notice to, any
federal banking authority is required for the execution, delivery or performance
by the Delaware Trustee of this Trust Agreement; and

 

(d)  the
Delaware Trustee is an entity which has its principal place of business in the
State of Delaware.

 

Section
8.17  Certain
Qualifications of Delaware Trustee Generally. The
Delaware Trustee (unless the Trustee also acts as Delaware Trustee) shall either
be a natural person who is at least 21 years of age or a legal entity that shall
act through one or more Officers.

 

ARTICLE
IX  

TERMINATION

 

Section
9.01  Termination
of the Trust.

 

(a)  The Trust
shall dissolve upon the earlier of the receipt by the Trust of all amounts
required to be paid by the Underlying Issuers of their respective Underlying
Notes then constituting a part of the Trust Property or [date][45 years from the
date of this Agreement].

 

(b)  Upon the
dissolution of the Trust, (i) the Trust shall carry on no business except for
the purpose of winding up its affairs, including the obligations of the Trustee
on behalf of the Trust to provide reports and other information under this
Agreement and to make distributions to Certificateholders as herein set forth
and (ii) the Trustee shall proceed to wind up the affairs of the Trust and shall
continue, under this Agreement, to have the powers to fulfill or discharge the
Trust’s contracts, collect its assets, discharge or pay its liabilities and do
all other acts appropriate to liquidate its business.

 

50

 

(c)  Written
notice of any termination shall be provided to each Certificateholder and the
Depositor within ten Business Days of such termination, unless such termination
occurs on the Final Scheduled Distribution Date.

 

(d)  On the
Final Scheduled Distribution Date, unless none of the Certificates are then
Outstanding, the Trustee shall distribute to each Certificateholder presenting
and surrendering its Certificates, the amount distributable on the Final
Scheduled Distribution Date pursuant to Section 4.01 in respect of the
Certificates so presented and surrendered. Any funds not distributed on the
Final Scheduled Distribution Date shall be set aside and held in trust by the
Trustee for the benefit of Certificateholders that fail to present and surrender
their Certificates on the Final Scheduled Distribution Date and shall be
disposed of upon such presentation and surrender, subject to Sections 4.01 and
5.09. Immediately following the deposit of such funds in trust hereunder, the
Trustee shall execute and file with the Secretary of State of the State of
Delaware a certificate of cancellation under the Act, and thereupon the Trustee
shall be discharged from all liabilities and duties hereunder, the rights and
interests of all Certificateholders shall cease and the Trust shall
terminate.

 

ARTICLE
X  

MISCELLANEOUS
TERMS

 

Section
10.01  Trust
Indenture Act; Conflict with Trust Indenture Act.

 

(a)  This
Trust Agreement is subject to the provisions of the TIA that are required to be
part of this Trust Agreement and shall, to the extent applicable, be governed by
such provisions.

 

(b)  The
Trustee shall be the only Trustee which is the trustee for the purpose of the
TIA.

 

(c)  If any
provision hereof limits, qualifies or conflicts with another provision hereof
which is required to be included in this Trust Agreement by any of the
provisions of the Trust Indenture Act, such required provision shall control. If
any provision of this Trust Agreement modifies or excludes any provision of the
TIA which may be so modified or excluded, the latter provision shall be deemed
to apply to this Trust Agreement as so modified or excluded, as the case may
be.

 

(d)  The
application of the TIA to this Trust Agreement shall not affect the nature of
the Certificates as equity securities representing undivided beneficial
interests in the assets of the Trust.

 

Section
10.02  Amendment
of this Agreement.

