Document:

Exhibit 4.1
                                                                     -----------

                                 TRUST AGREEMENT

         TRUST AGREEMENT, between MS Structured Asset Corp. (the "Depositor")
and LaSalle Bank National Association (the "Trustee"), made as of the date set
forth in Schedule I attached hereto, which Schedule together with Schedules II
and III attached hereto, are made a part hereof. The terms of the Standard Terms
for Trust Agreements, dated March 5, 2003 (the "Standard Terms") are, except to
the extent otherwise expressly stated, hereby incorporated by reference herein
in their entirety with the same force and effect as though set forth herein.
Capitalized terms used herein and not defined shall have the meanings defined in
the Standard Terms. References to "herein", "hereunder", "this Trust Agreement"
and the like shall include the Schedule I attached hereto and the Standard Terms
so incorporated by reference.

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

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

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

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

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

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

<PAGE>

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

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

                                       By:  /s/ Ann M. Kelly
                                            ----------------------------
                                            Name:  Ann M. Kelly
                                            Title: Assistant Vice President

                                       LASALLE BANK NATIONAL ASSOCIATION
                                           as Warrant Agent

                                       By:  /s/ Ann M. Kelly
                                            ----------------------------
                                            Name:  Ann M. Kelly
                                            Title: Assistant Vice President

                                       MS STRUCTURED ASSET CORP.

                                       By: /s/ John Kehoe
                                           ----------------------------
                                           Name:  John Kehoe
                                           Title: Vice President

Attachments: Schedules I, II and III

<PAGE>

                                   Schedule I
                           (Terms of Trust and Units)

Trust:                                      SATURNS Trust No. 2004-2

Date of Trust Agreement:                    February 11, 2004

Trustee:                                    LaSalle Bank National Association

Units:                                      The Trust will issue two classes of
                                            Units: the Class A Units and the
                                            Class B Units.

Initial Unit Principal Balance
of the Class A Units:                       $60,000,000

Initial Notional Amortizing Balance
of the Class B Units:                       $2,925,000

Notional  Amount:                           For the purposes hereof and
                                            of the Standard Terms incorporated
                                            herein, the Notional Amortizing
                                            Balance of the Class B Units shall
                                            be the Notional Amount of the Class
                                            B Units.

Issue Price of Units:                       Class A Units: 100%

                                            Class B Units: 100%

Number of Units:                            Class A Units:

                                            2,400,000 (Unit Principal Balance
                                            of $25 each)

                                            Class B Units:

                                            2,925 (Initial Notional Amortizing
                                            Balance of $1,000 each)

Swap Agreement:                             Except as provided in this
                                            paragraph, references to a Swap
                                            Agreement, a Swap Counterparty and
                                            related references in the Standard
                                            Terms shall be inapplicable. For
                                            purposes of Sections 2.02, 2.03,
                                            3.02(b), 3.02(c), 3.02(f), 3.04,
                                            3.05, 3.08, 4.02(b), 4.02(c), 7.02,
                                            9.03(b), 9.05, 10.02(a)(x), 10.07,
                                            10.12, 10.13, 11.01, and 12.01 of
                                            the Standard Terms as incorporated
                                            herein, use of the term Swap
                                            Counterparty shall be deemed to be
                                            use of the term Warrantholder, use
                                            of the term Swap Agreement shall be
                                            deemed to be use of the term
                                            Warrants and use of the term Swap
                                            Termination Payment shall be deemed
                                            to be use of the term Warrant
                                            Termination Payment. The list of
                                            sections in this paragraph shall not
                                            be construed as an exclusive list
                                            and where the context so requires,
                                            the preceding sentence may apply to
                                            additional sections of the Standard
                                            Terms.

Call Option / Call Rights:                  The Warrants. Each Warrant issued
                                            hereunder represents a Call Option
                                            and a Call Right to purchase $1,000
                                            of Unit Principal Balance of the
                                            Class A Units and the Initial
                                            Notional Amortizing Balance of the
                                            Class B Units corresponding to the
                                            Applicable Class B Equivalent
                                            Amount.

Applicable Class B Equivalent
Amount:                                     With respect to each call,
                                            redemption, exchange or other
                                            transaction, or portion thereof, the
                                            applicable Unit Principal Balance of
                                            Class A Units (x) divided by the
                                            Initial Unit Principal Balance of
                                            the Class A Units and (y) multiplied
                                            by the initial issued number of
                                            Class B Units provided under "Number
                                            of Units " above.

Callable Series:                            All Class A Units and Class
                                            B Units issued hereby are subject to
                                            Call Options and Call Rights granted
                                            in favor of Warrantholders. All
                                            Class A Units and the Class B Units
                                            are subject to redemption in the
                                            event of a redemption of the
                                            Underlying Securities.

                                            Any Unitholder who receives notice
                                            that its Units are being called or
                                            redeemed shall tender the applicable
                                            Units to the Trustee in accordance
                                            with such notice. Any Units subject
                                            to call or redemption shall be
                                            automatically canceled, and in the
                                            case of a call, shall be
                                            automatically re-issued to the
                                            applicable Warrantholder without
                                            further action by the applicable
                                            Unitholder, Warrantholder, Trustee
                                            or any other person or entity on the
                                            date of redemption or the Call Date,
                                            as applicable. Any failure to so
                                            tender any Unit shall have no force
                                            or effect.

                                            Upon exercise of Warrants, the Call
                                            Options and Call Rights represented
                                            by such Warrants shall be
                                            automatically canceled. The
                                            certificate representing such
                                            Warrants shall be deemed to
                                            represent the corresponding Class A
                                            Units and Class B Units called by
                                            the exercise thereof. The Trustee
                                            shall distribute the Trust Property
                                            to the Warrantholder as specified in
                                            Section 1.2 of Schedule III, and
                                            upon such distribution such Class A
                                            Units and Class B Units shall be
                                            canceled.

First Regular Call Date:                    As defined in Schedule III.

Minimum Denomination:                       Class A Units:

                                            $25 and $25 increments in excess
                                            thereof. Each $25 of Unit Principal
                                            Balance is a Unit.

                                            Class B Units:

                                            $1,000 Initial Notional Amortizing
                                            Balance and $0.01 (one cent) Initial
                                            Notional Amortizing Balance in
                                            excess thereof.

                                            The Minimum Denominations shall not
                                            prevent transfers of fractional
                                            Units if such fractional Units arise
                                            due to exercises of the Warrants,
                                            redemptions of the Underlying
                                            Securities or otherwise by operation
                                            of this Trust Agreement.

Cut-off Date:                               Closing Date

Closing Date:                               February 11, 2004

Specified Currency:                         United States dollars

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

Interest Rate and Class B Payments:         The right of the Class A Units to
                                            accrued interest is pari passu with
                                            the right of the Class B Units to
                                            accrued Class B Payments from
                                            accrued interest on the Underlying
                                            Securities.

                                            Class A Units:

                                            5.75% per annum on the basis of a
                                            360 day year consisting of twelve 30
                                            day months.

                                            Class B Payments:

                                            On August 15, 2004, $37.39
                                            ($109,378/ 2,925 Units) will be paid
                                            on each Class B Unit and thereafter
                                            $36.58 ($107,000/ 2,925 Units) will
                                            be paid on each Class B Unit on each
                                            distribution date thereafter.

Interest Reset Period:                      Not Applicable

Rating:                                     Class A Units:

                                            Aa3 by Moody's

                                            A+ by S&P

                                            Class B Units:

                                            Aa3 by Moody's

                                            A+ by S&P

Rating Agencies:                            Moody's and S&P

Scheduled Final Distribution Date:          February 15, 2033. The Units will
                                            have the same final maturity as the
                                            Underlying Securities.

Prepayment, Redemption and Call:            The Trust Property is subject to
                                            redemption in accordance with the
                                            terms of the Underlying Securities
                                            and as described in Schedule II. Any
                                            such redemption will cause a
                                            redemption of a corresponding
                                            portion of the Class A Units and the
                                            Class B Units.

                                            The Class A Units and the Class B
                                            Units are subject to call in
                                            accordance with the Warrant Terms.

                                            If the Warrants are partially
                                            exercised or if there is a partial
                                            redemption of the Underlying
                                            Securities, the Trustee will
                                            randomly select Class A Units to be
                                            redeemed in full from the proceeds
                                            of such partial redemption or called
                                            in full from the proceeds of such
                                            partial exercise. The Trustee will
                                            also randomly select Class B Units
                                            for call or redemption in an amount
                                            equal to an Initial Notional
                                            Amortizing Balance of Class B Units
                                            corresponding to the Applicable
                                            Class B Equivalent Amount.

Additional Distribution:                    Class A Units:

                                            If a Warrantholder exercises
                                            Warrants in connection with a tender
                                            offer for settlement prior to the
                                            First Regular Call Date, each Class
                                            A Unit called in connection with
                                            such exercise shall receive, in
                                            addition to principal and accrued
                                            interest, $1.50 per Class A Unit
                                            from the proceeds of the Warrant
                                            exercise.

                                            Class B Payments:

                                            If a Warrantholder exercises
                                            Warrants, then the Class B Units
                                            designated to be called in
                                            connection with such exercise shall
                                            receive the corresponding portion of
                                            the Class B Present Value Amount,
                                            adjusted for accrued Class B
                                            Payments on the Class B Units
                                            otherwise paid.

                                            If the Underlying Security Issuer
                                            redeems Underlying Securities and
                                            the previous paragraph does not
                                            apply, then the Class B Units
                                            designated for a redemption in
                                            connection with such redemption of
                                            Underlying Securities shall receive
                                            the amount with respect to the Class
                                            B Present Value Amount allocated for
                                            distribution in accordance with the
                                            applicable provisions of the
                                            Distribution Priorities below, paid
                                            as of the date of such redemption as
                                            an additional distribution.

Class B Present Value Amount:               With respect to a date, an amount
                                            equal to the present value of the
                                            Future Class B Unit Payments for
                                            such date in respect of the
                                            Applicable Class B Equivalent
                                            Amount, discounted at a rate of
                                            6.125% per annum on the basis of a
                                            360 day year consisting of twelve 30
                                            day months.

Future Class B Unit Payments:               With respect to any date, the Class
                                            B Payments on the Applicable Class B
                                            Equivalent Amount, other than Class
                                            B Payments paid prior to such date,
                                            that would have been payable in the
                                            amount and at the times otherwise
                                            specified hereunder through and
                                            including the Scheduled Final
                                            Distribution Date without regard to
                                            any call, redemption or other early
                                            termination of the Class B Units.

Warrant Terms:                              The Warrants represent a Call Option
                                            and Call Rights for the Units
                                            pursuant to Section 5.13 of the
                                            Standard Terms. Schedule III
                                            provides additional Warrant Terms.

Call Date:                                  Specified in Schedule III

Call Price:                                 Specified in Schedule III

Warrant Agent:                              LaSalle Bank National Association

Warrantholder:                              A holder of Warrants.

Distribution Dates:                         Each February 15 and August 15, or
                                            the next succeeding Business Day if
                                            such day is not a Business Day,
                                            commencing August 15, 2004, and any
                                            other date upon which funds are
                                            available (including without
                                            limitation funds available due to a
                                            Trust Wind-Up Event) for
                                            distribution in accordance with the
                                            terms hereof.

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

Long First Coupon:                          The Trust is scheduled to receive an
                                            interest payment on the Underlying
                                            Securities on or about February 15,
                                            2004. On the date of receipt, the
                                            Retained Interest shall be paid over
                                            as described in this Trust
                                            Agreement. The remaining amount of
                                            the interest payment will not be
                                            distributed until the Distribution
                                            Date scheduled to occur on or about
                                            August 15, 2004. Notwithstanding any
                                            contrary provisions in this Trust
                                            Agreement (including the Standard
                                            Terms), the amounts so held until
                                            the Distribution Date occurring in
                                            August 2004 will not be invested in
                                            Permitted Investments and will be
                                            held as a cash balance in a
                                            non-interest bearing account.

Distribution Priorities:                    Ordinary Distribution Date Priority:
                                            On any Distribution Date as to which
                                            only payments of interest on the
                                            Underlying Securities have been
                                            received, or to the extent such
                                            Distribution Date occurs due to
                                            receipt of payments of interest on
                                            the Underlying Securities, the
                                            Trustee shall apply amounts
                                            available:

                                            FIRST, to the payment of any accrued
                                            and unpaid interest on the Class A
                                            Units and any accrued and unpaid
                                            Class B Payments pro rata in
                                            proportion to the outstanding amount
                                            of accrued and unpaid interest and
                                            unpaid payments on each, and

                                            SECOND, to the payment of any
                                            accrued and unpaid Expense
                                            Administrator's Fee.

Exercise of Warrants Priority:              On any Distribution Date occurring
                                            in connection with an exercise of
                                            the Warrants, or to the extent such
                                            Distribution Date occurs due to the
                                            exercise of Warrants, whether in
                                            whole or in part, whether or not
                                            such exercise results in a Trust
                                            Wind-Up Event, the Trustee shall
                                            apply amounts available in
                                            connection with such exercise
                                            (corresponding to the amounts
                                            allocable to the aggregate
                                            Corresponding Underlying Security
                                            Amount related to such exercise):

                                            FIRST, to the payment of any accrued
                                            and unpaid interest on the Class A
                                            Units and any accrued and unpaid
                                            Class B Payments being called pro
                                            rata in proportion to the
                                            outstanding amount of accrued and
                                            unpaid interest and unpaid payments
                                            on each,

                                            SECOND, to the payment of the
                                            outstanding principal on the Class A
                                            Units being called,

                                            THIRD, to the payment of $1.50 on
                                            each Class A Unit called as an
                                            Additional Distribution, if the
                                            related Call Date occurs prior to
                                            the First Regular Call Date and
                                            occurs in connection with a tender
                                            offer for the Underlying Securities,

                                            FOURTH, to the payment of the Class
                                            B Present Value Amount with respect
                                            to each Class B Unit called,
                                            adjusted for any accrued Class B
                                            Payments paid under Clause FIRST, as
                                            an Additional Distribution on the
                                            Class B Units called,

                                            FIFTH, to the payment of any accrued
                                            and unpaid Expense Administrator's
                                            Fee, including the Expense
                                            Administrator Make-Whole Amount, if
                                            any, and

                                            SIXTH, to the exercising
                                            Warrantholders, to the extent such
                                            Warrantholders specified or were
                                            deemed to specify that their
                                            exercise was in connection with a
                                            redemption of or a tender offer for
                                            the Underlying Securities.

                                            If any exercise of Warrants would
                                            result in the Trust not having
                                            sufficient funds to pay each of
                                            items FIRST through FIFTH in full,
                                            notwithstanding any other provision
                                            in this Trust Agreement (including
                                            the Additional Warrants Terms on
                                            Schedule III) or the Warrants, such
                                            exercise will be rescinded pursuant
                                            to Section 1.1(h) or Section 1.1(i)
                                            of Schedule III.

                                            Redemptions Priority:

                                            On any Distribution Date occurring
                                            in connection with a redemption of
                                            the Underlying Securities, to the
                                            extent such Distribution Date occurs
                                            due to a redemption of the
                                            Underlying Securities and only to
                                            the extent such Distribution Date
                                            does not relate to an exercise of
                                            Warrants, whether or not such
                                            redemption results in a Trust
                                            Wind-Up Event, the Trustee shall
                                            apply amounts available in
                                            connection with such redemption
                                            (excluding the amounts allocable to
                                            the aggregate Corresponding
                                            Underlying Security Amount related
                                            to any exercise of Warrants provided
                                            for above):

                                            FIRST, to the payment of any accrued
                                            and unpaid interest on the Class A
                                            Units and any accrued and unpaid
                                            Class B Payments being redeemed pro
                                            rata in proportion to the
                                            outstanding amount of accrued and
                                            unpaid interest and unpaid payments
                                            on each,

                                            SECOND, to the payment of the
                                            outstanding principal on the Class A
                                            Units being redeemed,

                                            THIRD, any remaining amounts, if
                                            any, to the payment of the Class B
                                            Present Value Amount with respect to
                                            Class B Units redeemed, adjusted for
                                            any accrued Class B Payments paid
                                            under Clause FIRST, as an Additional
                                            Distribution on the Class B Units
                                            redeemed,

                                            FOURTH, any remaining amounts, if
                                            any, to the payment of any accrued
                                            and unpaid Expense Administrator's
                                            Fee, and

                                            FIFTH, any remaining amounts, if
                                            any, to the Warrantholders, as
                                            payment of any Warrant Termination
                                            Payment.

                                            Any amortization or other payment by
                                            the Underlying Security Issuer on
                                            the Underlying Securities shall be
                                            treated as a redemption if not
                                            otherwise addressed herein.

                                            Other Trust Wind-Up Events Priority:

                                            On any Distribution Date occurring
                                            in connection with a Trust Wind-Up
                                            Event due to an event or events
                                            other than an exercise of Warrants
                                            or a redemption of Underlying
                                            Securities (or to the extent
                                            thereof), the Trustee shall apply
                                            amounts available (excluding the
                                            amounts allocable to the aggregate
                                            Corresponding Underlying Security
                                            Amount related to any exercise of
                                            Warrants provided for above or the
                                            amounts distributable in connection
                                            with a redemption as provided for
                                            above):

                                            FIRST, to the payment of the claims
                                            of the Class A Units and the Class B
                                            Units pro rata in proportion to the
                                            relative claim amounts of each, and
                                            for this purpose the Class A Units
                                            will have a claim equal to their
                                            Unit Principal Balance plus accrued
                                            and unpaid interest, if any and the
                                            Class B Units will have a claim
                                            equal to the Class B Present Value
                                            Amount determined as of the date of
                                            termination, in full satisfaction of
                                            the claims of the Class A Units and
                                            the Class B Units,

                                            SECOND, to the payment of any
                                            accrued and unpaid Expense
                                            Administrator's Fee, and

                                            THIRD, any remaining amounts are
                                            paid to the Warrantholders, as
                                            payment of any Warrant Termination
                                            Payment.

Record Date:                                The Record Date for each
                                            Distribution Date shall be the third
                                            Business Day prior to such
                                            Distribution Date, without
                                            adjustment for any change in the
                                            Distribution Date due to the receipt
                                            of funds for distribution after 12
                                            noon, except that in respect of the
                                            final Distribution Date, when
                                            distributions will be made against
                                            presentation of the Units.

Form:                                       Global security; except Units
                                            re-issued in connection with an
                                            exercise of Warrants.

Depositary:                                 DTC

Trustee Fees and Expenses:                  As compensation for and in payment
                                            of trust expenses related to its
                                            services hereunder other than
                                            Extraordinary Trust Expenses, the
                                            Trustee will receive Trustee Fees on
                                            each Distribution Date in the amount
                                            equal to $2,000. The Trustee Fee
                                            shall cease to accrue after
                                            termination of the Trust. The
                                            "Trigger Amount" with respect to
                                            Extraordinary Trust Expenses for the
                                            Trust is $25,000 and the Maximum
                                            Reimbursable Amount is $100,000. The
                                            Trustee Fee will be paid by the
                                            Expense Administrator. Expenses will
                                            be reimbursed by the Expense
                                            Administrator in accordance with the
                                            Expense Administration Agreement.

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

                                            The Expense Administrator will
                                            receive a fee equal to $5,500
                                            payable on each Distribution Date.
                                            The Expense Administrator Make-Whole
                                            Amount, if any, shall also be
                                            considered part of the Expense
                                            Administrator's fee hereunder and
                                            under the Expense Administration
                                            Agreement. The Amounts specified in
                                            this paragraph are also referred to
                                            as the "Expense Administrator's
                                            Fee".

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

Expense Administrator
Make-Whole Amount:                          Except to the extent such exercise
                                            is in connection with a redemption,
                                            if any exercise of Warrants,
                                            together with any other Warrants
                                            exercised on the same Call Date, is
                                            an exercise of less than all
                                            Warrants remaining unexercised, the
                                            applicable Call Price shall include
                                            an amount equal to the present value
                                            of a stream of payments equal to
                                            $5,500 payable on each scheduled
                                            Distribution Date discounted at a
                                            rate of 5.0% per annum on the basis
                                            of a 360 day year consisting of
                                            twelve 30 day months from but
                                            excluding the date of such exercise
                                            until and including the Scheduled
                                            Final Distribution Date, assuming
                                            for this purpose that the Trust is
                                            not terminated prior to the
                                            Scheduled Final Distribution Date,
                                            multiplied by the Unit Principal
                                            Balance of applicable Class A Units
                                            to be called and divided by the
                                            Initial Unit Principal Balance of
                                            the Class A Units.

Listing:                                    The Depositor has applied to list
                                            the Class A Units on the New York
                                            Stock Exchange.

ERISA Restrictions:                         With respect to the Class A Units,
                                            No ERISA Restriction provisions
                                            apply. With respect to the Class B
                                            Units, the No Plan Restriction
                                            applies.

QIB Restriction:                            Applicable to the Class B Units
                                            only.

Termination:                                If a Trust Wind-Up Event occurs, any
                                            Underlying Securities held by the
                                            Trust will be liquidated (by
                                            delivery to the Underlying Security
                                            Issuer in the event of a redemption,
                                            pursuant to the Warrant Terms in the
                                            event of an exercise of the Warrants
                                            or otherwise by sale thereof).

Warrant                                     Termination Payment: Any amounts
                                            available for payment pursuant to
                                            the Distribution Priorities above as
                                            a Warrant Termination Payment.

Tender Offers:                              The Trust will not participate in
                                            any tender offer for the Underlying
                                            Securities and the Trustee will not
                                            accept any instructions to the
                                            contrary from the Unitholders,
                                            except in connection with an
                                            exercise by a Warrantholder of
                                            Warrants. Any Warrantholder may
                                            exercise Warrants in connection with
                                            any tender offer for the Underlying
                                            Securities and the Trustee may
                                            participate in the tender offer on
                                            behalf of an exercising
                                            Warrantholder.

Depositor Optional Exchange:                Depositor Optional Exchange applies
                                            to this Series of Units.

                                            Section 5.12(c)(ii) of the Standard
                                            Terms shall be incorporated herein
                                            by replacing 5.12 (c)(ii) with the
                                            following: "(ii) such exchange is to
                                            be effected on any Distribution Date
                                            or any date that is 90 days before
                                            or after a Distribution Date (or the
                                            succeeding Business Day if such date
                                            is not a Business Day) with 45 days'
                                            notice".

                                            Pursuant to 5.12(c)(iii), a
                                            corresponding portion of the
                                            Warrants must consent to such an
                                            exchange. The Depositor may satisfy
                                            the consent requirement of the
                                            preceding sentence by tendering a
                                            corresponding portion of Warrants or
                                            by delivering consents from a
                                            corresponding portion of Warrants
                                            (including Warrants it owns) or any
                                            combination thereof. Pursuant to
                                            5.12(c)(iii), the Expense
                                            Administrator must consent to such
                                            an exchange.

                                            Section 5.12(c)(iv) of the Standard
                                            Terms shall be incorporated herein
                                            by adding the following to Section
                                            5.12(c): "(iv) the Depositor
                                            determines that more than 100
                                            holders of the Class A Units, and
                                            only if the No ERISA Restriction
                                            provision applies to the Class B
                                            Units, 100 holders of the Class B
                                            Units independent of the Trust and
                                            each other will remain after such
                                            exchange; unless the Depositor
                                            determines that such an exchange is
                                            otherwise consistent with the
                                            restrictions under ERISA and Section
                                            4975 of the Internal Revenue Code of
                                            1986."

Optional Exchange
Under Warrants:                             A Call Notice under Schedule III
                                            shall also constitute a notice of
                                            and a demand to exchange each of the
                                            Units acquired pursuant to the
                                            related exercise for a corresponding
                                            portion of Trust Property pursuant
                                            to Section 5.12(d) of the Standard
                                            Terms. Such notice and demand may
                                            only be revoked or rescinded to the
                                            extent that the related exercise is
                                            revoked or rescinded and the
                                            settlement of the Optional Exchange
                                            shall be the Exercise Date.

                                            Trust Property distributable to a
                                            Warrantholder who has acquired Units
                                            by exercise in connection with a
                                            tender offer or redemption as
                                            addressed in Section 1.1(i) of
                                            Schedule III, shall be the Trust
                                            Property specified in Section 1.1(i)
                                            of Schedule III payable in the
                                            manner specified in the Distribution
                                            Priority.

Terms of Retained Interest:                 Notwithstanding any other provision
                                            herein or in the Standard Terms, the
                                            Depositor retains the right to
                                            receive any and all interest that
                                            accrues on the Underlying Securities
                                            prior to the Closing Date. The
                                            Depositor will receive such accrued
                                            interest on February 15, 2004 (or
                                            redemption date or Call Date if
                                            earlier) for the Units and such
                                            amount shall be paid from the
                                            interest payment made with respect
                                            to the Underlying Securities on
                                            February 15, 2004.

                                            The amount of the Retained Interest
                                            is $1,791,289.

                                            If an Underlying Security Default
                                            occurs on or prior to February 15,
                                            2004 and the Depositor does not
                                            receive such Retained Interest
                                            amount in connection with such
                                            Distribution Date, the Depositor
                                            will have a claim for such Retained
                                            Interest, and will share pro rata
                                            with holders of the Units to the
                                            extent of such claim in the proceeds
                                            from the recovery on the Underlying
                                            Securities.

Sale of Underlying Securities:              In connection with any sale of the
                                            Underlying Securities by the Selling
                                            Agent pursuant to the terms hereof,
                                            if a Warrantholder is not an
                                            affiliate of the Selling Agent, the
                                            Selling Agent will extend a right of
                                            first refusal to each such
                                            Warrantholder to purchase the
                                            Underlying Securities at the highest
                                            bid received by the Selling Agent.

                                            If more than one Warrantholder
                                            exercises such right of first
                                            refusal, Underlying Securities will
                                            be sold to each exercising
                                            Warrantholder in proportion to the
                                            number of Warrants held by such
                                            Warrantholder; provided, that if
                                            only one Warrantholder exercises
                                            such right of first refusal, such
                                            Warrantholder shall be entitled to
                                            purchase any or all of the
                                            Underlying Securities to be sold by
                                            the Selling Agent.

Selling Agent:                              Morgan Stanley & Co. Incorporated.

Rating Agency Condition:                    The definition of Rating Agencies
                                            Condition in the Standard Terms
                                            shall not apply and the following
                                            shall apply instead:

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

Voting:                                     With respect to any voting or other
                                            rights of any Unitholder or Class of
                                            Units based on the Unit Principal
                                            Balance or denomination of the
                                            applicable Units, each Class B
                                            Unitholder shall be treated as
                                            holding Units with a Unit Principal
                                            Balance or denomination equal to the
                                            Class B Present Value Amount of the
                                            Class B Units held by such Class B
                                            Unitholder as of the applicable
                                            Record Date or date of
                                            determination.

Unit Principal Balance:                     Except with respect to the "Voting"
                                            provision above, when the Unit
                                            Principal Balance is used with
                                            respect to the Class B Units, it
                                            shall be deemed to mean "Initial
                                            Notional Amortizing Balance".

Amendments:                                 Notwithstanding anything to the
                                            contrary in the Standard Terms,
                                            amendments to the Warrants and to
                                            Schedule III hereof shall be
                                            governed by Section 7.02 of the
                                            Standard Terms. For the avoidance of
                                            doubt, the terms of the Warrant and
                                            Schedule III may not be amended
                                            without consent of all
                                            Warrantholders.

Additional Terms:                           Section 12.10 of the Standard Terms
                                            shall apply as modified below to
                                            include the Warrantholders:

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

Compliance Certificate:                     The Trustee will provide to the
                                            Depositor an appropriate compliance
                                            certificate in connection with the
                                            annual report of the Depositor
                                            and/or the Trust and, upon the
                                            reasonable request of the Depositor,
                                            at other times, with respect to the
                                            Trustee's compliance with its duties
                                            and obligations under this Trust
                                            Agreement. A form of such
                                            certification is attached as Annex
                                            A.

Distribution Reports:                       The Trustee shall file each
                                            distribution report on Form 8-K
                                            within 15 days of the related
                                            Distribution Date. Each such
                                            distribution report or Form 8-K
                                            shall contain text substantially
                                            similar to the following:

                                            The underlying security issuer or
                                            guarantor, as applicable, is subject
                                            to the informational requirements of
                                            the Exchange Act. The underlying
                                            security issuer or guarantor, as
                                            applicable, currently files reports,
                                            proxy statements and other
                                            information with the SEC. Those
                                            reports and other information can be
                                            inspected and copied at the public
                                            reference facilities maintained by
                                            the SEC at Room 1024, 450 Fifth
                                            Street, N.W., Washington, D.C.
                                            20549. Copies of those materials can
                                            be obtained by making a written
                                            request to the SEC, Public Reference
                                            Section, 450 Fifth Street, N.W.,
                                            Washington, D.C. 20549, at
                                            prescribed rates. The SEC also
                                            maintains a website on the internet
                                            at http://www.sec.gov at which users
                                            can view and download copies of
                                            reports, proxy, information
                                            statements and other information
                                            filed electronically. In addition,
                                            those reports and other information
                                            may also be obtained from the
                                            underlying security issuer by making
                                            a request to the underlying security
                                            issuer.

<PAGE>

                                                           ANNEX A TO SCHEDULE I

                        LASALLE BANK NATIONAL ASSOCIATION

                     ABS ANNUAL REPORT BACKUP CERTIFICATION

         In connection with the preparation and delivery of the annual report on
Form 10-K of MS Structured Asset Corp. for the fiscal year ending [ ], and the
certifications given by [       ], [     ] and [     ] with respect thereto,
the undersigned hereby certifies that he is a duly elected [      ] of
LaSalle Bank National Association and further certifies in his capacity as such
as follows:

1. LaSalle Bank National Association has prepared all distribution reports with
respect to each distribution date for each trust under the SATURNS program,
which includes each trust listed in Item 5 of the annual report, and has filed a
copy of such reports on Form 8-K during the fiscal year as described on Exhibit
A hereto.

