Document:

Exhibit 10.10
                                                                  -------------

                                2,500,000 Shares

                             DENBURY RESOURCES INC.

                                  Common Stock

                             UNDERWRITING AGREEMENT
                             ----------------------

                                                                   March 6, 2003

LEHMAN BROTHERS INC.
745 Seventh Avenue
New York, NY 10019

Dear Sirs:

         Certain stockholders of Denbury Resources Inc., a Delaware corporation
(the "Company"), named in Schedule 2 hereto (the "Selling Stockholders"),
propose to sell an aggregate of 2,500,000 shares (the "Firm Stock") of the
Company's common stock, par value $.001 per share (the "Common Stock"). In
addition, the Selling Stockholders propose to grant to you, the underwriter
named in Schedule 1 hereto (the "Underwriter"), an option to purchase up to an
additional 375,000 shares of the Common Stock, in the aggregate, on the terms
and for the purposes set forth in Section 3 below (the "Option Stock"). The Firm
Stock and the Option Stock, if purchased, are hereinafter collectively called
the "Stock." This is to confirm the agreement concerning the purchase of the
Stock from the Company and the Selling Stockholders by the Underwriter.

         1. Representations, Warranties and Agreements of the Company. The
Company represents, warrants and agrees that:

             (a) A registration statement on Form S-3 (File No. 333-57382) with
         respect to the Stock has (i) been prepared by the Company in conformity
         with the requirements of the Securities Act of 1933, as amended (the
         "Securities Act"), and the rules and regulations (the "Rules and
         Regulations") of the Securities and Exchange Commission (the
         "Commission") thereunder, (ii) been filed with the Commission under the
         Securities Act and (iii) become effective under the Securities Act.
         Copies of such registration statement and amendments thereto have been
         delivered by the Company to you as the Underwriter. As used in this
         Agreement, "Effective Time" means the date and the time as of which
         such registration statement, or the most recent post-effective
         amendment thereto, if any, was declared effective by the Commission;
         "Effective Date" means the date of the Effective Time; "Preliminary
         Prospectus" means each prospectus included in such registration
         statement, or amendments thereto, before it became effective under the
         Securities Act and any prospectus filed with the Commission by the
         Company with the consent of the Underwriter pursuant to Rule 424(a) of
         the Rules and Regulations; "Registration Statement" means such
         registration statement, as amended at the Effective Time, including all
         information contained in the final prospectus filed with the Commission
         pursuant to Rule 424(b) of the Rules and Regulations and deemed to be a
         part of the registration statement as of the Effective Time pursuant to
         paragraph (b) of Rule 430A of the Rules and Regulations; and
         "Prospectus" means the prospectus supplement and the accompanying
         prospectus and all information incorporated by reference therein at
         such time, in the form first used to confirm sales of Stock. Reference
         made herein to any Preliminary Prospectus or to the Prospectus shall be
         deemed to refer to and include any documents incorporated by reference
         therein pursuant to item 12 of Form S-3 under the Securities Act, as of
         the date of such Preliminary Prospectus or the Prospectus, as the case
         may be, and any reference to any amendment or supplement to any
         Preliminary Prospectus or the Prospectus shall be deemed to refer to
         and include any document filed under the Securities Exchange Act of
         1934, as amended ("Exchange Act") after the date of such Preliminary
         Prospectus or the Prospectus, as the case may be, and incorporated by
         reference in the Preliminary Prospectus or the Prospectus, as the case
         may be; and any reference to any amendment to the Registration
         Statement shall be deemed to include any periodic report of the Company
         filed with the Commission pursuant to Section 13(a) or 15(d) of the
         Exchange Act after the Effective Time that is incorporated by reference
         in the Registration Statement. The Commission has not issued any order
         preventing or suspending the use of any Preliminary Prospectus.

             (b) The Registration Statement conforms, and the Prospectus and any
         further amendments or supplements to the Registration Statement or the
         Prospectus will, when they become effective or are filed with the
         Commission, as the case may be, conform in all material respects to the
         requirements of the Securities Act and the Rules and Regulations and do
         not and will not, as of the applicable Effective Date (as to the
         Registration Statement and any amendment thereto) and as of the
         applicable filing date (as to the Prospectus and any amendment or
         supplement thereto) contain an untrue statement of a material fact or
         omit to state a material fact required to be stated therein or
         necessary to make the statements therein not misleading; provided that
         no representation or warranty is made as to information contained in or
         omitted from the Registration Statement or the Prospectus in reliance
         upon and in conformity with written information furnished to the
         Company by or on behalf of the Underwriter specifically for inclusion
         therein.

             (c) The documents incorporated by reference in the Prospectus, when
         they were filed with the Commission, conformed in all material respects
         to the requirements of the Exchange Act and the Rules and Regulations,
         and none of such documents contained an untrue statement of material
         fact or omitted to state a material fact required to be stated therein
         or necessary to make the statements therein not misleading; and any
         further documents so filed and incorporated by reference in the
         Prospectus, when such documents are filed with the Commission, will
         conform in all material respects to the requirements of the Exchange
         Act and the rules and regulations thereunder and will not contain any
         untrue statement of a material fact or omit to state a material fact
         required to be stated therein or necessary to make the statements
         therein not misleading.

             (d) The Company and each of its subsidiaries (as defined in Section
         17) have been duly incorporated or formed, as the case may be, and are
         validly existing, as their respective business entities, and in good
         standing under the laws of their respective jurisdictions of
         incorporation or formation, as the case may be, are duly qualified to
         do business and are in good standing as foreign corporations or limited
         liability companies in each jurisdiction in which their respective
         ownership or lease of property or the conduct of their respective
         businesses requires such qualification (except where the failure to so
         qualify or be in good standing as a foreign corporation or limited
         liability company would not have a material adverse effect on the
         consolidated financial position, stockholders' or members' equity (as
         the case may be), results of operation, business or prospects of the
         Company and its subsidiaries, taken as a whole), and have all power and
         authority necessary to own or hold their respective properties and to
         conduct the businesses in which they are engaged; and none of the
         subsidiaries of the Company other than Denbury Offshore, Inc. is a
         "significant subsidiary", as such term is defined in Rule 405 of the
         Rules and Regulations under the Securities Act.

             (e) The Company has an authorized capitalization as set forth in
         the Prospectus, and all of the issued shares of capital stock of the
         Company have been duly and validly authorized and issued, are fully
         paid and non-assessable and conform to the description thereof
         contained in the Prospectus; and all of the issued shares of capital
         stock of each subsidiary of the Company have been duly and validly
         authorized and issued and are fully paid and non-assessable and (except
         for directors' qualifying shares) are owned directly or indirectly by
         the Company, free and clear of all liens, encumbrances, equities or
         claims except as disclosed in the Prospectus.

             (f) The shares of Stock to be sold by the Selling Stockholders to
         the Underwriter hereunder have been duly and validly authorized.

             (g) This Agreement has been duly authorized, executed and delivered
         by the Company.

             (h) The execution, delivery and performance of this Agreement by
         the Company and the consummation of the transactions contemplated
         hereby will not conflict with or result in a breach or violation of any
         of the terms or provisions of, or constitute a default under, any
         indenture, mortgage, deed of trust, loan agreement or other agreement
         or instrument, which violation, breach or conflict would have a
         material adverse effect on the consolidated financial position,
         stockholders' or members' equity (as the case may be), results of
         operation, business or prospects of the Company and its subsidiaries,
         taken as a whole, to which the Company or any of its subsidiaries is a
         party or by which the Company or any of its subsidiaries is bound or to
         which any of the property or assets of the Company or any of its
         subsidiaries is subject, nor will such actions result in any violation
         of the provisions of the charter or by-laws of the Company or any of
         its subsidiaries or any statute or any order, rule or regulation of any
         court or governmental agency or body having jurisdiction over the
         Company or any of its subsidiaries or any of their properties or
         assets; and except for the registration of the Stock under the
         Securities Act and such consents, approvals, authorizations,
         registrations or qualifications as may be required under the Exchange
         Act and applicable state securities laws in connection with the
         purchase and distribution of the Stock by the Underwriter, no consent,
         approval, authorization or order of, or filing or registration with,
         any such court or governmental agency or body is required for the
         execution, delivery and performance of this Agreement by the Company
         and the consummation of the transactions contemplated hereby other than
         those that have been obtained.

             (i) Except as described in the Prospectus, there are no contracts,
         agreements or understandings between the Company and any person
         granting such person the right (other than rights which have been
         waived or satisfied) to require the Company to file a registration
         statement under the Securities Act with respect to any securities of
         the Company owned or to be owned by such person or to require the
         Company to include such securities in the securities registered
         pursuant to the Registration Statement or in any securities being
         registered pursuant to any other registration statement filed by the
         Company under the Securities Act.

             (j) Except as set forth in the Prospectus, the Company has not sold
         or issued any shares of Common Stock during the six-month period
         preceding the date of the Prospectus, including any sales pursuant to
         Rule 144A under, or Regulations D or S of, the Securities Act other
         than shares issued pursuant to director compensation plans, employee
         benefit plans, qualified stock options plans or other employee
         compensation plans or pursuant to outstanding options, rights or
         warrants.

             (k) Neither the Company nor any of its subsidiaries has sustained,
         since the date of the latest audited financial statements included in
         the Prospectus, any material loss or interference with its business
         from fire, explosion, flood or other calamity, whether or not covered
         by insurance, or from any labor dispute or court or governmental
         action, order or decree, otherwise than as set forth or contemplated in
         the Prospectus, and, since such date, there has not been any change in
         the capital stock (except for exercises of options since such date
         under the Company's existing director compensation plans, existing
         stock option plan and issuances of stock under the Company's existing
         stock purchase plan) or long-term debt of the Company or any of its
         subsidiaries or any material adverse change, or any development
         involving a prospective material adverse change, in or affecting the
         management, financial position, stockholders' equity or results of
         operations, business or prospects of the Company and its subsidiaries,
         taken as a whole, otherwise than as set forth or contemplated in the
         Prospectus.

             (l) The financial statements (including the related notes and
         supporting schedules), filed as part of the Registration Statement or
         included in the Prospectus present fairly the financial condition and
         results of operations of the entities purported to be shown thereby, at
         the dates and for the periods indicated, and have been prepared in
         conformity with generally accepted accounting principles applied on a
         consistent basis throughout the periods involved.

             (m) Deloitte & Touche L.L.P., who have certified certain financial
         statements of the Company, whose reports appear in the Prospectus and
         who has delivered one of the initial letters referred to in Section
         9(g) hereof, are and have been independent public accountants as
         required by the Securities Act and the Rules and Regulations, during
         the periods covered by the financial statements on which they reported.

