Document:

NATIONSBANK  ;Simple  Interest  Fixed  Rate
Account  Number  Note  Date
000000000219982460009-  --11/27/1998

Borrower  Name  and  Address  PIERRE  ELLIOTT
------------------------------------------------------------------------------
4320  NW  107  AVE
CORAL  SPRINGS  FL  33065.7711

I  promise to pay to the order of NATIONSBANK. N.A.("NationsBank") the principal
amount  of  $  75,363.90  ("Amount  of Note.'), interest on the unpaid principal
balance  and  any  other  charges  authorized  by  this  Promissory  Note  (the
"Outstanding  Balance")at  a  fixed  rate  of  10.500 % per annum (the "Interest
Rate"). The Amount of Note will be advanced to me and/or to others on my behalf.
Payment(s)  will  be made in accordance with the Payment Schedule set out in the
Federal  Truth  in  Lending  Disclosure.

APR        FINANCE  CHARGE     AMOUNT  FINANCED              TOTAL  0F PAYMENTS
10.529%         $75,343.59                  $ 75,263.90           $ 150,607.49

Number  of Payments Amount of Payments When Payments are due 179 $836.72 MONTHLY
BEGINNING  01/11/1999

1  $834.61  FINAL  PAYMENT  DUE  12/11/2013

Security:  Goods  or  property  being
purchased.  (i)  Other  91  FLEETWOOD  AMERICAN  EAGLE
                        ------------------------------

You also have the right to apply any deposit or account that I have with you, as
well  as any instruments or securities of mine which you hold, toward payment of
any  amounts  due  under this Promissory Note. It I have other loans with you or
take  out  other  loans  in the future, collateral securing other loans may also
secure  this loan, except that my principal dwelling or household goods will not
secure  this  loan  unless  specifically identified as Security above and margin
stock  used  as  collateral for purpo6e credit will not secure this loan, unless
specifically  identified  as  Security  above.

Filing/Releasing  Fees:               $    0.00
Florida  Documentary  Stamp  Tax:     $  263.90
Florida  Intangible  Tax              $    0.00
                                      --------
Late  Charges::  If  I  am  more  than  10  days late in paying all or part of a
payment,  I  will  be  charged  a  late  charge  of  5% of the past due payment.

Prepayment:  If  I  pay  the  loan  off  early, you will not require me to pay a
penalty.

Assumption: This loan, whether or not secured by my principal residence, may not
be  assumed  under  the  original  terms  and  conditions.

I  will  see  this  Promissory  Note and any other loan documents for additional
information  about  non-payment,  default, any required repayment in full before
the  scheduled  date,  prepayment refunds, penalties and for further information
about  NationsBank's  security  interest.

Since interest will accrue daily on the principal amount outstanding, the actual
finance charge, total of payments and final payment may vary, depending upon the
date(s) payments are actually made by me. Items preceded by a box are applicable
only  if  checked.

Additional  terms  of  this Promissory Note. Words not defined elsewhere in this
Promissory  Note  have  the  meanings  shown  in  the  Federal  Truth in Lending
Disclosure.

NATIONSBANK  Page  2
R.1  Borrower  Loan  Number
00000000219982460009  Verbal  Verification  Date  PIERRE  ELLIOTT

The  undersigned  grantor  (jointly  and  severally,  "Grantor")  for  valuable
consideration,  the  receipt  and  adequacy  are  acknowledged, assign and grant
NATIONSBANK,  N.A.  located  at  14655  SW 104th ST, MIAMI, FL 33186, a security
interest  in  the  following  collateral:

91  Fleetwood  American  Eagle  Serial  No.  4S7KT9SOXMCOO4075

which will be primarily located at: 4320 N.W. 107th AVE, Coral Springs, FL 33065
together  with all parts and equipment used in addition therewith, replacements,
accessions,  proceeds,  products  and  similar  after-acquired property (such as
tires,  tape players, speakers, or batteries attached to the car). This security
interest  is  given  to  secure  payment  of  all  indebtedness  evidenced  by a
promissory  note,  line of credit or other financial accommodation in the amount
of  $75,363.90,  dated  November  27,  1998.