2. I have reviewed all reports on Form 8-K containing distribution reports filed
in respect of periods included in the fiscal year covered by the annual report
of MS Structured Asset Corp.;

3. I am familiar with the operations of LaSalle Bank National Association with
respect to the SATURNS program and each of the applicable trusts and the
requirement imposed by each of the applicable trust agreements;

4. Based on my knowledge, the information in the distribution reports, taken as
a whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading as of the
last day of the period covered by the annual report;

5. Based on my knowledge, the information required to be provided under each
trust agreement, for inclusion in these reports, is included in these reports;

6. Based on my knowledge, and except as disclosed in the reports, the trustee
has fulfilled its obligations, including any servicing obligations, under the
trust agreement.

7. Based on my knowledge, and except as disclosed in the reports, there are no
material legal proceedings with respect to any trust, involving the trust or
LaSalle Bank National Association as trustee.

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

<PAGE>

                                              EXHIBIT A TO ANNEX A TO SCHEDULE I

                      MORGAN STANLEY STRUCTURED ASSET CORP.

        [FORM OF SCHEDULE OF DISTRIBUTION DATE REPORTS FILED ON FORM 8-K]

--------------------------------------------------------------------------------
SATURNS Trust  Closing    Collateral   Payment Dates  Form 8-K Filing Dates (Not
     No.:        Date                                 Trust Agreement Filings in
                                                       connection with Closing
                                                                Date)

                                                             For FY [ ]
--------------------------------------------------------------------------------

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<PAGE>

                                   Schedule II
                            (Terms of Trust Property)

Underlying Securities:                      Goldman Sachs Group, Inc. 6.125%
                                            debentures due February 15, 2033.

Underlying Security Issuer:                 Goldman Sachs Group, Inc.

Principal Amount:                           $60,000,000

Underlying Security Rate:                   6.125%

Credit Ratings:                             Aa3 by Moody's

                                            A+ by S&P

Listing:                                    None

Underlying Security
Issuance Agreement:                         An indenture dated as of May 19,
                                            1999 between the Underlying Security
                                            Issuer and the Underlying Security
                                            Trustee as supplemented and amended
                                            from time to time.

Form:                                       Global

Currency of
Denomination:                               United States dollars

Acquisition Price by Trust:                 $60,790,000

Underlying Security
Payment Date:                               Each February 15 and August 15

Original Issue Date:                        The Underlying Securities were
                                            issued on or about February 13,
                                            2003.

Maturity Date:                              February 15, 2033.

Sinking Fund Terms:                         Not Applicable

Redemption Terms:                           As described in the Underlying
                                            Security Issuance Agreement, the
                                            Underlying Securities are redeemable
                                            at any time, in whole or in part,
                                            and subject to a make-whole amount,
                                            if any, calculated at the time of
                                            redemption. Upon a "tax event", the
                                            Underlying Security Issuer may
                                            redeem the Underlying Securities, in
                                            whole and not in part, for a
                                            redemption price equal to the
                                            principal amount plus accrued
                                            interest, if any. All references in
                                            the Trust Agreement and Schedule I
                                            and Schedule III to redemption and
                                            provisions relating thereto shall
                                            apply.

CUSIP No.:/ISIN No.                         38141GCU6

Underlying Security Trustee:                The Bank of New York

<PAGE>

                                  Schedule III
                            ADDITIONAL WARRANT TERMS

                                    ARTICLE I
                              EXERCISE OF WARRANTS

         Section 1.1       Principal Terms.

         (a) Call Price.

         The Call Price per Warrant is the sum of (i)(a) $1,000 (corresponding
to 40 $25.00 Class A Units) or (b) if such exercise is in connection with a
tender offer for Underlying Securities held by the Trust for settlement prior to
the First Regular Call Date, $1,060 ($26.50 per Class A Unit), (ii) the
applicable Class B Present Value Amount (which will be adjusted for any accrued
Class B Payments on the Class B Units payable under (iii)), (iii) accrued and
unpaid interest on the applicable Class A Units and accrued and unpaid Class B
Payments on the applicable Class B Units being called and (iv) the applicable
Expense Administrator Make-Whole Amount.

         (b) Call Dates.

         A Warrantholder may designate as a Call Date (i) any Business Day from
and including 9:00 a.m. New York time on the First Regular Call Date, to and
including 4:00 p.m. New York time on the Expiration Date and (ii) any Business
Day prior to the First Regular Call Date as a Call Date, but only if notice of
redemption or tender offer has been delivered by the Underlying Security Issuer
with regard to the Underlying Securities held by the Trust.

         Except as otherwise provided in this paragraph, a Warrantholder shall
give notice of its intention to exercise Warrants and related designation of a
Call Date on not less than 15 or more than 60-calendar days' notice. If the
Underlying Security Issuer has given notice of redemption with respect to the
Underlying Securities or if a tender offer is outstanding for the Underlying
Securities, a Warrantholder may give notice of its intention to exercise
Warrants and related designation of a Call Date with two Business Days notice
prior to the Call Date but no later than 4:00 p.m. New York City time on the
second Business Day immediately preceding the then-scheduled settlement of the
tender offer or redemption.

         (c) Expiration Date. The Scheduled Final Distribution Date.

         (d) First Regular Call Date. February 11, 2009.

         (e) Corresponding Underlying Security Amount. The product of (x) the
applicable number of Warrants, (y) $1,000 and (z) the Security Factor.

         (f) Security Factor. The aggregate principal amount of Underlying
Securities initially held by the Trust divided by the Initial Unit Principal
Balance of the Class A Units.

         (g) Call Notice.

         Each exercising Warrantholder shall deliver a notice in the form of
Exhibit B to the Trustee and the Warrant Agent, including the certification of
solvency specified therein, prior to the Call Date. Each such Call Notice must
specify exercise of either (i) all Warrants the notifying Warrantholder owns or
(ii) Warrants sufficient to call at least 250 Warrants.

         A Call Notice also constitutes a notice of exchange of the Class A
Units and the Class B Units to be obtained by a Warrantholder as a result of
such exercise for Trust Property pursuant to Section 5.12(d) of the Standard
Terms.

         (h) Automatic Rescission of Exercise.

         Delivery of a Call Notice does not give rise to an obligation on the
part of the Warrantholder to pay the Call Price. With respect to each Warrant
exercised, if by 4 p.m. New York time on the Business Day prior to the Call Date
the applicable Warrantholder has not paid the applicable Call Price for a
Warrant to the Warrant Agent, except to the extent the Call Notice relates to a
tender offer or redemption of Underlying Securities addressed in Section 1.1(i)
below, then the exercise of the applicable Warrant shall be automatically
rescinded, the applicable Warrant shall be reinstated, no Call Date with respect
thereto shall be deemed to have occurred and no Call Notice deemed given, and
the applicable Warrantholder shall be entitled to exercise such reinstated
Warrants in the future.

         (i) Tender Offer and Redemption.

         Each Warrantholder shall specify in its Call Notice if its exercise is
in connection with a redemption or tender offer if the specified Call Date will
occur on or after the First Regular Call Date. Any Warrantholder giving a Call
Notice with respect to a Call Date prior to the First Regular Call Date shall be
deemed to specify that it is exercising its Warrants in connection with a tender
offer or redemption.

         A Warrantholder specifying or deemed to specify that it is exercising
its Warrants in connection with a tender offer for or a redemption of the
Underlying Securities shall be deemed to instruct the Trustee to tender the
applicable Corresponding Underlying Security Amount in connection with such
redemption or tender offer.

         To the extent Underlying Securities corresponding to such a deemed
instruction to tender are not accepted by the tender offeror or Underlying
Security Issuer and paid for in accordance with the terms of the tender offer or
redemption, a corresponding number of Warrants shall be reinstated, with
exercise thereof rescinded, no Call Date with respect thereto shall be deemed to
have occurred and no Call Notice deemed given, with the number of such
reinstated Warrants to be allocated among the Warrantholders specifying or
deemed to specify exercise in connection with such tender offer or redemption in
proportion to the number of Warrants initially so exercised by each, and each
such Warrantholder shall be entitled to exercise such reinstated Warrants in the
future. The Warrant Agent shall determine such allocation by notice to the
applicable Warrantholders.

         A Warrantholder specifying or deemed to specify that it is exercising
its Warrants in connection with a tender offer for or a redemption of the
Underlying Securities, to the extent such exercise is not rescinded, shall be
entitled to Trust Property in an amount equal to the proceeds of the tender
offer or redemption allocable to the applicable Corresponding Underlying
Security Amount in excess of the aggregate Call Price for the applicable number
of Warrants.

         If the Warrant Agent receives a Call Notice or Call Notices with
respect to Warrants with an aggregate Corresponding Underlying Security Amount
that is less than the aggregate principal amount of Underlying Securities held
by the Trust subject to redemption, the Warrant Agent shall determine by notice
to the applicable Warrantholders which Warrants are to be terminated in
connection with such redemption by allocating the termination of Warrants pro
rata among remaining Warrantholders (including exercising Warrantholders holding
unexercised Warrants) in proportion to their holdings of unexercised Warrants.
Warrants so terminated shall be entitled to the applicable Warrant Termination
Payment.

         If the Warrant Agent receives no Call Notices with respect to a
redemption of Underlying Securities, a number of Warrants equal to the aggregate
principal amount of Underlying Securities held by the Trust that are redeemed
divided by the product of (x) the Security Factor and (y) $1,000, shall be
terminated. The Warrant Agent shall determine by notice to the applicable
Warrantholders which Warrants are to be terminated by allocating such
termination among Warrantholders in proportion to the number of Warrants held by
each. Warrants so terminated shall be entitled to the applicable Warrant
Termination Payment.

         Whenever the Warrant Agent is obligated to allocate the termination of
Warrants pro rata, and this allocation would result in some Warrants being
partially terminated, the Warrant Agent shall randomly re-allocate terminations
to the extent necessary to ensure that only whole Warrants are terminated or
such that only one Warrant is partially terminated.

         (j) Payment of Call Price.

         Except with respect to Warrants exercised or deemed exercised in
connection with a redemption of or tender offer for the Underlying Securities,
each exercising Warrantholder shall deposit the applicable Call Price for all
Warrants exercised by it with the Warrant Agent no later than the Business Day
prior to settlement of exercise.

         The Warrant Agent shall notify the Trustee immediately upon its receipt
of payment of the applicable Call Price. The Warrant Agent shall transfer the
amount of any paid Call Price to the Trustee in immediately available funds, for
deposit in the Unit Account and application pursuant to the other terms of this
Trust Agreement no later than 4 p.m. New York time on the Business Day preceding
the Call Date and, pending such transfer, shall hold such amount for the benefit
of the Warrantholder in a segregated trust account.

         (k) Appointment of Warrant Agent.

         The Depositor hereby appoints the Warrant Agent as agent to (i) receive
for the benefit of the Warrantholders pending payment to the Trust in connection
with exercise of the Warrants from time to time, the Call Price amounts paid to
the Warrant Agent, (ii) receive for the benefit of the Warrantholders, in
connection with exercise of the Warrants from time to time, the Units deemed
tendered to the Trust pursuant to Section 1.2, and the Trust Property received
pursuant to the related Optional Exchange pending delivery thereof to the
relevant Warrantholders and (iii) otherwise act on behalf of and for the benefit
of the Trust, the Unitholders and the Warrantholders for purposes of this
Agreement, and the Warrant Agent accepts such appointment for itself and its
successors and assigns, subject to the terms and provisions hereof.

         Section 1.2 Delivery of Units. As soon as practicable after each
surrender of Warrants in whole or in part on the Call Date and upon satisfaction
of all other requirements described in the Warrants and in Section 1.1 hereof,
the Warrant Agent shall instruct the Trustee to confirm that the transfer
specified under the "Callable Series" provisions of Schedule I has occurred and
to cause a distribution of Trust Property to the Warrantholder as an Optional
Exchange taking into account Section 1.1(i) above, if applicable. A surrender of
the Warrants shall be deemed to be a simultaneous surrender of the Class A Units
and Class B Units acquired in exchange therefor.

         If such exercise is in part only, the Warrant Agent shall instruct the
Trustee to authenticate new Warrants of like tenor, representing the outstanding
Warrants of the Warrantholder and the Warrant Agent shall deliver such Warrants
to the Warrantholder.

         In each case, the Trustee shall act in accordance with such
instructions.

         Section 1.3 Cancellation and Destruction of Warrants. All Warrants
surrendered to the Warrant Agent for the purpose of exercise (in whole or in
part) pursuant to Section 1.1 and actually exercised, or for the purpose of
transfer or exchange pursuant to Article III, shall be cancelled by the Warrant
Agent, and no Warrant (other than that reflecting any such transfer or exchange)
shall be issued in lieu thereof. The Warrant Agent shall destroy all cancelled
Warrants.

         Section 1.4 No Rights as Holder of Units Conferred by Warrants. Each
Warrantholder agrees that the Warrants do not represent an ownership interest in
the Trust or its assets and that none of them shall treat the Warrants as an
ownership interest in the Trust for any purpose.

                                   ARTICLE II
                            RESTRICTIONS ON TRANSFER

         Section 2.1 Restrictive Legends. Each Warrant (including each Warrant
issued upon the transfer of any Warrant) shall be issued with a legend in
substantially the form contained in Exhibit A hereto.

         Section 2.2 Notice of Proposed Transfer. Prior to any transfer of any
Warrant or portion thereof, the Warrantholder will give 5 Business Days (or such
lesser period acceptable to the Warrant Agent) prior written notice to the
Warrant Agent and the Depositor of such Warrantholder's intention to effect such
transfer.

                                   ARTICLE III
                   REGISTRATION AND TRANSFER OF WARRANTS, ETC.

         Section 3.1 Warrant Register; Ownership of Warrants. The Warrant Agent
will keep a register in which the Warrant Agent will provide for the
registration of Warrants and the registration of transfers of Warrants
representing numbers of Warrants. The Trustee and the Warrant Agent may treat
the Person in whose name any Warrant is registered on such register as the owner
thereof for all purposes, and the Trustee and the Warrant Agent shall not be
affected by any notice to the contrary. The Warrant Agent shall make such
adjustments to its records and the register as shall be necessary to reflect
terminations and exercise of Warrants.

         Section 3.2 Transfer and Exchange of Warrants. (a) No Warrant may be
offered, resold, assigned or otherwise transferred (including by pledge or
hypothecation) at any time except in accordance with this Section 3.2.

         (1) Any purchaser or transferee of the Warrants shall represent that it
is (A) a "qualified institutional buyer" as defined in Rule 144A under the
Securities Act that (1) is not a broker-dealer that owns and invests on a
discretionary basis less than $25 million in securities of issuers that are not
affiliated persons of the dealer and (2) is not a plan referred to in paragraph
(a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A or a trust fund referred to in
paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of such a plan, if
investment decisions with respect to the plan are made by the beneficiaries of
the plan, (B) aware that the sale or transfer of the Warrants to it may be made
to it in reliance on the exemption from registration provided by Rule 144A under
the Securities Act and (C) acquiring the Warrants for its own account or for one
or more accounts, each of which is a qualified institutional buyer, and as to
each of which the purchaser or transferee exercises sole investment discretion,
and in each case in accordance with any applicable securities laws of any state
of the United States and other jurisdictions.

         (2) Warrants may not be purchased, held by or transferred to any Person
unless that Person is not a Plan, is not a governmental or other plan subject to
restrictions substantially similar to Title I of ERISA or Section 4975 of the
Code, and is not acquiring the Warrants with the assets of any such Plan or
other plan. Each Person who acquires any Warrant, and each fiduciary which
causes any such Person to acquire any Warrant, in its individual as well as its
fiduciary capacity, will be deemed by such purchase, holding or acquisition, on
each date on which the Warrant is held by such person, to have represented that
it is not a Plan or any governmental or other plan subject to requirements
substantially similar to Title I of ERISA or Section 4975 of the Code and is not
using the assets of any such Plan to purchase those Warrants. Each Person that
acquires a Warrant, and each fiduciary who causes a person to acquire a Warrant,
in its individual as well as its fiduciary capacity, agrees to indemnify and
hold harmless the Depositor, the Trustee, the Warrant Agent, MS&Co., each
Distribution Participant and their respective affiliates from any cost, damages,
loss or expense, incurred by them as a result of the representations contained
in this Section 3.2(a)(2) not being true.

         (b) Upon surrender of any Warrant for registration of transfer or for
exchange to the Warrant Agent, the Warrant Agent shall (subject to compliance
with Section 3.2(a)) promptly execute and deliver, and cause the Trustee, on
behalf of the Trust, to execute and deliver, in exchange therefor, a new Warrant
of like tenor and evidencing a like number of Warrants, in the name of such
Warrantholder or as such Warrantholder (upon payment by such Warrantholder of
any applicable transfer taxes or government charges) may direct; provided that
as a condition precedent for transferring the Warrants, the prospective
transferee shall deliver to the Trustee and the Depositor an executed copy of
the Transfer Letter in the form of Exhibit C hereto.

         (c) Any purported transfer of the Warrants (or any interest therein) in
violation of Section 3.2(a)(1) or Section 3.2(a)(2) hereof shall be void ab
initio and the purported transferee in such transfer shall not be recognized by
any Person as a holder of such Warrants for any purpose. The Depositor and the
Trustee shall each have the power to sell the Warrants (or any interest therein)
of a purported Warrantholder (or owner of any interest therein) who acquired its
interest in violation of Section 3.2(a)(1) or Section 3.2(a)(2) or who continues
to hold Warrants in violation of Section 3.2(a)(2).

         Section 3.3 Replacement of Warrants. Upon receipt of evidence
reasonably satisfactory to the Warrant Agent of the loss, theft, destruction or
mutilation of any Warrant and, in the case of any such loss, theft or
destruction of any Warrant, upon delivery of an indemnity bond in such
reasonable amount as the Warrant Agent may determine, or, in the case of any
such mutilation, upon the surrender of such Warrant for cancellation to the
Warrant Agent, the Warrant Agent shall execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in lieu thereof, a new
Warrant of like tenor bearing a number not contemporaneously outstanding.

         Section 3.4 Execution and Delivery of Warrants by Trustee;
Authentication.

         The Trustee agrees and acknowledges that it will, concurrently with the
receipt by it of the Underlying Securities and the execution, authentication and
delivery of Units, cause to be executed, authenticated and delivered to or upon
the order of the Depositor, Warrants duly executed and authenticated by or on
behalf of the Trustee.

         The Trustee, on behalf of the Trust, hereby agrees (subject to
compliance with Article II) to execute and deliver such new Warrants issued in
accordance with Section 1.2 or this Article III as the Warrant Agent shall
request in accordance herewith.

         Upon surrender for registration of transfer of any Warrant at the
office or agency of the Trustee, if the requirements of Section 8-401 of the
Uniform Commercial Code are met to the Trustee's satisfaction, and subject to
the transfer restrictions set forth in this Schedule III, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Warrants. All transfers of Warrants are subject to
the approval of the Trustee and the Trustee shall not register any transfer of
Warrants if such transfer would violate any provision of the Trust Agreement.

         Section 3.5 Federal Income Tax Matters. Each Warrantholder agrees to
treat each Warrant as a call option for federal income tax purposes.

                                   ARTICLE IV
                                  WARRANT AGENT

         Section 4.1 Limitation on Liability. The Warrant Agent shall be
protected and shall incur no liability for or in respect of any action taken,
suffered or omitted by it in connection with its administration of the Warrants
in reliance upon any instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate,
statement or other paper or document in good faith believed by it to be genuine
and to be signed, executed and, where necessary, verified and acknowledged, by
the proper Person or Persons. The Warrant Agent and any director, officer,
employee or agent of the Warrant Agent shall be indemnified by the Depositor to
the same extent that the Trustee is indemnified by the Depositor pursuant to
Section 10.05(b) of the Standard Terms.

         Section 4.2 Duties of Warrant Agent. The Warrant Agent undertakes only
the specific duties and obligations imposed hereunder upon the following terms
and conditions, by all of which the Depositor, the Trust, the Trustee and each
Warrantholder shall be bound:

         (a) The Warrant Agent may consult with legal counsel (who may be legal
counsel for the Depositor), and the opinion of such counsel shall be full and
complete authorization and protection to the Warrant Agent as to any action
taken or omitted by it in good faith and in accordance with such opinion,
provided the Warrant Agent shall have exercised reasonable care in the selection
by it of such counsel.

         (b) Whenever in the performance of its duties hereunder, the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved or
established by the Depositor or the Trustee prior to taking or suffering any
action hereunder, such fact or matter may be deemed to be conclusively proved
and established by a Depositor Order or a certificate signed by a Responsible
Officer of the Trustee and delivered to the Warrant Agent; and such certificate
shall be full authorization to the Warrant Agent for any action taken or
suffered in good faith by it hereunder in reliance upon such certificate.

         (c) The Warrant Agent shall be liable hereunder only for its own
negligence, willful misconduct or bad faith.

         (d) The Warrant Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained herein or be required to verify the
same, but all such statements and recitals are and shall be deemed to have been
made by the Trust and the Depositor only.

         (e) The Warrant Agent shall not have any responsibility in respect of
and makes no representation as to the validity of the Warrants or the execution
and delivery thereof (except the due execution hereof by the Warrant Agent); nor
shall it be responsible for any breach by the Trust of any covenant or condition
contained in the Warrants; nor shall it by any act thereunder be deemed to make
any representation or warranty as to the Units to be purchased thereunder.

         (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President, a
Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to
be taken by it in good faith in accordance with instructions of any such
officer.

         (g) The Warrant Agent and any shareholder, director, officer or
employee of the Warrant Agent may buy, sell or deal in any of the Warrants or
other securities of the Trust or otherwise act as fully and freely as though it
were not Warrant Agent hereunder, so long as such persons do so in full
compliance with all applicable laws. Nothing herein shall preclude the Warrant
Agent from acting in any other capacity for the Trust, the Depositor or for any
other legal entity.

         (h) The Warrant Agent may execute and exercise any of the rights or
powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys or agents.

         (i) The Warrant Agent shall act solely as the agent of the Trust, the
Unitholders and the Warrantholders hereunder as respectively set forth herein.
The Warrant Agent shall not be liable except for the failure to perform such
duties as are specifically set forth herein, and no implied covenants or
obligations shall be read into the Warrants against the Warrant Agent, whose
duties shall be determined solely by the express provisions thereof. The Warrant
Agent shall not be deemed to be a fiduciary.

         (j) The Warrant Agent shall not be responsible for any failure on the
part of the Trustee to comply with any of its covenants and obligations
contained herein.

         (k) The Warrant Agent shall not be required to expend or risk its own
funds or otherwise incur financial liability in the performance of its duties
hereunder and shall not be under any obligation or duty to institute, appear in
or defend any action, suit or legal proceeding in respect hereof, in each case
unless first indemnified to its satisfaction, but this provision shall not
affect the power of the Warrant Agent to take such action as the Warrant Agent
may consider proper, whether with or without such indemnity. The Warrant Agent
shall promptly notify the Depositor and the Trustee in writing of any claim made
or action, suit or proceeding instituted against it arising out of or in
connection with the Warrants.

         (l) The Trustee will perform, execute, acknowledge and deliver or cause
to be performed, executed, acknowledged and delivered all such further acts,
instruments and assurances as may be required by the Warrant Agent in order to
enable it to carry out or perform its duties hereunder.

         Section 4.3 Change of Warrant Agent. The Warrant Agent may resign and
be discharged from its duties hereunder upon thirty (30) days' notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and to
the Warrantholders by first-class mail at the expense of the Depositor; provided
that no such resignation or discharge shall become effective until a successor
Warrant Agent shall have been appointed hereunder. The Depositor may remove the
Warrant Agent or any successor Warrant Agent upon thirty (30) days' notice in
writing, mailed to the Warrant Agent or successor Warrant Agent, as the case may
be, and to the Warrantholders by first-class mail; provided further that no such
removal shall become effective until a successor Warrant Agent shall have been
appointed hereunder. If the Warrant Agent shall resign or be removed or shall
otherwise become incapable of acting, the Depositor shall promptly appoint a
successor to the Warrant Agent, which may be designated as an interim Warrant
Agent. If an interim Warrant Agent is designated, the Depositor shall then
appoint a permanent successor to the Warrant Agent, which may be the interim
Warrant Agent. If the Depositor shall fail to make such appointment of a
permanent successor within a period of thirty (30) days after such removal or
within sixty (60) days after notification in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the
Warrantholder, then the Warrant Agent or registered Warrantholder may apply to
any court of competent jurisdiction for the appointment of such a successor.

         Any successor to the Warrant Agent appointed hereunder must be rated in
one of the four highest rating categories by the Rating Agencies. Any entity
which may be merged or consolidated with or which shall otherwise succeed to
substantially all of the trust or agency business of the Warrant Agent shall be
deemed to be the successor Warrant Agent without any further action.

         Section 4.4 Warrant Agent Transfer Fee. The Warrant Agent will assess a
fee of $50.00 upon the issue of any new Warrant, such fee to be assessed upon
the new Warrantholder.

<PAGE>

                                                       EXHIBIT A TO SCHEDULE III

                           FORM OF WARRANT CERTIFICATE

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                  SERIES 2004-2
                                    WARRANTS

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

                  THE HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY PERSON TO
ACQUIRE ANY WARRANT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL
BE DEEMED BY SUCH PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE
WARRANT IS HELD BY SUCH PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I)
"EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY
RESPONSIBILITY PROVISIONS OF TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION
4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT
TO SECTION 4975 OF THE CODE, (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN
ASSETS BY REASON OF A PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV)
GOVERNMENTAL OR OTHER PLAN SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TO
TITLE I OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE CODE.

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

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

                  ANY PURPORTED TRANSFER OF THIS WARRANT CERTIFICATE (OR ANY
INTEREST HEREIN) IN VIOLATION OF SECTION 3.2(A)(1) OR SECTION 3.2(A)(2) OF
SCHEDULE III TO THE TRUST AGREEMENT SHALL BE VOID AB INITIO AND THE PURPORTED
TRANSFEREE IN SUCH TRANSFER SHALL NOT BE RECOGNIZED BY ANY PERSON AS A HOLDER OF
SUCH WARRANTS FOR ANY PURPOSE. THE DEPOSITOR AND THE TRUSTEE SHALL EACH HAVE THE
POWER TO SELL THE WARRANTS (OR ANY INTEREST HEREIN) OF A PURPORTED WARRANTHOLDER
(OR OWNER OF ANY INTEREST HEREIN) WHO ACQUIRED ITS INTEREST IN VIOLATION OF
SECTION 3.2(A)(1) OR SECTION 3.2(A)(2) OF SCHEDULE III TO THE TRUST AGREEMENT OR
WHO CONTINUES TO HOLD WARRANTS IN VIOLATION OF SECTION 3.2(A)(2) OF SCHEDULE III
OF THE TRUST AGREEMENT.

                  THIS WARRANT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Warrant No. 1                                                CUSIP No. 80411U116

REGISTERED INITIAL NUMBER: 60,000

AGGREGATE INITIAL NUMBER
OF ALL WARRANTS:  60,000

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")
                                  SERIES 2004-2
                                    WARRANTS

                  This certifies  that  [                     ]  is the
registered  owner of Warrants in the number specified above.

                  The Trust Property will be held in trust by the Trustee
identified in the Trust Agreement (the "Trust"). The Trust has been created
pursuant to a Trust Agreement, dated as of February 11, 2004 (the "Trust
Agreement"), between LaSalle Bank National Association, as Trustee of the Trust
(the "Trustee"), and MS Structured Asset Corp.

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

                  Each Warrant issued by the Trust represents a Call Option and
Call Right to purchase $1,000 Unit Principal Balance of Class A Units and the
Applicable Class B Equivalent Amount. Exercises on this Certificate will be made
in accordance with a written notice to the Warrant Agent specified in the Trust
Agreement.

                  This Certificate does not purport to summarize the Trust
Agreement and reference is hereby made to the Trust Agreement for information
with respect to the rights, benefits, obligations and duties evidenced thereby.
A copy of the Trust Agreement may be examined during normal business hours at
the Corporate Trust Office of the Trustee, located at 135 South LaSalle Street,
Suite 1625, Chicago, Illinois 60603 and at such other places, if any, designated
by the Trustee, by any Warrantholder upon request.

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

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

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

                                            SATURNS TRUST NO. 2004-2

                                            BY: LASALLE BANK NATIONAL
                                                     ASSOCIATION,
                                                     as Trustee

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

DATED:

[SEAL]

Trustee's Certificate of
Authentication:

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

                                            LASALLE BANK NATIONAL
                                                     ASSOCIATION,
                                                     as Authenticating Agent

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

<PAGE>

              STRUCTURED ASSET TRUST UNIT REPACKAGINGS ("SATURNS")

                                  SERIES 2004-2

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

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Warrant Register upon surrender of this Certificate for registration of
transfer at the office or agency maintained by the Trustee in Chicago, Illinois,
accompanied by a written instrument of transfer and, if applicable, a transfer
letter in form and substance satisfactory to the Trustee duly completed and
executed by the Warrantholder hereof or such Warrantholder's attorney duly
authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same aggregate interest in the Trust will be issued
to the designated transferee.

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

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

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

<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

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

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

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

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

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

Dated:

         _______________________________ */
                                         -

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

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

<PAGE>

                                                       EXHIBIT B TO SCHEDULE III

             FORM OF EXCERCISE NOTICE AND CERTIFICATION OF SOLVENCY

                                                             [DATE]

LaSalle Bank National Association
135 S. LaSalle Street
Chicago, Illinois 60603

MS Structured Asset Corp.
1585 Broadway
New York, New York 10036

Re: Structured Asset Trust Unit Repackagings ("SATURNS"), Series 2004-2

Ladies and Gentlemen:

         We hereby give notice of our intend to acquire __________ Unit
Principal Balance of Class A Units and the Applicable Class B Equivalent Amount
of Class B Units for settlement on _________ (the "Call Date"). [We hereby
direct the Trustee and the Warrant Agent to treat this exercise [up to]
__________ Unit Principal Balance of Class A Units and an Applicable Class B
Equivalent Amount of Class B Units as an exercise in connection with a
[redemption][tender offer] up to the maximum amount allocable to us in
connection with this exercise.]

