Document:

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                                                                    Exhibit 4.3

                              ESCROW AGREEMENT

       This ESCROW AGREEMENT (this "AGREEMENT") is made and entered into as
of February __, 2000 by and among Rural Cellular Corporation (the "Issuer")
and Norwest Bank Minnesota, National Association (the "Escrow Agent"), as
trustee for the benefit of the holders ("Holders") of the Issuer's ___%
Junior Exchangeable Preferred Stock (the "Junior Preferred Stock").

                                 W I T N E S S E T H

       WHEREAS, the Issuer has filed with the Minnesota Secretary of State
that certain Certificate of Designation of Voting Power, Preferences and
Relative, Participating, Optional and Other Special Rights and
Qualifications, Limitations and Restrictions of the Junior Preferred Stock
approved and adopted by the Issuer's board of directors as of February __,
2000 (as amended, restated, supplemented or otherwise modified from time to
time, the "Certificate of Designation"), pursuant to which the Issuer is
issuing Junior Preferred Stock on the date hereof;

       WHEREAS, pursuant to an Underwriting Agreement dated as of February
__, 2000 (the "Underwriting Agreement"), by and among the Issuer and TD
Securities (USA) Inc. and First Union Securities, Inc. (the "Underwriters")
and the Certificate of Designation, the Issuer is required to direct that at
the Closing Time (as defined in the Underwriting Agreement) 100% of the Net
Proceeds to the Issuer from the issuance of the Junior Preferred Stock (the
"Funds") be deposited with the Escrow Agent for the purposes of funding (in
part) the Triton Acquisition or any obligation of the Issuer to redeem the
Junior Preferred Stock that may arise under Section 5(c) of the Certificate
of Designation (collectively, the "Obligation");

       WHEREAS, the Issuer has agreed to execute and deliver this Agreement
in connection with the issuance of the Junior Preferred Stock by the Issuer.

       NOW, THEREFORE, in consideration of the promises herein contained, and
in order to induce the Holders of the Junior Preferred Stock to purchase the
Junior Preferred Stock, the Issuer and the Escrow Agent hereby agree, for the
benefit of the Escrow Agent and for the ratable benefit of the Holders, as
follows:

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       SECTION 1. DEFINITIONS; APPOINTMENT; DEPOSIT AND INVESTMENT.

       1.1. DEFINITIONS.

       "Acquisition Officer's Certificate" shall mean a certificate signed by
the President or any Vice President of the Issuer stating that the Triton
Acquisition has been consummated prior to the Termination Date.

       "Bankruptcy Voting Rights Triggering Event" means a Voting Rights
Triggering Event under Section 7(b)(vi) of the Certificate of Designation.

       "Cash Investment" means any of the following:

       (a)    direct obligations of the United States of America or any
agency thereof or obligations fully and unconditionally guaranteed by the
United States of America or any agency thereof with a maturity of 365 days or
less,

       (b)    time deposit accounts, certificates of deposit and money market
deposits maturing within one year of the date of acquisition thereof issued
by a bank or trust company which is organized under the laws of the United
States of America, any state thereof or any foreign country recognized by the
United States of America, and which bank or trust company has capital,
surplus and undivided profits aggregating in excess of $50 million (or the
foreign currency equivalent thereof) and has outstanding debt which is rated
"A" (or such similar equivalent rating) or higher by at least one nationally
recognized statistical rating organization (as defined in Rule 436 under the
Securities Act) or any money-market fund sponsored by a registered broker
dealer or mutual fund distributor,

       (c)    repurchase obligations with a term of not more than 30 days for
underlying securities of the types described in clause (a) above entered into
with a bank meeting the qualifications described in clause (b) above,

       (d)    commercial paper, maturing not more than one year after the
date of acquisition, issued by a corporation (other than an Affiliate of the
Issuer) organized and in existence under the laws of the United States of
America, any state thereof or any foreign country recognized by the United
States of America with a rating at the time as of which any investment
therein is made of "P-1" (or higher) according to Moody's Investors Service,
Inc. or "A-1" (or higher) according to Standard & Poor's Ratings Service, and

       (e)    securities with maturities of six months or less from the date
of acquisition issued or fully and unconditionally guaranteed by any state,
commonwealth or territory of the United States of America, or by any
political subdivision or taxing

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authority thereof, and rated at least "A" by Standard & Poor's Ratings
Service or Moody's Investors Service, Inc.

       "Certificate of Designation" has the meaning set forth in the
recitals.

       "Escrow Agent" shall mean the Person named as the "Escrow Agent" in
Section 1.2 of this Agreement until a successor Escrow Agent shall have
become such, and thereafter "Escrow Agent" shall mean the Person who is then
the Escrow Agent hereunder.

       "Escrowed Property" means (a) the Net Proceeds, (b) the Escrowed
Property Account, all funds held therein and all certificates and
instruments, if any, from time to time representing or evidencing the
Escrowed Property Account, (c) the Escrowed Property Account and all Escrowed
Property Investments and all certificates and instruments, if any,
representing or evidencing the Escrowed Property Investments, and any and all
security entitlements to the Escrowed Property Investments, and any and all
related securities accounts in which security entitlements to the Escrowed
Property Investments are carried, (d) all cash, certificates of deposit,
deposit accounts, checks and other instruments from time to time hereafter
delivered to or otherwise possessed by the Escrow Agent pursuant to this
Agreement in substitution for or in addition to any or all the then existing
Escrowed Property, and (e) all proceeds of and other distributions on or with
respect to any of the foregoing (and any other proceeds or distributions),
including, without limitation, all dividends, interest, principal payments,
cash, options, warrants, rights, instruments, subscriptions and other
property or proceeds from time to time received, receivable or otherwise
distributed or distributable in respect of or in exchange for any of the
foregoing or any security entitlement thereto.

       "Escrowed Property Cash Account" means a trust account established and
maintained by the Escrow Agent at its office at N9303-120 Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479, in the name of the Escrow
Agent, which account shall at all times be segregated from all custodial or
collateral accounts of the Escrow Agent and be under the sole dominion and
control of the Escrow Agent and subject to the terms and conditions of this
Agreement.

       "Escrowed Property Investment Account" means a trust account
established and maintained by the Escrow Agent at its office at N9303-120
Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, in the name
of the Escrow Agent, which account shall at all times be segregated from all
custodial or collateral accounts of the Escrow Agent and be under the sole
dominion and control of the Escrow Agent and subject to the terms and
conditions of this Agreement.

       "Escrowed Property Investments" has the meaning set forth in Section 4.

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       "Extension Officer's Certificate" means a certificate signed by the
President or any Vice President of the Issuer stating that the Triton
Acquisition will not be consummated by June 30, 2000 solely as a result of
the failure of a Person to receive the consent, approval, order or
authorization of a governmental authority necessary therefor.

       "Funds" has the meaning set forth in the recitals.

       "Government Book-Entry Security" means U.S. Government Obligations
maintained in book-entry form through the United States Federal Reserve Banks
pursuant to (a) the United States Treasury Department regulations codified at
31 C.F.R. Part 357, as modified by the amendments promulgated at 61 Fed. Reg.
43, 626-43, 638 (Aug. 23, 1996), or (b) substantially identical regulations
promulgated by any other agency or instrumentality of the United States whose
securities qualify as "U.S. Government Obligations" hereunder.

       "Holder" means a Person in whose name a share of Junior Preferred
Stock is registered.

       "Junior Preferred Stock" has the meaning set forth in the Introduction.

       "Net Proceeds" means the total net proceeds to the Issuer from the
issuance of the Junior Preferred Stock (after deducting underwriting
discounts and commissions, but before deducting expenses), as shown on the
cover page of the Prospectus.

       "Redemption Direction Certificate" shall mean a certificate signed by
the President or any Vice President of the Issuer directing the Escrow Agent
on how to disburse the Escrowed Property for the purpose of satisfying the
Obligation.

       "Termination Date" means June 30, 2000; provided that in the event the
Triton Acquisition is not consummated by June 30, 2000 solely as a result of
the failure of any Person to receive any necessary consent, approval, order
or authorization of any governmental authority, the "Termination Date" shall
mean September 30, 2000 or such later date to which the holders of Junior
preferred stock have consented under Section 7(f) of the Certificate of
Designation.

       "Triton Acquisition" means the acquisition by the Issuer of certain
assets of Triton Cellular Partners, L.P. and its affiliates and the
acquisition of one of its subsidiaries, pursuant to the Triton Acquisition
Agreement.

              "Triton Acquisition Agreement" means the Asset Purchase
Agreement dated November 6, 1999 by and among Triton Cellular Partners, L.P.,
Triton Communications,

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L.L.C., Triton Cellular Alabama 5 License Company, L.L.C. and certain of
their affiliates and the Issuer.

              "Underwriters" has the meaning set forth in the recitals.

              "Underwriting Agreement" has the meaning set forth in the
recitals.

              "U.S. Government Obligations" means securities that are (i)
direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the
United States of America, the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America.

       All capitalized terms used herein without definition shall have the
respective meanings ascribed to them in the Certificate of Designation.

       1.2.   APPOINTMENT OF ESCROW AGENT.  The Issuer and (by their
acceptance of the benefits of the Certificate of Designation and this
Agreement) the Holders each  hereby appoints Norwest Bank Minnesota, National
Association, as Escrow Agent in accordance with the terms and conditions set
forth herein, and Norwest Bank Minnesota, National Association  hereby
accepts such appointment. The Issuer has delivered to the Escrow Agent
the Funds, and the Escrow Agent shall deposit such Funds into the Escrowed
Property Cash Account and invest such monies in accordance with the
instructions of the Issuer.

       SECTION 2.    DELIVERY OF FUNDS.  All certificates or instruments
representing or evidencing the Escrowed Property, including, without
limitation, amounts invested as provided in Section 4, shall be delivered to
and held by the Escrow Agent pursuant hereto.  Such certificates or
instruments shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank,
all in form and substance sufficient to establish and maintain in favor of
the Escrow Agent legal title in such Escrowed Property, and shall be credited
to the Escrowed Property Investments Account.  All monies and other assets
held in the Escrowed Property Cash Account and the Escrowed Property
Investments Account are property of the Escrow Agent subject to the rights
and interests of the parties hereto and the obligations created hereby.

       SECTION 3.    MAINTAINING THE ESCROWED PROPERTY CASH ACCOUNT. (a)
Until the Obligation is satisfied or otherwise terminates, the Escrowed
Property Cash Account shall be maintained with the Escrow Agent.

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       (b)    It shall be a term and condition of the Escrowed Property Cash
Account, notwithstanding any term or condition to the contrary in any other
agreement relating to the Escrowed Property Cash Account, and except as
otherwise provided by the provisions of Section 6, that no amount (including
interest on Escrowed Property Investments) shall be paid or released to or
for the account of, or withdrawn by or for the account of,  the Issuer or any
other Person from the Escrowed Property Cash Account.

       SECTION 4.    INVESTING OF AMOUNTS IN THE ESCROWED PROPERTY CASH
ACCOUNT. If requested by the Issuer, the Escrow Agent will, subject to the
provisions of Section 6, from time to time (a) invest amounts on deposit in
the Escrowed Property Cash Account in such Cash Investments, each in the name
of or for the account of the Escrow Agent, as the Issuer may designate in
writing and (b) invest interest paid on the Cash Investments referred to in
clause (a) above, and reinvest other proceeds of any such Cash Investments
that may mature or be sold, in each case in such Cash Investments each in the
name of or for the account of the Escrow Agent, as the Issuer may designate
in writing (the Cash Investments referred to in clauses (a) and (b) above
being collectively "Escrowed Property Investments").  Interest and proceeds
that are not invested or reinvested in Escrowed Property Investments as
provided above shall be deposited and held in the Escrow Property Cash
Account.  The Escrow Agent shall in no event be liable for any loss in the
investment or reinvestment of amounts held in the Escrowed Property Cash
Account in accordance with the written instructions of the Issuer.  In the
event the Escrow Agent does not receive any information as to how to invest
funds in the Escrowed Property Cash Account it shall invest such funds in
Cash Investments described in clause (a) of the definition thereof.

       SECTION 5.    DELIVERY OF ESCROWED PROPERTY INVESTMENTS. (a) The
Escrow Agent shall become the holder of the Escrowed Property Investments (or
applicable security entitlements thereto) through the following delivery
procedures:  (i) in the case of Escrowed Property Investments which are
certificated securities in registered form, delivery of the applicable
certificate(s), specially endorsed to the Escrow Agent or registered in the
name of the Escrow Agent, to the possession of (A) the Escrow Agent, (B) a
securities intermediary or financial intermediary acting on behalf of the
Escrow Agent, or (C) another Person, other than a securities intermediary or
financial intermediary, which Person acknowledges that it holds for the
Escrow Agent; (ii) in the case of Escrowed Property Investments which are
uncertificated securities, registration of one of the following as owner of
such uncertificated securities:  the Escrow Agent or a Person designated by
the Escrow Agent, or a Person other than a securities intermediary or
financial intermediary, that becomes the registered owner of such
uncertificated securities and acknowledges that it holds the same for the
Escrow Agent; and (iii) in the case of all other Escrowed Property
Investments including, without limitation, any Escrowed Property Investments
in commercial paper not constituting securities, interests in money market
funds and Government Book-Entry Securities, such Escrowed Property

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Investments will be held by the Escrow Agent, a Person designated by the
Escrow Agent or another Person that acknowledges that it holds the same for
the Escrow Agent.

       (b)    All Escrowed Property, including Escrowed Property Investments,
shall be retained in the Escrowed Property Cash Account and the Escrowed
Property Investments Account pending disbursement pursuant to the terms
hereof; PROVIDED that the Escrowed Property Cash Account and the Escrowed
Property Investment Account may be a single trust account established and
maintained by the Escrow Agent at its office at N9303-120 Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479, in the name of the Escrow
Agent, which account shall at all times be segregated from all custodial or
collateral accounts of the Escrow Agent and be under the sole dominion and
control of the Escrow Agent and subject to the terms and conditions of this
Agreement.

       SECTION 6.    DISBURSEMENTS.  The Escrow Agent shall hold the Escrowed
Property and release the same, or a portion thereof, only as follows:

       (a)    (i)  If the Escrow Agent receives, prior to 11:59 p.m.
   Minneapolis, Minnesota time on June 30, 2000, an Extension Officer's
   Certificate, the Escrow Agent shall continue to hold the Escrowed Property.

              (ii)  If the Escrow Agent (A) received, prior to 11:59 p.m.
   Minneapolis, Minnesota time on June 30, 2000, an Extension Officer's
   Certificate from the Issuer and (B) receives, prior to 11:59 p.m.
   Minneapolis, Minnesota time on September 30, 2000 (or such later date to
   which the Holders have consented in accordance with Section 7(f) of the
   Certificate of Designation), an Acquisition Officer's Certificate from the
   Issuer, the Escrow Agent shall disburse the Escrowed Property to, or at the
   written direction of, the Issuer by wire transfer or other method agreed to
   by the Issuer and the Escrow Agent.  If such Acquisition Officer's
   Certificate is received prior to 9:00 a.m. Minneapolis, Minnesota time on a
   Business Day then such disbursement shall be made by the close of business
   on the date the Escrow Agent receives such Acquisition Officer's
   Certificate; provided, however, that if the Acquisition Officer's
   Certificate is received by the Escrow Agent (i) on a day other than a
   Business Day or (ii) after 9:00 a.m. Minneapolis, Minnesota time on such
   date, then, in either instance, the Escrow Agent shall disburse the Escrowed
   Property by the close of business on the next Business Day.

       (b)    If the Escrow Agent receives, prior to 11:59 p.m. Minneapolis,
   Minnesota time on June 30, 2000, an Acquisition Officer's Certificate from
   the Issuer, the Escrow Agent shall disburse the Escrowed Property to, or at
   the written direction of, the Issuer by wire transfer or other method agreed
   to by the Issuer and the Escrow Agent.  If such Acquisition Officer's
   Certificate is received prior to 9:00 a.m. Minneapolis, Minnesota time on a
   Business Day then such disbursement shall

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   be made by the close of business on the date the Escrow Agent receives such
   Acquisition Officer's Certificate; provided, however, that if the Acquisition
   Officer's Certificate is received by the Escrow Agent (i) on a day other than
   a Business Day or (ii) after 9:00 a.m. Minneapolis, Minnesota time on such
   date, then, in either instance, the Escrow Agent shall disburse the Escrowed
   Property by the close of business on the next Business Day.

       (c)    (i) If the conditions in Section 6(a) or 6(b) are not satisfied by
   11:59 p.m. Minneapolis, Minnesota time on the Termination Date (or, in the
   event the Escrow Agent receives certificates signed by the President or any
   Vice President of the Issuer stating that the Extension Officer's
   Certificate or that the Acquisition Officer's Certificate, as applicable,
   will not be delivered to the Escrow Agent by the relevant dates thereof), the
   Issuer shall within fifteen (15) days of either such event redeem the Junior
   Preferred Stock as provided by, and in accordance with, Section 5(c) of the
   Certificate of Designation and, shall deliver to the Escrow Agent a
   Redemption Direction Certificate.  After receipt of a Redemption Direction
   Certificate, the Escrow Agent shall use 100% of the Escrowed Property held
   in the Escrowed Property Cash Account and Escrowed Property Investments
   Account, together with any other funds provided to the Escrow Agent by the
   Issuer specifically for such purpose, to satisfy the Issuer's repurchase
   obligations under Section 5(c) of the Certificate of Designation, in
   accordance with the Redemption Direction Certificate.  If any Escrowed
   Property remains after the payment for all Junior Preferred Stock redeemed,
   such Escrowed Property shall be disbursed to the Issuer.  Except as provided
   in the succeeding clause (d), the exclusive remedy at law or equity of any
   Holder (or any representative or agent on its behalf) with respect to any
   failure of the Issuer to deliver to the Escrow Agent a Redemption Direction
   Certificate and any resulting failure of the Issuer to satisfy any
   repurchase obligation under Section 5(c) of the Certificate of Designation
   shall be the occurrence of a Voting Rights Triggering Event under the
   Certificate of Designation.