("Borrower",  whether  one  or  more),  including  all renewals, consolidations,
modifications, extensions and replacements thereof (the "Obligation"), including
all costs and expenditures incurred by NationsBank under this Agreement or under
the  Obligation.  Despite  any other provision of this Agreement, NationsBank is
not  granted,  and  will  not  have,  a  non-purchase money security interest in
household  goods,  to the extent such a security interest would be prohibited by
applicable  law.

Grantor  expressly  warrants  and  covenants:

COVENANTS.  Grantor  owns  and  possesses  the  Collateral and will keep it free
from  any  other  security  interest,  lien, claim, charge or encumbrance except
NationsBank's  security  interest.  Grantor  will  keep  the  Collateral  at the
location  specified  in  this  Agreement: Grantor will not remove the Collateral
from  the  jurisdiction where the Obligation is originated without NationsBank's
written  consent  (except  for  routine  travel  if  the  Collateral consists of
vehicles).  Grantor shall not pledge, mortgage, sell, lease, encumber, transfer,
assign  or  otherwise  permit the Collateral to be subject to any lien, security
interest,  encumbrance  or charge, other than the security interest provided for
in  this  Agreement,  without  the prior written consent of NationsBank. Grantor
will  immediately notify NationsBank in writing of any change in the location or
the  Collateral  or  of  Grantor's residence. Grantor will properly maintain and
care  for  the  Collateral.  Grantor  will  neither  use  nor  permit use of the
Collateral  in  violation of any law. Grantor will make the Collateral available
to  NationsBank for inspection at any time. Grantor will promptly pay all taxes,
asses6ments  or  other  charges  against  the  Collateral  or on this Agreement.
Grantor  will execute any document NationsBank deems necessary and take whatever
actions  are  requested  by  NationsBank  to  perfect and continue NationsBank's
Security  interest  in  the  Collateral.  Grantor  hereby  irrevocably  makes,
constitutes  and  appoints  NationsBank  as  Grantor's  true  and  lawful
attorney-in-fact  for  the  purposes of executing documents necessary to perfect
01'  continue  the  security  interest  granted in this Agreement. To the extent
that  the  Collateral  consists  of  vehicles or other titled property , Grantor
shall  not  take  or  permit  any  action  which  would  require application for
certificates  of  title  outside  the  jurisdiction  where  the  Obligation  is
originated,  without  the  prior  written  consent  of  NationsBank.

FAILURE  TP  PAY  TAXES,  COSTS  AND  TO  MAINTAIN  COLATERAL.
If  Grantor  fails  to  keep  the  Collateral in good condition and repair or if
Grantor  fails  to  Pay  any  applicable  taxes or costs for filing financing or
continuation  statements,
NationsBank  may,  but  shall  not  be  obligated to, cause the Collateral to be
maintained  or  repaired  or  pay  such  costs.  Grantor will immediately pay to
NationsBank on demand all of NationsBank's costs and expenses for so doing, plus
interest  on  such  amounts at the same rate payable on the Obligation. Any such
amount  paid  by  NationsBank under this Agreement is secured by the Collateral.

INSURANCE.  Grantor  will  keep the Collateral insured against such risks and in
such
amounts  as  NationsBank may reasonably require from time to time with companies
acceptable  to  NationsBank,  for  the  term  of  the  Obligation,  against such
casualties  and  in  such  manner  as  NationsBank  shall reasonably require. In
addition,  if  any  part  of  the  Collateral consists of a mobile home which is
situated  in  a flood zone pursuant to the National Flood Insurance Act of 1968,
as  amended,  or  pursuant  to any National or state flood insurance program (at
any  time of origination of the Obligation or at any time during the term of the
Obligation), Grantor will maintain flood insurance covering the Collateral in an
amount  less  than  the  lesser  of  (a) the maximum limit of insurance coverage
then  available  with respect to the Collateral pursuant to any and all national
and  state flood insurance programs then in effect or (b) the outstanding amount
of  the  obligation