         We certify that our assets exceed our liabilities, that we are able to
meet our obligations as they come due, and that we are not subject to any
bankruptcy or insolvency proceeding.

                                            [WARRANTHOLDER]

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

<PAGE>

                                                       EXHIBIT C TO SCHEDULE III

                         FORM OF WARRANT TRANSFER LETTER

                                                              [DATE]

LaSalle Bank National Association
135 S. LaSalle Street
Chicago, Illinois 60603

MS Structured Asset Corp.
1585 Broadway
New York, New York 10036

Re:  Structured Asset Trust Unit Repackagings ("SATURNS"), Series 2004-2

Ladies and Gentlemen:

         In connection with its proposed purchase of Warrants (the "Warrants")
which represent the right to call $______________ aggregate Unit Principal
Balance of SATURNS 2004-2 Goldman Sachs Group, Inc. Debenture-Backed Class A
Units and the Applicable Class B Equivalent Amount of SATURNS 2004-2 Goldman
Sachs Group, Inc. Debenture-Backed Class B Units, the undersigned transferee
(the "Transferee") confirms that:

         1. The Transferee understands that substantial risks are involved in an
investment in the Warrants. The Transferee represents that in making its
investment decision to acquire the Warrants, the Transferee has not relied on
representations, warranties, opinions, projections, financial or other
information or analysis, if any, supplied to it by any person, including MS&Co.,
MS Structured Asset Corp., as depositor (the "Depositor"), or LaSalle Bank
National Association, as trustee (the "Trustee"), or any of your or their
affiliates, except as expressly contained in written information, if any. The
Transferee has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the
Warrants, and the Transferee is able to bear the substantial economic risks of
such an investment. The Transferee has relied upon its own tax, legal and
financial advisors in connection with its decision to purchase the Warrants.

         2. Such Transferee (A) is a "qualified institutional buyer" (as defined
in Rule 144A of the Securities Act) that (1) is not a broker-dealer that owns
and invests on a discretionary basis less than $25 million in securities of
issuers that are not affiliated persons of the dealer and (2) is not a plan
referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A or a trust
fund referred to in paragraph (a)(1)(i)(F) of Rule 144A that holds the assets of
such a plan, if investment decisions with respect to the plan are made by the
beneficiaries of the plan, (B) is aware that the sale or transfer of the
Warrants to it may be made to it in reliance on the exemption from registration
provided by Rule 144A under the Securities Act and (C) is acquiring the Warrants
for its own account or for one or more accounts, each of which is a qualified
institutional buyer, and as to each of which the Transferee exercises sole
investment discretion, and in each case in accordance with any applicable
securities laws of any state of the United States and other jurisdictions.

         3. The Transferee understands that the Warrants have not been and will
not be registered under the 1933 Act or under the securities or blue sky laws of
any state, and that (i) if it decides to resell, pledge or otherwise transfer
any Security, such resale, pledge or other transfer must comply with the
provisions of the Trust Agreement relating to the Warrants and (ii) it will, and
each subsequent holder will be required to, notify any purchaser of any Warrant
from it of the resale restrictions in the Trust Agreement.

         4. The Transferee understands that each of the Warrants will bear a
legend substantially to the following effect, unless otherwise agreed by the
Depositor and the Trustee:

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

            THE HOLDER, AND EACH FIDUCIARY WHICH CAUSES ANY PERSON TO ACQUIRE
ANY WARRANT, IN ITS INDIVIDUAL AS WELL AS ITS FIDUCIARY CAPACITY, WILL BE DEEMED
BY SUCH PURCHASE, HOLDING OR ACQUISITION, ON EACH DATE ON WHICH THE WARRANT IS
HELD BY SUCH PERSON, TO HAVE REPRESENTED THAT IT IS NOT A (I) "EMPLOYEE BENEFIT
PLAN" (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA")) SUBJECT TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF TITLE I OF ERISA, (II) "PLAN" DESCRIBED IN SECTION 4975(E)(1) OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") SUBJECT TO SECTION
4975 OF THE CODE, (III) ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY
REASON OF A PLAN'S INVESTMENT IN SUCH ENTITY OR OTHERWISE OR (IV) GOVERNMENTAL
OR OTHER PLAN SUBJECT TO REQUIREMENTS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA
OR SECTION 4975 OF THE INTERNAL REVENUE CODE.

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

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

            ANY PURPORTED TRANSFER OF THIS WARRANT CERTIFICATE (OR ANY INTEREST
HEREIN) IN VIOLATION OF SECTION 3.2(A)(1) OR SECTION 3.2(A)(2) OF SCHEDULE III
TO THE TRUST AGREEMENT SHALL BE VOID AB INITIO AND THE PURPORTED TRANSFEREE IN
SUCH TRANSFER SHALL NOT BE RECOGNIZED BY ANY PERSON AS A HOLDER OF SUCH WARRANTS
FOR ANY PURPOSE. THE DEPOSITOR AND THE TRUSTEE SHALL EACH HAVE THE POWER TO SELL
THE WARRANTS (OR ANY INTEREST HEREIN) OF A PURPORTED WARRANTHOLDER (OR OWNER OF
ANY INTEREST HEREIN) WHO ACQUIRED ITS INTEREST IN VIOLATION OF SECTION 3.2(A)(1)
OR SECTION 3.2(A)(2) OF SCHEDULE III TO THE TRUST AGREEMENT OR WHO CONTINUES TO
HOLD WARRANTS IN VIOLATION OF SECTION 3.2(A)(2) OF SCHEDULE III OF THE TRUST
AGREEMENT.

            THIS WARRANT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         5. The Transferee and each fiduciary which causes the Transferee to
acquire any Warrant, in its individual as well as its fiduciary capacity,
represents and agrees that the Transferee is NOT a Plan, is NOT a governmental
or other plan subject to restrictions substantially similar to Title I of ERISA
or Section 4975 of the Code, and is NOT acquiring the Warrants with the assets
of any such Plan or other plan. The Transferee and each such fiduciary
understands that the representations made in this section 5 will be deemed made
on each day from the date hereof through and including the date on which the
Transferee disposes of the Warrants. The Transferee and each fiduciary who
causes the Transferee to acquire a Warrant, in its individual as well as its
fiduciary capacity, agrees to indemnify and hold harmless the Depositor, the
Trustee, the Warrant Agent, MS&Co., each Distribution Participant and their
respective affiliates from any cost, damages, loss or expense, incurred by them
as a result of the representations made in this paragraph not being true.

         6. The Transferee understands that no subsequent transfer of the
Warrants is permitted unless such transfer is to a transferee who will own,
after giving effect to such transfer and any other simultaneous transfers, at
least 250 Warrants and the Transferee causes the proposed transferee to provide
to the Depositor and the Trustee such documentation as may be required pursuant
to Section 3.2 of the Warrant Agent Agreement, including, if required, a letter
substantially in the form hereof, or such other written statement as the
Depositor shall reasonably prescribe.

         7. The Transferee is a Person who is either:

         A. (1) a citizen or resident of the United States, (2) a corporation,
partnership or other entity organized in or under the laws of the United States
or any political subdivision thereof, or (3) an estate the income of which is
includible in gross income for federal income tax purposes regardless of source,
or (4) a trust if a court within the United States is able to exercise primary
supervision of the administration of the trust and one or more United States
persons have the authority to control all substantial decisions of the trust, or

         B. a Person not described in (A), whose ownership of such Warrant is
effectively connected with such Person's conduct of a trade or business within
the United States within the meaning of the Internal Revenue Code of 1986, as
amended (the "Code"), and its ownership of any interest in such Warrant will not
result in any withholding obligation with respect to any payments with respect
to the Warrants by any Person (other than withholding, if any, under Section
1446 of the Code), or

         C. a Person not described in (A) or (B) above, who is not a Person: (1)
that owns, directly or indirectly, 10% or more of the total combined voting
power of all classes of stock in the Underlying Securities Issuer (as defined in
Schedule II to the Trust Agreement) entitled to vote, (2) that is a controlled
foreign corporation related to the Underlying Securities Issuer within the
meaning of Section 864(d)(4) of the Code, or (3) that is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or
business.

         8. The Transferee agrees that (i) if it is a Person described in clause
(A) above, it will furnish to the Depositor and the Trustee a properly executed
IRS Form W-9, and (ii) if it is a Person described in clause (B) above, it will
furnish to the Depositor and the Trustee a properly executed IRS Form W-8ECI,
and (iii) if it is a Person described in clause (C) above, it will furnish to
the Depositor and the Trustee a properly executed IRS Form W-8BEN (or, if the
Transferee is treated as a partnership for federal income tax purposes, a
properly executed IRS Form W-8IMY with appropriate certification for all
partners or members attached). The Transferee also agrees that it will provide a
new IRS form upon the expiration or obsolescence of any previously delivered
form, and that it will provide such other certifications, representations or
Opinions of Counsel as may be requested by the Depositor and the Trustee.

         9. The Transferee understands that any acquisition of Warrants (or any
interest therein) in violation of Section 3.2(a)(1) (addressed in paragraph 2
hereof) or Section 3.2(a)(2) (addressed in paragraph 5 hereof) of Schedule III
to the Trust Agreement shall be void ab initio and the purported transferee in
such transfer shall not be recognized by any Person as a holder of such Warrants
for any purpose. The Transferee understands that the Depositor and the Trustee
shall each have the power to sell the Warrants (or any interest therein) of a
purported Warrantholder (or owner of any interest therein) who acquired its
interest in violation of Section 3.2(a)(1) or Section 3.2(a)(2) of Schedule III
to the Trust Agreement or who continues to hold Warrants in violation of Section
3.2(a)(2) of Schedule III to the Trust Agreement.

<PAGE>

         You and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect
to the matters covered hereby.

                                                     Very truly yours,

                                                     [Name of Transferee]

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

Registered Name:
                      -------------------------
Address:
                      -------------------------

                      -------------------------
Payment Instructions:
                      -------------------------Exhibit 4.1

                               SERIES SUPPLEMENT

                     CORPORATE-BACKED TRUST CERTIFICATES,

                       DAIMLERCHRYSLER DEBENTURE-BACKED

                              SERIES 2004-3 TRUST

                                    between

                            LEHMAN ABS CORPORATION,

                                 as Depositor,

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,

                                  as Trustee,

                         Dated as of February 11, 2004

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<TABLE>
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                                       Table of Contents
                                                                                         Page
                                                                                         ----

<S>         <C>
Section 1.  Incorporation of Standard Terms.................................................1

Section 2.  Definitions.....................................................................2

Section 3.  Designation of Trust and Certificates...........................................9

Section 4.  Trust Certificates.............................................................10

Section 5.  Distributions..................................................................10

Section 6.  Early Redemption of Certificates...............................................12

Section 7.  Optional Call; Optional Exchange...............................................13

Section 8.  Trustee's Fees.................................................................18

Section 9.  Swap Payments..................................................................18

Section 10. Notices of Swap Agreement Termination Events and Underlying Securities
            Events of Default..............................................................18

Section 11. Miscellaneous..................................................................18

Section 12. Governing Law..................................................................23

Section 13. Counterparts...................................................................23

Section 14. Termination of the Trust.......................................................23

Section 15. Sale of Underlying Securities..................................................23

Section 16. Amendments.....................................................................23

Section 17. Voting of Underlying Securities, Modification of Underlying Securities
            Indenture, Modification of Swap Agreement......................................23

Section 18. Additional Depositor Representation............................................25
</TABLE>

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SCHEDULE I    SERIES 2004-3 UNDERLYING SECURITIES SCHEDULE
EXHIBIT A     FORM OF TRUST CERTIFICATE
EXHIBIT B     FORM OF WARRANT AGENT AGREEMENT
EXHIBIT C     FORM OF SWAP AGREEMENT

<PAGE>

                               SERIES SUPPLEMENT

                     CORPORATE-BACKED TRUST CERTIFICATES,
             DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-3 TRUST

          SERIES SUPPLEMENT, Corporate-Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3, dated as of February 11, 2004
(the "Series Supplement"), by and between LEHMAN ABS CORPORATION, as Depositor
(the "Depositor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the
"Trustee").

                             W I T N E S S E T H:

          WHEREAS, the Depositor desires to create the Trust designated herein
(the "Trust") by executing and delivering this Series Supplement, which shall
incorporate the terms of the Standard Terms for Trust Agreements, dated as of
January 16, 2001 (the "Standard Terms" and, together with this Series
Supplement, the "Trust Agreement"), by and between the Depositor and the
Trustee, as modified by this Series Supplement;

          WHEREAS, the Depositor desires to deposit into the Trust the
Underlying Securities set forth on Schedule I attached hereto (the "Underlying
Securities Schedule") the general terms of which are described in the
Prospectus Supplement under the heading "Description of the Underlying
Securities;"

          WHEREAS, the Depositor desires that the Trust enter into a swap
agreement pursuant to which the Trust will exchange interest payments due on
the Underlying Securities for payments from the Swap Counterparty which will
be passed through the Certificateholders;

          WHEREAS, in connection with the creation of the Trust, the deposit
therein of the Underlying Securities and the entering into the Swap Agreement
thereby, it is desired to provide for the issuance of trust certificates
evidencing undivided interests in the Trust and call warrants related thereto;
and

          WHEREAS, the Trustee has joined in the execution of the Standard
Terms and this Series Supplement to evidence the acceptance by the Trustee of
the Trust.

          NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants expressed herein, it is hereby agreed by and between the
Depositor and the Trustee as follows:

     Section 1. Incorporation of Standard Terms. Except as otherwise provided
herein, all of the provisions of the Standard Terms are hereby incorporated
herein by reference in their entirety, and this Series Supplement and the
Standard Terms shall form a single agreement between the parties. In the event
of any inconsistency between the provisions of this Series Supplement and the
provisions of the Standard Terms, the provisions of this Series Supplement
will control with respect to the Corporate-Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3 Certificates and the
transactions described herein.

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     Section 2. Definitions.

     (a) Except as otherwise specified herein or as the context may otherwise
require, the following terms shall have the respective meanings set forth
below for all purposes under this Series Supplement. (Section 2(b) below sets
forth terms listed in the Standard Terms which are not applicable to this
Series.) Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Standard Terms.

          "Available Funds" shall mean, for any Distribution Date, Available
Interest Funds and Available Principal Funds for such Distribution Date.

          "Available Interest Funds" shall mean, for any Distribution Date,
the sum of (i) all amounts received on or prior to such Distribution Date from
the Swap Counterparty pursuant to the Swap Agreement with respect to the
preceding Interest Accrual Period and (ii) any amounts representing interest
on the Underlying Securities that are actually received by the Trust pursuant
to the Underlying Securities Indenture on such Distribution Date and not
required to be paid to the Swap Counterparty pursuant to the Swap Agreement.

          "Available Principal Funds" shall mean all amounts received from the
Underlying Securities Issuer or the Underlying Securities Guarantor with
respect to principal of the Underlying Securities on the Final Scheduled
Distribution Date or any other date.

          "Business Day" shall mean any day other than a Saturday, a Sunday or
a day on which banking institutions in New York, New York are authorized or
obligated by law or executive order to be closed.

          "Calculation Agent" shall mean Lehman Brothers Special Financing
Inc.

          "Call Date" shall mean any Business Day that any holder of Call
Warrants designates as a Call Date occurring (i) on or after February 11,
2009, (ii) after the Underlying Securities Issuer announces that it will
redeem, prepay or otherwise make an unscheduled payment on the Underlying
Securities, (iii) upon the occurrence of a Swap Agreement Termination Event,
(iv) on or after the date the Trustee notifies the Certificateholders of any
proposed sale of the Underlying Securities following the occurrence of an
Underlying Securities Payment Default, an Underlying Securities Bankruptcy
Default or an SEC Reporting Failure or (v) on any date on which the Underlying
Securities Issuer or an affiliate thereof consummates a tender offer for some
or all of the Underlying Securities.

          "Call Notice" shall have the meaning specified in Section 1.1 of the
Warrant Agent Agreement.

          "Call Price" shall mean, for each related Call Date, 100% of the
outstanding Certificate Principal Balance of the Certificates being purchased
pursuant to the exercise of the Call Warrants, plus any accrued and unpaid
interest on such amount to, but excluding, the Call Date.

          "Call Warrants" shall have the meaning specified in Section 3
hereof.

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          "Called Certificates" shall have the meaning specified in Section
1.1(b) of the Warrant Agent Agreement.

          "Certificate Principal Balance" shall have the meaning specified in
Section 3 hereof.

          "Certificate Account" shall have the meaning specified in the
Standard Terms.

          "Certificates" shall mean the Certificates, in the form attached
hereto as Exhibit A, to be issued by the Trust representing a proportionate
undivided beneficial ownership interest in certain distributions to be made by
the Trust and having the characteristics described herein and in the
Certificates.

          "Closing Date" shall mean February 11, 2004.

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

          "Corporate Trust Office" shall mean the office of U.S. Bank Trust
National Association located at 100 Wall Street, New York, New York 10005.

          "Currency" shall mean United States Dollars.

          "Depository" shall mean The Depository Trust Company, its nominees
and their respective successors.

          "Discontinuation Date" shall mean the date determined by the
Depositor within a reasonable time following the Underlying Securities
Guarantor's either (x) having stated in writing that it intends permanently to
cease filing periodic reports required under the Exchange Act or (y) having
failed to file all required periodic reports for one full year.

          "Distribution Date" shall mean March 1st and September 1st of each
year (or if such date is not a Business Day, the next succeeding Business
Day), commencing on March 1, 2004, and ending on the earlier of the Final
Scheduled Distribution Date and any date on which all Underlying Securities
are redeemed pursuant to the Underlying Securities Indenture or prepaid or
liquidated in whole for any reason other than at their maturity.

          "Early Swap Termination Date" shall mean the date so designated as
such in accordance with the terms of the Swap Agreement.

          "Early Trust Termination Date" shall mean the same date as an Early
Swap Termination Date occurring due to a Trust Termination Event.

          "Early Termination Payment" shall mean, with respect to any Early
Trust Termination Date arising as a result of the consummation of an Optional
Exchange, the amount payable by the Trust, on such Early Trust Termination
Date pursuant to the Swap Agreement.

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

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          "Exchange Act" shall mean the United States Securities and Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder.

          "Final Scheduled Distribution Date" shall mean March 1, 2027, or, if
such day is not a business day, the next succeeding business day.

          "Interest Accrual Period" shall mean (i) with respect to the first
Distribution Date, the period from and including the Original Issue Date to,
but excluding, the first Distribution Date and (ii) with respect to any
Distribution Date thereafter, the period from and including the preceding
Distribution Date but excluding such current Distribution Date.

          "Interest Distribution Amount" shall mean, with respect to each
Distribution Date, (i) for so long as the Swap Agreement shall not have been
terminated, an amount equal to the Floating Rate Payor Payment Amount (as
defined in the Swap Agreement) and (ii) following any termination of the Swap
Agreement, an amount equal to accrued interest at a rate of 7.45% per annum on
the outstanding Certificate Principal Balance of the Certificates (calculated
on the basis of a 360-day year of twelve 30-day months).

          "Interest Rate" shall mean, 4.63% per annum until the Distribution
Date in March 2004 and, thereafter, for each Interest Accrual Period, the
Ten-Year USD-ISDA-Swap Rate (as defined herein), calculated on a 30/360 day
count convention as determined pursuant to the Swap Agreement. Following the
occurrence of a Swap Agreement Termination Event that is not a Trust
Termination Event, interest will be payable at a fixed rate equal to 7.45% per
annum.

          "Marketing Agent" shall mean Lehman Brothers Inc.

          "Maturity Date" shall have the meaning specified in Schedule I
hereto.

          "Moody's" shall mean Moody's Investors Service, Inc.

          "Ordinary Expenses" shall mean the Trustee's ordinary expenses and
overhead in connection with its services as Trustee, including the items
referred to in the definition of Ordinary Expenses in the Standard Terms.

          "Optional Call" shall mean the call of the Certificates by the
Warrant Holder, in whole or in part, resulting from the exercise of Call
Warrants by the Warrant Holder, pursuant to Section 7(d) hereof.

          "Optional Exchange" shall mean the exchange of the Certificates by
the Trust for the Underlying Securities pursuant to Sections 7(a) and 7(b)
hereof.

          "Optional Exchange Date" shall mean any date on which Underlying
Securities subject to an Optional Exchange are distributed to a
Certificateholder.

          "Partial Swap Agreement Termination Event" shall have the meaning
specified in the Swap Agreement.

                                      4
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          "Plan" means (a) an employee benefit plan (as defined in Section
3(3) of ERISA), (b) a plan described in Section 4975(e)(1) of the Code or (c)
any entity whose underlying assets are treated as assets of any such plan by
reason of such plan's investment in the entity.

          "Prospectus Supplement" shall mean the Prospectus Supplement, dated
January 29, 2004, relating to the Certificates.

          "Rate Determination Date" shall mean, for each Interest Accrual
Period, the second U.S. Government Securities Business Day preceding the
commencement of such Interest Accrual Period.

          "Rating Agency" shall mean Moody's and S&P.

          "Record Date" shall mean, with respect to each Distribution Date,
the day immediately preceding the related Distribution Date.

          "Reuters Screen" means, when used in connection with any designated
page and any floating rate payment under the Swap Agreement, the display page
so designated on the Reuters Money 3000 Service (or such other page as may
replace that page on that service for the purpose of displaying rates or
prices comparable to that floating rate payment).

          "Required Percentage-Amendment" shall be 66-2/3% of the aggregate
Voting Rights.

          "Required Percentage-Direction of Trustee" shall be 66-2/3% of the
aggregate Voting Rights.

          "Required Percentage-Remedies" shall be 66-2/3% of the aggregate
Voting Rights.

          "Required Percentage-Removal" shall be 66-2/3% of the aggregate
Voting Rights.

          "Reset Date" shall mean, until the Final Scheduled Distribution
Date, each Distribution Date, commencing on the Distribution Date in March
2004.

          "Required Rating" shall mean, in the case of Moody's, the rating
assigned to the Underlying Securities by Moody's as of the Closing Date, and,
in the case of S&P, the rating assigned to the Underlying Securities by S&P as
of the Closing Date.

          "S&P" shall mean Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc.

          "Sale Procedure" shall mean the process by which the Marketing
Agent, on behalf of the Trust, will sell the Underlying Securities to the
solicited bidder (which bidders will be determined by the Marketing Agent in
its sole and absolute discretion and which bidders may include Lehman Brothers
Inc. or any of its Affiliates but in any case shall include at least two
bidders which are not affiliated with Lehman Brothers Inc.; provided, however,
that neither Lehman Brothers Inc. or any of its affiliates is obligated to
bid, and that such bidders need not be

                                      5
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limited to recognized broker dealers; and provided further that if Lehman
Brothers Inc. or any of its affiliates are bidders, any bid made by them shall
not be greater than the fair value of the Underlying Securities) that provides
the highest firm bid for the Underlying Securities. In the sole judgement of
the Marketing Agent, bids may be evaluated on the basis of bids for all or a
portion of the Underlying Securities being sold or any other basis selected in
a commercially reasonable manner by the Marketing Agent.

          "SEC Reporting Failure" shall mean the date determined by the
Depositor within a reasonable time following the Underlying Securities
Guarantor's either (x) having stated in writing that it intends permanently to
cease filing periodic reports required under the Exchange Act or (y) having
failed to file all required periodic reports for one full year.

          "Securities Act" shall mean the United States Securities Act of
1933, as amended.

          "Securities Intermediary" shall have the meaning set forth in
Section 18 hereof.

          "Series" shall mean DaimlerChrysler Debenture-Backed Series 2004-3.

          "Swap Agreement" shall mean the ISDA Master Agreement dated as of
the Closing Date, between the Trust and the Swap Counterparty (including the
Schedule thereto) as supplemented by the Confirmation dated February 11, 2004,
in the form attached hereto as Exhibit C.

          "Swap Counterparty" shall mean Lehman Brothers Special Financing
Inc., or any permitted successor or assign thereto.

          "Swap Guarantor" shall mean Lehman Brothers Holdings Inc.

          "Swap Agreement Termination Event" shall mean the occurrence of any
event that would constitute an "Event of Default" or "Termination Event" under
the Swap Agreement.

          "Ten-Year USD-ISDA-Swap Rate" will be the rate for U.S. dollar swaps
with a maturity of ten years, expressed as a percentage, which appears on the
Reuters Screen ISDAFIX1 Page as of 11:00 a.m., New York City time, on the day
that is two U.S. Government Securities Business Days prior to the Distribution
Date upon which an Interest Accrual Period commences. If the Ten-Year
USD-ISDA-Swap Rate does not appear on the Reuters Screen ISDAFIX1 Page on any
such U.S. Government Securities Business Days, then such rate will be
determined based on the mid-market semi-annual swap rate quotations provided
by the reference banks at approximately 11:00 a.m., New York City time, two
U.S. Government Securities Business Days prior to the commencement of the
related Interest Accrual Period, and, for this purpose, the semi-annual swap
rate means the mean of the bid and offered rates for the semi-annual fixed
leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S.
Dollar interest rate swap transaction with a term equal to ten years
commencing on that Reset Date and in a representative amount with an
acknowledged dealer of good credit in the swap market, where the floating leg,
calculated on an Actual/360 day count basis, is equivalent to USD-LIBOR-BBA
with a designated maturity of three months. The Calculation Agent will request
the principal New York City office of each of the reference banks to provide a
quotation of its rate. If at least three quotations are provided, the rate for
that Reset Date will be arithmetic mean

                                      6
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of the quotations, eliminating the highest quotation (or, in the event of
equality, one of the highest) and the lowest quotation (or, in the event of
equality, on of the lowest).

          "Trustee Fee" shall mean the amount paid to the Trustee by the
Depositor on the Closing Date.

          "Trust Property" shall mean the Underlying Securities described on
Schedule I hereto and the Swap Agreement and the Certificate Account; each
subject to the obligations of the Trust under the Swap Agreement.

          "Trust Termination Event" shall mean a Swap Agreement Termination
Event caused by the occurrence of an event specified in Sections 5(a)(ix) and
5(b)(v)of the Swap Agreement.

          "Underlying Securities Bankruptcy Default" shall mean the occurrence
of an Underlying Securities Event of Default relating to a bankruptcy,
insolvency or reorganization of the Underlying Securities Issuer.

          "Underlying Securities" shall mean $25,000,000 aggregate principal
amount of 7.45% Debentures, issued by the Underlying Securities Issuer, as set
forth in Schedule I attached hereto.

          "Underlying Securities Event of Default" shall mean any "Event of
Default" under the Underlying Securities Indenture.

          "Underlying Securities Guarantor" shall DaimlerChrysler AG.

          "Underlying Securities Indenture" shall mean the indenture, dated as
of March 1, 1985, as amended and supplemented by a first supplemental
indenture dated as of May 30, 1986, a second supplemental indenture dated as
of December 31, 1989 and a third supplemental indenture dated as of May 1,
1990, each as between the Underlying Securities Issuer and the Underlying
Securities Trustee and a fourth supplemental indenture, dated as of February
15, 1999, among the Underlying Securities Guarantor, the Underlying Securities
Issuer and the Underlying Securities Trustee, pursuant to which the Underlying
Securities were issued.

          "Underlying Securities Issuer" shall mean Chrysler Corporation,
predecessor to Daimler Chrysler Corporation.

          "Underlying Securities Payment Default" shall mean the occurrence of
an Underlying Securities Event of Default relating to the payment of interest
on the Underlying Securities or the payment of principal of or premium, if
any, on the Underlying Securities when due.

          "Underlying Securities Trustee" shall mean State Street Bank and
Trust or any successor thereto acting as indenture trustee pursuant to the
Underlying Securities Indenture.

          "Underwriter" shall mean Lehman Brothers Inc.

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          "U.S. Government Securities Business Day" means, any day except for
a Saturday, Sunday or a day on which The Bond Market Association recommends
that the fixed income departments of its members be closed for the entire day
for purposes of trading in U.S. government securities.

          "Voting Rights" shall be allocated among all Certificateholders in
proportion to the then unpaid Certificate Principal Balances of their
respective Certificates.

          "Warrant Agent" shall mean initially, U.S. Bank Trust National
Association.

          "Warrant Agent Agreement" shall mean that certain Warrant Agent
Agreement, dated as of the date hereof, between the Depositor and U.S. Bank
Trust National Association, as Warrant Agent and as Trustee, as the same may
be amended from time to time.

          "Warrant Holder" shall mean the holder of a Call Warrant.

      (b) The terms listed below are not applicable to this Series.

               "Accounting Date"

               "Administrative Fees"

               "Advance"

               "Allowable Expense Amounts"

               "Basic Documents"

               "Call Premium Percentage"

               "Credit Support"

               "Credit Support Instrument"

               "Credit Support Provider"

               "Cut-off Date"

               "Eligible Expense"

               "Eligible Investments"

               "Exchange Rate Agent"

               "Fixed Pass-Through Rate"

               "Guaranteed Investment Contract"

               "Letter of Credit"

                                      8
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               "Limited Guarantor"

               "Limited Guaranty"

               "Minimum Wire Denomination"

               "Pass-Through Rate"

               "Place of Distribution"

               "Purchase Price"

               "Required Premium"

               "Required Principal"

               "Requisite Reserve Amount"

               "Retained Interest"

               "Sub-Administration Account"

               "Sub-Administration Agreement"

               "Sub-Administration Agent"

               "Surety Bond"

     Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate-Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3 Trust." The certificates
evidencing certain undivided ownership interests therein shall be known as
"Corporate-Backed Trust Certificates, DaimlerChrysler Debenture-Backed Series
2004-3" (the "Certificates"). The Trust is also issuing call warrants with
respect to the Certificates ("Call Warrants").

