Document:

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                                                                   EXHIBIT 10.24

                          MASTER SUBSIDIARY GUARANTY

To:  Bank of America, N.A. ("Lender")
                             ------

                                   RECITALS

     A.   Reference is made to that certain Credit Agreement dated as of
December 15, 2000 between California Pizza Kitchen, Inc., a California
corporation ("Borrower") and Lender (as amended, restated, extended,
              --------
supplemented or otherwise modified in writing from time to time, the
"Agreement;" the terms defined therein being used herein as therein defined).
 ---------

     B.   Each Guarantor is a direct or indirect Domestic Subsidiary of Borrower
and has derived, and expects to continuing deriving, direct and indirect
benefits from extensions of credit made to Borrower, and now desires to guaranty
the Obligations

     C.   It is a requirement of the Credit Agreement that each direct or
indirect Domestic Subsidiary of Borrower execute and delivery this Master
Subsidiary Guaranty or a joinder hereto (as amended, restated, extended,
supplemented or otherwise modified in writing from time to time, this
"Guaranty").
 --------

     NOW, THEREFORE, each Guarantor agrees as follows:

     1.   For valuable consideration, each of the undersigned (together with
each Person becoming a party hereto pursuant to Paragraph 18 hereof, each, a
"Guarantor" and collectively, "Guarantors") unconditionally, absolutely and
 ---------                     ----------
irrevocably jointly and severally guarantees and promises to pay to Lender, or
order, on demand, in lawful money of the United States and in immediately
available funds, any and all present or future Obligations owing to Lender and
Indemnitees (collectively, the "Guarantied Parties"). The term Obligations has
                                ------------------
the meaning assigned to such term under the Credit Agreement and is used herein
in its most comprehensive sense and includes any and all advances, debts,
obligations, and liabilities of all Borrower Parties, now, or hereafter made,
incurred, or created, whether voluntary or involuntarily, and however arising,
including, without limitation, any and all attorneys' fees (including the
allocated cost of inhouse counsel), costs, premiums, charges, or interest owed
by any Borrower Party to any Guarantied Party under the Loan Documents, whether
due or not due, absolute or contingent, liquidated or unliquidated, determined
or undetermined, whether a Borrower Party may be liable individually or jointly
with others, whether recovery upon such indebtedness may be or hereafter becomes
barred by any statute of limitations or whether such indebtedness may be or
hereafter become otherwise unenforceable.

     2.   This Guaranty is a continuing guaranty which relates to any
Obligations, including those which arise under successive transactions which
shall either cause a Borrower Party to incur new Obligations, continue the
Obligations from time to time, or renew them after they have been satisfied.
Each Guarantor agrees that nothing shall discharge or satisfy its obligations
created hereunder except for the full payment of the Obligations.  Any payment
by any Guarantor shall not reduce its maximum obligation hereunder.

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     3.   Each Guarantor agrees that it is directly and primarily liable to the
Guarantied Parties, that its obligations hereunder are independent of the
Obligations of any Borrower Party, or of any other guarantor, and that a
separate action or actions may be brought and prosecuted against any Guarantor,
whether action is brought against a Borrower Party or whether a Borrower Party
is joined in any such action or actions.  Each Guarantor agrees that any
releases which may be given by Guarantied Parties to a Borrower Party or any
other guarantor shall not release it from this Guaranty.

