Document:

Exhibit 4.1

                    STRUCTURED ASSET TRUST UNIT REPACKAGINGS
                                   (SATURNSSM)

--------------------------------------------------------------------------------

                       STANDARD TERMS FOR TRUST AGREEMENTS

                            MS Structured Asset Corp.
                                 (as Depositor)

                                       and

                        LaSalle Bank National Association
                                  (as Trustee)

--------------------------------------------------------------------------------

                                February 20, 2003

<PAGE>

                                TABLE OF CONTENTS
                                                                            Page
                                                                            ----

                                    ARTICLE I

                            Definitions; Construction

SECTION 1.01.  Definitions.....................................................1
SECTION 1.02.  Rules of Construction..........................................15
SECTION 1.03.  Article and Section References.................................15

                                   ARTICLE II

                 Declaration of Trust; Entry into Swap Agreement

SECTION 2.01.  Creation and Declaration of Trust; Assignment of Underlying
               Securities.....................................................15
SECTION 2.02.  Entry into Swap Agreement and Distribution Agreement...........16
SECTION 2.03.  Acceptance by Trustee..........................................17
SECTION 2.04.  Representations and Warranties of the Depositor................17
SECTION 2.05.  Breach of Representation or Warranty...........................18
SECTION 2.06.  Agreement to Authenticate and Deliver Units....................18

                                   ARTICLE III

               Trust Powers; Administration of the Trust Property

SECTION 3.01.  Trust Property.................................................18
SECTION 3.02.  Administration of the Trust....................................19
SECTION 3.03.  Collection of Certain Underlying Security Payments.............20
SECTION 3.04.  Sale...........................................................20
SECTION 3.05.  Unit Account...................................................21
SECTION 3.06.  Investment of Funds in the Accounts............................23
SECTION 3.07   Retained Interest..............................................24
SECTION 3.08.  Access to Certain Documentation................................24

                                   ARTICLE IV

                    Distributions and Reports to Unitholders

SECTION 4.01.  Distributions..................................................24
SECTION 4.02.  Reports to Unitholders and Others..............................24
SECTION 4.03.  Calculation of Interest Rates..................................27
SECTION 4.04.  Compliance with Tax Reporting and Withholding Requirements.....27
SECTION 4.05.  Preservation of Information, Communications to Holders.........27

                                    ARTICLE V

                                    The Units

SECTION 5.01.  The Units......................................................28
SECTION 5.02.  Execution, Authentication and Delivery.........................28
SECTION 5.03.  Registration; Registration of Transfer and Exchange............29
SECTION 5.04.  Mutilated, Destroyed, Lost and Stolen Units....................30
SECTION 5.05.  Distributions in Respect of Units..............................31
SECTION 5.06.  Persons Deemed Owners..........................................31
SECTION 5.07.  Cancellation...................................................32
SECTION 5.08.  Currency of Distributions in Respect of Units; Redenomination..32
SECTION 5.09.  Appointment of Paying Agent....................................32
SECTION 5.10.  Authenticating Agent...........................................33
SECTION 5.11.  Issuance and Transfer Restrictions.............................34
SECTION 5.12.  Optional Exchange..............................................36
SECTION 5.13.  Callable Series................................................38
SECTION 5.14.  Additional Issuance............................................39

                                   ARTICLE VI

                                  The Depositor

SECTION 6.01.  Liability of the Depositor.....................................39
SECTION 6.02.  Limitation on Liability of the Depositor.......................39
SECTION 6.03.  Depositor May Purchase Units...................................40
SECTION 6.04.  Preparation and Filing of Exchange Act Reports; Obligations
               of the Depositor...............................................40
SECTION 6.05.  Preferential Collection of Claims Against......................57

                                   ARTICLE VII

                              Rights of Unitholders

SECTION 7.01.  Voting Rights with Respect to Underlying Securities............41
SECTION 7.02.  Amendments and Waivers Under Swap Agreement and Guarantee......42

                                  ARTICLE VIII

           Default on Underlying Securities and Permitted Investments

SECTION 8.01.  Realization Upon Default.......................................43

                                   ARTICLE IX

                   Trust Wind-Up Events and Liquidation Events

SECTION 9.01.  Liquidation Events.............................................43
SECTION 9.02.  Trust Wind-Up Events...........................................44
SECTION 9.03.  Expense Event..................................................45
SECTION 9.04.  Special Depositor Wind-Up Event................................45
SECTION 9.05.  Disposition of Trust Property..................................45
SECTION 9.06.  Limitation on Notice Requirement...............................49

                                    ARTICLE X

                             Concerning the Trustee

SECTION 10.01.  Duties of Trustee.............................................49
SECTION 10.02.  Certain Matters Affecting the Trustee.........................50
SECTION 10.03.  Limitation on Liability of Trustee............................51
SECTION 10.04.  Trustee May Own Units.........................................52
SECTION 10.05.  Trustee Fees and Expenses; Limited Indemnification............52
SECTION 10.06.  Eligibility Requirements for Trustee..........................53
SECTION 10.07.  Resignation or Removal of the Trustee.........................53
SECTION 10.08.  Successor Trustee.............................................54
SECTION 10.09.  Merger or Consolidation of Trustee............................54
SECTION 10.10.  Appointment of Co-Trustee.....................................55
SECTION 10.11.  Appointment of Office or Agency...............................55
SECTION 10.12.  Representations and Warranties of Trustee.....................56
SECTION 10.13.  Limitation of Powers and Duties...............................57

                                   ARTICLE XI

                                   Termination

SECTION 11.01.  Termination of the Trust......................................57

                                   ARTICLE XII

                               Miscellaneous Terms

SECTION 12.01.  Amendment of Trust Agreement; Waivers.........................58
SECTION 12.02.  Counterparts..................................................60
SECTION 12.03.  Limitation on Rights of Unitholders...........................60
SECTION 12.04.  Governing Law.................................................60
SECTION 12.05.  Notices.......................................................60
SECTION 12.06.  Severability of Terms.........................................61
SECTION 12.07.  Perfection of Swap Counterparty Security Interest.............61
SECTION 12.08.  No Recourse...................................................61
SECTION 12.09.  Non-Petition..................................................61
SECTION 12.10.  Merger and Consolidation......................................62
SECTION 12.11.  Conflict With Trust Indenture Act.............................62

EXHIBIT A          Form of Trust Agreement

EXHIBIT B-1        Form of Registered Unit

<PAGE>

                    STRUCTURED ASSET TRUST UNIT REPACKAGINGS
                                   (SATURNSSM)

                       STANDARD TERMS FOR TRUST AGREEMENTS

                  LaSalle Bank National Association, as Trustee
                     MS Structured Asset Corp., as Depositor

         These Standard Terms for Trust Agreements, dated February 20, 2003
("Standard Terms"), may be incorporated by reference in one or more Trust
Agreements (each a "Trust Agreement") relating to a particular series of
Structured Asset Trust Unit Repackagings (SATURNSSM) described in the Prospectus
dated February 20, 2003 and the applicable Prospectus Supplement. Any such Trust
Agreement may be in the form of Exhibit A hereto or such other form as MS
Structured Asset Corp. (the "Depositor") and the Trustee may approve, such
approval to be evidenced by their execution thereof. All terms defined herein
shall have meanings solely with respect to the particular Trust Agreement in
which these Standard Terms are incorporated. Incorporation of these Standard
Terms into a Trust Agreement is for convenience only to avoid the necessity of
physically including the Standard Terms in such Trust Agreement, and each trust
created by a Trust Agreement shall be a legally separate and distinct trust from
any other trust created by any other Trust Agreement into which these Standard
Terms may also be incorporated. These Standard Terms shall by themselves be of
no force and effect, and shall only have effect as and to the extent
incorporated by reference in a Trust Agreement. Execution hereof by the Trustee
and the Depositor is for purposes of identification only and the absence of such
execution shall not affect the validity of any Trust Agreement or these Standard
Terms to the extent incorporated therein. The Trust Agreement into which these
Standard Terms are incorporated by reference, including any Schedules thereto
and made a part thereof and these Standard Terms so incorporated by reference
therein, as amended, modified or supplemented from time to time, shall together
constitute a single Trust Agreement and are referred to herein as the "Trust
Agreement". In the event of a conflict between any Trust Agreement, including
the Schedules attached thereto, and these Standard Terms, the Trust Agreement
and such Schedules shall control. The expression herein that specific terms may
be supplemented, altered or otherwise changed by a Trust Agreement shall not be
construed to mean that other terms may not.

                                    ARTICLE I

                            Definitions; Construction

         SECTION 1.01. Definitions. Except as otherwise specified herein, the
applicable Trust Agreement or as the context may otherwise require, the
following terms have the respective meanings set forth below for all purposes of
these Standard Terms:

         "25% Test": The restriction on Transfer of Units set forth in Section
5.11(c)(i).

         "Account":  As defined in Section 3.06.

         "Affected Transaction":  As defined in the Swap Agreement.

         "Affected Underlying Securities": With respect to any Liquidation
Event, the Underlying Securities affected by an Underlying Security Default,
Disqualified Underlying Securities, or Underlying Securities related to a
Termination Event.

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

         "Authenticating Agent": As defined in Section 5.10.

         "Available Funds": With respect to any Distribution Date, (i) all
amounts received by the Trustee on or with respect to the Underlying Securities
or other Trust Property plus (ii) all investment income from Permitted
Investments plus (iii) all Swap Amounts, if any, paid to the Trustee by the Swap
Counterparty pursuant to the Swap Agreement, or by the Guarantor pursuant to the
Guarantee, minus (iv) all amounts paid or payable to the Swap Counterparty by
the Trustee pursuant to the Swap Agreement, minus (v) any amounts reimbursable
to the Trustee under Section 10.02(a)(ix), in each case on deposit in the Unit
Account, and available for distribution, on such Distribution Date.

         "Benefit Plan Investor": Any (i) "employee benefit plan" (as defined in
Section 3(3) of ERISA), whether or not it is subject to the fiduciary
responsibility provisions of Title I of ERISA, including any U.S. governmental
plans and any foreign governmental or private pension plans, (ii) "plan"
described in Section 4975(e)(1) of the Code, or (iii) entity whose underlying
assets include plan assets by reason of a plan's investment in such entity or
otherwise.

         "Book-Entry Unit":  A Unit represented by a Global Security.

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

         "Calculation Agent":  As specified in the Trust Agreement, if any.

         "Callable Series": A Series so designated in the Trust Agreement which
grants one or more specified persons the right to purchase all or a portion of
the Units of any given Series.

         "Call Date":  As defined in Section 5.13.

         "Call Option":  As specified in the Trust Agreement.

         "Call Rights": A Call Option or other right specified in the Trust
Agreement.

         "Call Price":  As defined in Section 5.13.

         "Clearstream":  Clearstream Banking, S.A.

         "Certificate": A certificate in the form attached as Exhibit B1,
evidencing a Registered Unit.

         "Class": A separately denominated class of the Units of any Series,
entitled to specified distributions of the Trust Property.

         "Closing Date":  As specified in the Trust Agreement.

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

         "Commission": The Securities and Exchange Commission, or any successor
agency.

         "Concentrated Underlying Security": Any Underlying Security that
constitutes 10% or more of the Trust Property. Unless the Trust Agreement shall
specify the method of determining whether an Underlying Security constitutes 10%
or more of the Trust Property, such determination will be based upon the
principal amount of the Underlying Securities.

         "Corporate Trust Office": The Trustee's offices at 135 S. LaSalle
Street, Suite 1625, Chicago, Illinois 60603, Attention: Asset-Backed Securities
Trust Services Group-SATURNS, or such other addresses as the Trustee may
designate from time to time by notice to the Unitholders, the Depositor, the
Swap Counterparty and the Guarantor.

         "Credit Support": With respect to any Series (or any Class within such
Series), any combination of insurance policies, letters of credit, reserve
accounts and other types of rights or assets designed to support or ensure the
servicing and distribution of amounts due in respect of the Trust Property,
which in each case is specified as such in the applicable Trust Agreement.

         "Credit Support Provider": With respect to any Series (or any Class
within such Series), the bank issuing a letter of credit or the financial
guarantor or surety company issuing a financial guaranty or surety bond that
serves as Credit Support with respect to such Series or Class.

         "Currency":  Dollars or Foreign Currency.

         "Definitive Registered Unit": A Registered Unit in definitive,
certificated form without coupons attached, registered in the name of the
beneficial owner thereof or its nominee.

         "Depositary": DTC or, if so provided in the Trust Agreement, Euroclear
or Clearstream; or another depositary specified in the Trust Agreement.

         "Depositor": MS Structured Asset Corp., a Delaware corporation, 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 Chief Executive
Officer, Chief Financial Officer, Chief Operating Officer, President, a Vice
President, its Treasurer, an Assistant Treasurer, its Secretary or an Assistant
Secretary and delivered to the Trustee.

         "Disqualified Credit Support": Any Credit Support that has a value to
the Trust of 10% or more of the Trust Property if a Concentrated Underlying
Security of the related Credit Support Provider would be a Disqualified
Underlying Security.

         "Disqualified Underlying Security": Unless otherwise specified in the
applicable Trust Agreement, an Underlying Security as to which the applicable
issuer of any Concentrated Underlying Security, other than a government security
has ceased to be an Eligible Underlying Security Issuer (other than due to a
reduction in the credit rating of the related underlying security or underlying
security issuer) and no additional means of providing current information
regarding that Underlying Security issuer is described in the applicable
prospectus supplement, and either (i) twelve months have elapsed, or (ii) the
applicable issuer has formally terminated its reporting obligations under the
Exchange Act, unless the Depositor, after discussion with the staff of the SEC,
determines that the Depositor would not be required to provide information with
respect to that Underlying Security issuer if the Trust continued to hold such
Underlying Security.

         "Disqualified Transaction": Any Transaction under a Swap Agreement that
(i) has a value to the trust equal to 10% or more of the Trust Property if a
Concentrated Underlying Security of the related Swap Counterparty would be a
Disqualified Underlying Security, or (ii) is a credit swap transaction with a
notional amount on the date of formation of the Trust of 10% or more of the
Trust Property if a Concentrated Underlying Security of the related Reference
Entity would be a Disqualified Underlying Security.

         "Distribution Agreement": The agreement between each Distribution
Participant and the Depositor, relating to the distribution of the Units.

         "Distribution Date":  As specified in the Trust Agreement.

         "Distribution Participant": Each Person acting as underwriter, dealer,
placement agent or any similar capacity in connection with the initial
distribution of the Units.

         "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, its successors and assigns.

         "Early Termination Date":  As defined in the Swap Agreement.

         "Eligible Account": A non-interest bearing account, held in the United
States, in the name of the Trustee for the benefit of the Trust that is either
(i) 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 Aa2 by Moody's, A-1+ and AA by S&P, and, if rated by
Fitch, F1 and AA by Fitch at the time any amounts are held on deposit therein
including when such amounts are initially deposited and all times subsequent or
(ii) 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 Unitholders.

         "Eligible Underlying Security": A designated security or pool of
securities that:

         (i) were registered under the Securities Act, otherwise publicly
issued, or are eligible for resale pursuant to Rule 144(k) under the Securities
Act, and have been purchased by the depositor or one or more of its affiliates
and deposited with the trust.

         (ii) consist of one or more of the following issued under the laws of
the United States, any U.S. State or any foreign jurisdiction:

                  (A) debt obligations or investment grade term preferred stock
issued or issued and guaranteed by one or more corporations, general or limited
partnerships, limited liability companies, business trusts, banking
organizations or insurance companies or other organizations (for purposes of the
definition of Underlying Securities, "Corporate Debt");

                  (B) equipment trust certificates, including enhanced equipment
trust certificates and pass-through equipment trust certificates (for purposes
of the definition of Underlying Securities, "Equipment Trust Certificates");

                  (C) trust preferred capital securities and other similar
preferred securities of one or more trusts or other special purpose legal
entities (for purposes of the definition of Underlying Securities, "Trust
Preferred Capital Securities");

                  (D) asset-backed securities of one or more trusts or other
special purpose legal entities issued pursuant to a registration statement filed
with the SEC on Form S-3 or any successor to such form (for purposes of the
definition of Underlying Securities, "Asset Backed Securities");

                  (E) an obligation issued or guaranteed by an Eligible
Sovereign or any agency or instrumentality thereof for the payment of which the
full faith and credit of the Eligible Sovereign is pledged, where Eligible
Sovereigns include the United States of America, the Republic of France, the
Federal Republic of Germany and the states thereof, the United Kingdom, Canada
and the provinces thereof, Japan, the Kingdom of Belgium, the Kingdom of the
Netherlands, the Republic of Italy and any other sovereign specified in the
Trust Agreement;

                  (F) the obligations of one or more of the following government
sponsored enterprises ("GSEs"): Federal National Mortgage Association, Federal
Home Loan Mortgage Corporation, Student Loan Marketing Association, Resolution
Funding Corporation, Federal Home Loan Banks (to the extent such obligations
represent the joint and several obligations of the twelve Federal Home Loan
Banks), Tennessee Valley Authority, Federal Farm Credit Banks and any other
government sponsored enterprise specified in the Trust Agreement that, at the
time of the offering of the Units, has outstanding securities held by
non-affiliates with an aggregate market value of at least $75,000,000 and that
makes information publicly available comparable to that of Exchange Act
reporting companies;

                  (G) certificates evidencing undivided fractional interests in
a trust, the assets of which consist of promissory notes (the "GTC Notes"),
payable in U.S. Dollars, of a certain foreign government, backed a full faith
and credit guaranty issued by the United States of America, acting through the
Defense Security Assistance Agency of the Department of Defense, of the due and
punctual payment of 90% of all payments of principal and interest due on the GTC
Notes and a security interest in collateral, consisting of non-callable
securities issued or guaranteed by the United States government thereof,
sufficient to pay the remaining 10% of all payments of principal and interest
due on the GTC Notes; or

                  (H) an obligation issued by the International Bank for
Reconstruction and Development, the Inter-American Development Bank, the Asian
Development Bank, the African Development Bank, the International Finance
Corporation or the European Bank for Reconstruction and Development, or another
multilateral development bank that has a comparable volume of outstanding
securities and files with the SEC comparable publicly available information, and
the securities of which are exempted from registration under the Securities Act;

         (iii) with respect to a Concentrated Underlying Security that is
Corporate Debt, a Trust Preferred Capital Security or an Equipment Trust
Certificate, the Depositor must reasonably believe that one of the following
additional conditions is met:

                  (A) the issuer is eligible to use SEC Form S-3 or F-3 for a
primary offering of common equity or an offering of non-convertible investment
grade securities; or

                  (B) the underlying securities are guaranteed by a direct or
indirect parent company of the issuer, or a subsidiary of the issuer or the
issuer's direct or indirect parent company; and

                  (1)      the issuer, guaranteeing parent company or
                           guaranteeing subsidiary of the parent company is
                           eligible to use SEC Form S-3 or F-3 for a primary
                           offering of common equity or an offering of
                           non-convertible investment grade securities, and

                  (2)      the issuer or the relevant parent company's periodic
                           reports meet the requirements of Rule 3-10 of
                           Regulation S-X promulgated by the SEC.

         In the case of Trust Preferred Capital Securities or Equipment Trust
Certificates, the issuer of the obligation held by, or supporting the issuance
of, the trust or other special purpose legal entity issuing the Trust Preferred
Capital Securities or Equipment Trust Certificates which may be deemed to be the
issuer for the foregoing purposes.

         (iv) If a Concentrated Underlying Security is an Asset-Backed Security,
the Depositor must reasonably believe that the related issuer has at least
$75,000,000 in outstanding securities held by non-affiliates and that either:

                  (A) the related issuer will be subject to the reporting
requirements of the Exchange Act, or

                  (B) the related issuer was subject to the reporting
requirements of the Exchange Act and the Trust undertakes to provide copies to
investors of the payment date reports and other reports provided by such issuer
to the Trust, and such payment date reports and other reports provided by the
related issuer to the Trust are comparable to the regular reports of issuers of
asset-backed securities that file regular reports under the Exchange Act.

         (v) were purchased by the Depositor or one or more of its affiliates in
the secondary market (either directly or through an affiliate of the Depositor)
and if the Depositor or any of its affiliates acted as an underwriter or
placement agent with respect to such Underlying Security, three months have
elapsed since the related allotment and any unsold allotment have been sold out;
unless such Underlying Securities are designated "Primary Offering Securities"
in the applicable Trust Agreement and no such Underlying Security exceeds 7.5%
of Trust Property.

         "Eligible Underlying Security Issuer": The related issuer of each
Underlying Security that satisfies the definition of Eligible Underlying
Security.

         "ERISA": The Employee Retirement Income Security Act of 1974, as
amended, including any successor or amendatory statutes.

         "Euroclear": Morgan Guaranty Trust Company of New York, Brussels
office, as operator of the Euroclear System

         "Event of Default":  As specified in the Swap Agreement.

         "Excess Expense Event":  As defined in Section 9.03(a).

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

         "Exchange Rate Agent": Unless otherwise specified in the Trust
Agreement, MS&Co. or an Affiliate or agent of MS&Co. designated by MS&Co..

         "Executive Officer": With respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any
Assistant Treasurer of such corporation; with respect to any partnership, any
general partner thereof.

         "Extraordinary Trust Expense":  As defined in Section 10.05(b).

         "Fitch":  Fitch Ratings Inc.

         "Foreign Currency": A currency issued by the government of any country
other than the United States or a composite currency the value of which is
determined by reference to the values of the currencies of any group of
countries.

         "Global Security": A Certificate in global form deposited with or on
behalf of DTC or other depository specified in the Trust Agreement and, in the
case of a Registered Unit, registered in the name of the DTC, such depository or
its nominee.

         "Guaranty": The Guaranty (if any) identified in the Trust Agreement of
the obligations of the Swap Counterparty under the Swap Agreement. If the Trust
Agreement does not specify a Guaranty, references to the Guaranty and the
Guarantor herein shall be deemed deleted.

         "Guarantor": The Guarantor who issues and is identified in the
Guarantee (if a Guarantee is identified in the Trust Agreement), and, if a
successor Person shall have become the Guarantor pursuant to the Guarantee,
"Guarantor" shall mean such successor Person.

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

         "Initial Swap Rate Accrual Period": The period from and including the
Closing Date to but excluding the next Swap Payment Date.

         "Initial Underlying Security Accrual Period": The period from and
including the Closing Date to but excluding the next Underlying Security Payment
Date.

         "Insolvency Law":  As defined in Section 12.09.

         "Interest Rate":  As specified in the Trust Agreement.

         "Investment Company Act": The United States Investment Company Act of
1940, as amended, and applicable rules thereunder.

         "Liquidation Event": Any of the events described in Section 9.01.

         "Maximum Reimbursable Amount": As specified in the Trust Agreement (or
any other amount specified by the party agreeing to indemnify the Trustee).

         "Moody's":  Moody's Investors Service, Inc.

         "MS&Co.":  Morgan Stanley & Co. Incorporated.

         "No Plan Restriction": The restriction on transfer of Units set forth
in Section 5.11(c)(iii).

         "Notional Amount": A notional amount specified in the Trust Agreement
with respect to any Class of Units with respect to which distributions of
interest or other distributions are determined but which does not represent a
Unit Principal Balance.

         "Officers' Certificate": A certificate signed by any one (or, if
specified in the Trust Agreement, more than one) Executive Officer of the
applicable Person, and delivered to the Trustee.

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

         "Optional Exchange Date":  As defined in Section 5.12.

         "Outstanding": As of any date of determination, all Units theretofore
authenticated and delivered under the Trust Agreement, except:

         (i) Units theretofore canceled by the Unit Registrar or delivered to
the Trustee for cancellation; and

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

         "Paying Agent":  As defined in Section 5.09.

         "Permitted Investments": All investments made by the Trustee pursuant
to Section 3.05 in any one or more of the following; 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; and provided, further, that each such
obligation or security shall be held in the name of the Trustee on behalf of the
Trust:

         (i) direct obligations of, and obligations fully guaranteed by, the
United States, the Federal Home Loan Mortgage Corporation, the Federal National
Mortgage Association, the Federal Farm Credit System or any agency or
instrumentality of the United States the obligations of which are 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 Permitted 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, D-1+ or AAA by Fitch;

         (ii) demand and time deposits in, certificates of deposit of, or
banker's acceptances issued by any depository institution or trust company
(including the Trustee or any agent of the Trustee acting in their respective
commercial capacities) incorporated under the laws of the United States or any
State and subject to supervision and examination by Federal and/or State banking
authorities so long as the commercial paper and/or the short-term debt
obligations of such depository institution or trust company 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-l 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, Fl+ or AAA by Fitch;

         (iii) 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, Fl+ by
Fitch;

         (iv) repurchase agreements with respect to (a) any security described
in clause (i) above or (b) any other security issued or guaranteed by an agency
or instrumentality of the United States with an entity having the credit rating
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. Copies of any repurchase agreement entered into will be delivered to
the Rating Agencies, if any; and

         (v) Units of the Dreyfus Cash Management Fund Investor Shares or any
other money market funds which are rated in the highest applicable rating
category by each Rating Agency (or such lower rating if the Rating Agency
Condition is satisfied).