     (a) The Certificates shall be held through the Depository in book-entry
form and shall be substantially in the form attached hereto as Exhibit A. The
Certificates shall be issued in denominations of $25. Except as provided in
the Standard Terms and in paragraph (d) of this Section, the Trust shall not
issue additional Certificates or incur any indebtedness.

     (b) The Certificates have an initial aggregate Certificate Principal
Balance of $25,000,000.

     (c) The holders of the Certificates will be entitled to receive on each
Distribution Date an amount equal to the related Interest Distribution Amount.

     (d) The Depositor may sell to the Trustee additional Underlying
Securities on any date hereafter upon at least 3 Business Days' notice to the
Trustee (or such shorter period as shall be mutually satisfactory to the
Depositor and the Trustee) and upon (i) satisfaction of the Rating

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Agency Condition, (ii) prior consent of the Swap Counterparty and (iii)
delivery of an Opinion of Counsel to the effect that the sale of such
additional Underlying Securities will not cause the Trust to be taxed as an
association or publicly traded partnership taxable as a corporation for
federal income tax purposes. Each condition to be satisfied with respect to a
sale of Underlying Securities on or prior to the Closing Date shall be
satisfied with respect to a sale of additional Underlying Securities no later
than the date of sale thereof, each representation and warranty set forth in
the Standard Terms to be made on the Closing Date shall be made on such date
of sale, and from and after such date of sale, all Underlying Securities held
by the Trustee shall be held on the same terms and conditions. Upon such sale
to the Trustee, the Trustee shall deposit such additional Underlying
Securities in the Certificate Account, and shall authenticate and deliver to
the Depositor, on its order, Certificates in a Certificate Principal Balance
equal to the principal amount of such additional Underlying Securities, and
Call Warrants related thereto. Any such additional Certificates authenticated
and delivered shall have the same terms and rank pari passu with the
Certificates previously issued in accordance with this Series Supplement.

     (e) On the Distribution Date occurring in March 2004, the Trustee shall
cause the Trust to pay to the Depositor the amount of interest accrued and
paid on the Underlying Securities from September 1, 2003, to but not including
the Closing Date; provided, however, that in the event an Optional Exchange
Date shall occur prior to the Distribution Date in March 2004, a pro rata
portion of such amount shall be paid to the Depositor on the Optional Exchange
Date in accordance with the provisions of Section 7(b)(ix) hereof. If the
Depositor is not paid any such amount on such date, it shall have a claim for
such amount. If Available Funds are insufficient to pay such amount, the
Trustee will pay the Depositor its pro rata share, based on the ratio the
amount owed to the Depositor bears to all amounts owed on the Certificates in
respect of accrued interest, of any proceeds from the recovery on the
Underlying Securities.

     Section 4. Trust Certificates. The Trustee hereby acknowledges receipt,
on or prior to the Closing Date, of:

     (a) the Underlying Securities set forth on Schedule I hereto;

     (b) the duly authorized and executed Swap Agreement; and

     (c) all documents required to be delivered to the Trustee pursuant to
Section 2.01 of the Standard Terms.

     Section 5. Distributions.

     (a) Except as otherwise provided in Sections 5(b), 5(c) and Section 6, on
each applicable Distribution Date, the Trustee shall apply Available Funds in
the Certificate Account as follows:

          (i) The Trustee will pay from Available Interest Funds:

               (1) first, to the Trustee, as reimbursement for any
          Extraordinary Trust Expenses incurred by the Trustee in accordance
          with Section 8(b) below and approved by 100% of the
          Certificateholders; and

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<PAGE>

               (2) second, to the holders of the Certificates, interest
          accrued and unpaid, pro rata in proportion to their entitlements
          thereto;

          provided, however, that if the Trustee has not received any amounts
of Available Interest Funds on or prior to the related Distribution Date, such
amounts shall be applied in accordance with this Section 5(a) promptly upon
receipt of such amounts.

          (ii) The Trustee will pay Available Principal Funds, first, to the
     Trustee, as reimbursement for any Extraordinary Trust Expenses incurred
     by the Trustee in accordance with Section 8(b) below and approved by 100%
     of the Certificateholders; and second, to the Certificateholders, pro
     rata, from Available Principal Funds, an amount not to exceed the then
     outstanding principal on the Certificates.

          (iii) Any Available Funds remaining in the Certificate Account after
     the payments set forth in clauses 5(a)(i) and 5(a)(ii) above shall be
     paid first, to the Trustee, as reasonable compensation for services
     rendered to the Depositor, up to $1,000 and, thereafter, to the
     Certificateholders, pro rata.

Any portion of the Available Funds (i) that does not constitute principal of,
or interest on, the Underlying Securities, (ii) that is not received in
connection with a redemption, prepayment or liquidation of the Underlying
Securities and (iii) for which allocation by the Trustee is not otherwise
contemplated by this Series Supplement, shall be remitted by the Trustee to
the Certificateholders.

     (b) Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part due to the occurrence of
an Underlying Securities Payment Default, an Underlying Securities Bankruptcy
Default or an SEC Reporting Failure, the proceeds received by the Trustee will
be allocated:

          (i)   first, to the certificateholders, an amount equal to the
                principal amount of the Underlying Securities so redeemed,
                prepaid or liquidated plus accrued and unpaid interest on the
                amount of Certificates so redeemed, prepaid or liquidated, and

          (ii)  second, any remainder shall be paid to the Swap Counterparty.

     (c) Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part for any reason other than
due to the occurrence of an Underlying Securities Payment Default, an
Underlying Securities Bankruptcy Default, an SEC Reporting Failure or their
maturity, the proceeds received by the Trustee will be allocated in the
following order of priority:

          (i)   first, to the Trustee, reimbursement for any extraordinary
                expenses incurred by the Trustee in accordance with the Trust
                Agreement pursuant to instructions of not less than 100% of
                the certificateholders,

          (ii)  second, to the certificateholders, an amount equal to the
                principal amount of the Underlying Securities so redeemed,
                prepaid or liquidated plus

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<PAGE>

                accrued and unpaid interest on the amount of Certificates so
                redeemed, prepaid or liquidated, and

          (iii) third, any remainder shall be paid to the Swap Counterparty.

     Section 6. Early Redemption of Certificates.

     (a) Upon the occurrence of an Underlying Securities Payment Default or an
Underlying Securities Bankruptcy Default, unless otherwise instructed by
holders of Certificates representing a majority of the Voting Rights, thirty
(30) days after giving notice pursuant to Section 10 hereof, the Trustee shall
sell the Underlying Securities pursuant to Section 15 hereof and deposit the
Liquidation Proceeds, if any, into the Certificate Account for distribution
not later than two (2) Business Days after the receipt of immediately
available funds in accordance with Sections 5(b) hereof, provided, however,
that if any Warrant Holder designates any day on or prior to the proposed sale
date as a Call Date and Optional Exchange Date pursuant to Section 7, the
portion of Underlying Securities related to such Optional Exchange shall not
be sold but shall be distributed to the Warrant Holder pursuant to Section 7
and the Warrant Agent Agreement.

     (b) Notwithstanding Section 3.12 of the Standard Terms, upon the
occurrence of an SEC Reporting Failure, the Depositor shall instruct the
Trustee within a reasonable time to (i) notify the Warrant Agent that the
Underlying Securities are proposed to be sold and that any Call Warrants and
related Optional Exchange rights must be exercised no later than the date
specified in the notice (which shall be not less than ten Business Days after
the date of such notice) and (ii) to the extent that the Warrant Holders fail
to exercise their Call Warrants and related Optional Exchange rights on or
prior to such date and the Certificateholders fail to elect pursuant to
Section 6(d) to receive their pro rata portion of the Underlying Securities,
to sell the Underlying Securities and distribute the proceeds of such sale to
the Certificateholders in accordance with Section 5(c).

     (c) If the Trustee receives non-cash property in respect of the
Underlying Securities as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depository, or for any Certificates which are not then held by
DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid and to the Warrant Agent. Such notice
shall state that the Trustee shall and the Trustee shall, not later than 30
days after the receipt of such property, allocate and distribute such property
to the Holders of Certificates then outstanding and unpaid (after deducting
the costs incurred in connection therewith) their pro rata portion of such
property. Property other than cash will be liquidated by the Trustee, and the
proceeds thereof distributed in cash, only to the extent necessary to avoid
distribution of fractional securities to Certificateholders. In-kind
distribution of such property to Certificateholders, based on the market value
of such property as of the date of distribution to Certificateholders, will be
deemed to reduce the Certificate Principal Balance on a dollar-for-dollar
basis.

                                      12
<PAGE>

     (d) Within five Business Days (or such longer period as shall be
acceptable to the Trustee) of receipt of notice of a Trust Termination Event
occurring in connection with a redemption, prepayment or liquidation in whole
or in part of the Underlying Securities, each Certificateholder may direct the
Trustee to distribute all or a portion of such Certificateholder's pro rata
share of the Underlying Securities to it, in lieu of any proceeds received
upon liquidation of the Underlying Securities. The respective pro rata shares
of the Certificateholders in the Underlying Securities shall be determined by
allocating the portion of the principal amount remaining after reimbursement
of the Trustee for any Extraordinary Trust Expenses approved by 100% of the
Certificateholders and based on the then unpaid Certificate Principal Balances
of their Certificates. Any proceeds from the liquidation of Underlying
Securities will be distributed in the manner described under Section 5(b) and
Section 5(c), as applicable.

     Section 7. Optional Call; Optional Exchange.

     (a) On (A) any Distribution Date, (B) any date on which the Underlying
Securities Issuer consummates a tender offer for some or all of the Underlying
Securities or (C) any date on which the Underlying Securities are to be
redeemed by the Underlying Securities Issuer, any holder of Certificates and
the related Call Warrants, if Call Warrants related to such Certificates are
outstanding, may exchange such Certificates and, if applicable, Call Warrants,
for a distribution of Underlying Securities representing the same percentage
of the Underlying Securities as such Certificates represent of all outstanding
Certificates. On any Call Date, any Warrant Holder may exchange Called
Certificates for a distribution of Underlying Securities representing the same
percentage of Underlying Securities as such Called Certificates represent of
all outstanding Certificates; provided that any such exchange shall either (x)
result from an exercise of all Call Warrants owned by such Warrant Holder or
(y) occur on a Call Date on which such Warrant Holder, alone or together with
one or more other Warrant Holders, shall exchange Called Certificates relating
to Underlying Securities having an aggregate principal amount equal to or in
excess of the product of (i) 0.1 and (ii) the aggregate principal amount of
the Underlying Securities deposited into the Trust on the Closing Date.

     (b) The following conditions shall apply to any Optional Exchange.

          (i) A notice specifying the number of Certificates being surrendered
     and the Optional Exchange Date shall be delivered to the Trustee no less
     than 5 days (or such shorter period acceptable to the Trustee) but not
     more than 30 days before the Optional Exchange Date; provided that for an
     Optional Exchange to occur on a Call Date, unless otherwise specified
     therein, the Call Notice shall be deemed to be the notice required
     hereunder.

          (ii) Certificates and, if applicable, the Call Warrants, shall be
     surrendered to the Trustee no later than 10:00 a.m. (New York City time)
     on the Optional Exchange Date; provided that for an Optional Exchange to
     occur on a Call Date, payment of the Call Price to the Warrant Agent
     pursuant to Section 1.1(a)(iii) of the Warrant Agent Agreement shall
     satisfy the requirement to surrender Certificates.

                                      13
<PAGE>

          (iii) The Trustee shall have received an opinion of counsel stating
     that the Optional Exchange would not cause the Trust to be treated as an
     association or publicly traded partnership taxable as a corporation for
     federal income tax purposes.

          (iv) If the Certificateholder is the Depositor or any Affiliate of
     the Depositor, (1) the Trustee shall have received a certification from
     the Certificateholder that any Certificates being surrendered have been
     held for at least six months, and (2) the Certificates being surrendered
     may represent no more than 5% (or 25% in the case of Certificates
     acquired by the Underwriters but never distributed to investors) of the
     then outstanding Certificates.

          (v) The Trustee shall not be obligated to determine whether an
     Optional Exchange complies with the applicable provisions for exemption
     under Rule 3a-7 of the Investment Company Act of 1940, as amended, or the
     rules or regulations promulgated thereunder.

          (vi) The provisions of Section 4.07 of the Standard Terms shall not
     apply to an Optional Exchange pursuant to this Section 7(b). This Section
     7(b) shall not provide any Person with a lien against, an interest in or
     a right to specific performance with respect to the Underlying
     Securities; provided that satisfaction of the conditions set forth in
     this Section 7(b) shall entitle the Certificateholder or Warrant Holder,
     as applicable, to a distribution thereof.

          (vii) The aggregate principal balance of Certificates exchanged in
     connection with any Optional Exchange pursuant to this Section shall be
     in an amount that will entitle the Certificateholders thereof to
     Underlying Securities in an even multiple of the minimum denomination of
     such Underlying Securities.

          (viii) In the event a Termination Payment shall be payable by the
     Trust to the Swap Counterparty in connection with a termination of the
     Swap Agreement, in whole or in part, as a result of such Optional
     Exchange, the Person consummating the Optional Exchange must remit an
     amount equal to such Termination Payment, to the Trustee for payment to
     the Swap Counterparty. If any Termination Payment shall be payable by the
     Swap Counterparty, the Trustee will remit such payment to the Person
     consummating the Optional Exchange.

          (ix) In the event such Optional Exchange shall occur prior to the
     Distribution Date in March 2004, the Certificateholders shall have paid
     to the Trustee, for distribution to the Depositor, on the Optional
     Exchange Date an amount equal to the sum obtained by multiplying the
     amount of accrued interest on the Underlying Securities from September 1,
     2003 through, but excluding, the Closing Date by a fraction, the
     numerator of which shall be the number of Certificates being exchanged on
     such Optional Exchange Date and the denominator of which shall be the
     total number of Certificates.

     (c) Concurrently with the execution of this Series Supplement, the
Trustee, on behalf of the Trust, shall execute the Warrant Agent Agreement and
the Call Warrants, dated as of the date hereof and substantially in the form
of Exhibit B hereto, initially evidencing all of the Call

                                      14
<PAGE>

Warrants. The Trustee shall perform the Trust's obligations under the Warrant
Agent Agreement and the Call Warrants in accordance with their respective
terms.

     (d) Call Warrants may be exercised by the Warrant Holder in whole or in
part on any Call Date. In addition to the conditions set forth in Section 1.1
of the Warrant Agent Agreement, the following conditions shall apply to any
Optional Call.

          (i) [Reserved.]

          (ii) The Warrant Holder shall have provided a certificate of
     solvency to the Trustee.

          (iii) Upon receipt of a Call Notice, the Trustee shall provide a
     conditional call notice to the Depository not less than 3 Business Days
     prior to the Call Date.

          (iv) Delivery of a Call Notice does not give rise to an obligation
     on the part of the Warrant Holder to pay the Call Price. If, by 10:00
     a.m. (New York City time) on the Call Date, the Warrant Holder has not
     paid the Call Price, except in connection with a Call Notice relating to
     a tender offer for or redemption of the Underlying Securities, then the
     Call Notice shall automatically expire and none of the Warrant Holder,
     the Warrant Agent or the Trustee shall have any obligation with respect
     to the Call Notice. The expiration of a Call Notice shall in no way
     affect the Warrant Holder's right to deliver a Call Notice at a later
     date. The Call Price for a call in connection with a tender offer or
     redemption shall be deducted from the proceeds of a tender offer or
     redemption by the Trust pursuant to Section 7(g)(iii) or Section
     7(h)(iii), as applicable.

          (v) Subject to receipt of the Call Price, the Trustee shall pay the
     applicable portion of the Call Price to the Certificateholders on the
     Call Date. The Call Price for the Certificates in respect of partial
     calls shall be allocated pro rata to the Certificateholders.

          (vi) The Trustee shall not consent to any amendment or modification
     of this Agreement (including the Standard Terms) which would adversely
     affect the Warrant Holders (including, without limitation, any alteration
     of the timing or amount of any payment of the Call Price or any other
     provision of this Agreement in a manner adverse to the Warrant Holders)
     without the prior written consent of 100% of the Warrant Holders. For
     purposes of this clause, no amendment, modification or supplement
     required to provide for any purchase by the Trustee of additional
     Underlying Securities and authentication and delivery by the Trustee of
     additional Certificates and Call Warrants pursuant to Section 3(d) shall
     be deemed to adversely affect the Warrant Holders.

          (vii) The Trustee shall not be obligated to determine whether an
     Optional Call complies with the applicable provisions for exemption under
     Rule 3a-7 of the Investment Company Act of 1940, as amended, or the rules
     or regulations promulgated thereunder.

     (e) This Section 7 shall not provide the Warrant Holder with a lien
against, an interest in or a right to specific performance with respect to the
Underlying Securities; provided that

                                      15
<PAGE>

satisfaction of the conditions set forth in Section 7(b) shall entitle the
Certificateholders or the Warrant Holders, as applicable, to a distribution of
the Underlying Securities.

     (f) The rights of the Certificateholders under the Trust Agreement and
the Certificates are limited by the terms, provisions and conditions of the
Trust Agreement, the Warrant Agent Agreement and the Call Warrants with
respect to the exercise of the Call Warrants by the Warrant Holder. The
Certificateholders, by their acceptance of Certificates, covenant and agree to
tender any and all Called Certificates to the Trustee upon the Warrant
Holder's exercise of Call Warrants and payment of the Call Price for such
Certificates in accordance with the provisions hereof and of the Warrant Agent
Agreement.

     (g) (i) If the Trustee receives notice of a tender offer for some or all
of the Underlying Securities, the Trustee shall within one Business Day notify
the Warrant Agent and forward to the Warrant Agent copies of all materials
received by the Trustee in connection therewith. If the Trustee receives a
Call Notice from any Warrant Holder no later than five Business Days prior to
the expiration of the tender offer acceptance period that such Warrant Holder
desires to exercise all or a portion of its Call Warrants in connection with
the consummation of any such tender offer, then the Trustee shall tender, in
compliance with the tender offer requirements, an amount of Underlying
Securities equal to the amount of Underlying Securities that would be
distributable to the Warrant Holder with respect to an Optional Exchange of
the Called Certificates called by such Warrant Holder; provided that any
Optional Call or Optional Exchange undertaken in connection with any such
tender offer shall be subject to the provisions of Section 7 hereof.

          (ii) The Call Date and Optional Exchange Date for any exercise of
     Call Warrants in connection with a tender offer shall be deemed to be the
     Business Day on which such Underlying Securities are accepted for payment
     and paid for.

          (iii) The Call Price shall be deducted from the tender offer
     proceeds and paid to Certificateholders in accordance with Section
     7(d)(v), and the excess of the tender offer proceeds over the Call Price
     shall be paid to the exercising Warrant Holders pro rata in respect to
     their proportionate exercises of Call Warrants or, if the Call Price
     exceeds the tender offer proceeds, the amount of such excess shall be
     paid by the exercising Warrant Holders pro rata in respect to their
     proportionate exercises of Call Warrants.

          (iv) If fewer than all tendered Underlying Securities are accepted
     for payment and paid for, (A) the amount of Call Warrants exercised shall
     be reduced to an amount that corresponds to a number of Certificates that
     could be exchanged in an Optional Exchange for the Underlying Securities
     accepted for payment and paid for (without regard to any restrictions on
     the amount to be exchanged, so long as such restrictions would have been
     satisfied had all tendered Underlying Securities been accepted for
     payment and paid for); (B) each Warrant Holder's exercise shall be
     reduced by its share (proportionate to the amount specified in its
     exercise notice) of the amount of Underlying Securities not accepted for
     payment and paid for; (C) the Call Price shall be determined after giving
     effect to the reduction specified in clause (B); (D) the Call Warrants
     that relate to the reduction specified in clause (B) shall remain
     outstanding; and (E) the excess of the tender offer proceeds over the
     Call Price shall be allocated in proportion to the

                                      16
<PAGE>

     amount of Call Warrants deemed exercised as set forth in clause (A) above
     or, if the Call Price exceeds the tender offer proceeds the amount of such
     excess shall be paid by the exercising Warrant Holders pro rata in respect
     to their proportionate exercises of Call Warrants.

          (v) If the tender offer is terminated by the Underlying Securities
     Issuer without consummation thereof or if all tenders by the Trust of
     Underlying Securities are otherwise rejected, then (1) the Call Notices
     will be of no further force and effect, and (2) any Call Warrants
     relating to such Call Notices will not be exercised and will remain
     outstanding.

     (h) (i) If the Trustee receives notice of a redemption by the Underlying
Securities Issuer for some or all of the Underlying Securities, the Trustee
shall, within three Business Days, notify the Warrant Agent and forward to the
Warrant Agent copies of all materials received by the Trustee in connection
therewith. Any Warrant Holder that desires to call Underlying Securities in
connection with a redemption by the Underlying Securities Issuer shall send a
Call Notice to the Trustee no later than seven Business Days prior to the date
such Underlying Securities are to be redeemed.

          (ii) The Call Date and Optional Exchange Date for any exercise of
     Call Warrants in connection with a redemption by the Underlying
     Securities Issuer shall be deemed to be the Business Day on which such
     Underlying Securities are redeemed by the Underlying Securities Issuer.

          (iii) The Call Price shall be deducted from the redemption proceeds
     and paid to Certificateholders in accordance with Section 7(d)(v), and
     the excess of the redemption proceeds over the Call Price shall be paid
     to the exercising Warrant Holders pro rata in respect to their
     proportionate exercises of Call Warrants.

          (iv) If fewer than all Underlying Securities are redeemed by the
     Underlying Securities Issuer and the amount of Call Warrants exercised
     corresponds to a number of Certificates that could be exchanged in an
     Optional Exchange for a principal amount of Underlying Securities that
     exceeds the principal amount of Underlying Securities actually redeemed,
     then, unless otherwise directed by any exercising Warrant Holder, (A) the
     amount of Call Warrants exercised shall be reduced to an amount that
     corresponds to a number of Certificates that could be exchanged in an
     Optional Exchange for the principal amount of Underlying Securities
     redeemed by the Underlying Securities Issuer (without regard to any
     restrictions on the amount to be exchanged); (B) each Warrant Holder's
     exercise shall be reduced by its share (proportionate to the amount
     specified in its exercise notice) of the amount of such excess; (C) the
     Call Price shall be determined after giving effect to the reduction
     specified in clause (B); (D) the Call Warrants that relate to the
     reduction specified in clause (B) shall remain outstanding; and (E) the
     excess of the redemption proceeds over the Call Price shall be allocated
     in proportion to the amount of Call Warrants deemed exercised as set
     forth in clause (A) above.

          (v) If the Underlying Securities are not redeemed by the Underlying
     Securities Issuer for any reason, then (1) the Call Notices will be of no
     further force and

                                      17
<PAGE>

     effect, and (2) any Call Warrants relating to such Call Notices will not
     be exercised and will remain outstanding.

     Section 8. Trustee's Fees.

     (a) As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Fee and any amounts payable under clauses 5(a)(iii)
above. The Trustee Fee shall be paid by the Depositor and not from Trust
Property. The Trustee shall bear all Ordinary Expenses. Failure by the
Depositor to pay such amount shall not entitle the Trustee to any payment or
reimbursement from the Trust, nor shall such failure release the Trustee from
the duties it is required to perform under the Trust Agreement.

     (b) Extraordinary Trust Expenses shall not be paid out of the Trust
Property unless all the holders of the Certificates then outstanding have
directed the Trustee to incur such Extraordinary Trust Expenses. The Trustee
may incur other Extraordinary Trust Expenses if any lesser percentage of the
Certificateholders requesting such action pursuant hereto reimburse the
Trustee for the cost thereof from their own funds in advance. If Extraordinary
Trust Expenses are not approved unanimously as set forth in the first sentence
of this Section 8(b), such Extraordinary Trust Expenses shall not be an
obligation of the Trust, and the Trustee shall not file any claim against the
Trust therefor notwithstanding failure of Certificateholders to reimburse the
Trustee.

     Section 9. Swap Payments. For so long as the Swap Agreement shall not
have been terminated, the Trust shall pay to the Swap Counterparty, (i) all
interest payments paid to the Trust in respect of the Underlying Securities on
the date such amounts are received by the Trust, excluding any amount of
interest that accrued with respect to the Underlying Securities from the
Underlying Securities Payment Date next preceding the Closing Date to, but
excluding, the Closing Date and (ii) upon the occurrence of an Optional
Exchange for the Underlying Securities, an amount equal to any Early
Termination Payment owed by it to the Swap Counterparty under the Swap
Agreement, provided, however, that such amount will be an obligation of the
Warrant Holder seeking to effectuate the Optional Exchange.

     Section 10. Notices of Swap Agreement Termination Events and Underlying
Securities Events of Default.

     As promptly as practicable after, and in any event within 30 days after,
the occurrence of any Swap Agreement Termination Event or Underlying
Securities Event of Default actually known to the Trustee, the Trustee shall
give notice of such Swap Agreement Termination Event or Underlying Securities
Event of Default to the Depository, or, if any Certificates are not then held
by DTC or any other depository, directly to the registered holders of such
Certificates, and to the Warrant Agent.

     Section 11. Miscellaneous.

     (a) The provisions of Section 4.04, Advances, of the Standard Terms shall
not apply to the Corporate-Backed Trust Certificates, DaimlerChrysler
Debenture-Backed Series 2004-3 Certificates.

                                      18
<PAGE>

     (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the Corporate-Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3 Certificates.

     (c) The Trustee shall simultaneously forward reports to
Certificateholders and to the Swap Counterparty pursuant to Section 4.03 of
the Standard Terms and to the New York Stock Exchange.

     (d) Except as expressly provided herein, the Certificateholders shall not
be entitled to terminate the Trust or cause the sale or other disposition of
the Underlying Securities.

     (e) The provisions of Section 3.07(d) of the Standard Terms shall not
apply to the Corporate-Backed Trust Certificates, DaimlerChrysler
Debenture-Backed Series 2004-3 Certificates.

     (f) The outstanding principal balance of the Certificates shall not be
reduced by the amount of any Realized Losses (as defined in the Standard
Terms).

     (g) The Trust may not engage in any business or activities other than in
connection with, or relating to, the holding, protecting and preserving of the
Trust Property and the issuance of the Certificates and the Call Warrants, and
other than those required or authorized by the Trust Agreement or the Swap
Agreement or incidental and necessary to accomplish such activities. The Trust
may not issue or sell any certificates or other obligations other than the
Certificates and the Call Warrants or otherwise incur, assume or guarantee any
indebtedness for money borrowed. Notwithstanding Section 3.05 of the Standard
Terms, funds on deposit in the Certificate Account shall not be invested.

     (h) Notwithstanding anything in the Trust Agreement to the contrary, the
Trustee may be removed upon 60 days prior written notice delivered by the
holders of Certificates representing the Required Percentage-Removal. Section
2.01(f) of the Standard Terms shall be superseded by this provision.

     (i) In the event that the Internal Revenue Service challenges the
characterization of the Trust as a grantor trust, the Trustee shall then file
such forms as the Depositor may specify to establish the Trust's election
pursuant to Section 761 of the Code to exclude the Trust from the application
of Subchapter K of the Code and is hereby empowered to execute such forms on
behalf of the Certificateholders.

     (j) Notwithstanding anything in the Standard Terms to the contrary, the
Trustee, upon written direction by the Depositor, will execute the
Certificates.

     (k) The Trustee shall appoint a firm of independent certified public
accountants to review each of the distribution reports prepared by the Trustee
pursuant to Section 4.03 of the Standard Terms and to verify (x) that such
reports and the calculations made therein were made accurately and in
accordance with the terms of the Trust Agreement and (y) that the Depositor
and the Trustee have each fulfilled their obligations under this Trust
Agreement. The Trustee shall instruct the accountants (i) to promptly report
to the Trustee any errors in such distribution reports discovered in verifying
such calculations and (ii) to render to the Trustee an annual

                                      19
<PAGE>

examination report, prepared in compliance with established or stated criteria
as set forth in the professional standards of the American Institute of
Certified Public Accountants, within 45 days (or such longer period as may be
acceptable to the Trustee) following the end of each calendar year that
specifies the calculations made in reviewing the distribution reports prepared
by the Trustee for the previous calendar year and such accountants' associated
findings.

     (l) In relation to Section 7.01(f) of the Standard Terms, any periodic
reports filed by the Trustee pursuant to the Exchange Act in accordance with
the customary practices of the Depositor, need not contain any independent
reports.

     (m) Notwithstanding anything in the Trust Agreement to the contrary, the
Trustee will have no recourse to the Underlying Securities.

     (n) A Plan fiduciary, whether or not a Certificateholder at such time,
may request in writing that the Trustee provide such Plan fiduciary with such
information as shall be necessary for it to determine whether any of the Call
Warrant holders is (i) a "party in interest" (within the meaning of ERISA,
Section 3(14)); or (ii) a "disqualified person" within the meaning of Internal
Revenue Code ("Code") Section 4975(e)(2) with respect to any employee benefit
plan or Plan identified to the Trustee by such Plan fiduciary at the time such
request is made in order for the Plan fiduciary to determine whether an
investment in the Certificates by such Plan is or would be permissible under
ERISA or the Code. Any such written request of a Plan fiduciary shall be
accompanied by a certification of the Plan fiduciary, opinion of counsel
experienced in such issues, and such other documentation as the Trustee may
require, in order to establish that such disclosure is necessary for the Plan
fiduciary to determine compliance with ERISA and the Code, as well as a
confidentiality agreement, whereby the Plan fiduciary agrees not to disclose
the identity of any Call Warrant holders except to any legal or other experts
as necessary to make such determination. The holder of a Call Warrant shall
upon reasonable request of the Trustee, in order for the Trustee to satisfy
its obligations to a Plan fiduciary, provide the Trustee with any one or more
of the following, in the sole discretion of the Call Warrant holder: (i) a
certificate that each of the Call Warrant holders is not (x) a "party in
interest" (within the meaning of ERISA, Section 3(14)) with respect to any
"employee benefit plan" as defined in ERISA, Section 3(3); or (y) a
"disqualified person" within the meaning of Internal Revenue Code Section
4975(e)(2) with respect to a "Plan" as defined in Code Section 4975(e)(1)
except in each case with respect to plans sponsored by the Call Warrant holder
or its affiliates which cover employees of the Call Warrant holder and/or such
affiliates; (ii) a certificate that each of the Call Warrant holders is not
such a "party in interest" or "disqualified person" with respect to any
employee benefit plan or Plan identified to the Trustee by such Plan fiduciary
at the time such request is made; or (iii) a written consent to the limited
disclosure of the respective Call Warrant holder's identity to a specific Plan
fiduciary solely for purposes of allowing the Trustee to satisfy its
obligations to a Plan fiduciary.