             (n) DeGolyer and MacNaughton, whose reserve audits or evaluations
         are referenced or appear, as the case may be, in the Prospectus and who
         have delivered the letters referred to in Section 9(i) hereof, were, as
         of December 31, 2000 and December 31, 2001, as the case may be, and
         are, as of the date hereof, independent engineers with respect to the
         Company and its subsidiaries.

             (o) The Company and each of its subsidiaries has (1) generally
         satisfactory or good and indefeasible title to all its interests in its
         oil and gas properties, title investigations having been carried out by
         or on behalf of such person in accordance with good practice in the oil
         and gas industry in the areas in which such properties are located, (2)
         good and marketable title in fee simple to all of its other real
         property, and (3) good and marketable title to all personal property
         owned by it, in each case free and clear of all liens, encumbrances and
         defects except such as are described in the Prospectus or such as do
         not materially affect the value of such properties as a whole and do
         not materially interfere with the use made and proposed to be made of
         such properties as a whole by the Company and its subsidiaries; and all
         real properties and buildings held under lease by the Company and its
         subsidiaries are held by them under valid, subsisting and enforceable
         leases, with such exceptions as are not material and do not interfere
         with the use made and proposed to be made of such properties and
         buildings as a whole by the Company and its subsidiaries.

             (p) The Company and its subsidiaries carry, or are covered by,
         insurance in such amounts and covering such risks as the Company
         reasonably believes is adequate for the conduct of their respective
         businesses and the value of their respective properties and is
         customary for companies engaged in similar businesses in similar
         industries.

             (q) The Company and its subsidiaries own or possess adequate rights
         to use all material patents, patent applications, trademarks, service
         marks, trade names, trademark registrations, service mark
         registrations, copyrights and licenses necessary for the conduct of
         their respective businesses and have no reason to believe that the
         conduct of their respective businesses will conflict with, and have not
         received any notice of any claim of conflict with, any such rights of
         others.

             (r) Except as described in the Prospectus, there are no legal or
         governmental proceedings pending to which the Company or any of its
         subsidiaries is a party or of which any property or assets of the
         Company or any of its subsidiaries is the subject which, if determined
         adversely to the Company or any of its subsidiaries, would be
         reasonably expected to have a material adverse effect on the
         consolidated financial position, stockholders' equity, results of
         operations, business or prospects of the Company and its subsidiaries,
         taken as a whole; and, to the best of the Company's knowledge, no such
         proceedings are threatened or contemplated by governmental authorities
         or threatened by others.

             (s) The conditions for use of Form S-3, as set forth in the General
         Instructions thereto, have been satisfied.

             (t) There are no contracts or other documents which are required to
         be described in the Prospectus or filed as exhibits to the Registration
         Statement by the Securities Act or by the Rules and Regulations which
         have not been described in the Prospectus or filed as exhibits to the
         Registration Statement or incorporated therein by reference as
         permitted by the Rules and Regulations.

             (u) No relationship, direct or indirect, exists between or among
         the Company on the one hand, and the directors, officers, stockholders,
         customers or suppliers of the Company on the other hand, which is
         required to be described in the Prospectus which is not so described.

             (v) No labor disturbance by the employees of the Company exists or,
         to the knowledge of the Company, is imminent which might be reasonably
         expected to have a material adverse effect on the management,
         consolidated financial position, stockholders' equity, results of
         operations, business or prospects of the Company and its subsidiaries,
         taken as a whole.

             (w) The Company is in compliance in all material respects with all
         presently applicable provisions of the Employee Retirement Income
         Security Act of 1974, as amended, including the regulations and
         published interpretations thereunder ("ERISA"); no "reportable event"
         (as defined in ERISA) has occurred with respect to any "pension plan"
         (as defined in ERISA) for which the Company would have any material
         liability; the Company has not incurred and does not expect to incur
         any material liability under (i) Title IV of ERISA with respect to
         termination of, or withdrawal from, any "pension plan" or (ii) Section
         412 or 4971 of the Internal Revenue Code of 1986, as amended, including
         the regulations and published interpretations thereunder (the "Code");
         and each "pension plan" for which the Company would have any material
         liability that is intended to be qualified under Section 401(a) of the
         Code is so qualified in all material respects and, to the best of the
         Company's knowledge, nothing has occurred, whether by action or by
         failure to act, which would cause the loss of such qualification.

             (x) The Company and its subsidiaries have filed all federal, state
         and local income and franchise tax returns required to be filed through
         the date hereof or have filed for appropriate extensions for such taxes
         and have paid all taxes due thereon, and no tax deficiency has been
         determined adversely to the Company or any of its subsidiaries which
         has had (nor does the Company have any knowledge of any tax deficiency
         which, if determined adversely to the Company or any of its
         subsidiaries, might have) a material adverse effect on the consolidated
         financial position, stockholders' equity, results of operations,
         business or prospects of the Company and its subsidiaries, taken as a
         whole.

             (y) Since the date as of which information is given in the
         Prospectus through the date hereof, and except as may otherwise be
         disclosed in the Prospectus, the Company has not (i) except for
         exercises of options since such date under the Company's existing
         director compensation plans or existing stock option plan and issuances
         of stock under the Company's existing stock purchase plan, issued or
         granted any securities, (ii) incurred any liability or obligation,
         direct or contingent, other than liabilities and obligations which were
         incurred in the ordinary course of business, (iii) entered into any
         transaction not in the ordinary course of business or (iv) declared or
         paid any dividend on its capital stock.

             (z) The Company (i) makes and keeps accurate books and records and
         (ii) maintains internal accounting controls which provide reasonable
         assurance that (A) transactions are executed in accordance with
         management's authorization, (B) transactions are recorded as necessary
         to permit preparation of its financial statements and to maintain
         accountability for its assets, (C) access to its assets is permitted
         only in accordance with management's authorization and (D) the reported
         accountability for its assets is compared with existing assets at
         reasonable intervals.

             (aa) Neither the Company nor any of its subsidiaries (i) is in
         violation of its charter or by-laws, (ii) is in default in any respect,
         and no event has occurred which, with notice or lapse of time or both,
         would constitute such a default, in the due performance or observance
         of any term, covenant or condition contained in any indenture,
         mortgage, deed of trust, loan agreement or other agreement or
         instrument to which it is a party or by which it is bound or to which
         any of its properties or assets is subject or (iii) is in violation in
         any respect of any law, ordinance, governmental rule, regulation or
         court decree to which it or its property or assets may be subject or
         has failed to obtain any license, permit, certificate, franchise or
         other governmental authorization or permit necessary to the ownership
         of its property or to the conduct of its business, except, in the cases
         of clauses (ii) and (iii), such defaults, events, violations or
         failures that in the aggregate might reasonably be expected to have a
         material adverse effect on the management, consolidated financial
         position, stockholders' equity, results of operations, business or
         prospects of the Company and its subsidiaries, taken as a whole.

             (bb) The course of conduct of the Company in transactions between
         the Company and its subsidiaries on one hand, and Genesis Partners,
         L.P. (the "Partnership") and its subsidiaries on the other hand, since
         the acquisition by the Company of Genesis Energy LLC, the general
         partner of the Partnership, has at all times been "fair and reasonable"
         to the Partnership, as determined within the context of Section 7.9 of
         the limited partnership agreement of the Partnership.

             (cc) There has been no storage, disposal, generation, manufacture,
         refinement, transportation, handling or treatment of toxic wastes,
         medical wastes, hazardous wastes or hazardous substances by the Company
         or any of its subsidiaries (or, to the knowledge of the Company, any of
         their predecessors in interest) at, upon or from any of the property
         now or previously owned or leased by the Company or its subsidiaries in
         violation of any applicable law, ordinance, rule, regulation, order,
         judgment, decree or permit or which would require remedial action under
         any applicable law, ordinance, rule, regulation, order, judgment,
         decree or permit, except for any violation or remedial action which
         would not have, or could not be reasonably likely to have, singularly
         or in the aggregate with all such violations and remedial actions, a
         material adverse effect on the management, consolidated financial
         position, stockholders' equity, results of operations, business or
         prospects of the Company and its subsidiaries, taken as whole; there
         has been no material spill, discharge, leak, emission, injection,
         escape, dumping or release of any kind onto such property or into the
         environment surrounding such property of any toxic wastes, medical
         wastes, solid wastes, hazardous wastes or hazardous substances due to
         or caused by the Company or any of its subsidiaries or with respect to
         which the Company or any of its subsidiaries have knowledge, except for
         any such spill, discharge, leak, emission, injection, escape, dumping
         or release which would not have or would not be reasonably likely to
         have, singularly or in the aggregate with all such spills, discharges,
         leaks, emissions, injections, escapes, dumpings and releases, a
         material adverse effect on the management, consolidated financial
         position, stockholders' equity, results of operations, business or
         prospects of the Company and its subsidiaries, taken as a whole; and
         the terms "hazardous wastes", "toxic wastes", "hazardous substances"
         and "medical wastes" shall have the meanings specified in any
         applicable local, state, federal and foreign laws or regulations with
         respect to environmental protection ("Environmental Laws").

             (dd) Neither the Company nor any subsidiary is an "investment
         company" as defined in the Investment Company Act of 1940, as amended.

             (ee) Except as described in the Prospectus, no subsidiary of the
         Company is currently prohibited, directly or indirectly, from paying
         any dividends to the Company, from making any other distribution on
         such subsidiary's capital stock, from repaying to the Company any loans
         or advances to such subsidiary from the Company or from transferring
         any of such subsidiary's property or assets to the Company or any other
         subsidiary of the Company.

             (ff) The Company and its subsidiaries possess all licenses,
         certificates, permits and other authorizations issued by the
         appropriate federal, state or foreign regulatory authorities ("Permit"
         or "Permits") necessary for the ownership of property or assets or to
         conduct their respective businesses except where the failure to have
         such Permits would not reasonably be expected to have a material
         adverse effect on the management, consolidated financial position,
         stockholders' equity, results of operations, business or prospects of
         the Company and its subsidiaries, taken as a whole; neither the Company
         nor any of its subsidiaries has received any notice of proceedings
         relating to the revocation or modification of any such Permit which,
         singly or in the aggregate, if the subject of an unfavorable decision,
         ruling or finding, would have a material adverse effect on the
         management, consolidated financial position, stockholders' equity,
         results of operations, business or prospects of the Company and its
         subsidiaries, taken as a whole; the Company and each of its
         subsidiaries has operated and is operating its business in compliance
         with and not in violation of any of its obligations with respect to
         each such Permit except where such violation would not reasonably be
         expected to have a material adverse effect on the management,
         consolidated financial position, stockholders' equity, results of
         operations, business or prospects of the Company and its subsidiaries,
         taken as a whole; no event has occurred which allows, or after notice
         or lapse of time or both would allow, revocation or termination of any
         such Permit or result in any other impairment of the rights of the
         Company or any of its subsidiaries under any such Permit, subject in
         each case to such qualification as described in the Prospectus; and,
         except as described in the Prospectus, such permits contain no
         restrictions that are burdensome to the Company or any of its
         subsidiaries except for restrictions that would not, singly or in the
         aggregate, have a material adverse effect on the management,
         consolidated financial position, stockholders' equity, results of
         operations, business or prospects of the Company and its subsidiaries,
         taken as a whole.