     4.   The obligations of each Guarantor under this Guaranty shall not be
affected, modified or impaired upon the occurrence from time to time of any of
the following, whether or not with notice to or the consent of any Guarantor (a)
the compromise, settlement, change, modification, amendment (whether material or
otherwise) or partial termination of any or all of the Obligations; (b) the
failure to give notice to any Guarantor of the occurrence of any Event of
Default under the terms and provisions of the Agreement; (c) the waiver of the
payment, performance or observance of any of the Obligations; (d) the taking or
omitting to take any actions referred to in any Loan Document or of any action
under this Guaranty; (e) any failure, omission or delay on the part of the
Guarantied Parties to enforce, assert or exercise any right, power or remedy
conferred in this Guaranty, the Credit Agreement, any other Loan Document or any
other indulgence or similar act on the part of the Guarantied Parties in good
faith and in compliance with applicable law; (f) the voluntary or involuntary
liquidation, dissolution, sale or other disposition of all or substantially all
of the assets, marshalling of assets, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors or readjustment of, or other similar
proceedings which affect any Guarantor, any other guarantor of any of the
Obligations of a Borrower Party or any of the assets of any of them, or any
allegation of invalidity or contest of the validity of this Guaranty in any such
proceeding; (g) to the extent permitted by law, the release or discharge of any
other guarantors of the Obligations from the performance or observance of any
obligation, covenant or agreement contained in any guaranties of the Obligations
by operation of law; or (h) the default or failure of any other guarantors of
the Obligations fully to perform any of their respective obligations set forth
in any such guaranties of the Obligations.  To the extent any of the foregoing
refers to any actions which the Guarantied Parties may take, each Guarantor
hereby agrees that the Guarantied Parties may take such actions in such manner,
upon such terms, and at such times as the Guarantied Parties, in their
discretion, deem advisable, without, in any way or respect, impairing,
affecting, reducing or releasing any Guarantor from its undertakings hereunder
and each Guarantor hereby consents to each and all of the foregoing actions,
events and occurrences.

     5.   Each Guarantor hereby waives (a) any and all rights to require
Guarantied Parties to prosecute or seek to enforce any remedies against a
Borrower Party or any other party liable to Guarantied Parties on account of the
Obligations; (b) any right to assert against Guarantied Parties any defense
(legal or equitable), set-off, counterclaim, or claim which such Guarantor may
now or at any time hereafter have against a Borrower Party or any other party
liable to the Guarantied Parties in any way or manner under the Credit
Agreement; (c) all defenses, counterclaims and off-sets of any kind or nature,
arising directly or indirectly from the present or future lack of perfection,
sufficiency, validity or enforceability of any Loan Document and the security
interest granted pursuant thereto; (d) any defense arising by reason of any
claim or defense based upon an election of remedies by the Guarantied Parties
including, without limitation, any direction to proceed by judicial or
nonjudicial foreclosure or by deed in lieu

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thereof, which, in any manner impairs, affects, reduces, releases, destroys or
extinguishes such Guarantor's subrogation rights, rights to proceed against a
Borrower Party for reimbursement, or any other rights of such Guarantor to
proceed against a Borrower Party, against any other guarantor, or against any
other security, with such Guarantor understanding that the exercise by the
Guarantied Parties of certain rights and remedies may offset or eliminate such
Guarantor's right of subrogation against a Borrower Party, and that such
Guarantor may therefore incur partially or totally non-reimbursable liability
hereunder; (e) all presentments, demands for performance, notices of non-
performance, protests, notices of protest, notices of dishonor, notices of
default, notice of acceptance of this Guaranty, and notices of the existence,
creation, or incurring of new or additional indebtedness, and all other notices
or formalities to which such Guarantor may be entitled; and (f) without limiting
the generality of the foregoing, such Guarantor hereby expressly waives any and
all benefits of California Civil Code Sections 2809, 2810, 2819, 2825, 2839 and
2845 through 2850.

     6.   Each Guarantor hereby agrees that unless and until all Obligations
have been paid to Guarantied Parties in full, it shall not have any rights of
subrogation, reimbursement or contribution as against a Borrower Party or any
other guarantor, if any, and shall not seek to assert or enforce the same. Each
Guarantor understands that the exercise by the Guarantied Parties of certain
rights and remedies contained in the Loan Documents may affect or eliminate such
Guarantor's right of subrogation if any, against a Borrower Party and that such
Guarantor may therefore incur a partially or totally non-reimbursable liability
hereunder; nevertheless, such Guarantor hereby authorizes and empowers
Guarantied Parties to exercise, in their sole discretion, any right and remedy,
or any combination thereof, which may then be available, since it is the intent
and purpose of such Guarantor that the obligations hereunder shall be absolute,
independent and unconditional under any and all circumstances.