       (d)    Unless the Holders of a majority of the Junior Preferred Stock
   direct the Escrow Agent otherwise, in the event (i) the Issuer fails to
   deliver to the Escrow Agent a Redemption Direction Certificate pursuant to
   the preceding clause (c), (ii) the Obligation has not been satisfied or
   otherwise terminated and (iii) a Bankruptcy Voting Rights Triggering Event
   has occurred and is continuing, then as soon as is reasonably practicable
   the Escrow Agent shall apply 100% of the Escrowed Property held in the
   Escrowed Property Cash Account and the Escrowed Property Investments Account
   to satisfy the Obligation in accordance with Section 5 of the Certificate of
   Designation.

       (e)    Nothing contained in Section 1, Section 4, Section 5, this Section
   6 or any other provision of this Agreement shall (i) afford the Issuer any
   right to issue

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   entitlement orders with respect to any security entitlement to any of the
   Escrowed Property Investments or any securities account in which any such
   security entitlement may be carried, or otherwise afford the Issuer control
   of any such security entitlement or (ii) otherwise give rise to any rights of
   the Issuer with respect to any of the Escrowed Property Investments, any
   security entitlement thereto or any securities account in which any such
   security entitlement may be carried, other than the Issuer's beneficial
   interest under this Agreement in the Escrowed Property subject to the
   exclusive dominion and control (consistent with this Agreement) of the
   Escrow Agent in its capacity as such (and not as a securities intermediary).
   Notwithstanding anything to the contrary in the preceding sentence, the
   Issuer will have the right to direct the Escrow Agent as to how to invest
   the Escrowed Property pursuant to Section 4 and the last sentence of
   Section 1.2.

       SECTION 7.    REPRESENTATIONS AND WARRANTIES.  The Issuer hereby
represents and warrants that:

       (a)    The representations and warranties of the Issuer contained in the
   Underwriting Agreement are true and correct in all material respects as of
   the date hereof and were true and correct in all material respects when made
   and are hereby incorporated into this Agreement by this reference.

       (b)    The Issuer is the beneficial owner of the Net Proceeds, free and
   clear of any lien or claims of any Person or entity.  No security interest
   covering the Issuer's interest in the Net Proceeds currently exists which
   has not been released.

       (c)    This Agreement has been duly authorized, validly executed
   and delivered by the Issuer and constitutes a valid and binding agreement of
   the Issuer, enforceable against it in accordance with its terms, except as
   the enforcement thereof may be limited by bankruptcy, insolvency (including,
   without limitation, all laws relating to fraudulent transfers),
   reorganization, moratorium or other similar laws relating to or affecting
   enforcement of creditors' rights generally, or by general principles of
   equity (regardless of whether enforcement is considered in a proceeding in
   equity or at law).

       (d)    No Voting Rights Triggering Event (as defined in the Certificate
   of Designation) exists.

       SECTION 8.    COVENANTS.  The Issuer covenants and agrees with the
Escrow Agent and the Holders of the Junior Preferred Stock that from and
after the date of this Agreement until the earlier of (x) the receipt of the
items referred to in Section 6(a) or 6(b) hereof or (y) the completion of the
offer to redeem the Junior Preferred Stock contemplated by Section 5(c) of
the Certificate of Designation:

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       (a)    that (i) they will not (and will not purport to) sell or otherwise
   dispose of, or grant any option or warrant with respect to, any of the
   Escrowed Property or their beneficial interest therein, and (ii) they will
   not create or permit to exist any lien upon or other adverse interest in or
   with respect to the Escrowed Property; and

       (b)    that they will not (i) enter into any agreement or understanding
   that restricts or inhibits or purports to restrict or inhibit the Escrow
   Agent's rights or remedies hereunder, including, without limitation, the
   Escrow Agent's right to sell or otherwise dispose of the Escrowed Property
   or (ii) fail to pay or discharge any tax, assessment or levy of any nature
   with respect to its beneficial interest in the Escrowed Property not later
   than five days prior to the date of any proposed sale under any judgment,
   writ or warrant of attachment with respect to such beneficial interest.

       SECTION 9.    NO ASSUMPTION OF DUTIES; REASONABLE CARE.  The rights
and powers granted to the Escrow Agent hereunder are being granted in order
to establish, preserve and protect the interest of the Escrow Agent in and to
the Escrowed Property shall not be interpreted to and shall not impose any
duties on the Escrow Agent in connection therewith other than those expressly
provided herein or imposed under applicable law.  Except as provided by
applicable law or by the Certificate of Designation, the Escrow Agent shall
be deemed to have exercised reasonable care in the custody and preservation
of the Escrowed Property in its possession if the Escrowed Property is
accorded treatment substantially equal to that which the Escrow Agent accords
similar property held by the Escrow Agent for its own account, it being
understood that the Escrow Agent shall not have any responsibility for (a)
ascertaining or taking action with respect to calls, conversions, exchanges,
maturities or other matters relative to any Escrowed Property, whether or not
the Escrow Agent has or is deemed to have knowledge of such matters, (b)
taking any necessary steps to preserve rights against any parties with
respect to any Escrowed Property or (c) investing or reinvesting any of the
Escrowed Property.

       SECTION 10.   INDEMNITY.  The Issuer shall indemnify, hold harmless
and defend the Escrow Agent and its directors, officers, agents and
employees, from and against any and all claims, actions, obligations,
liabilities and expenses, including reasonable defense costs, reasonable
investigative fees and costs, and reasonable legal fees and damages arising
from the Escrow Agent's performance under this Agreement, except to the
extent that such claim, action, obligation, liability or expense is directly
attributable to the bad faith, gross negligence or wilful misconduct of such
indemnified Person.

       SECTION 11.    FEES AND EXPENSES.  The Issuer will upon demand pay to
the Escrow Agent the reasonable fees of the Escrow Agent for its services
hereunder and the

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amount of any and all reasonable expenses, including, without limitation, the
reasonable fees, expenses and disbursements of its counsel, experts and
agents retained by the Escrow Agent, that the Escrow Agent may incur in
connection with (a) the review, negotiation and administration of this
Agreement (in the amounts which are hereby agreed and set forth in SCHEDULE A
hereto), (b) the custody or preservation of, or the sale of, collection from,
or other realization upon, any of the Escrowed Property, (c) the exercise or
enforcement of any of the rights of the Escrow Agent and the Holders of the
Junior Preferred Stock hereunder or (d) the failure by the Issuer to perform
or observe any of the provisions hereof.

       SECTION 12.   MISCELLANEOUS PROVISIONS.

       12.1.  NOTICES.  Any notice or communication shall be sufficiently
given if in writing and delivered in person or mailed by first class mail,
commercial courier service or facsimile communication, addressed as follows:

To the Issuer:

Ann K. Newhall
Rural Cellular Corporation
P.O. Box 2000
3905 Dakota Street SW
Alexandria, MN  56308
Facsimile:  (320) 808-2120

To the Escrow Agent:

Norwest Bank Minnesota, National Association
Attn:  Corporate Trust Securities - Jane Y. Schweiger
N 9303-120
Sixth Street and Marquette Avenue
Minneapolis, MN 55479
Facsimile:  (612) 667-9825

or at such other address as the specified entity most recently may have
designated in writing in accordance with this section to the others.

       12.2.  SEVERABILITY.  The provisions of this Agreement are severable,
and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity
or unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such

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clause or provision in any other jurisdiction or any other clause or
provision of this Agreement in any jurisdiction.

       12.3.  HEADINGS.  The headings in this Agreement have been inserted
for convenience of reference only, are not to be considered a part hereof and
shall in no way modify or restrict any of the terms or provisions hereof.

       12.4.  COUNTERPART ORIGINALS.  This Agreement may be signed in two or
more counterparts, each of which shall be deemed an original, but all of
which shall together constitute one and the same agreement.

       12.5.  BENEFITS OF AGREEMENT.  Nothing in this Agreement, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Holders of the Junior Preferred Stock, any
benefit or any legal or equitable right, remedy or claim under this Agreement.

       12.6.  AMENDMENTS, WAIVERS AND CONSENTS.  Any amendment or waiver of
any provision of this Agreement and any consent to any departure by the
Issuer from any provision of this Agreement shall be effective only if made
or duly given in compliance with all of the terms and provisions of the
Certificate of Designation, and neither the Escrow Agent nor any Holder of
Junior Preferred Stock shall be deemed, by any act, delay, indulgence,
omission or otherwise, to have waived any right or remedy hereunder or to
have acquiesced in any breach of any of the terms and conditions hereof.
Consistent with the foregoing, this Agreement may be amended, its provisions
may be waived and departures from its provisions may be consented to by
action of the Issuer and (if applicable) the Holders of the Junior Preferred
Stock, all as provided in the Certificate of Designation; PROVIDED, HOWEVER,
that no amendment or waiver of any provision of this Agreement, or any
consent to any departure by the Issuer or any of its subsidiaries therefrom,
shall in any event be effective unless the same shall be in writing and
signed by the Escrow Agent, if such amendment, waiver or consent would
adversely affect the rights of the Escrow Agent hereunder.  Failure of the
Escrow Agent, or any Holder of Junior Preferred Stock to exercise, or delay
in exercising, any right, power or privilege hereunder shall not preclude any
other or further exercise thereof or the exercise of any other right, power
or privilege.  A waiver by the Escrow Agent or any Holder of Junior Preferred
Stock of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy that the Escrow Agent or such
Holder of Junior Preferred Stock would otherwise have on any future occasion.
 The rights and remedies herein provided are cumulative, may be exercised
singly or concurrently and are not exclusive of any rights or remedies
provided by law.

       12.7.  INTERPRETATION OF AGREEMENT.  To the extent a term or provision
of this Agreement conflicts with the Certificate of Designation, the
Certificate of Designation

                                      12
<PAGE>

shall control with respect to the subject matter of such term or provision.
Acceptance of or acquiescence in a course of performance rendered under this
Agreement shall not be relevant to determine the meaning of this Agreement
even though the accepting or acquiescing party had knowledge of the nature of
the performance and opportunity for objection.

       12.8.  TERMINATION.  (a) This Agreement shall remain in full force and
effect until, and terminate upon, the disbursement of the Escrowed Property
in accordance with the terms of Section 6.  This Agreement shall be binding
upon the Issuer, its transferees, successors and assigns, and shall inure,
together with the rights and remedies of the Escrow Agent hereunder, to the
benefit of the Escrow Agent, the Holders of the Junior Preferred Stock and
their respective successors, transferees and assigns.

       12.9.  SURVIVAL PROVISIONS.  All representations, warranties and
covenants of the Issuer contained herein shall survive the execution and
delivery of this Agreement, and shall terminate only upon the termination of
this Agreement.  The obligations of the Issuer under Sections 11 and 13
hereof shall survive the termination of this Agreement.

       12.10. AUTHORITY OF THE ESCROW AGENT. (a) The Escrow Agent shall have
and be entitled to exercise all powers hereunder that are specifically
granted to the Escrow Agent by the terms hereof, together with such powers as
are reasonably incident thereto.  The Escrow Agent may perform any of its
duties hereunder or in connection with the Escrowed Property by or through
agents or employees and shall be entitled to retain counsel and to act in
reliance upon the advice of counsel concerning all such matters.  Except as
otherwise expressly provided in this Agreement or the Certificate of
Designation, neither the Escrow Agent nor any director, officer, employee,
attorney or agent of the Escrow Agent shall be liable to the Issuer or any
other Person for any action taken or omitted to be taken by the Escrow Agent,
in its capacity as Escrow Agent, hereunder, except for its own bad faith,
gross negligence or willful misconduct, and the Escrow Agent shall not be
responsible for the validity, effectiveness or sufficiency hereof or of any
document furnished pursuant hereto. The Escrow Agent and its directors,
officers, employees, attorneys and agents shall be entitled to rely on any
communication, instrument or document reasonably believed by it or them to be
genuine and correct and to have been signed or sent by the proper person or
persons.

       (b)    The Issuer acknowledges that the rights and responsibilities of
the Escrow Agent under this Agreement with respect to any action taken by
the Escrow Agent or the exercise or non-exercise by the Escrow Agent of any
option, right, request, judgment or other right or remedy provided for
herein or resulting or arising out of this Agreement shall, as between the
Escrow Agent and the Holders of the Junior Preferred Stock, be governed by
the Certificate of Designation and by such other agreements with respect
thereto as may exist from time to time among them, but, as between the
Escrow

                                       13
<PAGE>

Agent and the Issuer, the Escrow Agent shall be conclusively presumed to be
acting as agent for the Holders of the Junior Preferred Stock with full
and valid authority so to act or refrain from acting, and the Issuer shall
not be obligated or entitled to make any inquiry respecting such authority.

       12.11. FINAL EXPRESSION.  This Agreement, together with the
Certificate of Designation and any other agreement executed in connection
herewith, is intended by the parties as a final expression of this Agreement
and is intended as a complete and exclusive statement of the terms and
conditions thereof.

       12.12. GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY
WAIVER OF DAMAGES. (a)  THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED
UNDER THE LAWS OF THE STATE OF NEW YORK, AND ANY DISPUTE ARISING OUT OF,
CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
AMONG THE ISSUER, THE ESCROW AGENT AND THE HOLDERS OF THE JUNIOR PREFERRED
STOCK IN CONNECTION WITH THIS AGREEMENT, AND WHETHER ARISING IN CONTRACT,
TORT, EQUITY OR OTHERWISE, SHALL BE RESOLVED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK. NOTWITHSTANDING THE FOREGOING:

       (b)    THE ISSUER AGREES THAT THE ESCROW AGENT SHALL, IN ITS CAPACITY
AS ESCROW AGENT OR IN THE NAME AND ON BEHALF OF ANY HOLDER OF JUNIOR
PREFERRED STOCK, HAVE THE RIGHT, TO THE EXTENT PERMITTED BY APPLICABLE LAW,
TO PROCEED AGAINST THE ISSUER OR THE ESCROWED PROPERTY  IN A COURT IN ANY
LOCATION REASONABLY SELECTED IN GOOD FAITH (AND HAVING PERSONAL OR IN REM
JURISDICTION OVER THE ISSUER OR THE ESCROWED PROPERTY, AS THE CASE MAY BE) TO
ENABLE THE ESCROW AGENT TO REALIZE ON SUCH ESCROWED PROPERTY, OR TO ENFORCE A
JUDGMENT OR OTHER COURT ORDER ENTERED IN FAVOR OF THE ESCROW AGENT.  THE
ISSUER AGREES THAT IT WILL NOT ASSERT ANY COUNTERCLAIMS, SETOFFS OR
CROSSCLAIMS IN ANY PROCEEDING BROUGHT BY THE ESCROW AGENT TO REALIZE ON SUCH
PROPERTY OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE ESCROW
AGENT, EXCEPT FOR SUCH COUNTERCLAIMS, SETOFFS OR CROSSCLAIMS WHICH, IF NOT
ASSERTED IN ANY SUCH PROCEEDING, COULD NOT OTHERWISE BE BROUGHT OR ASSERTED.
THE ISSUER WAIVES ANY OBJECTION THAT IT MAY HAVE TO THE LOCATION OF THE COURT
IN THE CITY OF NEW YORK ONCE THE ESCROW AGENT HAS COMMENCED A PROCEEDING
DESCRIBED IN THIS PARAGRAPH INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO
THE

                                       14
<PAGE>

LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS.

       (c)    THE ISSUER AGREES THAT NEITHER ANY HOLDER OF JUNIOR PREFERRED
STOCK NOR (EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT OR THE CERTIFICATE
OF DESIGNATION) THE ESCROW AGENT IN ITS CAPACITY AS ESCROW AGENT SHALL HAVE
ANY LIABILITY TO THE ISSUER (WHETHER ARISING IN TORT, CONTRACT OR OTHERWISE)
FOR LOSSES SUFFERED BY THE ISSUER IN CONNECTION WITH, ARISING OUT OF, OR IN
ANY WAY RELATED TO, THE TRANSACTIONS CONTEMPLATED AND THE RELATIONSHIP
ESTABLISHED BY THIS AGREEMENT, OR ANY ACT, OMISSION OR EVENT OCCURRING IN
CONNECTION THEREWITH, UNLESS SUCH LOSSES WERE THE RESULT OF ACTS OR OMISSIONS
ON THE PART OF THE ESCROW AGENT OR SUCH HOLDERS OF JUNIOR PREFERRED STOCK, AS
THE CASE MAY BE, CONSTITUTING BAD FAITH, GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT.

                                       15
<PAGE>

       IN WITNESS WHEREOF, the Issuer and the Escrow Agent have each caused
this Agreement to be duly executed and delivered as of the date first above
written.

                                     RURAL CELLULAR CORPORATION

                                     By:    ______________________________
                                            Name:
                                            Title:

                                     NORWEST BANK MINNESOTA,
                                     NATIONAL ASSOCIATION

                                     By:    ______________________________
                                            Name:
                                            Title:

                                       16
<PAGE>

                                     SCHEDULE A

                                ESCROW FEE SCHEDULE

ACCEPTANCE FEE:                                         $1,500.00

For initial services including examination of the Escrow Agreement and all
supporting documents this is a one-time fee payable upon the OPENING of the
account.

ADMINISTRATIVE FEE:                                     $1500.00*

An annual charge OR ANY PORTION of a 12 month period thereof.  This fee is
payable upon the OPENING of the account and annually thereafter.  This charge
is not prorated for the first year.  THERE IS AN ADDITIONAL $250 ANNUAL
CHARGE FOR EACH SUB ACCOUNT OPENED.

* Assumes use of Wells Fargo Funds for funds on deposit.

TRANSACTION FEE:

<TABLE>
<S>                                                                   <C>
Wire transfer of funds                                                $25.00
Other transfer of funds (i.e. checks, internal account transfers)     $15.00
Asset transactions (purchases/sales/calls/deposit/withdraws, etc.)    $20.00
</TABLE>

No charge for Wells Fargo Funds transactions other than those disclosed in
the Fund Prospectus.