NATLONSBANK  Page  3
R.1  Borrower  Loan  Number
00000000219982460009  Verbal  Verification  Date  PIERRE  ELLIOTT  (  ~c

BOOKING/  MAINTENANCE.  A  portion  of  the NationsBank Fee (amount equal to the
lesser  of  $50  or  2%  of  the  Amount  of  Note).  if  any. disclosed in the:
Itemization  of  Amount  Financed  above,  IS  a booking/memo fee as provided by
Florida Statutes Section 658.49 (as amended from time to time). Any amount above
the  booking/maintenance  fee  is  either a loan or an origination fee. An fees,
charges  and  other  expenses of this loan of this Promissory Note is secured by
real  property),  is  authorized  pursuant to Chapter 666. Florida Statutes, and
Chapter  687.12,  Florida  Statutes.

LATE  CHARGES. If I fail to make a payment when due you may charge a late charge
as set out in the Federal Truth in Lending Disclosure. Unless otherwise required
by applicable law, for purposes of determining whether a late charge is due with
regard  to  a current installment due you will apply any payments you receive to
the  oldest  maturing  installment  due  in  the manner provided above. Any late
charge  will  be in addition~ to and not in place of accrued interest under this
Promissory  Note.

EVENTS  of DEFAULT. I will be in default under this Promissory Note if I fail to
make any payment when due. regardless Of how such amount may have become due, or
if  I  fail  to payor perform 8Dy other obligation, liability or indebtedness to
NationsBank,  or  if any covenant agreement or condition herein is not fully and
timely  performed,  observed  or  kept;  or  if  any  bankruptcy  or  insolvency
proceeding  is  instituted  ~  or  against  me,  or  if  any  tax  lien, levy or
garnishment  is  levied  against  me;  or  if you in good faith believe that the
prospect  of repayment or performance under any agreement I may have with you is
impaired;  or if you reasonably deem yourself insecure for any reason; or if you
determine  that  any representation made to you is. or was, materially untrue or
misleading;  or if any Borrower shall die, or. if any Borrower is a corporation.
partnership,  limited  liability  company,  association  or other duly organized
business  entity,  if  such  Borrower shall be dissolved. liquidated, terminated
or  otherwise fail to maintain good standing in its state of organization; or if
any  event  of  default  exists  or occurs under any security agreement or other
document  evidencing  a  lien  against  any  Collateral; or if any of the events
described  in  this  section  with  respect  to  any  guarantor  of  this
Promissory  Note.  If  this Promissory Note is secured by improved real property
and  any  part  or  all  of  the  Collateral  is  sold  transferred, conveyed or
all  Signed(including  to a spouse, to a trust (living. revocable or otherwise).
through  probate or as a gift) without your prior; written consent, I will be in
default  of  this  Promissory  Note.  A  default  by  me any of us (if this is a
joint  loan) will be a default by all of us. You may collect from or bring legal
action against any of us (if this is a joint loan) without giving up any of your
rights  against  any other person. A court decree for divorce or separation o~ a
non-court  approved  mutual  agreement  does  not affect eliminate or reduce any
Borrower's  liability  for  the  Outstanding  Balance since NationsBank is not a
party  to  the  decree  or  to  the  agreement.

RIGHTS  AFTER  DEFAULT.  Whenever  there  is  an  event  or  default  under this
Promissory  Note,  subject  to  limitations  of  applicable  law,  we may demand
immediate  payment of the Outstanding Balance. After NationsBank has accelerated
the  maturity  of  this Promissory Note or after the maturity of this Promissory
Note.  whichever occurs first, I agree to pay interest from that date calculated
upon  the  amount legally owed by me, at an annual rate of interest equal to the
maximum amount allowable by law, provided that any interest paid or agreed to be
paid  by  me  to  you  shall  not  exceed  the  maximum  amount  possible  under
applicable  law.