     7.   Each Guarantor is presently informed of the financial condition of
each Borrower Party and of all other circumstances which a diligent inquiry
would reveal and which bear upon the risk of nonpayment of the Obligations. Each
Guarantor hereby covenants that it will continue to keep itself informed of the
financial condition of each Borrower Party, the status of other guarantors, if
any, and of all other circumstances which bear upon the risk of nonpayment. Each
Guarantor hereby waives its right, if any, to require the Guarantied Parties to
disclose to it any information which Lender may now or hereafter acquire
concerning such condition or circumstances including, but not limited to, the
release of any other guarantor.

     8.   Lender's books and records evidencing the Obligations shall be
admissible in any action or proceeding and shall be binding upon the Guarantors
for the purpose of establishing the terms set forth therein and shall constitute
prima facie proof thereof.

     9.   Notwithstanding anything to the contrary contained herein, the
obligations of each Guarantor hereunder shall be limited to an aggregate amount
equal to the largest amount that would not render its obligations hereunder
subject to avoidance under Section 548 of the Bankruptcy Code (Title 11, United
States Code) or any comparable provisions of any applicable state law.

     10.  Each Guarantor represents and warrants for and with respect to itself
that:

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          (a)  Guarantor is a corporation duly organized, validly existing and
     in good standing under the Laws of the state of its incorporation, has the
     power and authority and the legal right to own and operate its properties,
     to lease the properties it operates and to conduct its business, is duly
     qualified and in good standing under the Laws of each jurisdiction where
     its ownership, lease or operation of properties or the conduct of its
     business requires such qualification, and is in compliance with all Laws
     except to the extent that noncompliance does not have a Material Adverse
     Effect.

          (b)  Guarantor has the power and authority and the legal right to
     make, deliver and perform this Guaranty and to authorize the execution,
     delivery and performance of this Guaranty. No consent or authorization of,
     filing with, or other act by or in respect of any Governmental Authority,
     is required in connection with the execution, delivery, performance,
     validity or enforceability of this Guaranty. This Guaranty has been duly
     executed and delivered by Guarantor, and constitutes a legal, valid and
     binding obligation of Guarantor, enforceable against Guarantor in
     accordance with its terms, except as enforceability may be limited by
     applicable Debtor Relief Laws affecting the enforcement of creditors'
     rights generally or by equitable principles relating to enforceability.

          (c)  The execution, delivery, and performance by Guarantor of this
     Guaranty and compliance with the provisions hereof have been duly
     authorized by all requisite action on the part of Guarantor and do not and
     will not (i) violate or conflict with, or result in a breach of, or require
     any consent, except where such violation, conflict, breach or failure to
     obtain consent would not have a Material Adverse Effect, under (A) any
     Organization Documents of Guarantor or any of its Subsidiaries, (B) any
     applicable Laws, rules, or regulations or any order, writ, injunction, or
     decree of any Governmental Authority or arbitrator, or (C) any Contractual
     Obligation of Guarantor or any of its Subsidiaries or by which any of them
     or any of their property is bound or subject, (ii) constitute a default
     under any such agreement or instrument, except where such default would not
     have a Material Adverse Effect or (iii) result in, or require, the creation
     or imposition of any Lien on any material portion of the properties of
     Guarantor or any of its Subsidiaries.

          (d)  No litigation, investigation or proceeding of or before an
     arbitrator or Governmental Authority is pending or, to the best knowledge
     of Guarantor, threatened by or against Guarantor or any of its Subsidiaries
     or against any of their properties or revenues which, if determined
     adversely, could have a Material Adverse Effect.

          (e)  The execution, delivery and performance by Guarantor of this
     Guaranty does not constitute, to the best knowledge of Guarantor, a
     "fraudulent conveyance," "fraudulent obligation" or "fraudulent transfer"
     within the meanings of the Uniform Fraudulent Conveyances Act or Uniform
     Fraudulent Transfer Act, as enacted in any jurisdiction.

     11.  All notices and other communications hereunder shall be delivered, in
the manner and with the effect provided in the Credit Agreement and, in the case
of Guarantors, in care of Borrower.