 

51

 

(a)  This
Agreement may be amended from time to time by the Depositor, the Trustee and the
Delaware Trustee without the consent of any of the Certificateholders for any of
the following purposes: (i) to cure any ambiguity or to correct or supplement
any provision in this Agreement which may be defective or inconsistent with any
other provision in this Agreement; (ii) to add to the covenants, restrictions or
obligations of the Depositor for the benefit of the Certificateholders, (iii) to
comply with any requirements imposed by the Code; (iv) to amend or
waive the terms of Section 8.05(b) in any manner which shall not adversely
affect the Certificateholders in any material respect; (v) to evidence and
provide for the acceptance of appointment under this Agreement by a successor
Trustee or Successor Delaware Trustee or (vi) to correct or supplement any
provision in this Agreement which is inconsistent with any other provision
hereunder.

 

(b)  This
Agreement may also be amended from time to time by the Depositor, the Trustee
and the Delaware Trustee with the consent of Certificateholders representing a
majority of the aggregate Certificate Principal Balances of the Outstanding
Certificates on the date of such determination for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the
Certificateholders; provided, however, that, the consent of 100% of the
aggregate Certificate Principal Balances of all Outstanding Certificates on the
date of such determination shall be required in the event any such amendment
would (i) reduce in any manner the amount, delay the timing or otherwise alter
the pass-through nature of payments received on Underlying Notes that are
required to be distributed on any Certificate, (ii) reduce the Certificate
Principal Balance of the Certificates except upon payment on the Final Scheduled
Distribution Date or upon the occurrence of a Removal Event or Wind-up Event, an
event requiring removal of any Underlying Notes from the Trust Property pursuant
to Section 3.10 or the optional redemption of Underlying Notes, or (iii) reduce
the aforesaid required percentages required for the consent to any amendment
with the consent of the Certificateholders.

 

(c)  Notwithstanding
the foregoing, no amendment of this Agreement pursuant to Section 10.02(a) or
(b) hereof shall be permitted that would (1) require the Trust to be registered
under the Investment Company Act, (2) cause the Trust to be taxed as an
association or publicly traded partnership taxable as a corporation or otherwise
alter the classification of the Trust for U.S. Federal income tax purposes, (3)
result in a sale or exchange of any Certificate for tax purposes, (4) change or
add any Removal Events or Wind-up Events or any conditions under which any
Underlying Notes are required to be removed from the Trust Property, (5)
substitute Underlying Notes of an Underlying Issuer for debt securities of
another issuer or (6) modify the provisions of this Agreement in a manner that
would permit the Trustee, in its capacity as such under this Agreement, or the
Certificateholders to declare or waive an event of default in respect of the
Underlying Notes.

 

(d)  Promptly
after the execution of any amendment under this Section 10.02, the Trustee shall
furnish a copy of such amendment to each Certificateholder.

 

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

 

52

 

Section
10.04  Limitation
on Rights of Certificateholders.

 

(a)  The death
or incapacity of any Certificateholder shall not (1) operate to terminate this
Agreement or the Trust Property, (2) entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any Proceeding in any
court for a partition or winding up of the Trust Property or (3) otherwise
affect the rights, obligations and liabilities of the parties thereto or any of
them.

 

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

 

Section
10.05  Governing
Law; Non-exclusive Submission to Jurisdiction; Waiver of Jury
Trial. THIS
AGREEMENT AND EACH CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES THEREOF. With respect to any Proceedings relating to or arising out
of this Agreement, the Depositor, Trustee (including any Authentication Agent,
Certificate Registrar and Paying Agent), Administrative Agent, the Delaware
Trustee and each Certificateholder irrevocably submits to the non-exclusive
jurisdiction of the courts of the State of New York and the United States
District Court located in the Borough of Manhattan in New York City. Nothing in
this Agreement precludes any such Person from bringing Proceedings in any other
jurisdiction, nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction.
EACH OF THE DEPOSITOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTEND PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE CERTIFICATES
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section
10.06  Notices. All
directions, demands and notices under this Agreement shall be in writing (which
may include a facsimile transmission) and shall be delivered to the Trustee at
its Corporate Trust Office, to the Delaware Trustee at White Clay Center, Route
273, Newark, DE 19711, Attention: Corporate Trust Administration and to the
Administrative Agent at One North LaSalle Street, Suite 3500, Chicago, IL 60602.
Any notice required to be given to a Certificateholder will be sent by first
class mail, postage prepaid, to the last address of such Certificateholder set
forth in the Certificate Register or will be given by facsimile to such number
as may be provided to the Trustee and the Administrative Agent. Any notice so
mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given when mailed, whether or not the
Certificateholder receives such notice. Notices given by facsimile will be
effective upon confirmation (including electronic confirmation) of effective
transmission.