EXTRAORDINARY SERVICES:

For any services other than those covered by the aforementioned, a special
per hour charge will be made commensurate with the character of the service,
time required and responsibility involved.  Such services include but are not
limited to excessive administrative time, attendance at closing, specialized
reports and record-keeping, unusual certifications, etc.

<TABLE>
<S>                                       <C>
1099-Tax reporting                        $5.00 per report
Other Tax reporting                       per hour charge
</TABLE>

FEE SCHEDULE IS SUBJECT TO ANNUAL REVIEW AND ADJUSTMENT.

                                       17<PAGE>

================================================================================

                        THE SEARS EQUITY INVESTMENT TRUST

                          TRUST INDENTURE AND AGREEMENT

                  for all series formed on or subsequent to the
                         effective date specified below

                                     Between

                            DEAN WITTER REYNOLDS INC.

                                  As Depositor

                                       and

                           UNITED STATES TRUST COMPANY
                                   OF NEW YORK

                                   As Trustee

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

                             Dated: January 22, 1991

================================================================================

<PAGE>

                          TRUST INDENTURE AND AGREEMENT
                        The Sears Equity Investment Trust

                                TABLE OF CONTENTS

                                                                            PAGE

PREAMBLES.....................................................................1

                                    ARTICLE I

                                   DEFINITIONS

Section 1.01.           Definitions...........................................9

                                   ARTICLE II

                   DEPOSIT OF SECURITIES; ACCEPTANCE OF TRUST

Section 2.01.      Deposit of Securities.....................................12
Section 2.02.      Acceptance of Trust.......................................13
Section 2.03.      Issue of Units............................................13
Section 2.04.      Form of Certificates......................................14
Section 2.05.      Uncertificated Units......................................14
Section 2.06.      Deposit of Additional Securities..........................15
Section 2.07.      Register of Units.........................................17
Section 2.08.      Printing and Custodianship of Certificates................17
Section 2.09.      Voting Rights.............................................17

                                   ARTICLE III

                             ADMINISTRATION OF TRUST

Section 3.01.      Initial Cost..............................................17
Section 3.02.      Income Account............................................17
Section 3.03.      Principal Account.........................................17
Section 3.04.      Reserve Account...........................................18
Section 3.05.      Distribution..............................................18
Section 3.06.      Distribution Statements...................................20
Section 3.07.      Replacement Securities....................................22
Section 3.08.      Sale of Securities........................................23
Section 3.09.      Notice and Sale by Trustee................................24
Section 3.10.      Refunding of Securities...................................24
Section 3.11.      Notice of Actions.........................................25
Section 3.12.      Extraordinary Distributions...............................25
Section 3.13.      Investment Restrictions...................................26

                                      -i-
<PAGE>

                                                                            PAGE
                                   ARTICLE IV

                            EVALUATION OF SECURITIES

Section 4.01.      Evaluation of Securities..................................26
Section 4.02.      Tax Reports...............................................27
Section 4.03.      Liability of the Trustee..................................27

                                    ARTICLE V

                          TRUST EVALUATION, REDEMPTION,
                      TRANSFER, INTERCHANGE OR REPLACEMENT
                                 OF CERTIFICATES

Section 5.01.      Trust Evaluation..........................................28
Section 5.02.      Redemptions by Trustee; Purchases by Depositor............29
Section 5.03.      Transfer or Interchange of Certificates...................32
Section 5.04.      Certificates Mutilated, Destroyed, Stolen or Lost.........33

                                   ARTICLE VI

                                     TRUSTEE

Section 6.01.      General Definition of Trustee's Liabilities, Rights
                    and Duties...............................................34
Section 6.02.      Books, Records and Reports................................38
Section 6.03.      Indenture and List of Securities on File..................38
Section 6.04.      Compensation of Trustee...................................38
Section 6.05.      Removal and Resignation of Trustee; Successor.............39
Section 6.06.      Qualifications of Trustee.................................41

                                   ARTICLE VII

                             RIGHTS OF UNIT HOLDERS

Section 7.01.      Beneficiaries of Trust....................................42
Section 7.02.      Rights, Terms and Conditions..............................42

                                  ARTICLE VIII

                                    DEPOSITOR

Section 8.01.      Liabilities; Power of Attorney............................43
Section 8.02.      Discharge.................................................43
Section 8.03.      Successors................................................44
Section 8.04.      Resignation...............................................45
Section 8.05.      Additional Depositors.....................................45

                                      -ii-
<PAGE>

                                                                            PAGE

Section 8.06.      Exclusions from Liability.................................45
Section 8.07.      Compensation..............................................46

                                   ARTICLE IX

                 ADDITIONAL COVENANTS; MISCELLANEOUS PROVISIONS

Section 9.01.      Amendments................................................47
Section 9.02.      Notice of Amendment.......................................48
Section 9.03.      Termination...............................................48
Section 9.04.      Construction..............................................51
Section 9.05.      Use of the Name "Sears\...................................51
Section 9.05.      Written Notice............................................51
Section 9.06.      Severability..............................................52
Section 9.07.      Dissolution of Depositor Not to Terminate.................52

EXECUTION....................................................................

ACKNOWLEDGMENTS..............................................................

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

This Table of Contents does not constitute part of the Indenture.

                                     -iii-

<PAGE>

                  TRUST INDENTURE AND AGREEMENT dated January 22, 1991 between
DEAN WITTER REYNOLDS INC., as Depositor, and UNITED STATES TRUST COMPANY OF NEW
YORK, as Trustee.

                  WITNESSETH that:

                  WHEREAS, the Depositor and the Trustee are entering into this
Trust Indenture and Agreement for the purpose of establishing certain of the
terms, covenants and conditions of the Dean Witter Select Equity Trust and each
subsequent Series which may be established from time to time hereafter
incorporating by reference the terms hereof; and

                  WHEREAS, for the Sears Equity Investment Trust and each
subsequent Series thereof to which this Trust Indenture and Agreement is
applicable, the Depositor and the Trustee shall execute a separate Reference
Trust Agreement incorporating by reference this Trust Indenture and Agreement
and effecting any amendment, supplement or variation from or to such
incorporation by reference with respect to the related series, and specifying
for that series: (i) the Securities deposited in trust and the number of Units
delivered by the Trustee in exchange for the Securities pursuant to Section
2.03; (ii) the initial fractional undivided interest represented by each Unit in
each Trust; (iii) the First Settlement Date; (iv) the first and subsequent
Computation Dates; (v) the first and subsequent quarterly or other Distribution
Dates; (vi) the first and subsequent Record Dates; (vii) the name of the
Depositor; (viii) the Mandatory Termination Date; (ix) the Discretionary
Liquidation Amount; (x) the Depositor's fee; (xi) the Trustee's fee; (xii) the
Date of Deposit and the Series name of the Trust; and (xiii) any other change or
addition contemplated or permitted by this Trust Indenture and Agreement; and

                  WHEREAS, the Depositor will acquire and, concurrently with the
execution and delivery of the appropriate Reference Trust Agreement, will
deposit in trust with the Trustee the Securities to be listed in the Schedule
thereto, all to be held by the Trustee in trust upon the terms and conditions
hereinafter set forth as amended, supplemented or varied by such Reference Trust
Agreement, for the use and benefit of all registered holders of units of
fractional undivided interest in the Trust to which such Reference Trust
Agreement relates; and

                  WHEREAS, concurrently with the receipt of the aforesaid
deposit, the Trustee will record on its books the ownership by the Depositor
thereof of units of fractional undivided interest in such Securities and in the
Income Account and the Principal Account maintained under this Indenture in the
manner

<PAGE>
                                      -2-

hereinafter provided (which units of fractional undivided interest so recorded
respectively will represent in the aggregate 100% of the beneficial interest
established at such time in such Securities, Income Account and Principal
Account) and if the Depositor so directs, will execute in the name of the
Depositor thereof a certificate or certificates representing the aggregate
number of Units specified in such Reference Trust Agreement and deliver same to
such Depositor.

                  WHEREAS, the form of the Certificates shall be substantially
as follows:

Number _____                                                      _______ Units

                            CERTIFICATE OF OWNERSHIP

                                  -Evidencing-
                              An Undivided Interest
                                      -in-
               THE SEARS EQUITY INVESTMENT TRUST, ____ SERIES ___

                  This is to certify that __________ is the owner and registered
holder of this Certificate evidencing the ownership of _______ Unit(s) of
fractional undivided interest in the particular series of the Sears Equity
Investment Trust noted on the face hereof (herein called the "Trust"), created
under the laws of the State of New York by the Trust Indenture and Agreement
(hereinafter called the "Indenture") dated as of the date of deposit (the "Date
of Deposit") between Dean Witter Reynolds Inc. (hereinafter called the
"Depositor") and United States Trust Company of New York (hereinafter called the
"Trustee").

                  The Trust consists of (1) Securities, as defined in the
Indenture, as may from time to time be held in the Trust (including (i)
contracts, if any, for the purchase of certain of the Securities together with
moneys and/or letters of credit in an amount sufficient to pay for such
Securities and (ii) reinvestment securities, if any) and (2) such amounts as
from time to time may be held in the Income Account and the Principal Account
maintained under the Indenture in the manner described below.

                  At any given time this Certificate shall represent a
fractional undivided interest in the Trust, the numerator of which fraction
shall be the number of Units set forth on the face hereof and the denominator of
which shall be the total number of Units of undivided interest which are
outstanding at such time. The Indenture permits the Depositor to deposit
additional Securities from time to time with the Trustee, at

<PAGE>
                                      -3-

which times the Trustee will deliver to the Depositor Certificates for Units
representing the additional Securities deposited with the Trust.

                  The provisions of this Certificate are continued on the
reverse side hereof and such continued provisions shall for all purposes have
the same effect as though fully set forth in this place.

                  This Certificate shall not become valid or binding for any
purpose until properly executed by the Trustee under the Indenture.

                  IN WITNESS WHEREOF, United States Trust Company of New York,
as Trustee, has caused this Certificate to be manually executed in its corporate
name by an authorized officer and Dean Witter Reynolds Inc., as Depositor, has
caused this Certificate to be executed in its name by the facsimile signature of
one of its Authorized Officers.

UNITED STATES TRUST COMPANY OF          DEAN WITTER REYNOLDS INC.,
  NEW YORK, Trustee                       Depositor

By                                      By
  ----------------------------------       --------------------------------
       Authorized Officer                      Authorized Officer

Date:  ____________, ____

<PAGE>
                                      -4-

                          [REVERSE SIDE OF CERTIFICATE]

                          SEARS EQUITY INVESTMENT TRUST

                  The Depositor hereby grants and conveys all of its right,
title and interest in and to the Trust to the extent of the fractional undivided
interest represented hereby to the registered holder of this Certificate subject
to and in pursuance of the Indenture, all the terms, conditions and covenants of
which are incorporated herein as if fully set forth at length.

                  The registered holder of this Certificate is entitled at any
time upon tender of this Certificate to the Trustee, endorsed in blank or
accompanied by all necessary instruments of assignment and transfer in proper
form, at its office at New York, New York and, upon payment of any tax or other
governmental charges, to receive on or before the seventh calendar day following
the day on which such tender is made or, if such calendar day is not a Business
Day (as defined in the Indenture), on the first Business Day prior to such
calendar day, an amount in cash or cash equivalents, or Securities in kind if
such option is offered by the Depositor, equal to the evaluation of the
fractional undivided interest in the Trust evidenced by this Certificate, upon
the basis provided for in the Indenture. The right of redemption may be
suspended and the date of payment may be postponed for any period during which
the New York Stock Exchange is closed, other than customary weekend or holiday
closings; for any period during which the Securities and Exchange Commission has
determined that trading on that Exchange is restricted or an emergency exists as
a result of which disposal or evaluation of any of the Securities held in the
Trust is not reasonably practicable; or for such other periods as the Securities
and Exchange Commission may by order permit.

                  The Depositor has the right under certain circumstances set
forth in the Indenture to purchase any Certificate tendered to the Trustee for
redemption no later than the next business day following tender at a price not
less than the Redemption Price.

                  Income received by the Trustee as part of the Trust shall be
credited by the Trustee to the Income Account. With certain exceptions specified
in the Indenture, all other moneys received by the Trustee as a part of the
Trust shall be credited to a separate Principal Account.

<PAGE>
                                      -5-

                  The Record Dates and Distribution Dates are as set forth in
the Indenture.

                  The fractional undivided interest represented by this
Certificate with respect to the Income and Principal Accounts (after the
deductions referred to below) shall be distributed on, or shortly after, each
Distribution Date in the manner and subject to the limitations specified in the
Indenture. All distributions from the Income and Principal Accounts shall be
made to the holder of record of this Certificate at the close of business on the
Record Date prior to the Distribution Date on which such distributions are made.

                  No distributions need be made from the Principal Account if
the balance therein is less than an amount specified in the Indenture.

                  Distributions from the Income and Principal Accounts shall be
made either by mail to the post office address of the holder hereof appearing on
the registration books of the Trustee or by such other means as shall be
mutually agreed upon between the holder and the Trustee. A Unit Holder shall
notify the Trustee in writing of any change of address.

                  From time to time deductions shall be made from the Income and
Principal Accounts, as more fully set forth in the Indenture, for redemption of
Units, compensation of the Depositor, compensation of the Trustee, reimbursement
of certain expenses and advances incurred by or on behalf of the Trustee (other
than such expenses borne by the Trustee), certain legal and auditing expenses
and payment of, or the establishment of a reserve for, applicable taxes or
governmental charges, if any.

                  Shortly after the end of each calendar year the Trustee shall
furnish to the registered holder of this Certificate a statement setting forth,
among other things, the amounts received by the Trust and deductions therefrom
and the amounts distributed during the preceding year in respect of income on,
and redemptions and sales of, Securities held in the Trust.

                  This Certificate shall be transferable by the registered
holder hereof by presentation and surrender hereof at the unit investment trust
office of the Trustee properly endorsed hereon or accompanied by a written
instrument or instruments of transfer in form satisfactory to the Trustee and
executed by the registered holder or his authorized attorney. Certificates of
this Series are interchangeable for one or more Certificates of such Series in
an equal aggregate number of Units of fractional undivided interest at the unit
investment trust office

<PAGE>
                                      -6-

of the Trustee in denominations of one Unit of fractional undivided interest or
any multiple thereof that may be deemed appropriate by the Trustee.

                  The holder hereof may be required to pay a charge of $2.00 (or
such other amount as may be determined by the Trustee) in connection with the
transfer or interchange of this Certificate and any tax or other governmental
charge that may be imposed in connection with the transfer, interchange or other
surrender of this Certificate.

                  The holder of this Certificate, by virtue of the purchase and
acceptance hereof, assents to and shall be bound by the terms of the Indenture,
copies of which are on file and available for inspection at reasonable times
during business hours at the unit investment trust office of the Trustee, to
which Indenture reference is made for all the terms, conditions and covenants
thereof.

                  The Trustee may deem and treat the person in whose name this
Certificate is registered upon the books of the Trustee as the owner hereof for
all purposes and the Trustee shall not be affected by any notice to the
contrary.

                  Units may also be held in uncertificated form if such option
is offered by the Trustee. Holders of Units evidenced by Certificates may at any
time elect to have their Units held in uncertificated form by surrendering their
Certificates to the Trustee for cancellation. At such time, an appropriate
notation will be made in the registration books of the Trustee to indicate that
the Units formerly evidenced by such cancelled Certificates are held in
uncertificated form. The Trustee shall, at the request of the holder of any
Units held in uncertificated form, issue a new Certificate or certificate in
quantities and denominations as requested by the holder and deemed appropriate
by the Trustee, subject to a $2.00 per certificate charge, to evidence such
Units and at such time make an appropriate notation in the registration books of
the Trustee. Uncertificated Units are transferable and interchangeable by the
holder or his duly authorized attorney at the unit investment trust office of
the Trustee upon delivery of an instrument of transfer and related documents in
form satisfactory to the Trustee and payment of any tax or other governmental
charges, fees and expenses applicable thereto. The rights of any holder of Units
held in uncertificated form set forth in the Indenture are the same as the
rights of any holder of Units evidenced by Certificates under such Indenture.

<PAGE>
                                      -7-

                  The Indenture and the Trust created thereby shall terminate on
the Mandatory Termination Date as defined in the Indenture. The Indenture
provides that the Trust may be terminated prior to such date under certain
circumstances which include the sale or other disposition of the last Security
held thereunder, a decrease in the value of the Trust to less than the amount
specified in the Indenture or upon the vote of the holders of 51% of all Units
outstanding. Upon any termination the Trustee shall sell, or distribute in-kind,
all of the Securities then held, if any, and distribute pro rata the funds then
held in the Trust upon the surrender of the Certificates, all in the manner
provided in the Indenture. Upon the termination, the Trustee shall be under no
further obligation with respect to the Trust, except to hold such funds in
trust, without interest, until distribution as aforesaid and shall have no duty
upon any termination to communicate with the holder hereof other than by mail at
the address of such holder appearing on the registration books of the Trustee.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof, the modification of the rights and the
obligations of the Depositor, the Trustee and the registered holders of Units
thereunder and the waiver of the performance of any of the provisions thereof at
any time with the consent of the holders of Units evidencing 51% of the Units at
any time outstanding under the Indenture. Any such consent or waiver by the
holder of a Unit shall be conclusive and binding upon such holder of a Unit and
upon all future holders of Units and shall be binding upon any Unit whether
evidenced by a Certificate or held in uncertificated form, issued upon the
registration or transfer hereof whether or not notation of such consent or
waiver is made upon this Certificate and whether or not the Unit(s) evidenced
hereby are at such time in uncertificated form. The Indenture also permits the
amendment thereof, in certain limited circumstances, without the consent of any
holders of Units.

                  This Certificate shall not become valid or binding for any
purpose until properly executed by the Trustee under the Indenture.

                                  ABBREVIATIONS

                  The following abbreviations, when used in the inscription on
the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations:

                  TEN COM        -    as tenants in common

<PAGE>
                                      -8-

                  TEN ENT        -    as tenants by the entirety
                  JT TEN         -    as joint tenants with right of
                                      survivorship and not as tenants in common

                  UNIF GIFT MIN ACT............Custodian............
                                      (Cust)              (Minor)
                        under Uniform Gifts to Minor Act
                        ................................
                                     (State)

Additional abbreviations may also be used though not in the above list.