     (o) The Trust will not merge or consolidate with any other entity without
confirmation from each Rating Agency that such merger or consolidation will
not result in the qualification, reduction or withdrawal of its then-current
rating on the Certificates.

                                      20
<PAGE>

     (p) All directions, demands and notices hereunder or under the Standard
Terms shall be in writing and shall be delivered as set forth below (unless
written notice is otherwise provided to the Trustee).

         If to the Depositor, to:

              Lehman ABS Corporation
              745 Seventh Avenue
              New York, New York  10019
              Attention:  Structured Credit Trading
              Telephone:  (212) 526-6575
              Facsimile:  (201) 508-4621

         If to the Trustee or the Warrant Agent, to:

              U.S. Bank Trust National Association
              100 Wall Street
              New York, New York 10005
              Attention:  Corporate Trust
              Telephone:  (646) 835-2500
              Facsimile:  (212) 809-5459

         If to the Rating Agencies, to:

              Moody's Investors Service, Inc.
              99 Church Street
              New York, New York  10007
              Attention:  CBO/CLO Monitoring Department
              Telephone:  (212) 553-1494
              Facsimile:  (212) 553-0355

                                      21
<PAGE>

     and to:

              Standard & Poor's Ratings Services
              55 Water Street
              New York, New York  10041
              Attention:  Structured Finance Surveillance Group
              Telephone:  (212) 438-2482
              Facsimile:  (212) 438-2664

         If to the New York Stock Exchange, to:

              New York Stock Exchange, Inc.
              20 Broad Street
              New York, New York  10005
              Attention:  Susan G. Waiter, Managing Director, Investment
                            Banking Services/Structured Products
              Telephone:  (212) 656-2818
              Facsimile:  (212) 656-5780

         If to the Swap Counterparty, to:

              Lehman Brothers Special Financing Inc.
              c/o Lehman Brothers Inc.
              745 Seventh Avenue, 28th Floor
              New York, New York  10019
              Attention:  Documentation Manager
              Telephone:  (212) 526-7187
              Facsimile:  (212) 526-7672

          Any notices given to the Depositor under this Agreement shall also
be given to the Swap Counterparty and Warrant Holders.

     (q) Each of the representations, covenants and agreements made herein by
each of the Depositor and the Trustee are for the benefit of the
Certificateholders.

     (r) The provisions of Section 2.01(d)(iii) of the Standard Terms shall
not apply to the Corporate-Backed Trust Certificates, DaimlerChrysler
Debenture-Backed Series 2004-3 Certificates and the following shall be deemed
to be inserted in its place:

          "at the time of delivery of the Underlying Securities, the Depositor
owns such Underlying Securities, has the right to transfer its interest in
such Underlying Securities and such Underlying Securities are free and clear
of any lien, pledge, encumbrance, right, charge, claim or other security
interest; and"

     (s) For purposes of making any determination under the Swap Agreement, in
connection with the termination of the Swap Agreement, the Trustee hereby
appoints the Depositor as the agent of the Trustee.

                                      22
<PAGE>

     Section 12. Governing Law. THIS SERIES SUPPLEMENT AND THE TRANSACTIONS
DESCRIBED HEREIN SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
WITHIN THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS
PROVISIONS THEREOF.

     Section 13. Counterparts. This Series Supplement may be executed in any
number of counterparts, each of which shall be deemed to be an original, and
all such counterparts shall constitute but one and the same instrument.

     Section 14. Termination of the Trust. The Trust shall terminate upon the
earliest to occur of (i) the distribution in full of all amounts due to the
Certificateholders following a Swap Agreement Termination Event; (ii) the
exercise of all outstanding Call Warrants by the Warrant Holders; (iii) the
Final Scheduled Distribution Date and (iv) the expiration of 21 years from the
death of the last survivor of the descendants of Joseph P. Kennedy, the late
Ambassador of the United States to the Court of St. James, living on the date
hereof.

     Section 15. Sale of Underlying Securities. In the event of a sale of the
Underlying Securities pursuant to Section 6 hereof, the Marketing Agent shall
sell the Underlying Securities in accordance with the Sale Procedures. In the
event of an Optional Exchange, the Trustee shall only deliver the Underlying
Securities to the purchaser of such Underlying Securities or sell the
Underlying Securities pursuant to this Section 15, as the case may be, against
payment in same day funds deposited into the Certificate Account.

     Section 16. Amendments. Notwithstanding anything in the Trust Agreement
to the contrary, in addition to the other restrictions on modification and
amendment contained therein, the Trustee shall not enter into any amendment or
modification of the Trust Agreement which would adversely affect in any
material respect the interests of the holders of the Certificates without the
consent of the holders of 100% of such Certificates; provided, however, that
no such amendment or modification will be permitted which would cause the
Trust to be taxed as an association or publicly traded partnership taxable as
a corporation for federal income tax purposes. The Trustee shall not enter
into any amendment or modification of the Trust Agreement that would affect
the method, amount or timing of payments due to the Swap Counterparty or the
consent rights of the Swap Counterparty hereunder without the prior written
consent of the Swap Counterparty. Unless otherwise agreed, the Trustee shall
provide five Business Days written notice to each Rating Agency and the Swap
Counterparty before entering into any amendment or modification of the Trust
Agreement pursuant to this Section 16.

     Section 17. Voting of Underlying Securities, Modification of Underlying
Securities Indenture, Modification of Swap Agreement.

     (a) The Trustee, as holder of the Underlying Securities, has the right to
vote and give consents and waivers in respect of the Underlying Securities as
permitted by the Depository and except as otherwise limited by the Trust
Agreement. In the event that the Trustee receives a request from the
Depository, the Underlying Securities Trustee or the Underlying Securities
Issuer for its consent to any amendment, modification or waiver of the
Underlying Securities, the Underlying Securities Indenture or any other
document thereunder or relating thereto, or receives

                                      23
<PAGE>

any other solicitation for any action with respect to the Underlying
Securities, the Trustee shall mail a notice of such proposed amendment,
modification, waiver or solicitation to the Swap Counterparty and each
Certificateholder of record as of such date. Notwithstanding anything in the
Trust Agreement to the contrary, until a Swap Agreement Termination Event has
occurred, the Swap Counterparty shall have all rights to vote on any matters
with respect to the Underlying Securities. During the continuance of a Swap
Agreement Termination Event, the Certificateholders shall have all rights to
vote on any matters with respect to the Underlying Securities, and in such
event: (i) the Trustee shall request instructions from the Certificateholders
as to whether or not to consent to or vote to accept such amendment,
modification, waiver or solicitation; (ii) the Trustee shall consent or vote,
or refrain from consenting or voting, in the same proportion (based on the
relative outstanding Certificate Principal Balances of the Certificates) as
the Certificates of the Trust were actually voted or not voted by the
Certificateholders thereof as of a date determined by the Trustee prior to the
date on which such consent or vote is required. However, notwithstanding
anything in the Trust Agreement to the contrary (including this Section 17),
the Trustee shall at no time vote on or consent to any matter (A) unless such
vote or consent would not (based on an opinion of counsel) cause the Trust to
be taxed as an association or publicly traded partnership taxable as a
corporation under the Code, (B) which would alter the timing or amount of any
payment on the Underlying Securities, including, without limitation, any
demand to accelerate the Underlying Securities, except in the event of a
default under the Underlying Securities or an event which with the passage of
time would become an event of default under the Underlying Securities and with
(prior to a Swap Agreement Termination Event) the consent of the Swap
Counterparty or (during the continuance of a Swap Agreement Termination Event)
the unanimous consent of holders of all outstanding Certificates and 100% of
the Warrant Holders, or (C) which would result in the exchange or substitution
of any of the outstanding Underlying Securities pursuant to a plan for the
refunding or refinancing of such Underlying Securities except in the event of
a default under the Underlying Securities Indenture and only with the consent
of (prior to a Swap Agreement Termination Event) the Swap Counterparty or
(during the continuance of a Swap Agreement Termination Event)
Certificateholders representing 100% of the Certificates and 100% of the
Warrant Holders. The Trustee shall have no liability for any failure to act
resulting from late return of, or failure to return, directions requested by
the Trustee from the Certificateholders or the Swap Counterparty.

     (b) In the event that an offer is made by the Underlying Securities
Issuer or any other Person to issue new obligations in exchange and
substitution for any of the Underlying Securities, pursuant to a plan for the
refunding or refinancing of the outstanding Underlying Securities or any other
offer is made for the Underlying Securities, the Trustee shall notify the Swap
Counterparty and the Certificateholders of such offer promptly. The Trustee
must reject any such offer unless, prior to the occurrence of a Swap Agreement
Termination Event, the Trustee is directed by the Swap Counterparty to accept
such offer and the Trustee has received the tax opinion described above.
During the continuance of a Swap Agreement Termination Event, the Trustee must
reject any such offer unless a default on the Underlying Securities shall have
occurred, and the Trustee is directed by affirmative vote of the holders of
100% of the Certificates to accept such offer and the Trustee has received the
tax opinion described above. If pursuant to the preceding two sentences, the
Trustee accepts any such offer the Trustee shall promptly notify the Rating
Agencies.

                                      24
<PAGE>

     (c) If an event of default under the Underlying Securities Indenture
occurs and is continuing, and if directed by the Swap Counterparty, or, during
the continuance of a Swap Agreement Termination Event, a majority of the
outstanding Certificateholders, the Trustee shall vote the Underlying
Securities in favor of directing, or take such other action as may be
appropriate to direct, the Underlying Securities Trustee to declare the unpaid
principal amount of the Underlying Securities and any accrued and unpaid
interest thereon to be due and payable.

     (d) Until a Responsible Officer of the Trustee has actual knowledge of
the occurrence of an event that would constitute a Swap Agreement Termination
Event, the Trustee shall be entitled to assume (and shall be fully protected,
indemnified and held harmless in doing so, in accordance with Section 7.12 of
the Standard Terms) that no Swap Agreement Termination Event has occurred and
may accordingly seek instructions under this Section 17 exclusively from the
Swap Counterparty.

     (e) The Trustee shall not consent to any amendment to the Swap Agreement
unless (i) it shall have received the prior consent to such amendment of
Certificateholders representing 66 2/3% of the aggregate Voting Rights and
100% of the Warrant Holders and (ii) each Rating Agency shall have confirmed
in writing that such amendment will not result in a reduction or withdrawal of
the then current rating of the Certificates; provided, however, the Trustee
may consent to any amendment to the Swap Agreement without the consent of the
certificateholders and Warrant Holders to cure any ambiguity in, or to correct
or supplement any provision of the Swap Agreement which may be inconsistent
with any other provision thereof, or to otherwise cure any defect therein,
provided that any such amendment does not materially adversely affect the
interest of the certificateholders or the Warrant Holders and that each Rating
Agency shall have given its prior written confirmation that such amendment
will not result in a reduction or withdrawal of the then current rating of the
Certificates; provided further, however, that notwithstanding anything to the
contrary, the Trustee shall not consent to any amendment to the Swap Agreement
that alters the timing or amount of any payment on the Swap Agreement unless
(i) it shall have received the prior consent to such amendment of
certificateholders representing 100% of the aggregate Voting Rights and 100%
of the Warrant Holders and (ii) each Rating Agency been given prior written
notice of any such amendment (and no rating confirmation shall be required).

     Section 18. Additional Depositor Representation. It is the express intent
of the parties hereto that the conveyance of the Underlying Securities by the
Depositor to the Trustee be, and be construed as, a sale of the Underlying
Securities by the Depositor and not a pledge of any Underlying Securities by
the Depositor to secure a debt or other obligation of the Depositor. In the
event that, notwithstanding the aforementioned intent of the parties, any
Underlying Securities are held to be property of the Depositor, then, it is
the express intent of the parties that such conveyance be deemed a pledge of
such Underlying Securities and all proceeds thereof by the Depositor to the
Trustee to secure a debt or other obligation of the Depositor, pursuant to
Section 10.07 of the Standard Terms. In connection with any such grant of a
security interest in the Underlying Securities and all proceeds thereof
(including any such grant in connection with any sale of additional Underlying
Securities pursuant to Section 3(d)), the Depositor hereby represents and
warrants to Trustee as follows:

                                      25
<PAGE>

     (i)     In the event the Underlying Securities are held to be property of
             the Depositor, then the Trust Agreement creates a valid and
             continuing security interest (as defined in the UCC) in the
             Underlying Securities in favor of the Securities Intermediary
             which security interest is prior to all other liens, and is
             enforceable as such as against creditors of, and purchasers from,
             the Depositor.

     (ii)    The Underlying Securities have been credited to a trust account
             (the "Securities Account") established in the name of the Trustee
             in accordance with Section 2.01 of the Standard Terms. U.S. Bank
             Trust National Association, as securities intermediary (the
             "Securities Intermediary") has established the Securities Account
             and has agreed to treat the Underlying Securities as "financial
             assets" within the meaning of the UCC.

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

     (iv)    The Depositor has received all consents and approvals required by
             the terms of the Underlying Securities for the transfer to the
             Trustee all of the Depositor's interest and rights in the
             Underlying Securities as contemplated by the Trust Agreement.

     (v)     The Depositor has taken all steps necessary to cause the
             Securities Intermediary to identify on its records that the
             Trustee is the Person owning the security entitlements credited
             to the Securities Account.

     (vi)    Other than the security interest granted to the Trust pursuant to
             this Agreement, the Depositor has not assigned, pledged, sold,
             granted a security interest in or otherwise conveyed any interest
             in the Underlying Securities (or, if any such interest has been
             assigned, pledged or otherwise encumbered, it has been released).
             The Depositor has not authorized the filing of and is not aware
             of any financing statements against the Depositor that include a
             description of the Underlying Securities other than any financing
             statement relating to the security interest granted to the Trust
             hereunder. The Depositor is not aware of any judgment or tax lien
             filings against the Depositor.

     (vii)   The Securities Account is not in the name of any Person other
             than the Trustee. The Depositor has not consented to the
             compliance by the Securities Intermediary, with entitlement
             orders of any Person other than the Trustee.

                                      26
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Series
Supplement to be duly executed by their respective authorized officers as of
the date first written above.

                                     LEHMAN ABS CORPORATION,
                                       as Depositor

                                     By: /s/ Paul Mitrokostas
                                        -------------------------------------
                                        Name:  Paul Mitrokostas
                                        Title: Senior Vice President

                                     U.S. BANK TRUST NATIONAL ASSOCIATION,
                                       not in its individual capacity but
                                       solely as Trustee on behalf of the
                                       Corporate-Backed Trust Certificates,
                                       DaimlerChrysler Debenture-Backed
                                       Series 2004-3 Trust

                                     By: /s/ David J. Kolibachuk
                                        -------------------------------------
                                        Name:  David Kolibachuk
                                        Title: Vice President

                                      27
<PAGE>
                                                                    SCHEDULE I

        CORPORATE-BACKED TRUST CERTIFICATES, DAIMLERCHRYSLER DEBENTURE-
                             BACKED SERIES 2004-3

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:                  7.45 Debentures Due 2027.

Issuer:                                 Chrysler Corporation, predecessor to
                                        Daimler Chrysler Corporation.

Underlying Securities Guarantor:        DaimlerChrysler AG.

CUSIP Number:                           171196AP3.

Principal Amount Deposited:             $25,000,000.

Original Issue Date:                    The Underlying Securities were issued
                                        on March 3, 1997.

Principal Amount of
Underlying Securities
Originally Issued:                      $600,000,000.

Maturity Date:                          March 1, 2027.

Interest Rate:                          7.45% per annum.

Interest Payment Dates:                 March 1st and September 1st.

                                     I-1
<PAGE>

                                   EXHIBIT A
                           FORM OF TRUST CERTIFICATE

                               TRUST CERTIFICATE
                               -----------------

NUMBER 1                                        1,000,000 $25 PAR CERTIFICATES
                                                         CUSIP NO. 21988K 33 9

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          THIS CERTIFICATE REPRESENTS A PROPORTIONATE UNDIVIDED BENEFICIAL
OWNERSHIP INTEREST IN THE TRUST AND DOES NOT EVIDENCE AN OBLIGATION OF, OR AN
INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR OR THE TRUSTEE OR ANY OF
THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

          THE CERTIFICATEHOLDERS, BY THEIR ACCEPTANCE OF CERTIFICATES,
COVENANT AND AGREE TO TENDER ANY AND ALL CALLED CERTIFICATES TO THE TRUSTEE
UPON THE WARRANT HOLDER'S EXERCISE OF CALL WARRANTS AND PAYMENT OF THE CALL
PRICE FOR SUCH CERTIFICATES IN ACCORDANCE WITH THE PROVISIONS HEREOF AND OF
THE WARRANT AGENT AGREEMENT.

                                     A-1
<PAGE>

                            LEHMAN ABS CORPORATION

                        1,000,000 $25 PAR CERTIFICATES

        CORPORATE-BACKED TRUST CERTIFICATES, DAIMLERCHRYSLER DEBENTURE-
                             BACKED SERIES 2004-3

INTEREST RATE: 4.63% UNTIL THE DISTRIBUTION DATE IN MARCH 2004 AND THE
TEN-YEAR USD-ISDA-SWAP RATE THEREAFTER

          evidencing a proportionate undivided beneficial ownership interest
in the Trust, as defined below, the property of which consists principally of
$25,000,000 aggregate principal amount of 7.45% Debentures due 2027, issued by
Chrysler Corporation, predecessor to Daimler Chrysler Corporation (the
"Underlying Securities Issuer") and all payments received thereon, deposited
in trust by Lehman ABS Corporation (the "Depositor"), and certain rights of
the Trust under the Swap Agreement (the "Trust Property").

          THIS CERTIFIES THAT CEDE & CO. is the registered owner of an
aggregate of $25,000,000 principal amount nonassessable, fully-paid,
proportionate undivided beneficial ownership interest in the Corporate-Backed
Trust Certificates, DaimlerChrysler Debenture-Backed Series 2004-3 Trust,
formed by the Depositor.

          The Trust was created pursuant to a Standard Terms for Trust
Agreements, dated as of January 16, 2001 (the "Standard Terms"), between the
Depositor and U.S. Bank Trust National Association, a national banking
association, not in its individual capacity but solely as Trustee (the
"Trustee"), as supplemented by the Series Supplement in respect of the
Corporate-Backed Trust Certificates, DaimlerChrysler Debenture-Backed Series
2004-3, dated as of February 11, 2004 (the "Series Supplement" and, together
with the Standard Terms, the "Trust Agreement"), between the Depositor and the
Trustee. This Certificate does not purport to summarize the Trust Agreement
and reference is hereby made to the Trust Agreement for information with
respect to the interests, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Trustee with
respect hereto. A copy of the Trust Agreement may be obtained from the Trustee
by written request sent to the Corporate Trust Office. Capitalized terms used
but not defined herein have the meanings assigned to them in the Trust
Agreement.

          This Certificate is one of the duly authorized Certificates
designated as the "Corporate-Backed Trust Certificates, DaimlerChrysler
Debenture-Backed Series 2004-3" (herein called the "Certificates"). This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Certificate by virtue of the acceptance hereof assents and by which such
Holder is bound. The Trust Property consists of: (i) Underlying Securities
described in the Trust Agreement, (ii) all payments on or collections in
respect of the Underlying Securities accrued on or after February 11, 2004,
together with any and all income, proceeds and payments with respect thereto;
provided, however, that any income from the investment of Trust funds in
certain permitted investments ("Eligible Investments") does not constitute
Trust Property and (iii) the rights of the Trust under the Swap Agreement
(subject to the Trust's obligations to the Swap Counterparty under the Swap
Agreement).

                                     A-2
<PAGE>

          Subject to the terms and conditions of the Trust Agreement
(including the availability of funds for distributions) and until the
obligation created by the Trust Agreement shall have terminated in accordance
therewith, distributions will be made on each Distribution Date, to the Person
in whose name this Certificate is registered on the applicable Record Date, in
an amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day.

          Each Certificateholder, by its acceptance of a Certificate,
covenants and agrees that such Certificateholder will not at any time
institute against the Trust, or join in any institution against the Trust of,
any bankruptcy proceedings under any United States Federal or state bankruptcy
or similar law in connection with any obligations relating to the Certificates
or the Trust Agreement.

          Distributions made on this Certificate will be made as provided in
the Trust Agreement by the Trustee by wire transfer in immediately available
funds, or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the
making of any notation hereon, except that with respect to Certificates
registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee shall be Cede & Co.), payments will be made by
wire transfer in immediately available funds to the account designated by such
nominee. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Trustee of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the Corporate
Trust Office or such other location as may be specified in such notice.

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

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

          THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                     A-3
<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed as of the date set forth below.

                                 CORPORATE-BACKED TRUST
                                 CERTIFICATES, DAIMLERCHRYSLER
                                 DEBENTURE-BACKED SERIES 2004-3

                                 By: U.S. BANK TRUST NATIONAL
                                 ASSOCIATION
                                 not in its individual capacity but solely as
                                 Trustee,

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

Dated:  February 11, 2004

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Corporate-Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3, described in the Trust
Agreement referred to herein.

U.S. BANK TRUST NATIONAL ASSOCIATION
not in its individual capacity but solely as
Trustee,

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

                                     A-4
<PAGE>

                           (REVERSE OF CERTIFICATE)

          The Certificates are limited in right of distribution to certain
payments and collections respecting the Swap Agreement and the Underlying
Securities, all as more specifically set forth herein and in the Trust
Agreement. The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust Property (to the extent of its rights
therein) for distributions hereunder.

          The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the Trustee and the rights of the
Certificateholders under the Trust Agreement at any time by the Depositor and
the Trustee with the consent of the Swap Counterparty and the Holders of the
Certificates in the manner set forth in the Series Supplement and the Standard
Terms. Any such consent by the Holder of this Certificate (or any predecessor
Certificate) shall be conclusive and binding on such Holder and upon all
future Holders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange hereof or in lieu hereof whether or not a
notation of such consent is made upon this Certificate. The Trust Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

          The Certificates are issuable in fully registered form only in
denominations of $25.

          As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is
registerable in the Certificate Register upon surrender of this Certificate
for registration of transfer at the offices or agencies of the Certificate
Registrar maintained by the Trustee in the Borough of Manhattan, the City of
New York, duly endorsed by or accompanied by an assignment in the form below
and by such other documents as required by the Trust Agreement, and thereupon
one or more new Certificates of the same class in authorized denominations
evidencing the same principal amount will be issued to the designated
transferee or transferees. The initial Certificate Registrar appointed under
the Trust Agreement is U.S. Bank Trust National Association.

          No service charge will be made for any registration of transfer or
exchange, but the Trustee may require exchange of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with
any transfer or exchange of Certificates.

          The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Depositor, the Trustee, nor
any such agent shall be affected by any notice to the contrary.

          It is the intention of the parties to the Trust Agreement that the
Trust created thereunder shall constitute a fixed investment trust for federal
income tax purposes under Treasury Regulation Section 301.7701-4, and the
Certificateholder agrees to treat the Trust, any distributions therefrom and
its beneficial interest in the Certificates consistently with such
characterization.

                                     A-5
<PAGE>

          The Trust and the obligations of the Depositor and the Trustee
created by the Trust Agreement with respect to the Certificates shall
terminate upon the earliest to occur of (i) the distribution in full of all
amounts due to the Certificateholders following a Swap Agreement Termination
Event; (ii) the Final Scheduled Distribution Date and (iii) the expiration of
21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late Ambassador of the United States to the Court of St. James,
living on the date hereof.

          An employee benefit plan subject to the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), a plan described in Section
4975(e) of the Code, an entity whose underlying assets include plan assets by
reason of any such plan's investment in the entity, including an individual
retirement account or Keogh plan (any such, a "Plan") may purchase and hold
Certificates if the Plan can represent and warrant that its purchase and
holding of the Certificates would not be prohibited under ERISA or the Code.

                                     A-6
<PAGE>
<PAGE>

                                  ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

(Please print or type name and address, including postal zip code, of
assignee) the within Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing ______________________ Attorney to
transfer said Certificate on the books of the Certificate Register, with full
power of substitution in the premises.

Dated:

                                                                   *

                                                    Signature Guaranteed:

                                                                   *

*NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Signatures must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the
Certificate Registrar, which requirements include membership or participation
in the Security Transfer Agent Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Certificate
Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

                                     A-7
<PAGE>

                                   EXHIBIT B
                            WARRANT AGENT AGREEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

             DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-3 TRUST

          WARRANT AGENT AGREEMENT, dated as of February 11, 2004 (the "Warrant
Agent Agreement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the "Trustee")
and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the "Warrant
Agent").

                             W I T N E S S E T H:

          WHEREAS, the Depositor created Corporate Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3 Trust (the "Trust"), a trust
created under the laws of the State of New York pursuant to a Standard Terms
for Trust Agreements, dated as of January 16, 2001 (the "Agreement"), between
Lehman ABS Corporation (the "Depositor") and U.S. Bank Trust National
Association, a national banking association, not in its individual capacity
but solely as Trustee (the "Trustee"), as supplemented by the Series
Supplement 2004-3, dated as of February 11, 2004 (the "Series Supplement" and,
together with the Agreement, the "Trust Agreement"), between the Depositor and
the Trustee; and

          WHEREAS, in connection with the creation of the Trust and the
deposit therein of the Underlying Securities, it is desired to provide for the
issuance of trust certificates (the "Certificates") evidencing undivided
interests in the Trust and call warrants with respect to the Certificates
("Call Warrants").

          NOW, THEREFORE, in consideration of the foregoing premises and the
mutual covenants expressed herein, it is hereby agreed by and between the
Depositor, the Warrant Agent and the Trustee that except as otherwise
specified herein or as the context may otherwise require, capitalized terms
used herein but not defined herein shall have the respective meanings set
forth below in the Series Supplement, and as follows:

                                  ARTICLE I

                           EXERCISE OF CALL WARRANTS

     Section 1.1 Manner of Exercise. (a) Call Warrants may be exercised by any
holder thereof (each, a "Warrant Holder") in whole or in part on any Call
Date. The following conditions shall apply to any exercise of Call Warrants:

               (i) A notice (each, a "Call Notice") specifying the number of
          Call Warrants being exercised and the Call Date shall be delivered
          to the Warrant Agent and the Trustee at least 5 Business Days before
          such Call Date.

                                     B-1
<PAGE>

               (ii) The Warrant Holder shall surrender the Call Warrants to
          the Warrant Agent at its office specified in Section 7.3 hereof no
          later than 10:00 a.m. (New York City time) on such Call Date.

               (iii) Except as otherwise provided herein in connection with a
          Call Notice relating to a tender offer for or redemption of
          Underlying Securities, the Warrant Holder shall have made payment to
          the Warrant Agent, by wire transfer or other immediately available
          funds acceptable to the Warrant Agent, in the amount of the Call
          Price, no later than 10:00 a.m. (New York City time) on the Call
          Date.

               (iv) The Warrant Holder may not exercise the Call Warrants at
          any time when such Warrant Holder is insolvent, and such Warrant
          Holder shall be required to certify that it is solvent at the time
          of exercise, by completing the form of subscription ("Form of
          Subscription") attached to the Call Warrants and delivering such
          completed Form of Subscription to the Trustee on or prior to the
          Call Date and by delivering to the Trustee a form reasonably
          satisfactory to the Trustee of the solvency certificate required
          pursuant to Section 7(d)(ii) of the Series Supplement.

               (v) The Warrant Holder shall have satisfied any other
          conditions to the exercise of Call Warrants set forth in Section
          7(d) of the Series Supplement.

          (b) Upon exercise of Call Warrants, any Warrant Holder other than
     the Depositor or any Affiliate of the Depositor shall be entitled to
     delivery by the Trustee of the Called Certificates. The "Called
     Certificates" shall be, Certificates having a Certificate Principal
     Balance equal to $25 per Call Warrant. Unless otherwise specified
     therein, each Call Notice shall be deemed to be notice of an Optional
     Exchange pursuant to Section 7(b) of the Series Supplement. Any Warrant
     Holder which is the Depositor or any Affiliate of the Depositor shall
     receive the proceeds of the sale of the Called Underlying Securities and
     shall not be entitled to receive the related Called Certificates or
     Called Underlying Securities. "Called Underlying Securities" are
     Underlying Securities which represent the same percentage of the
     Underlying Securities as the Called Certificates represent of the
     Certificates.

          (c) The Warrant Agent shall notify the Trustee immediately upon its
     receipt of a Call Notice and upon receipt of payment of the Call Price.
     The Warrant Agent shall transfer the amount of any paid Call Price to the
     Trustee in immediately available funds, for deposit in the Certificate
     Account and application pursuant to the Trust Agreement on the applicable
     Call Date (and, pending such transfer, shall hold such amount for the
     benefit of the Warrant Holder in a segregated trust account).

          (d) Delivery of a Call Notice does not give rise to an obligation on
     the part of the Warrant Holder to pay the Call Price. If, by 10:00 a.m.
     (New York City time) on the Call Date, the Warrant Holder has not paid
     the Call Price, except in connection with a Call Notice relating to a
     tender offer for or redemption of Underlying Securities, then the Call
     Notice shall automatically expire and none of the Warrant Holder, the
     Warrant

                                     B-2
<PAGE>

     Agent or the Trustee shall have any obligation with respect to the Call
     Notice. The expiration of a Call Notice shall in no way affect the
     Warrant Holder's right to deliver a Call Notice at a later date. The Call
     Price for a call in connection with a tender offer or redemption shall be
     deducted from the proceeds of a tender offer or a redemption by the Trust
     pursuant to Section 7(g)(iii) or Section 7(h)(iii), as applicable, of the
     Series Supplement.