         In no event shall a Permitted Investment at any time constitute (a) a
swap agreement as defined in the United States Bankruptcy Code, 11 U.S.C. ss.
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.
Permitted Investments shall include, without limitation, those investments for
which the Trustee or an Affiliate of the Trustee provides services.

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

         "Plan": Any (i) "employee benefit plan" (as defined in Section 3(3) of
ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA,
(ii) "plan" described in Section 4975(e)(1) of the Code subject to Section 4975
of the Code or (iii) entity whose underlying assets include plan assets by
reason of a plan's investment in such entity or otherwise.

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

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

         "Prohibited Transaction Exemption Restriction": The restriction on
Transfer of Units set forth in Section 5.11(c)(ii).

         "Rating Agencies":  As specified in the Trust Agreement.

         "Rating Agencies Condition": With respect to any specified action or
determination, means receipt of (i) oral or written confirmation by Moody's (for
so long as the Units are outstanding and rated by Moody's) and (ii) written
confirmation by S&P (for so long as the Units are outstanding and rated by S&P),
that such specified action or determination will not result in the reduction or
withdrawal of their then-current ratings on the Units; provided, however, that
if the Rating Agency Condition specified herein is to be satisfied only with
respect to Moody's or S&P, only clause (i) or clause (ii) shall be applicable.
Such satisfaction may relate either to a specified transaction or may be a
confirmation with respect to any future transactions which comply with generally
applicable conditions published by the applicable rating agency.

         "Record Date":  As specified in the Trust Agreement.

         "Redenomination Date":  As specified in Section 5.08.

         "Reference Entity":  As specified in the Trust Agreement.

         "Registered Unit": Any Unit in registered form ownership of which is
evidenced by the Unit Register.

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

         "Retained Interest": If applicable, with respect to any Underlying
Security or other Trust Property, an ownership interest therein and a right to a
portion of the payments thereon by the obligor thereof, as specified in the
Trust Agreement, held by the Person so specified in such Trust Agreement.

         "S&P": Standard & Poor's, a division of The McGraw-Hill Companies, Inc.

         "Scheduled Final Distribution Date": As specified in the Trust
Agreement.

         "SEC":  The United States Securities and Exchange Commission.

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

         "Securities Intermediary": LaSalle Bank National Association acting in
the capacity as a securities intermediary hereunder.

         "Selling Agent": Unless otherwise specified in the Trust Agreement,
MS&Co. or any Affiliate of MS&Co. designated by it.

         "Series":  All of the Units issued by a particular Trust.

         "Special Depositor Wind-Up Event":  As defined in Section 9.04.

         "Specified Currency": Unless otherwise specified in the Trust
Agreement, United States Dollars.

         "Specified Percentage": 66 2/3%, or such higher percentage of Units of
any class or series as is specified in the Trust Agreement.

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

         "Swap Agreement": The ISDA Master Agreement (including the Schedule
thereto and Confirmation or Confirmations thereunder and any ISDA Credit Support
Annex forming a part thereof), if any, to which the Trust is a party identified
in the Trust Agreement. In the event that the Trust shall enter into more than
one ISDA Master Agreement, "Swap Agreement" shall mean each such ISDA Master
Agreement specified in the Trust Agreement.

         "Swap Amount": With respect to each Swap Payment Date, an amount,
payable by, or on behalf of, the Swap Counterparty, equal to the accrued
interest or other payment obligation calculated with reference to the Swap
Notional Amount for the immediately preceding Swap Rate Accrual Period at the
Swap Rate.

         "Swap Calculation Agent": The "Calculation Agent" as defined in the
Swap Agreement.

         "Swap Counterparty": Morgan Stanley Capital Services, Inc., unless
another Person is identified in the Trust Agreement as the counterparty of the
Trust under the Swap Agreement; unless a successor Person shall have become the
Swap Counterparty pursuant to the applicable terms of the Swap Agreement,
whether by assignment or otherwise, and thereafter "Swap Counterparty" shall
mean such Person. In the event that the Trust shall enter into more than one
Swap Agreement, "Swap Counterparty" shall mean each counterparty of the Trust
specified in the Trust Agreement.

         "Swap Default": The occurrence of an "Event of Default" (as defined in
the Swap Agreement) under the Swap Agreement.

         "Swap Notional Amount":  As specified in the Trust Agreement.

         "Swap Payment Date":  As specified in the Trust Agreement.

         "Swap Rate":  As specified in the Trust Agreement.

         "Swap Rate Accrual Period": The Initial Swap Rate Accrual Period and
each period from and including a Swap Payment Date to but excluding the next
succeeding Swap Payment Date.

         "Termination Event":  As defined in the Swap Agreement.

         "Swap Termination Payment": Any amounts payable under the Swap
Agreement in accordance with its terms, whether to or by the Trust, as the case
may be, in consequence of an early termination of one or more Transactions under
the Swap Agreement.

         "Trust Agreement": The schedule or schedules (which may be in the form
of Schedules I, II and III attached to Exhibit A hereto) which contains
information with respect to the particular terms of the Units, as well as the
Swap Agreement, the Underlying Securities and any other Trust Property.

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

         "Transaction":  As defined in the Swap Agreement.

         "Transfer": To sell, convey, assign, transfer, create, grant a lien
upon and a security interest in and right of setoff against, deposit, set over,
contribute and confirm to the Trustee pursuant to the Trust Agreement; and the
terms "Transferred" and "Transferring" have the meanings correlative to the
foregoing. A Transfer of any Underlying Securities 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 Securities 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.

         "Trigger Amount":  As specified in the Trust Agreement.

         "Trust":  The trust created by the Trust Agreement.

         "Trust Agreement":  As defined in the preamble hereto.

         "Trust Property":  As defined in Section 3.01.

         "Trust Wind-up Event":  As defined in Section 9.02.

         "Trustee": LaSalle Bank National Association, a national banking
association, or any co-trustee appointed pursuant to Section 10.10, 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 Fee Letter": A letter agreement between the Trustee and the
Depositor dated on or before the Closing Date setting forth the fees and
expenses of the Trust and the Trustee which are subject to reimbursement by the
Depositor.

         "Trustee Fees": The amount or amounts set forth in the Trustee Fee
Letter.

         "UCC": The Uniform Commercial Code as in effect in the relevant
jurisdiction or, with respect to the State of Louisiana, the equivalent body of
statutory and common law.

         "Underlying Securities":  As specified in the Trust Agreement.

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

         "Underlying Security Issuance Agreement": The indenture, fiscal agency
agreement, or other agreement with respect to a Underlying Security which sets
forth the covenants and agreements of the Underlying Security Issuer in
connection with issuance of the Underlying Security.

         "Underlying Security Amount": With respect to each Underlying Security
Payment Date, an amount equal to the accrued interest and/or other payment
obligation calculated with reference to the applicable Underlying Security for
the immediately preceding applicable Underlying Security Accrual Period at the
applicable Underlying Security Rate.

         "Underlying Security Default": Unless otherwise specified in the Trust
Agreement, (i) the acceleration of the outstanding Underlying Securities under
the terms of the Underlying Securities and/or the applicable Underlying Security
Issuance Agreement and failure to pay the accelerated amount on the acceleration
date; (ii) the failure of the Underlying Security Issuer (or any applicable
guarantor on its behalf) to pay an installment of principal of, or any amount of
interest due on, the Underlying Securities after the due date thereof and after
the expiration of any applicable grace period; (iii) the initiation by the
Underlying Security Issuer or applicable guarantor of any proceedings seeking a
judgment of insolvency or bankruptcy or seeking relief under bankruptcy or
insolvency laws or similar laws affecting creditor's rights; (iv) if not
otherwise addressed in (iii), the passage of thirty (30) calendar days since the
day upon which any person or entity initiates any proceedings against the
Underlying Security Issuer or applicable guarantor seeking a judgment of
insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws
or similar laws affecting creditor's rights and such proceeding has not been
dismissed prior to such thirtieth day; or (v) other events specified in the
Trust Agreement.

         "Underlying Security Issuer":  As specified in the Trust Agreement.

         "Underlying Security Payment Date": As specified in the Trust
Agreement.

         "Underlying Security Rate":  As specified in the Trust Agreement.

         "Underlying Security Trustee": As specified in the Trust Agreement, if
applicable.

         "Unit Account":  As defined in Section 3.05.

         "Unit Principal Balance": With respect to a Unit that is Outstanding,
as determined at any time, the maximum amount that the Holder thereof is
entitled to receive as distributions allocable to principal payments on the
Underlying Securities.

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

         "Unitholder" and "Holder": In the case of Registered Units, the Person
in whose name a Unit is registered in the Unit Register on the applicable Record
Date.

         "Units": The securities authorized by, and authenticated and delivered
under, the Trust Agreement and evidenced by a certificate in the form or forms
attached hereto as Exhibit B.

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

         "Warrant": A Call Option or other right specified in the Trust
Agreement.

         "U.S. Person": A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in or under the
laws of the United States or any political subdivision thereof, an estate the
income of which is subject to United States federal income taxation regardless
of its source or a trust if (i) a U.S. court is able to exercise primary
supervision over the trust's administration and (ii) one or more U.S. persons
have the authority to control all of the trust's substantial decisions.

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

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

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

         (ii) an accounting term not otherwise defined has the meaning assigned
to it in accordance with generally accepted accounting principles as in effect
in the United States from time to time;

         (iii) "or" is not exclusive;

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

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

         (vi) 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 the Trust Agreement, unless otherwise provided, are to
articles and sections in the Trust 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

                Declaration of Trust; Entry into Swap Agreement;
                                Issuance of Units

         SECTION 2.01. Creation and Declaration of Trust; Assignment of
Underlying Securities. (a) The Depositor, concurrently with the execution and
delivery of the Trust Agreement, Transfers to the Trustee, in trust, on behalf
and for the benefit of the Unitholders and without recourse, all the right,
title and interest of the Depositor, including any security interest therein,
in, to and under (i) the Underlying Securities, (ii) the Unit Account, including
all income from the investment of funds in the Unit Account, (iii) 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 (iv) all other assets included or to be included in
the Trust Property; in each case except for any specified Retained Interest.

         (b) In connection with the Transfer referred to in the preceding
paragraph, the Depositor shall, not later than the Closing Date, (i) deposit the
Underlying Securities with the Trustee by physical delivery of such Underlying
Securities, duly endorsed, to the Trustee, its nominee or in blank or cause the
Underlying Securities to be registered by book-entry in the name of the Trustee
provided that the book-entry depositary will be an agency of the United States,
DTC or another book-entry institution acceptable to the Depositor and (ii) with
respect to each such Underlying Security, deliver or cause to be delivered to
the Trustee all documents necessary to transfer such Underlying Security to the
Trustee. In the event that the Depositor is unable to deliver any of the
Underlying Securities on the Closing Date and such Underlying Securities
constitute 5% or less of Trust Property, the Units will nevertheless be issued
and the Depositor will assign to the Trustee the Depositor's contractual rights
to receive from MS&Co. (x) the Underlying Securities as soon as commercially
practicable thereafter, and after the Closing Date, (y) the amount of any
distributions paid on such Underlying Securities after the Closing Date and
prior to the date of delivery of such Underlying Securities to the Trustee and
(z) if delivery of the relevant Underlying Securities does not occur on or
before the earlier of (I) the fifth Business Day after the Closing Date and (II)
the first Distribution Date (the "Final Delivery Date"), liquidated damages
equal to the greater of the specified purchase price for such Underlying
Securities or the market value of such Underlying Securities as determined on
the Final Delivery Date, together with accrued interest at the applicable
Underlying Security rate. The Trustee will distribute any payments received
pursuant to the foregoing assigned rights promptly to the Unitholders. MS&Co.'s
obligation to pay the foregoing amounts will be guaranteed by Morgan Stanley. If
the record date or other terms for any Underlying Security require that MS&Co.
shall be entitled to receive any payment to which the Trust is entitled in whole
or in part, Ms&Co. shall transfer within one Business Day, the applicable
portion of such amount allocable to the Trust to the Trustee.

         (c) The Guarantor shall deliver the Guarantee to the Trustee for the
benefit of the Unitholders.

         (d) The Transfer of the Underlying Securities by the Depositor
accomplished by the Trust Agreement is absolute (other than with respect to any
Retained Interest) and is intended by the parties thereto as a sale as further
provided in Section 3.03.

         SECTION 2.02. Entry into Swap Agreement and Other Agreements.
Concurrently with the execution of the Trust Agreement, the Trust shall (i)
execute and deliver the Swap Agreement and each Transaction thereunder, if any,
(ii) accept the Guarantee and (iii) enter into each other Agreement specified in
the Trust Agreement, including, without limitation, agreements evidencing or
ancillary to any Call Option, any repurchase agreement, and any expense
administration agreement. It shall be a condition to the effectiveness of the
Trust Agreement that the Swap Agreement be effective as of the date of the Trust
Agreement. The Trustee shall, on behalf of the Trust, perform the obligations of
the Trust under the Swap Agreement in accordance with its terms and shall make
demands under the Guarantee immediately upon obtaining notice of a payment
default under the Swap Agreement by the Swap Counterparty. The Trustee and the
Depositor agree, and each Unitholder by acquiring its Units shall be deemed to
agree, that the Swap Agreement does not represent an ownership interest in the
Trust or its assets and that none of them shall treat the Swap Agreement as an
ownership interest for the Trust for any purpose. Except as expressly set forth
in this Trust Agreement and in the Swap Agreement, the receipt by the Trustee of
the Underlying Securities and the execution by the Trustee of the Swap Agreement
shall not constitute and is not intended to result in an assumption by the
Trustee or any Unitholder of any obligation of the issuer of the Underlying
Securities or the Swap Counterparty or any other Person in connection with the
Underlying Securities or the Swap Agreement or under any agreements or
instruments relating to any of them.

         SECTION 2.03. Acceptance by Trustee. The Trustee will acknowledge
receipt by it of (i) the Underlying Securities and the related documents
referred to in Section 2.01, now existing or hereafter acquired, (ii) the Swap
Agreement, (iii) the Guarantee and (iv) the documents specified in the Swap
Agreement, and declares that it will hold such assets and all other assets
comprising the Trust Property in trust, for the exclusive use and benefit of all
present and future Unitholders and for the purposes and subject to the terms and
conditions set forth in the Trust Agreement, including the Trustee's
obligations, as and when they may arise, (I) to pay any amount due from the
Trust under the Swap Agreement, which obligations shall be and hereby are
designated to be secured, under the terms of the Swap Agreement, by a pledge of
all of the Trust Property, (II) to pay Extraordinary Trust Expenses and (III) to
make distributions to the Unitholders in accordance with Section 4.01.

         SECTION 2.04. Representations and Warranties of the Depositor. The
Depositor represents and warrants to the Trustee that as of the Closing Date or
as of such other date otherwise specifically provided in the Trust Agreement:

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

         (ii) to the Depositor's knowledge after the inquiry, there are not any
liens or encumbrances on the Underlying Securities immediately prior to the time
of Transfer except those created by the Trust Agreement;

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

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

         (v) to the Depositor's knowledge after due inquiry, the Depositor is
not in violation, and the execution and delivery of the Trust Agreement by the
Depositor and its performance and compliance with the terms of the Trust
Agreement will not constitute a violation, of any order decree of any court or
any order or regulation of any Federal, State, municipal or governmental agency
having jurisdiction over the Depositor or its properties, which violation would
reasonably be expected to have a material and adverse effect on the duties and
obligations of the Depositor under the Trust Agreement.

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

         SECTION 2.05. Breach of Representation or Warranty. Upon the earlier of
discovery by the Depositor or receipt of notice by the Depositor of a breach of
any representation or warranty of the Depositor set forth in Section 2.04 that
materially and adversely affects the rights of the Unitholders to receive
distributions under the Trust Agreement when due and payable, the Depositor
shall notify the Rating Agencies of such breach. The Depositor shall cure such
breach in all material respects within two Business Days of the earlier of
discovery by the Depositor or receipt of notice by the Depositor of such breach.

         SECTION 2.06. Agreement to Authenticate and Deliver Units. The Trustee
agrees and acknowledges that it will, concurrently with the Transfer to and
receipt by it of the Underlying Securities and the Guarantee and delivery to it
by the Depositor of the executed Trust Agreement and by the Swap Counterparty of
the executed Swap Agreement, cause to be executed, authenticated and delivered
to or upon the order of the Depositor, in exchange for the Underlying Securities
and such other assets constituting the Trust Property, cash in an amount equal
to the premium or other net payments to the Trust on the Closing Date under any
Swap Agreement and Units duly executed and authenticated by or on behalf of the
Trustee in authorized denominations evidencing ownership of the entire Trust
Property, all in accordance with the terms and subject to the conditions of
Section 5.02.

                                   ARTICLE III

               Trust Powers; Administration of the Trust Property

         SECTION 3.01. Trust Property. (a) The "Trust Property" with respect to
a Trust will consist of: (i) the related Underlying Securities and all payments
on or collections in respect of such Underlying Securities due after a specified
"Cut-off Date" set forth in the Trust Agreement; (ii) all the Trustee's right,
title and interest under any Swap Agreement and any related Guarantee; (iii) all
the Trustee's right, title and interest in any related Credit Support, if any;
(iv) all Permitted Investments and all funds from time to time deposited in
certain segregated accounts held by the Trustee in trust and for the benefit of
the Unitholders representing interests in such Trust; and (v) any other asset
described in the Trust Agreement as constituting a portion of such Trust
Property, in each case exclusive of any Retained Interest.

         (b) The Trust Property for a given Series of Units and the related
Trust will not constitute Trust Property for any other Series of Units and the
related Trust and the Units of each Class of a given Series possess an equal and
ratable undivided ownership interest in such Trust Property. The Trust Agreement
may, however, specify that certain assets constituting a part of the Trust
Property relating to any given Series may be beneficially owned solely by or
deposited solely for the benefit of one Class or a group of Classes within such
Series. In such event, the other Classes of such Series will not possess any
beneficial ownership interest in those specified assets constituting a part of
the Trust Property.

         SECTION 3.02. Administration of the Trust. (a) The Trustee shall
administer the Trust Property for the benefit of the Unitholders. In engaging in
such activities, the Trustee shall follow or cause to be followed collection
procedures in accordance with the terms of the Trust Agreement, the Underlying
Securities, the Swap Agreement, the indemnification offered by the Depositor
pursuant to Section 10.05(b) and the Guarantee. The duties of the Trustee shall
be performed in accordance with applicable local, State and Federal law.

         (b) Subject to Article X, the Trustee is hereby authorized to perform,
and from time to time hereafter, shall perform only those acts which are
described in the Trust 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 issue the Certificates evidencing
Units; to execute and deliver and perform its obligations and exercise its
rights under the Swap Agreement; to establish and maintain the Unit Account
hereunder; to accept delivery of the Underlying Securities and the Swap
Agreement; to pledge the assets of the Trust (including the Underlying
Securities) to secure the obligations of the Trust including obligations under
the Swap Agreement; to sell the Underlying Securities through the Selling Agent
in accordance with Section 9.05; to make Permitted Investments pursuant to
Section 3.06; to liquidate the Trust pursuant to Article IX and to make
distributions pursuant to Article IV.

         (c) Notwithstanding anything to the contrary herein, the Trust shall
not engage in any business or activities other than receiving the Underlying
Securities and any Credit Support or other Trust Property and entering into the
Swap Agreement as provided herein, holding the Underlying Securities, the Swap
Agreement and any Credit Support (or other Trust Property), issuing Certificates
evidencing Units, making Permitted Investments in accordance with Section 3.06
and performing its obligations hereunder and under the Swap Agreement; provided,
however, that during its existence the Trust shall not engage in any business or
activity which will cause it to be or become an open-end investment company,
unit investment trust or face-amount certificate company that is or is required
to be registered under Section 8 of the Investment Company Act, or to be or
become a closed-end investment company required to be registered, but not
registered, under the Investment Company Act.

         (d) The Trustee shall not sell, assign, pledge or otherwise transfer
the Underlying Securities, the Swap Agreement, any Credit Support 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 10.07, through the Selling Agent
in accordance with Section 9.05, in accordance with Section 10.02(a)(x), as
required under any Swap Agreement or as otherwise expressly permitted hereunder.
This section shall not be construed to prohibit transfers of the Units.

         (e) 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 Units evidence an interest; provided, however, that the exercise of such
powers shall be subject to the provisions of this Section 3.02, Article X and
the other provisions hereof. 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 Units.

         (f) Except for actions expressly authorized by the Trust Agreement, the
Trustee shall not take actions reasonably likely to (nor fail to take actions,
if such failure would be reasonably likely to) (i) impair the interests of the
Trust in any Underlying Security, any Credit Support, the Swap Agreement or the
Guarantee (or any other Trust Property); (ii) impair the value of any Underlying
Security, any Credit Support, the Swap Agreement or the Guarantee (or any other
Trust Property); or (iii) alter the classification of a Trust for U.S. federal
income tax purposes.

         (g) Except as expressly provided in the Trust Agreement, the Trustee
shall have no power to vary the corpus of the Trust Property including by (i)
accepting any substitute obligation or asset for a Underlying Security or any
Credit Support, (ii) entering into any amendment or modification of the Swap
Agreement or the Underlying Securities, (iii) accepting any substitute guarantee
for the Guarantee, (iv) adding any other investment, obligation or security to
the Trust Property, (v) withdrawing from the Trust Property any Underlying
Securities or Credit Support, (vi) terminating the Swap Agreement except in
accordance with its terms or (vii) rejecting or otherwise failing to accept the
continuing benefits of the Guarantee.

         SECTION 3.03. Collection of Certain Underlying Security Payments. The
Trustee shall make reasonable efforts to collect all payments required to be
made pursuant to the terms of the Underlying Securities in a manner consistent
with the terms of the Trust Agreement and such Underlying Securities.

         SECTION 3.04. Sale. The parties hereto agree and intend that the
Transfer of Underlying Securities, the Swap Agreement and all proceeds of any of
the foregoing shall be treated as a sale and purchase by the Trust and not a
loan or a pledge to secure a loan. If for any reason such Transfer is deemed to
be a loan or a pledge to secure a loan, the parties intend that the Trust
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 the Underlying Securities, the Swap Agreement and all proceeds of
any of the Trust Property granted in favor of the Swap Counterparty pursuant to
the Swap Agreement and to the obligation of the Trust to pay Extraordinary Trust
Expenses. If the Trust terminates prior to the satisfaction of the claims of any
Unitholder under any Unit, 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 Unitholder, subject to the prior security interest
of the Swap Counterparty under the Swap Agreement and to the terms of the Trust
Agreement.

         SECTION 3.05. Unit Account. (a) The Trustee shall establish and
maintain one or more Eligible Accounts (collectively, the "Unit Account"), held
in trust for the benefit of the Unitholders and, subject to any security
interest in the Trust Property granted in favor of the Swap Counterparty
pursuant to the Swap Agreement and the obligation of the Trust to pay
Extraordinary Trust Expenses. The Trustee, on behalf of the Unitholders, shall
possess all right, title and interest in all funds on deposit from time to time
in the Unit Account and in all proceeds thereof, subject to any security
interest in the Trust Property granted in favor of the Swap Counterparty
pursuant to the Swap Agreement and the obligation of the Trust to pay
Extraordinary Trust Expenses. The Unit Account shall be under the sole dominion
and control of the Trustee. The Trustee shall deposit or cause to be deposited
in the Unit Account all amounts collected with respect to the Underlying
Securities, Swap Agreement and the Guarantee including:

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

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

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

               (iv) all Swap Amounts and all other payments, (if any) received
               by the Trustee on account of the Swap Agreement;

               (v) the Unit Principal Balance, if applicable;

               (vi) all payments received by the Trustee on account of the
               Guarantee; and

               (vii) it is understood and agreed that payments in the nature of
               prepayment or redemption penalties, late payment charges or
               assumption fees which may be received by the Trustee shall be
               deposited by the Trustee in the Unit Account and shall not be
               retained by the Trustee for its own account.

               If, at any time, a formerly Eligible Account no longer fulfills
               the definition of Eligible Account, the Trustee shall within five
               Business Days or by the next Distribution Date, whichever comes
               earlier, establish a new Unit Account meeting the conditions
               specified above and transfer any cash and any investments on
               deposit in the Unit Account to such new Unit Account, and from
               the date such new Unit Account is established, it shall be the
               Unit Account.

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

         (c) Additional Representations of the Trustee and the Securities
Intermediary:

               (i) The Unit Account is a "securities account" within the meaning
               of Section 8-501 of the UCC and is held only in the name of the
               Trust. The Securities Intermediary is acting with respect to the
               Unit Account in the capacity of a "securities intermediary"
               within the meaning of Section 8-102(a)(l4) of the UCC.