                               FORM OF ASSIGNMENT

                  FOR VALUE RECEIVED, __________hereby sell(s), assign(s) and
transfer(s) _______ Units unto________________

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

                                          Please insert Social Security or Other
                                          Identifying Number of Assignee

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

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

the within Certificate and does hereby irrevocably constitute and appoint
______________________, attorney, to transfer said Certificate on the books of
the Trustee, with full power of substitution in the premises.

Dated:
                                        ----------------------------------------
                                        Notice: The signature to this
                                        assignment must correspond with the
                                        name as written upon the face of the
                                        Certificate or as recorded on the
                                        books of the Trustee, as the case
                                        may be, in every particular, without
                                        alteration or enlargement or any
                                        change whatever.

<PAGE>
                                      -9-

                                    ARTICLE I

                                   DEFINITIONS

                  Section 1.01. DEFINITIONS: Whenever used in this Indenture,
the following words and phrases, unless the context clearly indicates otherwise,
shall have the following meanings:

                    (1) "Additional Securities" shall mean such Securities (as
         defined herein) as are listed in Supplemental Schedules to a
         Supplemental Indenture and which have been deposited to effect an
         increase over the number of Units initially specified in Part II of the
         Reference Trust Agreement.

                    (2) "Additional Deposited Units" shall mean such Deposited
         Units (as defined herein) as are listed in schedules to a Supplemental
         Indenture and which are deposited in connection with an increase in the
         number of Units initially specified in an Indenture.

                    (3) "Additional Units" shall mean such Units (as defined
         herein) as are issued in respect of Additional Securities and
         Additional Deposited Units, if any.

                    (4) "Basic Agreement" shall mean this Trust Indenture and
         Agreement dated as indicated on the cover page hereof as originally
         executed, or if amended as hereinafter provided, as so amended,
         exclusive of the terms contained in any related Reference Trust
         Agreement.

                    (5) "Business Day" shall mean any day other than a Saturday
         or Sunday or other day on which the New York Stock Exchange is closed
         for trading, a legal holiday in the City of New York, or a day on which
         banking institutions are authorized by law to close.

                    (6) "Certificate" shall mean any one of the certificates
         executed by the Trustee and the Depositor evidencing ownership of an
         individual fractional interest in the Trust.

                    (7) "Computation Day" shall have the meaning assigned to it
         in Part II of the Reference Trust Agreement.

                    (8) "Contract Securities" shall mean Securities which are to
         be acquired by the Trust pursuant to con-

<PAGE>
                                      -10-

         tracts, including (i) Securities listed in the Schedule to the
         Reference Trust Agreement and (ii) Securities which the Depositor has
         contracted to purchase for the Trust pursuant to Sections 2.06 and
         3.07.

                    (9) "Deposited Units" shall mean such units of a previous
         series of Sears Equity Investment Trust as are listed on a Schedule to
         the Reference Trust Agreement.

                   (10) "Depositor" of the Trust shall have the meaning assigned
         to it in Part II of the Reference Trust Agreement.

                   (11) "Distribution Date" shall have the meaning assigned to
         it in Part II of the Reference Trust Agreement relating to such Trust.

                   (12) "Evaluation Time" shall mean the close of trading on the
         New York Stock Exchange, presently 4:00 p.m. or such other time as is
         designated as the Evaluation Time in the prospectus for a Trust.

                   (13) "First Settlement Date" of the Trust shall have the
         meaning assigned to it in Part II of the Reference Trust Agreement
         relating to such Trust.

                   (14) "Indenture" shall mean the Basic Agreement, as further
         amended, supplemented or varied by the Reference Trust Agreement.

                   (15) "In-Kind Date" shall have the meaning assigned to it in
         Part II of the Reference Trust Agreement.

                   (16) "Record Date" shall have the meaning assigned to it in
         Part II of the Reference Trust Agreement.

                   (17) "Reference Trust Agreement" shall mean a supplement to
         the Basic Agreement, the purpose of which shall be to amend, supplement
         and/or vary certain of the terms contained in the Basic Agreement. The
         Reference Trust Agreement, together with the Basic Agreement to the
         extent that such Reference Trust Agreement incorporates it by
         reference, defines all the terms, rights and duties relevant to the
         series of the Sears Equity Investment Trust to which such Reference
         Trust Agreement relates.

                   (18) "Replacement Security" shall mean a Security purchased
         by the Trustee pursuant to Section 3.07 hereof.

<PAGE>
                                      -11-

                   (19) "Restricted Securities" shall mean Securities which were
         acquired in private placements and which at the time could not, in the
         opinion of counsel designated by the Depositor and satisfactory to the
         Trustee, be sold publicly by the Trustee without registration (or
         perfection of an exemption) under the Securities Act of 1933, as
         amended (or similar provisions of law subsequently enacted).

                   (20) "Securities" shall mean such stock, common or preferred
         (including for all purposes hereof "when-issued" and/or "regular way"
         contracts, if any, for the purchase thereof evidenced by the purchasing
         broker's confirmation of, or list of its confirmations of, such
         contracts and a certified check or checks and/or an irrevocable letter
         or letters of credit in the amount required for such purchase) and such
         Deposited Units, as are (i) deposited in irrevocable trust and listed
         in the Schedule or Supplemental Schedules to the Reference Trust
         Agreement and (ii) received in exchange or substitution for any
         Securities pursuant to Section 3.07 and Section 3.10 hereof, as may
         from time to time be acquired and continue to be held as a part of the
         Trust to which such Reference Trust Agreement relates.

                  (21) "Special Security" shall have the meaning assigned to it
         in Section 3.07 hereof.

                   (22) "Supplemental Indenture" shall mean an amendment or
         supplement to the Reference Trust Agreement executed pursuant to
         Section 2.06 hereof for the purpose of making additional deposits of
         Securities in the Trust and issuing a corresponding amount of
         Additional Units.

                   (23) "Supplemental Schedule" shall mean a schedule to the
         Supplemental Indenture listing the Additional Securities deposited.

                   (24) "Termination Date" shall mean the date set forth in Part
         II of the Reference Trust Agreement.

                   (25) "Trust" shall mean the trust created by this Indenture,
         which shall be denominated as indicated in Part II of the Reference
         Trust Agreement relating to such Trust, and which shall consist of the
         Securities held pursuant and subject to this Indenture together with
         all dividends thereon, received but undistributed, any undistributed
         cash realized from the sale, redemption or liquidation thereof, such
         amounts as may be on deposit in the

<PAGE>
                                      -12-

         Reserve Account hereinafter established and all other property and
         rights to which Unit Holders may be entitled under the provisions of
         this Indenture.

                   (26) "Trustee" shall mean United States Trust Company of New
         York, or any successor trustee as hereinafter provided for.

                   (27) "Unit" shall mean the fractional undivided interest in
         and ownership of the Trust which shall be initially equal to the
         fraction specified for the Trust in Part II of the Reference Trust
         Agreement, the denominator of which fraction shall be decreased by the
         number of any such Units redeemed as provided in Section 5.02 and
         increased by the number of any Additional Units as provided in Section
         2.05.

                   (28) "Unit Holder" shall mean the registered holder of any
         Unit as recorded on the registration books of the Trustee, his legal
         representatives and heirs and the successors of any corporation,
         partnership or other legal entity which is a registered holder of any
         Unit and as such shall be deemed a beneficiary of the Trust created by
         this Indenture to the extent of his pro rata share thereof.

                   (29) The words "herein," "hereby," "herewith," "hereof,"
         "hereinafter," "hereunder," "hereinabove," "hereafter," "heretofore"
         and similar words or phrases of reference and association shall refer
         to this Indenture in its entirety.

                   (30) Words importing the singular number shall include the
         plural number in each case and vice versa and words importing persons
         shall include corporations and associations, as well as natural
         persons.

                                   ARTICLE II

                   DEPOSIT OF SECURITIES; ACCEPTANCE OF TRUST

                  Section 2.01. DEPOSIT OF SECURITIES: The Depositor, currently
with the execution and delivery hereof, has deposited with the Trustee in trust
the Securities listed in the Schedule or Schedules attached to such Reference
Trust Agreement in bearer form or duly endorsed in blank or accompanied by all
necessary instruments of assignment and transfer in proper form to be held,
administered and applied by the Trustee as herein

<PAGE>
                                      -13-

provided. In the event that the purchase of Securities represented by
"when-issued" and/or "regular way" contracts shall not be consummated in
accordance with said contracts, the Trustee shall credit to the Principal
Account pursuant to Section 3.03 hereof the cash or cash equivalents (including
such portion of any letter of credit applicable to such contracts) deposited by
the Depositor for the purpose of such purchase. Such monies, unless invested in
Replacement Securities in accordance with Section 3.07 hereof, shall be
distributed to Unit Holders pursuant to Section 3.05 hereof on the Distribution
Date next following the failure of consummation of such purchase or such earlier
date as the Depositor and the Trustee determine. The Depositor shall deliver the
Securities listed on said Schedule or Schedules to the Trustee which were not
actually delivered concurrently with the execution and delivery of the Reference
Trust Agreement within 90 days after said execution and delivery or, if Section
3.07 applies, within such shorter period as is specified in Section 3.07.

                  The Trustee is irrevocably authorized hereby to effect
registration of transfer of the Securities in fully registered form in the name
of the Trustee or its nominee.

                  Section 2.02. ACCEPTANCE OF TRUST: The Trustee hereby accepts
the Trust created by this Indenture for the use and benefit of the Unit Holders
in the Trust, subject to the terms and conditions of this Indenture.

                  Section 2.03. ISSUE OF UNITS: By executing the Reference Trust
Agreement the Trustee will thereby acknowledge receipt of the deposit relating
to the Trust to which such Reference Trust Agreement relates, referred to in
Section 2.01, and simultaneously with the receipt of said deposit, will record
on its books for the account of the Depositor the aggregate number of Units of
the Trust in exchange therefor as specified in Part II of the Reference Trust
Agreement and shall, if so requested, issue Certificates evidencing such Units.

                  The Trustee hereby agrees that, on the date of any
Supplemental Schedule to the Reference Trust Agreement, it shall acknowledge
that the Additional Securities identified therein have been deposited with it by
recording on its books the ownership by the Depositor, or such other person or
persons as may be indicated by the Depositor, of the aggregate number of
Additional Units to be issued in respect of such Additional Securities so
deposited, and shall, if so requested, execute Certificates substantially in the
form above recited representing the ownership of an aggregate number of such
Additional Units.

<PAGE>
                                      -14-

                  Under the terms and conditions and at such times as are
permitted by the Trustee, Units may also be held in uncertificated form. Unit
Holders may elect to have their Units held in uncertificated form by
surrendering their Certificates to the Trustee for cancellation. At such time,
an appropriate notation will be made on the registration books of the Trustee to
indicate that the Units formerly evidenced by such cancelled Certificates are
Units held in uncertificated form. The Trustee shall, at the request of the
holder of any Units held in uncertificated form, subject to a $2.00 per
certificate charge, issue a new Certificate to evidence such Units and at such
time make an appropriate notation in the registration books of the Trustee. The
rights set forth in this Indenture of any holder of Units held in uncertificated
form shall be the same as those of any other Unit Holder.

                  The Trusts created by this Indenture are separate and distinct
trusts for all purposes and the assets of one such trust may not be commingled
with the assets of any other, nor shall the expenses of any such trust be
charged against the other. The Units representing the ownership of a fractional
undivided interest in one Trust shall not be exchangeable for Units representing
the ownership of an undivided fractional interest in any other except as set
forth in the Prospectus.

                  Section 2.04. FORM OF CERTIFICATES: Each Certificate referred
to in Section 2.03 shall be in substantially the form hereinabove recited,
numbered serially for identification, in fully registered form, transferable
only on the books of the Trustee as herein provided, executed manually or in
facsimile by an authorized officer of the Trustee and in facsimile by an
authorized officer of the Depositor of the Trust to which the Certificate
relates, and dated the date of execution and delivery by the Trustee.

                  Section 2.05. UNCERTIFICATED UNITS: All Units may be held in
uncertificated form, unless and as the Trustee may deem it appropriate to issue
certificates provided that the Trustee shall issue Certificates if so directed
by the Depositor. The Trustee may deem and treat the person in whose name any
Unit is registered upon the books of the Trustee as the owner thereof for all
purposes and the Trustee shall not be affected by any notice to the contrary.

                  Section 2.06. DEPOSIT OF ADDITIONAL SECURITIES: From time to
time and in the discretion of the Depositor, the Depositor may make deposits of
Additional Securities duly endorsed in blank or accompanied by all necessary
instruments of assignment and transfer in proper form (or contracts to pur-

<PAGE>
                                      -15-

chase Additional Securities and cash or an irrevocable letter of credit in an
amount necessary to consummate the purchase of any Additional Securities
pursuant to such contracts ("Additional Contract Securities")) and Cash (as
defined below), if Cash is an asset of the Trust immediately prior to the
supplemental deposit, provided that each deposit during the 90-day period
following the first deposit of Securities in the Trust shall replicate, to the
extent practicable as hereinafter provided, the Securities (including Contract
Securities) and shall exactly replicate Cash (other than Cash to be distributed
solely to persons other than persons receiving the distribution as holders of
Additional Units created by the deposit) held in the Trust immediately prior to
each such deposit; and, provided further that each deposit of Additional
Securities and Cash, if any, subsequent to such 90-day period shall exactly
replicate the Securities (including Contract Securities) and Cash (other than
Cash to be distributed solely to persons other than persons receiving the
distribution as holders of Additional Units created by the deposit) held in the
Trust immediately prior to each such deposit. For purposes of this paragraph,
Cash means cash on hand in the Trust and/or cash receivable by the Trust as of
the date of the supplemental deposit reduced by payables and accrued expenses.

                  Accordingly, for a deposit subsequent to the 90-day period
following the first deposit of Securities:

                  1.       Any Additional Securities included in a deposit shall
be identical to Securities held in the Trust immediately prior to the deposit
and in amounts such that (i) the number of shares of Additional Securities of a
particular issue included in a deposit divided by (ii) the aggregate of the
number of shares of all Additional Securities included in the deposit results in
a fraction which is the same as the fraction resulting from division of (iii)
the aggregate number of shares of the Securities of the same issue held in the
Trust immediately prior to the deposit divided by (iv) the aggregate number of
shares of all Securities held in the Trust immediately prior to the deposit;

                  2.       Any deposit of Additional Securities shall be
accompanied by Cash in an amount bearing the same ratio to the aggregate number
of shares of all Additional Securities in the deposit as the Cash held in the
Trust immediately prior to the deposit bears to the aggregate number of shares
of all Securities held in the Trust immediately prior to the deposit, exclusive
of Cash held in the Trust and designated for distribution solely to persons
other than persons receiving the distribution as holders of Additional Units
created by the deposit; and for

<PAGE>
                                      -16-

deposit during the 90-day period following the first deposit of Securities in
the Trust, the rules stated in subparagraphs (1) and (2) of this paragraph shall
apply except that any Additional Securities (including Additional Contract
Securities) need be only substantially similar (rather than identical to)
Securities held in the Trust immediately prior to the deposit and need meet the
proportionality requirements only to the extent practicable. Without limiting
the generality of the phrase "to the extent practicable", if the Depositor
specifies a minimum number of shares of a Security with respect to a particular
trust to be included in a deposit and such minimum requirement cannot be met or
if a Security identical to a Security held in the Trust is not readily
obtainable, substitution of other substantially similar Securities (including
Securities of an issue originally deposited) in order to meet the foregoing
proportionality requirements shall be considered as a meeting of such
requirements "to the extent practicable".

                  Each deposit of Additional Securities shall be listed in a
Supplemental Schedule to the Reference Trust Agreement stating the date of such
deposit and the number of Additional Units being issued therefor. The Trustee
shall acknowledge in such Supplemental Schedule receipt of the deposit, and
simultaneously with the receipt of said deposit, reflect the aggregate number of
Additional Units specified in such Supplemental Schedule by recording such Units
on its books. Such Additional Securities shall be held, administered and applied
by the Trustee in the same manner as herein provided for the Securities. The
execution by the Depositor in connection with the deposit of Additional
Securities of a Supplemental Schedule to the Reference Trust Agreement shall
constitute the approval by the Depositor as satisfactory in form and substance
of the contracts to be entered into or assumed by the Trustee with regard to any
Additional Securities listed on such Supplemental Schedule and authorization to
the Trustee on behalf of the Trust to enter into or assume such contracts and
otherwise to carry out the terms and provisions thereof or to take other
appropriate action in order to complete the deposit of the Additional Securities
covered thereby into the Trust.

                  Section 2.07. REGISTER OF UNITS: A register shall be kept by
the Trustee containing the names and addresses of the Unit Holders and the
number of Units owned by each Unit Holder, and in which all issues, exchanges,
transfers and cancellations of Units shall be recorded.

                  Section 2.08. PRINTING AND CUSTODIANSHIP OF CERTIFICATES: The
Depositor hereby agrees to arrange for the printing of blank Certificates. Such
blank Certificates are to be held

<PAGE>
                                      -17-

by the Trustee. The Trustee is authorized to use the services of Depositary
Trust Company, 55 Water Street, New York, New York, or any other similar
organization or company which the Depositor may specify for the custody of
Securities and Units.

                  Section 2.09. VOTING RIGHTS: Voting rights with respect to the
Securities held by the Trust shall be exercised by the Trustee as directed by
the Depositor in accordance with Section 3.11.

                                   ARTICLE III

                             ADMINISTRATION OF TRUST

                  Section 3.01. INITIAL COST: With respect to the Trust, the
cost of the initial preparation, printing and execution of this Indenture, the
initial fee of the Trustee and other reasonable expenses in connection
therewith, shall be paid by the Depositor, provided, however, that the liability
on the part of the Depositor for such initial costs, fees and expenses shall not
include any fees, costs or other expenses incurred in connection herewith after
the execution of this Indenture, and the deposit relating to the Trust, referred
to in Section 2.01.