WAIVERS.  I  waive  presentment,  demand,  notice  of  demand  and  notice  of
acceleration of maturity, protest and notice of non-payment, notice of dishonor,
and  any other notice whatsoever that may be legally waived, and I agree you may
accept  partial  payments  and  release or substitute, all without notice to me,
before  or  after maturity, and that you may also extend the time of oayment and
that  additional  makers,  co-makers, gurantors, and suritoes may become parties
hereto,  without  notice  to  me  or any of us and without effecting my iability
hereon.

OTHER  CHARGES.  I agree to pay, on demand, all costs and expenses of collection
of  this  Promissory Note or any of the guarantee thereof and/or the enforcement
of  your  rights  with  respect  to  the  promissory  note, including reasonable
attorney's fees equal to 10% of the outstanding balance or such higher amount as
a  court  may  deem reasonable. I also agree to pay $20.00 for the return of any
dishonored  payment  given  towards  the  Promissory  Note.

MISCELLANEOUS.  No waiver of any default by you shall operate as a waiver of any
other default. You do not have to pay a refund to me if the amount of the refund
is  less than $1.00. If any of the provisions of this Promissory Note shall, for
any  reason,  be  held to be invalid or unenforceable, such shall not effect any
portion  of  the  provision  hereof.  As  used herein, the singular number shall
include  the  plural.  To  improve  customer service calls may be recorded. This
promissory  note  shall  be  governed  by  the laws of the State of Florida. Any
notice  mailed  prepaid  to  my address shown at the beginning of the promissory
note  shall  give  at least five (5) days before the time and date for which the
event  will  occur.

NATLONSBANK  Page  4
R.1  Borrower  Loan  Number
00000000219982460009  Verbal  Verification  Date  PIERRE  ELLIOTT

NATIONSBANK.  N  .A.  ("NationsBank'.)  is making a loan to the above referenced
--------------------------------------
customer  secured by the collateral designated below. Our customer has indicated
that  insurance  coverage for the collateral described below is being secured by
you. This property is pledged to us as security and the right to receive payment
under  this policy. or any renewal thereof, has been assigned to us. NationsBank
should,  therefore,  be named Loss Payee/Mortgagee on the policy with tile right
to  pay  premium  payments  if  the insured fails to do so, with 30 days advance
notice  of  cancellation or non-renew~. We request you forward a signed original
policy  .or  a  true  and  certified  copy of the policy. providing the coverage
described  below  to  Insurance  Tracking  Services  P.O. Box 740030, Atlanta GA
30374-0030.

If  you  can not verify coverage, please indicate so in the space provided below
and  mail  this  form to Insurance Tracking Services P.O. Box 740080, Atlanta GA
30374.0080.

D  Mortgage/Deed  of  Trust  .NationsBank  should  be  named D First Mortgagee D
Second  Mortgagee

Property  Location  I  Replacement  Value  Insurance  1$
--------------------------------------------------
NationsBank  should  be  named  as  First  Loss  Payee  on  the  following:

Collateral  Description:  Year  Make  Model

91  FLEETWOOD  AMERICAN  EAGLE
---------------------------

4S7KT9$OXMC004075

D  Boats  (Security  Agreement) .NationsBank should be named as First Loss Payee
on  the  following:

D  Boat/Yacht  (Preferred  Mortgage)  .NationsBank  should  be  named  as  First
Mortgagee  on  the  following:
Replacement  Value  Insurance  $

D  Aircraft  (Security  Agreement)  -NationsBank  should  be named as First Lose
Payee  on  the  aircraft  described  below with a breach of warranty endorsement
description  of  aircraft  and  designated  pilot  rating.
under  .your  arrangement  will  a  NationsBank  Corporation  affiliate  bank to
accept  payments from its customers or at a NationsBank ATM, or is made m a form
other  than  a  check  or  money  order  (except  cash),  the payment may not be
credited  to  ~s  loan  for  up  to  five  (5)  days. If the due date falls on a
Saturday,  Sunday  or  legal holiday, the due date W1!1 not be extend and if you
do  not  receive  the payment at the address specified on or before the due date
the  payment  will  be  considered  late.Exhibit 4(a)