     Section 1.2 Transfer of Certificates. As soon as practicable after each
surrender of Call Warrants in whole or in part on the Call Date and upon
satisfaction of all other requirements described in the Call Warrants and in
Section 1.1 hereof, the Warrant Agent shall instruct the Trustee as follows:

          (a) if Call Warrants are being exercised by any Warrant Holder other
     than the Depositor or any Affiliate of the Depositor, to cause the Called
     Certificates to reflect the Warrant Holder's beneficial ownership of such
     Certificates and if such Call Notice is also deemed to be a notice of
     Optional Exchange, to cause a distribution of Underlying Securities to
     the Warrant Holder in accordance with Section 7(a) of the Series
     Supplement, provided, however, that if such Call Notice and Optional
     Exchange is in connection with a tender offer or a redemption, the
     Warrant Agent shall instruct the Trustee to distribute to the exercising
     Warrant Holder the excess of the tender offer or redemption proceeds over
     the Call Price pursuant to Section 7(g)(iii) or Section 7(h)(iii), as
     applicable, of the Series Supplement, or

          (b) if the Call Warrants are being exercised by the Depositor or any
     Affiliate of the Depositor, to cause the Called Underlying Securities to
     be sold pursuant to Section 13 of the Series Supplement and to distribute
     the proceeds of such sale to the Warrant Holder.

     If such exercise is in part only, the Warrant Agent shall (i) in the case
of a Global Call Warrant, cause the Registered Warrant Amount to be decreased
to reflect the outstanding Call Warrants of the Warrant Holder and (ii) in the
case of a Certificated Call Warrant, instruct the Trustee to authenticate new
Call Warrants of like tenor, representing the outstanding Call Warrants of the
Warrant Holder, and the Warrant Agent shall deliver such Call Warrants to the
Warrant Holder.

          In each case, the Trustee shall act in accordance with such
instructions.

     Section 1.3 Cancellation and Destruction of Call Warrants. All Call
Warrants surrendered to the Warrant Agent for the purpose of exercise (in
whole or in part) pursuant to Section 1.1 and actually exercised, or for the
purpose of transfer or exchange pursuant to Article IV, shall be cancelled by
the Warrant Agent, and no Call Warrant (other than that reflecting any such
transfer or exchange) shall be issued in lieu thereof. The Warrant Agent shall
destroy all cancelled Call Warrants.

     Section 1.4 No Rights as Holder of Certificates Conferred by Call
Warrants. Prior to the exercise thereof, Call Warrants shall not entitle the
Warrant Holder to any of the rights of a holder of the Certificates,
including, without limitation, the right to receive the payment of any

                                     B-3
<PAGE>

amount on or in respect of the Certificates or to enforce any of the covenants
of the Trust Agreement.

     Section 1.5 Pro Rata Reduction of Call Warrants if Partial Redemption of
Underlying Securities. If Underlying Securities are redeemed in part by the
Underlying Securities Issuer and the Warrant Holders do not exercise their
Call Warrants in connection with such partial redemption, the Warrant Amount
or Registered Warrant Amount, as the case may be, held by each Warrant Holder
shall be reduced proportionately so that the aggregate amount of Certificates
callable by Call Warrants shall equal the amount of outstanding Certificates
after giving effect to such partial redemption. The Warrant Agent shall make
such adjustments to its records as shall be necessary to reflect such
reductions and shall notify the Depository or each Warrant Holder, as the case
may be, of such adjustments.

                                  ARTICLE II

                               THE CALL WARRANTS

     Section 2.1 The Call Warrants.

          (a) The Call Warrants shall initially be issued as one or more
     Global Call Warrants in definitive, fully registered form without
     coupons, and DTC shall be the Depository. Upon issuance, the Global Call
     Warrants shall initially be deposited with the Trustee in its capacity as
     custodian on behalf of DTC. Such Global Call Warrants shall initially be
     registered in the name of Cede & Co. or another nominee designated by
     DTC. Global Call Warrants shall clear and settle in book-entry only form
     through the facilities of the Depository. Unless and until it is
     exchanged in whole or in part for Certificated Call Warrants, a Global
     Call Warrant may not be transferred except as a whole by the Depository
     for such Global Call Warrant to a nominee of such Depository, or by a
     nominee of such Depository to such Depository or another nominee of such
     Depository, or by such Depository or any such nominee to a successor of
     such Depository or a nominee of such successor. The Registered Warrant
     Amount of Call Warrants may from time to time be increased or decreased
     by adjustments made on the records of the Trustee, as custodian for DTC
     for such Global Call Warrant, as provided in this Section.

          (b) The Warrant Agent shall register the transfer or exchange of any
     Global Call Warrant without requiring any additional certification.

          (c) Interests of beneficial owners in a Global Call Warrant may be
     transferred in accordance with the rules and procedures of DTC and any
     other applicable Depositories. In connection with any exchange of
     beneficial ownership interests in a Global Call Warrant for Certificated
     Call Warrants pursuant to Section 2.3, the Warrant Agent shall reflect on
     its books and records the date of such exchange and a decrease in the
     Registered Warrant Amount of such Global Call Warrant in an amount equal
     to the Warrant Amount of the beneficial ownership interests in such
     Global Call Warrant being exchanged for Certificated Call Warrants.

                                     B-4
<PAGE>

     Section 2.2 Cancellation. All Call Warrants presented and surrendered for
payment, transfer or exchange shall be delivered to the Warrant Agent and
shall be promptly canceled by it. No Call Warrants shall be authenticated in
lieu of or in exchange for any Call Warrants canceled as provided in this
Section 2.2.

     Section 2.3 Certificated Call Warrants. Any Global Call Warrant
representing Call Warrants shall be exchangeable for Certificated Call
Warrants only if (i) the Depository advises the Depositor in writing that it
is no longer willing or able to properly discharge its responsibilities with
respect to the Call Warrants and the Depositor is unable to locate a qualified
successor within 60 calendar days or (ii) the Depositor, at its option,
advises the Trustee in writing that it elects to terminate the book-entry
system through the Depository. Any Global Call Warrant that is exchangeable
pursuant to the preceding sentence will be exchangeable for Certificated Call
Warrants of like tenor and Warrant Amount, as applicable, in any authorized
denomination or denominations and registered in the names of such Person or
Persons as the Depository shall direct. Upon such exchange, the Warrant Agent
shall execute and authenticate such Certificated Call Warrants and register
the same in the name of, and deliver the same to, such Person or Persons
consistent with the provisions hereof.

                                 ARTICLE III

                           RESTRICTIONS ON TRANSFER

     Section 3.1 Restrictive Legends. Except as otherwise permitted by this
Article III, each Call Warrant (including each Call Warrant issued upon the
transfer of any Call Warrant) shall be issued with a legend in substantially
the following form:

   "THIS CALL WARRANT (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE
   SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED, SOLD OR
   OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION UNDER SUCH ACT IS IN
   EFFECT OR PURSUANT TO AN EXEMPTION THEREFROM UNDER SUCH ACT. THE CALL
   WARRANT REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN COMPLIANCE WITH THE
   CONDITIONS SPECIFIED IN THE CALL WARRANTS.

   EACH PURCHASER OF THIS CALL WARRANT IS HEREBY NOTIFIED THAT THE SELLER OF
   THIS CALL WARRANT MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
   SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER."

     Section 3.2 Notice of Proposed Transfer. Prior to any transfer of any
Certificated Call Warrant or portion thereof, the Warrant Holder will give
five (5) Business Days (or such lesser period acceptable to the Warrant Agent)
prior written notice to the Warrant Agent of such Warrant Holder's intention
to effect such transfer.

                                  ARTICLE IV

               REGISTRATION AND TRANSFER OF CALL WARRANTS, ETC.

                                     B-5
<PAGE>

     Section 4.1 Warrant Register; Ownership of Call Warrants. The Warrant
Agent will keep a register in which the Warrant Agent will provide for the
registration of Call Warrants and the registration of transfers of Call
Warrants representing numbers of Call Warrants. Prior to due presentment of a
Call Warrant for registration of transfer, the Depositor, the Trustee, the
Warrant Agent and any agent of the Depositor, the Trustee or the Warrant Agent
may treat the Person in whose name any Call Warrant is registered as the owner
of such Call Warrant for any purposes whatsoever, and none of the Depositor,
the Trustee, the Warrant Agent or any agent of the Depositor, the Trustee or
the Warrant Agent shall be affected by notice to the contrary.

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

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

     Section 4.2 Transfer and Exchange of Call Warrants. (a) No Call Warrant
or any beneficial interest therein may be offered, resold, assigned or
otherwise transferred (including by pledge or hypothecation) unless such
offer, resale, assignment or transfer is to a qualified institutional buyer (a
"QIB"), as such term is defined in Rule 144A promulgated under the Securities
Act ("Rule 144A"), in accordance with Rule 144A, and in accordance with any
applicable securities laws of any state of the United States and other
jurisdictions. Prior to any offer, resale, assignment or transfer of any
Certificated Call Warrant, the prospective transferee and the prospective
transferor shall be required to deliver to the Trustee an executed copy of an
Investment Letter with respect to the Certificated Call Warrants to be
transferred substantially in the form of Exhibit A hereto. In addition to the
foregoing, each prospective transferee of any Certificated Call Warrants shall
acknowledge, represent and agree (and each prospective transferee of any
beneficial interest in a Global Call Warrant shall be deemed to acknowledge,
represent and agree) as follows:

     (1)  The transferee (x) is a QIB, (y) is aware that the sale to it is
          being made in reliance on Rule 144A and (z) is acquiring such Call
          Warrants for its own account or for the account of a QIB.

     (2)  The transferee understands that the Call Warrants are being offered
          in a transaction not involving any public offering in the United
          States within the meaning of the Securities Act, and that the Call
          Warrants have not been and will not be registered under the
          Securities Act.

                                     B-6
<PAGE>

     (3)  The transferee agrees that (A) if in the future it decides to offer,
          resell, pledge or otherwise transfer the Call Warrants prior to the
          Resale Restriction Termination Date, such Call Warrants shall only
          be offered, resold, assigned or otherwise transferred to a QIB, in
          accordance with Rule 144A, and in accordance with any applicable
          securities laws of any state of the United States and other
          jurisdictions and (B) the transferee will, and each subsequent
          holder is required to, notify any subsequent purchaser of such Call
          Warrants from it of the resale restrictions referred to in clause
          (A) above.

          (b) Upon surrender of any Certificated Call Warrant for registration
     of transfer or for exchange to the Warrant Agent, the Warrant Agent shall
     (subject to compliance with Article III) promptly execute and deliver,
     and cause the Trustee, on behalf of the Trust, to execute and deliver, in
     exchange therefor, a new Certificated Call Warrant of like tenor and
     evidencing a like number of Call Warrants, in the name of such Warrant
     Holder or as such Warrant Holder (upon payment by such Warrant Holder of
     any applicable transfer taxes or government charges) may direct; provided
     that as a condition precedent for transferring the Call Warrants, the
     prospective transferee shall deliver to the Trustee and the Depositor an
     executed copy of the Investment Letter (set forth as Exhibit A hereto) if
     the same is required pursuant to the provisions of clause (a) above.

     Section 4.3 Replacement of Call Warrants. Upon receipt of evidence
reasonably satisfactory to the Warrant Agent of the loss, theft, destruction
or mutilation of any Call Warrant and, in the case of any such loss, theft or
destruction of any Call Warrant, upon delivery of an indemnity bond in such
reasonable amount as the Warrant Agent may determine, or, in the case of any
such mutilation, upon the surrender of such Call Warrant for cancellation to
the Warrant Agent, the Warrant Agent shall execute and deliver, and cause the
Trustee, on behalf of the Trust, to execute and deliver, in lieu thereof, a
new Call Warrant of like tenor bearing a number not contemporaneously
outstanding.

     Section 4.4 Execution and Delivery of Call Warrants by Trustee. The
Trustee, on behalf of the Trust, hereby agrees (subject to compliance with
Article III) to execute and deliver such new Call Warrants issued in
accordance with Section 1.2 or this Article IV as the Warrant Agent shall
request in accordance herewith.

     Section 4.5 Additional Call Warrants. The Trustee shall execute and
deliver, in a manner consistent with Article II hereof, additional Call
Warrants on behalf of the Trust with respect to any additional Certificates
issued by the Trust following the sale of additional Underlying Securities to
the Trust, in accordance with the provisions of Section 3(d) of the Series
Supplement.

                                  ARTICLE V

                                  DEFINITIONS

          As used herein, unless the context otherwise requires, the following
terms have the following respective meanings:

                                     B-7
<PAGE>

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

          "Call Date": Any Business Day that any holder of Call Warrants
designates as a Call Date occurring (i) on or after February 11, 2009, (ii)
after the Underlying Securities Issuer announces that it will redeem, prepay
or otherwise make an unscheduled payment on the Underlying Securities, (iii)
upon the occurrence of a Swap Agreement Termination Event, (iv) on or after
the date the Trustee notifies the Certificateholders of any proposed sale of
the Underlying Securities following the occurrence of an Underlying Securities
Payment Default, an Underlying Securities Bankruptcy Default or an SEC
Reporting Failure or (v) on any date on which the Underlying Securities Issuer
or an affiliate thereof consummates a tender offer for some or all of the
Underlying Securities.

          "Call Notice": As defined in Section 1.1(a)(i) hereof.

          "Call Price": For each related Call Date, 100% of the outstanding
Certificate Principal Balance of the Certificates being purchased pursuant to
the exercise of the Call Warrants, plus any accrued and unpaid interest on
such amount to, but excluding, the Call Date.

          "Call Warrant": As defined in the recitals.

          "Called Certificates": As defined in Section 1.1(b) hereof.

          "Called Underlying Securities": As defined in Section 1.1(b) hereof.

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

          "Closing Date": February 11, 2004.

          "Depositor": As defined in the recitals.

          "Depositor Order": As defined in the Trust Agreement.

          "Depository": DTC initially, or such other depository appointed by
the Depositor.

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

          "Global Call Warrant": A registered Call Warrant in the name of the
Depository or its nominee.

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

          "QIB": As defined in Section 4.2 hereof.

                                     B-8
<PAGE>

          "Rating Agencies": Standard & Poor's Ratings Services, a division of
The McGraw-Hill Companies, Inc. and Moody's Investors Service and any of their
respective successors.

          "Registered Warrant Amount": The Warrant Amount represented by the
Global Call Warrants.

          "Responsible Officer": As defined in the Trust Agreement.

          "Rule 144A": As defined in Section 4.2.

          "Securities Act": The Securities Act of 1933, or any similar federal
statute, and the rules and regulations of the Commission thereunder, all as
the same shall be in effect at the time.

          "Trust": As defined in the recitals.

          "Trust Agreement": As defined in the recitals.

          "Trustee": As defined in the recitals, or any successor thereto
under the Trust Agreement.

          "Underlying Securities Bankruptcy Default": The occurrence of an
Underlying Securities Event of Default relating to a bankruptcy, insolvency or
reorganization of the Underlying Securities Issuer.

          "Underlying Securities Payment Default": The occurrence of an
Underlying Securities Event of Default relating to the payment of interest on
the Underlying Securities or the payment of principal of or premium, if any,
on the Underlying Securities when due.

          "Warrant Agent": As defined in the recitals, or any successor
thereto under this Warrant Agent Agreement.

          "Warrant Agent Agreement": As defined in the recitals.

          "Warrant Amount": With respect to any Warrant Holder, the number of
Call Warrants relating to Certificates, held by such Warrant Holder.

          "Warrant Holder": As defined in Section 1.1(a) hereof.

                                  ARTICLE VI

                                 WARRANT AGENT

     Section 6.1 Limitation on Liability. The Warrant Agent shall be protected
and shall incur no liability for or in respect of any action taken, suffered
or omitted by it in connection with its administration of the Call Warrants in
reliance upon any instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate,

                                     B-9
<PAGE>

statement or other paper or document in good faith believed by it to be
genuine and to be signed, executed and, where necessary, verified and
acknowledged, by the proper Person or Persons.

     Section 6.2 Duties of Warrant Agent. The Warrant Agent undertakes only
the specific duties and obligations imposed hereunder upon the following terms
and conditions, by all of which the Depositor, the Trust, the Trustee and each
Warrant Holder shall be bound:

          (a) The Warrant Agent may consult with legal counsel (who may be
     legal counsel for the Depositor), and the opinion of such counsel shall
     be full and complete authorization and protection to the Warrant Agent as
     to any action taken or omitted by it in good faith and in accordance with
     such opinion, provided the Warrant Agent shall have exercised reasonable
     care in the selection by it of such counsel.

          (b) Whenever in the performance of its duties hereunder, the Warrant
     Agent shall deem it necessary or desirable that any fact or matter be
     proved or established by the Depositor or the Trustee prior to taking or
     suffering any action hereunder, such fact or matter may be deemed to be
     conclusively proved and established by a Depositor Order or a certificate
     signed by a Responsible Officer of the Trustee and delivered to the
     Warrant Agent; and such certificate shall be full authorization to the
     Warrant Agent for any action taken or suffered in good faith by it
     hereunder in reliance upon such certificate.

          (c) The Warrant Agent shall be liable hereunder only for its own
     negligence, willful misconduct or bad faith.

          (d) The Warrant Agent shall not be liable for or by reason of any of
     the statements of fact or recitals contained herein or be required to
     verify the same, but all such statements and recitals are and shall be
     deemed to have been made by the Trust and the Depositor only.

          (e) The Warrant Agent shall not have any responsibility in respect
     of and makes no representation as to the validity of the Call Warrants or
     the execution and delivery thereof (except the due execution hereof by
     the Warrant Agent); nor shall it be responsible for any breach by the
     Trust of any covenant or condition contained in the Call Warrants; nor
     shall it by any act thereunder be deemed to make any representation or
     warranty as to the Certificates to be purchased thereunder.

          (f) The Warrant Agent is hereby authorized and directed to accept
     instructions with respect to the performance of its duties hereunder from
     the Chairman of the Board, the Chief Executive Officer, Chief Financial
     Officer, Chief Operating Officer, President, a Vice President, a Senior
     Vice President, a Managing Director, its Treasurer, an Assistant
     Treasurer, its Secretary or an Assistant Secretary of the Depositor, and
     any Responsible Officer of the Trustee, and to apply to such officers for
     advice or instructions in connection with its duties, and it shall not be
     liable for any action taken or suffered to be taken by it in good faith
     in accordance with instructions of any such officer.

          (g) The Warrant Agent and any shareholder, director, officer or
     employee of the Warrant Agent may buy, sell or deal in any of the Call
     Warrants or other securities of the Trust or otherwise act as fully and
     freely as though it were not Warrant Agent

                                     B-10
<PAGE>

     hereunder, so long as such persons do so in full compliance with all
     applicable laws. Nothing herein shall preclude the Warrant Agent from
     acting in any other capacity for the Trust, the Depositor or for any
     other legal entity.

          (h) The Warrant Agent may execute and exercise any of the rights or
     powers hereby vested in it or perform any duty hereunder either itself or
     by or through its attorneys or agents.

          (i) The Warrant Agent shall act solely as the agent of the Trust
     hereunder. The Warrant Agent shall not be liable except for the failure
     to perform such duties as are specifically set forth herein, and no
     implied covenants or obligations shall be read into the Call Warrants
     against the Warrant Agent, whose duties shall be determined solely by the
     express provisions thereof. The Warrant Agent shall not be deemed to be a
     fiduciary.

          (j) The Warrant Agent shall not be responsible for any failure on
     the part of the Trustee to comply with any of its covenants and
     obligations contained herein.

          (k) The Warrant Agent shall not be under any obligation or duty to
     institute, appear in or defend any action, suit or legal proceeding in
     respect hereof, unless first indemnified to its satisfaction, but this
     provision shall not affect the power of the Warrant Agent to take such
     action as the Warrant Agent may consider proper, whether with or without
     such indemnity. The Warrant Agent shall promptly notify the Depositor and
     the Trustee in writing of any claim made or action, suit or proceeding
     instituted against it arising out of or in connection with the Call
     Warrants.

          (l) The Trustee will perform, execute, acknowledge and deliver or
     cause to be performed, executed, acknowledged and delivered all such
     further acts, instruments and assurances as may be required by the
     Warrant Agent in order to enable it to carry out or perform its duties
     hereunder.

          (m) Upon request of a Warrant Holder, the Warrant Agent shall
     furnish to such Warrant Holder and/or a prospective purchaser designated
     by such Warrant Holder the information required to be delivered under
     Rule 144A(d)(4) under the Securities Act, to the extent that such
     information is in the possession of the Warrant Agent.

     Section 6.3 Change of Warrant Agent. The Warrant Agent may resign and be
discharged from its duties hereunder upon thirty (30) days notice in writing
mailed to the Depositor and the Trustee by registered or certified mail, and
to the Warrant Holders by first-class mail at the expense of the Depositor;
provided that no such resignation or discharge shall become effective until a
successor Warrant Agent shall have been appointed hereunder. The Depositor may
remove the Warrant Agent or any successor Warrant Agent upon thirty (30) days
notice in writing, mailed to the Warrant Agent or successor Warrant Agent, as
the case may be, and to the Warrant Holders by first-class mail; provided
further that no such removal shall become effective until a successor Warrant
Agent shall have been appointed hereunder. If the Warrant Agent shall resign
or be removed or shall otherwise become incapable of acting, the Depositor
shall promptly appoint a successor to the Warrant Agent, which may be
designated as an interim Warrant Agent. If an interim Warrant Agent is
designated, the Depositor shall then

                                     B-11
<PAGE>

appoint a permanent successor to the Warrant Agent, which may be the interim
Warrant Agent. If the Depositor shall fail to make such appointment of a
permanent successor within a period of thirty (30) days after such removal or
within sixty (60) days after notification in writing of such resignation or
incapacity by the resigning or incapacitated Warrant Agent or by the Warrant
Holder, then the Warrant Agent or registered Warrant Holder may apply to any
court of competent jurisdiction for the appointment of such a successor. Any
successor to the Warrant Agent appointed hereunder must be rated in one of the
four highest rating categories by the Rating Agencies. Any entity which may be
merged or consolidated with or which shall otherwise succeed to substantially
all of the trust or agency business of the Warrant Agent shall be deemed to be
the successor Warrant Agent without any further action.

     Section 6.4 Warrant Agent Transfer Fee. The Warrant Agent will assess a
fee of $50.00 upon the issue of any new Call Warrant, such fee to be assessed
upon the new Warrant Holder.

                                 ARTICLE VII

                                 MISCELLANEOUS

     Section 7.1 Remedies. The remedies at law of the Warrant Holder in the
event of any default or threatened default by the Warrant Agent in the
performance of or compliance with any of the terms of the Call Warrants are
not and will not be adequate and, to the full extent permitted by law, such
terms may be specifically enforced by a decree for the specific performance of
any agreement contained herein or by an injunction against a violation of any
of the terms thereof or otherwise.

     Section 7.2 Limitation on Liabilities of Warrant Holder. Nothing
contained in this Warrant Agent Agreement shall be construed as imposing any
obligation on the Warrant Holder to purchase any of the Certificates except in
accordance with the terms thereof.

     Section 7.3 Notices. All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed
by registered or certified mail, return receipt requested, by a nationally
recognized overnight courier, postage prepaid, addressed (a) if to any Warrant
Holder, at the registered address of such Warrant Holder as set forth in the
register kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust or to
such other address notice of which the Warrant Agent shall have given to the
Warrant Holder and the Trustee or (c) if to the Trust or the Trustee, to the
Corporate Trust Office (as set forth in the Trust Agreement); provided that
the exercise of any Call Warrants shall be effective in the manner provided in
Article I. The Warrant Agent shall forward to the Warrant Holder and Swap
Counterparty any notices received by it hereunder or pursuant to the Trust
Agreement or this Agreement by facsimile within one Business Day of receipt
thereof.

     Section 7.4 Amendment. (a) This Warrant Agent Agreement may be amended
from time to time by the Depositor, the Trustee and the Warrant Agent without
the consent of any Warrant Holder, upon receipt of an opinion of counsel
satisfactory to the Warrant Agent that the provisions hereof have been
satisfied and that such amendment would not cause the Trust to be

                                     B-12
<PAGE>

taxed as an association or publicly traded partnership taxable as a
Corporation under the Code, for any of the following purposes: (i) to cure any
ambiguity or to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein or to provide for
any other terms or modify any other provisions with respect to matters or
questions arising under the Call Warrant which shall not adversely affect in
any material respect the interests of the Warrant Holder or any holder of a
Certificate; provided, however, that no amendment altering the timing or
amount of any payment of the Call Price shall be effected without the consent
of each Warrant Holder; or (ii) to evidence and provide for the acceptance of
appointment hereunder of a Warrant Agent other than U.S. Bank Trust National
Association.

          (b) Without limiting the generality of the foregoing, the Call
     Warrants may also be modified or amended from time to time by the
     Depositor, the Trustee and the Warrant Agent with the consent of Warrant
     Holders of 66-2/3% of the Call Warrants, upon receipt of an opinion of
     counsel satisfactory to the Warrant Agent that the provisions hereof
     (including, without limitation, the following proviso) have been
     satisfied, for the purpose of adding any provisions to or changing in any
     manner or eliminating any of the provisions of the Call Warrants or of
     modifying in any manner the rights of the Warrant Holders; provided,
     however, that no such amendment shall (i) adversely affect in any
     material respect the interests of holders of Certificates without the
     consent of the holders of Certificates evidencing not less than the
     Required Percentage--Amendment of the aggregate Voting Rights of such
     affected Certificates (as such terms are defined in the Trust Agreement)
     and that each Rating Agency shall have given its prior written
     confirmation that such amendment will not result in a downgrading or
     withdrawal of its rating of the Certificates; (ii) alter the terms on
     which Call Warrants are exercisable or the amounts payable upon exercise
     of a Warrant without the consent of the holders of Certificates
     evidencing not less than 100% of the aggregate Voting Rights of such
     affected Certificates and 100% of the affected Warrant Holders, (iii)
     reduce the percentage of aggregate Voting Rights required by (i) or (ii)
     without the consent of the holders of all such affected Certificates or
     (iv) adversely affect in any material repsect the interests of the Swap
     Counterparty without the consent of the Swap Counterparty.
     Notwithstanding any other provision of this Warrant Agent Agreement, this
     Section 7.4(b) shall not be amended without the consent of 100% of the
     affected Warrant Holders.

          (c) Promptly after the execution of any such amendment or
     modification, the Warrant Agent shall furnish a copy of such amendment or
     modification to each Warrant Holder, to the Trustee and to the Rating
     Agencies. It shall not be necessary for the consent of Warrant Holders or
     holders of Certificates under this Section to approve the particular form
     of any proposed amendment, but it shall be sufficient if such consent
     shall approve the substance thereof. The manner of obtaining such
     consents and of evidencing the authorization of the execution thereof
     shall be subject to such reasonable regulations as the Warrant Agent may
     prescribe.

     Section 7.5 Expiration. The right to exercise the Call Warrants shall
expire on the earliest to occur of (a) the cancellation thereof, (b) the
termination of the Trust Agreement, or (c) the liquidation, disposition, or
maturity of all of the Underlying Securities.

                                     B-13
<PAGE>

     Section 7.6 Descriptive Headings. The headings in this Warrant Agent
Agreement are for purposes of reference only and shall not limit or otherwise
affect the meaning hereof.

     Section 7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE
LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF
LAWS.

     Section 7.8 Judicial Proceedings; Waiver of Jury. Any judicial proceeding
brought against the Trust, the Trustee or the Warrant Agent with respect to
this Warrant Agent Agreement may be brought in any court of competent
jurisdiction in the County of New York, State of New York or of the United
States of America for the Southern District of New York and, by execution and
delivery of the Call Warrants, the Trustee on behalf of the Trust and the
Warrant Agent (a) accept, generally and unconditionally, the nonexclusive
jurisdiction of such courts and any related appellate court, and irrevocably
agree that the Trust, the Trustee and the Warrant Agent shall be bound by any
judgment rendered thereby in connection with this Warrant Agent Agreement or
the Call Warrants, subject to any rights of appeal, and (b) irrevocably waive
any objection that the Trust, the Trustee or the Warrant Agent may now or
hereafter have as to the venue of any such suit, action or proceeding brought
in such a court or that such court is an inconvenient forum.

     Section 7.9 Nonpetition Covenant; No Recourse. Each of (i) the Warrant
Holder by its acceptance thereof, and (ii) the Warrant Agent agrees, that it
shall not (and, in the case of the Warrant Holder, that it shall not direct
the Warrant Agent to), until the date which is one year and one day after the
payment in full of the Certificates and all other securities issued by the
Trust, the Depositor or entities formed, established or settled by the
Depositor, acquiesce, petition or otherwise invoke or cause the Trust, the
Depositor, or any such other entity to invoke the process of the United States
of America, any State or other political subdivision thereof or any entity
exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government for the purpose of commencing or
sustaining a case by or against the Trust, the Depositor or any such other
entity under a federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Trust, the Depositor or any such other entity
or all or any part of the property or assets of Trust, the Depositor or any
such other entity or ordering the winding up or liquidation of the affairs of
the Trust, the Depositor or any such other entity.

                                     B-14
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused their names to be
signed hereto by their respective duly authorized officers as of the date
first above written.