                  Section 3.02. INCOME ACCOUNT: The Trustee shall collect the
dividends or other like cash distributions on the Securities in the Trust as
such are paid and credit such amounts, as collected, to a separate account to be
known as the "Income Account."

                  Section 3.03. PRINCIPAL ACCOUNT: The Securities in the Trust
and all cash, other than amounts credited to the Income Account, received by the
Trustee in respect of the Securities in the Trust shall be credited to a
separate account for the Trust to be known as the "Principal Account."

                  Section 3.04. RESERVE ACCOUNT: From time to time the Trustee
shall withdraw from the cash on deposit in the Principal Account or Income
Account such amounts as it, in its sole discretion, shall deem requisite to
establish a reserve for any applicable taxes or other governmental charges that
may be payable out of the Trust. Such amounts so withdrawn shall be credited to
a separate account which shall be known as the "Reserve Account." The Trustee
shall not be required to distribute to the Unit Holders any of the amounts in
the Reserve Account; provided, however, that if the Trustee shall, in its

<PAGE>
                                      -18-

sole discretion, determine that such amounts are no longer necessary for payment
of any applicable taxes or other governmental charges, then it shall promptly
deposit such amounts in the account from which previously withdrawn, or, if such
Trust has been terminated or is in the process of termination, the Trustee shall
distribute to each Unit Holder such holder's interest in the Reserve Account in
accordance with Section 9.03 hereof.

                  Section 3.05. DISTRIBUTION: As of each Record Date for the
Trust, the Trustee shall:

                  (a) deduct from the Income Account, or, to the extent funds
         are not available in such Account, from the Principal Account, and pay
         to itself individually the amounts that it is at the time entitled to
         receive pursuant to Section 6.04 or this Section 3.05;

                  (b) deduct from the Income Account, or, to the extent funds
         are not available in such Account, from the Principal Account, an
         amount equal to the unpaid fees and expenses, if any, including
         registration charges, Blue Sky fees, printing costs, attorneys' fees,
         auditing costs and other miscellaneous out-of-pocket expenses, as
         certified by the Depositor, incurred in keeping the registration of the
         Units and the Trust on a current basis pursuant to Section 9.07,
         provided, however, that no portion of such amount shall be deducted or
         paid unless the payment thereof from the Trust is at that time lawful;
         and

                  (c) deduct from the Income Account or, to the extent funds are
         not available in such account, from the Principal Account the estimated
         amount that the Depositor is entitled to receive pursuant to Section
         8.07 and hold such amount without interest until such time as it is
         payable to the Depositor as set forth below. The Trustee shall
         distribute to the Depositor from the amount so held pursuant to the
         immediately preceding sentence the amounts that the Depositor is
         entitled to receive pursuant to Section 8.07 on account of its services
         theretofore performed and expenses theretofore incurred. With respect
         to Trusts having monthly, quarterly or semiannual Distribution Dates,
         the Trustee shall deduct from the Income Account one-twelfth,
         one-quarter or one-half, as the case may be, of the estimated annual
         amount that the Depositor is entitled to receive and shall distribute
         such amounts to the Depositor on the monthly, quarterly or semiannual
         Distribution Date, as the case may be. In the event of the appointment
         of a successor depositor pursuant to Section 6.01(f)(1), the Trustee
         shall deduct from the Income Ac-

<PAGE>
                                      -19-

         count, or, to the extent funds are not available in such account, from
         the Principal Account, and pay to such successor depositor the amounts,
         if any, that it is at the time lawful for it to receive under said
         Section 6.01(f)(1).

                  The Principal Account shall be reimbursed for any amounts
withdrawn from the Principal Account under this Indenture in order to satisfy
obligations which, pursuant to the terms hereof, are first to be paid out of the
Income Account to the extent funds are available when sufficient funds are next
available in the Income Account after giving effect to the payment from the
Income Account of all amounts otherwise required to be deducted therefrom at
that time.

                  On each Distribution Date or within a reasonable period of
time thereafter, the Trustee shall distribute by mail to each Unit Holder of
record at the close of business on the preceding Record Date at his address
appearing on the registration books of the Trustee such holder's pro rata share
of the balance of the Income Account, plus such holder's pro rata share of the
distributable cash balance of the Principal Account, each computed as of the
preceding Record Date; provided, however, that funds credited to the Principal
Account in the event of the failure of consummation of a contract to purchase
Securities pursuant to Section 2.01 hereof, funds representing the proceeds of
the sale of Securities pursuant to Section 3.08 hereof, and funds representing
the proceeds of the sale of Securities under Section 5.02 or 6.04 in excess of
the amounts needed for the purposes of said Sections shall not be distributed
until the next Distribution Date or at such earlier date as shall be determined
by the Trustee. The Trustee shall not be required to make a distribution from
the Principal Account unless the cash balance on deposit therein available for
distribution shall be sufficient to distribute at least $1.00 per Unit in the
case of Units initially offered at approximately $1,000 or a proportionately
lower amount in the case of Units initially offered at less than $1,000 (E.G.,
$.001 per Unit in the case of Units initially offered at approximately $1.00).

                  The amounts to be so distributed to each Unit Holder of the
Trust of record as of each Record Date shall be that pro rata share of the cash
balance as of such Record Date of the Income and Principal Accounts of the
Trust, as shall be represented by a notation on the registration or other record
books of the Trustee.

                  In the computation of each such share, fractions of less than
one cent shall be omitted. After any such distribu-

<PAGE>
                                      -20-

tion provided for above, any cash balance remaining in the Income Account or the
Principal Account shall be held in the same manner as other amounts subsequently
deposited in each of such Accounts, respectively.

                  For the purpose of distribution as herein provided, the
holders of record on the registration books of the Trustee at the close of
business on each Record Date shall be conclusively entitled to such
distribution, and no liability shall attach to the Trustee by reason of payment
to any such registered Unit Holder of record. Nothing herein shall be construed
to prevent the payment of amounts from the Income Account and the Principal
Account to individual Unit Holders by means of one check, draft or other proper
instrument, provided that the appropriate statement of such distribution shall
be furnished therein as provided in Section 3.06 hereof.

                  Section 3.06. DISTRIBUTION STATEMENTS: With each distribution
from the Income or Principal Accounts of the Trust, the Trustee shall furnish
Unit Holders a statement of the amount being distributed from each such account,
expressed in each case as a dollar amount per Unit.

                  Within a reasonable period of time after the last Business Day
of each calendar year, but not later than February 15, the Trustee shall furnish
to each person who at any time during such calendar year was a Unit Holder a
statement setting forth, with respect to such calendar year:

                  (A) as to the Income Account of the Trust:

                           (1) the amount of dividends received on the
                  Securities,

                           (2) the amounts paid from the Income Account for
                  redemptions of Units pursuant to Section 5.02,

                           (3) the deductions from the Income Account for
                  payment of applicable taxes or other governmental charges, if
                  any, compensation of the Depositor, fees and expenses of the
                  Trustee, transfers to the Reserve Account, and any expenses
                  paid by the Trust pursuant to Section 3.05 hereof,

                           (4) the amount distributed from the Income Account,
                  identifying separately amounts distributed as dividends and as
                  other income,

<PAGE>
                                      -21-

                           (5) any other amount credited to or deducted from the
                  Income Account, and

                           (6) the balance remaining after such distributions
                  and deductions, expressed both as a total dollar amount and as
                  a dollar amount per Unit outstanding on the last Business Day
                  of such calendar year;

                  (B) as to the Principal Account of the Trust:

                           (1) the dates of the sale, liquidation or redemption
                  of any of the Securities, the identity of such Securities and
                  the net proceeds received therefrom, excluding any portion
                  thereof credited to the Income Account,

                           (2) the amount paid from the Principal Account for
                  redemption pursuant to Section 5.02,

                           (3) the deductions for payment of applicable taxes
                  and other governmental charges, if any, compensation of the
                  Depositor, fees and expenses of the Trustee, transfers to the
                  Reserve Account, and any expenses paid by the Trust under
                  Section 3.05 hereof,

                           (4) the amount distributed from the Principal Account
                  for such period, pursuant to Section 3.05 hereof,

                           (5) any other amount credited to or deducted from the
                  Principal Account, and

                           (6) the balance remaining after such distributions
                  and deductions, expressed both as a total dollar amount and as
                  a dollar amount per Unit outstanding on the last Business Day
                  of such calendar year; and

                  (C) the following information:

                           (1) a list of the Securities held in the Trust as of
                  the last Business Day of such calendar year,

                           (2) the number of Units outstanding on the last
                  Business Day of such calendar year,

                           (3) the Unit Value (as defined in Section 5.01) based
                  on the last evaluation of such Trust made during such calendar
                  year, and

<PAGE>
                                      -22-

                           (4) the amounts actually distributed during such
                  calendar year from the Income and Principal Accounts of the
                  Trust, separately stated, expressed both as total dollar
                  amounts and as dollar amounts per Unit outstanding on the
                  Record Dates for such distributions.

                  Section 3.07. REPLACEMENT SECURITIES: In the event that any
Contract Security is not delivered due to any occurrence, act or event beyond
the control of the Depositor and of the Trustee (such a Contract Security being
herein called a "Special Security"), the Depositor may instruct the Trustee to
purchase Replacement Securities which have been selected by the Depositor having
a cost not in excess of the cost of the Special Securities not so delivered. To
be eligible for inclusion in the Trust, the Replacement Securities which the
Depositor selects must: (i) be of the same type as that replaced (E.G., both
will be common stock or preferred stock); (ii) in the Depositor's judgment,
closely resemble the Special Security as respects the investment characteristics
which led the Depositor to select the Special Security for inclusion in the
Trust; and (iii) be purchased within twenty days after delivery of notice of the
failed contract to the Trustee or to the Depositor, whichever occurs first. Any
Replacement Securities received by the Trustee shall be deposited hereunder and
shall be subject to the terms and conditions of this Indenture to the same
extent as other Securities deposited hereunder. No such deposit of Replacement
Securities shall be made after the earlier of (i) 90 days after the date of
execution and delivery of the applicable Reference Trust Agreement or (ii) the
first Distribution Date to occur after the date of execution and delivery of the
applicable Reference Trust Agreement.

                  Whenever a Replacement Security is acquired by the Depositor
pursuant to the provisions of this Section 3.07, the Trustee shall, within five
days thereafter, mail to all Unit Holders notices of such acquisition, including
an identification of the Special Security and the Replacement Security acquired.
The purchase price of a Replacement Security shall be paid out of the funds in
the principal account attributable to the Special Security which it replaces.
The Trustee shall not be liable or responsible in any way for depreciation or
loss incurred by reason of any purchase made pursuant to any such instructions
from the Depositor and in the absence of such instructions the Trustee shall
have no duty to purchase any Replacement Securities under this Indenture. The
Depositor shall not be liable for any failure to instruct the Trustee to
purchase any Replacement Security or for errors of judgment in selecting any
Replacement Security.

<PAGE>
                                      -23-

                  Section 3.08. SALE OF SECURITIES: In order to maintain the
sound investment character of the Trust, the Depositor may direct the Trustee to
sell or liquidate Securities at such price and time and in such manner as shall
be determined by the Depositor, provided that the Depositor has determined that
any one or more of the following conditions exist:

                  (a) that there has been a failure by the issuer of such
         Securities to declare or pay an anticipated dividend thereon;

                  (b) that any action or proceeding has been instituted in law
         or equity seeking to restrain or enjoin the payment of dividends on any
         such Securities, or that there exists any other legal question or
         impediment affecting such Securities or the payment of dividends on the
         same;

                  (c) that there has occurred any breach of covenant or warranty
         in any resolution, ordinance, trust, indenture or other agreement or
         document, which would adversely affect either immediately or
         contingently the payment of dividends on such Securities;

                  (d) that the price of any such Securities has declined to such
         an extent, or such other market or credit factor exists, that in the
         opinion of the Depositor the retention of such Securities would be
         detrimental to the Trust and to the interest of the Unit Holders;

                  (e) that there has been a default in the payment of principal
         or par or stated value of, premium, if any, or income on any other
         outstanding securities of the issuer or the guarantor of such
         securities which might materially and adversely, either immediately or
         contingently, affect the declaration or payment of dividends on the
         Securities; and

                  (f) that the tax treatment of the Trust as a grantor trust
         would otherwise be jeopardized.

                  Upon receipt of such direction from the Depositor, upon which
the Trustee shall rely, the Trustee shall proceed to sell the specified
Securities in accordance with such direction. The Trustee shall not be liable or
responsible in any way for depreciation or loss incurred by reason of any sale
made pursuant to any such direction or by reason of the failure of the Depositor
to give any such direction, and in the absence of such direction the Trustee
shall have no duty to sell any Securities under this Section 3.08. The Depositor
shall not be

<PAGE>
                                      -24-

liable for errors of judgment in directing or failing to direct the Trustee
pursuant to this Section 3.08.

                  The Trustee shall sell any options, warrants or other rights
to purchase securities distributed to the Trust in respect of Securities, as
soon as is practicable after receipt of such options, warrants or other rights,
unless otherwise directed by the Depositor.

                  Section 3.09. NOTICE AND SALE BY TRUSTEE: If at any time there
has been a failure by the issuer to pay a dividend that is due and payable, the
Trustee shall notify the Depositor thereof. If within thirty days after such
notification the Trustee has not received any instruction from the Depositor to
sell or to hold or to take any other action in connection with such Securities,
the Trustee shall sell such Securities forthwith, and the Trustee shall not be
liable or responsible in any way for depreciation or loss incurred by reason of
such sale or by reason of any action or inaction in accordance with such written
instructions of the Depositor. The Trustee shall promptly notify the Depositor
of such action in writing and shall set forth therein the Securities sold and
the proceeds received therefrom.

                  Section 3.10. REFUNDING OF SECURITIES: In the event that an
offer by the issuer of any of the Securities or any other party shall be made to
issue new Securities, the Trustee shall reject such offer. However, should any
exchange or substitution be effected notwithstanding such rejection or without
an initial offer, any Securities, cash and/or property received in exchange
shall be deposited hereunder and shall be promptly sold, if securities or
property, by the Trustee. The cash then remaining shall be distributed to Unit
Holders on the next Distribution Date in the manner set forth in Section 3.05
regarding distributions from the Principal Account.

                  Within five days after such deposit, notice of such exchange
and deposit shall be given by the Trustee to each Unit Holder, including an
identification of the Securities eliminated and the Securities substituted
therefor.

                  Section 3.11. NOTICE OF ACTIONS: In the event that the Trustee
shall have been notified at any time of any action to be taken or proposed to be
taken by holders of any Securities held by the Trust (including, but not limited
to, the making of any demand, direction, request, giving of any notice, consent
or waiver or the voting with respect to election of directors or any amendment
or supplement to any corporate resolution, agreement or other instrument under
or pursuant to which

<PAGE>
                                      -25-

such Securities have been issued) the Trustee shall promptly notify the
Depositor and shall thereupon take such action or refrain from taking any action
as the Depositor shall in writing direct; PROVIDED, HOWEVER, that if the
Depositor shall not within five Business Days of the giving of such notice to
the Depositor direct the Trustee to take or refrain from taking any action, the
Trustee shall take such action as it, in its sole discretion, shall deem
advisable. Neither the Depositor nor the Trustee shall be liable to any person
for any action or failure to take action with respect to this section.

                  Section 3.12. EXTRAORDINARY DISTRIBUTIONS: Any property
received by the Trustee after the initial date of Deposit in a form other than
cash or additional shares of the Securities listed on Schedule A or of a
Replacement Security or otherwise deposited pursuant to 2.06 hereof, shall
either be sold and the proceeds of sale credited to the Principal Account of the
Trust, or distributed as the Depositor may direct. In no event shall the Trustee
hold as part of the Trust, except temporarily pending sale or distribution as
described in the preceding sentence, any property other than cash (including a
letter of credit), Securities described on Schedule A or a Replacement Security
or a Security otherwise deposited pursuant to Section 2.06 hereof.

                  The Securities and cash represented by a Unit shall be uniform
so that each Unit shall at all times represent property identical to that
represented by every other Unit. Securities identical to those represented by a
Unit and received as the result of a stock dividend or stock split may be
retained in the Trust and the number of shares of such a Security represented by
a Unit adjusted accordingly. All other non-cash distributions in respect of any
Securities held in the Trust shall be sold or distributed to Unit Holders.

                  Section 3.13. INVESTMENT RESTRICTIONS: With respect to series
designated "Utility Stock Series," the Depositor hereby agrees that it will not
deposit Securities in any series of the Trust, if such deposit would cause the
Trust (including all prior series of the utility stock series) to be the holder
of 5% or more of the outstanding voting securities of any one issuer of
Securities of, or otherwise cause the Trust to be deemed an "affiliate" of, a
public utility company, as defined in the Public Utility Holding Company Act of
1935 (the "1935 Act") or in any way cause the Trust to be in violation of the
1935 Act.

<PAGE>
                                      -26-

                                   ARTICLE IV

                            EVALUATION OF SECURITIES

                  Section 4.01. EVALUATION OF SECURITIES: The Trustee shall
determine separately and promptly furnish to the Depositor upon request the
value of each issue of the Securities in the Trust (determined as set forth
below) as of the Evaluation Time on each of the days on which the Trustee shall
make the Trust Evaluation required by Section 5.01. In making the evaluations
the Trustee may determine the value of each issue of the Securities in the Trust
by the following methods, or any combination thereof, which it deems
appropriate. If the Securities are listed on one or more national securities
exchanges, such valuation shall be based on the closing price on such Exchange
which is the principal market thereof and which shall be deemed to be the New
York Stock Exchange if the Securities are listed thereon (unless the Trustee
deems such price inappropriate as a basis for valuation). If the Securities are
not so listed, or, if so listed and the principal market therefor is other than
such exchange or there is no closing price on such exchange, such valuation
shall be based on the closing price in the over-the-counter market (unless the
Trustee deems such price inappropriate as a basis for valuation) or if there is
no such closing price, by any of the following methods which the Trustee deems
appropriate: (i) on the basis of current bid prices of such Securities as
obtained from investment dealers or brokers (including the Depositor) who
customarily deal in securities comparable to those held by the Trust, or (ii) if
bid prices are not available for any of such Securities, on the basis of bid
prices for comparable securities, or (iii) by appraisal of the value of the
Securities on the bid side of the market or by such other appraisal as is deemed
appropriate, or (iv) by any combination of the above. The Trustee shall also
make an evaluation of the Securities deposited in the Trust as of the time said
Securities are deposited under this Indenture. Such evaluation shall be made on
the same basis as set forth above. The Trustee's determination of the bid prices
of the Securities on the date of deposit shall be included in the Schedules
attached to the Reference Trust Agreement.