                              MANAGEMENT AGREEMENT

      AGREEMENT made this 1st day of November, 2002 by and between MERRILL LYNCH
PRINCIPAL PROTECTED TRUST (the "Trust"), a Delaware statutory trust, on behalf
of its series, MERRILL LYNCH FUNDAMENTAL GROWTH PRINCIPAL PROTECTED FUND (the
"Fund"), and MERRILL LYNCH INVESTMENT MANAGERS, L.P., a Delaware limited
partnership (hereinafter referred to as the "Manager").

                              W I T N E S S E T H :

      WHEREAS, the Trust is engaged in business as an open-end investment
company registered under the Investment Company Act of 1940, as amended
(hereinafter referred to as the "Investment Company Act"); and

      WHEREAS, the Manager is engaged principally in rendering management and
investment advisory services and is registered as an investment adviser under
the Investment Advisers Act of 1940; and

      WHEREAS, the Trust desires to retain the Manager to render management and
investment advisory services to the Fund in the manner and on the terms
hereinafter set forth; and

      WHEREAS, the Manager is willing to provide management and investment
advisory services to the Fund on the terms and conditions hereinafter set forth;
and

      WHEREAS, during the Fund's Guarantee Period (as defined in the
Registration Statement (as defined below)) the Manager is required to manage the
Fund's portfolio in accordance with certain agreed-upon investment parameters as
set forth in that certain Financial Warranty Agreement, dated November 1, 2002,
by and among the Trust, the Manager and Main Place Funding, LLC (the "Warranty
Agreement"); and

      WHEREAS, during the Fund's Guarantee Period the Manager will allocate the
Fund's assets between a Fundamental Growth Component and a Protection Component
(as each term is defined in the Registration Statement) based on a proprietary
mathematical formula.

      NOW, THEREFORE, in consideration of the premises and the covenants
hereinafter contained, the Trust and the Manager hereby agree as follows:

                                   ARTICLE I

                              Duties of the Manager

      The Trust hereby employs the Manager to act as an investment manager and
investment adviser of the Fund and to furnish or arrange for affiliates to
furnish, the management and investment advisory services described below,
subject to policies of, review by and overall control of the Board of Trustees
of the Trust (the "Trustees"), for the period and on the terms and conditions
set forth in this Agreement. The Manager hereby accepts such employment and
agrees during such period, at its own expense, to render, or arrange for the
rendering of, such

<PAGE>

services and to assume the obligations herein set forth for the compensation
provided for herein. The Manager and its affiliates shall for all purposes
herein be deemed to be an independent contractor and shall, unless otherwise
expressly provided or authorized, have no authority to act for or represent the
Trust or the Fund in any way or otherwise be deemed an agent of the Trust or the
Fund.

      (a) Management Services. The Manager shall perform, or arrange for the
performance by affiliates of, the management and administrative services
necessary for the operation of the Trust and the Fund, including administering
shareholder accounts and handling shareholder relations. The Manager shall
provide the Fund with office space, equipment and facilities and such other
services as the Manager, subject to review by the Trustees, shall from time to
time determine to be necessary or useful to perform its obligations under this
Agreement. The Manager shall also, on behalf of the Trust and the Fund, conduct
relations with custodians, depositories, transfer agents, dividend disbursing
agents, other shareholder service agents, accountants, attorneys, underwriters,
brokers and dealers, corporate fiduciaries, insurers, banks and such other
persons in any such other capacity deemed to be necessary or desirable. The
Manager shall generally monitor the Trust's and the Fund's compliance with
investment policies and restrictions as set forth in the current registration
statement relating to the Trust under the Investment Company Act (the
"Registration Statement"). The Manager shall make reports to the Trustees of its
performance of obligations hereunder and furnish advice and recommendations with
respect to such other aspects of the business and affairs of the Fund as it
shall determine to be desirable.