 

53

 

Section
10.07  Severability
of Terms. If any
one or more of the covenants, agreements or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements or terms
shall be deemed severable from the remaining covenants, agreements or terms of
this Agreement and shall in no way affect the validity or enforceability of the
other terms of this Agreement or of the Certificates or the rights of the
Certificateholders.

 

Section
10.08  Notice
to Rating Agencies. The
Trustee shall use its best efforts promptly to provide notice to the Rating
Agencies with respect to each of the following events as to which it has actual
knowledge:

 

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

 

(ii)  the
resignation or termination of the Trustee;

 

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

 

(iv)  any
Removal Event;

 

(v)  any event
requiring removal of any Underlying Note from the Trust Property in accordance
with Section 3.12;

 

(vi)  any
optional redemption of Underlying Notes; and

 

(vii)  the final
distribution to Certificateholders.

 

In
addition, the Trustee shall promptly furnish to the Rating Agencies (i) copies
of each report to Certificateholders described in Section 4.02 and (ii) any
other information with respect to the Certificates or the Trust Property
reasonably requested by any Rating Agency in connection with maintaining the
then current ratings of the Certificates. Any such notice pursuant to this
Section 10.08 shall be in writing and shall be deemed to have been duly given if
personally delivered, sent by facsimile or mailed by first class mail, postage
prepaid, or by express delivery service to the Rating Agencies. 

 

The
Trustee makes this covenant as a matter of courtesy and accommodation only and
shall not be liable to any Person for any failure to comply
therewith.

 

Section
10.09  No
Recourse. Each
Holder, by its acceptance of a Certificate or a beneficial interest or
participation therein, acknowledges that such Holder's Certificate represents a
beneficial ownership interest in the assets of the Trust only and does not
represent an interest in or obligation of the Depositor, the Trustee, any
Affiliate of the Depositor or the Trustee or any other entity or any of their
respective directors, managers, officers, employees or agents and no recourse
may be had against such Persons or individuals or their respective assets,
except as may be expressly set forth or contemplated in this Agreement or the
Certificates, and each Holder's recourse is limited to the Trust Property
secured hereby. The Trustee shall have no recourse to the Underlying
Notes.

 

Section
10.10  No
Petition Covenant.
Notwithstanding any prior termination of this Agreement, the Trustee and each
Certificateholder shall not, prior to the date which is one year and one day
after the termination of this Agreement, acquiesce in, petition or otherwise
invoke or cause the Trust or the Depositor to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Trust or the Depositor under any U.S. Federal or State bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Trust or the
Depositor or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Trust or the Depositor.

 

54

 

Section
10.11  Intention
of Parties. The
parties hereto intend that the Trust be classified for U.S. Federal income tax
purposes as a grantor trust under Subpart E, Part I of Subchapter J of the Code
and not as a trust or association taxable as a corporation or as a partnership.
Each Certificateholder, by its acceptance of its Certificate or a beneficial
interest or participation therein, agrees to treat the Trust as a grantor trust
for all U.S. Federal, State and local income tax purposes. The powers granted
and obligations undertaken pursuant to this Agreement shall be so construed so
as to further such intent.

 

Section
10.12  Force
Majeure. In no
event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly
or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

55

IN
WITNESS WHEREOF, the Depositor, the Trustee and Securities Intermediary and the
Administrative Agent have each caused this Agreement to be duly executed by its
duly authorized representative as of the date first above written.