                  If the Securities to be evaluated are Restricted Securities,
among the factors the Trustee will consider in determining the value of such
Securities are (a) an estimate of the existence and extent of any market
therefor, (b) the estimated period of time during which such Securities will not
be freely marketable, (c) the estimated expenses, if any, to the Trust of
registering or otherwise qualifying such Securities for public

<PAGE>
                                      -27-

sale, (d) estimated underwriting commissions if underwriting would be required
to effect a sale, (e) the current dividends on comparable securities, and (f)
changes in the financial conditions and prospects of, and other factors
affecting, the issuer.

                  Section 4.02. TAX REPORTS: For the purpose of permitting Unit
Holders to satisfy any reporting requirements of applicable Federal or State tax
law, the Trustee shall transmit to any Unit Holder upon written request any
determinations made by the Trustee pursuant to Section 4.01.

                  Section 4.03. LIABILITY OF THE TRUSTEE: The Depositor and Unit
Holders may rely on any evaluation furnished by the Trustee and shall have no
responsibility for the accuracy thereof. The determinations made by the Trustee
hereunder shall be made in good faith upon the basis of the best information
available to it. The Trustee shall be under no liability to the Depositor or
Unit Holders for errors in judgment, provided, however, that this provision
shall not protect the Trustee against any liability to which it would otherwise
be subject by reason of willful misfeasance, bad faith or gross negligence in
the performance of its duties or by reason of its reckless disregard of its
obligations and duties hereunder. The Trustee shall not be liable or responsible
for depreciation or losses incurred by reason of the purchase, sale or retention
of any Securities.

                                    ARTICLE V

                          TRUST EVALUATION, REDEMPTION,
                      TRANSFER, INTERCHANGE OR REPLACEMENT
                                 OF CERTIFICATES

                  Section 5.01. TRUST EVALUATION: The Trustee shall make an
evaluation of the Trust as of the Evaluation Time (i) on the last Business Day
of each of the months of June and December, (ii) on the day on which any Unit of
the Trust is tendered for redemption (unless tender is made after the Evaluation
Time on such day, in which case tender shall be deemed to have been made on the
next day subsequent thereto on which the New York Stock Exchange is open for
trading), and (iii) on any other day desired by the Trustee or requested by the
Depositor. Such evaluations shall take into account and itemize separately
(a)(1) the cash on hand in the Trust (other than monies on deposit in the
Reserve Account, funds deposited on the date hereof by the Depositor for the
purchase of Securities and not

<PAGE>
                                      -28-

theretofore credited to the Principal Account pursuant to Section 3.03 and funds
in the Principal Account with respect to which contracts for the purchase of the
Replacement Securities have been entered into pursuant to Section 3.07 hereof),
including dividends receivable on stocks trading ex dividend, (a)(2) the value
of each issue of the Securities in the Trust as determined by the Trustee
pursuant to Section 4.01, and (a)(3) all other assets of the Trust. For each
such evaluation there shall be deducted from the sum of the above (b)(1) amounts
representing any applicable taxes or other governmental charges payable out of
the Trust and for which no deductions shall have previously been made for the
purpose of addition to the Reserve Account, (b)(2) amounts representing accrued
fees of the Trustee and expenses of the Trust including but not limited to
unpaid fees of the Trustee and expenses of the Trust (including legal and
auditing expenses), accrued fees and expenses of the Depositor and its
respective successors, if any, and (b)(3) cash held for distribution to Unit
Holders of record as of a date on or prior to the evaluation then being made.
The value of the pro rata share of each Unit of the Trust determined on the
basis of any such evaluation shall be referred to herein as the "Unit Value."

                  The Trustee shall promptly advise the Depositor of each
determination of Unit Value made by it as above provided, and, in addition, upon
each evaluation by the Trustee under Section 4.01 other than those involved in
such calculations of Unit Value, the Trustee shall promptly furnish to the
Depositor, for purposes of assisting it in maintaining a market in the Units,
with such information regarding the Principal, Income and Reserve Accounts as
the Depositor may reasonably request.

                  Section 5.02. REDEMPTIONS BY TRUSTEE; PURCHASES BY DEPOSITOR:
Any Unit or Units tendered for redemption by a Unit Holder or his duly
authorized attorney to the Trustee at its unit investment trust office in the
City of New York shall be redeemed by the Trustee on the seventh calendar day
following the day on which tender for redemption is made, provided that if such
day of redemption is not a Business Day, then such Unit shall be redeemed on the
first Business Day prior thereto (being herein called the "Redemption Date").
Units in uncertificated form shall be tendered by means of an appropriate
request for redemption in form approved by the Trustee. Unit Holders must sign
exactly as their name appears on the register with the signature guaranteed by
an officer of a national bank or trust company, or by a member firm of either
the New York, Midwest, or Pacific Coast Stock Exchanges, or in such other manner
as may be acceptable to the Trustee. The Trustee may

<PAGE>
                                      -29-

also require additional documents such as, but not limited to, trust
instruments, certificates of death, appointments as executor or administrator or
certificates of corporate authority. Subject to payment by such Unit Holder of
any tax or other governmental charges which may be imposed thereon, such
redemption is to be made by payment on the Redemption Date of cash equivalent to
the Unit Value, determined by the Trustee as of the close of trading on the New
York Stock Exchange, on the date of tender (the "Tender Date") (such Unit Value,
the "Redemption Price"). Units received for redemption by the Trustee on any
date after the Evaluation Time will be held by the Trustee until the next
Business Day on which the New York Stock Exchange is open for trading and will
be deemed to have been tendered on such day for redemption at the Redemption
Price computed on that day.

                  The Depositor shall maintain with the Trustee a current list
of Securities held in the Trust designated to be sold for the purpose of
redemption of Units of the Trust, and for payment of expenses hereunder;
PROVIDED that if the Depositor shall for any reason fail to maintain such a
list, the Trustee, in its sole discretion, may designate a current list of
Securities for such purposes. Unless otherwise directed by the Depositor, the
Trustee shall select Securities from the current list to be sold so as to
maintain, as closely as practicable, the original proportionate relationship
between the number of shares of each Security in the Trust. The net proceeds of
any sales of Securities from such list shall be credited to the Principal
Account of the Trust and paid therefrom, to the extent necessary in accordance
with this Section and otherwise distributed pursuant to this Indenture. In the
case of a Trust which is holding Restricted Securities, the Trustee shall sell
such Securities as shall not result in Restricted Securities constituting more
than 50% in value of the Securities remaining in the Trust upon the completion
of such sale or result in the Trust holding less than $250,000 in value of any
Restricted Security; PROVIDED, HOWEVER, that the Depositor shall use its best
efforts to ensure that such sale shall not result in Restricted Securities
constituting more than 40% in value of the Securities remaining in the Trust
upon completion of such sale, it being understood that sales of unrestricted
Securities may be made if the Depositor's best efforts with regard to the timely
sale of Restricted Securities at prices it deems reasonable are unsuccessful if
as a result of such sales more than 50% in value of the Trust does not consist
of Restricted Securities.

                  Notwithstanding the foregoing, any Unit Holder tendering for
redemption at least the number of Units specified in

<PAGE>
                                      -30-

the Reference Trust Agreement for "in-kind" distribution either during the life
of the Trust or in connection with the termination of the Trust, may elect, by
notifying the Trustee of such election, if permitted, or may be required by the
Depositor, to receive Securities in kind. A Unit Holder choosing in-kind
distribution will receive such distribution no later than the Redemption Date
subject to payment by such Unit Holder of any tax or governmental charges which
may be imposed thereon. This distribution shall consist of such Unit Holder's
pro rata portion of each of the Securities in whole shares based on the number
of Units owned as of the Tender Date plus the Unit Holder's pro rata share of
the balances in the Income and Principal Accounts. In addition, the Trustee
shall distribute no later than the Redemption Date (or if such date is not a
Business Day, then the first Business Day prior thereto), cash equal to the
value of any fractional shares included in such Unit Holder's pro rata portion
of the Securities as of the Tender Date.

                  The Depositor shall provide the Trustee with a list of
Securities held in the Trust designated to be sold for the purpose of satisfying
amounts for the payment of cash equal to the value of fractional shares;
provided that if the Depositor shall for any reason fail to provide such a list,
the Trustee, in its sole discretion, may designate a list of Securities for such
purposes. The excess proceeds of any sales of Securities from such list shall be
credited to the Principal Account. The Trustee shall not be liable or
responsible in any way for depreciation or loss incurred by reason of any sale
or sales made in accordance with this Section 5.02. The portion of the
Redemption Price which represents the Unit Holder's interest in the Income
Account shall be withdrawn from the Income Account to the extent available. The
balance paid on any redemption, including dividends receivable on stocks trading
ex dividend, if any, shall be withdrawn from the Principal Account to the extent
that funds are available for such purpose. If such available balance shall be
insufficient, the Trustee shall advance funds sufficient to pay such amount to
the Unit Holder and shall be entitled to reimbursement of such advance upon the
deposit of additional monies in the Income Account or Principal Account,
whichever happens first. Should any amounts so advanced with respect to declared
but unreceived dividends become uncollectable because of default in payment of
such dividends, the Trustee shall have the right immediately to liquidate
Securities in an amount sufficient to reimburse itself for such advances,
without interest. In the event that funds are withdrawn from the Principal
Account for payment of any portion of the Redemption Price representing
dividends receivable on stocks trading ex dividend, the Principal Account shall
be re-

<PAGE>
                                      -31-

imbursed when sufficient funds are next available in the Income Account for such
funds so applied. If the proceeds from such sales from the current list of
Securities exceed the amount necessary for payment of Units redeemed, such
excess proceeds will be credited to the Principal Account.

                  The Trustee may in its discretion, and shall when so directed
by the Depositor, suspend the right of redemption or postpone the date of
payment of the Redemption Price for more than seven calendar days following the
day on which tender for redemption is made (1) for any period during which the
New York Stock Exchange is closed other than customary weekend and holiday
closings or during which trading on the New York Stock Exchange is restricted;
(2) for any period during which an emergency exists as a result of which
disposal by the Trust of the Securities is not reasonably practicable or it is
not reasonably practicable fairly to determine in accordance herewith the value
of the Securities; or (3) for such other period as the Securities and Exchange
Commission may by order permit. The Trustee shall not be liable to any person or
in any way for any loss or damage which may result from any such suspension or
postponement.

                  Not later than the close of business on the day any Unit is
tendered for redemption by a Unit Holder other than the Depositor, the Trustee
shall notify the Depositor of such tender. The Depositor shall have the right to
purchase such Unit by notifying the Trustee of its election to make such
purchase no later than the close of business on the next Business Day following
such tender. Such purchase shall be made by payment for such Unit by the
Depositor to the Unit Holder not later than the close of business on the
Redemption Date of an amount not less than the Redemption Price which would
otherwise be payable by the Trustee to such Unit Holder.

                  Any Unit so purchased by the Depositor may at the option of
the Depositor be tendered to the Trustee for redemption at the unit investment
trust office of the Trustee in the manner provided in the first paragraph of
this Section 5.02.

                  The Trustee shall not be liable or responsible in any way for
depreciation or loss incurred by reason of any sale or redemption of Securities
made pursuant to Sections 5.02.

                  The Trustee will transfer the Securities to be delivered
in-kind to the account of, and for disposition in accordance with the
instructions of, the Unit Holder.

<PAGE>
                                      -32-

                  Section 5.03. TRANSFER OR INTERCHANGE OF CERTIFICATES: A
Certificate (and the Units it represents) may be transferred by the registered
holder thereof by presentation and surrender of such Certificate at the unit
investment trust office of the Trustee properly endorsed or accompanied by a
written instrument or instruments of transfer in form satisfactory to the
Trustee and executed by the Unit Holder or his authorized attorney, whereupon a
new registered Certificate or Certificates for the same number of Units of the
Trust executed by the Trustee and the Depositor will be issued in exchange and
substitution therefor. Certificates issued pursuant to this Indenture are
interchangeable for one or more other Certificates in an equal aggregate number
of Units of the Trust and all Certificates issued shall be issued in
denominations of one Unit or any multiple thereof as may be requested by the
Unit Holder.

                  The Trustee may deem and treat the person in whose name any
Certificate shall be registered upon the books of the Trustee as the owner of
such Certificate for all purposes hereunder, and the Trustee shall not be
affected by any notice to the contrary, nor be liable to any person or in any
way for so deeming and treating the person in whose name any Certificate shall
be so registered.

                  A sum sufficient to pay any tax or other governmental charge
that may be imposed in connection with any such transfer or interchange shall be
paid by the Unit Holder to the Trustee. The Trustee may require a Unit Holder to
pay $2.00 for each new Certificate issued on any such transfer or interchange.

                  All Certificates cancelled pursuant to this Indenture shall be
disposed of by the Trustee without liability on its part.

                  Section 5.04. CERTIFICATES MUTILATED, DESTROYED, STOLEN OR
LOST: In case any Certificate shall become mutilated or be destroyed, stolen or
lost, the Trustee shall execute and deliver a new Certificate in exchange and
substitution therefor upon the holder's furnishing the Trustee with proper
identification and indemnity satisfactory to the Trustee, complying with such
other reasonable regulations and conditions as the Trustee may prescribe and
paying such expenses as the Trustee may incur. Any mutilated Certificate shall
be duly surrendered and cancelled before any new Certificate shall be issued in
exchange and substitution therefor. Upon the issuance of any new Certificate a
sum sufficient to pay any tax or other governmental charge will be imposed and
payment of the fees and expenses of the Trustee may be required. Any such new
Certificate is-

<PAGE>
                                      -33-

sued pursuant to this Section shall constitute complete and indefeasible
evidence of ownership in the Trust, as if originally is sued, whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

                  In the event the Trust has terminated or is in the process of
termination, the Trustee may, instead of issuing a new Certificate in exchange
and substitution for any Certificate which shall have become mutilated or shall
have been destroyed, stolen or lost, make the distributions in respect of such
mutilated, destroyed, stolen or lost Certificate (without surrender thereof
except in the case of a mutilated Certificate) as provided in Section 9.03
hereof if the Trustee is furnished with such security or indemnity as it may
require to save it harmless, and in the case of destruction, loss or theft of a
Certificate, evidence to the satisfaction of the Trustee of the destruction,
loss or theft of such Certificate and of the ownership thereof.

                                   ARTICLE VI

                                     TRUSTEE

                  Section 6.01. GENERAL DEFINITION OF TRUSTEE'S LIABILITIES,
RIGHTS AND DUTIES: In addition to and notwithstanding the other duties, rights,
privileges and liabilities of the Trustee as otherwise set forth, the
liabilities of the Trustee are further defined as follows:

                  (a) all monies deposited with or received by the Trustee
         hereunder shall be held by it without interest in trust as part of the
         Trust until required to be disbursed in accordance with the provisions
         of this Indenture and such monies will be segregated by separate
         recordation on the trust ledger of the Trustee so long as such practice
         preserves a valid preference under applicable law, or if such
         preference is not so preserved the Trustee shall handle such monies in
         such other manner as shall constitute the segregation and holding
         thereof in trust within the meaning of the Investment Company Act of
         1940;

                  (b) the Trustee shall be under no liability for any action
         taken in good faith on any appraisal, paper, order, list, demand,
         request, consent, affidavit, notice, opinion, direction, evaluation,
         endorsement, assignment, resolution, draft or other document whether or
         not of the same kind prima facie properly executed; or for the
         disposition

<PAGE>
                                      -34-

         of monies, Securities or Units pursuant to this Indenture; or in
         respect of any evaluation which it is required to make or is required
         or permitted to have made by others under this Indenture; or otherwise,
         except by reason of its own willful misfeasance, bad faith or gross
         negligence in the performance of its duties or by reason of its
         reckless disregard of its obligations and duties hereunder. The parties
         hereto may construe any of the provisions of this Indenture, insofar as
         the same may appear to be ambiguous or inconsistent with any other
         provisions hereof which construction shall be binding upon the Unit
         Holders and the parties hereto. The Trustee shall be under no liability
         for any construction of any such provisions hereof;

                  (c) the Trustee shall not be responsible for or in respect of
         the recitals herein, the validity or sufficiency of this Indenture or
         for the due execution hereof by the Depositor, or for the form,
         character, genuineness, sufficiency, value or validity of any
         Securities, or for or in respect of the validity or sufficiency of the
         Certificates or the due execution thereof by the Depositor, and the
         Trustee shall in no event assume or incur any liability, duty or
         obligation to any Unit Holder or the Depositor other than as expressly
         provided for herein. The Trustee shall not be responsible for or in
         respect of the validity of any signatures by or on behalf of the
         Depositor;

                  (d) the Trustee shall be under no obligation to appear in,
         prosecute or defend any action which in its opinion may involve it in
         expense or liability, unless as often as required by the Trustee, it
         shall be furnished with reasonable security and indemnity against such
         expense or liability, and any pecuniary cost to the Trustee from such
         actions shall be deductible from and a charge against the Income and
         Principal Accounts of the Trust. Subject to the foregoing, the Trustee
         shall in its discretion undertake such action as it may deem necessary
         at any and all times to protect the Trust and the rights and interests
         of the Unit Holders pursuant to the terms of this Indenture, PROVIDED,
         HOWEVER, that the expenses and costs of such actions, undertakings or
         proceedings shall be reimbursable to the Trustee from the Income and
         Principal Accounts, and the payment of such costs and expenses shall be
         secured by a lien on the Trust prior to the interests of the Unit
         Holders;