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     12.  This Guaranty shall be binding upon the successors and assigns of each
Guarantor and shall inure to the benefit of the Guarantied Parties' successors
and assigns.  This Guaranty cannot be assigned by any Guarantor without the
prior written consent of Guarantied Parties which shall be in Guarantied
Parties' sole and absolute discretion.

     13.  No failure or delay by the Guarantied Parties in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

     14.  Guarantors shall jointly and severally pay (a) all reasonable out-of-
pocket expenses of Guarantied Parties, including reasonable fees and
disbursements of counsel (including the allocated cost of inhouse counsel and
staff) for Lender, in connection with any waiver or consent hereunder or any
amendment hereof and (b) all out-of-pocket expenses incurred by Guarantied
Parties, including fees and disbursements of counsel (including the allocated
cost of inhouse counsel and staff), in connection with the enforcement of this
Guaranty (whether or not suit is brought).

     15.  No modification of this Guaranty shall be effective for any purpose
unless it is in writing and executed by an officer of Lender authorized to do
so.  This Guaranty merges all negotiations, stipulations and provisions relating
to the subject matter of this Guaranty which preceded or may accompany the
execution of this Guaranty.

     16.  Any indebtedness of Borrower Parties now or hereafter held by any
Guarantor is hereby subordinated to the indebtedness of Borrower Parties to
Guarantied Parties; and after the occurrence and during the continuance of an
Event of Default, such indebtedness of Borrower Parties to any Guarantor if
Lender so requests shall be collected, enforced and received by each Guarantor
as trustee for Guarantied Parties and be paid over to Lender on account of the
indebtedness of Borrower Parties to Guarantied Parties but without reducing or
affecting in any manner the liability of any Guarantor under the other
provisions of this guaranty.

     17.  It is not necessary for Guarantied Parties to inquire into the powers
of any Borrower Party or of the officers, directors or agents acting or
purporting to act on their behalf, and any indebtedness made or created in
reliance upon the professed exercise of such powers shall be guaranteed
hereunder.

     18.  Any Person becoming a Domestic Subsidiary shall become a Guarantor
hereunder by executing and delivering a Joinder Agreement and by complying with
the terms of Section 6.13 of the Credit Agreement.  Upon Lender`s receipt of a
duly executed and delivered Joinder Agreement, this Guaranty shall be deemed
amended to include such additional Person as a Guarantor, and such Person shall
become a party hereto as through a signatory hereto, with no amendment or
further action required hereunder, and thereafter, all references to Guarantors
shall include such additional Person.

     19.  THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE

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GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REFERENCE TO THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

     20.  This Guaranty may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument.

     DATED AS OF:  December 15, 2000

                              "Guarantors"
                              CPK MANAGEMENT COMPANY

                              CALIFORNIA PIZZA KITCHEN
                                OF ILLINOIS, INC.

                              By         /s/ Gregory S. Levin
                                 -------------------------------------------
                                               Gregory S. Levin
                                   Vice President and Assistant Secretary
Acknowledged:

BANK OF AMERICA, N.A.

By:     /s/ David J. Stassel
    -----------------------------
            David J. Stassel
            Vice President

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                 MORGAN STANLEY DEAN WITTER SELECT EQUITY TRUST
                      SELECT 10 INDUSTRIAL PORTFOLIO 2001-1
                            REFERENCE TRUST AGREEMENT

          This Reference Trust Agreement dated December 29, 2000 between DEAN
WITTER REYNOLDS INC., as Depositor, and The Bank of New York, as Trustee, sets
forth certain provisions in full and incorporates other provisions by reference
to the document entitled "Morgan Stanley Dean Witter Select Equity Trust, Trust
Indenture and Agreement" (the "Basic Agreement") dated September 30, 1993 as
amended on December 30, 1997. Such provisions as are incorporated by reference
constitute a single instrument (the "Indenture").