                  Any certificate signed by any officer of the Company and
delivered to the Underwriter or counsel for the Underwriter in connection with
the offering of the Stock shall be deemed a representation and warranty by the
Company, as to matters covered thereby, to the Underwriter.

         2. Representations, Warranties and Agreements of the Selling
Stockholders. Each Selling Stockholder severally, and not jointly, represents,
warrants and agrees that:

             (a) The Selling Stockholder has, and immediately prior to each
         Delivery Date (as defined in Section 5 hereof) the Selling Stockholder
         will have, good and valid title to the shares of Stock to be sold by
         the Selling Stockholder hereunder on such date, free and clear of all
         liens, encumbrances, equities or claims; and upon delivery of such
         shares and payment therefor pursuant hereto and thereto (and assuming
         that the Underwriter acquires the shares of Stock without any notice of
         any adverse claim (within the meaning of Section 8-105 of the Uniform
         Commercial Code) that has been created by the Underwriter or its
         Affiliates) good and valid title to such shares, free and clear of all
         liens, encumbrances, equities or claims, will pass to the Underwriter.

             (b) The Selling Stockholder has full right, partnership power and
         authority to enter into this Agreement; the execution, delivery and
         performance of this Agreement by the Selling Stockholder and the
         consummation by the Selling Stockholder of the transactions
         contemplated hereby will not conflict with or result in a breach or
         violation of any of the terms or provisions of, or constitute a default
         under, any material indenture, mortgage, deed of trust, loan agreement
         or other agreement or instrument to which the Selling Stockholder is a
         party or by which the Selling Stockholder is bound or to which any of
         the property or assets of the Selling Stockholder is subject, nor will
         such actions result in any violation of the provisions of the
         certificate of limited partnership or the partnership agreement of the
         Selling Stockholder, or any statute or any order, rule or regulation of
         any court or governmental agency or body having jurisdiction over the
         Selling Stockholder or the property or assets of the Selling
         Stockholder; and, except for the registration of the Stock under the
         Securities Act and such consents, approvals, authorizations,
         registrations, filings or qualifications as may be required under the
         Exchange Act and applicable state securities laws in connection with
         the purchase and distribution of the Stock by the Underwriter, no
         consent, approval, authorization or order of, or filing or registration
         with, any such court or governmental agency or body is required for the
         execution, delivery and performance of this Agreement by the Selling
         Stockholder and the consummation by the Selling Stockholder of the
         transactions contemplated hereby and thereby.

             (c) The Registration Statement and the Prospectus and any further
         amendments or supplements to the Registration Statement or the
         Prospectus, when they become effective or are filed with the
         Commission, as the case may be, do not and will not, as of the
         applicable Effective Date (as to the Registration Statement and any
         amendment thereto) and as of the applicable filing date (as to the
         Prospectus and any amendment or supplement thereto) contain an untrue
         statement of a material fact or omit to state a material fact required
         to be stated therein or necessary to make the statements therein not
         misleading; provided, however, the foregoing representations and
         warranties shall only apply to statements or omissions in the
         Registration Statement or the Prospectus made in reliance upon and in
         conformity with information relating to such Selling Stockholder
         furnished to the Company in writing by such Selling Stockholder
         expressly for use therein; and provided, further, that no
         representation or warranty is made as to information contained in or
         omitted from the Registration Statement or the Prospectus in reliance
         upon and in conformity with written information furnished to the
         Company by or on behalf of the Underwriter specifically for inclusion
         therein.

             (d) The Selling Stockholder has not taken and will not take,
         directly or indirectly, any action which is designed to or which has
         constituted or which might reasonably be expected to cause or result in
         the stabilization or manipulation of the price of any security of the
         Company to facilitate the sale or resale of the shares of the Stock.

         3. Purchase of the Stock by the Underwriter. On the basis of the
representations and warranties contained in, and subject to the terms and
conditions of, this Agreement, each Selling Stockholder hereby agrees to sell
the number of shares of the Firm Stock set opposite its name in Schedule 2
hereto, severally and not jointly, to the Underwriter and the Underwriter agrees
to purchase the number of shares of the Firm Stock set opposite the
Underwriter's name in Schedule 1 hereto.

         In addition, the Selling Stockholders specified in Schedule 2 hereto
grant to the Underwriter options to purchase up to an aggregate of 375,000
shares of Option Stock. Such options are granted solely for the purpose of
covering over-allotments in the sale of Firm Stock and are exercisable as
provided in Section 5 hereof. Shares of Option Stock shall be purchased for the
account of the Underwriter in proportion to the number of shares of Firm Stock
set forth opposite the name of the Underwriter in Schedule 1 hereto. The price
of both the Firm Stock and any Option Stock shall be $10.95 per share.

         The Selling Stockholders shall not be obligated to deliver any of the
Stock to be delivered on the First Delivery Date or the Second Delivery Date, as
the case may be, except upon payment for all the Stock to be purchased on such
Delivery Date as provided herein.

         4. Offering of Stock by the Underwriter. Upon authorization by the
Underwriter of the release of the Firm Stock, the Underwriter proposes to offer
the Firm Stock for sale upon the terms and conditions set forth in the
Prospectus.

         5. Delivery of and Payment for the Stock. Delivery of and payment for
the Firm Stock shall be made at the office of Andrews & Kurth L.L.P., 600
Travis, Suite 4200, Houston, Texas 77002, at 9:00 A.M., Houston, Texas time, on
the fourth full business day following the date of this Agreement or at such
other date or place as shall be determined by agreement between the Underwriter,
the Selling Stockholders and the Company. This date and time are sometimes
referred to herein as the "First Delivery Date." On the First Delivery Date, the
Selling Stockholders shall deliver or cause to be delivered certificates
representing the Firm Stock to the Underwriter for the account of the
Underwriter against payment to or upon the order of the Selling Stockholders of
the purchase price by wire transfer in immediately available funds. Time shall
be of the essence, and delivery at the time and place specified pursuant to this
Agreement is a further condition of the obligation of the Underwriter hereunder.
Upon delivery, the Firm Stock shall be registered in such names and in such
denominations as the Underwriter shall request in writing not less than two full
business days prior to the First Delivery Date. For the purpose of expediting
the checking and packaging of the certificates for the Firm Stock, the Selling
Stockholders shall, or shall cause a custodian to, make the certificates
representing the Firm Stock available for inspection by the Underwriter in New
York, New York, not later than 2:00 P.M., New York City time, on the business
day prior to the First Delivery Date.

         At any time on or before the thirtieth day after the date of this
Agreement, the options granted in Section 3 above may be exercised by written
notice being given to the Company and the Selling Stockholders by the
Underwriter. Exercise of these options shall be exercised pro rata among the
Selling Stockholders set forth in Schedule 2 hereto as determined by the
Underwriter. Such notice shall set forth the aggregate number of shares of
Option Stock as to which the options are being exercised, the names in which the
shares of Option Stock are to be registered, the denominations in which the
shares of Option Stock are to be issued and the date and time, as determined by
the Underwriter, when the shares of Option Stock are to be delivered; provided,
however, that this date and time shall not be earlier than the First Delivery
Date nor earlier than the second business day after the date on which the
options shall have been exercised nor later than the fifth business day after
the date on which the options shall have been exercised. The date and time the
shares of Option Stock are delivered are sometimes referred to as the "Second
Delivery Date" and the First Delivery Date and the Second Delivery Date are
sometimes each referred to as a "Delivery Date".

         Delivery of and payment for the Option Stock shall be made at the place
specified in the first sentence of the first paragraph of this Section 5 (or at
such other place as shall be determined by agreement between the Underwriter,
the Selling Stockholders and the Company) at 9:00 A.M., Dallas, Texas time, on
the Second Delivery Date. On the Second Delivery Date, the Selling Stockholders
shall deliver or cause to be delivered the certificates representing the Option
Stock to the Underwriter for the account of the Underwriter against payment to
or upon the order of the Selling Stockholders of the purchase price by wire
transfer in immediately available funds. Time shall be of the essence, and
delivery at the time and place specified pursuant to this Agreement is a further
condition of the obligation of the Underwriter hereunder. Upon delivery, the
Option Stock shall be registered in such names and in such denominations as the
Underwriter shall request in the aforesaid written notice. For the purpose of
expediting the checking and packaging of the certificates for the Option Stock,
the Selling Stockholders shall make the certificates representing the Option
Stock available for inspection by the Underwriter in New York, New York, not
later than 2:00 P.M., New York City time, on the business day prior to the
Second Delivery Date.

         6. Further Agreements of the Company. The Company agrees:

             (a) To prepare the Prospectus in a form approved by the Underwriter
         and to file the Prospectus pursuant to Rule 424(b) under the Securities
         Act not later than the Commission's close of business on the second
         business day following the execution and delivery of this Agreement or,
         if applicable, such earlier time as may be required by Rule 430A(a)(3)
         under the Securities Act; to make no further amendment or any
         supplement to the Registration Statement or to the Prospectus except as
         permitted herein; to advise the Underwriter, promptly after it receives
         notice thereof, of the time when any amendment to the Registration
         Statement has been filed or becomes effective or any supplement to the
         Prospectus or any amended Prospectus has been filed and to furnish the
         Underwriter with copies thereof; to advise the Underwriter, promptly
         after it receives notice thereof, of the issuance by the Commission of
         any stop order or of any order preventing or suspending the use of any
         Preliminary Prospectus or the Prospectus, of the suspension of the
         qualification of the Stock for offering or sale in any jurisdiction, of
         the initiation or threatening of any proceeding for any such purpose,
         or of any request by the Commission for the amending or supplementing
         of the Registration Statement or the Prospectus or for additional
         information; and, in the event of the issuance of any stop order or of
         any order preventing or suspending the use of any Preliminary
         Prospectus or the Prospectus or suspending any such qualification, to
         use promptly its best efforts to obtain its withdrawal;

             (b) To furnish promptly to the Underwriter and to counsel for the
         Underwriter a signed copy of the Registration Statement as originally
         filed with the Commission, and each amendment thereto filed with the
         Commission, including all consents and exhibits filed therewith;