 

BOND
TRUST PRODUCTS LLC, as Depositor

 

By: /s/
Steven J. Hartman

_____________________________________

Name:
Steven J. Hartman

Title:
Managing Member

 

THE BANK
OF NEW YORK TRUST COMPANY, N.A.,

as
Trustee and Securities Intermediary

 

By: /s/
Derek Kettel

_____________________________________

Name:
Derek Kettel

Title:
Vice President

 

THE BANK
OF NEW YORK (DELAWARE),

as
Delaware Trustee

 

By: /s/
Kristine K. Gullo

_____________________________________

Name:
Kristine K. Gullo

Title:
Vice President

 

INCAPITAL
HOLDINGS LLC,

as
Administrative Agent

 

By: /s/
Steven J. Hartman

_____________________________________

Name:
Steven J. Hartman

Title:
Managing Director

 

56

 

SCHEDULE
I

 

Underlying
Note Schedule

 

	
      Issuer
	
      CUSIP
	
      Rank
	
      Coupon/

      Formula
	
      Interest
      Payment Date(s)
	
      Principal
      Amount

      ($
      MM)
	
      %
      of Aggregate Principal Amount
	
      Maturity
      Date
	
      First
      Redemption Date
	
      Moody’s
      Rating
	
      S&P
      Rating
	
      Survivor’s
      Option

	
      Bank
      of America Corporation

       
	
      06050WBK0

       
	
      Senior
      Unsecured

       
	
      4.10%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	$500,000 	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      Aa2

       
	
      AA-

       
	
      Yes

       

	
      CIT
      Group, Inc.

       
	
      12557WKX8

       
	
      Senior
      Unsecured

       
	
      4.30%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      A2

       
	
      A

       
	
      Yes

       

	
      Daimler
      Chrysler North America Holding Corporation

       
	
      2338E8XU8

       
	
      Senior
      Unsecured

       
	
      5.30%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      A3

       
	
      BBB

       
	
      Yes

       

	
      EOP
      Operating Limited Properties

       
	
      26876ECC7

       
	
      Senior
      Unsecured

       
	
      4.625%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      Baa2

       
	
      BBB+

       
	
      Yes

       

	
      GE
      Capital Corporation

       
	
      36966RXP6

       
	
      Senior
      Unsecured

       
	
      4.05%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	$500,000 	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      Aaa

       
	
      AAA

       
	
      Yes

       

	
      HSBC
      Finance Corporation

       
	
      40429XCX2

       
	
      Senior
      Unsecured

       
	
      4.35%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      A1

       
	
      A

       
	
      Yes

       

	
      Marshall
      & Isley Corporation

       
	
      57183MFJ4

       
	
      Senior
      Unsecured

       
	
      4.15%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      A1

       
	
      A

       
	
      Yes

       

	
      Merrill
      Lynch & Co., Inc.

       
	
      5901M0GQ6

       
	
      Senior
      Unsecured

       
	
      4.20%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      Aa3

       
	
      A+

       
	
      Yes

       

	
      National
      Rural Utilities Cooperative Finance Corporation

       
	
      63743FCA2

       
	
      Senior
      Unsecured

       
	
      4.25%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      A2

       
	
      A

       
	
      Yes

       

	
      Protective
      Life Secured Trust

       
	
      74367CCT0

       
	
      Senior
      Unsecured

       
	
      4.15%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      Aa3

       
	
      AA

       
	
      Yes

       

	
      Prudential
      Financial Inc.

       
	
      74432AHU7

       
	
      Senior
      Unsecured

       
	
      4.25%

       
	
      6/15
      and 12/15 each year beginning 12/15/2005

       
	 $500,000	
      9.09%

       
	
      6/15/2010

       
	
      NA

       
	
      A3

       
	
      A-

       
	
      Yes

       

 

All of
the underlying bonds have a Day-Count Convention of 30/360. None of the
underlying bonds are listed or quoted on any securities exchange. All of the
underlying bonds initially were sold in agented offerings. All of the underlying
bonds are newly issued bonds.