               (ii) All Underlying Securities have been (i) delivered to the
               Securities Intermediary pursuant to the Trust Agreements; (ii)
               credited to the Unit Account; and (iii) registered in the name of
               the Securities Intermediary or its nominee, indorsed to the
               Securities Intermediary or in blank or credited to another
               securities account maintained in the name of the Securities
               Intermediary. In no case will any Underlying Securities or other
               financial asset credited to a Unit Account be registered in the
               name of the Depositor, payable to the order of the Depositor or
               specially indorsed to the Depositor except to the extent the
               foregoing have been specially indorsed to the Securities
               Intermediary or in blank.

               (iii) The Unit Account is an account to which financial assets
               are or may be credited, and the Securities Intermediary shall
               treat the Trustee as entitled to exercise the rights that
               comprise any financial asset credited to the account.

               (iv) The Securities Intermediary hereby agrees that the
               Underlying Securities credited to the Unit Account shall be
               treated as a "financial asset" within the meaning of Section
               8-l02(a)(9) of the UCC.

               (v) If at any time the Securities Intermediary shall receive any
               order from the Trustee directing the transfer or redemption of
               any Underlying Securities on deposit in any Unit Account, the
               Securities Intermediary shall comply with such entitlement order
               without further consent by the Depositor or any other Person. The
               Securities Intermediary shall take all instructions (including
               without limitation all notifications and entitlement orders) with
               respect to each Unit Account solely from the Trustee.

         (d) The Securities Intermediary hereby confirms and agrees that:

               (i) There are no other agreements entered into between the
               Securities Intermediary and the Depositor with respect to any
               Unit Account;

               (ii) It has not entered into, and until the termination of this
               Agreement will not enter into, any agreement with any other
               Person relating to any Unit Account and/or any financial assets
               credited thereto pursuant to which it has agreed to comply with
               entitlement orders (as defined in Section 8-l02(a)(8) of the UCC)
               of such other Person; and

               (iii) It has not entered into, and until the termination of the
               Trust Agreements will not enter into, any agreement with the
               Depositor or the Trustee purporting to limit or condition the
               obligation of the Securities Intermediary to comply with
               entitlement orders as set forth above

         (e) The Trustee hereby represents and warrants as follows:

               (i) The Trustee maintains its books and records with respect to
               its securities accounts in the State of Illinois; and

               (ii) The Trustee has not granted any lien on the Underlying
               Securities nor are the Underlying Securities subject to any lien
               on properties of the Trustee in its individual capacity; the
               Trustee has no actual knowledge and has not received actual
               notice of any lien on the Underlying Securities (other than any
               liens of the Trustee in favor of the beneficiaries of the Trust
               Agreements); other than the interests of the Unitholders and the
               potential interests of the Call Option holders, the books and
               records of the Trustee do not identify any Person as having an
               interest in the Underlying Securities.

               (iii) The Trustee makes no representation as to (i) the validity,
               legality, sufficiency or enforceability of any of the Underlying
               Securities or (ii) the collectability, insurability,
               effectiveness or suitability of any of the Underlying Securities.

         (f) The Depositor hereby represents and warrants to the Trustee as
follows (with respect to the Closing Date and any additional issuance):

               (i) Immediately prior to the transfer of the Underlying
               Securities to the applicable Trust, the Depositor owned and had
               good and marketable title to the Underlying Securities free and
               clear of any lien, claim or encumbrance of any Person.

               (ii) The Depositor has received all consents and approvals
               required by the terms of the Underlying Securities to the
               transfer to the Trustee of its interest and rights in the
               Underlying Securities as contemplated by the Trust Agreements.

               (iii) The Depositor has not assigned, pledged, sold, granted a
               security interest in or otherwise conveyed any interest in the
               Underlying Securities (or, if any such interest has been
               assigned, pledged or otherwise encumbered, it has been released),
               except such interests granted pursuant to the Trust Agreements.
               The Depositor has not authorized the filing of and is not aware
               of any financing statements against the Depositor that includes a
               description of the Underlying Securities, other than any such
               filings pursuant to the Trust Agreements. The Depositor is not
               aware of any judgment or tax lien filings against Depositor.

         SECTION 3.06. Investment of Funds in the Accounts. The Depositor, on
behalf of the Trust, may direct in writing the Trustee or any depositary
institution maintaining the Unit Account, if any, and any other segregated
account the contents of which are held for the benefit of the Trust (each, an
"Account") to invest the funds therein in one or more Permitted Investments
bearing interest or sold at a discount, which shall be held to maturity unless
payable on demand. If the Depositor does not provide any investment directions
to the Trustee, then the Trustee shall invest funds held in any Account in the
Permitted Investments specified in clause (i) of the definition thereof upon
receipt of such funds. Such funds shall be invested in Permitted Investments
that will mature at least one Business Day prior to the next Distribution Date.

         SECTION 3.07. Retained Interest. The Retained Interest, if any, in any
Underlying Security or other Trust Property shall initially be held by the
Person so specified in the Trust Agreement and to the extent specified therein.
The Retained Interest will be established on an asset-by-asset basis. With
respect to each Underlying Security, unless otherwise specified in the Trust
Agreement, the Retained Interest shall be deducted by the Trustee from
applicable collections in respect of such Underlying Security or other Trust
Property. Unless otherwise provided in the Trust Agreement, collections in
respect of Retained Interest shall not be deposited in the Unit Account and
shall not constitute a part of the Trust, but shall instead be distributed to
the holder of such Retained Interest; provided, however, that the Trust
Agreement with respect to which there is a Retained Interest may provide that
commingled amounts received in respect of Underlying Securities and the related
Retained Interest may initially be deposited in separate and discrete accounts
established by the Trustee.

         SECTION 3.08. Access to Certain Documentation. The Trustee shall
provide to any Federal, State or local regulatory authority that may exercise
authority over the Depositor, the Swap Counterparty, the Guarantor or any
Unitholder access to the documentation regarding the Underlying Securities, the
Swap Agreement and the Guarantee required by applicable laws and regulations.
Such access shall be afforded without charge, but only upon reasonable request
and during normal business hours at the offices of the Trustee designated by it.
In addition, access to the documentation regarding the Underlying Securities,
the Swap Agreement and the Guarantee will be provided to the Depositor, the Swap
Counterparty, the Guarantor or any Unitholder upon reasonable request during
normal business hours at the offices of the Trustee designated by it at the
expense of the Person requesting such access.

                                   ARTICLE IV

                    Distributions and Reports to Unitholders

         SECTION 4.01. Distributions. On each Distribution Date for the Units
(including the Scheduled Final Distribution Date), the Trustee shall distribute
the pro rata portion of the Available Funds in the Unit Account allocable to
each Unitholder.

         SECTION 4.02. Reports to Unitholders and Others. (a) Unless otherwise
specified in the applicable Trust Agreement, on each Distribution Date the
Trustee shall forward or cause to be forwarded or made available to the
Depositor, each Rating Agency, if any, each Swap Counterparty, each holder of
Call Rights, and each Unitholder a statement setting forth:

               (i) the amount of such distribution to Unitholders allocable to
               principal of or interest or premium, if any, on the Units;

               (ii) if applicable, the Interest Rate applicable to such
               Distribution Date and the amount of any scheduled payment of
               principal applicable to such Distribution Date;

               (iii) the aggregate stated principal amount of the Underlying
               Securities as of the Distribution Date and, if applicable, the
               interest rate applicable to the Underlying Securities for the
               Underlying Security Accrual Period therefor next beginning;

               (iv) the amount received by the Trustee on the related Underlying
               Securities for the Underlying Security Accrual Period therefor
               last ended;

               (v) the amounts of and the recipients of any payments under the
               Swap Agreement for the Swap Rate Accrual Period last ended;

               (vi) if applicable and feasible, the new Swap Rate applicable to
               the Swap Rate Accrual Period next beginning;

               (vii) the aggregate Unit Principal Balance (or Notional Amount,
               if applicable) at the close of business on such Distribution
               Date;

               (viii) if the ratings of the Units or the underlying securities
               are specified in the applicable prospectus supplement, the
               current ratings of the Units or the underlying securities, as
               applicable, if different from the ratings provided in the
               prospectus supplement and the names of the rating agencies that
               assigned such ratings;

               (ix) the cumulative amount of Extraordinary Trust Expense, if
               any, as of that Distribution Date;

               (x) with respect to any Trust having Trust Property which
               includes Credit Support, any change in the available amount of
               each element of Credit Support; and

               (xi) any additional information relevant to the Unitholders as
               specified in the Trust Agreement.

         In the case of information furnished pursuant to clause (i) above, any
amount shall be expressed as a Dollar amount (or the equivalent thereof in any
other Specified Currency) per minimum denomination of Units or for such other
specified portion thereof.

         The Trustee will file a copy of such report with the SEC on Form 8-K
within the time limits prescribed by such form, otherwise in compliance with SEC
rules applicable to the trust, or as otherwise advised by counsel.

         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 Unitholder 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 Unitholder which statement shall contain
sufficient information to allow Unitholders to calculate their U.S. federal
income tax liability with respect to the Units. 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) At any time when the Trust is not subject to Section 13 or
15(d) of the Exchange Act, upon request to the Trustee by a Unitholder or a
prospective purchaser from a Unitholder of the information required by Rule
144A(d)(4)(i) of the Securities Act, the Trustee shall promptly notify the
Depositor of such request, and the Depositor shall promptly thereafter provide
such information to the Trustee, and the Trustee shall furnish such information
to such Unitholder or prospective purchaser, provided, that for purposes of this
Section 4.02(b), the information required by Rule 144A(d)(4)(i) shall be as
interpreted in Release No. 33-6862, Part D, i.e., basic, material information
concerning the structure of the Trust, the Units and distributions in respect
thereof, and the nature and performance of the Underlying Securities, the Swap
Agreement and any other assets of the Trust.

         (c) The Trustee will deliver to Unitholders, each Swap
Counterparty and any Credit Support Provider copies of all notices and
communications it receives from each Underlying Security Issuer within three (3)
Business Days of receipt, including notice of any redemption of or self-tender
for the Underlying Securities by the Underlying Security Issuer. The Trustee
will also notify the Unitholders of any exercise of any call rights with respect
to the Underlying Securities by a Swap Counterparty under the terms of a Swap
Agreement.

         (d) If so specified in the Trust Agreement commencing on a certain
date and on or before a specified date in each year thereafter, a firm of
independent public accountants will furnish a statement to the Trustee to the
effect that such firm has examined certain documents and records relating to the
administration of the Trust Property during the related 12-month period (or, in
the case of the first such report, the period ending on or before the date
specified in the Trust Agreement, which date shall not be more than one year
after the related original issue date with respect to such Units) and that, on
the basis of certain agreed upon procedures considered appropriate under the
circumstances, such firm is of the opinion that such administration was
conducted in compliance with the terms of the Trust Agreement, except for such
exceptions as such firm shall believe to be immaterial and such other exceptions
and qualifications as shall be set forth in such report.

         The Trust Agreement may also provide for delivery to the Depositor, on
or before a specified date in each year, of an annual statement signed by two
officers of the Trustee to the effect that the Trustee has fulfilled its
obligations under the Trust Agreement throughout the preceding year with respect
to any Series of Units. Copies of the annual accountants' statement, if any, and
the statement of officers of the Trustee may be obtained by Unitholders without
charge upon written request to the Trustee.

         (e) If the Trust Agreement provides the Units are subject to the
right of one or more specified Persons to purchase all or a portion of the Units
of a given Series (a "Call Option") and designates such Series a "Callable
Series," then after receiving notice of the exercise of such a call right, the
Trustee will provide notice thereof as provided in the Trust Agreement. The
Trustee and the Depositor agree, and each Unitholder by acquiring its Units
shall be deemed to agree, that the Call Option does not represent an ownership
interest in the Trust or its assets and that none of them shall treat the Call
Option as an ownership interest in the Trust for any purpose.

         (f) If required by TIA Section 313(a), within 60 days after
December 31 of each year, the Trustee shall mail to (i) each Unitholder as
required by TIA Section 313(c) and (ii) the Depositor, a brief report dated as
of such date that complies with TIA Section 313(a). The Trustee also shall
comply with TIA Section 313(b). A copy of any report delivered pursuant to this
Section 4.02(f) shall, at the time of its mailing to Unitholders and the
Depositor, be filed by the Trustee with the Commission and each stock exchange,
if any, on which the Units are listed. The Depositor shall notify the Trustee if
and when the Units are listed on any stock exchange.

         SECTION 4.03. Calculation of Interest Rates. Unless otherwise specified
in the Trust Agreement, the Interest Rate applicable to the Units will be the
equivalent floating rate applicable to payments received by the Trust under any
related Swap Agreement (as determined by the Swap Calculation Agent) or under
the Underlying Securities. If the Trust Agreement specifies a Calculation Agent,
the Calculation Agent shall calculate the Interest Rate applicable to the Units
from time to time as specified in the Trust Agreement. All determinations of
interest by the Calculation Agent hereunder shall, in the absence of manifest
error, be conclusive for all purposes and binding on the holders of Units. Each
of the protections, releases, indemnities and other terms applicable to the
Trustee under Section 10.01, 10.02, 10.03 and 10.05 shall apply to the
Calculation Agent in connection with its actions as Calculation Agent for the
Trust.

         SECTION 4.04. Compliance with Tax Reporting and Withholding
Requirements. Unless otherwise specified in the Trust Agreement, the Trustee
shall file or cause to be filed, within the time limits established by law,
federal and state income tax returns and information statements as a grantor
trust for each of Trust's taxable years. The Trust's taxable year shall be the
calendar year. Notwithstanding any other provision of the Trust Agreement to the
contrary, the Trustee shall comply with all Federal withholding requirements
respecting distributions to, or receipts of amounts on behalf of, Unitholders
and pursuant to the Swap Agreement that the Trustee reasonably believes are
applicable under the Code. The consent of Unitholders shall not be required for
such withholding. In the event the Trustee does withhold any amount from
interest or original issue discount distributions thereof to any Unitholder
pursuant to Federal withholding requirements, the Trustee shall indicate in the
statement required pursuant to Section 4.02 the amount so withheld.

         SECTION 4.05. Preservation of Information, Communications to Holders.

         (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Unitholders contained in the most
recent list furnished to the Trustee and the names and addresses of Unitholders
received by the Trustee in its capacity as Unit Registrar. The Trustee may
destroy any list furnished to it as provided upon receipt of a new list.

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

         (c) Irrespective of whether the TIA shall apply to this Agreement, the
Depositor, the Trustee, the Paying Agent and the Unit Registrar shall have the
protections provided pursuant to TIA Section 312(c).

                                    ARTICLE V

                                    The Units

         SECTION 5.01. The Units. (a) The Units may be issued in the form of and
be represented by definitive certificates substantially in the form of Exhibit
B1 hereto (a "Certificate") or by one or more Global Securities. Unless
otherwise specified in the applicable Trust Agreement, Units initially offered
for sale pursuant to an effective registration statement under the Securities
Act will be issued in denominations of $25 and in integral multiples of $25 in
excess thereof. Unless otherwise specified in the applicable Trust Agreement,
Units initially offered pursuant to an exemption from the registration
requirements of the Securities Act will be issued in denominations of $100,000
and in integral multiples of $1,000 in excess thereof. The authorized
denomination of Units having a Specified Currency other than U.S. dollars will
be set forth in the applicable Trust Agreement. All Units of the same Class
shall be identical in all respects except for the denominations thereof. All
Units issued under the Trust Agreement shall be in all respects equally and
ratably entitled to the benefits thereof without preference, priority or
distinction on account of the actual time or times of authentication and
delivery, all in accordance with the Trust Agreement. No additional interests in
the Trust other than the Units shall be issued hereunder, except in accordance
with Section 5.04. The Units in the aggregate may be subject, to the extent
provided in the Trust Agreement, to Call Option.

         (b) The Units issued under a Trust Agreement may be limited to a single
class, or, if so specified in the Trust Agreement, a Series of Units may include
two or more Classes differing as to entitlement to distributions of principal,
interest or premium and one or more Classes may be subordinated in certain
respects to other Classes of such Series with respect to allocation of losses
arising from any defaults with respect to the Trust Property.

         Each Series and Class of Units may be issued as Registered Units in
definitive form or as one or more Global Securities. Unless otherwise specified
in the Trust Agreement, all Units of a given Series (or, if more than one Class
exists, any given Class within that Series) will, upon issuance, be represented
by one or more Global Securities that will be deposited with, or on behalf of,
DTC, Euroclear, Clearstream, or another Depositary. Global Securities may be
issued in either registered or bearer form and in either temporary or permanent
form. Global Securities representing Registered Units will be registered in the
name of a nominee of the Depositary, and will clear and settle in book-entry
form only through the facilities of one or more Depositaries. Unless and until
it is exchanged in whole or in part for the individual Units represented
thereby, a Global Security may not be transferred except as a whole by the
Depositary for such Global Security 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.

         SECTION 5.02. Execution, Authentication and Delivery. (a) The Units
shall be executed on behalf of the Trust by the Trustee by a Responsible
Officer. The signature of any Responsible Officer may be manual or facsimile.
Units bearing the manual or facsimile signature of individuals who were at any
time Responsible Officers shall be binding, notwithstanding that such
individuals or any of them have ceased to be a Responsible Officer prior to the
authentication and delivery of such Units or were not Responsible Officers at
the date of such Units.

         (b) The Trustee shall not be required to authenticate any Units if the
issuance of such Units pursuant to the Trust Agreement will adversely affect the
Trustee's own rights, duties or immunities under the Trust Agreement.

         (c) Each Unit shall be dated as of the date of its authentication.

         (d) Subject to Section 5.10(c), no Unit shall be entitled to any
benefit under the Trust Agreement or be valid or obligatory for any purpose,
unless there appears on such Unit a certificate of authentication substantially
in the form as contained in the form of Unit attached to the Trust Agreement as
Exhibit B1 executed by the Trustee by the manual signature of one of its
Responsible Officers, and such certificate upon any Unit shall be conclusive
evidence, and the only evidence, that such Unit has been duly authenticated and
delivered under the Trust Agreement and is entitled to the benefits of the Trust
Agreement. Any Unit duly authenticated and delivered to the Depositor under the
Trust Agreement shall be fully paid and non-assessable for all purposes.

         SECTION 5.03. Registration; Registration of Transfer and Exchange. (a)
The Trustee shall cause to be kept a register for Registered Units (the
registers maintained in such office and in any other office or agency of the
Trustee from which distributions are made being herein sometimes collectively
referred to as the "Unit Register") in which, subject to such reasonable
regulations as it may prescribe, a transfer agent and registrar (which may be
the Trustee) (the "Unit Registrar") shall provide for the registration of
Registered Units and the registration of transfers and exchanges of Registered
Units. The Trustee is hereby initially appointed Unit Registrar for the purpose
of registering Registered Units and transfers and exchanges of Registered Units
as herein provided and the Trustee shall remain Unit Registrar for such purposes
until the earlier to occur of (i) the appointment by the Depositor of a
different Unit Registrar, (ii) the resignation or termination of the Trustee and
appointment of a successor trustee in accordance with Section 10.07, in which
case such successor trustee shall assume the duties of Unit Registrar and (iii)
the termination of the Trust and discharge of the Trustee's obligations under
the Trust Agreement in accordance with the applicable terms of Articles IX and
XI; provided, however, that the Trustee may appoint one or more Co-Unit
Registrars. Upon any resignation of any Unit Registrar appointed by the
Depositor pursuant to clause (i) above, the Trustee shall promptly appoint a
successor or, in the absence of such appointment, assume the duties of Unit
Registrar.

         Upon (i) the appointment by the Depositor of a Person other than the
Trustee as Unit Registrar, (ii) the appointment of any Co-Unit Registrar or
(iii) any change in the identity of the Unit Registrar or any Co-Unit Registrar,
the Depositor will in each case give each of the Trustee and each Rating Agency,
if any, written notice within three Business Days of any such appointment or
change and of the location, and any change in the location, of the Unit
Register, and the Trustee shall have the right to rely upon a certificate
executed on behalf of the Unit Registrar by an Executive Officer thereof as to
the names and addresses of the Holders of the Registered Units and the principal
amounts and numbers of such Registered Units.

         Upon surrender for registration of transfer of any Registered Unit at
the office or agency of the Trustee, if the requirements of Section 8-401(1) of
the Uniform Commercial Code are met to the Trustee's satisfaction, and subject
to the transfer restrictions set forth in Section 5.11 hereof, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Units of any authorized denominations,
of a like aggregate Unit Principal Balance. All transfers of Registered Units
are subject to the approval of the Trustee and the Trustee shall not register
any transfer of Registered Units if such transfer would violate any provision of
the Trust Agreement.

         (b) At the option of the Holder, Registered Units may be exchanged for
other Registered Units of any authorized denomination or denominations of like
tenor and aggregate Unit Principal Balance upon surrender of the Registered
Units to be exchanged at the office or agency of the Trustee maintained for such
purpose. Whenever any Registered Units are so surrendered for exchange, the
Trustee shall execute, authenticate and deliver the Registered Units that the
Holder making the exchange is entitled to receive.

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

         (c) Every Registered Unit presented or 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 Unit
Registrar, duly executed, by the Holder thereof or his attorney duly authorized
in writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located, in The City of New York or the city
in which the Corporate Trust Office is located, or by a member firm of a
national securities exchange, and such other documents as the Trustee may
require.

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Units, but the Trustee may require payment by the
Holders 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
Units.

         SECTION 5.04. Mutilated, Destroyed, Lost and Stolen Units. If (i) any
mutilated Unit 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 Unit, and there is delivered to the Depositor
and the Trustee such security or indemnity as they may require to save each of
them and any Paying Agent harmless, and neither the Depositor nor the Trustee
receives notice that such Unit has been acquired by a protected purchaser or
other bona fide 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 Unit, a new Unit of like tenor, form, terms and
principal amount, bearing a number not contemporaneously Outstanding, so that
neither gain nor loss in interest shall result from such exchange or
substitution.

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

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

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

         SECTION 5.05. Distributions in Respect of Units. (a) Any per Unit
amount in respect of a Registered Unit that is payable and is punctually paid or
duly provided for on any Distribution Date or any other date shall be
distributed to the Person in whose name such Registered Unit (or one or more
Predecessor Units) is registered at the close of business on the related Record
Date notwithstanding the cancellation of such Registered Unit upon any transfer
or exchange subsequent to such related Record Date. Distributions on Registered
Units shall be made, in accordance with arrangements satisfactory to the
Trustee, by wire transfer to an account designated in writing by a Holder, or,
in the case of distributions of Underlying Securities in kind, by delivery of
such Underlying Securities to any DTC or other depositary account designated in
writing by a Holder, or, if such arrangements with respect to any Holder are not
so made no later than 15 calendar days prior to the applicable Distribution
Date, at the Corporate Trust Office (with respect to the final distribution and
distributions in kind of Underlying Securities) or by check mailed to the
address of the Person entitled thereto as such address shall appear in the Unit
Register.

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

         SECTION 5.06. Persons Deemed Owners. Subject to Section 5.05 and except
for the final distribution, the Depositor and the Trustee and any agent of the
Depositor or the Trustee may treat the Person in whose name any Registered Unit
is registered as the owner of such Unit on the related Record Date for the
purpose of receiving distributions of principal of (and premium, if any) and
(subject to Section 5.05) interest, if any, on such Unit and for all other
purposes whatsoever, whether or not such Unit be overdue, and neither the
Depositor, the Trustee, nor any agent of the Depositor or the Trustee shall be
affected by notice to the contrary. All distributions made to any such Holder,
or upon his order, shall be valid, and, to the extent of the sum or sums paid,
effectual to satisfy and discharge the liability for moneys distributable upon
such Unit.

         SECTION 5.07. Cancellation. All Units surrendered for payment,
redemption, transfer or exchange shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and shall be promptly canceled by it.
No Units shall be authenticated in lieu of or in exchange for any Units canceled
as provided in this Section, except as expressly permitted by the Trust
Agreement.

         SECTION 5.08. Currency of Distributions in Respect of Units;
Redenomination. (a) Except as provided in (b) below, distributions of the
principal of (and premium and interest, if any) on the Units will be made in the
Specified Currency.

         (b) Except as set forth below or unless otherwise provided in the Trust
Agreement, if distributions in respect of a Unit are required to be made in a
Specified Currency other than U.S. dollars and such currency is unavailable due
to the imposition of exchange controls or other circumstances beyond the control
of the Depositor or the Trustee or their respective Affiliates, or is no longer
used by the government of the country issuing such currency or for the
settlement of transactions by public institutions of or within the international
banking community, then all distributions in respect of such Unit shall be made
at a time and in a manner determined by the Exchange Rate Agent in its sole
discretion, which may be in the Specified Currency at such time as such currency
is again available or so used or in such other currency and at such rates as the
Exchange Rate Agent shall determine.

         Each of the protections, releases, indemnities and other terms
applicable to the Trustee under Section 10.01, 10.02, 10.03 and 10.05 shall
apply to the Exchange Rate Agent in connection with its actions as Exchange Rate
Agent for the Trust.