             (c) To deliver promptly to the Underwriter such number of the
         following documents as the Underwriter shall reasonably request: (i)
         conformed copies of the Registration Statement as originally filed with
         the Commission and each amendment thereto (in each case excluding
         exhibits) and, (ii) each Preliminary Prospectus, the Prospectus and any
         amended or supplemented Prospectus; and, if the delivery of a
         prospectus is required at any time after the Effective Time in
         connection with the offering or sale of the Stock or any other
         securities relating thereto and if at such time any events shall have
         occurred as a result of which the Prospectus as then amended or
         supplemented would include an untrue statement of a material fact or
         omit to state any material fact necessary in order to make the
         statements therein, in the light of the circumstances under which they
         were made when such Prospectus is delivered, not misleading, or, if for
         any other reason it shall be necessary to amend or supplement the
         Prospectus or to file under the Exchange Act any document incorporated
         by reference in the Prospectus in order to comply with the Securities
         Act or the Exchange Act, to notify the Underwriter and, upon its
         request, to file such document and to prepare and furnish without
         charge to the Underwriter and to any dealer in securities as many
         copies as the Underwriter may from time to time reasonably request of
         an amended or supplemented Prospectus which will correct such statement
         or omission or effect such compliance;

             (d) To file promptly with the Commission any amendment to the
         Registration Statement or the Prospectus or any supplement to the
         Prospectus that may, in the judgment of the Company or the Underwriter,
         be required by the Securities Act or requested by the Commission;

             (e) Prior to filing with the Commission any amendment to the
         Registration Statement or supplement to the Prospectus, any document
         incorporated by reference in the Prospectus or any prospectus pursuant
         to Rule 424 of the Rules and Regulations, to furnish a copy thereof to
         the Underwriter and counsel for the Underwriter and obtain the consent
         of the Underwriter to the filing; provided, that the foregoing
         restriction shall not preclude the Company from (x) filing without the
         consent of the Underwriter any document required to be filed under the
         Exchange Act or (y) after the period set forth in Section 6(i) of this
         Agreement, amending the Registration Statement or filing a prospectus;

             (f) As soon as practicable after the Effective Date, to make
         generally available to the Company's security holders and to deliver to
         the Underwriter an earnings statement of the Company and its
         subsidiaries (which need not be audited) complying with Section 11(a)
         of the Securities Act and the Rules and Regulations (including, at the
         option of the Company, Rule 158);

             (g) For a period of three years following the Effective Date, to
         furnish to the Underwriter copies all materials furnished by the
         Company to its stockholders and all public reports and all reports and
         financial statements furnished by the Company to the principal national
         securities exchange upon which the Common Stock may be listed pursuant
         to requirements of or agreements with such exchange or to the
         Commission pursuant to the Exchange Act or any rule or regulation of
         the Commission thereunder; provided however that the Company shall not
         be required to provide the Underwriter with any such reports,
         registration statements or similar forms that have been filed with the
         Commission by electronic transmission pursuant to EDGAR;

             (h) Promptly from time to time to take such action as the
         Underwriter may reasonably request to qualify the Stock for offering
         and sale under the securities laws of such jurisdictions as the
         Underwriter may request and to comply with such laws so as to permit
         the continuance of sales and dealings therein in such jurisdictions for
         as long as may be necessary to complete the distribution of the Stock;
         provided that in connection therewith the Company shall not be required
         to qualify as a foreign corporation or to file a general consent to
         service of process in any jurisdiction;

             (i) Prior to the Effective Date, to apply, to the extent necessary,
         for the listing of the Stock on the New York Stock Exchange and to use
         its best efforts to complete that listing, subject only to official
         notice of issuance, prior to the First Delivery Date;

             (j) To take such steps as shall be necessary to ensure that neither
         the Company nor any subsidiary shall become an "investment company"
         within the meaning of such term under the Investment Company Act of
         1940 and the rules and regulations of the Commission thereunder; and

             (k) To not directly or indirectly take any action designed to or
         which has constituted or which might reasonably be expected to cause or
         result in, under the Exchange Act or otherwise, stabilization or
         manipulation of the price of any security of the Company to facilitate
         the sale or resale of the Stock.

         7. Further Agreements of the Selling Stockholders. Each Selling
Stockholder, severally and not jointly, agrees:

             (a) For a period of 60 days from the date of the Prospectus not to
         (1) offer for sale, sell, pledge or otherwise dispose of (or enter into
         any transaction or device which is designed to, or could be expected
         to, result in the disposition by any person at any time in the future
         of) any shares of Common Stock or securities convertible into or
         exchangeable for Common Stock (other than the Stock) or (2) enter into
         any swap or other derivatives transaction that transfers to another, in
         whole or in part, any of the economic benefits or risks of ownership of
         such shares of Common Stock, whether any such transaction described in
         clause (1) or (2) above is to be settled by delivery of Common Stock or
         other securities, in cash or otherwise, without the prior written
         consent of Lehman Brothers Inc.;

             (b) That the Stock to be sold by the Selling Stockholder hereunder
         is subject to the interest of the Underwriter and the other Selling
         Stockholders hereunder, and that the Selling Stockholders shall not,
         directly or indirectly, take any action that may terminate its
         obligations hereunder (other than the termination of this Agreement);
         and

             (c) To deliver to the Underwriter on or prior to the First Delivery
         Date or the Second Delivery Date, as the case may be, a properly
         completed and executed United States Treasury Department Form W-9.

         8. Expenses. The Company agrees to pay (a) the costs incident to the
authorization, issuance, sale and delivery of the Stock and any taxes payable in
that connection; (b) the costs incident to the preparation, printing and filing
under the Securities Act of the Registration Statement and any amendments and
exhibits thereto; (c) the costs of distributing the Registration Statement as
originally filed and each amendment thereto and any post-effective amendments
thereof (including, in each case, exhibits), any Preliminary Prospectus, the
Prospectus and any amendment or supplement to the Prospectus, all as provided in
this Agreement; (d) the costs of producing and distributing this Agreement and
any other related documents in connection with the offering, purchase, sale and
delivery of the Stock; (e) the filing fees incident to securing any required
review by the NASD of the terms of sale of the Stock; (f) any applicable listing
or other fees; (g) all other costs and expenses incident to the performance of
the obligations of the Company and the Selling Stockholders under this Agreement
except that the discount to the Underwriter for the purchase of the Stock shall
be borne by the Selling Stockholders; provided that, except as provided in this
Section 8 and in Section 13 below the Underwriter shall pay its own costs and
expenses, including the costs and expenses of its counsel, any transfer taxes on
the Stock which they may sell and the expenses of advertising any offering of
the Stock made by the Underwriter, and, as between the Underwriter and the
Selling Stockholders only, each of the Selling Stockholders shall pay the fees
and expenses of his or its counsel, any custodian (and any other
attorney-in-fact), and any transfer taxes payable in connection with his or its
respective sales of Stock to the Underwriter; and provided further, that the
provisions of this Section 8 shall not affect any agreement that the Company and
any Selling Stockholder may have entered into, or may hereafter enter into, with
respect to the sharing or reimbursement of any of the foregoing costs and
expenses.

         9. Conditions of Underwriter's Obligations. The respective obligations
of the Underwriter hereunder are subject to the accuracy, when made and on each
Delivery Date, of the representations and warranties of the Company and the
Selling Stockholders contained herein, to the performance by the Company and the
Selling Stockholders of their respective obligations hereunder, and to each of
the following additional terms and conditions:

             (a) The Prospectus shall have been timely filed with the Commission
         in accordance with Section 6(a) above; no stop order suspending the
         effectiveness of the Registration Statement or any part thereof shall
         have been issued and no proceeding for that purpose shall have been
         initiated or threatened by the Commission; and any request of the
         Commission for inclusion of additional information in the Registration
         Statement or the Prospectus or otherwise shall have been complied with.

             (b) No Underwriter shall have discovered and disclosed to the
         Company on or prior to such Delivery Date that the Registration
         Statement or the Prospectus or any amendment or supplement thereto
         contains an untrue statement of a fact which, in the opinion of Andrews
         & Kurth L.L.P., counsel for the Underwriter, is material or omits to
         state a fact which, in the opinion of such counsel, is material and is
         required to be stated therein or is necessary to make the statements
         therein not misleading.

             (c) All corporate proceedings and other legal matters incident to
         the authorization, form and validity of this Agreement, the Stock, the
         Registration Statement and the Prospectus, and all other legal matters
         relating to this Agreement and the transactions contemplated hereby
         shall be reasonably satisfactory in all material respects to counsel
         for the Underwriter, and the Company and the Selling Stockholders shall
         have furnished to such counsel all documents and information that they
         may reasonably request to enable them to pass upon such matters.

             (d) Jenkens and Gilchrist, A Professional Corporation, shall have
         furnished to the Underwriter its written opinion, as counsel to the
         Company, addressed to the Underwriter and dated such Delivery Date, in
         form and substance reasonably satisfactory to the Underwriter, to the
         effect that:

                 (i) The Company and each of its subsidiaries have been duly
             incorporated and are validly existing as corporations or limited
             liability companies, as the case may be, in good standing under the
             laws of their respective jurisdictions of incorporation or
             formation, are duly qualified to do business and are in good
             standing as foreign corporations or limited liability companies in
             each jurisdiction in which their respective ownership or lease of
             property or the conduct of their respective businesses requires
             such qualification, (other than where the failure to so qualify or
             be in good standing as a foreign corporation would not have a
             material adverse effect on the consolidated financial position,
             stockholders' equity, results of operation or business of the
             Company and its subsidiaries, taken as a whole), and have all power
             and authority necessary to own or hold their respective properties
             and conduct the businesses described in the Prospectus;

                 (ii) The Company has an authorized capitalization as set forth
             in the Prospectus, and all of the issued shares of capital stock of
             the Company have been duly and validly authorized and issued, are
             fully paid and non-assessable and conform to the description
             thereof contained in the Prospectus; and all of the issued shares
             of capital stock (or the equivalent) of each subsidiary of the
             Company have been duly and validly authorized and issued and are
             fully paid, non-assessable and (except for any directors'
             qualifying shares) are owned directly or indirectly by the Company,
             free and clear of all liens, encumbrances, equities or claims;

                 (iii) The shares of the Stock being delivered on such Delivery
             Date to the Underwriter hereunder have been duly and validly
             authorized and validly issued and are fully paid and
             non-assessable;

                 (iv) Except as described in the Prospectus, there are no
             preemptive or other rights to subscribe for or to purchase, nor any
             restriction upon the voting or transfer of, any shares of the
             Common Stock (including the Stock) pursuant to the Company's
             charter or by-laws or any agreement or other instrument filed as an
             exhibit to one of the Company's periodic reports under the Exchange
             Act;

                 (v) To the best of such counsel's knowledge, there are no legal
             or governmental proceedings pending to which the Company or any of
             its subsidiaries is a party or of which any property or assets of
             the Company or any of its subsidiaries is the subject which, if
             determined adversely to the Company or any of its subsidiaries,
             might have a material adverse effect on the consolidated financial
             position, stockholders' equity, results of operations, business or
             prospects of the Company and its subsidiaries, taken as a whole;
             and, to the best of such counsel's knowledge, no such proceedings
             are threatened or contemplated by governmental authorities or
             threatened by others;