                                 LEHMAN ABS CORPORATION,
                                 as Depositor

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

                                 U.S. BANK TRUST NATIONAL ASSOCIATION,
                                 not in its individual capacity but solely
                                 as Trustee and Authenticating Agent

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

                                 U.S. BANK TRUST NATIONAL ASSOCIATION,
                                 as Warrant Agent

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

                                     B-15
<PAGE>

                                   EXHIBIT A

                           FORM OF INVESTMENT LETTER

                         QUALIFIED INSTITUTIONAL BUYER

                                                 Dated: ___________ __, _____

U.S. Bank Trust National Association,
as Trustee
100 Wall Street
New York, New York 10005

Lehman ABS Corporation,
as Depositor
745 Seventh Avenue
New York, New York  10019

     Re:  Corporate Backed Trust Certificates, DaimlerChrysler Debenture-Backed
          Series 2004-3
          ---------------------------------------------------------------------

Ladies and Gentlemen:

          In connection with its proposed purchase of Call Warrants (the "Call
Warrants") which represent the right to call $______________ aggregate
certificate principal balance of Corporate Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-3 Certificates, the undersigned
purchaser (the "Purchaser") confirms that:

     1. The Purchaser understands that substantial risks are involved in an
investment in the Call Warrants. The Purchaser represents that in making its
investment decision to acquire the Call Warrants, the Purchaser has not relied
on representations, warranties, opinions, projections, financial or other
information or analysis, if any, supplied to it by any person, including you,
Lehman ABS Corporation, as depositor (the "Depositor"), or U.S. Bank Trust
National Association, as trustee (the "Trustee"), or any of your or their
affiliates, except as expressly contained in written information, if any. The
Purchaser has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the
Call Warrants, and the Purchaser is able to bear the substantial economic
risks of such an investment. The Purchaser has relied upon its own tax, legal
and financial advisors in connection with its decision to purchase the Call
Warrants.

     2. The Purchaser (A) is a "Qualified Institutional Buyer" (as defined in
Rule 144A under the Securities Act of 1933, as amended (the "1933 Act")) and
(B) is acquiring the Call Warrants for its own account or for the account of
an investor of the type described in clause (A) above as to each of which the
Purchaser exercises sole investment discretion. The Purchaser is purchasing
the Call Warrants for investment purposes and not with a view to, or for, the
offer or sale in connection with, a public distribution or in any other manner
that would violate the 1933 Act or the securities or blue sky laws of any
state.

                                     B-16
<PAGE>

     3. The Purchaser understands that the Call Warrants have not been and
will not be registered under the 1933 Act or under the securities or blue sky
laws of any state, and that (i) if it decides to resell, pledge or otherwise
transfer any Security, such resale, pledge or other transfer must comply with
the provisions of the Warrant Agent Agreement relating to the Call Warrants
(including, without limitation, the provisions of Section 4.2 thereof) and
(ii) it will, and each subsequent holder will be required to, notify any
purchaser of any Security from it of the resale restrictions referred to in
clause (i) above.

     4. The Purchaser understands that each of the Call Warrants will bear a
legend substantially to the following effect, unless otherwise agreed by the
Depositor and the Trustee:

          "THIS CALL WARRANT (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED
          UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
          TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A
          REGISTRATION UNDER SUCH ACT IS IN EFFECT OR PURSUANT TO AN EXEMPTION
          THEREFROM UNDER SUCH ACT. THE CALL WARRANT REPRESENTED HEREBY MAY BE
          TRANSFERRED ONLY IN COMPLIANCE WITH THE CONDITIONS SPECIFIED HEREIN
          OR IN THE SERIES SUPPLEMENT.

          EACH PURCHASER OF THIS CALL WARRANT IS HEREBY NOTIFIED THAT THE
          SELLER OF THIS CALL WARRANT MAY BE RELYING ON THE EXEMPTION FROM THE
          PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
          THEREUNDER."

     5. The Purchaser understands that no subsequent transfer of the Call
Warrants is permitted unless (A) such transfer is of a Call Warrant with the
applicable minimum denomination and (B) the Purchaser causes the proposed
transferee to provide to the Depositor and the Trustee such documentation as
may be required pursuant to Section 4.2 of the Warrant Agent Agreement,
including, if required, a letter substantially in the form hereof, or such
other written statement as the Depositor shall reasonably prescribe.

     6. The Purchaser is a person or entity (a "Person") who is either

          A. (1) a citizen or resident of the United States, (2) a
     corporation, partnership or other entity organized in or under the laws
     of the United States or any political subdivision thereof, or (3) an
     estate the income of which is includible in gross income for federal
     income tax purposes regardless of source, or (4) a trust if a court
     within the United States is able to exercise primary supervision of the
     administration of the trust and one or more United States persons have
     the authority to control all substantial decisions of the trust, or

          B. a Person not described in (A), whose ownership of such Call
     Warrant is effectively connected with such Person's conduct of a trade or
     business within the United

                                     B-17
<PAGE>

     States within the meaning of the Internal Revenue Code of 1986, as
     amended (the "Code"), and its ownership of any interest in such Call
     Warrant will not result in any withholding obligation with respect to any
     payments with respect to the Call Warrants by any Person (other than
     withholding, if any, under Section 1446 of the Code), or

          C. a Person not described in (A) or (B) above, who is not a Person:
     (1) that owns, directly or indirectly, 10% or more of the total combined
     voting power of all classes of stock in the Underlying Securities Issuer
     (as defined in the Prospectus Supplement) entitled to vote, (2) that is a
     controlled foreign corporation related to the Underlying Securities
     Issuer within the meaning of Section 864(d)(4) of the Code, or (3) that
     is a bank extending credit pursuant to a loan agreement entered into in
     the ordinary course of its trade or business.

     7. The Purchaser agrees that (I) if it is a Person described in clause
(A) above, it will furnish to the Depositor and the Trustee a properly
executed IRS Form W-9, and (II) if it is a Person described in clause (B)
above, it will furnish to the Depositor and the Trustee a properly executed
IRS Form W-8ECI, and (III) if it is a Person described in clause (C) above, it
will furnish to the Depositor and the Trustee a properly executed IRS Form
W-8BEN (or, if the Purchaser is treated as a partnership for federal income
tax purposes, a properly executed IRS Form W-8IMY with appropriate
certification for all partners or members attached). The Purchaser also agrees
that it will provide a new IRS form upon the expiration or obsolescence of any
previously delivered form, and that it will provide such other certifications,
representations or Opinions of Counsel as may be requested by the Depositor
and the Trustee.

     8. The Purchaser agrees that if at some time in the future it wishes to
transfer or exchange any of the Call Warrants, it will not transfer or
exchange any of the Call Warrants unless such transfer or exchange is in
accordance with the terms of the Warrant Agent Agreement, Series Supplement
and other documents applicable to the Call Warrant. The Purchaser understands
that any purported transfer of the Call Warrants (or any interest therein) in
contravention of any of the restrictions and conditions in the agreements, as
applicable, shall be void, and the purported transferee in such transfer shall
not be recognized by any Person as a holder of such Call Warrants, for any
purpose.

                                     B-18
<PAGE>

          You and the Trustee are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry
with respect to the matters covered hereby.

                                           Very truly yours,

                                             [Name of Purchaser]

                                           By:  _______________________________
                                           Name:  _____________________________
                                           Title: _____________________________

                                     B-19
<PAGE>

                                   EXHIBIT C
                            FORM OF SWAP AGREEMENT

(Multicurrency--Cross Border)

                                    ISDA(R)
                 International Swap Dealers Association, Inc.
                             (b) MASTER AGREEMENT

                         dated as of February 11, 2004

                                     among
LEHMAN BROTHERS SPECIAL FINANCING     and           CORPORATE-BACKED TRUST
              INC.                               CERTIFICATES, DAIMLERCHRYSLER
                                                DEBENTURE-BACKED SERIES 2004-3
                                                            TRUST
           (Party A)                                      (Party B)

          have entered and/or anticipate entering into one or more
transactions (each a "Transaction") that are or will be governed by this
Master Agreement, which includes the schedule (the "Schedule"), and the
documents and other confirming evidence (each a "Confirmation") exchanged
between the parties confirming those Transactions.

Accordingly, the parties agree as follows: --

1.   Interpretation

(a)   Definitions. The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master Agreement.

(b)   Inconsistency. In the event of any inconsistency between the provisions
of the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)   Single Agreement. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.   Obligations

(a)  General Conditions.

     (i) Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii) Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the
     required currency. Where settlement is by delivery (that is, other than
     by payment), such delivery will be made for receipt on the due date in
     the manner customary for the relevant obligation unless otherwise
     specified in the relevant Confirmation or elsewhere in this Agreement.

                                     C-1
<PAGE>

     (iii) Each obligation of each party under Section 2(a)(i) is subject to
     (1) the condition precedent that no Event of Default or Potential Event
     of Default with respect to the other party has occurred and is
     continuing, (2) the condition precedent that no Early Termination Date in
     respect of the relevant Transaction has occurred or been effectively
     designated and (3) each other applicable condition precedent specified in
     this Agreement.

                                     C-2
<PAGE>

value of that which was (or would have been) required to be delivered as of
the originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or
would have been required to have been paid or performed to (but excluding)
such Early Termination Date, at the Applicable Rate. Such amounts of interest
will be calculated on the basis of daily compounding and the actual number of
days elapsed. The fair market value of any obligation referred to in clause
(b) above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be
the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

<TABLE>
<CAPTION>
<S>                                            <C>
LEHMAN BROTHERS SPECIAL FINANCING INC.             CORPORATE-BACKED TRUST
                                               CERTIFICATES, DAIMLERCHRYSLER
                                               DEBENTURE-BACKED SERIES 2004-3
                                                            TRUST
            (Party A)                                      (Party B)

                                           By:  U.S. Bank Trust National Association, not in its
                                                individual capacity but solely as Trustee under
By:  _____________________________              the Trust Agreement
     Name:
     Title:                                 By:  _______________________________________________
                                                 Name:
                                                 Title:
</TABLE>

                                     C-3
<PAGE>

                                   SCHEDULE
                            to the Master Agreement
                         dated as of February 11, 2004

                                    between

              LEHMAN BROTHERS SPECIAL FINANCING INC. ("Party A"),
                         a corporation organized under
                                  the laws of
                             the State of Delaware
                                      and

             CORPORATE-BACKED TRUST CERTIFICATES, DAIMLERCHRYSLER
                     DEBENTURE-BACKED SERIES 2004-3 TRUST ("Party B")
            a trust created under the laws of the State of New York
              pursuant to the Trust Agreement (as defined herein)
             Section 19.  Termination Provisions.

In this Agreement:-
     (a) "Specified Entity" means in relation to Party A for the purpose of:-

     Section 5(a)(v)                                         Not Applicable.
     Section 5(a)(vi)                                        Not Applicable.
     Section 5(a)(vii)                                       Not Applicable.
     Section 5(b)(iv)                                        Not Applicable.

     and in relation to         Party B for the purpose of:-

     Section 5(a)(v)                                         Not Applicable.
     Section 5(a)(vi)                                        Not Applicable.
     Section 5(a)(vii)                                       Not Applicable.
     Section 5(b)(iv)                                        Not Applicable.

     (b) "Specified Transaction" will have the meaning specified in Section 14
of this Agreement.

     (c) Failure to Pay or Deliver. Section 5(a) is hereby amended by
replacing the word "third" with the word "fifth" in the last line of
subsection (i) thereof.

     (d) Section 5(a) is hereby amended by: (1) deleting the word "or" at the
end of Subsection (vii) thereof; (2) deleting the period at the end of
Subsection (viii) thereof and (3) adding the following Subsection (ix) and
Subsection (x) at the end of such Section 5(a):

        (ix) Underlying Securities Payment Default. An Underlying Securities
        Payment Default shall have occurred and be continuing; or

                                     C-4
<PAGE>

        (x) Underlying Securities Bankruptcy Default. An Underlying Securities
        Bankruptcy Default shall have occurred and be continuing.

        For the purpose of the Events of Default described in Section 5(a)(ix)
        and 5(a)(x), the Defaulting Party shall be Party B.

     (e) The provisions of Section 5(a) (as modified by (c) and (d) above) and
Section 5(b) will apply to Party A and to Party B as follows:-

<TABLE>
<CAPTION>
     Section 5(a)                                         Party A            Party B
     ------------                                         -------            -------

<S>                                                       <C>                <C>
     (i)    "Failure to Pay or Deliver"                   Applicable.        Applicable.
     (ii)   "Breach of Agreement"                         Not Applicable.    Not Applicable.
     (iii)  "Credit Support Default"                      Applicable.        Not Applicable.
     (iv)   "Misrepresentation"                           Not Applicable.    Not Applicable.
     (v)    "Default under Specified Transaction"         Not Applicable.    Not Applicable.
     (vi)   "Cross Default"                               Not Applicable.    Not Applicable.
     (vii)  "Bankruptcy"                                  Applicable.        Not Applicable.
     (viii) "Merger Without Assumption"                   Not Applicable.    Not Applicable.
     (ix)   "Underlying Securities Payment
                 Default"                                 Not Applicable.    Applicable.
     (x)    "Underlying Securities Bankruptcy
                 Default"                                 Not Applicable.    Applicable.

     Section 5(b)                                         Party A            Party B
     ------------                                         -------            -------

     (i)    "Illegality"                                  Applicable.        Applicable.
     (ii)   "Tax Event"                                   Not Applicable.    Not Applicable.
     (iii)  "Tax Event Upon Merger"                       Not Applicable.    Not Applicable.
     (iv)   "Credit Event Upon Merger"                    Not Applicable.    Not Applicable.
     (v)    "Additional Termination Event"                Applicable.        Applicable.
</TABLE>
     (f) The following shall each be specified as "Additional Termination
Events" pursuant to Section 5(b)(v):

          SEC Reporting Failure. If the Underlying Securities Guarantor either
          (x) states in writing that it intends permanently to cease filing
          periodic reports required under the Securities Exchange Act of 1934,
          as amended or (y) fails to file all required periodic reports for
          one full year (each, an "SEC Reporting Failure") and the Call
          Warrant holders do not elect to exercise their call rights, the
          Depositor shall within a reasonable period of time instruct the
          Trustee to cause the Marketing Agent to liquidate the Underlying
          Securities, in which case, (1) the Transactions shall be terminated
          and (2) the Early Termination Date shall be the date on which the
          Underlying Securities are liquidated. For the purposes the foregoing
          Additional Termination Event, Party B shall be the Affected Party.

                                     C-5
<PAGE>

          Optional Redemption. The exercise of optional redemption or other
          prepayment of the Underlying Securities in accordance with Section 6
          of the Series Supplement, in which case, (1) a portion of the
          Notional Amount of the Transactions equal to the related optional
          redemption shall be terminated and (2) the Early Termination Date
          with respect to such portion of the Notional Amount of the
          Transactions shall be the date on which the optional redemption is
          exercised. For the purposes the foregoing Additional Termination
          Event, Party B shall be the Affected Party.

          Optional Exchange. The exercise of an Optional Exchange in
          accordance with Section 7 of the Series Supplement, in which case,
          (1) a portion of the Notional Amount of the Transactions equal to
          the related Optional Exchange shall be terminated and (2) the Early
          Termination Date with respect to such portion of the Notional Amount
          of the Transactions shall be the related date the Optional Exchange
          is exercised. For the purposes the foregoing Additional Termination
          Event, Party B shall be the Affected Party.

     (g) Automatic Early Termination. The "Automatic Early Termination"
provisions of Section 6(a) will not apply to Party A or Party B.

     (h) Additional Definitions.

     As used in this Schedule, the following terms shall have the following
meanings:

     "Business Day" means any day (which is neither a Saturday nor a Sunday)
     nor a day on which banks in New York City or the place of payment in
     respect of the Underlying Securities are authorized or required to be
     closed.

     "LBHI" means Lehman Brothers Holdings Inc.

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

     "Person" means any individual, partnership, joint venture, firm,
     corporation, association, trust or other enterprise or any government or
     political subdivision or any agency, department or instrumentality
     thereof.

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

     "Underlying Securities Guarantor" means DaimlerChrysler AG.

     (i) "Termination Currency" means United States Dollars ("USD").

     Section 20. Tax Representations.

(A) Payer Tax Representation. For the purpose of Section 3(e) of this
    Agreement, Party A and Party B each make the following representations:

                                     C-6
<PAGE>

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from
     any payment (other than interest under Section 2(e), 6(d)(ii), or 6(e) of
     this Agreement) to be made by it to the other party under this Agreement.
     In making this representation, it may rely on (i) the accuracy of any
     representations made by the other party pursuant to Section 3(f) of this
     Agreement, (ii) the satisfaction of the agreement contained in Section
     4(a)(i) or 4(a)(iii) of this Agreement, and the accuracy and
     effectiveness of any document provided by the other party pursuant to
     Section 4(a)(i) or 4(a)(iii) of this Agreement, and (iii) the
     satisfaction of the agreement of the other party contained in Section
     4(d) of this Agreement, provided that it shall not be a breach of this
     representation where reliance is placed on clause (ii) and the other
     party does not deliver a form or document under Section 4(a)(iii) by
     reason of material prejudice to its legal or commercial position.

(B)  Payee Tax Representations. For the purpose of Section 3(f) of this
     Agreement, Party A makes the following representations:-
          (i)  The following representation applies to Party A:-

          Party A is a corporation organized under the laws of the State of
          Delaware.

     (ii) The following representation applies to Party B:-

           Party B is a trust that has not elected to be treated as a
           corporation for U.S. federal income tax purposes.
     Section 21. Agreement to Deliver Documents.

For the purpose of Section 4(a)(i) and Section 4(a)(ii) of this Agreement,
Party A and Party B each agree to deliver the following documents, as
applicable:-
     (a) Tax forms, documents or certificates to be delivered are:

<TABLE>
<CAPTION>
        Party               Form, Document                             Date by which                Covered
        required to         or Certificate                             to be Delivered                 by
        deliver             --------------                             ---------------              Section
        document                                                                                      3(d)
        -----------                                                                                 --------

        <S>              <C>                                    <C>                                    <C>

        Party A          A complete and executed U.S.           (i)  Before the first                  No
                         Internal Revenue Service Form W-       Payment Date under this
                         9 (or any successor thereto), that     Agreement, (ii)
                         eliminates U.S. federal backup         promptly upon
                         withholding tax on payments under      reasonable demand by
                         this Agreement.                        Party B, and (iii)
                                                                promptly upon learning
                                                                that any such Form
                                                                previously provided by

                                     C-7
<PAGE>

        Party               Form, Document                             Date by which                Covered
        required to         or Certificate                             to be Delivered                 by
        deliver             --------------                             ---------------              Section
        document                                                                                      3(d)
        -----------                                                                                 --------

                                                                Party A has become
                                                                obsolete or incorrect.

        Party B          A complete and executed U.S.           (i)  Before the first                  No
                         Internal Revenue Service Form W-       Payment Date under this
                         9 (or any successor thereto) and a     Agreement, (ii)
                         complete and executed U.S. Internal    promptly upon
                         Revenue Service Form W-8BEN,           reasonable demand by
                         W-8IMY, W-8ECI or W-9 (or any          Party A, and (iii)
                         successor thereto) from each           promptly upon learning
                         Certificateholder (and, where          that any such Form
                         applicable, such forms from the        previously provided by
                         beneficial owners of such              Party B has become
                         Certificates) and in any case in       obsolete or incorrect.
                         which the Certificateholder is
                         eligible for the benefits of an
                         income tax treaty with the United
                         States, a Form W-8BEN including a
                         claim of treaty benefits under Part
                         II, claiming such benefits with
                         respect to all payments received
                         with respect to the Certificates, and
                         with Part III marked, in each case
                         that eliminates U.S. federal
                         withholding tax and backup
                         withholding on payments under this
                         Agreement.
        (b)  Other documents to be delivered are:
</TABLE>

<TABLE>
<CAPTION>

        Party required
        to deliver              Form, Document                 Date by which           Covered by
        document                or Certificate                 to be Delivered         Section 3(d)
        --------                --------------                 ---------------         -----------

        <S>                     <C>                            <C>                          <C>

        Party A                 An opinion of counsel to       Promptly after               No
                                Party A substantially in       execution of this
                                the form of Exhibit B          Agreement.
                                this Schedule.

        Party A                 An incumbency certificate      Upon execution of this       Yes

                                     C-8
<PAGE>

        Party required
        to deliver              Form, Document                 Date by which           Covered by
        document                or Certificate                 to be Delivered         Section 3(d)
        --------                --------------                 ---------------         -----------

                                with respect to the            Agreement.
                                signatory of this
                                Agreement.

        Party A                 A guarantee of LBHI            Upon execution of this       No
                                substantially in the form      Agreement.
                                of Exhibit D to this
                                Schedule.

        Party B                 An opinion of counsel to       Promptly after               No
                                Party B substantially in       execution of this
                                the form of Exhibit C to       Agreement.
                                this Schedule.

        Party B (with           An incumbency certificate      Upon execution of this       Yes
        respect to the          with respect to the            Agreement.
        Trustee)                signatory of this
                                Agreement.

        Party B (with           A certified copy of the        Upon execution of this       Yes
        respect to the          resolution or resolutions      Agreement (unless an
                                or applicable Bylaws (the      Authorizing Resolution
                                "Authorizing Resolution")      has previously been
                                of the Board of Directors      furnished by the
                                or loan committee of the       Trustee to Party A)
                                Trustee, certified by a        and, with respect to
                                secretary, or an assistant     each Swap Transaction
                                secretary of the Trustee,      not covered by a
                                pursuant to which the          previously furnished
                                Trustee is authorized, on      Authorizing
                                behalf of the Trust, to        Resolution, within five
                                enter into this Agreement      Business Days of the
                                and each Swap                  Trade Date.
                                Transaction entered into
                                under this Agreement.

        Party B                 A certified copy of the        Upon execution of this       Yes
                                Trust Agreement and each       Agreement and on the
                                amendment thereof.             date of each
                                                               amendment thereof.
</TABLE>

          Section 22. Miscellaneous.

          (a) Addresses for Notices. For purpose of Section 10(a):

                                     C-9
<PAGE>

     Address for notices or communications to Party A:-

     Address:     Lehman Brothers Special Financing Inc.
                  c/o Lehman Brothers Inc.
                  745 Seventh Avenue, 28th Floor
                  New York, New York  10019

     Attention: Documentation Manager

     Telephone No.: (212) 526-7187

     Facsimile No.: (212) 526-7672

     Address for notices or communications to Party B:-

     Address:     U.S. Bank Trust National Association
                  100 Wall Street
                  New York, New York 10005

     Attention: Corporate Trust

     Facsimile No.:       (212) 809-5459
     (b) Process Agent. For the purpose of Section 13(c):--

     Party A appoints as its Process Agent: Not Applicable.

     Party B appoints as its Process Agent: Not Applicable.
     (c) Offices. The provisions of Section 10(a) will apply to this
Agreement.

     (d) Multibranch Party. For the purpose of Section 10(c) of this
Agreement:--

     Party A is not a Multibranch Party.

     Party B is not a Multibranch Party.
     (e) Calculation Agent. The Calculation Agent is Party A. The failure of
Party A to perform its obligations as Calculation Agent shall not be construed
as an Event of Default or Termination Event.

     (f) Credit Support Document. Details of any Credit Support Document:-

     In the case of Party A, a guarantee of Party A's obligations hereunder
     substantially in the form of Exhibit D attached to this Schedule.

     In the case of Party B, not applicable.
     (g) Credit Support Provider.

                                     C-10
<PAGE>

     Credit Support Provider means in relation to Party A: LBHI.

     Credit Support Provider means in relation to Party B: Not Applicable.

     (h) Limitation on Trustee Liability. In the absence of negligence,
willful misconduct or bad faith on the part of the Trustee, the Trustee shall
have no personal liability for the payment of any indebtedness or expenses of
Party B or be personally liable for the breach or any failure of any
obligation, representation, warranty or covenant made or undertaken by Party B
under this Transaction or the Trust Agreement within the scope of the
Trustee's discharge of its duties under this Transaction or the Trust
Agreement or for any amounts due under this Transaction from Party B, such
amounts to be paid solely from the assets of Party B in accordance with the
Trust Agreement.

     (i) Governing Law. This Agreement will be governed by and construed in
accordance with the laws of the State of New York (without regard to choice of
law doctrine).

     (j) Jurisdiction. Section 13(b) is hereby amended by: (i) deleting in the
second line of subparagraph (i) thereof the word "non-"; and (ii) deleting the
final paragraph thereof.

     (k) Netting of Payments. Section 2(c)(ii) will apply to all Transactions.

     (l) "Affiliate" will have the meaning specified in Section 14 of this
Agreement.

     Section 23. Other Provisions.

     (a) Confirmation. Each Confirmation supplements, forms part of, and will
be read and construed as one with the Agreement. A form of Confirmation is set
forth as Exhibit A hereto.

     (b) Early Termination. Notwithstanding any other provision of this
Agreement, in the event of the occurrence of an Event of Default with respect
to Party A, the Depositor shall make the determination to designate an Early
Termination Date in connection with the termination of this Agreement on
behalf of Party B. In addition, the Early Termination Date so designated shall
be at least five Business Days following the date on which Party B receives
such direction from the Depositor.

     (c) No Bankruptcy Petition. Prior to the date that is one year and one
day (or the applicable preference period) after the date upon which the trust
created under the Trust Agreement is terminated in accordance with the terms
thereof, Party A shall not institute against, or join any other person in
instituting against, the trust created thereby, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any federal or state bankruptcy or similar law.

     (d) Transfer. Section 7 is hereby amended by: (i) adding the words
"(which consent may not be unreasonably withheld)" after the word "consent" in
the second line thereof, (ii) adding the words "(and notice of the transferee
to)" after the word "of" in the third line thereof, (iii) adding the words
"and the consent of holders of 100% of the then outstanding Certificates, and
each Rating Agency shall have given its prior written confirmation that such
transfer will not result in a reduction or withdrawal of the then current
rating of the Certificates" after the word

                                     C-11
<PAGE>

"party" in the third line thereof and (iv) adding the words "(subject to
providing written notice of the transferee to the other party)" after the word
"transfer" in the fourth and seventh line thereof. Party B shall not consent
to any transfer or assignment by Party A of its rights and obligations
hereunder unless holders of 100% of the outstanding Certificates have
consented to such assignment or transfer.

     (e) Intention to Enter into a "Swap Agreement". Each of Party A and Party
B hereby acknowledges and agrees that this Agreement and all Additional Direct
Agreements and each Transaction hereunder or thereunder is intended to be a
"swap agreement" as that term is defined in the U.S. Bankruptcy Code (as
amended from time to time) and that the rights granted to each party under
Section 6 include a contractual right to terminate a "swap agreement" and to
offset and net out termination values and payments in conjunction therewith.

     (f) Waiver of Right to Trial by Jury. Each party hereby irrevocably
waives, to the fullest extent permitted by applicable law, any right it may
have to a trial by jury in respect of any suit, action or proceeding relating
to this Agreement or any Credit Support Document. Each party (i) certifies
that no representative, agent or attorney of the other party or any Credit
Support Provider has represented, expressly or otherwise, that such other
party would not, in the event of such a suit, action or proceeding, seek to
enforce the foregoing waiver and (ii) acknowledges that it and the other party
have been induced to enter into this Agreement and provide for any Credit
Support Document, as applicable, by, among other things, the mutual waivers
and certifications in this section.

     (g) Accuracy of Specified Information. Section 3(d) is hereby amended by
adding in the third line thereof after the word "respect" and before the
period the words "or, in the case of audited or unaudited financial
statements, a fair presentation, in all material respects, of the financial
condition of the relevant person."

     (h) Additional Representations. For purposes of Section 3 of this
Agreement, the following shall be added, immediately following paragraph (f)
thereof:

     (g)  No Agency. It is entering into this Agreement and each Transaction
          as principal (and not as agent or in any other capacity, fiduciary
          or otherwise); provided, that the Trustee is acting not in its
          individual capacity but solely as Trustee for Party B.

     (h)  Eligible Contract Participant. It is an "eligible contract
          participant" as that term is defined in the Commodity Exchange Act,
          as amended.

     (i)  Non-Reliance. Party A is acting for its own account, and it has made
          its own independent decisions to enter into that Transaction and as
          to whether that Transaction is appropriate or proper for it based
          upon its own judgment and upon advice from such advisers as it has
          deemed necessary. Party B is entering into the Transaction pursuant
          to the terms of the Trust Agreement. Neither party is relying on any
          communication (written or oral) of the other party as investment
          advice or as a recommendation to enter into that Transaction; it
          being understood that information and explanations related to the
          terms and conditions of a

                                     C-12
<PAGE>

          Transaction shall not be considered investment advice or a
          recommendation to enter into that Transaction. No communication
          (written or oral) received from the other party shall be deemed to
          be an assurance or guarantee as to the expected results of that
          Transaction.

          Assessment and Understanding. It is capable of assessing the merits
          of and understanding (on its own behalf or through independent
          professional advice), and understands and accepts, the terms,
          conditions and risks of that Transaction. It is also capable of
          assuming, and assumes, the risks of that Transaction.

          Status of Parties. The other party is not acting as a fiduciary for
          or an adviser to it in respect of that Transaction.
     (i)  No Setoff to Party A Affiliates. Party B agrees that all payments
required to be made by it under this Agreement shall be made without setoff or
counterclaim for, and that it shall not withhold payment or delivery under
this Agreement in respect of, any default by any Affiliate of Party A under
any Other Agreement or any amount relating to any Other Agreement between
Party B and such Affiliate of Party A or between an Affiliate of Party B and
such Affiliate of Party A. As used herein, "Other Agreement" means any
agreement, including, but not limited to, (i) any transaction (including an
agreement with respect thereto) which is a rate swap transaction, basis swap,
forward rate transaction, commodity swap, commodity option, interest rate
option, foreign exchange transaction, cap transaction, floor transaction,
currency option or any other similar transaction (including any option with
respect to any of these transactions), (ii) any liability, claim or obligation
(whether present or future, contingent or otherwise), or (iii) any combination
of one or more of the transactions described above. This paragraph (l) shall
supersede any setoff right contained in any Other Agreement or any agreement
relating to any Other Agreement between Party B and any such Affiliate of
Party A or between an Affiliate of Party B and such Affiliate of Party A.