         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 Units.
Any such Paying Agent shall be authorized to make distributions to Unitholders
pursuant to the Trust 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 the Trust Agreement in any material
respect or if the Paying Agent fails to satisfy the eligibility requirements set
forth in paragraph (b) of this Section. The Paying Agent shall initially be the
Trustee and any co-paying agent chosen by the Depositor and acceptable to the
Trustee. Any Paying Agent shall be permitted to resign as Paying Agent upon 30
days' written notice to the Trustee. In the event that the Trustee shall no
longer be the Paying Agent, the Trustee shall appoint a successor or additional
Paying Agent and shall provide written notice of such appointment to the Rating
Agencies, if any. 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 Unitholders in an Eligible Account in trust for the benefit of the
Unitholders entitled thereto until such sums shall be distributed to such
Unitholders. 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 and
promptly upon removal shall also return all funds in its possession to the
Trustee.

         (b) The Paying Agent shall at all times be a corporation or an
association, the combined capital and surplus of which is at least $200,000,000
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 is subject to supervision of examination by Federal or State authority. If
such corporation or association publishes reports of conditions at least
annually, pursuant to 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 paragraph, 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 paragraph (c) of this Section.

         (c) The terms of Sections 10.01, 10.02, 10.03, 10.05 and 10.06 shall
apply to the Trustee also in its role as Paying Agent, for so long as the
Trustee shall act as Paying Agent.

         (d) Any reference in the Trust Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise.

         SECTION 5.10. Authenticating Agent. (a) The Trustee may appoint any one
or more Authenticating Agents (each, an "Authenticating Agent") with respect to
the Units which shall be authorized to act on behalf of the Trustee in
authenticating the Units in connection with the issuance, delivery and
registration or transfer or exchange of the Units. Whenever reference is made in
the Trust Agreement to the authentication of Units 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, the Depositor and the Rating
Agencies. The Trustee may at any time terminate the agency of an Authenticating
Agent by signing 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. No successor
Authenticating Agent shall be appointed unless acceptable to the Depositor. The
Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensating for its services under this Section. The provision of Sections
10.01, 10.02 and 10.03 shall be applicable to any Authenticating Agent.

         (c) Pursuant to an appointment made under this Section, the Units 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 Units described in the Trust Agreement.

         By:  _________________________________
               as Authenticating Agent for
               the Trustee

         By:  _______________________________
               Authorized Signatory

         SECTION 5.11. Issuance and Transfer Restrictions. (a) The Units shall
be issued on the Closing Date upon (i) deposit of the Underlying Securities into
the Trust by the Depositor in exchange for all the Units, (ii) satisfaction of
the conditions set forth in Section 2.06 and (iii) the due authentication by the
Trustee of the Units in the form set forth in Exhibit B1 attached hereto.

         (b) In the event that the Trust Agreement provides that the Units will
be Book-Entry Units, the following terms shall apply:

               (i) The Units will be represented by one or more Global
               Securities registered (in the case of Registered Units) in the
               name of a Depositary or its nominee.

               (ii) Unless otherwise provided in the Units or the Trust
               Agreement, any Global Security representing Registered Units
               shall be exchangeable for Certificates registered in the name of
               Persons other than the Depositary or its nominee only if (i) the
               Depositary is no longer willing or able to act as a depositary
               and the Trustee is unable to locate a qualified successor within
               30 days, or (ii) there shall have occurred and be continuing an
               event specified in Section 9.02. Upon such issuance, the Trustee
               shall register such Certificates in the name of, and cause the
               same to be delivered to, such Person or Persons (or the nominee
               thereof) consistent with Section 5.02.

               (iii) Any Global Security representing Registered Units may bear
               a legend in substantially the following form:

                    "This Certificate is a Global Security within the meaning of
               the Trust Agreement hereinafter referred to and is registered in
               the name of a Depositary or a 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."

         (c) (i) 25% Test. If the Trust Agreement provides that the 25% Test
applies, only this subclause (i) of this Section 5.11(c) shall apply to the
Units governed thereby. Units will be issued only as Definitive Registered Units
and only after a definitive purchase agreement has been executed and delivered
by the purchaser or the proposed transferee. That agreement will contain
additional representations, including whether the purchaser or proposed
transferee is a Benefit Plan Investor or a Plan. No transfer of any Unit shall
be made to any Benefit Plan Investor, unless immediately after such transfer,
either (x) no Units are held by a Plan or (y) Benefit Plan Investors hold less
than 25% of the Units (for this purpose Units held by the Depositor, the Trustee
or any other Person (other than a Benefit Plan Investor) that has discretionary
authority or control with respect to the assets of the Trust or that provides
investment advice for a fee (direct or indirect) with respect to such assets, or
any affiliate of the Depositor, the Trustee of any such Person (within the
meaning of Department of Labor Reg. ss. 2510.3-101(f)(3)) will not be treated as
outstanding). In addition, the Depositor and the Trustee will agree that, after
the initial distribution of the Units, if any Units are held by Plans, neither
they nor their affiliates will acquire any Units, unless that acquisition would
not cause the ownership by Benefit Plan Investors immediately following the
acquisition to exceed 25% of the Units. Each Person that acquires a Unit, and
each fiduciary who causes a Person to acquire a Unit, in its individual as well
as its fiduciary capacity, agrees to indemnify and hold harmless the Depositor,
the Trustee, MS&Co., each Distribution Participant and their respective
affiliates from any cost, damages, loss or expense, incurred by them as a result
of the representations made by such Person or fiduciary not being true.

               (ii) Prohibited Transaction Exemption Restriction. If the Trust
               Agreement provides that the Prohibited Transaction Exemption
               Restriction applies, only this subclause (ii) of this Section
               5.11(c) shall apply to the Units governed thereby. By its
               acquisition of any Unit, the Holder will be deemed to have
               represented and warranted on each day that it holds such Unit
               either that (x) it is not a Plan, an entity whose underlying
               assets include the assets of any such Plan, or an governmental
               plan which is subject to any federal, state or local law that is
               substantially similar to the provisions of Section 406 of ERISA
               or Section 4975 of the Code, or (y) its purchase, holding and
               disposition of a Unit will not result in a prohibited transaction
               under Section 406 of ERISA or Section 4975 of the Code (or, in
               the case of a governmental plan, any substantially similar
               federal, state or local law) unless an exemption is available
               (all of the conditions of which have been satisfied) or in any
               other violations of an applicable requirement of ERISA, the
               Internal Revenue Code or other law. Each Person that acquires a
               Unit, and each fiduciary who causes a Person to acquire a Unit,
               in its individual as well as its fiduciary capacity, agrees to
               indemnify and hold harmless the Depositor, the Trustee, MS&Co.,
               each Distribution Participant and their respective affiliates
               from any cost, damages, loss or expense, incurred by them as a
               result of the representations made by such Person or fiduciary
               not being true.

               (iii) No Plan Restriction. If the Trust Agreement provides that
               the No Plan Restriction applies, only this subclause (iii) of
               this Section 5.11(c) shall apply to the Units governed thereby.
               Units may not be purchased, held by or transferred to any Person
               unless that Person is not a Plan, is not a governmental or other
               plan subject to restrictions substantially similar to Title I of
               ERISA or Section 4975 of the Code, and is not acquiring the Units
               with the assets of any such Plan or other plan. Each Person who
               acquires any Unit, and each fiduciary which causes any such
               Person to acquire any Unit, in its individual as well as its
               fiduciary capacity, will be deemed by such purchase, holding or
               acquisition, on each date on which the Unit is held by such
               person, to have represented that it is not a Plan or any
               governmental or other plan subject to requirements substantially
               similar to Title I of ERISA or Section 4975 of the Code and is
               not using the assets of any such Plan to purchase those Units.
               Each Person that acquires a Unit, and each fiduciary who causes a
               person to acquire a Unit, in its individual as well as its
               fiduciary capacity, agrees to indemnify and hold harmless the
               Depositor, the Trustee, MS&Co., each Distribution Participant and
               their respective affiliates from any cost, damages, loss or
               expense, incurred by them as a result of the representations made
               by such Person or fiduciary not being true.

               (iv) No ERISA Restriction. If the Trust Agreement does not
               provide for the 25% Test, the Prohibited Transaction Exemption
               Restriction or the No Plan Restriction to apply, then none of
               Section 5.11(c)(i), (ii) or (iii) will apply to the Units
               governed thereby.

         (d) The Trustee and the Depositor are entitled to request additional
evidence from a proposed transferee of such Units to ensure to their sole
satisfaction the accuracy of the representations in the Trust Agreement and as
described above.

         (e) If, at any time, the Trustee learns that any of the representations
or warranties provided by a purchaser or potential transferee of Units is false
or that any agreement made therein has been violated, any transfer of a Unit to
such purchaser or potential transferee shall be null and void ab initio. The
Trustee will arrange for the compulsory sale (at a price determined by the
Depositor) for any Unit sold or otherwise acquired in contravention of any of
the transfer restrictions set forth herein. The Trustee shall also have such
other powers to effect compliance with the terms of this Section 5.11 as it
deems appropriate.

         (f) If the Trust Agreement specifies that the "QIB Restriction" is
applicable, sales of the Units will be restricted to "qualified institutional
buyers" as defined in Rule 144A under the Securities Act, and each purchaser of
the Units is deemed to represent (or in the case of definitive Units, shall be
required to represent) for the benefit of the Depositor, the Trustee and each
Distribution Participant that such purchaser is a "qualified institutional
buyer".

         (g) Each Certificate shall be required to bear a legend describing the
restrictions on transferability set forth in this Section 5.11 applicable
thereto.

         SECTION 5.12.  Optional Exchange.

         (a) A Trust Agreement may designate a series of Units as Exchangeable
Units. In order for a Unit of a given Exchangeable Series (or Class within such
Exchangeable Series) to be exchanged by the applicable Unitholder, the Trustee
must receive, at least 30 (or such shorter period acceptable to the Trustee) but
not more than 45 days prior to an Optional Exchange Date (i) such Unit with the
form entitled "Option to Elect Exchange" on the reverse thereof duly completed
or (ii) in the case of Registered Units, a telegram, telex, facsimile
transmission or letter from a member of a national securities exchange or the
National Association of Securities Dealers, Inc., the Depositary (in accordance
with its normal procedures) or a commercial bank or trust company in the United
States setting forth the name of the Holder of such Registered Unit, the Unit
Principal Balance or Notional Amount of such Registered Unit to be exchanged,
the certificate number or a description of the tenor and terms of such
Registration Unit, a statement that the option to elect exchange is being
exercised thereby and a guarantee that the Registered Unit to be exchanged with
the form entitled "Option to Elect Exchange" on the reverse of the Registered
Unit duly completed will be received by such Trustee not later than five
Business Days after the date of such telegram, telex, facsimile transmission or
letter. If the procedure described in clause (ii) of the preceding sentence is
followed, then such Registered Unit and form duly completed must be received by
such Trustee by such fifth Business Day. Any tender of a Unit by the Holder for
exchange shall be irrevocable. The exchange option may be exercised by the
Holder of a Unit for less than the entire Unit Principal Balance of such Unit
provided that the Unit Principal Balance or Notional Amount, as applicable, of
such Unit remaining outstanding after redemption is an authorized denomination
and all other exchange requirements set forth in the related Trust Agreement are
satisfied. Upon such partial exchange, such Unit shall be canceled and a new
Unit or Units for the remaining Unit Principal Balance thereof shall be issued
(which, in the case of any Registered Unit, shall be in the name of the Holder
of such exchanged Unit).

         (b) Unless otherwise provided in the Trust Agreement, upon the
satisfaction of the foregoing conditions and any applicable conditions with
respect to the related Trust Property, the applicable Unitholder will be
entitled to receive a distribution of a pro rata share of the Trust Property
related to the Exchangeable Series (and Class within such Exchangeable Series)
of the Unit being exchanged, in the manner and to the extent described in the
Trust Agreement. Alternatively, if so specified in the Trust Agreement, the
applicable Unitholder, upon satisfaction of such conditions, may direct the
Trustee to sell, on behalf of such Unitholder, such pro rata share of the Trust
Property, in which event the Unitholder shall be entitled to receive the net
proceeds of such sale, less any costs and expenses incurred by such Trustee in
facilitating such sale, subject to any additional adjustments set forth in the
Trust Agreement.

         Any right of exchange in respect of Units of an Exchangeable Series
shall be exercisable only to the extent that the Depositor determines that such
exchange would not be inconsistent with the Depositor's and such Trust's
continued satisfaction of the applicable requirements for exemption under Rule
3a-7 under the Investment Company Act. The Trust Agreement shall set forth
additional terms pertaining to any right of exchange, including but are not
limited to, the following:

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

               (ii) a minimum Unit Principal Balance or Notional Amount, as
               applicable, with respect to each Unit being tendered for
               exchange;

               (iii) a requirement that the Unit Principal Balance or Notional
               Amount, as applicable, of each Unit tendered for exchange be an
               integral multiple of an amount specified in the Trust Agreement;

               (iv) specified dates during which a Holder may effect such an
               exchange (each, an "Optional Exchange Date");

               (v) limitations on the right of an exchanging Holder to receive
               any benefit upon exchange from any Credit Support or other
               non-Underlying Securities deposited in the applicable Trust;

               (vi) adjustments to the value of the proceeds of any exchange
               based upon the Unitholder's allocable share of expenses incurred
               but not yet paid and the establishment of a reserve for any
               allocable Extraordinary Trust Expenses as set forth in the Trust
               Agreement; and

               (vii) a requirement that the exchanging holder obtain the consent
               of any Swap Counterparty to such exchange and tender to the Swap
               Counterparty a termination payment for termination of the portion
               of the Swap Agreement corresponding to the portion of the
               Underlying Securities to be distributed by the Trustee.

         (c) Unless the Trust Agreement states that "Depositor Optional
Exchange" does not apply to the Units of a given Series, any Units held or
beneficially owned by the Depositor or its affiliates from time to time will be
subject to optional exchange by the Depositor or such affiliates for a pro rata
portion of the Trust Property of the related Trust. Unless the Trust Agreement
otherwise provides, the Depositor may only exchange Units for a pro rata portion
of the Trust Property if: (i) the exchange is made with respect to a minimum
Unit Principal Balance of $250,000 and in $25 integral multiples in excess
thereof; (ii) such exchange is to be effected on any January 1, April 1, July 1
or October 1 (or the succeeding Business Day if such date is not a Business Day)
with 45 days notice; (iii) any persons specified in the Trust Agreement consent.

         (d) Any holder of a Call Option shall be entitled to exchange Units
acquired upon exercise of the Call Option for a corresponding portion of Trust
Property.

         SECTION 5.13. Callable Series. If one or more specified Persons has the
right to purchase all or a portion of the Units of any given Series, the Trust
Agreement will designate such Series as a "Callable Series," and specify the
terms upon which any such specified Person may exercise its right to purchase
all or a portion of the Units. Such terms may relate to, but are not limited to,
the following:

               (i) a minimum Unit Principal Balance with respect to each Unit
               being purchased;

               (ii) a requirement that the Unit Principal Balance of each Unit
               being purchased be an integral multiple of a specified amount;

               (iii) specified dates during which such a purchase may be
               effected (each, a "Call Date"); and

               (iv) the price at which such a purchase may be effected (the
               "Call Price").

         After receiving notice of the exercise of such a call right, the
Trustee will provide notice thereof as specified in the Trust Agreement. Upon
the satisfaction of any applicable conditions to the exercise of such right to
purchase of the Units described in such Trust Agreement, each Unitholder will be
entitled to receive a distribution of a pro rata share of the Call Price paid in
connection with such exercise, in the manner and to the extent described in such
Trust Agreement.

         SECTION 5.14. Additional Issuance (a) Unless otherwise provided in the
Trust Agreement, upon no less than 5 days' notice to the Trustee, the Depositor
may deposit additional Underlying Securities at any time in exchange for
additional Units in a minimum aggregate amount of $250,000 and, if in excess of
such amount, in an integral multiple in excess thereof equal to the integral
multiple for the minimum denomination otherwise applicable.

         (b) The principal amount of Underlying Securities deposited must be in
the same ratio to the Unit Principal Balance (and Notional Amount, if
applicable) of the Units received for such deposit as the ratio of the aggregate
principal amount of the Underlying Securities deposited on the Closing Date to
the aggregate Unit Principal Balance (and aggregate Notional Amount if
applicable) on the Closing Date.

         (c) The Depositor must either arrange for any Swap Counterparty and the
Trust to increase proportionally the notional amount under the Swap Agreement or
arrange for an additional Swap Agreement, with a notional amount equal to the
principal amount of the additional Underlying Securities deposited, to be
entered into between the Trust and an additional Swap Counterparty (or a
combination of an additional Swap Agreement and a notional balance increase of
the existing Swap Agreement(s), with the combined effect of such proportional
increase in the notional amount of the Swap Agreements). The Depositor must also
arrange for an increase in or additional Credit Support corresponding to such
additional issuance.

         (d) The Rating Agency Condition must be satisfied in connection with
any such additional issuance. Each Swap Counterparty and any Credit Support
Provider must consent to the additional issuance.

         (e) Notwithstanding the foregoing, the trust may not, except with the
consent of all Unitholders issue any additional Units if that issuance would
alter the classification of the Trust for U.S. federal income tax purposes.

         (f) Upon any deposit of additional Underlying Securities and issuance
of additional Units, the additional Underlying Securities will constitute a part
of the Trust Property of the related Trust and the additional Units will
represent undivided fractional interests in the Trust Property of the related
Trust, entitled to the same rights and subject to the same provisions as all
previously issued Units of the same Class.

                                   ARTICLE VI

                                  The Depositor

         SECTION 6.01. Liability of the Depositor. The Depositor shall be liable
in accordance with the Trust Agreement only to the extent of the obligation
specifically imposed thereby.

         SECTION 6.02. Limitation on Liability of the Depositor. (a) Unless
otherwise expressly specified in the Trust 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 the Trustee Fee Letter or under
Section 10.05(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 reasonably
assured to it.

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

         The Depositor shall not be under any obligation to appear in, prosecute
or defend any legal action unless such action is related to its duties under the
Trust Agreement and, in its reasonable opinion, does not involve it in any
expense or liability; provided, however, that the Depositor may in its
discretion undertake any such action which it may deem necessary or desirable
with respect to the Trust Agreement and the rights and duties of the parties
thereto and the interests of the Unitholders.

         SECTION 6.03. Depositor May Purchase Units. The Depositor or its
Affiliates may at any time purchase Units in the open market or otherwise. Units
so purchased by the Depositor may, at the discretion of the Depositor, be held
or resold.

         SECTION 6.04. Preparation and Filing of Exchange Act Reports;
Obligations of the Depositor. The Depositor shall (or shall engage the Trustee
to):

         (a) on behalf of the Trust, prepare, sign and file with the Commission,
within the time period set forth below, copies of the annual reports and of the
information, documents, certifications 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; and

               (iii) 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 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; and

         (c) deliver to the Trustee, which shall then transmit by mail to all
Holders 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 6.04, if any, as may be required by rules and regulations
prescribed from time to time by the Commission.

                                   ARTICLE VII

                              Rights of Unitholders

         SECTION 7.01. Voting Rights with Respect to Underlying Securities. (a)
Within three Business Days after receipt of notice of any meeting of, or other
occasion for the exercise of voting rights or the giving of consents by, owners
of any of the Underlying Securities, the Trustee shall give notice to the
Unitholders, setting forth (i) such information as is contained in such notice
to owners of Underlying Securities, (ii) a statement that the Unitholders will
be entitled, subject to any applicable provision of law, any applicable terms of
such Underlying Securities and any applicable provisions of the Trust Agreement
(and to the extent of the voting rights allocated to the Unitholders), to
instruct the Trustee as to the exercise of voting rights, if any, pertaining to
such Underlying Securities and (iii) a statement as to the manner in which
instructions may be given to the Trustee to give a discretionary proxy to a
person designated in the notice received by the Trustee. Such notice shall be
given by the Trustee to the Unitholders of record on such record date.

         (b) Unless otherwise specified in the Trust Agreement the voting rights
allocable to the owners of the Underlying Securities pursuant to the terms
thereof will be allocated among the Unitholders pro rata, in the proportion that
the denomination of each Unit bears to the aggregate denomination of all Units;
and upon the written request of the applicable Unitholder, received on or before
the date established by the Trustee for such purpose, the Trustee shall
endeavor, insofar as practicable and permitted under any applicable provision of
law and any applicable provision of or governing the Underlying Securities, to
vote in accordance with any nondiscretionary instruction set forth in such
written request, provided, that the Trustee shall not vote except as
specifically authorized and directed in written instructions from the applicable
Unitholder entitled to give such instructions.

         (c) Notwithstanding Section 7.01(b), the Trustee must reject any vote
to (i) alter the currency, amount or timing of payment of, or the method or rate
of accruing, any principal or interest on the Underlying Securities underlying
the Units held by such Unitholder or (ii) consent to any redemption or
prepayment of the Underlying Securities underlying the Units held by such
Unitholder or (iii) consent to the issuance of new obligations in exchange or
substitution for any Underlying Securities pursuant to a plan or refunding of
the Underlying Securities or any other offer for the Underlying Securities; in
each case unless the Trustee is directed by the affirmative vote of all
Unitholders to accept such amendment or offer as the case may be; and provided,
further, that the Trustee receives advice of nationally recognized independent
tax counsel, designated by the Depositor, that such exercise of voting rights
with respect to any Underlying Securities (i) would not result in a "sale or
other disposition" of such Underlying Securities within the meaning of Section
1001(a) of the Code and (ii) will not alter the classification of the Trust for
Federal Income Tax Purposes. The Trustee will not grant any consent (other than
a unanimous consent) solicited from the owners of the Underlying Securities
underlying the Units with respect to the foregoing matters in (i), (ii) and
(iii) above nor will it accept or take any action in respect of any consent,
proxy or instructions received from any Unitholder in contravention of such
provisions. In addition, if the Trustee determines (based upon advice furnished
by nationally recognized independent tax counsel, whether at the request of any
Unitholder or otherwise) that the exercise of voting rights with respect to any
Underlying Securities could result in a "sale or other disposition" of such
Underlying Securities within the meaning of Section 1001(a) of the Code, the
Trustee shall exercise such voting rights in a manner that would not result in
any such sale or other disposition. The Trustee will have no responsibility to
undertake on its own initiative to determine that any exercise of voting rights
will result in any such sale or other disposition and in any event will not
undertake to make such determination unless given an indemnity reasonably
satisfactory to it against the costs of such determination.

         SECTION 7.02. Amendments and Waivers Under Swap Agreement and
Guarantee. (a) Without the need for consent of any Unitholder, the Trustee shall
enter into any amendment, modification, waiver, or other change of the Swap
Agreement or the Guarantee to cure any ambiguity or manifest error in, or to
correct or supplement or otherwise change any provision of, the Swap Agreement
or the Guarantee, if such change will not materially and adversely affect any
Unitholder. Section 7.02(a) shall not be construed to require the consent of a
Class of Units not materially and adversely affected by any amendment to the
Swap Agreement in connection with an amendment pursuant to Section 7.02(b).

         (b) The Trustee shall enter into any other amendment, or agree to a
waiver or other modification or other change, of the Swap Agreement or Guarantee
if directed or consented to by the Specified Percentage of Unitholders
materially and adversely affected thereby.

         (c) Notwithstanding subsection (b) above, the Trustee shall not enter
into any amendment, or agree to a waiver or other modification, of the Swap
Agreement or Guarantee that would have the effect of changing the principal
amount, interest rate, maturity, or other terms specified in the related Trust
Agreement, of any Class or Series of Units without the consent of 100% of the
outstanding Unit Principal Balance of each Class of Units affected thereby.

         (d) In the case of both (a) and (b) above, (i) the Trustee shall
require an Opinion of Counsel, not at the expense of the Trustee, to the effect
that such amendment will not alter the classification of the Trust for Federal
income tax purposes and (ii) the Rating Agency Condition shall be satisfied with
respect to any amendment, waiver, modification or other change pursuant to this
Section to any Swap Agreement unless Units representing 100% of the Unit
Principal Balance of all affected Units vote in favor of such amendment with
notice that the Rating Agency Condition will not be satisfied, but in any case
each applicable Rating Agency shall receive written notice of such amendment.

         (e) In executing any such amendment or restatement created by any
amendment or the modifications of the Swap Agreement, the Trustee shall be
entitled to receive, and (subject to the standard of care provided in Article X
hereof) shall be fully protected in relying upon an Opinion of Counsel stating
that the execution of such amendment is authorized or permitted by the Trust
Agreement and that all conditions precedent thereto have been complied with. The
Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Trustee's own rights, duties or immunities under the Trust Agreement
or otherwise.

                                  ARTICLE VIII

           Default on Underlying Securities and Permitted Investments

         SECTION 8.01. Realization Upon Default. (a) The Trustee, on behalf of
the Unitholders, shall assert claims under the Underlying Securities or the
Permitted Investments, and shall take such reasonable steps as are necessary to
receive payment or to permit recovery thereunder with respect to any default,
subject in all cases to the terms of Article X.

         (b) If the Trustee is unable to obtain full recovery in respect of a
defaulted Underlying Security or Permitted Investment, the Trustee shall follow
or cause to be followed such normal practices and procedures as it deems
necessary or advisable to realize upon such defaulted Underlying Security or
Permitted Investment, subject in all cases to the terms of Article X.