                 (vi) The Registration Statement was declared effective under
             the Securities Act as of the date and time specified in such
             counsel's opinion, the Prospectus was filed with the Commission
             pursuant to the subparagraph of Rule 424(b) of the Rules and
             Regulations specified in such opinion on the date specified therein
             and no stop order suspending the effectiveness of the Registration
             Statement has been issued and, to the knowledge of such counsel, no
             proceeding for that purpose is pending or threatened by the
             Commission;

                 (vii) The Registration Statement and the Prospectus and any
             further amendments or supplements thereto made by the Company prior
             to each Delivery Date (except for the financial statements and
             financial schedules and other financial and related reserve
             information included therein, as to which such counsel need express
             no belief) comply as to form in all material respects with the
             requirements of the Securities Act and the Rules and Regulations,
             and the documents incorporated by reference in the Prospectus when
             they where filed with the Commission (except for the financial
             statements and financial schedules and other financial and related
             reserve information included therein, as to which such counsel need
             express no belief) complied as to form in all material respects
             with the requirements of the Exchange Act and the Rules and
             Regulations;

                 (viii) The statements contained in the Prospectus under the
             heading "Description of Capital Stock" insofar as such statements
             refer to statements of law, descriptions of statutes, rules or
             regulations or legal conclusions, are accurate and fair summaries
             of such statements of law, descriptions of statutes, rules or
             regulations or legal conclusions;

                 (ix) To such counsel's knowledge, there are no contracts or
             other documents which are required to be described in the
             Prospectus or filed as exhibits to the Registration Statement by
             the Securities Act or by the Rules and Regulations which have not
             been described or filed as exhibits to the Registration Statement
             or incorporated therein by reference as permitted by the Rules and
             Regulations;

                 (x) This Agreement has been duly authorized, executed and
             delivered by the Company;

                 (xi) The compliance by the Company with all of the provisions
             of this Agreement and the consummation of the transactions
             contemplated hereby will not conflict with or result in a breach or
             violation of any of the terms or provisions of, or constitute a
             default under, any indenture, mortgage, deed of trust, loan
             agreement or other agreement or instrument known to such counsel to
             which the Company or any of its subsidiaries is a party or by which
             the Company or any of its subsidiaries is bound or to which any of
             the material property or assets of the Company or any of its
             subsidiaries is subject, nor will such actions result in any
             violation of the provisions of the charter or by-laws of the
             Company or any of its subsidiaries or any statute or any order,
             rule or regulation known to such counsel of any court or
             governmental agency or body having jurisdiction over the Company or
             any of its subsidiaries or any of their properties or assets; and,
             except for the registration of the Stock under the Securities Act
             and such consents, approvals, authorizations, registrations or
             qualifications as may be required under the Exchange Act and
             applicable state securities laws in connection with the purchase
             and distribution of the Stock by the Underwriter, no consent,
             approval, authorization or order of, or filing or registration
             with, any such court or governmental agency or body is required for
             the execution, delivery and performance of this Agreement by the
             Company and the consummation of the transactions contemplated
             hereby and thereby;

                 (xii) To such counsel's knowledge, except as described or
             included in the Prospectus, there are no contracts, agreements or
             understandings between the Company and any person granting such
             person the right (other than rights which have been waived or
             satisfied) to require the Company to file a registration statement
             under the Securities Act with respect to any securities of the
             Company owned or to be owned by such person or to require the
             Company to include such securities in the securities registered
             pursuant to the Registration Statement or in any securities being
             registered pursuant to any other registration statement filed by
             the Company under the Securities Act;

                 (xiii) Neither the Company nor any subsidiary is an "investment
             company" as defined in the Investment Company Act of 1940, as
             amended.

         In rendering such opinion, such counsel may state that (x) their
opinion is limited to matters governed by the Federal laws of the United States
of America, the laws of the State of Texas and the General Corporation Law of
the State of Delaware, and that such counsel is not admitted in Delaware and (y)
insofar as the foregoing opinions relate to the valid existence and good
standing of the Company and its subsidiaries, they are based solely on
certificates of authorities in the states of organization of the Company and
such subsidiaries that such counsel received in response to such counsel's
requests for confirmation of the existence and good standing of the Company and
such subsidiaries in such states, copies of which certificates have been
furnished to you, and, in rendering the opinion set forth in opinion (i) above
with respect to the qualification and the good standing as a foreign corporation
of the Company and such subsidiaries, such counsel has relied solely on
certificates such counsel received from the states necessary to give such
opinion that such counsel received in response to such counsel's requests for
confirmation of such qualification and good standing, as the case may be, of the
Company and such subsidiaries in such states, copies of which certificates have
been furnished to you.

         Such counsel shall also have furnished to the Underwriter a written
statement, addressed to the Underwriter and dated such Delivery Date, in form
and substance reasonably satisfactory to the Underwriter, to the effect that (x)
such counsel has acted as counsel to the Company in connection with the
preparation of the Registration Statement and (y) based on the foregoing, no
facts have come to the attention of such counsel which lead them to believe that
the Registration Statement (except for the financial statements and related
schedules and other financial data, and reserve information included therein, as
to which such counsel need express no belief) as of the Effective Date,
contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make the statements
therein not misleading, or that the Prospectus (except as stated above) contains
any untrue statement of a material fact or omits to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The foregoing opinion
and statement may be qualified by a statement to the effect that such counsel
does not assume any responsibility for the accuracy, completeness or fairness of
the statements contained in the Registration Statement or the Prospectus, except
for the statements made in the Prospectus under the caption "Description of
Capital Stock" insofar as such statements relate to the Stock and concern legal
matters.

             (e) Counsel for the Selling Stockholders shall have furnished to
         the Underwriter its written opinion, as counsel to the Selling
         Stockholders for whom it is acting as counsel, addressed to the
         Underwriter and dated the First Delivery Date, in form and substance
         reasonably satisfactory to the Underwriter, to the effect that:

                 (i) Each of the Selling Stockholders has been duly formed as a
             limited partnership under the Delaware Revised Uniform Limited
             Partnership Act, 6 Del. Sec. 17-101 et. seq. and is validly
             existing and in good standing under the laws of the State of
             Delaware.

                 (ii) Each Selling Stockholder has the partnership power to
             enter into this Agreement and to perform its obligations
             thereunder;

                 (iii) The execution, delivery and performance of this Agreement
             have been duly authorized by all necessary partnership action of
             each Selling Stockholder. The Underwriting Agreement has been duly
             executed and delivered by each Selling Stockholder;

                 (iv) The execution and delivery by each Selling Stockholder of
             this Agreement and the performance of its obligations hereunder (a)
             do not require any consent, approval, authorization, registration
             or qualification of or with any governmental authority of the
             United States of America or the State of New York, except such as
             may be required under the Securities Act of 1933 and the Securities
             Exchange Act of 1934 (but without expressing an opinion as to any
             consent, approval, authorization, registration or qualification
             that may be required under state securities or Blue Sky laws), (b)
             do not result in a breach or violation of any of the terms and
             provisions of, or constitute a default under, any of the
             constituent documents of the Selling Stockholder and (c) do not
             violate the terms of any New York State or United States federal
             law or regulation of the Delaware Partnership Act (but we express
             no opinion with respect to United States federal securities laws or
             any state securities or Blue Sky laws).

                 (v) Assuming the Underwriter acquires its interest in the Stock
             to be sold by the Selling Stockholders to the Underwriter without
             notice of any adverse claim (within the meaning of the Uniform
             Commercial Code as in effect in the State of New York (the "UCC"))
             and the Underwriter has paid the purchase price for such Stock and
             has had such Stock credited to the securities account of the
             Underwriter maintained with The Depository Trust Company, then the
             Underwriter will have a securities entitlement (as defined in
             Section 8-102(a)(17) of the UCC) to such Stock purchased by the
             Underwriter and no action based on an adverse claim to such Stock
             credited to such securities account, whether framed in conversion,
             replevin, constructive trust, equitable lien or other theory, may
             be asserted against the Underwriter.

         In rendering such opinion, such counsel may (x) limit the opinion in
section 9(e)(iv) above to those documents received by counsel set forth in an
exhibit to the opinion (which constituent documents shall be certified as true,
complete and correct copies by the Selling Stockholders or their affiliates) and
(y) state that its opinion is limited to matters governed by the Federal laws of
the United States of America and the laws of the State of New York, the Delaware
Revised Uniform Limited Partnership Act and the General Corporation Law of
Delaware and that such counsel is not admitted in Delaware.

             (f) The Underwriter shall have received from Andrews & Kurth
         L.L.P., counsel for the Underwriter, such opinion or opinions, dated
         such Delivery Date, with respect to the issuance and sale of the Stock,
         the Registration Statement, the Prospectus and other related matters as
         the Underwriter may reasonably require, and the Company shall have
         furnished to such counsel such documents as they reasonably request for
         the purpose of enabling them to pass upon such matters.

             (g) At the time of execution of this Agreement, the Underwriter
         shall have received a letter from Deloitte & Touche LLP, in form and
         substance satisfactory to the Underwriter, addressed to the Underwriter
         and dated the date hereof (i) confirming that they are independent
         public accountants within the meaning of the Securities Act and are in
         compliance with the applicable requirements relating to the
         qualification of accountants under Rule 2-01 of Regulation S-X of the
         Commission, (ii) stating, as of the date hereof (or, with respect to
         matters involving changes or developments since the respective dates as
         of which specified financial information is given in the Prospectus, as
         of a date not more than five days prior to the date hereof), the
         conclusions and findings of such firm with respect to the financial
         information and other matters ordinarily covered by accountants'
         "comfort letters" to underwriters in connection with registered public
         offerings.

             (h) With respect to the letter of Deloitte & Touche LLP referred to
         in the preceding paragraph and delivered to the Underwriter,
         concurrently with the execution of this Agreement (the "initial
         letter"), the Company shall have furnished to the Underwriter a letter
         (the "bring-down letter"), addressed to the Underwriter and dated such
         Delivery Date (i) confirming that they are independent public
         accountants within the meaning of the Securities Act and are in
         compliance with the applicable requirements relating to the
         qualification of accountants under Rule 2-01 of Regulation S-X of the
         Commission, (ii) stating, as of the date of the bring-down letter (or,
         with respect to matters involving changes or developments since the
         respective dates as of which specified financial information is given
         in the Prospectus, as of a date not more than five days prior to the
         date of the bring-down letter), the conclusions and findings of such
         firm with respect to the financial information and other matters
         covered by the initial letter and (iii) confirming in all material
         respects the conclusions and findings set forth in the initial letter.