      (b) Investment Advisory Services. The Manager shall provide (or arrange
for affiliates to provide) the Fund with such investment research, advice and
supervision as the latter may from time to time consider necessary for the
proper supervision of the assets of the Fund, shall furnish continuously an
investment program for the Fund and shall determine from time to time which
securities shall be purchased, sold or exchanged and what portion of the assets
of the Fund shall be held in the various securities in which the Fund invests,
options, futures, options on futures or cash, subject always to the restrictions
set forth in the Declaration of Trust and By-Laws of the Trust, as amended from
time to time, the provisions of the Investment Company Act and the statements
relating to the Fund's investment objective, investment policies and investment
restrictions as the same are set forth in the Prospectus and Statement of
Additional Information. The Manager shall also make decisions for the Trust as
to the manner in which voting rights, rights to consent to corporate action and
any other rights pertaining to the Fund's portfolio securities shall be
exercised. Should the Trustees at any time, however, make any definite
determination as to investment policy and notify the Manager thereof in writing,
the Manager shall be bound by such determination for the period, if any,
specified in such notice or until similarly notified that such determination has
been revoked. The Manager shall take, on behalf of the Fund, all actions that it
deems necessary to implement the investment policies determined as provided
above, and in particular to place all orders for the purchase or sale of
portfolio securities for the Fund's account with brokers or dealers selected by
it, and to that end, the Manager is authorized as the agent of the Trust to give
instructions to the custodian of the Fund as to deliveries of securities and
payments of cash for the account of the Fund. In connection with the selection
of such brokers or dealers and the placing of such orders with respect to assets
of the Trust, the Manager is directed at all times to seek to obtain execution
and price within the policy guidelines determined by the Trustees as set forth
in the Prospectus and

                                       2
<PAGE>

Statement of Additional Information. Subject to this requirement and the
provisions of the Investment Company Act, the Securities Exchange Act of 1934,
as amended, and other applicable provisions of law, the Manager may select
brokers or dealers with which it or the Trust is affiliated.

      (c) Affiliated Sub-Advisers. In carrying out its responsibilities
hereunder, the Manager may employ, retain or otherwise avail itself of the
services of other persons or entities, including, without limitation, affiliates
of the Manager, on such terms as the Manager shall determine to be necessary,
desirable or appropriate. However, if the Manager chooses to retain or avail
itself of the services of another person or entity to manage assets of the Fund,
such other person or entity must be (i) an affiliate of the Manager, (ii)
retained at the Manager's own cost and expense, and (iii) retained subject to
the requirements of Section 15 of the Investment Company Act. Retention of one
or more affiliated sub-advisers, or the employment or retention of other persons
or entities to perform services, shall in no way reduce the responsibilities or
obligations of the Manager under this Agreement, and the Manager shall be
responsible for all acts and omissions of such affiliated sub-advisers, or other
persons or entities, in connection with the performance of the Manager's duties
hereunder.

      (d) Notice Upon Change in Partners of Manager. The Manager is a limited
partnership and its limited partner is Merrill Lynch & Co., Inc. and its general
partner is Princeton Services, Inc. The Manager will notify the Trust and the
Fund of any change in the membership of the partnership within a reasonable time
after such change.

                                   ARTICLE II

                       ALLOCATION OF CHARGES AND EXPENSES

      (a) The Manager. The Manager assumes and shall pay for maintaining the
staff and personnel necessary to perform its obligations under this Agreement,
and shall at its own expense, provide the office space, equipment and facilities
which it is obligated to provide under Article I hereof, and shall pay all
compensation of officers of the Trust and all Trustees who are affiliated
persons of the Manager.