         (c) If there is an event of default (as defined in the indenture or
other document pursuant to which the Underlying Securities were issued) with
respect to any Underlying Security and such default is known to the Trustee, the
Trustee shall promptly give notice to the Unitholders thereof as promptly as
practicable as provided in Section 12.05 hereof, and in the manner and to the
extent provided in TIA Section 313(c)) within 90 days after such event of
default occurs.

                                   ARTICLE IX

                   Trust Wind-Up Events and Liquidation Events

         SECTION 9.01. Liquidation Events.

         (a) Unless a Trust Wind-Up Event has also occurred and unless otherwise
provided in the Trust Agreement (each such event below, a "Liquidation Event"):

               (i) In the event that (i) an Underlying Security Default occurs
               with respect to any Underlying Security or (ii) any Underlying
               Security held by the Trust becomes a Disqualified Underlying
               Security, then the Trust shall sell such Underlying Security and,
               if necessary, shall sell other Trust Property to the extent
               necessary to pay any Swap Termination Payment.

               (ii) In the event that any Swap Default or Termination Event
               occurs under any Transaction (including if such Transaction
               becomes a Disqualified Transaction), and such Transaction is
               terminated, the Trust shall sell any Affected Underlying
               Securities and, if necessary, shall sell other Trust Property to
               the extent necessary to pay any related Swap Termination Payment,
               and

               (iii) In the event that any Credit Support becomes Disqualified
               Credit Support, then such Credit Support shall be terminated.

         (b) Unless otherwise specified in the Trust Agreement, the Trust shall
distribute any net proceeds to the Trust from a Liquidation Event to the
Unitholders pro rata or in such other proportion as specified in the Trust
Agreement.

         (c) The Trust shall continue thereafter.

         SECTION 9.02. Trust Wind-Up Events. (a) Unless otherwise provided in
the Trust Agreement, if any of the following events (each event, a "Trust
Wind-up Event") shall occur:

               (i) the occurrence of one or more Underlying Security Defaults
               which results in an Underlying Security Default with respect to
               all Underlying Securities held by the Trust or with respect to
               any Underlying Securities specified in the Trust Agreement;

               (ii) the consummation of any redemption of, tender for, exercise
               of any call option on, or other similar transactions with respect
               to all Underlying Securities held by the Trust;

               (iii) if and as specified in the Trust Agreement, any specified
               Swap Default or specified Termination Event under a specified
               Swap Agreement or specified Swap Agreements;

               (iv) any specified Credit Support default occurs under Credit
               Support specified in the Trust Agreement;

               (v) all Underlying Securities held by the Trust become
               Disqualified Underlying Securities;

               (vi) if specified in the Trust Agreement, all Transactions
               becomes Disqualified Transactions or any specified Transactions
               become Disqualified Transactions;

               (vii) any Credit Support held by the Trust becomes Disqualified
               Credit Support and the Trust Agreement specifies that a Trust
               Wind-Up Event shall occur upon such Credit Support becoming
               Disqualified Credit Support;

               (viii) any Excess Expense Event;

               (ix) the designation of a Special Depositor Wind-Up Event
               described in Section 9.04; and

               (x) any other Trust Wind-Up Event set forth in the Trust
               Agreement.

         (b) Unless otherwise specified in the Trust Agreement, if more than one
Trust Wind-Up Event occurs, only the first such event will be the "Trust Wind-Up
Event" for all purposes under the Trust Agreement, each Swap Agreement and any
related agreements or other documents.

         SECTION 9.03. Expense Event. (a) An "Excess Expense Event" will occur,
and a Trust Wind-Up Event shall occur under Section 9.02, in the event that the
Trustee incurs Extraordinary Trust Expense in an aggregate amount exceeding the
Trigger Amount, unless the Swap Counterparty or, if specified as permitted under
the Trust Agreement, the Unitholders provide adequate assurance of indemnity to
the Trustee in accordance with the terms of subsection (b) or (c), as
applicable.

         (b) Promptly upon the incurrence by the Trustee of Extraordinary Trust
Expense in an aggregate amount exceeding the Trigger Amount, and in any event
within one Business Day after such incurrence, the Trustee shall provide notice
to each Swap Counterparty, the Depositor and the Rating Agencies, if any. If the
Trust Agreement so specifies, the Trustee shall also provide notice to the
Unitholders. Such notice shall state that an Excess Expense Event shall occur on
the fifth Business Day following the provision of such notice unless prior to
such day the Swap Counterparty agrees to indemnify the Trustee for Extraordinary
Trust Expense in an aggregate amount exceeding the Maximum Reimbursable Amount,
and actually incurred by the Trustee as of the date of such agreement, to the
reasonable satisfaction of the Trustee and its counsel; provided, however, in no
event shall the Trustee be released from its obligations under the Trust
Agreement until such fifth Business Day. If the Trust Agreement so specifies,
the Unitholders, by unanimous agreement, may provide such indemnification.

         (c) Following an agreement to indemnify the Trustee for future
Extraordinary Trust Expense, upon the incurrence of Extraordinary Trust Expense
in excess of the Maximum Reimbursable Amount, then an "Excess Expense Event"
will occur unless adequate assurance of indemnity is given to the Trustee in the
manner specified in paragraph 9.03(b).

         (d) Nothing in this Section shall be construed to excuse the Depositor
from its indemnification obligations under Section 10.05.

         SECTION 9.04. Special Depositor Wind-Up Event. If the Depositor (or, if
applicable, its permitted assignee) owns 100% of the Units, then it shall have
the power to designate a distribution of the Trust Property to the Unitholders
and the termination of the Trust (a "Special Depositor Wind-Up Event") pursuant
to this Article IX.

         SECTION 9.05. Disposition of Trust Property. (a) Subject to Section
9.06, as promptly as possible after the occurrence of a Trust Wind-Up Event or
Liquidation Event, and in any case within three Business Days following such
occurrence, the Trustee shall provide notice to the Unitholders, the Swap
Counterparties, the Depositor and the Rating Agencies of the occurrence of a
Trust Wind-up Event or Liquidation Event specifying the particular Trust Wind-Up
Event or Liquidation Event and in the case of a Liquidation Event, the
particular Underlying Security, Swap Agreement or other Trust Property related
to such Liquidation Event. In the case of a Trust Wind-Up Event, the notice
shall state that (i) Holders should surrender their Units to the Trustee, or
deliver security or indemnity acceptable to the Trustee in order to receive
their respective distributions of Trust Property, if any, (ii) the location and
hours of the Corporate Trust Office at which Units should be presented and
surrendered and (iii) that each Holder must supply transfer instructions in
writing with respect to Trust Property to be distributed in cash or in kind;
provided, however, that with respect to Units that are Global Securities as to
which distributions will be made through the facilities of DTC or another
depository, the Trustee may adhere to the applicable rules and procedures or DTC
or such other depository in lieu of clauses (i), (ii) and (iii) of this
sentence.

         (b) Immediately upon receipt of notice from the Trustee that the Trust
is required to sell Underlying Securities, the Selling Agent shall undertake to
sell Underlying Securities on behalf of the Trust; provided, however, that the
Selling Agent may elect not to act as Selling Agent with respect to some or all
of the Underlying Securities by written notice to that effect to the Trustee.
The timing, price and other terms of any sale conducted by the Selling Agent
shall be determined by the Selling Agent in its sole discretion, but all such
sales shall be completed within 30 days or such longer period of time as may be
reasonable with respect to particular Underlying Securities. In the case of a
Liquidation Event, sales under this provision shall be limited to the Affected
Underlying Securities except where the proceeds from the Affected Underlying
Securities are insufficient to make payment of the Swap Termination Payment.

         The Selling Agent must solicit at least three bids for the Underlying
Securities to be sold. The Selling Agent must solicit at least three of such
bids from registered broker-dealers of national reputation who deal in
securities of the type in question, but additional bids may be solicited from
one or more financial institutions or other counterparties with credit
worthiness acceptable to the Selling Agent in its discretion. The Selling Agent
will, on behalf of the Trust, sell the Underlying Securities at the highest bid
price received. None of the Selling Agent, its affiliates or its agents, may bid
for the Underlying Securities. The Selling Agent may provide a right of last
refusal to any Swap Counterparty, Call Option holder or other counterparty or
holder with an interest in the Underlying Securities or other Trust Property
that is not an affiliate of the Selling Agent or any holder of a Call Option.

         If the Selling Agent is unable to sell Underlying Securities within 180
days of its first attempt to do and the Selling Agent determines that it is not
commercially reasonable to continue to try to sell such Underlying Securities,
it may give notice to the Trustee that it is unable to sell such Underlying
Securities and that it has determined that it is commercially unreasonable to
continue to attempt to sell such Underlying Security. In such event, the Trustee
shall arrange to distribute such Underlying Securities to Unitholders.

         (c) Subject to Section 9.06, as promptly as possible after the
occurrence of a Liquidation Event, the Trustee shall take action on behalf of
the Trust as specified in Section 9.01. Subject to Section 9.06, as promptly as
possible after the occurrence of a Trust Wind-Up Event, unless otherwise
provided in the Trust Agreement, the Trustee on behalf of the Trust shall
terminate all Swap Agreements, Credit Support and other agreements of the Trust,
the Trustee shall permit delivery of any Trust Property to any Swap Counterparty
or other person in accordance with any Swap Agreement or other agreement, and
the Trustee shall cause the Selling Agent to liquidate all Trust Property. The
Trustee shall use reasonable efforts to cause such terminations and liquidations
within thirty days of the occurrence of such Trust Wind-Up Event. Upon
completion of the liquidation of Trust Property, the Trustee shall provide a
notice to Unitholders, the Swap Counterparties, the Depositor and the Rating
Agencies stating the liquidation of Trust Property has been completed,
specifying the amount of any Swap Termination Payment paid or to be paid and the
amounts to be distributed to Unitholders.

         The Trustee shall distribute the cash proceeds of liquidation, and if
applicable, other Trust Property, to Unitholders upon surrender, or delivery of
security or indemnity acceptable to the Trustee, by each Holder of its Units at
the Corporate Trust Office specified pursuant to paragraph (a) of this Section
9.05. Upon receipt by the Trustee of (i) appropriate transfer instructions in
writing from a Holder with respect to the Underlying Securities and (ii) such
Holder' Units (or acceptable security or indemnity), the Trustee shall promptly
deliver Underlying Securities to such Holder in an aggregate principal amount
corresponding to the aggregate Unit Principal Balance of such Holder's Units in
accordance with such transfer instructions by (A) physical delivery or (B) if
applicable, causing the book-entry depositary for such Underlying Securities to
credit such Underlying Securities to an account of such Holder with such
depositary or an account of a designated participant in such depositary,
provided that such book-entry depositary will be an agency of the United States,
DTC or another book-entry institution acceptable to the Depositary. With respect
to a Global Security, the Trustee may also distribute such cash or other Trust
Property in accordance with the rules of DTC or other applicable Depository. Any
Transfer made in accordance with this paragraph shall satisfy all obligations of
the Trust with respect to the Unitholders.

         (d) If the related Trust Agreement so specifies, in connection with any
Swap Termination Payment payable by the Trust, the Unitholders may, acting
unanimously, deliver to the Trustee the amount of such outstanding Swap
Termination Payment (together with, in the case of a Trust Wind-Up Event, any
Extraordinary Trust Expense in excess of the Maximum Reimbursable Amount payable
to the Trustee) and a written instruction to discontinue sale of the Underlying
Securities. If the Selling Agent receives notice from the Trustee of the
exercise by the Unitholders of their rights under this Section 9.05(d), the
Selling Agent shall promptly discontinue sales of the related Underlying
Securities (but the Selling Agent and the Trustee shall complete the settlement
of any sale already agreed). It is expressly understood and agreed that
Underlying Securities may be sold in the time necessary for the Unitholders to
be notified of and act upon their rights under this Section 9.05(d). If the
Trust Agreement specifies that this provision shall be applicable, the Trustee
shall provide notice of this right to Unitholders together with an estimate of
the amount of any Swap Termination Payment and applicable Extraordinary Trust
Expense at the time the Trustee provides notice to Unitholders of such Trust
Wind-Up Event or Liquidation Event.

         (e) Unless otherwise provided in the Trust Agreement, and
notwithstanding any other provision of this Agreement (and as specified in the
Swap Agreement), in connection with early termination of a Swap Agreement or one
or more Transactions thereunder, other than as a result of Underlying Security
Default, the claim of the Swap Counterparty against the Underlying Securities
(or proceeds thereof arising from sale thereof) and any other Trust Property
will be limited to a claim pro rata with that of the Unitholders according to
the amount of the Swap Termination Payment otherwise payable to the Swap
Counterparty and the Unitholders' aggregate Unit Principal Balance plus accrued
interest.

         (f) The only distributions from the Trustee to which the Holders shall
be entitled are, subject to the security interest in all of the Trust Property
granted in favor of the Swap Counterparty pursuant to the Swap Agreement and the
obligation of the Trust to pay Extraordinary Trust Expenses, payments on the
Underlying Securities, amounts, if any, recovered under the Swap Agreement
(including Swap Termination Payments, if any, and amounts collected pursuant to
Section 2(e) and Section 11 of the Swap Agreement) or Guarantee, received by the
Trustee after the occurrence of the Trust Wind-Up Event, and any other remaining
Trust Property, if any, which in each case the Trustee shall distribute pro rata
to the Unitholders in the manner provided pursuant to Section 4.01 upon
satisfaction of the conditions for transfer of Underlying Securities referred to
in paragraph (b) of this Section.

         (g) Except for reports and other information required to be provided to
Holders under the Trust Agreement, the obligations the Trustee and the Depositor
will terminate upon the distribution to Unitholders of all amounts required to
be distributed to them and the disposition of all Underlying Securities held by
the Trustee, and such distribution shall constitute full satisfaction of all of
the interests of the Unitholders under this Trust Agreement.

         (h) In the event that the Selling Agent resigns or declines to sell
specific Underlying Securities, the Trustee shall proceed under Section
10.02(a)(x).

         (i) The Selling Agent is an agent of the Trustee only and shall have no
fiduciary or other duties to the Unitholders, nor shall the Selling Agent have
any liability to the Trust in the absence of the Selling Agent's bad faith or
willful default. The Selling Agent shall be permitted to sell Underlying
Securities to Affiliates of the Selling Agent. The Selling Agent may (in
addition to declining to sell specific Underlying Securities as provided in
Section 9.05(b)) resign at any time by written notice to the Trustee, such
resignation to take effect immediately upon notice. Except as provided in the
first sentence of this Section 9.05(i), each of the protections, releases,
indemnities and other terms applicable to the Trustee under Section 10.01,
10.02, 10.03 and 10.05 shall apply to the Selling Agent in connection with its
actions as Selling Agent for the Trust.

         (j) Subject to Section 9.05(b) and Section 9.05(e), the Trustee agrees
that upon any failure of the Trust to make any payment when due under the Swap
Agreement, the Swap Counterparty shall have the right to take all action and to
pursue all remedies with respect to such property that a secured party is
permitted to take with respect to collateral under the UCC, including the right
to require the Trustee promptly to sell all or any portion of the Underlying
Securities in the open market or, if the Swap Counterparty elects, to sell the
Underlying Securities to the Swap Counterparty for its fair value as determined
in good faith by the Swap Counterparty. In either case, the proceeds of sale
shall be applied to any amounts owed to the Swap Counterparty. The Trustee
further agrees to take any actions necessary to facilitate the perfection of the
aforementioned security interest of the Swap Counterparty in the property of the
Trust as the Swap Counterparty may reasonably request.

         (k) No Unitholder shall have any liability as a seller of the Trust
Property in connection with any sale of Trust Property by the Trustee or the
Selling Agent.

         SECTION 9.06. Limitation on Notice Requirement. The Trustee shall not
be responsible for taking action with respect to a Trust Wind-Up Event or a
Liquidation Event unless and until (i) the Trustee fails to receive funds due on
the Underlying Securities or under the Swap Agreement when due and such funds
are not received within any applicable grace period, (ii) receipt by the Trustee
of notice from the Swap Counterparty of the occurrence of a Swap Default or
Termination Event, (iii) receipt of actual notice of an Underlying Security
Default from the Underlying Security Issuer or (iv) upon actual knowledge of any
event that would constitute a Liquidation Event or a Trust Wind-Up Event by a
Responsible Officer of the Trustee; provided, however, that the Trustee is
responsible for making due inquiry as to whether a Liquidation Event or a Trust
Wind-up Event occurred if it has reason to believe that such a Liquidation Event
or Trust Wind-up Event has occurred.

                                    ARTICLE X

                             Concerning the Trustee

         SECTION 10.01. Duties of Trustee. (a) The Trustee undertakes to perform
such duties and only such duties as are specifically set forth in the Trust
Agreement. Any permissive right of the Trustee enumerated in the Trust 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 the Trust Agreement, shall examine them to determine whether they
conform to the requirements of the Trust Agreement. If any such instrument is
found not to conform to the requirements of the Trust Agreement, the Trustee
shall take action as it deems appropriate to have the instrument corrected, and
if the instrument is not corrected to the Trustee's satisfaction, the Trustee
will provide notice thereof to the Depositor, the Unitholders and the Rating
Agencies, if any.

         (c) Upon a default by the Swap Counterparty in making any other payment
due under the Swap Agreement and upon a default by the Guarantor after the
Trustee makes demand under the Guarantee, the Trustee shall exercise such of the
rights and powers vested in it by the Trust Agreement, and shall use the same
degree of care and skill in their exercise as a prudent person would exercise or
use under the circumstances in the conduct of such person's own affairs.

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

               (i) the duties and obligations of the Trustee shall be determined
               solely by the express terms of the Trust Agreement, the Trustee
               shall not be liable except for the performance of such duties and
               obligations as are specifically set forth in the Trust Agreement,
               no implied covenants or obligations (except for a fiduciary duty
               to the beneficiaries of the Trust) shall be read into the Trust
               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, as to the truth of the statements
               and the correctness of the opinions expressed therein, upon any
               certificates or opinions furnished to the Trustee that conform to
               the requirements of the Trust Agreement;

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

               (iii) except with respect to actions or duties required to be
               taken or performed, as applicable, by the Trustee under the
               express terms of the Trust 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 powers under the Trust
               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; provided, however,
               that the Trustee agrees that the indemnification under Section
               10.05 will provide reasonable assurance against such risk or
               liability; and

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

         SECTION 10.02. Certain Matters Affecting the Trustee. (a) Except as
otherwise provided in Section 10.01:

               (i) the Trustee 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 Trustee 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 the Trust Agreement in good faith and in accordance
               with such advice or Opinion of Counsel;

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

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

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

               (vi) the Trustee may execute any of the trusts or powers or
               perform any duties under the Trust Agreement either directly or
               by or through agents or attorneys or a custodian or
               administrative agent;

               (vii) the Trustee shall not be personally liable for any loss
               resulting from the investment of funds held in any Unit Account
               pursuant to Section 3.04;

               (viii) the Trustee shall not be deemed to have notice or
               knowledge of any matter unless a Responsible Officer assigned to
               and working in the Corporate Trust Office has actual knowledge
               thereof or unless written notice thereof is received by the
               Trustee at the Corporate Trust Office and such notice references
               the Units generally or the Trust Agreement;

               (ix) if the Trust Agreement provides that this Section
               10.02(a)(ix) applies, the Trustee shall have the power to
               reimburse itself for any unpaid Extraordinary Trust Expense
               actually incurred in accordance with the terms and conditions of
               this Trust Agreement prior to the distribution of funds or Trust
               Property to Unitholders; and

               (x) the Trustee shall have the power to sell the Underlying
               Securities and other Trust Property, in accordance with Article
               IX and XI, through the Selling Agent or, if the Selling Agent
               shall have resigned or declined to sell some or all of the
               Underlying Securities, any broker selected by the Trustee (at the
               direction of the Depositor) with reasonable care, in an amount
               sufficient to pay any amount due to the Swap Counterparty under
               the Swap Agreement (including Swap Termination Payments) or
               reimbursable to itself in respect of unpaid Extraordinary Trust
               Expenses and to use the proceeds thereof to make such payments
               after the distribution of funds or Trust Property to Unitholders.
               Any such broker shall be instructed by the Trustee to sell such
               Trust Property in a reasonable manner designed to maximize the
               sale proceeds.

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

         SECTION 10.03. Limitation on Liability of Trustee. The Trustee assumes
no responsibility for the correctness of the recitals contained in the Trust
Agreement, the Units, the Swap Agreement and the Guarantee, or in any document
issued in connection with the sale of the Units (other than the signature and
authentication on the Units). The sole obligor with respect to the Underlying
Securities is the related Underlying Security Issuer, with respect to the Swap
Agreement is the Swap Counterparty and with respect to the Guarantee, is the
Guarantor. Except as set forth in Section 10.12, the Trustee makes no
representations or warranties as to the validity or sufficiency of the Trust
Agreement, the Units (other than the signature and authentication on the Units),
any Underlying Security, the Swap Agreement, the Guarantee or of any related
document. The Trustee shall not be accountable for the use or application by the
Depositor of any of the Units or of the proceeds of such Units, or for the use
or application of any funds paid to the Depositor or the Swap Counterparty in
respect of the Underlying Securities. The Units 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 Units or any interest therein except as expressly provided in the Trust
Agreement.

         SECTION 10.04. Trustee May Own Units. The Trustee in its individual
capacity or any other capacity may become the owner or pledgee of Units with the
same rights it would have if it were not Trustee.

         SECTION 10.05. Trustee Fees and Expenses; Limited Indemnification. (a)
As compensation for its regular and customary services and in payment of its
regular and customary expenses under the Trust Agreement (including the
reasonable compensation, expenses and disbursements of its counsel for regular
and customary services hereunder) the Trustee shall be entitled to the Trustee
Fees (which shall not be limited by any provision of law in regard to
compensation or payment of a trustee of an express trust). The Depositor agrees
to pay such Trustee Fees when due in accordance with the Trustee Fee Letter;
provided, however, that, subject to paragraph (b) below, the Depositor shall be
under no obligation to make any other payment for any other services and
expenses, disbursements and advances of the Trustee.

         (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 any Proceeding relating
to the Trust Agreement, the Swap Agreement or the Units or the performance of
any of the Trustee's duties under the Trust Agreement, other than any loss,
liability or expense (i) that constitutes a specific liability of the Trustee
under the Trust Agreement or (ii) incurred by reason of willful misfeasance, bad
faith or negligence in the performance of the Trustee' duties thereunder or by
reason of reckless disregard of the Trustee's obligations and duties thereunder
(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 legal
action, the Trustee shall consult with the Depositor in preparing such defense;
(3) if any Person ever alleges such willful misfeasance, bad faith or negligence
by the Trustee, the indemnification provided for in this paragraph (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 misfeasance, bad faith or
negligence; and (4) the Depositor shall in no event be obligated under the Trust
Agreement to indemnify the Trustee for any Extraordinary Trust Expense to the
extent that such Extraordinary Trust Expense, when aggregated with all
Extraordinary Trust Expense previously indemnified, exceeds the Maximum
Reimbursable Amount. Subject to clause (4) of the proviso to the immediately
preceding sentence, the indemnity for Extraordinary Trust Expense shall survive
the termination or discharge of the Trust Agreement and the resignation or
removal of the Trustee. In the event the Trustee is not indemnified by the
Depositor, whether due to bankruptcy, insolvency or otherwise, the Trustee shall
be indemnified by the Trust, however, the Trustee shall nevertheless remain
obligated to perform its duties under the Trust Agreement.

         (c) The Trustee and the Depositor expressly acknowledge that the
limited obligations of the Depositor (and in the case of the last sentence of
paragraph (b) above, the Trust) to indemnify the Trustee pursuant to paragraph
(b) of this Section do not extend to amounts attributable to compensation for
services or payment of expenses of the Trustee, which amounts are payable in
full in the form of the Trustee Fee.

         SECTION 10.06. 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 or association 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 Securities with respect to such
Series of Units 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 $200,000,000 and subject to supervision or examination by Federal or State
authority, 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 for the purposes of this
Section the combined capital and surplus of such corporation or association
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of conditions so published. In the event that at any time the
Trustee shall cease to be eligible in accordance with the terms of this Section,
the Trustee shall resign immediately in the manner and with the effect specified
in Section 10.07.

         (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), any Series under which other securities are outstanding evidencing
ownership interest in obligations of the Underlying Security Issuer if the
requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

         SECTION 10.07. Resignation or Removal of the Trustee. (a) Subject to
the last sentence of this paragraph (a), the Trustee may at any time resign and
be discharged from the Trust by giving written notice thereof to the Depositor,
each Swap Counterparty and any Guarantor, the Rating Agencies, any Credit
Support Provider and to all Unitholders. Upon receiving such notice of
resignation, the Depositor, with the consent of each Swap Counterparty and any
Guarantor which consents shall not be unreasonably withheld, shall as promptly
as possible (and in any event within 30 days after the date of such notice of
resignation) appoint a successor trustee by written instrument, in duplicate,
which instrument shall be delivered to the resigning Trustee and to the
successor trustee. A copy of such instrument shall be delivered to the
Unitholders, each Swap Counterparty and any Guarantor and the Rating Agencies by
the Depositor. If no such successor trustee shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee for the Units.