                                WITNESSETH THAT:

          In consideration of the premises and of the mutual agreements herein
contained, the Depositor and the Trustee agree as follows:

                                       I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

          Subject to the provisions of Part II hereof, all the provisions
contained in the Basic Agreement are herein incorporated by reference in their
entirety and shall be deemed to be a part of this instrument as fully and to the
same extent as though said provisions had been set forth in full in this
instrument except that the Basic Agreement is hereby amended as follows:

          A. The first sentence of Section 2.01 is amended to add the following
     language at the end of such sentence: "and/or cash (or a letter of credit
     in lieu of cash) with instructions to the Trustee to purchase one or more
     of such Securities which cash (or cash in an amount equal to the face
     amount of the letter of credit), to the extent not used by the Trustee to
     purchase such Securities within the 90-day period following the first
     deposit of Securities in the Trust, shall be distributed to Unit Holders on
     the Distribution Date next following such 90-day period or such earlier
     date as the Depositor and the Trustee determine".

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                                      -2-

          B. Section 2.03 is amended to add the following to the end of the
     first paragraph thereof. The number of Units may be increased through a
     split of the Units or decreased through a reverse split thereof, as
     directed by the Depositor, which revised number of Units shall be recorded
     by Trustee on its books.

          C. The first sentence of Section 2.06 is amended to add the following
     language after "Securities"))": "and/or cash (or a letter of credit in lieu
     of cash) with instructions to the Trustee to purchase one or more
     Additional Securities which cash (or cash in an amount equal to the face
     amount of the letter of credit), to the extent not used by the Trustee to
     purchase such Additional Securities within the 90-day period following the
     first deposit of Securities in the Trust, shall be distributed to Unit
     Holders on the Distribution Date next following such 90-day period or such
     earlier date as the Depositor and the Trustee determine".

          D. Article III, entitled "Administration of Trust", Section 3.01
     Initial Cost shall be amended as follows:

          Section 3.01 Initial Cost shall be amended to substitute the following
language:

          SECTION 3.01. INITIAL COST The costs of organizing the Trust and sale
     of the Trust Units shall, to the extent of the expenses reimbursable to the
     Depositor provided below, be borne by the Unit Holders, PROVIDED, HOWEVER,
     that, to the extent all of such costs are not borne by Unit Holders, the
     amount of such costs not borne by Unit Holders shall be borne by the
     Depositor and, PROVIDED FURTHER, HOWEVER, that the liability on the part of
     the Depositor under this section shall not include any fees or other
     expenses incurred in connection with the administration of the Trust
     subsequent to the deposit referred to in Section 2.01. Upon notification
     from the Depositor that the primary offering period is concluded, the
     Trustee shall withdraw from the Account or Accounts specified in the
     Prospectus or, if no Account is therein specified, from the Principal
     Account, and pay to the Depositor the Depositor's reimbursable expenses of
     organizing the Trust and sale of the Trust Units in an amount certified to
     the Trustee by the Depositor. If the balance of the Principal Account is
     insufficient to make such withdrawal, the Trustee shall, as di-

<PAGE>
                                      -3-

     rected by the Depositor, sell Securities identified by the Depositor, or
     distribute to the Depositor Securities having a value, as determined under
     Section 4.01 as of the date of distribution, sufficient for such
     reimbursement. The reimbursement provided for in this section shall be for
     the account of the Unitholders of record at the conclusion of the primary
     offering period and shall not be reflected in the computation of the Unit
     Value prior thereto. As used herein, the Depositor's reimbursable expenses
     of organizing the Trust and sale of the Trust Units shall include the cost
     of the initial preparation and typesetting of the registration statement,
     prospectuses (including preliminary prospectuses), the indenture, and other
     documents relating to the Trust, SEC and state blue sky registration fees,
     the cost of the initial valuation of the portfolio and audit of the Trust,
     the initial fees and expenses of the Trustee, and legal and other
     out-of-pocket expenses related thereto, but not including the expenses
     incurred in the printing of preliminary prospectuses and prospectuses,
     expenses incurred in the preparation and printing of brochures and other
     advertising materials and any other selling expenses. Any cash which the
     Depositor has identified as to be used for reimbursement of expenses
     pursuant to this Section shall be reserved by the Trustee for such purpose
     and shall not be subject to distribution or, unless the Depositor otherwise
     directs, used for payment of redemptions in excess of the per-Unit amount
     allocable to Units tendered for redemption.