 

 

EXHIBIT
A

 

FORM OF
CERTIFICATE

 

[FACE OF
CERTIFICATE]

 

EACH
PERSON THAT PURCHASES A CERTIFICATE WILL BE DEEMED TO REPRESENT THAT ITS
ACQUISITION OF SUCH CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION. IN ADDITION, IN THE EVENT THE CERTIFICATES DO NOT
CONSTITUTE PUBLICLY OFFERED SECURITIES, EACH PERSON THAT PURCHASES THIS
CERTIFICATE ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE PROVISIONS OF SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED, OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED, WILL BE DEEMED TO REPRESENT THAT EITHER (I) THE PLAN IS SO REPRESENTED
IN THIS REGARD BY A QPAM OR INHAM (AS THOSE TERMS ARE DEFINED IN PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTE") 84-14 AND PTE 96-23, RESPECTIVELY) AND WILL
BE SO REPRESENTED FOR SO LONG AS SUCH PLAN HOLDS THIS CERTIFICATE, AND THAT THE
OTHER CONDITIONS OF PTE 84-14 OR PTE 96-23 ARE AND WILL AT ALL TIMES BE
SATISFIED, (II) THE CONDITIONS TO THE APPLICABILITY OF PTE 90-1, PTE 95-60 OR
PTE 91-38 ARE AND WILL AT ALL TIMES BE SATISFIED OR (III) THE CONDITIONS OF
ANOTHER APPLICABLE EXEMPTION ARE AND WILL AT ALL TIMES BE SATISFIED, SUCH THAT
IN THE CASE OF EITHER (I), (II) OR (III), THE APPLICABLE EXEMPTION APPLIES TO
THE PURCHASE, CONTINUED HOLDING AND DISPOSITION OF THIS CERTIFICATE, AS WELL AS
TO THE UNDERLYING TRANSACTIONS OF THE TRUST REFERRED TO HEREIN.

 

1

 

[Include
if this Certificate is a Global Certificate:

 

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

 

[Include
if this Certificate is a Global Certificate and DTC is the
Depositary:

 

Unless
this certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation ("DTC"), to the Trustee or its agent for
registration of transfer, exchange or payment, and any certificate issued in
exchange for this certificate or any portion hereof is registered in the name of
Cede & Co. or in such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such
other entity as is requested by an authorized representative of DTC), any
transfer, pledge or other use hereof for value or otherwise by or to any person
is wrongful inasmuch as the registered owner hereof, Cede & Co., has an
interest herein.]

 

2

 

	
      CERTIFICATE
      
	
      CERTIFICATE
      PRINCIPAL BALANCE: $5,500,000

No.
______

 

CUSIP
No.: 09788EAA6

 

ISIN
US:

 

Common
Code No:

 

Bond
Trust Products Trust A

Pass-Through
Certificate

 

Issuance
Date: June 3, 2005

 

Final
Scheduled Distribution Date: June 15, 2010

 

Evidencing
a Fractional Undivided Interest in

Bond
Trust Products Trust A

 

THIS
CERTIFIES THAT _______________, for value received, is the registered owner (the
"Holder") of $5,500,000 (Five Million Five Hundred Thousand dollars) in
Certificate Principal Balance, subject to change as specified in Schedule 1
hereto, in Bond Trust Products Trust A (the "Trust") created pursuant to a Trust
Agreement, dated as of May 31, 2005 (the "Trust Agreement"), among The Bank of
New York Trust Company, N.A., as trustee and securities intermediary (the
"Trustee"), The Bank of New York (Delaware), as Delaware trustee, Bond Trust
Products LLC, as depositor (the "Depositor"), and Incapital Holdings LLC, as
administrative agent, a summary of certain of the pertinent provisions of which
is set forth below. To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in the Trust
Agreement.