         (b) If at any time the Trustee shall cease to be eligible in accordance
with the terms of Section 10.06 and shall fail to resign after written request
therefor by the Depositor, or if at any time the Trustee shall become incapable
of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the
Trustee or of its property shall be appointed, or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation, then the Depositor may, with the
consent of each Swap Counterparty and any Guarantor which consents shall not be
unreasonably withheld, remove the Trustee and appoint a successor trustee by
written instrument, in duplicate, which instrument shall be delivered to the
Trustee so removed and to the successor trustee. A copy of such instrument shall
be delivered to the Unitholders, each Swap Counterparty and any Guarantor, and
the Rating Agencies by the Depositor.

         (c) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the terms of this Section shall not become
effective until acceptance of appointment by the successor trustee as provided
in Section 10.08.

         SECTION 10.08. Successor Trustee. (a) Any successor trustee appointed
as provided in Section 10.07 shall execute, acknowledge and deliver to the
Depositor, its predecessor trustee and the Rating Agencies an instrument
accepting such appointment under the Trust 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 its
predecessor under the Trust Agreement, with the like effect as if originally
named as trustee in the Trust Agreement. The predecessor trustee shall deliver
to the successor trustee all documents and statements held by it under the Trust
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 unless at the time of such acceptance
such successor trustee shall be eligible under the terms of Section 10.06.

         (b) Upon acceptance of appointment by a successor trustee as provided
in this Section, the Depositor shall transmit notice of the succession of such
trustee under the Trust Agreement to all Unitholders in the manner provided
pursuant to Section 12.05.

         SECTION 10.09. Merger or Consolidation of Trustee. Any corporation or
association into which the Trustee may be merged or converted or with which it
may be consolidated or any corporation or association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation or association succeeding to the business of the Trustee, shall be
the successor of the Trustee under the Trust Agreement, provided such
corporation or association shall be eligible under the terms of Section 10.06,
without the execution or filing of any paper or any further act on the part of
any of the parties to the Trust Agreement, anything in the Trust Agreement to
the contrary notwithstanding.

         SECTION 10.10. Appointment of Co-Trustee. (a) Notwithstanding any other
terms of the Trust 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, 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 15 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
the Trust Agreement shall be required to meet the terms of eligibility as a
successor trustee under Section 10.06 and no notice to Unitholders of the
appointment of a co-trustee or co-trustees shall be required under Section
10.08.

         (b) In the case of any appointment of a co-trustee pursuant to this
Section, 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. The Trustee shall not be liable for the acts or
omissions of any co-trustee.

         (c) Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of then co-trustees, as effectively as if
given to each of them. Every instrument appointment any co-trustee shall refer
to the Trust Agreement and the conditions of this Article X. 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 the Trust Agreement, specifically including every
provision of the Trust 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.

         (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 the Trust 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.

         SECTION 10.11. Appointment of Office or Agency. The Units may be
surrendered for registration of transfer or exchange, and presented for the
final distribution with respect thereto, and notices and demands to or upon the
Trustee in respect of the Units and the Trust Agreement may be served at the
Corporate Trust Office.

         SECTION 10.12. Representations and Warranties of Trustee. (a) The
Trustee represents and warrants that:

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

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

               (iii) the execution and delivery of the Trust Agreement, the
               Units and the Swap Agreement by the Trustee and its performance
               of and compliance with the terms of the Trust Agreement, the
               Units and the Swap Agreement will not violate the Trustee's
               articles of incorporation, association or other constitutive
               documents or By-laws or constitute a default under, or result in
               the breach or acceleration of, any material 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;

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

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

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

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

         (b) Within 30 days of the earlier of discovery by the Trustee or
receipt of notice by the Trustee of a breach of any representation or warranty
of the Trustee set forth in this Section 10.12 that materially and adversely
affects the interests of the Unitholders, the Trustee shall promptly cure such
breach in all material respects.

         SECTION 10.13. Limitation of Powers and Duties. The Trust is
constituted solely for the purposes of acquiring and holding the Underlying
Securities, entering into the Swap Agreement, accepting the Guarantee, entering
into any ancillary agreements and issuing the Units. The Trust may not incur any
additional debt other than the debt that does not constitute a claim against the
Trust to the extent that excess proceeds are insufficient to pay such debt. The
Trustee is not authorized to acquire any other investments or engage in any
activities not authorized in the Trust Agreement and, in particular, the Trustee
is not authorized (i) to sell, assign, transfer, exchange, pledge, set-off or
otherwise dispose of any of the Underlying Securities or interests therein,
including to Unitholders (except upon termination of the Trust in accordance
with Article IX and Article XI of the Trust Agreement) or (ii) to do anything
that would cause the Trust to fail or cease to qualify as a "grantor trust" for
Federal income tax purposes.

         SECTION 10.14. Preferential Collection of Claims Against the Trust.
Irrespective of whether the TIA shall apply to this Agreement, 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 XI

                                   Termination

         SECTION 11.01. Termination of the Trust. (a) Except as otherwise
provided in Article IX, the respective obligations and responsibilities under
the Trust Agreement of the Depositor and the Trustee (other than the obligations
imposed by Section 10.05(b) and the obligations of the Trustee to provide
reports and other information under the Trust Agreement and to make
distributions to Unitholders as hereafter set forth) shall terminate upon the
distribution to such Holders of all amounts held in all the Accounts and
required to be paid to such Holders pursuant to the Trust Agreement; provided,
however, that in no event shall the Trust continue beyond the expiration of 21
years from the death of the last survivor of the descendants of Queen Elizabeth
II of England, living on the date of the Trust Agreement.

         (b) Written notice of any termination shall be provided to each
Unitholder, the Depositor, each Swap Counterparty and any Guarantor and the
Rating Agencies pursuant to Section 12.05 within ten Business Days, unless such
termination occurs pursuant to the Scheduled Final Distribution Date.

         (c) On the Scheduled Final Distribution Date, the Trustee shall
distribute to each Holder presenting and surrendering its Units, and to each
Holder delivering such security or indemnity to the Trustee as the Trustee may
require to save the Trustee and hold the Trustee harmless, the amount
distributable on such Distribution Date pursuant to Section 4.01 in respect of
the Units so presented and surrendered. Any funds not distributed on such
Distribution Date shall be set aside and held in trust for the benefit of
Unitholders either (i) not presenting and surrendering their Units in the
aforesaid manner or (ii) not delivering such security or indemnity to the
Trustee. as the Trustee may require to save the Trustee and hold the Trustee
harmless, and shall be disposed of in accordance with this Section and Sections
4.01 and 5.09. Immediately following the deposit of such funds in trust
hereunder, the Trust shall terminate.

                                   ARTICLE XII

                               Miscellaneous Terms

         SECTION 12.01. Amendment of Trust Agreement; Waivers. (a) The Trust
Agreement may be amended from time to time by the Depositor and the Trustee
without the consent of any of the Unitholders for any of the following purposes:
(i) to cure any ambiguity or defect or to correct or supplement any provision in
the Trust Agreement which may be defective or inconsistent with any other
provision in the Trust Agreement or with disclosure in the applicable prospectus
supplement; (ii) to add or supplement any credit support for the benefit of any
Unitholders, (iii) to amend the definitions of Trigger Amount and Maximum
Reimbursable Amount so as to increase, but not decrease, the respective amounts
contained in such definitions or to otherwise amend or waive the terms of
Section 10.05(b) in any manner which shall not adversely affect the Unitholders
in any material respect; (iv) to evidence and provide for the acceptance of
appointment under the Trust Agreement by a successor Trustee; (v)o to add to the
covenants, restrictions or obligations of the Depositor or the Trustee for the
benefit of the Unitholders, (vi) to comply with any requirements imposed by the
Internal Revenue Code or other applicable law, including any amendment necessary
to ensure the intended classification of the Trust for United States federal
income tax purposes or (vii) to add, modify, supplement or otherwise change any
of the terms of the Trust Agreement if no Unitholder will be materially and
adversely affected by such change; provided, however, that with respect to any
such amendment in this Section 12.01(a), the Rating Agency Condition shall be
satisfied with respect to such amendment. Section 12.01(a)(vii) shall not be
construed to require the consent of a Class of Units not materially and
adversely affected by any amendment to the Trust Agreement in connection with an
amendment pursuant to Section 12.01(b).

         (b) The Trust Agreement may be amended from time to time by the
Depositor and the Trustee with the consent of Specified Percentage of the
outstanding Unit Principal Balance of each Class of Units materially and
adversely affected thereby. Unless specified in the related Trust Agreement, no
amendment to the Trust Agreement may change the principal amount, interest rate,
maturity, or other terms specified in the related Trust Agreement, of any Class
or Series of Units without the consent of 100% of the outstanding Unit Principal
Balance of each Class of Units affected thereby. The Rating Agency Condition
shall be satisfied with respect to such amendment unless Units representing 100%
of the Unit Principal Balance of all affected Units vote in favor of such
amendment with notice that the Rating Agency Condition will not be satisfied,
but in any case each applicable Rating Agency shall receive written notice of
such amendment.

         (c) Promptly after the execution of any such amendment or modification,
the Trustee shall furnish a copy of such amendment or modification to each
Unitholder.

         (d) Notwithstanding the foregoing, no amendment or modification to the
Trust Agreement shall be permitted unless the Trustee first receives an Opinion
of Counsel, provided at the expense of the party requesting such amendment, that
such amendment or modification will not alter the classification of the Trust
for U.S. federal income tax purposes. The Trustee shall not agree to any
amendment that would affect the rights or obligations of any Swap Counterparty
of the respective Trust, without first obtaining the approval of that Swap
Counterparty.

         (e) For purposes of this Section 12.01, Schedule III to any Trust
Agreement and any Swap Agreements entered into in connection with any related
Trust shall not be considered part of the Trust Agreement. Section 7.02 shall
govern action taken under the Trust Agreement with respect to any amendments to
such Swap Agreements.

         (f) Holders of Units evidencing not less than a Specified Percentage of
the Units of a particular Class may, on behalf of all Holders of the Units of
that Class, (1) waive, insofar as that Class is concerned, compliance by the
Depositor or the Trustee with any restrictive provisions of the Trust Agreement
before the time for such compliance or (2) waive any past default under the
Trust Agreement with respect to the Units of that Class, except for (A) a
default resulting from any failure to distribute amounts received as principal
of (and premium, if any) or any interest on any such Unit and (B) a default in
respect of any covenant or provision the modification or amendment of which
would require the consent of the Holder of each outstanding Unit affected by the
default.

         (g) In executing or accepting the additional trusts created by any
amendment or the modifications thereby of the trusts created by the Trust
Agreement, the Trustee shall be entitled to receive, and (subject to the
standard of care provided in Article X hereof) shall be fully protected in
relying upon an Opinion of Counsel stating that the execution of such amendment
is authorized or permitted by the Trust Agreement and that all conditions
precedent thereto have been complied with. The Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Trustee's own
rights, duties or immunities under the Trust Agreement or otherwise.

         SECTION 12.02. Counterparts. The Trust 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.

         SECTION 12.03. Limitation on Rights of Unitholders. (a) The death or
incapacity of any Unitholder shall not operate to terminate the Trust Agreement
or the Trust Property, nor entitle such Unitholder's legal representatives or
heirs to claim an accounting or to take any action or proceeding in any court
for a partition or winding up of the Trust Property, nor otherwise affect the
rights, obligations and liabilities of the parties thereto or any of them.

         (b) Except as otherwise expressly provided herein, no Unitholder 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 the Trust
Agreement set forth, or contained in the terms of the Units, be construed so as
to constitute the Unitholders from time to time as partners or members of an
association; nor shall any Unitholder be under any liability to any third person
by reason of any action taken by the parties to the Trust Agreement pursuant to
any provision thereof.

         (c) No Unitholder shall have any right by virtue of any provision of
the Trust Agreement to institute any suit, action or proceeding in equity or at
law upon or under or with respect to the Trust Agreement.

         SECTION 12.04. Governing Law. The Trust Agreement and each Unit issued
thereunder shall be governed by and construed in accordance with the laws of the
State of New York applicable to agreements made and to be performed entirely
therein without reference to such State' principles of conflicts of law to the
extent that the application of the laws of another jurisdiction would be
required thereby, and the obligations, rights and remedies of the parties
thereunder shall be determined in accordance with such laws.

         SECTION 12.05. Notices. All directions, demands and notices under the
Trust Agreement shall be in writing and shall be delivered to the offices of the
Trustee specified in the offering documents dated as of the Closing Date. Unless
otherwise provided in the Trust Agreement, any notice required to be given to a
holder of a Registered Unit will be given by facsimile to such number as may be
provided to the Trustee or be mailed to the last address of such holder set
forth in the applicable Unit Register. Any notice so mailed within the time
prescribed in the Trust Agreement shall be conclusively presumed to have been
duly given when mailed, whether or not the Unitholder receives such notice.
Notices given by facsimile will be effective upon confirmation (including
electronic confirmation) of effective transmission. With respect to Global
Securities, the Trustee may give any required notice to Unitholders in
accordance with applicable rules and procedures of DTC or other applicable
depository in satisfaction of any of its obligations to give any notice to
Unitholders.

         Any required to be given to the Rating Agencies, if any, shall be in
writing and shall be deemed to have been duly given if personally delivered or
mailed by first class mail, postage prepaid, or by express delivery service to
the Rating Agencies at the addresses set forth in the Trust Agreement or as
otherwise specified by the applicable Rating Agencies.

         SECTION 12.06. Severability of Terms. If any one or more of the
covenants, agreements or terms of the Trust 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 the Trust
Agreement and shall in no way affect the validity or enforceability of the other
terms of the Trust Agreement or of the Units or the rights of the Holders
thereof.

         SECTION 12.07. Notice to Rating Agencies. The Trustee shall provide
notice to the Rating Agencies as soon as is reasonably practicable with respect
to each of the following of which the Trustee has actual knowledge:

               (i) any material change or amendment to the Trust Agreement;

               (ii) the occurrence of any Swap Default or Termination Event;

               (iii) the resignation or termination of the Trustee;

               (iv) the final payment to Holders of the Units;

               (v) any change in the location of the Unit Account; and

               (vi) any Security Default.

         In addition, the Trustee shall promptly furnish to the Rating Agencies
copies of each report to Unitholders described in Section 4.02. Any such notice
pursuant to this Section shall be in writing and shall be deemed to have been
duly given if personally delivered or mailed by first class mail, postage
prepaid, or by express delivery service to the Rating Agencies at the addresses
set forth in the Terms Schedule

         SECTION 12.08. Perfection of Swap Counterparty Security Interest. At
the request of the Swap Counterparty, the Trustee will assist the Swap
Counterparty in the perfection of the security interest in the Trust Property
described in Section 3.04 and granted by the Trust to the Counterparty under the
Swap Agreement.

         SECTION 12.09. No Recourse. Each Unitholder by accepting a Unit
acknowledges that such Unitholder's Units represent beneficial interests in the
Trust only and do not represent interests in or obligations of the Depositor,
the Trustee, the Swap Counterparty, the Guarantor or any Affiliate of the
foregoing Persons and no recourse may be had against such Persons or their
respective assets, except as may be expressly set forth in the Trust Agreement,
the Swap Agreement or the Units.

         SECTION 12.10. Non-Petition. Prior to the date that is one year and one
day after all distributions in respect of the Units have been made, none of the
Trustee, the Trust or the Depositor shall take any action, institute any
proceeding, join in any action or proceeding or otherwise cause any action or
proceeding against any of the others under the United States Bankruptcy Code or
any other liquidation, insolvency, bankruptcy, moratorium, reorganization or
similar law ("Insolvency Law") applicable to any of them, now or hereafter in
effect, or which would be reasonably likely to cause any of the others to be
subject to, or seek the protection of, any such Insolvency Law.

         SECTION 12.11. Merger and Consolidation The Trust shall not merge or
consolidate with any other trust, entity or person and the Trust shall not
acquire the assets of, or an interest in, any other trust, entity or person
except as specifically contemplated herein.

         SECTION 12.12. Conflict With Trust Indenture Act . (a) If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Agreement by any of the provisions of the TIA,
such required provision shall control.

         (b) The provisions of the TIA Sections 310 through 317 that impose
duties on any Person (including the provisions automatically deemed included
herein unless expressly excluded by this Agreement) are a part of and govern
this Agreement, whether or not physically contained herein.

         (c) Except as expressly provided in this Agreement, all provisions
specifically referencing the TIA shall be inapplicable until such time as this
Agreement is qualified under the TIA.

<PAGE>

         IN WITNESS WHEREOF, the Depositor and the Trustee have caused this
instrument to be duly executed by their respective officers thereunto duly
authorized as of the date first above written.

                                          MS STRUCTURED ASSET CORP.

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

                                          LASALLE BANK NATIONAL
                                            ASSOCIATION, as Trustee on behalf
                                            of the Trust identified in
                                            Schedule I to the Trust Agreement
                                            dated today's date, and not in
                                            its individual capacity

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

<PAGE>

                                                                       EXHIBIT A

                                 TRUST AGREEMENT

         TRUST AGREEMENT, between MS Structured Asset Corp. (the "Depositor")
and LaSalle Bank National Association (the "Trustee"), made as of the date set
forth in Schedule I attached hereto, which Schedule together with Schedules II
and III attached hereto, are made a part hereof. The terms of the Standard Terms
for Trust Agreements, dated February 19, 2003 (the "Standard Terms") are, except
to the extent otherwise expressly stated, hereby incorporated by reference
herein in their entirety with the same force and effect as though set forth
herein. Capitalized terms used herein and not defined shall have the meanings
defined in the Standard Terms. References to "herein", "hereunder", "this Trust
Agreement" and the like shall include the Schedules attached hereto and the
Standard Terms so incorporated by reference.

         WHEREAS, the Depositor and the Trustee desire to establish the Trust
identified in Schedule I attached hereto (the "Trust") for the primary purposes
of (i) holding the Underlying Securities, (ii) entering into any Swap Agreement
with the Swap Counterparty and (iii) issuing the Units;

         WHEREAS, the Depositor desires that the respective beneficial interests
in the Trust be divided into transferable fractional shares, such shares to be
represented by the Units;

         WHEREAS, the Depositor desires to appoint the Trustee as trustee of the
Trust and the Trustee desires to accept such appointment;

         WHEREAS, the Depositor shall transfer, convey and assign to the Trust
without recourse, and the Trust shall acquire, all of the Depositor's right,
title and interest in and under the Underlying Securities and other property
identified in Schedule II to the Trust Agreement (the "Trust Property"); and

         WHEREAS, the Trust agrees to acquire the Trust Property specified
herein in consideration for Units having an initial Unit Principal Balance
identified in Schedule I attached hereto, subject to the terms and conditions
specified in the Trust Agreement;

         NOW THEREFORE, the Depositor hereby appoints the Trustee as trustee
hereunder and hereby requests the Trustee to receive the Underlying Securities
from the Depositor and to issue in accordance with the instructions of the
Depositor Units having the terms specified in Schedule I attached hereto, and
the Trustee accepts such appointment and, for itself and its successors and
assigns, hereby declares that it shall hold all the estate, right, title and
interest in any property contributed to the trust account established hereunder
(except property to be applied to the payment or reimbursement of or by the
Trustee for any fees or expenses which under the terms hereof is to be so
applied) in trust for the benefit of all present and future Holders of the
fractional shares of beneficial interest issued hereunder, namely, the
Unitholders, and subject to the terms and provisions hereof and of the Standard
Terms.

<PAGE>

         IN WITNESS WHEREOF, each of the undersigned has executed this
instrument as of the date set forth in Schedule I attached hereto.

                                  LASALLE BANK NATIONAL ASSOCIATION
                                    as Trustee on behalf of the Trust identified
                                    in Schedule I hereto, and not in its
                                    individual capacity

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

                                  MS STRUCTURED ASSET CORP.

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

Attachments: Schedules [I, II and III]

<PAGE>

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                                SATURNS Trust No. [__________]

Date of Trust Agreement:              [____________]

Units:

Initial Unit Principal Balance
of the Units:

[Initial Notional Amount
of the Units:

Issue Price of Units:

Number of Units:

Minimum Denomination:

Cut-off Date:

Closing Date:

Specified Currency:                   [United States dollars]

Business Day:                         New York, New York and Chicago, Illinois

Interest Rate:                        [_____]% per annum [basis]

Interest Reset Period:                [Not Applicable]

Rating:

Rating Agencies:                      [Moody's and S&P]

Scheduled Final Distribution Date:    [_____________]. The Units will have the
                                      same final maturity as the Underlying
                                      Securities.

Prepayment/Redemption:                [The Trust Property is subject to
                                      redemption in accordance with the terms of
                                      the Underlying Securities and as described
                                      in Schedule II and is subject to call in
                                      accordance with Schedule III. Any such
                                      call or redemption will result in the
                                      redemption of a proportional amount of the
                                      Units [and a proportional reduction in the
                                      Notional Amount of the Units. ]]

Additional Distribution:

Swap Agreement:

Swap Counterparty:                    Party A to the Swap Agreement referred to
                                      in Schedule III or any assignee thereof.
                                      In addition, in connection with an
                                      additional issuance of Units, Party A to
                                      any additional Swap Agreement or any
                                      assignee thereof.

[Guaranty:                            Morgan Stanley shall guarantee the
                                      obligations of [any Morgan Stanley
                                      affiliate who is a Swap Counterparty]. ]

Swap Notional Amount:

Swap Payment Date:

Swap Rate:

Additional Swap Agreements:           [In connection with an additional issuance
                                      of Units, the Depositor may arrange for
                                      the Trust to enter into an additional Swap
                                      Agreement with identical terms to those of
                                      the Swap Agreement entered into as of the
                                      Closing Date, except that such Swap
                                      Agreement may have a different Swap
                                      Counterparty, number of options, and
                                      premium amount than the Swap Agreement
                                      entered into on the Closing Date. The
                                      Rating Agency Condition must be satisfied
                                      prior to the effectiveness of such
                                      additional Swap Agreement. ]

Distribution Date:                    Each [__________], or the next succeeding
                                      Business Day if such day is not a Business
                                      Day, commencing December 1, 2002, and any
                                      other date upon which funds are available
                                      for distribution in accordance with the
                                      terms hereof.

                                      If any payment with respect to the
                                      Underlying Securities held by the Trust is
                                      not received by the Trustee by 12 noon
                                      (New York City time) on a Distribution
                                      Date, the corresponding distribution on
                                      the Units will not occur until the next
                                      Business Day that the Trust is in receipt
                                      of proceeds of such payment prior to 12
                                      noon, with no adjustment to the amount
                                      distributed.

Record Date:                          Each [____________], regardless of whether
                                      such day is a Business Day.

Form:                                 [Global Security]

Depositary:                           [DTC]

Specified Percentage:

Trustee Fees and Expenses:            [As compensation for and in payment of
                                      trust expenses related to its services
                                      hereunder other than Extraordinary Trust
                                      Expenses, the Trustee will receive Trustee
                                      Fees on each Distribution Date in the
                                      amount equal to $3,750. The Trustee Fee
                                      shall cease to accrue after termination of
                                      the Trust. The "Trigger Amount" with
                                      respect to Extraordinary Trust Expenses
                                      for the Trust is $25,000 and the Maximum
                                      Reimbursable Amount is $100,000. The
                                      Trustee Fee will be paid by the Expense
                                      Administrator. Expenses will be reimbursed
                                      by the Expense Administrator in accordance
                                      with the Expense Administration
                                      Agreement.]

[Expense Administrator:               The Depositor will act as Expense
                                      Administrator on behalf of the Trust
                                      pursuant to an Expense Administration
                                      Agreement, dated as of the date of the
                                      Trust Agreement (the "Expense
                                      Administration Agreement"), between the
                                      Depositor as Expense Administrator (the
                                      "Expense Administrator") and the Trust.

                                      The Expense Administrator will receive a
                                      fee equal to [_____]% per annum of the
                                      principal amount of the Underlying
                                      Securities held by the Trust as its fee,
                                      calculated on the basis of a 360 day year
                                      consisting of twelve 30 day months (the
                                      "Expense Administration Fee"). The Expense
                                      Administrator's fee is payable only from
                                      available interest receipts received with
                                      respect to the Underlying Securities after
                                      application of such receipts to payment of
                                      accrued interest on the Units.

                                      The Expense Administrator will be
                                      responsible for paying the Trustee Fee and
                                      reimbursing certain other expenses of the
                                      Trust in accordance with the Expense
                                      Administration Agreement.]