             (i) At each of the time of the execution of this Agreement and at
         the Delivery Date, the Company shall have furnished to the Underwriter
         a letter from DeGolyer and MacNaughton addressed to the Underwriter and
         dated the date hereof and dated the date of such Delivery Date,
         respectively, confirming that they are or were independent engineers
         with respect to the Company and stating, as of the date of such letter,
         the conclusions and findings of such firm with respect to the
         information and other matters covered by their letter delivered to the
         Underwriter concurrently with the execution of this Agreement and
         confirming in all material respects the conclusions and findings set
         forth in such prior letter.

             (j) The Company shall have furnished to the Underwriter, addressed
         to the Underwriter, a certificate, dated such Delivery Date, of its
         chief executive officer and its chief financial officer stating that:

                 (i) The representations, warranties and agreements of the
             Company in Section 1 hereof are true and correct as of such
             Delivery Date; the Company has complied with all its agreements
             contained herein; and the conditions set forth in Sections 9(a) and
             9(l) hereof have been fulfilled; and

                 (ii) They have carefully examined the Registration Statement
             and the Prospectus and, in their opinion (A) as of the Effective
             Date, the Registration Statement and Prospectus did not include any
             untrue statement of a material fact and did not omit to state a
             material fact required to be stated therein or necessary to make
             the statements therein not misleading, and (B) since the Effective
             Date no event has occurred which should have been set forth in a
             supplement or amendment to the Registration Statement or the
             Prospectus.

             (k) Each Selling Stockholder (or any custodian or one or more
         attorneys-in-fact on behalf of each Selling Stockholder) shall have
         furnished to the Underwriter on the First Delivery Date a certificate,
         dated the First Delivery Date, signed by, or on behalf of, the Selling
         Stockholder (or any custodian or one or more attorneys-in-fact) stating
         that the representations, warranties and agreements of the Selling
         Stockholder contained herein are true and correct in all material
         respects as of the First Delivery Date and that the Selling Stockholder
         has complied with all agreements contained herein to be performed by
         the Selling Stockholder at or prior to the First Delivery Date.

             (l) (i) Neither the Company nor any of its subsidiaries shall have
         sustained since the date of the latest audited financial statements
         included in the Prospectus any loss or interference with its business
         from fire, explosion, flood or other calamity, whether or not covered
         by insurance, or from any labor dispute or court or governmental
         action, order or decree, otherwise than as set forth or contemplated in
         the Prospectus or (ii) since such date there shall not have been any
         change in the capital stock or long-term debt of the Company or any of
         its subsidiaries or any change, or any development involving a
         prospective change, in or affecting the general affairs, management,
         financial position, stockholders' equity, prospects or results of
         operations of the Company and its subsidiaries, otherwise than as set
         forth or contemplated in the Prospectus, the effect of which, in any
         such case described in clause (i) or (ii), is, in the judgment of the
         Underwriter, so material and adverse as to make it impracticable or
         inadvisable to proceed with the public offering or the delivery of the
         Stock being delivered on such Delivery Date on the terms and in the
         manner contemplated in the Prospectus.

             (m) Subsequent to the execution and delivery of this Agreement
         there shall not have occurred any of the following: (i) trading in
         securities generally on the New York Stock Exchange or the American
         Stock Exchange or in the over-the-counter market, or trading in any
         securities of the Company on any exchange or in the over-the-counter
         market, shall have been suspended or minimum prices shall have been
         established on any such exchange or such market by the Commission, by
         such exchange or by any other regulatory body or governmental authority
         having jurisdiction, (ii) a banking moratorium shall have been declared
         by Federal or state authorities, (iii) the United States shall have
         become engaged in hostilities, there shall have been an escalation in
         hostilities involving the United States or there shall have been a
         declaration of a national emergency or war by the United States or (iv)
         there shall have occurred such a material adverse change in general
         economic, political or financial conditions (or the effect of
         international conditions on the financial markets in the United States
         shall be such) as to make it, in the judgment of the Underwriter,
         impracticable or inadvisable to proceed with the public offering or
         delivery of the Stock being delivered on such Delivery Date on the
         terms and in the manner contemplated in the Prospectus.

             (n) To the extent required, the New York Stock Exchange shall have
         approved the Stock for listing, subject only to official notice of
         issuance.

         All opinions, letters, evidence and certificates mentioned above or
elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory
to counsel for the Underwriter.

         10. Indemnification and Contribution.

             (a) The Company shall indemnify and hold harmless the Underwriter,
         its officers and employees and each person, if any, who controls the
         Underwriter within the meaning of the Securities Act, from and against
         any loss, claim, damage or liability, joint or several, or any action
         in respect thereof (including, but not limited to, any loss, claim,
         damage, liability or action relating to purchases and sales of Stock),
         to which the Underwriter, officer, employee or controlling person may
         become subject, under the Securities Act or otherwise, insofar as such
         loss, claim, damage, liability or action arises out of, or is based
         upon, (i) any untrue statement or alleged untrue statement of a
         material fact contained in (A) any Preliminary Prospectus, the
         Registration Statement or the Prospectus or in any amendment or
         supplement thereto or (B) in any materials or information provided to
         investors by, or with the approval of, the Company in connection with
         the marketing of the offering of the Stock ("Marketing Materials"),
         including any roadshow or investor presentations made to investors by
         the Company (whether in person or electronically); (ii) the omission or
         alleged omission to state in any Preliminary Prospectus, the
         Registration Statement or the Prospectus, or in any amendment or
         supplement thereto, or in any Marketing Materials any material fact
         required to be stated therein or necessary to make the statements
         therein not misleading; or (iii) any act or failure to act or any
         alleged act or failure to act by the Underwriter in connection with, or
         relating in any manner to, the Stock or the offering contemplated
         hereby, and which is included as part of or referred to in any loss,
         claim, damage, liability or action arising out of or based upon matters
         covered by clause (i) or (ii) above (provided that the Company shall
         not be liable under this clause (iii) to the extent that it is
         determined in a final judgment by a court of competent jurisdiction
         that such loss, claim, damage, liability or action resulted directly
         from any such acts or failures to act undertaken or omitted to be taken
         by the Underwriter through its gross negligence or willful misconduct),
         and shall reimburse the Underwriter and each such officer, employee or
         controlling person promptly upon demand for any legal or other expenses
         reasonably incurred by the Underwriter, officer, employee or
         controlling person in connection with investigating or defending or
         preparing to defend against any such loss, claim, damage, liability or
         action as such expenses are incurred; provided, however, that the
         Company shall not be liable in any such case to the extent that any
         such loss, claim, damage, liability or action arises out of, or is
         based upon, any untrue statement or alleged untrue statement or
         omission or alleged omission made in any Preliminary Prospectus, the
         Registration Statement or the Prospectus, or in any such amendment or
         supplement, in reliance upon and in conformity with written information
         concerning the Underwriter furnished to the Company through the
         Underwriter by or on behalf of the Underwriter specifically for
         inclusion therein which consists solely of information set forth in
         Section 10(f) hereof; and provided further, however that the Company
         shall not be liable to the Underwriter in any such case with respect to
         any untrue statement or alleged untrue statement or omission or alleged
         omission of a material fact in the Preliminary Prospectus to the extent
         that the loss, claim, damage or liability of the Underwriter (or the
         action in respect thereof) arises out of a sale by the Underwriter of
         Stock to a person who was not sent or given, at or prior to the closing
         of such sale to such person, a copy of the Prospectus as then amended
         or supplemented, if the Company had previously furnished (or made
         available) copies thereof to the Underwriter and the statement or
         omission in question contained in the Preliminary Prospectus was
         corrected therein. The foregoing indemnity agreement is in addition to
         any liability which the Company may otherwise have to the Underwriter
         or to any officer, employee or controlling person of the Underwriter.

             (b) Each Selling Stockholder, severally and not jointly, shall
         indemnify and hold harmless the Underwriter, its officers and
         employees, and each person, if any, who controls the Underwriter within
         the meaning of the Securities Act, from and against any loss, claim,
         damage or liability, joint or several, or any action in respect thereof
         (including, but not limited to, any loss, claim, damage, liability or
         action relating to purchases and sales of Stock), to which the
         Underwriter, officer, employee or controlling person may become
         subject, under the Securities Act or otherwise, insofar as such loss,
         claim, damage, liability or action arises out of, or is based upon, (1)
         any untrue statement or alleged untrue statement of a material fact
         contained in any Preliminary Prospectus, the Registration Statement or
         the Prospectus or in any amendment or supplement thereto or (2) the
         omission or alleged omission to state in any Preliminary Prospectus,
         Registration Statement or the Prospectus, or in any amendment or
         supplement thereto, any material fact required to be stated therein or
         necessary to make the statements therein not misleading, in the case of
         subparagraphs (1) and (2) of this Section to the extent, but only to
         the extent, that such untrue statement or alleged untrue statement or
         omission or alleged omission was made in reliance upon or in conformity
         with written information furnished to the Company or the Underwriter by
         such Selling Stockholder directly or through such Selling Stockholder's
         representatives, specifically for use in the preparation thereof; and
         shall reimburse the Underwriter, its officers and employees and each
         such controlling person for any legal or other expenses reasonably
         incurred by the Underwriter, its officers and employees or controlling
         person in connection with investigating or defending or preparing to
         defend against any such loss, claim, damage, liability or action as
         such expenses are incurred; provided, however, that the Selling
         Stockholders shall not be liable in any such case to the extent that
         any such loss, claim, damage, liability or action arises out of, or is
         based upon, any untrue statement or alleged untrue statement or
         omission or alleged omission made in any Preliminary Prospectus, the
         Registration Statement or the Prospectus or in any such amendment or
         supplement in reliance upon and in conformity with written information
         concerning the Underwriter furnished to the Company by or on behalf of
         the Underwriter specifically for inclusion therein which consists
         solely of the information specified in Section 10(f) hereof and
         provided, further, that with respect to any Preliminary Prospectus, the
         foregoing indemnity agreement shall not inure to the benefit of the
         Underwriter from whom the person asserting any loss, claim, damage,
         liability or expense purchased Stock, or any person controlling the
         Underwriter, if copies of the Prospectus were timely delivered to the
         Underwriter pursuant to this Agreement and a copy of the Prospectus (as
         then amended or supplemented if the Company shall have furnished any
         amendments or supplements thereto) was not sent or given by or on
         behalf of the Underwriter to such person, if required by law so to have
         been delivered and if the Prospectus (as so amended or supplemented)
         would have cured the defect giving rise to such loss, claim, damage,
         liability or expense. However, in no event shall the Selling
         Stockholder be liable under the provisions of this Section 10 for any
         amount in excess of the total proceeds received by such Selling
         Stockholder from the sale of the Stock by such Selling Stockholder
         (after deducting commissions, but before taxes and any other expenses)
         pursuant to this Agreement. The foregoing indemnity agreement is in
         addition to any liability which the Selling Stockholders may otherwise
         have to the Underwriter or any officer, employee or controlling person
         of the Underwriter.