          E. The third paragraph of Section 3.05 is hereby amended to add the
     following sentence after the first sentence thereof: "Depositor may direct
     the Trustee to invest the proceeds of any sale of Securities not required
     for the redemption of Units in eligible money market instruments selected
     by the Depositor which will include only negotiable certificates of deposit
     or time deposits of domestic banks which are members of the Federal Deposit
     Insurance Corporation and which have, together with their branches or
     subsidiaries, more than $2 billion in total assets, except that
     certificates of deposit or time deposits of smaller domestic banks may be
     held provided the deposit does not exceed the insurance coverage on the
     instrument (which currently is $100,000), and provided further that the
     Trust's aggregate holding of certificates of deposit or time deposits
     issued by the Trustee may not ex-

<PAGE>
                                      -4-

     ceed the insurance coverage of such obligations and U.S. Treasury notes or
     bills (which shall be held until the maturity thereof) each of which
     matures prior to the earlier of the next following Distribution Date or 90
     days after receipt, the principal thereof and interest thereon (to the
     extent such interest is not used to pay Trust expenses) to be distributed
     on the earlier of the 90th day after receipt or the next following
     Distribution Date."

          F. The first sentence of each of Sections 3.10, 3.11 and 3.12 is
     amended to insert the following language at the beginning of such sentence,
     "Except as otherwise provided in Section 3.13,".

          G. The following new Section 3.13 is added

          SECTION 3.13. EXTRAORDINARY EVENT-SECURITY RETENTION AND VOTING. In
     the event the Trustee is notified of any action to be taken or proposed to
     be taken by holders of the securities held by the Trust in connection with
     any proposed merger, reorganization, spin-off, split-off or split-up by the
     issuer of stock or securities held in the Trust, the Trustee shall take
     such action or refrain from taking any action, as appropriate, so as to
     insure that the securities are voted as closely as possible in the same
     manner and in the same general proportion as are the securities held by
     owners other than the Trust. If stock or securities are received by the
     Trustee, with or without cash, as a result of any merger, reorganization,
     spin-off, split-off or split-up by the issuer of stock or securities held
     in the Trust, the Trustee at the direction of the Depositor may retain such
     stock or securities in the Trust. Neither the Depositor nor the Trustee
     shall be liable to any person for any action or failure to take action with
     respect to this section.

          H. Section 1.01 is amended to add the following definition: (9)
     "Deferred Sales Charge" shall mean any deferred sales charge payable in
     accordance with the provisions of Section 3.14 hereof, as set forth in the
     prospectus for a Trust. Definitions following this definition (9) shall be
     renumbered.

          I. Section 3.05 is hereby amended to add the following paragraph after
     the end thereof: On each Deferred Sales Charge payment date set forth in
     the prospectus for

<PAGE>
                                      -5-

     a Trust, the Trustee shall pay the account created pursuant to Section 3.14
     the amount of the Deferred Sales Charge payable on each such date as stated
     in the prospectus for a Trust. Such amount shall be withdrawn from the
     Principal Account from the amounts therein designated for such purpose.

          J. Section 3.06B(3) shall be amended by adding the following: "and any
     Deferred Sales Charge paid".

          K. Section 3.08 shall be amended by adding the following at the end
     thereof: "In order to pay the Deferred Sales Charge, the Trustee shall sell
     or liquidate an amount of Securities at such time and from time to time and
     in such manner as the Depositor shall direct such that the proceeds of such
     sale or liquidation shall equal the amount required to be paid to the
     Depositor pursuant to the Deferred Sales Charge program as set forth in the
     prospectus for a Trust.