      (b) The Fund. The Fund assumes and shall pay or cause to be paid all other
expenses of the Fund (except for the expenses paid by FAM Distributors, Inc.
(the "Distributor")), including, without limitation: organizational cost, the
financial warranty fee, redemption expenses, expenses of portfolio transactions,
expenses of registering shares under federal and state securities laws, pricing
costs (including the daily calculation of net asset value), expenses of printing
shareholder reports, stock certificates (if any), prospectuses and statements of
additional information, Securities and Exchange Commission fees, interest,
taxes, custodian and transfer agency fees, fees and actual out-of-pocket
expenses of Trustees who are not affiliated persons of the Manager, fees for
legal and auditing services, litigation expenses, costs of printing proxies and
other expenses related to shareholder meetings, and other expenses properly
payable by the Trust or the Fund. It is also understood that the Fund shall
reimburse the Manager for its costs, if any, in providing accounting services to
the Fund. The Distributor will pay certain of the expenses of the Fund incurred
in connection with the continuous offering of Fund shares.

                                       3
<PAGE>

                                  ARTICLE III

                           COMPENSATION OF THE MANAGER

      (a) Investment Management Fee. Unless reduced as set forth below, for the
services rendered, the facilities furnished and expenses assumed by the Manager,
the Fund shall pay to the Manager at the end of each calendar month a fee at the
annual rate of 0.65% of the average daily net assets of the Fund commencing on
the day following effectiveness hereof, as determined and computed in accordance
with the description of the determination of net asset value contained in the
Registration Statement. If this Agreement becomes effective subsequent to the
first day of a month or shall terminate before the last day of a month,
compensation for that part of the month this Agreement is in effect shall be
prorated in a manner consistent with the calculation of the fee as set forth
above. In the event that all of the Fund's assets become completely and
irreversibly allocated to the Protection Component under the terms of the
Warranty Agreement, the Manager agrees to reduce its fee to 0.25% per annum of
the average daily net assets of the Fund. This reduction in fee shall be
effective on the day following the complete and irreversible allocation of the
Fund's assets to the Protection Component (a "Complete Allocation"). If the
Complete Allocation occurs subsequent to the first day of a month, compensation
for that part of the month the reduced fee is in effect shall be prorated in a
manner consistent with the calculation of the fee as set forth above.

      (b) Fee Payment. Payment of the Manager's compensation for the preceding
month shall be made as promptly as possible after completion of the computations
contemplated by Article III(a) above. During any period when the determination
of net asset value is suspended by the Board of Trustees, the average net asset
value of a share for the last business day prior to such suspension shall for
this purpose be deemed to be the net asset value at the close of each succeeding
business day until it is again determined.

      (c) Expense Limitations. In the event the operating expenses of the Fund,
including amounts payable to the Manager pursuant to subsection (a) hereof, for
any fiscal year ending on a date on which this Agreement is in effect exceed the
expense limitations applicable to the Fund imposed by applicable state
securities laws or regulations thereunder, as such limitations may be raised or
lowered from time to time, the Manager shall reduce its management fee by the
extent of such excess and, if required pursuant to any such laws or regulations,
will reimburse the Fund in the amount of such excess; provided, however, to the
extent permitted by law, there shall be excluded from such expenses the amount
of any interest, taxes, brokerage commissions, distribution fees and
extraordinary expenses (including but not limited to legal claims and
liabilities and litigation costs and any indemnification related thereto) paid
or payable by the Fund. Whenever the expenses of the Fund exceed a pro rata
portion of the applicable annual expense limitations, the estimated amount of
reimbursement under such limitations shall be applicable as an offset against
the monthly payment of the management fee due to the Manager. Should two or more
such expense limitations be applicable as at the end of the last business day of
the month, that expense limitation which results in the largest reduction in the
Manager's fee shall be applicable.