<PAGE>
                                      -35-

                  (e) the Trustee may employ agents, attorneys, accountants and
         auditors and shall not be answerable for the default or misconduct of
         any such agents, attorneys, accountants or auditors if such agents,
         attorneys, accountants or auditors shall have been selected with
         reasonable care; PROVIDED, HOWEVER, that if the Trustee chooses to
         employ the Depository Trust Company in connection with the storage and
         handling of, and the furnishing of administrative services in
         connection with the Securities, the Trustee will be answerable for any
         default or misconduct of the Depository Trust Company and its employees
         and agents as fully and to the same extent as if such default or
         misconduct had been committed or occasioned by the Trustee. The Trustee
         shall be fully protected in respect of any action under this Agreement
         taken, or suffered, in good faith by the Trustee, in accordance with
         the opinion of its counsel. The accounts of the Trust shall be audited
         not less frequently than annually by independent certified public
         Accountants designated from time to time by the Depositor, and the
         reports of such accountants shall be furnished by the Trustee to Unit
         Holders upon request. The fees and expenses charged by such agents,
         attorneys, accountants or auditors shall constitute an expense of the
         Trust reimbursable from the Interest and Principal Accounts as set
         forth in Section 6.04 hereof;

                  (f) if the Depositor shall resign pursuant to Section 8.04
         hereof or shall fail to undertake or perform any of the duties which by
         the terms of this Indenture are required by it to be undertaken or
         performed or if the Depositor shall be dissolved or become incapable of
         acting or shall be adjudged a bankrupt or insolvent, or a receiver of
         the property of the Depositor shall be appointed or any public officer
         shall take charge or control of the Depositor or its property or
         affairs for the purpose of rehabilitation, conservation or liquidation,
         then in any such case, the Trustee may: (1) appoint a successor
         depositor meeting the qualifications set forth in Section 8.03 who
         shall act hereunder in all respects in place of the Depositor which
         successor shall be satisfactory to the Trustee, and which may be
         compensated at the times specified in Section 3.05 at rates deemed by
         the Trustee to be reasonable under the circumstances, by deduction from
         the Income Account of the Trust or, to the extent funds are not
         available in such Account, from the Principal Account of the Trust but
         no such deduction shall be made exceeding such reasonable amount as the
         Securities and Exchange Commission may prescribe in accordance with
         Section 26(a)(2)(C) of the Investment Company Act of 1940, or

<PAGE>
                                      -36-

         (2) terminate this Indenture and the trust created hereby and liquidate
         the Trust in the manner provided in Section 9.03;

                  (g) (1) if at any time the value of the Trust including
         supplemental deposits, if any, of Securities theretofore in the Trust
         as shown by any Trust Evaluation shall be less than the liquidation
         amount specified in clause (2) of this subsection (g), the Trustee may
         in its discretion, and shall if so directed by the Depositor, terminate
         this Indenture and the trust created hereby and liquidate the Trust all
         in the manner provided in Section 9.03. If at any time the value of the
         Trust shall be less than 20% of the value of the Securities in the
         Trust determined as of the date on which the most recent deposit of
         Securities occurred, the Trustee shall liquidate the Trust in the
         manner provided in Section 9.03;

                  (2) the liquidation amount referred to in clause (1) of this
         subsection (g) shall be 40% of the value of the Securities in the Trust
         determined as of the date on which the most recent deposit of
         Securities occurred;

                  (h) the Trustee is authorized and empowered, at the request
         and direction of the Depositor, to execute and file on behalf of the
         Trust any and all documents, in connection with the consents to service
         of process, required to be filed under the securities laws of the
         various States in order to permit the sale of Units of the Trust in
         such States by the Depositor;

                  (i) in no event shall the Trustee be liable for any taxes or
         other governmental charges imposed upon or in respect of the Securities
         or upon the dividends thereon or upon it as Trustee hereunder or upon
         or in respect of the Trust which it may be required to pay under any
         present or future law of the United States of America or of any other
         taxing authority having jurisdiction in the premises. For all such
         taxes and charges and for any expenses, including counsel fees, which
         the Trustee may sustain or incur with respect to such taxes or charges,
         the Trustee shall be reimbursed and indemnified out of the Reserve
         Account and/or the Income and Principal Accounts of the Trust, and the
         payment of such amounts so paid by the Trustee shall be secured by a
         lien on the Trust prior to the interests of the Unit Holders;

                  (j) the Trustee except by reason of its own gross negligence,
         bad faith or willful misconduct shall not be

<PAGE>
                                      -37-

         liable for any action taken, omitted or suffered to be taken 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 Indenture; and

                  (k) so long as shall be required by Section 26(a)(2)(C) of the
         Investment Company Act of 1940, no payment to the Depositor or to any
         principal underwriter (as defined in such Act) for the Trust or to any
         affiliated person (as so defined) or agent of the Depositor or such
         underwriter shall be allowed the Trustee as an expense except for
         payment not in excess of reasonable amounts as compensation for
         performing bookkeeping and other administrative services of a character
         normally performed by the Trustee itself.

                  Section 6.02. BOOKS, RECORDS AND REPORTS: The Trustee shall
keep proper books of record and account of all the transactions under this
Indenture and keep a register described in Section 2.07 at its unit investment
trust office, and such books, records and register shall be open to inspection
by any Unit Holder at all reasonable times during the usual business hours of
the Trustee.

                  The Trustee shall make such annual or other reports as may
from time to time be required under any applicable state or federal statute or
rule or regulation thereunder.

                  Section 6.03. INDENTURE AND LIST OF SECURITIES ON FILE: The
Trustee shall keep a certified copy or duplicate original of this Indenture
(including the Reference Trust Agreement) on file at its unit investment trust
office available for inspection at all reasonable times during the usual
business hours by any Unit Holder, together with a current list of the
Securities.

                  Section 6.04. COMPENSATION OF TRUSTEE: For services performed
under this Indenture the Trustee shall be paid an annual fee in an amount set
forth in the Reference Trust Agreement. Such compensation shall accrue daily and
be payable on each Record Date in an amount equal to one-twelfth, one-fourth or
one-half (based on the number of Trust distributions) of the estimated annual
compensation of the Trustee and shall be computed on the basis of the greatest
amount of Units in the Trust at any time during the period with respect to which
such compensation is being computed. The Trustee may from time to time adjust
its compensation as set forth above; PROVIDED, HOWEVER, that total adjustment
upward does not, at the time of such adjustment, exceed the percentage of the
total increase, after

<PAGE>
                                      -38-

the date hereof, in consumer prices for services as measured by the United
States Department of Labor Consumer Price Index entitled "All Services Less
Rent" or, if such Index is no longer published, in a similar index as determined
by the Trustee and Depositor. FURTHER PROVIDED, HOWEVER, that the right of the
Trustee to increase its fees shall not be cumulative and, if not exercised by
the Trustee for any calendar year, shall be deemed waived for such calendar
year. No exercise of its right to such increase shall be effective unless made
by the Trustee by means of notification to the Depositor within 60 days
following the publication of the annual consumer price information referred to
above. The consent or concurrence of any Unit Holder shall not be required for
any such adjustment or increase. Such compensation shall be deemed to provide
only for the usual normal and proper functions undertaken as Trustee pursuant to
this Indenture and, in addition, the Trustee may charge, to the extent then
lawful, the Income and Principal Accounts of the Trust for any and all expenses
(including, but not limited to legal, auditing and printing expenses of
maintaining registration or qualification of the Units and/or the Trust under
Federal or state securities laws subsequent to initial registration so long as
the Depositor is maintaining a market for the Units, and including the fees of
counsel which may be retained by the Trustee in connection with its activities
hereunder, and disbursements incurred hereunder including all expenses in
connection with the transfer and registration in the name of the distributee of
Securities distributed in-kind and additional compensation for any extraordinary
services performed by the Trustee hereunder). The Trustee shall be indemnified
and held harmless against any loss or liability accruing to it without gross
negligence, bad faith or willful misconduct on its part, arising out of or in
connection with the acceptance or administration of this Trust, including the
costs and expenses (including counsel fees) of defending itself against any
claim of liability in the premises. If the cash balances in the Income and
Principal Accounts shall be insufficient to provide for amounts payable pursuant
to this Section 6.04 the Trustee shall have the power to sell (i) Securities
from the current list of Securities designated to be sold pursuant to Section
5.02 hereof, or (ii) if no such Securities have been so designated, such
Securities as the Trustee may see fit to sell in its own discretion, and to
apply the proceeds of any such sale in payment of the amounts payable pursuant
to this Section 6.04. The Trustee shall promptly notify the Depositor of such
action in writing and shall set forth therein the Securities sold and the
proceeds received therefrom. The Trustee shall not be liable or responsible in
any way for depreciation or loss incurred by reason of any sale of Securities
made pursuant to this Section 6.04. Any monies payable to the

<PAGE>
                                      -39-

Trustee pursuant to this Section shall be secured by a lien on the Trust prior
to the interests of the Unit Holders.

                  Section 6.05. REMOVAL AND RESIGNATION OF TRUSTEE; SUCCESSOR:
The following provisions shall provide for the removal and resignation of the
Trustee and the appointment of any successor trustee:

                  (a) the Trustee or any trustee or trustees hereafter appointed
         may resign and be discharged of the trusts created by this Indenture,
         by executing an instrument in writing resigning as Trustee of the Trust
         and filing the same with the Depositor and mailing a copy of a notice
         of resignation to all Unit Holders then of record, not less than sixty
         days before the date specified in such instrument when, subject to
         Section 6.05(e), such resignation is to take effect. Upon receiving
         such notice of resignation, the Depositor shall promptly appoint a
         successor trustee as hereinafter provided, by written instrument, in
         duplicate, one copy of which shall be delivered to the resigning
         Trustee and one copy to the successor trustee. If at any time the
         Trustee shall become incapable of acting, or shall have an order of
         relief entered with respect to it, 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
         purposes of rehabilitation, conservation or liquidation, or, in the
         event the Depositor determines that the Trustee has materially failed
         to perform its duties under this Indenture and the interest of Unit
         Holders has been substantially impaired as a result, and such failure
         has continued for a period of sixty days following the Trustee's
         receipt of notice of such determination by the Depositor, then in any
         such case the Depositor may remove the Trustee and appoint a successor
         trustee by written instrument, in duplicate, one copy of which shall be
         delivered to the Trustee so removed and one copy to the successor
         trustee; PROVIDED that a notice of such removal and appointment of a
         successor trustee shall be mailed by the Depositor to each Unit Holder
         then of record;

                  (b) any successor trustee appointed hereunder shall execute,
         acknowledge and deliver to the Depositor and to the retiring Trustee an
         instrument accepting such appointment hereunder, and such successor
         trustee without any further act, deed or conveyance shall become vested
         with all the rights, powers, duties and obligations of its predecessor
         hereunder with the like effect as if originally named Trustee herein
         and shall be bound by all the

<PAGE>
                                      -40-

         terms and conditions of this Indenture. Upon the request of such
         successor trustee, the retiring Trustee shall, upon payment of any
         amounts due the retiring Trustee, or provision therefor to the
         satisfaction of such retiring Trustee, execute and deliver an
         instrument acknowledged by it transferring to such successor trustee
         all the rights and powers of the retiring Trustee; and the retiring
         Trustee shall transfer, deliver and pay over to the successor trustee
         all Securities and monies at the time held by it hereunder, together
         with all necessary instruments of transfer and assignment or other
         documents properly executed necessary to effect such transfer and such
         of the records or copies thereof maintained by the retiring Trustee in
         the administration hereof as may be requested by the successor trustee,
         and shall thereupon be discharged from all duties and responsibilities
         under this Indenture. The retiring Trustee shall, nevertheless, retain
         a lien upon all Securities and monies at the time held by it hereunder
         to secure any amounts then due the retiring Trustee;

                  (c) in case at any time the Trustee shall resign and no
         successor trustee shall have been appointed or, if appointed, shall not
         have accepted appointment within thirty days after notice of
         resignation has been received by the Depositor, the retiring Trustee
         may forthwith apply to a court of competent jurisdiction for the
         appointment of a successor trustee. Such court may thereupon, after
         such notice, if any, as it may deem proper and prescribe, appoint a
         successor trustee;

                  (d) any corporation into which any Trustee hereunder may be
         merged or with which it may be consolidated, or any corporation
         resulting from any merger or consolidation to which any Trustee
         hereunder shall be a party, or any corporation succeeding to all or
         substantially all of the business of the Trustee shall be the successor
         trustee under this Indenture without the execution or filing of any
         paper, instrument or further act to be done on the part of the parties
         hereto; anything herein or in any agreement relating to such merger or
         consolidation, by which any such trustee may seek to retain certain
         powers, rights and privileges theretofore obtaining for any period of
         time following such merger or consolidation, to the contrary
         notwithstanding; and

                  (e) any resignation or removal of the Trustee and appointment
         of a successor trustee pursuant to this Section shall become effective
         only upon acceptance of ap-

<PAGE>
                                      -41-

         pointment by the successor trustee as provided in subsection (b)
         hereof.

                  Section 6.06. QUALIFICATIONS OF TRUSTEE: The Trustee shall be
a corporation organized and doing business under the laws of the United States
or any state thereof which is authorized under such laws to exercise corporate
trust powers and having at all times an aggregate capital, surplus, and
undivided profits of not less than $5,000,000.

                                   ARTICLE VII

                             RIGHTS OF UNIT HOLDERS

                  Section 7.01. BENEFICIARIES OF TRUST: By the purchase and
acceptance or other lawful delivery and acceptance of a Unit of the Trust the
Unit Holder shall be deemed to be a beneficiary of such Trust and vested with
all rights, title and interest in the Trust to the extent of the Unit or Units
owned, subject to the terms and conditions of this Indenture.

                  Section 7.02. RIGHTS, TERMS AND CONDITIONS: In addition to the
other rights and powers set forth in the other provisions and conditions of this
Indenture the Unit Holders shall have the following rights and powers and shall
be subject to the following terms and conditions:

                  (a) a Unit Holder may at any time prior to the Trustee's close
         of business on the date on which the Trust is terminated redeem his
         Units in accordance with Section 5.02;

                  (b) the death or incapacity of any Unit Holder shall not
         operate to terminate this Indenture or the Trust, nor entitle his 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,
         nor otherwise affect the rights, obligations and liabilities of the
         parties hereto or any of them. Each Unit Holder expressly waives any
         right he may have under any rule of law, or the provisions of any
         statute, or otherwise, to require the Trustee at any time to account,
         in any manner other than as expressly provided in this Indenture, in
         respect of the Securities or monies from time to time received, held
         and applied by the Trustee hereunder; and

<PAGE>
                                      -42-

                  (c) no Unit Holder shall have any right to vote or in any
         manner otherwise control the operation and management of the Trust, or
         the obligations of the parties hereto, nor shall anything herein set
         forth be construed so as to constitute the Unit Holders from time to
         time as partners or members of any association; nor shall any Unit
         Holder ever be under any liability to any third persons by reason of
         any action taken by the parties to this Indenture, or any other cause
         whatsoever.

                                  ARTICLE VIII

                                    DEPOSITOR

                  Section 8.01. LIABILITIES; POWER OF ATTORNEY: The Depositor,
or the Depositors if there be more than one, shall be severally liable in
accordance herewith for the obligations imposed upon and undertaken by the
Depositor hereunder, PROVIDED, HOWEVER, that, without in any way affecting or
diminishing such several liability, each Depositor of the Trust shall indemnify
the other Depositors thereof and hold such other Depositors harmless from and
against any and all costs, expenses and liabilities (including attorneys' fees)
which such other Depositors may suffer or incur as a result of or by reason of
any act or failure to act hereunder on the part of the indemnifying Depositor.
At all times prior to the termination of the Trust and while the Depositors
thereof shall continue to act jointly hereunder, there shall be maintained on
file with the Trustee a power of attorney executed in favor of one Depositor by
the other Depositors constituting and appointing the non-executing Depositor the
true and lawful agent and attorney-in-fact of the executing Depositors to
execute and deliver for and on behalf of the executing Depositors any and all
notices, opinions, certificates, lists, demands, directions, instruments, or
other documents provided or permitted to be executed or delivered by the
Depositors hereunder in connection with the Trust or to take any other action in
respect hereof. Such power of attorney shall continue in effect as to the
executing Depositors until written notice of revocation thereof has been given
by such executing Depositors to the Trustee. Prior to receipt of such notice of
revocation the Trustee shall be entitled to rely conclusively upon such power of
attorney as authorizing the non-executing Depositor to give any notice, opinion,
certificate, list, demand, direction, instrument or other document provided for
or permitted hereunder or to take any other action in respect hereof on behalf
of the executing Depositors as to which such power of attorney is in effect.

<PAGE>
                                      -43-

                  Section 8.02. DISCHARGE: If there be more than one Depositor,
the following provisions shall provide for the discharge of a Depositor and the
liability of the Depositors in the event of the discharge of a Depositor:

                  (a) in the event that any Depositor shall fail to undertake or
         perform any of the duties which by the terms of this Agreement are
         required by it to be undertaken or performed and such failure shall
         continue for 30 days after notice to the Depositors from the Trustee or
         if any Depositor shall become incapable of acting or shall have an
         order of relief entered with respect to it, or a receiver of the
         property of any Depositor shall be appointed or any public officer
         shall take charge or control of any Depositor or its property or
         affairs for the purpose of rehabilitation, conservation or liquidation,
         then such Depositor shall forthwith be and shall be deemed to be
         discharged forever as a Depositor hereunder and thereupon the remaining
         Depositors shall act hereunder without the necessity of any other or
         further action on its part or on the part of the Trustee;

                  (b) in the event that the power of attorney referred to in
         Section 8.01 shall be revoked by written notice given by an executing
         Depositor and it shall not be replaced within one Business Day by
         another power of attorney conforming with the requirements of said
         Section 8.01, the Depositors of the Trust shall be deemed to have been
         unable to reach agreement with respect to action to be taken jointly by
         them hereunder in connection with the Trust and thereupon the Depositor
         which has revoked the power of attorney executed by it shall be
         discharged hereunder upon the expiration of such one-day period and
         thereupon the other Depositors shall act hereunder without the
         necessity of any other or further action on their part or on the part
         of the Trustee; and

                  (c) notwithstanding the discharge of a Depositor of the Trust
         in accordance with this Section 8.02, such Depositor shall continue to
         be fully liable in accordance with the provisions hereof in respect of
         action taken or refrained from under this Agreement by the Depositors
         before the date of such discharge or by the undischarged Depositors
         before or after the date of such discharge, as fully and to the same
         extent as if no discharge has occurred.