     (j) Notices. For the purposes of subsections (iii) and (v) of Section
12(a), the date of receipt shall be presumed to be the date sent if sent on a
Local Business Day or, if not sent on a Local Business Day, the date of
receipt shall be presumed to be the first Local Business Day following the
date sent.

     (k) Service of Process. The penultimate sentence of Section 13(c) shall
be amended by adding the following language at the end thereof: "if permitted
in the jurisdiction where the proceedings are initiated and in the
jurisdiction where service is to be made."

     (l) Additional Definitions.

     "Certificates" shall mean Corporate-Backed Trust Certificates,
     DaimlerChrysler Debenture-Backed Series 2004-3 Trust Certificates, due
     March 1, 2027, issued pursuant to the Trust Agreement.

     "Optional Exchange" shall have the meaning specified therefor in the
     Trust Agreement.

                                     C-13
<PAGE>

     "Trust Agreement" shall mean, collectively, the Series Supplement (the
     "Series Supplement"), dated as of February 11, 2004, which supplements
     and amends the Standard Terms for Trust Agreements ("Standard Terms"),
     dated as of January 16, 2001, each between Lehman ABS Corporation, as
     depositor, and U.S. Bank Trust National Association, as trustee, as the
     same may be amended or supplemented from time to time as provided
     therein.

     "Trustee" shall mean U.S. Bank Trust National Association, as Trustee of
     Party B, and any additional or successor trustee of Party B.

     "Underlying Securities" shall have the meaning specified therefor in the
     Trust Agreement.

     "Underlying Securities Bankruptcy Default" shall mean the occurrence of
     any event of bankruptcy, insolvency or reorganization that would be an
     event of default under the Underlying Securities Indenture.

     "Underlying Securities Payment Default" shall mean the failure by the
     Underlying Securities Issuer to pay interest or principal with respect to
     the Underlying Securities within any applicable grace period after the
     same shall become due.

     Terms used herein and not otherwise defined shall have the meaning
     ascribed to them in the Trust Agreement.

                                     C-14
<PAGE>

          The parties executing this Schedule have executed the Master
Agreement and have agreed as to the contents of this Schedule.

                                  LEHMAN BROTHERS SPECIAL FINANCING INC.

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

                                  CORPORATE-BACKED TRUST CERTIFICATES,
                                  DAIMLERCHRYSLER DEBENTURE-BACKED
                                  SERIES 2004-3 TRUST

                                  By:  U.S. Bank Trust National Association,
                                       not in its individual capacity but
                                       solely as Trustee under the Trust
                                       Agreement

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

                                     C-15
<PAGE>

                             EXHIBIT A TO SCHEDULE

                             FORM OF CONFIRMATION

                                 Confirmation
                                 ------------

DATE:    February 11, 2004

TO:      Corporate-Backed Trust Certificates, DaimlerChrysler Debenture-Backed
         Series 2004-3 Trust

FROM:    Lehman Brothers Special Financing Inc.

SUBJECT: INTEREST RATE SWAP TRANSACTION

To U.S. Bank Trust National Association, as Trustee:

          The purpose of this communication is to set forth the terms and
conditions of the transaction entered into on the Trade Date referred to below
(the "Transaction"), between Lehman Brothers Special Financing Inc. ("Party
A") and Corporate-Backed Trust Certificates, DaimlerChrysler Debenture-Backed
Series 2004-3 Trust ("Party B"), a trust created under the laws of the State
of New York pursuant to that certain Series Trust Agreement (the "Series
Supplement"), dated February 11, 2004, which incorporates the Standard Terms
for Trust Agreements (collectively, the "Trust Agreement"). This communication
constitutes a "Confirmation" as referred to in the Master Agreement specified
below.

          1. This Confirmation supplements, forms a part of and is subject to
the 1992 ISDA Master Agreement (Multicurrency - Cross Border), (the "Master
Agreement") (including the Schedule thereto), dated as of February 11, 2004,
between Party A and Party B. All provisions contained in, or incorporated by
reference to, such Master Agreement shall govern this Confirmation except as
expressly modified below.

          2. This communication incorporates the definitions and provisions
contained in the 2000 ISDA Definitions (as published by the International
Swaps and Derivatives Association, Inc.) (the "Definitions"). In addition,
certain capitalized terms used herein but not defined herein shall have the
meaning ascribed to them in the Trust Agreement. In the event of any
inconsistency between this Confirmation and the Definitions or Master
Agreement, this Confirmation shall prevail.

          3. The terms of the particular Transaction to which this
communication relates are as follows:

Party A:                               Lehman Brothers Special Financing Inc.

                                     C-16
<PAGE>

Party B:                               Corporate-Backed Trust Certificates,
                                       DaimlerChrysler Debenture-Backed Series
                                       2004-3 Trust

Trade Date:                            January 29, 2004

Effective Date:                        February 11, 2004

Scheduled Termination Date:            March 1, 2027, subject to adjustment in
                                       accordance with the Modified Following
                                       Business Day Convention.

Calculation Agent:                     Party A

Business Days:                         Any day (which is neither a Saturday
                                       nor a Sunday) nor a day on which banks
                                       in New York City and the place of
                                       payment in respect of the Underlying
                                       Securities are authorized or required
                                       to be closed, subject to the Modified
                                       Following Business Day Convention.

                                       The "Modified Following Business Day
                                       Convention" shall apply if the
                                       specified day is not a Business Day and
                                       shall mean the first following day that
                                       is a Business Day unless that day falls
                                       in the next calendar month, in which
                                       case that date will be first preceding
                                       day that is a Business Day.

Notional Amount:                       $25,000,000, subject to reduction as a
                                       result of an early termination of all
                                       or a portion of the Transaction. The
                                       Notional Amount shall at all times
                                       equal the outstanding principal amount
                                       of the Certificates. See "Early
                                       Termination Payment" below.

Party A Floating Rate Payer Payment
Amounts:

     Party A Payment Dates:            The 1st day of each March and September
                                       during the term of this Transaction,
                                       commencing in March 2004 and ending on
                                       March 1, 2027, subject to adjustments
                                       in accordance with the Modified
                                       Following Business Day Convention.

     Party A Floating Rate for the
     Initial Calculation Period:       4.63%

     Party A Floating Rate Option:     USD-ISDA-Swap Rate (Reuters Screen
                                       ISDAFIX1)

     Designated Maturity:              Ten Years

                                     C-17
<PAGE>

     Party A Day Count Fraction:       30/360

     Reset Dates:                      The first day of each Calculation Period.

     Other:                            Party A will have no obligation to make
                                       a Party A Floating Rate Payment Amount
                                       unless and until Party B has made the
                                       related payment, if any, to Party A.

Party B Fixed Rate Payment Amounts:

     Party B Fixed Rate Payment
     Amounts:                          Any amounts received by Party B in
                                       respect of interest on the Underlying
                                       Securities, excluding any amount of
                                       interest that accrued with respect to
                                       the Underlying Securities from the
                                       Underlying Securities Payment Date next
                                       preceding the Effective Date to, but
                                       excluding, the Effective Date.

     Party B Payment Dates:            Any date on which distributions are
                                       received by Party B in respect of
                                       interest on the Underlying Securities,
                                       commencing in March 2004.

     Underlying Securities:            Issuer:          Chrysler Corporation,
                                                        predecessor to
                                                        DaimlerChrysler
                                                        Corporation

                                       Maturity Date:   March 1, 2027

                                       Coupon:          7.45%

                                       Day Count:       30/360

                                       Payment Dates:   The 1st day of each
                                                        March and September
                                                        (subject to applicable
                                                        grace periods)
                                                        commencing in March
                                                        2004 and ending on the
                                                        Final Scheduled
                                                        Distribution Date

     Other:                            In the event of a discrepancy between
                                       the Party B Fixed Rate Payment Amounts
                                       due in respect of any Calculation
                                       Period and the interest amount payable
                                       on the Underlying Securities for the
                                       related period (as calculated in
                                       accordance with the terms of the
                                       Underlying Securities), the terms of
                                       the Underlying Securities shall govern
                                       the calculation of the Party B Fixed
                                       Rate Payment Amount for such
                                       Calculation Period; provided, however,
                                       that the Party B Fixed Rate Payment
                                       Amount shall not include any amount of
                                       interest that accrued with respect to
                                       the Underlying Securities from the
                                       Underlying Securities Payment Date next
                                       preceding the Effective Date to, but
                                       excluding, the Effective Date.

Early Termination Payment:             Section 6(e) of the Master Agreement is
                                       hereby deleted, other than with respect
                                       to Section 6(e)(iii) and 6(e)(iv), and
                                       replaced with the following:

                                     C-18
<PAGE>

                                       (e) Payments on Early Termination.

                                       (i) If notice is given designating an
                                       Early Termination Date in respect of
                                       the entire or a portion of the Notional
                                       Amount in connection with the exercise
                                       of an Optional Exchange pursuant to
                                       Section 7 of the Series Supplement, a
                                       termination payment shall be due under
                                       Section 6(e) of the Master Agreement;
                                       provided, however, that pursuant to
                                       Section 7 of the Series Supplement in
                                       the event a termination payment shall
                                       be payable by Party B to Party A in
                                       connection with an Early Termination,
                                       in whole or in part, as a result of
                                       such Optional Exchange, the Person
                                       consummating the Optional Exchange must
                                       remit an amount equal to such
                                       termination payment, to Party B for
                                       payment to Party A. If any termination
                                       payment shall be payable by Party A,
                                       Party B will remit such payment to the
                                       Person consummating the Optional
                                       Exchange.

                                       (ii) No Early Termination Payment shall
                                       be payable by either Party A or Party B
                                       following an Event of Default or
                                       Termination Event unless the Early
                                       Termination Date is designated due to
                                       an Optional Exchange.

                                       (iii) If an Early Termination Date is
                                       designated due to an Optional Exchange
                                       in respect of the entire Notional
                                       Amount of the Transaction or a portion
                                       of the Notional Amount of the
                                       Transaction, Market Quotation and
                                       Second Method shall be used to
                                       calculate any termination payments
                                       owing by either party under Section
                                       6(e) of the Master Agreement.

Amendment:                             Section 9(b) of the Master Agreement is
                                       hereby deleted and replaced with the
                                       following:

     This Agreement may not be amended without the prior written consent of
Party A, and the holders of 66 2/3% of the then outstanding Certificates and
holders of 100% of the Call Warrants, and without prior written confirmation
from each Rating Agency that such amendment will not result in a reduction or
withdrawal of the then current rating of the Certificates; provided, however,
that Party A and Party B may amend the Swap Agreement without the prior
written consent of the holders of the then outstanding Certificates or the
holders of the Call Warrants to cure any ambiguity in, or to correct or
supplement any provision of the Agreement

                                     C-19
<PAGE>

which may be inconsistent with any other provision of the Agreement, or to
otherwise cure any defect in the Agreement, provided that any such amendment
does not materially adversely affect the interest of the certificateholders or
the holders of the Call Warrants and that each Rating Agency will have given
its prior written confirmation that such amendment will not result in a
reduction or withdrawal of the then current rating of the Certificates;
provided further, however, that notwithstanding anything to the contrary, no
amendment may alter the timing or amount of any payment hereunder without the
prior consent of the holders of 100% of the then outstanding Certificates and
holders of 100% of the Call Warrants, and without giving each Rating Agency
prior written notice of any such amendment. Notwithstanding anything contained
herein to the contrary, in connection with any sale of additional Underlying
Securities to the Trust pursuant to Section 3(d) of the Series Supplement, the
parties hereto shall enter into a Supplement to this Confirmation whereby the
Notional Amount shall be increased by an amount equal to the principal amount
of the additional Underlying Securities sold to the Trust.

4.   Other Terms

(a) Interpretation. Each reference to the singular shall include the plural
and vice versa.

(b) Limitation on Trustee Liability. In the absence of negligence, willful
misconduct or bad faith on the part of the Trustee, the Trustee shall have no
personal liability for the payment of any indebtedness or expenses of Party B
or be personally liable for the breach or any failure of any obligation,
representation, warranty or covenant made or undertaken by Party B under this
Transaction or the Trust Agreement within the scope of the Trustee's discharge
of its duties under this Transaction or the Trust Agreement or for any amounts
due under this Transaction from Party B, such amounts to be paid solely from
the assets of Party B in accordance with the Trust Agreement.

5. Account Details

              Payments to Party A

                Account for payments:     JPMorgan Chase Bank
                                          ABA # 021000021
                                          A/C # 066143543
                                          For the account of: Lehman Brothers
                                          Special Financing Inc.

              Payments to Party B

                Account for payments:     U.S. Bank National Association,
                                          Minneapolis, MN
                                          ABA# 091 000 022
                                          For Credit to A/C 1801 2116 7365
                                          FBO: U.S. Bank Trust N.A.
                                          For further Credit to A/C 4730017 OBI
                                          = CBTC
                                          2004-3 DAIMLERCHRYSLER A/C, 784543000

                                     C-20
<PAGE>

                                     C-21
<PAGE>

          Please confirm that the foregoing correctly sets forth the terms of
our agreement by executing the copy of this Confirmation enclosed for that
purpose and returning it to us.

                                  Yours sincerely,

                                  LEHMAN BROTHERS SPECIAL FINANCING INC.

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

Confirmed as of the date first written:

CORPORATE-BACKED TRUST CERTIFICATES, DAIMLERCHRYSLER DEBENTURE-BACKED SERIES
2004-3 TRUST

By:     U.S. BANK TRUST NATIONAL ASSOCIATION, not in its
        individual capacity but solely as
        Trustee under the Trust Agreement

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

                                     C-22
<PAGE>

                             EXHIBIT B TO SCHEDULE

                    FORM OF OPINION OF COUNSEL FOR PARTY A

                                     C-23
<PAGE>

                    SIDLEY AUSTIN BROWN & WOOD LLP

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  ----                     FACSIMILE 212 839 5599                     ----
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 LONDON                                                       WASHINGTON, D.C.

                                                             February 11, 2004

To the Persons listed on
Schedule A hereto

          Re:    Lehman ABS Corporation
                 Corporate-Backed Trust Certificates,
                 DaimlerChrysler Debenture-Backed Series 2004-3
                 ----------------------------------------------

Ladies and Gentlemen:

     We have acted as special counsel in connection with (i) the transfer of
$25,000,000 aggregate principal amount of 7.45% Debentures due 2027 (the
"Underlying Securities") of Chrysler Corporation, predecessor to
DaimlerChrysler Corporation, by Lehman ABS Corporation ("LABS") to the
Corporate-Backed Trust Certificates, DaimlerChrysler Debenture-Backed Series
2004-3 Trust (the "Trust") established by LABS and (ii) the issuance by the
Trust on February 11, 2004 (the "Closing Date") of the Corporate-Backed Trust
Certificates DaimlerChrysler Debenture-Backed Series 2004-3 (the
"Certificates"), issued pursuant to a standard terms for trust agreements,
dated as of January 16, 2001 (the "Standard Terms"), between LABS and U.S.
Bank Trust National Association ("U.S. Bank"), as trustee (the "Trustee"), as
supplemented by a series supplement thereto, dated as of February 11, 2004
(the "Series Supplement" and, together with the Standard Terms, the "Trust
Agreement"), between LABS and the Trustee. Capitalized terms defined in the
Trust Agreement and used but not otherwise defined herein are used herein as
so defined.

     In connection with this opinion, we have examined and are familiar with
originals or copies certified or otherwise identified to our satisfaction of:
(i) the Trust Agreement; (ii) a securities account control agreement dated as
of February 11, 2004 between LABS and U.S. Bank, as trustee and securities
intermediary; (iii) the form of the Certificates; (iv) an ISDA Master
Agreement, dated as of February 11, 2004 (the "ISDA Master Agreement"),
between the Trust and Lehman Brothers Special Financing Inc. (the "Swap
Counterparty"), dated as of February 11, 2004, a schedule thereto dated
February 11, 2004 (the "Schedule"), between the

                                     C-24
<PAGE>

Trust and the Swap Counterparty and a confirmation thereunder dated February
11, 2004 (the "Confirmation" and, together with the ISDA Master Agreement and
the Schedule, the "Swap Agreement"); (v) an underwriting agreement dated
January 29, 2004 between LABS and Lehman, as underwriter; and (vi) such
corporate records, agreements, documents and other instruments, and such
certificates or comparable documents of public officials and of officers and
representatives of LABS, and have made such inquiries of such officers and
representatives, as we have deemed relevant and necessary as a basis for the
opinions hereinafter set forth.

     As to all questions of fact material to this opinion that have not been
independently established, we have relied upon certificates or comparable
documents of officers and representatives of LABS, the Swap Counterparty and
the Trustee and upon the representations and warranties of the Swap
Counterparty and the Trust contained in the Swap Agreement. We have also
assumed (i) the due organization and valid existence of the Swap Counterparty
and the Trustee, (ii) that the Swap Counterparty and the Trustee have all
requisite corporate power and authority to execute and deliver the Swap
Agreement and to perform their obligations thereunder, (iii) the due and valid
authorization by all necessary corporate action of the Swap Counterparty and
the Trustee of the execution, delivery and performance by them of the Swap
Agreement, (iv) the due and valid execution and delivery by the Swap
Counterparty and the Trustee of the Swap Agreement, (v) that the Swap
Agreement constitutes the legal, valid and binding obligation of the Swap
Counterparty and the Trust, enforceable against the Swap Counterparty and the
Trust in accordance with its terms and (vi) the absence of any agreement or
understanding among the parties other than those contained in the Swap
Agreement or otherwise called to our attention.

     Based on the foregoing, and subject to the qualifications stated herein,
we are of the opinion that:

1.   The execution and delivery by the Swap Counterparty of the Swap Agreement
     and the performance by Swap Counterparty of its obligations thereunder
     will not conflict with, constitute a default under, or violate any New
     York, Delaware corporate or federal law or regulation (other than federal
     and state securities or blue sky laws, as to which we express no opinion
     in this paragraph).
2.   The Swap Agreement is not subject to regulation under the Commodity
     Exchange Act, as amended, or the rules and regulations thereunder.

                                   * * * *

     We are members of the bar of the State of New York, and we do not express
any opinion as to any laws other than the law of the State of New York, the
General Corporation Law of the State of Delaware and the federal laws of the
United States.

                                     C-25
<PAGE>

     This opinion letter is not intended to be employed in any transaction
other than the one described above and is being delivered to you on the
understanding that neither it nor its contents may be published, communicated
or otherwise made available, in whole or in part, to any other party or
entity, without in each instance, our specific prior written consent.

                                  Very truly yours,

                                     C-26
<PAGE>

                                  Schedule A

Lehman ABS Corporation
745 Seventh Avenue
New York, New York  10019

Lehman Brothers Inc.
745 Seventh Avenue
New York, New York  10019

Lehman Brothers Special Financing Inc.
745 Seventh Avenue
New York, New York  10019

U.S. Bank Trust National Association
100 Wall Street
New York, New York  10005

                                     C-27
<PAGE>

                             EXHIBIT B TO SCHEDULE

                    FORM OF OPINION OF COUNSEL FOR PARTY A

                                     C-28
<PAGE>

                             EXHIBIT C TO SCHEDULE
                    FORM OF OPINION OF COUNSEL FOR PARTY B

                                     C-29
<PAGE>

                             EXHIBIT D TO SCHEDULE
FORM OF GUARANTEE

                                     C-30
<PAGE>

                                 Confirmation

DATE:    February 11, 2004

TO:      Corporate-Backed Trust Certificates, DaimlerChrysler Debenture-Backed
         Series 2004-3 Trust

FROM:    Lehman Brothers Special Financing Inc.

SUBJECT: INTEREST RATE SWAP TRANSACTION

To U.S. Bank Trust National Association, as Trustee:

          The purpose of this communication is to set forth the terms and
conditions of the transaction entered into on the Trade Date referred to below
(the "Transaction"), between Lehman Brothers Special Financing Inc. ("Party
A") and Corporate-Backed Trust Certificates, DaimlerChrysler Debenture-Backed
Series 2004-3 Trust ("Party B"), a trust created under the laws of the State
of New York pursuant to that certain Series Trust Agreement (the "Series
Supplement"), dated February 11, 2004, which incorporates the Standard Terms
for Trust Agreements (collectively, the "Trust Agreement"). This communication
constitutes a "Confirmation" as referred to in the Master Agreement specified
below.

          1. This Confirmation supplements, forms a part of and is subject to
the 1992 ISDA Master Agreement (Multicurrency - Cross Border), (the "Master
Agreement") (including the Schedule thereto), dated as of February 11, 2004,
between Party A and Party B. All provisions contained in, or incorporated by
reference to, such Master Agreement shall govern this Confirmation except as
expressly modified below.

          2. This communication incorporates the definitions and provisions
contained in the 2000 ISDA Definitions (as published by the International
Swaps and Derivatives Association, Inc.) (the "Definitions"). In addition,
certain capitalized terms used herein but not defined herein shall have the
meaning ascribed to them in the Trust Agreement. In the event of any
inconsistency between this Confirmation and the Definitions or Master
Agreement, this Confirmation shall prevail.

          3. The terms of the particular Transaction to which this
communication relates are as follows:

Party A:                               Lehman Brothers Special Financing Inc.

Party B:                               Corporate-Backed Trust Certificates,
                                       DaimlerChrysler Debenture-Backed Series
                                       2004-3 Trust

Trade Date:                            January 29, 2004

                                     C-31
<PAGE>

Effective Date:                        February 11, 2004

Scheduled Termination Date:            March 1, 2027, subject to adjustment in
                                       accordance with the Modified Following
                                       Business Day Convention.

Calculation Agent:                     Party A

Business Days:                         Any day (which is neither a Saturday
                                       nor a Sunday) nor a day on which banks
                                       in New York City and the place of
                                       payment in respect of the Underlying
                                       Securities are authorized or required
                                       to be closed, subject to the Modified
                                       Following Business Day Convention.

                                       The "Modified Following Business Day
                                       Convention" shall apply if the
                                       specified day is not a Business Day and
                                       shall mean the first following day that
                                       is a Business Day unless that day falls
                                       in the next calendar month, in which
                                       case that date will be first preceding
                                       day that is a Business Day.

Notional Amount:                       $25,000,000, subject to reduction as a
                                       result of an early termination of all
                                       or a portion of the Transaction. The
                                       Notional Amount shall at all times
                                       equal the outstanding principal amount
                                       of the Certificates. See "Early
                                       Termination Payment" below.

Party A Floating Rate Payer Payment
Amounts:

     Party A Payment Dates:            The 1st day of each March and September
                                       during the term of this Transaction,
                                       commencing in March 2004 and ending on
                                       March 1, 2027, subject to adjustments
                                       in accordance with the Modified
                                       Following Business Day Convention.

     Party A Floating Rate for the
     Initial Calculation Period:       4.63%

     Party A Floating Rate Option:     USD-ISDA-Swap Rate (Reuters Screen
                                       ISDAFIX1)

     Designated Maturity:              Ten Years

     Party A Day Count Fraction:       30/360

                                     C-32
<PAGE>

     Reset Dates:                      The first day of each Calculation Period.

     Other:                            Party A will have no obligation to make
                                       a Party A Floating Rate Payment Amount
                                       unless and until Party B has made the
                                       related payment, if any, to Party A.

Party B Fixed Rate Payment Amounts:

     Party B Fixed Rate Payment
     Amounts:                          Any amounts received by Party B in
                                       respect of interest on the Underlying
                                       Securities, excluding any amount of
                                       interest that accrued with respect to
                                       the Underlying Securities from the
                                       Underlying Securities Payment Date next
                                       preceding the Effective Date to, but
                                       excluding, the Effective Date.

     Party B Payment Dates:            Any date on which distributions are
                                       received by Party B in respect of
                                       interest on the Underlying Securities,
                                       commencing in March 2004.

     Underlying Securities:            Issuer:          Chrysler Corporation,
                                                        predecessor to
                                                        DaimlerChrysler
                                                        Corporation

                                       Maturity Date:   March 1, 2027

                                       Coupon:          7.45%

                                       Day Count:       30/360

                                       Payment Dates:   The  1st day of each
                                                        March and September
                                                        (subject to applicable
                                                        grace periods)
                                                        commencing in March
                                                        2004 and ending on the
                                                        Final Scheduled
                                                        Distribution Date

     Other:                            In the event of a discrepancy between
                                       the Party B Fixed Rate Payment Amounts
                                       due in respect of any Calculation
                                       Period and the interest amount payable
                                       on the Underlying Securities for the
                                       related period (as calculated in
                                       accordance with the terms of the
                                       Underlying Securities), the terms of
                                       the Underlying Securities shall govern
                                       the calculation of the Party B Fixed
                                       Rate Payment Amount for such
                                       Calculation Period; provided, however,
                                       that the Party B Fixed

                                     C-33
<PAGE>

                                       Rate Payment Amount shall not include
                                       any amount of interest that accrued
                                       with respect to the Underlying
                                       Securities from the Underlying
                                       Securities Payment Date next preceding
                                       the Effective Date to, but excluding,
                                       the Effective Date.

Early Termination Payment:             Section 6(e) of the Master Agreement is
                                       hereby deleted, other than with respect
                                       to Section 6(e)(iii) and 6(e)(iv), and
                                       replaced with the following:

                                       (e) Payments on Early Termination.

                                       (i) If notice is given designating an
                                       Early Termination Date in respect of
                                       the entire or a portion of the Notional
                                       Amount in connection with the exercise
                                       of an Optional Exchange pursuant to
                                       Section 7 of the Series Supplement, a
                                       termination payment shall be due under
                                       Section 6(e) of the Master Agreement;
                                       provided, however, that pursuant to
                                       Section 7 of the Series Supplement in
                                       the event a termination payment shall
                                       be payable by Party B to Party A in
                                       connection with an Early Termination,
                                       in whole or in part, as a result of
                                       such Optional Exchange, the Person
                                       consummating the Optional Exchange must
                                       remit an amount equal to such
                                       termination payment, to Party B for
                                       payment to Party A. If any termination
                                       payment shall be payable by Party A,
                                       Party B will remit such payment to the
                                       Person consummating the Optional
                                       Exchange.

                                       (ii) No Early Termination Payment shall
                                       be payable by either Party A or Party B
                                       following an Event of Default or
                                       Termination Event unless the Early
                                       Termination Date is designated due to
                                       an Optional Exchange.

                                       (iii) If an Early Termination Date is
                                       designated due to an Optional Exchange
                                       in respect of the entire Notional
                                       Amount of the Transaction or a portion
                                       of the Notional Amount of the
                                       Transaction, Market Quotation and
                                       Second Method shall be used to
                                       calculate any termination payments
                                       owing by either party under Section
                                       6(e) of the Master Agreement.

                                     C-34
<PAGE>

Amendment:                             Section 9(b) of the Master Agreement is
                                       hereby deleted and replaced with the
                                       following:

     This Agreement may not be amended without the prior written consent of
Party A, and the holders of 66 2/3% of the then outstanding Certificates and
holders of 100% of the Call Warrants, and without prior written confirmation
from each Rating Agency that such amendment will not result in a reduction or
withdrawal of the then current rating of the Certificates; provided, however,
that Party A and Party B may amend the Swap Agreement without the prior
written consent of the holders of the then outstanding Certificates or the
holders of the Call Warrants to cure any ambiguity in, or to correct or
supplement any provision of the Agreement which may be inconsistent with any
other provision of the Agreement, or to otherwise cure any defect in the
Agreement, provided that any such amendment does not materially adversely
affect the interest of the certificateholders or the holders of the Call
Warrants and that each Rating Agency will have given its prior written
confirmation that such amendment will not result in a reduction or withdrawal
of the then current rating of the Certificates; provided further, however,
that notwithstanding anything to the contrary, no amendment may alter the
timing or amount of any payment hereunder without the prior consent of the
holders of 100% of the then outstanding Certificates and holders of 100% of
the Call Warrants, and without giving each Rating Agency prior written notice
of any such amendment. Notwithstanding anything contained herein to the
contrary, in connection with any sale of additional Underlying Securities to
the Trust pursuant to Section 3(d) of the Series Supplement, the parties
hereto shall enter into a Supplement to this Confirmation whereby the Notional
Amount shall be increased by an amount equal to the principal amount of the
additional Underlying Securities sold to the Trust.

4. Other Terms

(a) Interpretation. Each reference to the singular shall include the plural
and vice versa.

(b) Limitation on Trustee Liability. In the absence of negligence, willful
misconduct or bad faith on the part of the Trustee, the Trustee shall have no
personal liability for the payment of any indebtedness or expenses of Party B
or be personally liable for the breach or any failure of any obligation,
representation, warranty or covenant made or undertaken by Party B under this
Transaction or the Trust Agreement within the scope of the Trustee's discharge
of its duties under this Transaction or the Trust Agreement or for any amounts
due under this Transaction from Party B, such amounts to be paid solely from
the assets of Party B in accordance with the Trust Agreement.

5. Account Details

              Payments to Party A

                Account for payments:  JPMorgan Chase Bank
                                       ABA # 021000021
                                       A/C # 066143543
                                       For the account of: Lehman Brothers
                                       Special Financing Inc.

                                     C-35
<PAGE>

                Payments to Party B

                                       Account for payments:    U.S.
                                       Bank National Association, Minneapolis,
                                       MN
                                       ABA# 091 000 022
                                       For Credit to A/C 1801 2116 7365
                                       FBO: U.S. Bank Trust N.A.
                                       For further Credit to A/C 4730017 OBI =
                                       CBTC 2004-3
                                       DAIMLERCHRYSLER A/C, 784543000

          Please confirm that the foregoing correctly sets forth the terms of
our agreement by executing the copy of this Confirmation enclosed for that
purpose and returning it to us.

                                  Yours sincerely,

                                  LEHMAN BROTHERS SPECIAL FINANCING INC.

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

Confirmed as of the date first written:

CORPORATE-BACKED TRUST CERTIFICATES, DAIMLERCHRYSLER DEBENTURE-BACKED SERIES
2004-3 TRUST

By:     U.S. BANK TRUST NATIONAL ASSOCIATION, not in its
        individual capacity but solely as
        Trustee under the Trust Agreement

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

                                     C-36

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