             (c) The Underwriter shall indemnify and hold harmless the Company,
         its officers and employees, each of its directors, and each person, if
         any, who controls the Company within the meaning of the Securities Act,
         and each Selling Stockholder and its officers and employees, each of
         its directors, and each person if any, who controls the Selling
         Stockholder within the meaning of the Securities Act from and against
         any loss, claim, damage or liability, joint or several, or any action
         in respect thereof, to which the Company or any such director, officer
         or controlling person may become subject, under the Securities Act or
         otherwise, insofar as such loss, claim, damage, liability or action
         arises out of, or is based upon, (i) any untrue statement or alleged
         untrue statement of a material fact contained in any Preliminary
         Prospectus, the Registration Statement or the Prospectus or in any
         amendment or supplement thereto or (ii) the omission or alleged
         omission to state in any Preliminary Prospectus, the Registration
         Statement or the Prospectus, or in any amendment or supplement thereto,
         or in any Marketing Materials any material fact required to be stated
         therein or necessary to make the statements therein not misleading, but
         in each case only to the extent that the untrue statement or alleged
         untrue statement or omission or alleged omission was made in reliance
         upon and in conformity with written information concerning the
         Underwriter furnished to the Company through the Underwriter by or on
         behalf of the Underwriter specifically for inclusion therein, and shall
         reimburse the Company, such Selling Stockholder and any such director,
         officer or controlling person of the Company or the Selling Stockholder
         for any legal or other expenses reasonably incurred by the Company,
         such Selling Stockholder or any such director, officer or controlling
         person of the Company or the Selling Stockholder in connection with
         investigating or defending or preparing to defend against any such
         loss, claim, damage, liability or action as such expenses are incurred.
         The foregoing indemnity agreement is in addition to any liability which
         the Underwriter may otherwise have to the Company, such Selling
         Stockholder or any such director, officer, employee or controlling
         person of the Company or the Selling Stockholder.

             (d) Promptly after receipt by an indemnified party under this
         Section 10 of notice of any claim or the commencement of any action,
         the indemnified party shall, if a claim in respect thereof is to be
         made against the indemnifying party under this Section 10, notify the
         indemnifying party in writing of the claim or the commencement of that
         action; provided, however, that the failure to notify the indemnifying
         party shall not relieve it from any liability which it may have under
         this Section 10 except to the extent it has been materially prejudiced
         by such failure; and, provided further, that the failure to notify the
         indemnifying party shall not relieve it from any liability which it may
         have to an indemnified party otherwise than under this Section 10. If
         any such claim or action shall be brought against an indemnified party,
         and it shall notify the indemnifying party thereof, the indemnifying
         party shall be entitled to participate therein and, to the extent that
         it wishes, jointly with any other similarly notified indemnifying
         party, to assume the defense thereof with counsel reasonably
         satisfactory to the indemnified party. After notice from the
         indemnifying party to the indemnified party of its election to assume
         the defense of such claim or action, the indemnifying party shall not
         be liable to the indemnified party under this Section 10 for any legal
         or other expenses subsequently incurred by the indemnified party in
         connection with the defense thereof other than reasonable costs of
         investigation; provided, however, that the Underwriter shall have the
         right to employ counsel to represent the Underwriter and its respective
         officers, employees and controlling persons who may be subject to
         liability arising out of any claim in respect of which indemnity may be
         sought by the Underwriter against the Company or any Selling
         Stockholder under this Section 10 if, in the reasonable judgment of the
         Underwriter, it is advisable for the Underwriter, officers, employees
         and controlling persons to be jointly represented by separate counsel,
         and in that event the fees and expenses of such separate counsel shall
         be paid by the Company or Selling Stockholders. No indemnifying party
         shall (i) without the prior written consent of the indemnified parties
         (which consent shall not be unreasonably withheld), settle or
         compromise or consent to the entry of any judgment with respect to any
         pending or threatened claim, action, suit or proceeding in respect of
         which indemnification or contribution may be sought hereunder (whether
         or not the indemnified parties are actual or potential parties to such
         claim or action) unless such settlement, compromise or consent includes
         an unconditional release of each indemnified party from all liability
         arising out of such claim, action, suit or proceeding, or (ii) be
         liable for any settlement of any such action effected without its
         written consent (which consent shall not be unreasonably withheld), but
         if settled with the consent of the indemnifying party or if there be a
         final judgment of the plaintiff in any such action, the indemnifying
         party agrees to indemnify and hold harmless any indemnified party from
         and against any loss or liability by reason of such settlement or
         judgment.

             (e) If the indemnification provided for in this Section 10 shall
         for any reason be unavailable to or insufficient to hold harmless an
         indemnified party under Section 10(a), 10(b) or 10(c) in respect of any
         loss, claim, damage or liability, or any action in respect thereof,
         referred to therein, then each indemnifying party shall, in lieu of
         indemnifying such indemnified party, contribute to the amount paid or
         payable by such indemnified party as a result of such loss, claim,
         damage or liability, or action in respect thereof, (i) in such
         proportion as shall be appropriate to reflect the relative benefits
         received by the Company and the Selling Stockholders on the one hand
         and the Underwriter on the other from the offering of the Stock or (ii)
         if the allocation provided by clause (i) above is not permitted by
         applicable law, in such proportion as is appropriate to reflect not
         only the relative benefits referred to in clause (i) above but also the
         relative fault of the Company and the Selling Stockholders on the one
         hand and the Underwriter on the other with respect to the statements or
         omissions which resulted in such loss, claim, damage or liability, or
         action in respect thereof, as well as any other relevant equitable
         considerations; provided, the Selling Stockholders and the Underwriter
         shall be obligated to contribute under this Section 10(e) only with
         respect to losses, liabilities, claims, damages or expenses arising out
         of an untrue statement or omission or alleged untrue statement or
         omission of a material fact made in reliance upon and in conformity
         with the information contained in Section 10(g) or Section 10(f),
         respectively, hereunder. The relative benefits received by the Company
         and the Selling Stockholders on the one hand and the Underwriter on the
         other with respect to such offering shall be deemed to be in the same
         proportion as the total net proceeds from the offering of the Stock
         purchased under this Agreement (before deducting expenses) received by
         the Company and the Selling Stockholders, on the one hand, and the
         total underwriting discounts and commissions received by the
         Underwriter with respect to the shares of the Stock purchased under
         this Agreement, on the other hand, bear to the total gross proceeds
         from the offering of the shares of the Stock under this Agreement, in
         each case as set forth in the table on the cover page of the
         Prospectus. The relative fault shall be determined by reference to
         whether the untrue or alleged untrue statement of a material fact or
         omission or alleged omission to state a material fact relates to
         information supplied by the Company, the Selling Stockholders or the
         Underwriter, the intent of the parties and their relative knowledge,
         access to information and opportunity to correct or prevent such
         statement or omission. The Company, the Selling Stockholders and the
         Underwriter agree that it would not be just and equitable if
         contributions pursuant to this Section 10(e) were to be determined by
         pro rata allocation or by any other method of allocation which does not
         take into account the equitable considerations referred to herein. The
         amount paid or payable by an indemnified party as a result of the loss,
         claim, damage or liability, or action in respect thereof, referred to
         above in this Section shall be deemed to include, for purposes of this
         Section 10(e), any legal or other expenses reasonably incurred by such
         indemnified party in connection with investigating or defending any
         such action or claim. Notwithstanding the provisions of this Section
         10(e), (i) the Underwriter shall not be required to contribute any
         amount in excess of the amount by which the total price at which the
         Stock underwritten by it and distributed to the public was offered to
         the public exceeds the amount of any damages which the Underwriter has
         otherwise paid or become liable to pay by reason of any untrue or
         alleged untrue statement or omission or alleged omission and (ii) no
         Selling Stockholder shall be required to contribute any amount in
         excess of the total proceeds received by such Selling Stockholder from
         the offering of the Stock by such Selling Stockholder (after deducting
         commissions, but before taxes and any other expenses). No person guilty
         of fraudulent misrepresentation (within the meaning of Section 10(f) of
         the Securities Act) shall be entitled to contribution from any person
         who was not guilty of such fraudulent misrepresentation.

             (f) The Underwriter confirms and the Company acknowledges that the
         statements with respect to the public offering of the Stock by the
         Underwriter set forth on the cover page of, the name of the
         Underwriters and its participation in the sale of Stock under the
         caption "Underwriting" in, and the paragraphs addressing the
         underwriting discount, concessions and reallowances, stabilization,
         short positions, syndicate transactions and penalty bids appearing
         under the caption "Underwriting" in, the Prospectus are correct and
         constitute the only information concerning the Underwriter furnished in
         writing to the Company by or on behalf of the Underwriter specifically
         for inclusion in the Registration Statement and the Prospectus.

         11. [Section Intentionally Omitted]

         12. Termination. The obligations of the Underwriter hereunder may be
terminated by the Underwriter by notice given to and received by the Company and
the Selling Stockholders prior to delivery of and payment for the Firm Stock if,
prior to that time, any of the events described in Sections 9(l) or 9(m) hereof,
shall have occurred or if the Underwriter shall decline to purchase the Stock
for any reason permitted under this Agreement.

         13. Reimbursement of Underwriters' Expenses. If any Selling Stockholder
shall fail to tender the Stock for delivery to the Underwriter by reason of any
failure, refusal or inability on the part of the Company or any Selling
Stockholder to perform any agreement on its part to be performed, or because any
other condition of the Underwriter's obligations hereunder required to be
fulfilled by the Company or the Selling Stockholders is not fulfilled, the
Company will reimburse the Underwriter for all reasonable out-of-pocket expenses
(including reasonable fees and disbursements of counsel) incurred by the
Underwriter in connection with this Agreement and the proposed purchase of the
Stock, and upon demand the Company shall pay the full amount thereof to the
Underwriter. If this Agreement is terminated pursuant to Section 12 hereof by
reason of the default of the Underwriter, neither the Company nor the Selling
Stockholders shall be obligated to reimburse the Underwriter on account of those
expenses.

         14. Notices, etc. All statements, requests, notices and agreements
hereunder shall be in writing, and:

             (a) if to the Underwriter, shall be delivered or sent by mail,
         telex or facsimile transmission to Lehman Brothers Inc., Syndicate
         Registration Department, 399 Park Avenue, New York, New York 10022,
         (Fax: 212-526-0943), with a copy, in the case of any notice pursuant to
         Section 8(c), to the Director of Litigation, Office of the General
         Counsel, Lehman Brothers Inc., 399 Park Avenue, New York, New York
         10022;

             (b) if to the Company, shall be delivered or sent by mail, telex,
         facsimile transmission or recognized overnight delivery service to the
         address of the Company set forth in the Registration Statement,
         Attention: Phyl Rykhoek (Fax: (972) 673-2051); and

             (c) if to any Selling Stockholder, shall be delivered or sent by
         mail, telex, facsimile transmission or recognized overnight delivery
         service to such Selling Stockholder at the address set forth on
         Schedule 2 hereto;

provided, however, that any notice to the Underwriter pursuant to Section 10(d)
above shall be delivered or sent by mail, telex, facsimile transmission or
recognized overnight delivery service to the Underwriter at its address set
forth in its acceptance telex to the Underwriter, which address will be supplied
to any other party hereto by the Underwriter upon request. Any such statements,
requests, notices or agreements shall take effect at the time of receipt
thereof. The Company and the Selling Stockholders shall be entitled to act and
rely upon any request, consent, notice or agreement given or made on behalf of
the Underwriter by Lehman Brothers Inc., and the Company and the Underwriter
shall be entitled to act and rely upon any request, consent, notice or agreement
given or made on behalf of the Selling Stockholders by a custodian.