                  Section 8.03. SUCCESSORS: The covenants, provisions and
agreements herein contained shall in every case be binding

<PAGE>
                                      -44-

upon any successor or successors to any Depositor and shall be binding upon the
General Partners of any Depositor which may be a partnership and upon the
capital interest of the limited partners of any Depositor which may be a
partnership. In the event of the death, resignation or withdrawal of any partner
of any Depositor which may be a partnership, the partner so dying, resigning or
withdrawing shall be relieved of all further liability hereunder if at the time
of such death, resignation or withdrawal such Depositor maintains a net worth
(determined in accordance with generally accepted accounting principles) of at
least $1,000,000. In the event of an assignment by any Depositor to a successor
corporation or partnership as permitted by the next following sentence, such
Depositor and, if such Depositor is a partnership, its partners shall be
relieved of all further liability under this Agreement. Any Depositor may
transfer all or substantially all of its assets to a corporation or partnership
which carries on the business of such Depositor, if at the time of such transfer
such successor duly assumes all the obligations of such Depositor under this
Agreement.

                  Section 8.04. RESIGNATION: If at any time a Depositor of the
Trust shall desire to resign its position as such a Depositor hereunder, the
Depositor desiring to resign may resign by delivering to the Trustee an
instrument executed by such resigning Depositor and upon such delivery, the
resigning Depositor shall be discharged and shall no longer be liable in any
manner hereunder except as to acts or omissions occurring prior to such
delivery; PROVIDED, HOWEVER, that if upon such resignation there would be no
Depositor then acting, concurrently with or subsequent to such resignation the
Trustee shall proceed as provided in Section 6.01(f).

                  Section 8.05. ADDITIONAL DEPOSITORS: The Depositor of the
Trust and the Trustee may at any time appoint one or more corporations or
partnerships to act as new Depositor of such Trust, in addition to those
currently serving, by an instrument executed by such Depositor, the Trustee, and
such corporations or partnerships; PROVIDED, HOWEVER, that at the time of such
execution each new Depositor maintains a net worth (determined in accordance
with generally accepted accounting principles) of at least $1,000,000. Upon such
execution, a new Depositor shall be deemed to be a depositor for all purposes
under this Indenture, and the covenants, provisions and agreements herein
contained shall in every case be binding upon such new Depositor and shall be
binding upon the General Partner of any such new Depositor which may be a
partnership and upon the capital interest of the limited partners of any such
new Depositor which may be a partnership, but such new Depositor

<PAGE>
                                      -45-

shall not be liable hereunder for occurrences or omissions prior to the
effective time of execution of such instrument.

                  Section 8.06. EXCLUSIONS FROM LIABILITY: The following
provisions provide for certain exclusions from the liability of the Depositor:

                  (a) no Depositor of the Trust shall be under any liability to
         any other Depositor of the Trust, such Trust or the Unit Holders
         thereof, for any action taken or for refraining from the taking of any
         action in good faith pursuant to this Agreement, or for errors in
         judgment or liable or responsible in any way for depreciation or loss
         incurred by reason of the acquisition or sale of any Securities;
         PROVIDED, HOWEVER, that this provision shall not protect the Depositor
         against any liability to which it would otherwise be subject by reason
         of willful misfeasance, bad faith or gross negligence in the
         performance of its duties or by reason of its reckless disregard of its
         obligations and duties hereunder. The Depositor of the Trust may rely
         in good faith on any paper, order, notice, list, affidavit, receipt,
         evaluation, opinion, endorsement, assignment, draft or any other
         document of any kind prima facie properly executed and submitted to
         them, or any of them, by any other Depositor of the Trust, the Trustee,
         counsel to an issuer of a Security, or any other person. The Depositor
         shall in no event be deemed to have assumed or incurred any liability,
         duty, or obligation to any Unit Holder or the Trustee other than as
         expressly provided for herein;

                  (b) the Depositor shall not be under any obligation to appear
         in, prosecute or defend any legal action which in its opinion may
         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 in respect of this Agreement and the rights
         and duties of the parties hereto and the interests of the Unit Holders
         hereunder; and

                  (c) none of the provisions of this Agreement shall be deemed
         to protect or purport to protect the Depositor of the Trust against any
         liability to the Trust or to the Unit Holders thereof or to each other
         (if there is more than one Depositor) to which the Depositor would
         otherwise be subject by reason of willful misfeasance, bad faith or
         gross negligence in the performance of the duties of the Depositor, or
         by reason of the Depositor's reckless disre-

<PAGE>
                                      -46-

         gard of the obligations and duties of the Depositor under this
         Agreement.

                  Section 8.07. COMPENSATION: The Depositor shall receive at the
times set forth in Section 3.05 as compensation for performing portfolio
supervisory services, such amount, and for such periods, as are specified in the
Reference Trust Agreement. The computation of such compensation shall be made on
the basis of the greatest number of Units in the Trust at any time during which
such compensation is being computed. At no time, however, will the total amount
received by the Depositor for services rendered to all series of the Sears
Equity Investment Trust in any calendar year exceed the aggregate cost to it of
supplying such services in such year except to the extent permitted by law. Such
rate may be increased from time to time, without the consent or approval of any
Unit Holder or the Depositor, by amounts not exceeding the proportionate
increase during the period from the date of such Reference Trust Agreement to
the date of any such increase, in consumer prices as published either under the
classification "All Services Less Rent" in the Consumer Price Index published by
the United States Department of Labor or, if such Index is no longer published,
a similar index.

                  In the event that any amount of the compensation paid to the
Depositor pursuant to Section 3.05 is found to be an improper charge against the
Trust, the Depositor shall reimburse the Trust in such amount. A charge shall be
considered improper only if a final judgment or order for reimbursement of the
Trust shall be rendered against the Depositor and such judgment or order shall
not be effectively stayed or a final settlement is established in which the
Depositor agrees to reimburse the Trust for amounts paid to the Depositor
pursuant to this Section 8.07.

                                   ARTICLE IX

                 ADDITIONAL COVENANTS; MISCELLANEOUS PROVISIONS

                  Section 9.01. AMENDMENTS: This Indenture may be amended from
time to time by the parties hereto or their respective successors, without the
consent of any of the Unit Holders (a) to cure any ambiguity or to correct or
supplement any provision contained herein which may be defective or inconsistent
with any other provision contained herein; (b) to change any provision hereof as
may be required by the Securities and Exchange Commission or any successor
governmental

<PAGE>
                                      -47-

agency exercising similar authority; or (c) to make such other provision in
regard to matters or questions arising hereunder as shall not adversely affect
the interest of the Unit Holders; PROVIDED, that the Indenture may also be
amended from time to time by the parties hereto (or the performance of any of
the provisions of this Indenture may be waived) with the consent of Unit Holders
evidencing 51% of the Units at the time outstanding under the Indenture for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of modifying in any manner the rights of
the Unit Holders; PROVIDED FURTHER, HOWEVER, that this Indenture (including any
Reference Trust Agreement) may not be amended (nor may any provision thereof be
waived) so as to (1) increase the number of Units issuable in respect of the
Trust above the aggregate number specified in Part II of the Reference Trust
Agreement or such lesser amount as may be outstanding at any time during the
term of this Indenture, except as the result of the deposit of Additional
Securities, as herein provided, or reduce the relative interest in the Trust of
any Unit Holder without his consent, (2) permit the deposit or acquisition
hereunder of securities or other property either in addition to or in
substitution for any of the Securities except in the manner permitted by the
Trust Indenture as in effect on the date of the first deposit of Securities
under a particular Indenture or permit the Trustee to engage in business or
investment activities not specifically authorized in this Indenture as
originally executed or (3) adversely affect the characterization of the Trust as
a grantor trust for federal income tax purposes.

                  Section 9.02. NOTICE OF AMENDMENT: Promptly after the
execution of any amendment the Trustee shall furnish written notification of the
substance of such amendment to all Unit Holders then of record at their
addresses appearing on the registration books of the Trustee.

                  Section 9.03. TERMINATION: This Indenture and the Trust
created hereby shall terminate upon the redemption, sale or other disposition as
the case may be of the last Security held in the Trust hereunder unless sooner
terminated as hereinbefore specified and may be terminated at any time by the
written consent of the Holders of fifty-one per cent of the Units of the Trust
then outstanding; PROVIDED, that in no event shall this Trust continue beyond
the Termination Date as set forth in Part II of the Reference Trust Agreement.
Written notice of any termination, shall be given by the Trustee to each Unit
Holder of record at his address appearing on the registration books of the
Trustee.

<PAGE>
                                      -48-

                  (a) Within a reasonable period of time after termination of
the Trust the Trustee shall liquidate such Securities as it shall deem necessary
for payment of Trust expenses and shall:

                    (i) deduct from the Income Account of the Trust or, to the
         extent that funds are not available in such account, from the Principal
         Account of the Trust and pay to itself individually an amount equal to
         the sum of (1) its accrued compensation for its ordinary recurring
         services in connection with the Trust, (2) any compensation due it for
         its extraordinary services and (3) any costs, expenses or indemnities
         in connection with the Trust as provided herein;

                   (ii) deduct from the Income Account or, to the extent that
         funds are not available in such Account, from the Principal Account and
         pay accrued and unpaid fees to the Depositor pursuant to Section 3.05;

                  (iii) deduct from the Income Account of the Trust or, to the
         extent that funds are not available in such Account, from the Principal
         Account of the Trust, any amounts which may be required to be deposited
         in the Reserve Account of the Trust to provide for payment of any
         applicable taxes or other governmental charges and any other amounts
         which may be required to meet expenses incurred under this Indenture in
         connection with the Trust;

                  (b) (i) In connection with any termination of the Trust prior
to the In-Kind Date, Unit Holders may elect by written notice to the Trustee
within the time period specified in the notice of termination to receive their
interest in the Trust in-kind in accordance with the procedures set forth in
Section 5.02 hereof (PROVIDED HOWEVER, that brokerage commissions on sales of
fractional shares shall be deducted from the cash proceeds to be paid to Unit
Holders electing distribution in-kind). Unit Holders who do not effectively
elect in-kind distribution shall receive cash. Subsequent to the completion of
the procedures for in-kind distribution described in Section 5.02, the Trustee
shall fully liquidate the remaining Securities in the Principal Account and
shall distribute to each Unit Holder such Unit Holder's pro rata interest in the
balance of the Income Account and Principal Account of the Trust.

                  The amounts to be so distributed to each Unit Holder shall be
that pro rata share of the balance of the total income and Principal Accounts of
the Trust as shall be represented by the Units therein held by such Unit Holder.

<PAGE>
                                      -49-

                  (ii) If the Trust is not terminated prior to the In-Kind Date,
the Trustee shall proceed as follows: At least twenty days prior to the In-Kind
Date, each Unit Holder of record as of such date owning the number of Units set
forth in the Reference Trust Agreement necessary to qualify to elect in-kind
redemptions set forth in Section 5.02 hereof shall be supplied a form of
election (the "Election Notice"). The Election Notice will permit such Unit
Holder to elect to receive his interest in the Trust (i) in kind or (ii) in
cash. The Trustee will duly honor instructions given in such properly completed
Election Notices received by the In-Kind Date. A Unit Holder who does not
effectively elect distribution in kind will receive a cash distribution.

                  On the In-Kind Date, the Trustee shall (a) determine the Unit
Value pursuant to Section 5.01 and (b) segregate the number of whole shares of
Securities necessary to satisfy distributions to Unit Holders electing
distribution in kind. Subject to payment of any tax or governmental charges
which may be imposed thereon, the Unit Holder choosing in-kind distribution
shall receive, against surrender of his Certificate(s), within seven (7)
calendar days following the In-Kind Date, such Unit Holder's pro rata portion of
each of the Securities in whole shares and the Unit Holder's pro rata share of
the distributable cash balance of the Income and Principal Accounts as of the
In-Kind Date reduced by accrued expenses and obligations of the Trust on the
In-Kind Date plus the proceeds of any fractional shares included in the Unit
Holder's pro rata share of the Securities. Commencing with the Business Day next
following the In-Kind Date, the Trustee shall fully liquidate the remaining
Securities in the portfolio over a period not to exceed 10 Business Days. The
Trustee will sell on each Business Day during such 10-day period, unless
directed otherwise by the Depositor, at least a number of shares of each
Security which then remains in the portfolio equal to the number of such shares
in the portfolio at the beginning of such day multiplied by a fraction the
numerator of which is one and the denominator of which is the number of days
remaining in the 10 Business Day sales period. The proceeds of such sales, net
of any tax or governmental charges and any brokerage commissions due thereon,
shall be credited to the Principal Account. Upon the settlement of the last
trade of Securities, the Trustee shall follow the procedures set forth in
(a)(i), (a)(ii) and (a)(iii) of this Section 9.03. The Trustee shall distribute
to Unit Holders, within seven days of the settlement of the last trade, against
surrender of their Certificates, their pro rata shares of the balance of the
Income and Principal Accounts and on the conditions set forth in Section 3.04
hereof, their pro rata share of the cash balance of the Reserve Account.

<PAGE>
                                      -50-

                  (c) Together with such distribution to each Unit Holder as
provided for in (b) of this Section, the Trustee shall furnish to each such Unit
Holder a final distribution statement as of the date of computation of the
amount distributable to Unit Holders, setting forth the information in
substantially the form and manner provided for in Section 3.06 hereof.

                  (d) The Trustee shall distribute to each Unit Holder any
dividends, which on the Termination Date were declared, but not received, net of
any and all expenses not previously deducted, within a reasonable time of their
receipt.

                  The Trustee shall be under no liability with respect to monies
held by it in the Income, Reserve and Principal Accounts upon termination except
to hold the same in trust without interest until disposed of in accordance with
the terms of this Indenture.

                  Section 9.04. CONSTRUCTION: This Indenture is executed and
delivered in the State of New York and all laws or rules of construction of such
State shall govern the rights of the parties hereto and the Unit Holders and the
interpretation of the provisions hereof. Headings and titles herein are for
convenience only and should not influence such interpretation.

                  Section 9.05. USE OF THE NAME "SEARS": The Depositor and the
Trustee herein acknowledge that the name "Sears" is a property right of Sears,
Roebuck & Co. The parties hereto agree that Sears, or the Depositor, acting on
behalf of Sears, may require any or all of the Trusts created under this
Agreement to cease using the name "Sears" or any similar term if the Depositor
ceases to be the Depositor or under any other circumstances. The Depositor and
the Trustee also hereby acknowledge that Sears, Roebuck and Co. may use or
permit others to use the name "Sears".

                  Section 9.06. WRITTEN NOTICE: Any notice, demand, direction or
instruction to be given to the Depositor hereunder shall be in writing and shall
be duly given if mailed or delivered to the Depositor c/o Dean Witter Reynolds
Inc., Two World Trade Center, New York, New York 10048; Attn: Unit Investment
Trust Division or at such other address as shall be specified by the Depositor
to the other parties hereto in writing. Any notice, demand, direction or
instruction to be given to the Trustee hereunder shall be in writing and shall
be given if mailed or delivered to the Trustee at its office at 104 West 47th
Street, New York, New York 10036, or such other address as shall reasonably be
specified by the Trustee to the other par-

<PAGE>
                                      -51-

ties hereto in writing. Any notice to be given to the Unit Holders shall be duly
given if mailed or delivered to each Unit Holder at the address of such holder
appearing on the registration books of the Trustee.

                  Section 9.07. SEVERABILITY: If any one or more of the
covenants, agreements, provisions or terms of this Indenture shall be held
contrary to any express provision of law or contrary to policy of express law,
though not expressly prohibited, or against public policy, or shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Indenture and shall in no way affect the validity or
enforceability of the other provisions of this Indenture or of the Certificates
or the rights of the holders thereof.

                  Section 9.08. DISSOLUTION OF DEPOSITOR NOT TO TERMINATE: The
dissolution of one or all of the Depositors (if more than one) from or for any
cause whatsoever shall not operate to terminate this Indenture insofar as the
duties and obligations of the Trustee and Evaluator are concerned.

                  IN WITNESS WHEREOF, Dean Witter Reynolds Inc. has caused this
Trust Indenture and Agreement to be executed by one of its Vice Presidents and
its corporate seal to be hereto affixed and attested by its Secretary or
Assistant Secretary and United States Trust Company of New York has caused this
Trust Indenture and Agreement to be executed by one of its Vice Presidents or
Assistant Vice Presidents and its corporate seal to be hereto affixed and
attested by one of its Assistant Secretaries all as of the day, month and year
first above written.

<PAGE>
                                      -52-

                                                          FORM OF SIGNATURE PAGE

                                              DEAN WITTER REYNOLDS INC.,
                                                   Depositor

                                              By:
                                                 -------------------------------
                                                   Title:  Vice President

[SEAL]

ATTEST :

By:
   -------------------------------
       Assistant Secretary

STATE OF NEW YORK            )
                             )   ss.:
COUNTY OF NEW YORK           )

                  I,                      , a Notary Public in and for the said
County in the State aforesaid, do hereby certify that                      and
                  personally known to me to be the same persons whose names are
subscribed to the foregoing instrument and personally known to me to be the Vice
President and Assistant Secretary, respectively, of Dean Witter Reynolds Inc., a
corporation, appeared before me this day in person, and acknowledged that they
signed, sealed with a corporate seal of Dean Witter Reynolds Inc., and delivered
the said instrument as their free and voluntary act as such Vice President and
Assistant Secretary, respectively, as the free and voluntary act of said Dean
Witter Reynolds Inc. for the uses and purposes therein set forth.

                  GIVEN, under my hand and notarial seal this       day of
               .

                                                     ---------------------------
                                                     Notary Public
[SEAL]

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