 

This
Certificate is one of the duly authorized Certificates designated as
"Pass-Through Certificates" (the "Certificates"). This Certificate is issued
under and is subject to the terms, provisions, and conditions of the Trust
Agreement. By virtue of its acceptance hereof, the Holder assents to and agrees
to be bound by the provisions of the Trust Agreement.

 

This
Certificate evidences a Fractional Undivided Interest in the Trust Property.
Subject to the terms and conditions of the Trust Agreement, until the
obligations created by the Trust Agreement shall have terminated in accordance
therewith, Certificateholders will be entitled to receive on the related
Distribution Date distributions in an amount equal to their Fractional Undivided
Interest in the amounts received by the Trustee and required to be distributed
to Certificateholders on such Distribution Date pursuant to the terms of the
Trust Agreement.

 

Except as
otherwise provided in the Trust Agreement and notwithstanding the foregoing,
distributions payable on the Final Scheduled Distribution Date, on a Special
Distribution Date resulting from the optional redemption of Underlying Notes or
upon a removal of Underlying Notes under the circumstances prescribed in the
Trust Agreement will be made only upon presentation and surrender of this
Certificate at the designated office of the Trustee.

 

3

 

Each
Certificateholder, by its acceptance of this Certificate or a beneficial
interest herein, agrees to treat the Trust as a trust, the certificateholders of
which are treated as the owners thereof under Section 671 of the Code, for U.S.
Federal income tax purposes.

 

THE TRUST
AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES THEREOF.

 

Signatures
must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Trustee, which requirements include membership or
participation in the Security Transfer Agent Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Trustee in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended. Unless the certificate of
authentication hereon has been executed by the Trustee, by manual or facsimile
signature, this Certificate shall not be entitled to any benefit under the Trust
Agreement or be valid for any purpose.

 

This
Certificate does not purport to summarize the Trust Agreement and reference is
hereby made to the Trust Agreement for information with respect to the rights,
benefits, obligations and duties evidenced thereby. A copy of the Trust
Agreement may be examined by any Certificateholder, upon request (free of
charge), during normal business hours at the Corporate Trust Office of the
Trustee, located initially at 10161 Centurion Parkway, Jacksonville, Florida
32256, and at such other places, if any, designated by the Trustee.

 

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

 

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

 

	 	 	 
	 	BOND TRUST PRODUCTS
      TRUST A
	 
 	 
 	 
 
		          	By: The Bank of New York Trust
      Company, N.A., as Trustee
	 	
       

      By: 

      _________________________________

      Authorized
      Signatory

	 	

 

Dated:
June 3, 2005

 

4

 

Trustee's
Certificate of Authentication:

 

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

 

	Dated: June 3, 2005      	The Bank of New York Trust Company,
      N.A.,
      as
      Trustee

       

      By:

      _________________________________

      Authorized
      Signatory

   

5

 

[REVERSE
OF CERTIFICATE]

Bond
Trust Products Trust A

Pass-Through
Certificate

 

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

 

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

 

As
provided in the Trust Agreement and subject to certain limitations herein and
therein set forth, this Certificate is exchangeable for new Certificates of
authorized denominations representing the same aggregate Certificate Principal
Balance, as requested by the Holder surrendering the same. The Trustee may
require payment of a sum sufficient to cover any tax or governmental charges
payable in connection therewith and any expenses reasonably incurred by the
Trustee, except as otherwise specified in the Trust Agreement.

 

The
Certificates are issuable only in registered form without coupons initially in
denominations of $1,000.

 

Prior to
due presentment for registration of transfer, the Depositor, the Trustee and any
agent of the Depositor or the Trustee may treat the person in whose name this
Certificate is registered as the owner hereof for all purposes, and none of the
Depositor, the Trustee or any such agent shall be affected by any notice to the
contrary.