Listing:                              [The Depositor has applied to list the
                                      Units on [____]

ERISA Restrictions:                   [None][No Plan Restriction][25%
                                      Test][Prohibited Transaction Exemption
                                      Restriction]

QIB Restriction:

Primary Offering Securities:          The Trustee, as purchaser of the
                                      Underlying Securities, hereby assigns to
                                      the Unitholders its rights against the
                                      related Underlying Security Issuers and
                                      the Placement Agents under the U.S.
                                      federal and state securities laws with
                                      respect to its purchase of the Underlying
                                      Securities. Accordingly, Unitholders may
                                      proceed directly against the related
                                      Underlying Security Issuers of Underlying
                                      Securities and the Placement Agents to
                                      enforce those rights without first
                                      proceeding against the Trust, the Trustee
                                      or any other person or entity. Each
                                      Underlying Security Issuer and its
                                      Placement Agents have acknowledged the
                                      existence of such assignment and agreed
                                      not to contest its enforceability.

                                      The Trustee shall remove from Trust
                                      Property any Underlying Securities, in
                                      whole and not in part, for which removal
                                      of such Underlying Securities is required
                                      to effectuate a final judgment or decree
                                      which requires a right of rescission with
                                      respect to such Underlying Securities in
                                      connection with any action brought under
                                      federal or state securities laws in
                                      respect of such Underlying Securities.

[Disqualified Underlying Security:    For Primary Offering Securities, insert
                                      provisions from prospectus]

[Liquidation Events:                  For Primary Offering Securities, revise
                                      provisions as specified in prospectus]

[Eligible Underlying Security:        For Primary Offering Securities, restrict
                                      definition as specified in prospectus]

Trust Wind-Up Event:                  [The following Trust Wind-Up Events shall
                                      not apply:]

                                      [The following additional events shall be
                                      Trust Wind-Up Events:]

                                      [If (i) cash settlement applies under the
                                      Swap Agreement, (ii) a Trust Wind-Up Event
                                      has occurred in connection with the
                                      exercise of any call rights under the Swap
                                      Agreement and (iii) the Selling Agent
                                      cannot obtain a bid for the Underlying
                                      Securities in excess of 100% of the
                                      aggregate Unit Principal Balance of the
                                      Units and accrued interest on the
                                      Underlying Securities, then the Underlying
                                      Securities will not be sold, the Swap
                                      Counterparty's exercise of the call rights
                                      will be rescinded (and the Swap
                                      Counterparty shall be entitled to exercise
                                      such options in the future) and any
                                      related Trust Wind-Up Event will be deemed
                                      not to have occurred.]

Termination:

[Distributions of Securities:         Provisions of the Standard Terms allowing
                                      for otherwise providing for distributions
                                      of Underlying Securities with respect to
                                      the Units in connection with Liquidation
                                      Events or Trust Wind-Up Events shall not
                                      be incorporated herein.]

[Indemnification by Unitholders:      Provisions of the Standard Terms allowing
                                      for otherwise providing for Unitholders to
                                      offer indemnity to the Trustee with
                                      respect to a Trigger Event or to tender
                                      amounts in respect of a Swap Termination
                                      Payment shall not be incorporated herein.]

Self-Tenders by Underlying
Security Issuer:                      [The Trust will not participate in any
                                      self-tender by the Underlying Security
                                      Issuer for the Underlying Securities and
                                      the Trustee will not accept any
                                      instructions to the contrary from the
                                      Unitholders. However, the Swap
                                      Counterparty may exercise the Swap
                                      Agreement at any time in connection with a
                                      self-tender.]

Depositor Optional Exchange:          [Depositor Optional Exchange shall be
                                      subject to the consent of [the Swap
                                      Counterparty][the holder of Call
                                      Rights][the Expense Administrator.]

                                      [Depositor Optional Exchange shall be
                                      available on the following dates instead
                                      of the dates specified in the Standard
                                      Terms].

Terms of Retained Interest:           Notwithstanding any other provision herein
                                      or in the Standard Terms, the Depositor
                                      retains the right to receive any and all
                                      interest that accrues on the Underlying
                                      Securities prior to the Closing Date. The
                                      Depositor will receive such accrued
                                      interest on the first Distribution Date
                                      (or redemption date if earlier) for the
                                      Units and such amount shall be paid from
                                      the interest payment made with respect to
                                      the Underlying Securities on the first
                                      Distribution Date.

                                      The amount of the Retained Interest is
                                      $[_____].

                                      If a Underlying Security Default occurs on
                                      or prior to the first Distribution Date
                                      and the Depositor does not receive such
                                      Retained Interest amount in connection
                                      with such Distribution Date, the Depositor
                                      will have a claim for such Retained
                                      Interest, and will share pro rata with
                                      holders of the Units to the extent of such
                                      claim in the proceeds from the recovery on
                                      the Underlying Securities.

Call Option Terms:                    [Specify terms of Call Option, Call
                                      Rights, Warrants, if applicable.]

Sale of Underlying Securities:        [If cash settlement applies and if the
                                      Swap Counterparty exercises any of its
                                      call rights other than in connection with
                                      a redemption of or a self-tender for the
                                      Underlying Securities by the Underlying
                                      Security Issuer (or to the extent such
                                      exercise corresponds to such redemption or
                                      self-tender), a number of Underlying
                                      Securities corresponding to the number of
                                      call rights exercised by the Swap
                                      Counterparty will be sold by the Selling
                                      Agent on behalf of the Trust.

                                      If the Selling Agent cannot obtain a bid
                                      for the Underlying Securities in excess of
                                      100% of the aggregate Unit Principal
                                      Balance of the Class A Units to be
                                      redeemed and accrued interest on the
                                      Underlying Securities to be sold, then the
                                      Underlying Securities will not be sold,
                                      the Swap Counterparty's exercise will be
                                      rescinded (and the Swap Counterparty shall
                                      be entitled to exercise such call rights
                                      in the future) and any related Trust
                                      Wind-Up Event will be deemed not to have
                                      occurred.]

Selling Agent:                        [Morgan Stanley & Co. Incorporated.
                                      Notwithstanding any provision of the
                                      Standard Terms to the contrary, any sale
                                      of the Underlying Securities shall be
                                      conducted by and through the Selling Agent
                                      and not the Trustee. ]

Other Terms:

<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Underlying Securities:

Underlying Security Issuer:

[Primary Offering Securities:         Applicable]

Principal Amount:

Underlying Security Rate:

Credit Ratings:                       [___ by Moody's]

                                      [___ by S&P]

Listing:

Underlying Security Issuance
Agreement:

Form:                                 [Global]

Currency of
Denomination:                         [United States dollars]

Acquisition Price by Trust:

Underlying Security Payment Date:

Original Issue Date:

Maturity Date:

Sinking Fund Terms:

Redemption Terms:

CUSIP No.:/ISIN No.

Underlying Security Trustee:

Available Information
Regarding the Underlying Security
Issuer (if other than U.S.
Treasury obligations):                The Security Issuer is subject to the
                                      informational requirements of the
                                      Securities Exchange Act of 1934, as
                                      amended, and in accordance therewith files
                                      reports and other information with the
                                      Securities and Exchange Commission (the
                                      "Commission"). Such reports and other
                                      information can be inspected and copied at
                                      the public reference facilities maintained
                                      by the Commission at 450 Fifth Street,
                                      N.W., Washington, D.C. 20549 and at the
                                      following Regional Offices of the
                                      Commission: Woolworth Building, 233
                                      Broadway, New York, New York 10279, and
                                      Northwest Atrium Center, 500 West Madison
                                      Street, Chicago, Illinois 60661. Copies of
                                      such materials can be obtained from the
                                      Public Reference Section of the Commission
                                      at 450 Fifth Street, N.W., Washington,
                                      District of Columbia 20549 at prescribed
                                      rates.

<PAGE>

                                 [Schedule III]
                         [(Swap Agreement Confirmation)]

<PAGE>

                                                                      EXHIBIT B1

                             FORM OF REGISTERED UNIT

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                SERIES [________]
                                [CLASS __] UNITS

[EACH PURCHASER OR OTHER TRANSFEREE OF THIS UNIT OR ANY INTEREST HEREIN OF THIS
UNIT, BY ITS ACCEPTANCE HEREOF, IS DEEMED TO REPRESENT AND WARRANT FOR THE
BENEFIT OF THE TRUSTEE AND THE DEPOSITOR OF THE TRUST, AND EACH DISTRIBUTION
PARTICIPANT AS DEFINED IN THE TRUST AGREEMENT THAT SUCH PURCHASER OR OTHER
TRANSFEREE IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT. ]

[IF THE TRUST AGREEMENT PROVIDES THAT THE 25% TEST APPLIES, A DEFINITIVE
PURCHASE AGREEMENT MUST BE EXECUTED AND DELIVERED BY THE PURCHASER OR THE
PROPOSED TRANSFEREE WHICH AGREEMENT WILL CONTAIN ADDITIONAL REPRESENTATIONS,
INCLUDING WHETHER THE PURCHASER OR PROPOSED TRANSFEREE IS A (I) "EMPLOYEE
BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA")), WHETHER OR NOT IT IS SUBJECT TO THE
FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, INCLUDING ANY U.S.
GOVERNMENTAL PLANS AND ANY FOREIGN GOVERNMENTAL OR PRIVATE PENSION PLANS, (II)
"PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE"), OR (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE, AND, IF SO,
WHETHER SUCH PERSON IS SUBJECT TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR
ANY SUBSTANTIALLY SIMILAR LAW.]

[IF THE TRUST AGREEMENT PROVIDES THAT THE PROHIBITED TRANSACTION EXEMPTION
RESTRICTION APPLIES, BY ITS ACQUISITION OF ANY UNIT, THE HOLDER WILL BE DEEMED
TO HAVE REPRESENTED AND WARRANTED ON EACH DAY THAT IT HOLDS SUCH UNIT EITHER
THAT (X) IT IS NOT A (I) "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"))
SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (II)
"PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED (THE "CODE") SUBJECT TO SECTION 4975 OF THE CODE OR (III) ENTITY WHOSE
UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT IN SUCH
ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL PLAN WHICH IS SUBJECT TO ANY FEDERAL,
STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE, OR (Y) ITS PURCHASE, HOLDING AND
DISPOSITION OF A UNIT WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL
PLAN, ANY SUBSTANTIALLY SIMILAR FEDERAL, STATE OR LOCAL LAW) UNLESS AN EXEMPTION
IS AVAILABLE (ALL OF THE CONDITIONS WHICH HAVE BEEN SATISFIED) OR IN ANY OTHER
VIOLATIONS OF AN APPLICABLE REQUIREMEMENT OF ERISA, THE INTERNAL REVENUE CODE OR
OTHER LAW.]

[IF THE TRUST AGREEMENT PROVIDES THAT THE NO PLAN RESTRICTION APPLIES, THE
HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY SUCH PERSON TO ACQUIRE ANY UNIT, IN
ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL BE DEEMED BY SUCH
PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE UNIT IS HELD BY SUCH
PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I) "EMPLOYEE BENEFIT PLAN" (AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT TO SECTION 4975 OF THE
CODE, (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL OR OTHER PLAN
SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE INTERNAL REVENUE CODE.]

[EACH PERSON THAT ACQUIRES A UNIT, AND EACH FIDUCIARY WHO CAUSES A PERSON TO
ACQUIRE A UNIT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, AGREES TO
INDEMNIFY AND HOLD HARMLESS THE DEPOSITOR, THE TRUSTEE, [MS&CO.] AND THEIR
RESPECTIVE AFFILIATES FROM ANY COST, DAMAGES, LOSS OR EXPENSE, INCURRED BY THEM
AS A RESULT OF THE REPRESENTATIONS MADE BY SUCH PERSON OR FIDUCIARY NOT BEING
TRUE.]

[THIS CERTIFICATE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TRUST AGREEMENT
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS UNIT IS EXCHANGEABLE FOR UNITS 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.]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO TRUSTEE OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED 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.]

[THIS UNIT MAY BE SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS PROVIDED IN
THE TRUST AGREEMENT FOR THE TRUST TO WHICH THIS UNIT RELATES.]

[THIS UNIT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.]

<PAGE>

Unit No. [__]                                        CUSIP No. [_______________]

REGISTERED INITIAL AMOUNT: $[_________]               FRACTIONAL SHARE:  [____]%

AGGREGATE INITIAL AMOUNT OF UNITS: $[25,000,000]

REGISTERED INITIAL NUMBER: [__]

AGGREGATE INITIAL NUMBER
OF ALL UNITS:  [__]

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                SERIES [________]
                                [CLASS __] UNITS

         This certifies that Cede & Co. is the registered owner of an undivided
fractional interest in the Trust Property referred to below. The amount due on
this Unit on any Distribution Date is the fractional undivided interest
represented by this Unit of the amount of the distribution on the Units as
determined pursuant to the Trust Agreement.

         The Trust Property will be held in trust by the Trustee identified in
the Trust Agreement (the "Trust"). The Trust has been created pursuant to a
Trust Agreement, dated as of [__________] (the "Trust Agreement"), between
LaSalle Bank National Association, as Trustee of the Trust (the "Trustee"), and
MS Structured Asset Corp.

         To the extent not defined herein, all capitalized terms shall have the
meanings assigned to such terms in the Trust Agreement and the Terms Schedule
attached thereto. This Unit is one of the Units described in the Trust Agreement
and is issued under and subject to the terms, provisions and conditions of the
Trust Agreement. By acceptance of this Unit, the Holder assents to and becomes
bound by the Trust Agreement.

         The Trust Property consists of the Securities (excluding the Retained
Interest of the Depositor) and any Permitted Investments.

         Subject to the terms and conditions of the Trust Agreement (including
the availability of funds for distributions and any grace period or cure period
applicable to the Trust Property) and to the prior obligation of the Trust to
pay (i) all amounts due to the Swap Counterparty pursuant to the Swap Agreement
and (ii) all unpaid Extraordinary Trust Expenses, and until the obligations
created by the Trust Agreement shall have terminated in accordance therewith,
there will be distributed on each Distribution Date, to the Person in whose name
this Unit is registered at the close of business on the Record Date, such
Unitholder's fractional undivided interest in the amounts to be distributed to
Holders of Units pursuant to the Trust Agreement on such Distribution Date. The
amount to be distributed on the Scheduled Final Distribution Date will include
the full repayment of principal.

         Distributions on this Certificate will be made by wire transfer in
accordance with a written notice to the Trustee providing appropriate wire
transfer instructions given no later than 15 calendar days prior to the
applicable Distribution Date. If no such notice has been given, distributions
will be made by the Trustee by check mailed to the Unitholder of record at its
address as it appears in the Unit Register without the presentation or surrender
of this Certificate or the making of any notation hereon, by wire transfer of
immediately available funds. Except as otherwise provided in the Trust Agreement
and notwithstanding the above, the final distribution on this Certificate will
be made after due notice by the Trustee of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
maintained for that purpose by the Trustee in the Chicago, Illinois.

         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 during normal business hours at the Corporate
Trust Office of the Trustee, located at 135 South LaSalle Street, Suite 1625,
Chicago, Illinois 60603 and at such other places, if any, designated by the
Trustee, by any Unitholder upon request.

         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.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Trustee, by manual signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust
Agreement or be valid for any purpose.

<PAGE>

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

                                             SATURNS TRUST NO. ________

                                             BY: LASALLE BANK NATIONAL
                                                  ASSOCIATION,
                                                  as Trustee

                                                 By:
                                                      -------------------------
                                                      Authorized Signatory

DATED:

[SEAL]

Trustee's Certificate of
Authentication:

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

                                             LASALLE BANK NATIONAL ASSOCIATION,
                                              as Authenticating Agent

                                             By:
                                                 ----------------------------
                                                 Authorized Signatory

[If not a Global Security: Attachments: Schedule I to the Trust Agreement]

<PAGE>

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")

                                 SERIES ________

         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
therein set forth, the transfer of this Certificate is registerable in the Unit
Register upon surrender of this Certificate for registration of transfer at the
office or agency maintained by the Trustee in Chicago, Illinois, accompanied by
a written instrument of transfer and, if applicable, a transfer letter 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 interest in the Trust will be issued to the designated
transferee.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, Certificates are exchangeable for new Certificates
representing different numbers of Units which evidence the same aggregate
interest in the Trust, as requested by the Holder surrendering the same. No
service charge will be made for any such registration of transfer or exchange,
but the Trustee may require payment of a sum sufficient to cover any tax or
governmental charges payable in connection therewith.

         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 Unitholders 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 LaSalle Bank National
Association not in its individual capacity but solely as Trustee and in no event
shall LaSalle Bank National Association 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
delivered pursuant thereto, as to all of which recourse shall be had solely to
the assets of the Depositor, and under no circumstances shall LaSalle Bank
National Association be personally liable for the payment of any indebtedness or
expenses of the Trust. The Units 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 Units or any
interest therein except as expressly provided in the Trust Agreement.

<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers
unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

---------------------------------------------------------------------------

(Please print or typewrite name and address, including postal zip code, of
assignee)

----------------------------------------------------------------------------

the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

----------------------------------------------------------------------------

Attorney to transfer said Certificate on the books of the Certificate Registrar,
with full power of substitution in the premises.

Dated:

         _______________________________ */

                                               Signature Guaranteed:

         _______________________________ */

         _____________

         */ NOTICE: The signature to this assignment must correspond with the
name as it appears upon the face of the within Certificate in every particular,
without alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member of the New York Stock Exchange or a commercial bank or
trust company.

<PAGE>

                            [OPTION TO ELECT EXCHANGE

         The undersigned hereby irrevocably requests and instructs the Trustee
to effect exchange of this Unit for the Trust Property in which this Unit
evidences a beneficial interest (or portion thereof specified below) pursuant to
its terms and in accordance with the Term Schedule and Section 5.12 of the Trust
Agreement, to be delivered to the undersigned, at

------------------------------------------------------------------------------

------------------------------------------------------------------------------

------------------------------------------------------------------------------
                           (Please print or typewrite
                      name and address of the undersigned.)

         If less than the entire Unit Principal Balance of this Unit is to be
redeemed, specify the portion thereof which the Holder elects to have exchanged:
___________________; and specify the denomination or denominations (which shall
not be less than the minimum authorized denomination) of the Units to be issued
to the Holder for the portion of the within Units not being exchanged (in the
absence of any such specification, one such Unit will be issued for the portion
not being redeemed):

                             Dated: ________________Exhibit 4.1

                      Core Investment Grade Bond Trust o

                                Trust Agreement

                                     Among

                            Core Bond Products LLC,

                                 as Depositor,

                                      o,

                    as Trustee and Securities Intermediary,

                                      and

                                      o,

                            as Administrative Agent

                                 Dated as of o

                           Pass-Through Certificates

<PAGE>

<TABLE>
<CAPTION>
                                                 TABLE OF CONTENTS

                                                                                                               Page

                                                     ARTICLE I

                                             DEFINITIONS; CONSTRUCTION

<S>                  <C>
Section 1.01.         Definitions.................................................................................1
Section 1.02.         Rules of Construction.......................................................................7
Section 1.03.         Article and Section References..............................................................7

                                                     ARTICLE II

                                   DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

Section 2.01.         Creation and Declaration of Trust; Assignment of Underlying Notes...........................7
Section 2.02.         Entry into Agency Agreement.................................................................8
Section 2.03.         Acceptance by Trustee.......................................................................8
Section 2.04.         Agreement to Execute, Authenticate and Deliver Certificates.................................8

                                                    ARTICLE III

                                 TRUST POWERS; ADMINISTRATION OF THE TRUST PROPERTY

Section 3.01.         Trust Property..............................................................................8
Section 3.02.         Administration of the Trust.................................................................8
Section 3.03.         Collection of Certain Underlying Note Payments..............................................9
Section 3.04.         Sale........................................................................................9
Section 3.05.         Certificate Account.........................................................................9
Section 3.06.         Investment of Funds in the Accounts........................................................11
Section 3.07.         Access to Certain Documentation............................................................11
Section 3.08.         Removal of Underlying Notes Upon a Removal Event...........................................12
Section 3.09.         Sale Procedures Following a Removal Event..................................................12
Section 3.10.         Removal of Underlying Notes Upon Final Judgment............................................13
Section 3.11.         Administrative Agent Provisions............................................................13

                                                     ARTICLE IV

                                  DISTRIBUTIONS AND REPORTS TO CERTIFICATEHOLDERS

Section 4.01.         Distributions..............................................................................14
Section 4.02.         Reports to Certificateholders; Notices.....................................................16
Section 4.03.         Compliance with Tax Reporting and Withholding Requirements.................................17
Section 4.04.         Preservation of Information, Communications to Certificateholders..........................17
Section 4.05.         Exchange Act Reports.......................................................................17

                                                     ARTICLE V

                                                  THE CERTIFICATES

Section 5.01.         The Certificates...........................................................................17
Section 5.02.         Execution, Authentication and Delivery.....................................................18
Section 5.03.         Registration; Registration of Transfer and Exchange........................................18
Section 5.04.         Mutilated, Destroyed, Lost and Stolen Certificates.........................................19
Section 5.05.         Distributions in Respect of Certificates...................................................19

<PAGE>

Section 5.06.         Persons Deemed Owners......................................................................20
Section 5.07.         Cancellation...............................................................................20
Section 5.08.         Currency of Distributions in Respect of Certificates.......................................20
Section 5.09.         Appointment of Paying Agent................................................................20
Section 5.10.         Authenticating Agent.......................................................................21
Section 5.11.         Issuance Matters...........................................................................21

                                                     ARTICLE VI

                                                   THE DEPOSITOR

Section 6.01.         Representations and Warranties of the Depositor............................................22
Section 6.02.         Breach of Representation or Warranty.......................................................23
Section 6.03.         Liability of the Depositor.................................................................23
Section 6.04.         Limitation on Liability of the Depositor...................................................23
Section 6.05.         Depositor May Purchase Certificates........................................................24
Section 6.06.         Preparation and Filing of Exchange Act Reports; Obligations of the Depositor...............24
Section 6.07.         Preferential Collection of Claims Against Depositor........................................24

                                                    ARTICLE VII

                                            RIGHTS OF CERTIFICATEHOLDERS

Section 7.01.         Voting Rights with Respect to Underlying Notes.............................................25
Section 7.02.         Direction of Remedies......................................................................25
Section 7.03.         Meetings of Certificateholders.............................................................25
Section 7.04.         Assignment.................................................................................26

                                                    ARTICLE VIII

                                               CONCERNING THE TRUSTEE

Section 8.01.         Duties of Trustee..........................................................................26
Section 8.02.         Certain Matters Affecting the Trustee......................................................26
Section 8.03.         Limitation on Liability of Trustee.........................................................27
Section 8.04.         Trustee May Own Certificates...............................................................28
Section 8.05.         Trustee Fees and Expenses; Limited Indemnification; Expense Reserve Account................28
Section 8.06.         Eligibility Requirements for Trustee.......................................................29
Section 8.07.         Resignation or Removal of the Trustee......................................................29
Section 8.08.         Successor Trustee..........................................................................29
Section 8.09.         Merger or Consolidation of Trustee.........................................................30
Section 8.10.         Appointment of Co-Trustee..................................................................30
Section 8.11.         Presentment and Surrender at Corporate Trust Office........................................30
Section 8.12.         Representations and Warranties of Trustee..................................................31
Section 8.13.         Limitation of Powers and Duties............................................................31

                                                     ARTICLE IX

                                                    TERMINATION

Section 9.01.         Termination of the Trust...................................................................32

                                                     ARTICLE X

                                                MISCELLANEOUS TERMS

Section 10.01.        Amendment of this Agreement................................................................32
Section 10.02.        Counterparts...............................................................................33

<PAGE>

Section 10.03.        Limitation on Rights of Certificateholders.................................................33
Section 10.04.        GOVERNING LAW; Non-exclusive Submission to Jurisdiction....................................33
Section 10.05.        Notices....................................................................................33
Section 10.06.        Severability of Terms......................................................................33
Section 10.07.        Notice to Rating Agencies..................................................................33
Section 10.08.        No Recourse................................................................................34
Section 10.09.        No Petition Covenant.......................................................................34
Section 10.10.        Intention of Parties.......................................................................34
</TABLE>

SCHEDULE I    Underlying Note Schedule
EXHIBIT A     Form of Certificate
ANNEX A       Form of Notice of Removal of Underlying Notes from Trust Property
ANNEX B       Form of Notice of Election to Sell

<PAGE>

                                TRUST AGREEMENT

     This Trust Agreement, dated as of o (this "Agreement"), is by and among
o, as Trustee and Securities Intermediary, CORE BOND PRODUCTS LLC, a Delaware
limited liability company, as Depositor, and o, as Administrative Agent,
relates to the issuance of Pass-Through Certificates (the "Certificates") of
Core Investment Grade Bond Trust o (the "Trust").

                             PRELIMINARY STATEMENT
                             ---------------------

     The Depositor, the Trustee and the Securities Intermediary 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 Securities Intermediary are for the benefit and
security of the Certificateholders.

     The Depositor is entering into this Agreement, and o 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.

     "Administrative Agent": An entity that has agreed to perform the services
specified in Sections 3.08 and 3.09, which initially shall be o.

     "Administrative Agent Fee": As defined in Section 3.09.

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

     "Agency Agreement": The agency agreement among the Certificates Agents
and the Depositor, dated o, relating to the offer and sale of the
Certificates.