          L. Section 3.14 shall be added as follows:

          Section 3.14. Deferred Sales Charge. If the prospectus for a Trust
     specifies a Deferred Sales Charge, the Trustee shall, on the dates
     specified in and as permitted by the prospectus, withdraw from the Income
     Account if such account is designated in the prospectus as the source of
     the payments of the Deferred Sales Charge, or to the extent funds are not
     available in that account or if such account is not so designated, from the
     Principal Account, an amount per Unit specified in the prospectus and
     credit such amount to a special, non-Trust account maintained at the
     Trustee out of which the Deferred Sales Charge will be distributed to the
     Depositor. If the Income Account is not designated as the source of the
     Deferred Sales Charge payment or if the balances in the Income and
     Principal Accounts are insufficient to make any such withdrawal, the
     Trustee shall, as directed by the Depositor, either advance funds, if so
     agreed to by the Trustee, in an amount equal to the proposed withdrawal and
     be entitled to reimbursement of such advance upon the deposit of additional
     monies in the Income Account or the Principal Account, sell Securities and
     credit the proceeds thereof to such special Depositor's account or credit
     Securities in kind to such special Depositor's Account. Such directions
     shall identify the Securities, if any, to be

<PAGE>
                                      -6-

     sold or distributed in kind and shall contain, if the Trustee is directed
     by the Depositor to sell a Security, instructions as to execution of such
     sales. If a Unit Holder redeems Units prior to full payment of the Deferred
     Sales Charge, the Trustee shall, if so provided in the prospectus, on the
     Redemption Date, withhold from the Redemption Price payment to such Unit
     Holder an amount equal to the unpaid portion of the Deferred Sales Charge
     and distribute such amount to such special Depositor's account or, if the
     Depositor shall purchase such Unit pursuant to the terms of Section 5.02
     hereof, the Depositor shall pay the Redemption Price for such Unit less the
     unpaid portion of the Deferred Sales Charge. The Depositor may at any time
     instruct the Trustee to distribute to the Depositor cash or Securities
     previously credited to the special Depositor's account.

          M. Reference to "Dean Witter Select Equity Trust" is replaced by
     "Morgan Stanley Dean Witter Select Equity Trust".

                                       II.

                      SPECIAL TERMS AND CONDITIONS OF TRUST

          The following special terms and conditions are hereby agreed to:

          A. The Trust is denominated Morgan Stanley Dean Witter Select Equity
Trust Select 10 Industrial Portfolio 2001-1 (the "Select 10 Trust").

          B. The publicly traded stocks listed in Schedule A hereto are those
which, subject to the terms of this Indenture, have been or are to be deposited
in trust under this Indenture.

          C. The term "Depositor" shall mean Dean Witter Reynolds Inc.

          D. The aggregate number of Units referred to in Sections 2.03 and 9.01
of the Basic Agreement is 24,802 for the Select 10 Trust.

          E. A Unit is hereby declared initially equal to 1/24,802th for the
Select 10 Trust.

<PAGE>
                                      -7-

          F. The term "In-Kind Distribution Date" shall mean February 8, 2002.

          G. The term "Record Dates" shall mean August 1, 2001, November 1, 2001
and March 8, 2002 and such other date as the Depositor may direct.

          H. The term "Distribution Dates shall mean August 15, 2001,
November 15, 2001 and on or about March 8, 2002 and such other date as
the Depositor may direct.

          I. The term "Termination Date" shall mean March 1, 2002.

          J. The Depositor's Annual Portfolio Supervision Fee shall be a maximum
of $0.25 per 100 Units.

          K. The Trustee's Annual Fee as defined in Section 6.04 of the
Indenture shall be $0.72 per 100 Units.

          L. For a Unit Holder to receive an "in-kind" distribution during the
life of the Trust, such Unit Holder must tender at least 25,000 Units for
redemption. There is no minimum amount of Units that a Unit Holder must tender
in order to receive an "in-kind" distribution on the In-Kind Date or in
connection with a rollover.

          M. The Indenture is amended to provide that the period during which
the Trustee shall liquidate the Trust Securities shall not exceed 14 business
days commencing on the first business day following the In-Kind Date.

               (Signatures and acknowledgments on separate pages)

<PAGE>
                                      -8-

          The Schedule of Portfolio Securities in the prospectus included in
this Registration Statement is hereby incorporated by reference herein as
Schedule A hereto.

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