 

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

 

Notwithstanding
anything contained in the Trust Agreement to the contrary, the Trust Agreement
has been accepted by the Trustee, not in its individual capacity but solely as
Trustee. In no event shall the Trustee have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Depositor thereunder or in any of the certificates, notices or agreements of the
Depositor delivered pursuant thereto, as to all of which recourse shall be had
solely to the assets of the Depositor, and, except as specified in Section 8.05
of the Trust Agreement, under no circumstances shall the Trustee be personally
liable for the payment of any indebtedness or expenses of the Trust. This
Certificate does not represent an interest in or obligation of the Trustee and
the Trustee shall not be responsible or accountable for any tax, accounting or
other treatment proposed to be applied to the Certificates or any interest
therein except as expressly provided in the Trust Agreement.

 

6

 

[Include
if this Certificate is a Global Certificate]

 

Schedule
1

 

SCHEDULE
OF CHANGES IN OUTSTANDING CERTIFICATE PRINCIPAL BALANCE

 

The
following notations in respect of changes in the outstanding Certificate
Principal Balance of this Global Certificate have been made in respect of a
Removal Event or a Special Distribution Date resulting from the optional
redemption of Underlying Notes:

 

	
      Date
	
      Initial
      Certificate Principal Balance
	
      Change
      in Outstanding Principal Balance
	
      New
      Certificate Principal Balance
	
      Notation
      Made
      by

7

 

Annex
A

 

FORM
OF NOTICE OF REMOVAL OF 

UNDERLYING
NOTES FROM TRUST PROPERTY

 

[Name and
Address of Certificateholder]

 

Re: Bond
Trust Products Trust A

 

Pass-Through
Certificates

 

We hereby
notify you in accordance with Section 3.08(a) of the Trust Agreement, dated as
of May 31, 2005 (the "Trust Agreement"), among Bond Trust Products LLC, as
Depositor, The Bank of New York Trust Company, N.A., as trustee and securities
intermediary, The Bank of New York (Delaware), as Delaware trustee and Incapital
Holdings LLC, as administrative agent, [of the occurrence of a Removal
Event/Wind-up Event with respect to the following Underlying Notes: [specify
series or issue of Underlying Notes and specific Removal Event/Wind-up Event]]
[that the following series or issue of Underlying Notes are subject to removal
from the Trust Property in accordance with Section 3.11 of the Trust
Agreement.]

 

[In
accordance with Section 3.08/3.09, you have the right to have the administrative
agent sell your pro rata portion of the Underlying Notes [subject to removal and
receive the proceeds thereof]. If you choose to exercise this option, please
notify us no later than three Business Days from your receipt of this
notification by completing and returning to our attention, the form of notice
specified in Annex B to the Trust Agreement.] [[If you choose not to exercise
this option,] we will distribute to you your pro rata portion of the Underlying
Notes subject to removal.]

 

Capitalized
terms used but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Trust Agreement.

 

	 	
      INCAPITAL
      HOLDINGS LLC

       

       

      By:
      ___________________________

      Name:

      Title:

 

8

Annex
B

FORM
OF NOTICE OF ELECTION TO SELL

 

[Administrative
Agent]

 

Attention:
Corporate Trust Administration

 

	Re:	
      Bond
      Trust Products Trust A

      Pass-Through Certificates

 

The
undersigned Holder of this Certificate hereby irrevocably exercises the option
to effect the sale of its pro rata portion of the Underlying Notes subject to
removal as specified in the notice received by the Trustee on ___________ ,
2005, with respect to the following Underlying Notes: [specify series or issue
of Underlying Notes subject to removal] in accordance with the terms of the
Trust Agreement, dated as of _______ (the "Trust Agreement"), among Bond Trust
Products LLC, as Depositor, The Bank of New York Trust Company, N.A., as trustee
and securities intermediary, The Bank of New York (Delaware), as Delaware
trustee and Incapital Holdings LLC, as administrative agent.

 

Dated:______________________ Signature________________________________

 

Signature
Guarantee: _________________________

 

 

Social
Security or other

Taxpayer
Identification

Number,
if any: ____________________________________

 

1

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