     "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) o%.

     "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.

     "Book-Entry Certificate": A Certificate represented by a Global
Certificate.

                                     -1-

<PAGE>

     "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, and includes 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.

     "Certificates Agents": o in their capacity as agents 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.

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

     "Currency": Dollars.

     "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.

     "Debt Agents": o in their capacity as [agents for each Underlying Issuer
in soliciting offers to purchase][underwriters of] the Underlying Notes.

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

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

     "Depositor": Core Bond 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.

                                     -2-

<PAGE>

     "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.

     "Downgrade Event": The rating of the Underlying Notes of any single
Underlying Issuer is downgraded below "BBB-" by S&P or "Baa3" by Moody's, or
their then equivalent rating, if applicable, or is withdrawn by either S&P or
Moody's.

     "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.

     "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) time deposits in o so long as o shall 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, if the credit rating of o does not meet
     the criteria specified above, 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);

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

                                     -3-

<PAGE>

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 or Form F-3 and is either (a) a
Reporting Company that satisfies either (x) the public float condition of $75
million or more of General Instruction B.1 or (y) the non-convertible
investment grade securities condition of General Instruction B.2, in each case
of Form S-3 or Form F-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 or Form F-3
solely in reliance on General Instruction C.3 of Form S-3 or General
Instruction I.A.5(iii) of Form F-3, as the case may be, and satisfaction of
the requirements of Rule 3-10 of Regulation S-X or (2) is a GSE.

     "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": o.

     "Fitch": Fitch Ratings or any successor thereto.

     "FRBNY": As defined in Section 2.01(b).

     "Fractional Undivided Interest" means 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.

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

     "Maximum Reimbursable Amount": $o.

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

                                     -4-

<PAGE>

     "Non-Filing Event": An Underlying Issuer of Underlying Notes representing
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 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.

     "Officer's 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 may, except as
otherwise expressly provided in this Agreement, 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

          (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. ss. 2510.3-101(b)(2).

     "Rating Agencies": Moody's, S&P and Fitch.

     "Rating Agency Condition": With respect to any action taken or to be
taken under this Agreement, written confirmation from each Rating Agency to
the Depositor, the Trustee and the Administrative Agent that an immediate
withdrawal or reduction of its then current rating of the Outstanding
Certificates from such Rating Agency will not occur as a result of such
action.

     "Record Date": With respect to a distribution of interest to
Certificateholders on a Regular Distribution Date other than the Final
Scheduled Distribution Date, the o and o (whether or not a Business Day), as
the case may be, 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.

                                     -5-

<PAGE>

     "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 Downgrade 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.

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

     "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(b).

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

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

     "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": Core Investment Grade Bond Trust o, the trust created by this
Agreement.

     "Trust Expenses": The sum of: (1) Trustee Fees; (2) 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); and (3) fees charged by the Rating Agencies with respect to
their ratings of the Certificates.

     "Trust Property": As defined in Section 3.01.

     "Trustee": o, 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.

                                     -6-

<PAGE>

     "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, 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.

     "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.

     "U.S. Person": A citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof, an estate the income of
which is subject to United States federal income taxation regardless of its
source or a trust if (i) a U.S. court is able to exercise primary supervision
over the trust's administration and (ii) one or more U.S. persons have the
authority to control all of the trust's substantial decisions.

     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;

          (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;

          (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

                DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES

     Section 2.01. Creation and Declaration of Trust; Assignment of Underlying
Notes.

     (a) 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) the Certificate Account, including all income from the
investment of funds therein, (iii) 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

                                     -7-

<PAGE>

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 (iv) all other
assets included or to be included in the Trust Property.

     (b) In connection with the Transfer referred to in Section 2.01(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.

     Section 2.02. Entry into Agency Agreement. Prior to the execution of this
Agreement, the Depositor shall have entered into the Agency Agreement with the
Certificates Agents.

     Section 2.03. Acceptance by Trustee. The 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 2.04. 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, 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.

                                 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.

     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

                                     -8-

<PAGE>

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.

     (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 its best 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

          (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, so long as the Rating Agency Condition is met),

                                     -9-

<PAGE>

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.

     (c)

          (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 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.

          (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

                                     -10-

<PAGE>

                    (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:

                    (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 of the type specified in clause (2) of the
definition thereof 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.

                                     -11-

<PAGE>

     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 Downgrade Event or 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, subject to Section 3.08(b), 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. 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
(c) and 3.09, as required, to such Certificateholders.

     (b) If, following a Removal Event, an individual Certificateholder shall
notify the Trustee by delivering to the Trustee a notice substantially in the
form attached hereto as Annex B, within three Business Days of its receipt of
notice of such Removal Event from the Trustee, that it irrevocably elects to
sell its pro rata share of the related Underlying Notes, then the Trustee
shall deliver such Underlying Notes to the Administrative Agent for sale. The
Administrative Agent shall then use its reasonable efforts to sell each such
Certificateholder's pro rata share of the related Underlying Notes and deliver
the proceeds received in connection with such sale (less any Administrative
Agent Fee (as herein defined)), if any, to the Trustee for distribution to
each applicable Certificateholder. Any such sale and distribution of proceeds
will be made in accordance with Section 3.09.

     (c) 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
such Underlying Notes 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 (without any deduction
for any Administrative Agent Fee) to the Trustee for distribution to the
applicable Certificateholders.

     Section 3.09. Sale Procedures Following a Removal Event. In connection
with any sale of any Underlying Notes required pursuant to Section 3.08, the
Administrative Agent will, on behalf of the applicable Certificateholders, 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 for which one or more Certificateholders
have elected to sell their respective pro rata shares thereof in accordance
with Section 3.08(b), the Administrative Agent receives less than three such
bids prior to the close of business on the fifth Business Day after the
Trustee has notified Certificateholders of the related Removal Event, the
Administration Agent shall deliver the related aggregate principal amount of
such Underlying Notes to the Trustee for distribution to such
Certificateholder. If, in connection with the sale of any Underlying Notes
pursuant to Section 3.08(c) 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(c), the Administrative Agent shall sell the
related Underlying Notes to the highest bidder and deliver the proceeds
received in connection with such sale (without any deduction for 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)(ii) equal to the product
of the (1) the aggregate principal amount of the Underlying Notes so sold and
(2) o% (the "Administrative Agent Fee") and (ii) to the Certificateholders in
the manner specified in Section 3.08. The Administrative Agent will deduct
this fee from the gross proceeds received from any such sale.

                                     -12-

<PAGE>

     Section 3.10. 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. The removal of any Underlying Note pursuant
to this Section 3.10 shall not be subject to or eligible for sale under
Section 3.09.

     Section 3.11. Administrative Agent Provisions. (a) The Administrative
Agent undertakes to perform such duties and only such duties that are
applicable to it as specifically set forth in this Agreement, 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 3.11(b):

          (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;

                                     -13-

<PAGE>

          (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 o, Attention: o.

     (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;
provided, that the appointment of such successor satisfies the Rating Agency
Condition. A copy of such instrument shall be delivered to the
Certificateholders 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; and, provided, further, that the
appointment of such successor satisfies the Rating Agency Condition. A copy of
such instrument shall be delivered to the Certificateholders 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 3.11(d) or (e) shall not become effective until acceptance of
appointment by the successor Administrative Agent as provided in Section
3.11(g).

     (g) Any successor Administrative Agent appointed as provided in Section
3.11(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.

     (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.

                                  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:

                                     -14-

<PAGE>

          (i) the Trustee will distribute the interest portion of Available
     Funds:

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

               (2) second, (x) 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 (y) to the extent actual Trust
               Expenses for such Distribution Period exceed the sum of (a) the
               Available Expense Amount for such Distribution Period, (b)
               funds, if any, on deposit in the Expense Reserve Account and
               (c) the amount payable by the Depositor for such Distribution
               Period in accordance with Section 8.05(a), to the Trustee for
               all remaining unpaid actual Trust Expenses for that
               Distribution Period;

               (3) third, to the Certificateholders on a pro rata basis (based
               on their Fractional Undivided Interests); and

          (ii) the Trustee will distribute the principal portion of Available
     Funds to the Certificateholders on a pro rata basis (based on their
     Fractional Undivided Interests).

     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 other than the Final Scheduled Distribution Date or
(ii) Certificateholders against presentation and surrender of their
Certificates on the Final Scheduled Distribution Date.

     On the Final Scheduled Distribution Date, 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, exclusive of any
premium. In such cases, (i) the Trustee will decrease the Certificate
Principal Balance of a Global Certificate to reflect the maturing 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 Underlying Notes.

     (b) If the Trustee receives a payment of principal of or premium or
interest on an Underlying Note (i) after the due date for such payment as
specified in such Underlying Note or (ii) upon the optional redemption of such
Underlying Note by the related Underlying Issuer prior to the stated maturity
of such Underlying Note, then the Trustee will distribute the amounts so
received on the next succeeding Business Day (each, a "Special Distribution
Date") to (x) Certificateholders on the Record Date for a Special Distribution
Date resulting from the circumstances specified in clause (i) above or (y)
Certificateholders against presentation and surrender of their Certificates on
a Special Distribution Date resulting from the circumstances specified in
clause (ii) above, in the manner specified in Sections 4.01(a)(i)(3) and
4.01(a)(ii). In the case described in clause (ii) above, the Certificate
Principal Balance of each Certificate will be reduced on a pro rata basis
(based on its Fractional Undivided Interest) with respect to the principal
amount of each Underlying Note redeemed by the related Underlying Issuer prior
to its stated maturity, exclusive of any premium. In such cases, (1) the
Trustee will decrease the Certificate Principal Balance of a Global
Certificate to reflect such redemption or (2) 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 also deliver to such
Certificateholders the principal and any premium and interest so received on
the Underlying Notes so redeemed. 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.

                                     -15-

<PAGE>

     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.

     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 3.10 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 3.10
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
and 3.09 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) [Reserved.]

                                     -16-

<PAGE>

     (e) Within 60 days after December 31 of each year, the Trustee shall mail
a brief report dated as of such date that would comply with TIA Section 313(a)
if the TIA were to apply to the Trust 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) as if such Section applied to the Trust.

     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) Regardless of whether the TIA shall apply to this Agreement, 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 copies of any reports filed with the Commission by the
Depositor on behalf of the Trust in respect of the Certificates under the
Exchange Act.

                                  ARTICLE V

                               THE CERTIFICATES

     Section 5.01. The Certificates. (a) There is hereby created a series of
Certificates to be distinguished and known as Core Investment Grade Bond Trust
o, 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 $1000.
Certificates will be denominated in Dollars and issued in denominations of $o.
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.

                                     -17-

<PAGE>

     (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.

     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 may be manual or facsimile, 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.

     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.

                                     -18-

<PAGE>

     (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 a commercial bank or trust company
located, or having a correspondent located, in The City of New York or the
city in which the Corporate Trust Office is located, or by a member firm of a
national securities exchange, 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), 3.10 or 4.01(b) 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
bona fide 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.

     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.

                                     -19-

<PAGE>

     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.

     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 or additional 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 $200,000,000
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).

     (c) The terms of Sections 8.01, 8.02, 8.03 and 8.05(b) shall apply to the
Trustee also in its role as Paying Agent, for so long as the Trustee shall act
as Paying Agent.

                                     -20-

<PAGE>

     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 delivery 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 Trustee 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.

     (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

                                     -21-

<PAGE>

          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.

                                  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

                                     -22-

<PAGE>

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:

          (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 and the Trustee has agreed to treat such Underlying Notes as
     "financial assets" within the meaning of the UCC;

          (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 taken all steps necessary to cause the Trustee
     to identify on its records that the Trustee, as the trustee of the Trust,
     is the Person having a security entitlement in the Certificate Account;

          (vi) 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

          (vii) 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.

     (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.

                                     -23-

<PAGE>

     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.

     (c) 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, on behalf 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; and

          (iii) 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.
Irrespective of whether the TIA shall apply to this Agreement, 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

                                     -24-

<PAGE>

     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 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, if any, that the Trustee, as the registered holder of
such Underlying Notes, is entitled to exercise or give, 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 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 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, nor any Certificateholder may (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 to waive any event of default thereunder.
With respect to Underlying Notes issued outside of the United States and the
United Kingdom, at the request of any Certificateholder, the Trustee will
provide such Certificateholder with access to a provider of global proxy
services (the cost of which shall be paid by such Certificateholder). If
requested, other than providing access to such provider of global proxy
services, the Trustee shall have no obligations with respect to voting such
Underlying Notes.

     (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 and the
United Kingdom, from the related Underlying Issuer, or, with respect to
Underlying Notes issued in the United States, United Kingdom and in any other
country, from one of the nationally or internationally recognized bond or
corporate action services to which the Trustee subscribes, 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. (a) 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. The Certificateholders 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

                                     -25-

<PAGE>

          (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 and the
Debt Agents 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

     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;

          (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; provided, however, that the
     Trustee agrees that the indemnification under Section 8.05 will provide
     reasonable assurance against such risk or liability;

          (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:

                                     -26-

<PAGE>

          (i) the Trustee 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 Trustee may consult with counsel 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
     reasonable security or indemnity against the costs, expenses and
     liabilities which may be incurred therein or thereby;

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

          (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;

          (vii) the Trustee shall not be personally liable for any loss
     resulting from the investment of funds 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 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;
     and

          (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.

     (b) 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 the 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
the 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

                                     -27-

<PAGE>

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.

     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 $o on each Regular Distribution Date (the
"Trustee Fees"), which amount shall be payable solely from (x) the amounts
deducted from Available Funds by the Trustee in accordance with Section
4.01(a)(i) hereof, (y) funds, if any, on deposit in the Expense Reserve
Account and (z) the Depositor and/or the Certificateholders, as specified
below. 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 toward the payment of such actual Trust Expenses. In the event
that actual Trust Expenses for the applicable Distribution Period shall remain
outstanding after the application of funds, if any, on deposit in the Expense
Reserve Account as aforesaid, then the Depositor shall be obligated to satisfy
remaining actual Trust Expenses in an amount for that Distribution Period
equal to $o minus the sum of the Available Expense Amount for that
Distribution Period and funds on deposit in the Expense Reserve Account that
the Trustee is required to apply or has applied, as the case may be, to the
payment of actual Trust Expenses for that Distribution Period, and payments so
made by the Depositor shall be reimbursed by Bank of America Corporation. All
remaining excess actual Trust Expenses on any Regular Distribution Date shall
be the responsibility of Certificateholders and shall be deducted from
Available Funds by the Trustee in accordance with the provisions of Section
4.01(a)(i)(2)(y). Trust Expenses that are required to be paid by the
Certificateholders will be allocated among them on a pro rata basis and
deducted from each Certificateholder's allocable share of interest collections
received by the Trustee on the applicable 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 any Proceeding relating
to 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
negligence in the performance of the Trustee's duties hereunder or as a result
of a breach or 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, (3) if any Person ever alleges such willful misconduct, bad
faith or 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 negligence and (4) the Depositor
shall in no event be obligated under this Agreement to indemnify the Trustee
for any Extraordinary Trust Expense to the extent that such Extraordinary
Trust Expense, when aggregated with all Extraordinary Trust Expenses
previously indemnified, exceeds the Maximum Reimbursable Amount. 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.

     (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

                                     -28-

<PAGE>

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 $200,000,000 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. (a) Subject to the
last sentence of this Section 8.07(a), the Trustee may at any time resign and
be discharged from its 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 by written instrument, in duplicate,
which instrument shall be delivered to the resigning Trustee and to the
successor Trustee. A copy of such instrument shall be delivered to the
Certificateholders by the Depositor. If no such successor 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 may petition
any court of competent jurisdiction for the appointment of a successor Trustee
for the Certificates. Upon any appointment of a successor Trustee pursuant to
this Section 8.07(a), the resigning Trustee shall be solely liable for (i) the
payment of such successor Trustee's fees and expenses and (ii) provision of
adequate indemnities satisfactory to such successor Trustee (it being
understood that the indemnification obligations of the Depositor pursuant to
Section 8.05(b) shall inure to the benefit of such successor Trustee, but that
any Extraordinary Trust Expense previously indemnified by the Depositor shall
reduce the Maximum Reimbursable Amount with respect to such successor Trustee
on a dollar-for-dollar basis). In the event that the Trustee fails to satisfy
the conditions contained in clauses (i) and (ii) above, the Trustee may not
resign pursuant to this Section 8.07(a).

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

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

     Section 8.08. Successor 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

                                     -29-

<PAGE>

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 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.

     (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.

     Section 8.09. Merger or Consolidation of Trustee. Any corporation or
association into which the Trustee may be merged or converted or with which it
may be consolidated or any corporation or association resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation or association succeeding to the business of the Trustee,
shall be the successor of the Trustee under this Agreement, provided, that
such corporation or association shall be eligible under the terms of Section
8.06, 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.

     (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.

     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 Corporate Trust
Office of the Trustee.

                                     -30-

<PAGE>

     Section 8.12. Representations and Warranties of Trustee. (a) The Trustee
represents and warrants that:

          (i) the Trustee is duly organized, validly existing and in good
     standing under o;

          (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;

          (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;

          (v) the Trustee is not in violation, and the execution,
     authentication and delivery of this Agreement and the Certificates by the
     Trustee and its performance and compliance with respective terms of this
     Agreement and the Certificates will not constitute a violation, of any
     order or decree of any court or any order or regulation of any U.S.
     Federal, State, municipal or governmental agency having jurisdiction over
     the Trustee or any of its assets, which violation would reasonably be
     expected to have a material adverse effect on the business, prospects,
     condition (financial or otherwise) or operations of the Trustee or on the
     performance of its duties thereunder;

          (vi) there are no Proceedings against, or investigations of, the
     Trustee pending, or, to the knowledge of the Trustee, threatened, before
     any court, administrative agency or other tribunal (a) that could
     reasonably be expected to prohibit its entering into this Agreement or to
     render the Certificates invalid, (b) seeking to prevent the issuance of
     the Certificates or the consummation of any of the transactions
     contemplated by this Agreement or (c) that could reasonably be expected
     to prohibit or materially and adversely affect the performance by the
     Trustee of its obligations under, or the validity or enforceability of,
     this Agreement or the Certificates; and

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

     (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, 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 or 3.09 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.

                                     -31-

<PAGE>

                                  ARTICLE IX

                                  TERMINATION

     Section 9.01. Termination of the Trust. (a) The respective obligations
and responsibilities under this Agreement of the Depositor and the Trustee
(other than the obligations of the Trustee to provide reports and other
information under this Agreement and to make distributions to
Certificateholders as herein set forth) shall terminate upon the distribution
to such Certificateholders of all amounts required to be paid by the
Underlying Issuers of their respective Underlying Notes then constituting a
part of the Trust Property; provided, however, that in no event shall the
Trust continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy Sr., the late United States
Ambassador to the Court of St. James.

     (b) 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.

     (c) 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 Trust shall terminate.

                                  ARTICLE X

                              MISCELLANEOUS TERMS

     Section 10.01. Amendment of this Agreement. (a) This Agreement may be
amended from time to time by the Depositor and the Trustee without the consent
of any of the Certificateholders for any of the following purposes: (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 the definition Maximum
Reimbursable Amount so as to increase, but not decrease, the amount contained
in such definition or to otherwise 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.

     (b) This Agreement may also be amended from time to time by the Depositor
and the 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,
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 10.01(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) not meet the Rating Agency Condition, (5)
change or add any Removal Events or any conditions under which any Underlying
Notes are required to be removed from the Trust Property, (6) substitute

                                     -32-

<PAGE>

Underlying Notes of an Underlying Issuer for debt securities of another issuer
or (7) 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
10.01, the Trustee shall furnish a copy of such amendment to each
Certificateholder.

     Section 10.02. 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.

     Section 10.03. 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 10.04. GOVERNING LAW; Non-exclusive Submission to Jurisdiction.
THIS AGREEMENT AND EACH CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 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 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.

     Section 10.05. Notices. All directions, demands and notices under this
Agreement shall be in writing and shall be delivered to the Trustee at its
Corporate Trust Office and to the Administrative Agent at o. 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.

     Section 10.06. 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 10.07. 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;

                                     -33-

<PAGE>

          (iv) any Removal Event;

          (v) any event requiring removal of any Underlying Note from the
     Trust Property in accordance with Section 3.10;

          (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 10.07 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.

     Section 10.08. 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 10.09. 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.

     Section 10.10. 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.

                                     -34-

<PAGE>

     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.

                               CORE BOND PRODUCTS LLC, as Depositor

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

                               o ,
                               as Trustee and Securities Intermediary

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

                               o,
                                as Administrative Agent

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

                                     -35-

<PAGE>

<TABLE>
<CAPTION>
                                                       SCHEDULE I

                                                Underlying Note Schedule

                                                                                                     % of
                                                                                       Principal   Aggregate
                                                                                       Amount ($   Principal   Maturity
            Issuer                  CUSIP        Rank        Secured        Coupon        MM)        Amount      Date
-----------------------------------------------------------------------------------------------------------------------
<S>                                <C>          <C>         <C>            <C>        <C>          <C>        <C>

--------------------------------------------------------------------------------------------------------------
Aggregate Principal Balance                                                                        %

(table continued)

<CAPTION>
                                                  Non-U.S.
                                                  Company/
                                    Make-Whole   Withholding
                                   Redemption/   Redemption   Moody's    S&P     Fitch
            Issuer                 Option Price    Option      Rating    Rating  Rating
-----------------------------------------------------------------------------------------
<S>                               <C>           <C>          <C>        <C>     <C>

---------------------------------  ------------------------------------------------------
Aggregate Principal Balance
</TABLE>

<PAGE>

                                                                     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.

<PAGE>

[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.]

CERTIFICATE                            CERTIFICATE PRINCIPAL BALANCE: $_______
No. ______
CUSIP No. o
ISIN US o
Common Code No. o

                      Core Investment Grade Bond Trust o
                           Pass-Through Certificate

                               Issuance Date: o

                     Final Scheduled Distribution Date: o

                 Evidencing a Fractional Undivided Interest in
                      Core Investment Grade Bond Trust o

     THIS CERTIFIES THAT _______________, for value received, is the
registered owner (the "Holder") of $__________ (___________ dollars) in
Certificate Principal Balance, subject to change as specified in Schedule 1
hereto, in Core Investment Grade Bond Trust o (the "Trust") created pursuant
to a Trust Agreement, dated as of o (the "Trust Agreement"), among o, as
trustee and securities intermediary (the "Trustee"), Core Bond Products LLC,
as depositor (the "Depositor"), and o, as administrative agent (the
"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 Schedule 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

<PAGE>

Trust Agreement will be made only upon presentation and surrender of this
Certificate at the Corporate Trust Office of the Trustee.

     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 NEW YORK.

     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 o, 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.

<PAGE>

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

                                  CORE INVESTMENT GRADE BOND TRUST o

                                  By: o, as Trustee

                                  By:
                                      -----------------------------------------
                                      Authorized Signatory

Dated:

Trustee's Certificate of Authentication:

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

Dated:                            o, as Trustee

                                  By:
                                      ------------------------------------
                                      Authorized Signatory

<PAGE>

                           [REVERSE OF CERTIFICATE]

                      Core Investment Grade Bond Trust o
                           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 Corporate Trust Office, 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 in
denominations of $1000.

     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.

<PAGE>

[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:

<TABLE>
<CAPTION>
                       Initial Certificate           Change in Outstanding           New Certificate       Notation
       Date             Principal Balance        Certificate Principal Balance      Principal Balance      Made by
--------------------- --------------------- -------------------------------------- ------------------- ----------------
<S>                  <C>                   <C>                                    <C>                 <C>

</TABLE>

<PAGE>

                                                                       Annex A
                                                                       -------

       FORM OF NOTICE OF REMOVAL OF UNDERLYING NOTES FROM TRUST PROPERTY

[Name and Address of Certificateholder]

     Re:  Core Investment Grade Bond Trust o
          Pass-Through Certificates

     We hereby notify you in accordance with Section 3.08(a) of the Trust
Agreement, dated as of o (the "Trust Agreement"), among Core Bond Products
LLC, as Depositor, o, as trustee and securities intermediary, and o, as
administrative agent, [of the occurrence of a Removal Event with respect to
the following Underlying Notes: [specify series or issue of Underlying Notes
and specific Removal Event]][that the following series or issue of Underlying
Notes are subject to removal from the Trust Property in accordance with
Section 3.10 of the Trust Agreement.]

     [In accordance with Section 3.08, 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.

                                         o

                                         By: ___________________________
                                             Name:
                                             Title:

<PAGE>

                                                                       Annex B
                                                                       -------

                      FORM OF NOTICE OF ELECTION TO SELL

o
Attention: Corporate Trust Administration

Re:  Core Investment Grade Bond Trust o
     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 o
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 o (the "Trust Agreement"), among Core Bond Products
LLC, as Depositor, o, as trustee and securities intermediary, and o, as
administrative agent.

Dated:______________________               ________________________________
                                           Signature

Signature Guarantee: _________________________

Social Security or other
Taxpayer Identification
Number, if any:       ____________________________________

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