                                       4
<PAGE>

                                   ARTICLE IV

                     LIMITATION OF LIABILITY OF THE MANAGER

      The Manager shall not be liable for any error of judgment or mistake of
law or for any loss arising out of any investment or for any act or omission in
the management of the Trust or the Fund, except for willful misfeasance, bad
faith or gross negligence in the performance of its duties, or by reason of
reckless disregard of its obligations and duties hereunder. As used in this
Article IV, the term "Manager" shall include any affiliates of the manager
performing services for the Trust or the Fund contemplated hereby and the
partners, shareholders, directors, officers and employees of the Manager and
such affiliates.

                                   ARTICLE V

                            ACTIVITIES OF THE MANAGER

      The services of the Manager to the Trust and the Fund are not to be deemed
to be exclusive, and the Manager and any person controlled by or under common
control with the Manager (for purposes of Article V referred to as "affiliates")
is free to render services to others. It is understood that Trustees, officers,
employees and shareholders of the Trust and the Fund are or may become
interested in the Manager and its affiliates, as directors, officers, employees,
partners and shareholders or otherwise and that the Manager and the directors,
officers, employees, partners and shareholders of the Manager and its affiliates
are or may become similarly interested in the Trust or the Fund as shareholders
or otherwise.

                                   ARTICLE VI

                    DURATION AND TERMINATION OF THIS CONTRACT

      This Agreement shall become effective as of the date first written above
and shall remain in force for a period of two years thereafter and thereafter
continue from year to year, but only so long as such continuance is specifically
approved at least annually by (i) the Trustees, or by the vote of a majority of
the outstanding voting securities of the Fund, and (ii) a majority of those
Trustees who are not parties to this Agreement or interested persons of any such
party cast in person at a meeting called for the purpose of voting on such
approval.

      This Agreement may be terminated at any time, without the payment of any
penalty, by the Trustees or by vote of a majority of the outstanding voting
securities of the Fund, or by the Manager, on sixty days' written notice to the
other party. This Agreement shall automatically terminate in the event of its
assignment.

                                       5
<PAGE>

                                  ARTICLE VII

                          AMENDMENTS OF THIS AGREEMENT

      This Agreement may be amended by the parties only if such amendment is
specifically approved by (i) the vote of a majority of outstanding voting
securities of the Fund, and (ii) a majority of those Trustees who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval.

                                  ARTICLE VIII

                          DEFINITIONS OF CERTAIN TERMS

      The terms "vote of a majority of the outstanding voting securities,"
"assignment," "affiliated person" and "interested person," when used in this
Agreement, shall have the respective meanings specified in the Investment
Company Act and the rules and regulations thereunder, subject, however, to such
exemptions as may be granted by the Securities and Exchange Commission under the
Investment Company Act.

                                   ARTICLE IX

                                  GOVERNING LAW

      This Agreement shall be construed in accordance with laws of the State of
New York and the applicable provisions of the Investment Company Act. To the
extent that the applicable laws of the State of New York, or any of the
provisions herein, conflict with the applicable provisions of the Investment
Company Act, the latter shall control.

                                    ARTICLE X

                      LIMITATION OF OBLIGATIONS OF THE FUND

      The obligations of the Fund shall be limited to the assets of the Fund,
shall be separate from the obligations of any other series of the Trust, and the
Fund shall not be liable for the obligations of any other series of the Trust.

                                       6
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Agreement as of the day and year first above written.

                                   MERRILL LYNCH PRINCIPAL PROTECTED
                                   TRUST, on behalf of its series, MERRILL LYNCH
                                   FUNDAMENTAL GROWTH PRINCIPAL PROTECTED FUND

                                   By: /s/ Terry K. Glenn
                                       ------------------------------------
                                       Name:  Terry K. Glenn
                                       Title: President

                                   MERRILL LYNCH INVESTMENT MANAGERS, L.P.

                                   By: PRINCETON SERVICES, INC.,
                                       its General Partner

                                   By: /s/ Terry K. Glenn
                                       ------------------------------------
                                       Name:  Terry K. Glenn
                                       Title: Executive Vice President

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