         15. Persons Entitled to Benefit of Agreement. This Agreement shall
inure to the benefit of and be binding upon the Underwriter, the Company, the
Selling Stockholders and their respective personal representatives and
successors. This Agreement and the terms and provisions hereof are for the sole
benefit of only those persons, except that (A) the representations, warranties,
indemnities and agreements of the Company and the Selling Stockholders contained
in this Agreement shall also be deemed to be for the benefit of the person or
persons, if any, who control the Underwriter within the meaning of Section 15 of
the Securities Act and (B) the indemnity agreement of the Underwriters contained
in Section 10(c) of this Agreement shall be deemed to be for the benefit of
directors of the Company, directors or general partners of the Selling
Stockholders, as the case may be, officers of the Company who have signed the
Registration Statement and any person controlling the Company or a Selling
Stockholder within the meaning of Section 15 of the Securities Act. Nothing in
this Agreement is intended or shall be construed to give any person, other than
the persons referred to in this Section 15, any legal or equitable right, remedy
or claim under or in respect of this Agreement or any provision contained
herein.

         16. Survival. The respective indemnities, representations, warranties
and agreements of the Company, the Selling Stockholders and the Underwriter
contained in this Agreement or made by or on behalf on them, respectively,
pursuant to this Agreement, shall survive the delivery of and payment for the
Stock and shall remain in full force and effect, regardless of any investigation
made by or on behalf of any of them or any person controlling any of them.

         17. Definition of the Terms "Business Day" and "Subsidiary." For
purposes of this Agreement, (a) "business day" means any day on which the
American Stock Exchange is open for trading and (b) "subsidiary" has the meaning
set forth in Rule 405 of the Rules and Regulations.

         18. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of New York.

         19. Counterparts. This Agreement may be executed in one or more
counterparts and, if executed in more than one counterpart, the executed
counterparts shall each be deemed to be an original but all such counterparts
shall together constitute one and the same instrument.

         20. Headings. The headings herein are inserted for convenience of
reference only and are not intended to be part of, or to affect the meaning or
interpretation of, this Agreement.

<PAGE>

         If the foregoing correctly sets forth the agreement among the Company,
the Selling Stockholders and the Underwriter, please indicate your acceptance in
the space provided for that purpose below.

                                    Very truly yours,

                                    Denbury Resources Inc.

                                    By: /s/ Phil Rykhoek
                                       -----------------------------------------
                                    Name: Phil Rykhoek
                                    Title: Chief Financial Officer

                                    The Selling Stockholders
                                    named in Schedule 2 to this
                                    Agreement:

                                    TPG Partners, L.P.

                                    By: TPG GenPar, L.P., general partner

                                             By: TPG Advisors, Inc.,
                                                 general partner

                                             By: /s/ Richard A. Ekleberry
                                                --------------------------------
                                             Name: Richard A. Ekleberry
                                             Title: Vice President

                                    TPG Parallel I, L.P.

                                    By: TPG GenPar, L.P.,  general partner

                                             By: TPG Advisors, Inc.,
                                                 general partner

                                             By: /s/ Richard A. Ekleberry
                                                --------------------------------
                                             Name: Richard A. Ekleberry
                                             Title: Vice President

                                    TPG Partners II, L.P.

                                    By: TPG GenPar II, L.P., general partner

                                             By: TPG Advisors II, Inc.

                                             By: /s/ Richard A. Ekleberry
                                                --------------------------------
                                             Name: Richard A. Ekleberry
                                             Title: Vice President

                                    TPG Parallel II, L.P.

                                    By: TPG GenPar II, L.P., general partner

                                             By: TPG Advisors II, Inc.

                                             By: /s/ Richard A. Ekleberry
                                                --------------------------------
                                             Name: Richard A. Ekleberry
                                             Title: Vice President

                                    TPG Investors II, L.P.

                                    By: TPG GenPar II, L.P., general partner

                                             By: TPG Advisors II, Inc.

                                             By: /s/ Richard A. Ekleberry
                                                --------------------------------
                                             Name: Richard A. Ekleberry
                                             Title: Vice President

                                    TPG 1999 Equity Partners II, L.P.

                                    By:  TPG Advisors II, Inc.

                                    By: /s/ Richard A. Ekleberry
                                       -----------------------------------------
                                    Name: Richard A. Ekleberry
                                    Title: Vice President

Accepted:

LEHMAN BROTHERS INC.

By: /s/ Christopher B. Miller
   -----------------------------------------
     Authorized Representative

<PAGE>
                                   SCHEDULE 1

<TABLE>
-------------------------------------------------------------------------------------------------
                                                                    Number of Shares of Option
                                                                     Stock to be Purchased (if
                                  Number of Shares of Firm Stock       over-allotment option
        Name of Underwriter               to be Purchased                exercised in full)
        -------------------               ---------------                ------------------
<S>                               <C>                               <C>
Lehman Brothers Inc............              2,500,000                          375,000
-------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   SCHEDULE 2

<TABLE>
                                                Number of Shares of    Number of Shares of
Name and address of Selling Stockholder              Firm Stock            Option Stock
---------------------------------------         -------------------    -------------------
<S>                                             <C>                    <C>
TPG Partners, L.P.                                       726,971                 109,046

TPG Parallel I, L.P.                                      72,448                  10,867

TPG Partners II, L.P.                                  1,448,931                 217,339

TPG Parallel II, L.P.                                     98,879                  14,832

TPG Investors II, L.P.                                   151,138                  22,671

TPG 1999 Equity Partners II, L.P.                          1,633                     245
                                                           -----                     ---

                  Total                                2,500,000                 375,000
                                                       =========                 =======
</TABLE>

(1) Each of these Selling Stockholders has granted the Underwriter a 30-day
option to purchase shares of Option Stock.EXHIBIT 4.1

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

           SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-5 TRUST

                                    between

                            LEHMAN ABS CORPORATION,

                                 as Depositor

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,

                                  as Trustee

                      CORPORATE BACKED TRUST CERTIFICATES

                           Dated as of March 5, 2003

<PAGE>

                               Table of Contents

                                                                          Page
                                                                          ----

Section 1.  Incorporation of Standard Terms..................................1

Section 2.  Definitions......................................................1

Section 3.  Designation of Trust and Certificates............................8

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

Section 5.  Distributions...................................................11

Section 6.  Trustee's Fees..................................................14

Section 7.  Optional Exchange; Optional Call................................15

Section 8.  Notices of Events of Default....................................19

Section 9.  Miscellaneous...................................................19

Section 10.  Governing Law..................................................22

Section 11.  Counterparts...................................................22

Section 12.  Termination of the Trust.......................................22

Section 13.  Sale of Underlying Securities; Optional Exchange...............23

Section 14.  Amendments.....................................................23

Section 15.  Voting of Underlying Securities, Modification of Indenture.....23

Section 16.  Additional Depositor Representation............................24

SCHEDULE I      SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-5 UNDERLYING
                SECURITIES SCHEDULE
EXHIBIT A-1     FORM OF TRUST CERTIFICATE CLASS A-1
EXHIBIT A-2     FORM OF TRUST CERTIFICATE CLASS A-2
EXHIBIT B       FORM OF WARRANT AGENT AGREEMENT
EXHIBIT C       FORM OF CLASS A-2 CERTIFICATE INVESTMENT LETTER

                                      i

<PAGE>

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-5

          SERIES SUPPLEMENT, Sears Roebuck Acceptance Note-Backed Series
2003-5 Trust, dated as of March 5, 2003 (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 Deposited Assets -
Underlying Securities;"

          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 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 Sears Roebuck Acceptance Note-Backed Series
2003-5 Certificates and the transactions described herein.

     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

                                      1
<PAGE>

not applicable to this Series.) Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Standard Terms.

          "Accredited Investor" shall mean a Person that qualifies as an
"accredited investor" within the meaning of Rule 501(a) under the Securities
Act.

          "Available Funds" shall have the meaning specified in the Standard
Terms.

          "Business Day" shall mean any day other than (i) Saturday and Sunday
or (ii) a day on which banking institutions in New York City, New York are
authorized or obligated by law or executive order to be closed for business or
(iii) a day that is not a business day for the purposes of the Indenture.

          "Calculation Agent" shall mean Lehman ABS Corporation or such
affiliate thereof as shall be designated by Lehman ABS Corporation.

          "Call Date" shall mean any Business Day that any Call Warrant holder
designates as a Call Date occurring (i) on or after March 5, 2008, (ii) after
the Underlying Securities Issuer announces that it will redeem (including as a
result of an optional redemption), prepay or otherwise make an unscheduled
payment on the Underlying Securities, (iii) after the Trustee notifies the
Certificateholders of any proposed sale of the Underlying Securities pursuant
to the provisions of this Series Supplement or (iv) on which a tender offer
for some or all of the Underlying Securities is consummated.

          "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, (i) in the case
of the Class A-1 Certificates, 100% of the outstanding Certificate Principal
Balance of the Class A-1 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 and (ii) in the case of the Class A-2 Certificates
being purchased pursuant to the exercise of the Call Warrants, the present
value of all amounts that would otherwise have been payable on the Class A-2
Certificates being purchased pursuant to the exercise of the Call Warrants for
the period from the related Call Date to the Final Scheduled Distribution Date
using a discount rate of 8.75% per annum, assuming no delinquencies,
deferrals, redemptions or prepayments on the Underlying Securities shall occur
after the related Call Date.

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

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

          "Certificates" shall have the meaning set forth in Section 3 hereof.

          "Class A-1 Allocation" shall mean the sum of the present values
(discounted at the rate of 7.625% per annum) of (i) any unpaid interest due or
to become due on the Class A-1 Certificates and (ii) the outstanding
Certificate Principal Balance of the Class A-1 Certificates (in

                                      2
<PAGE>

each case assuming that the Class A-1 Certificates were paid when due and were
not redeemed or prepaid prior to their stated maturity).

          "Class A-1 Certificates" shall mean the Certificates, in the form
attached hereto as Exhibit A-1, 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.

          "Class A-2 Allocation" shall mean the present value (discounted at
the rate of 7.625% per annum) of any unpaid principal amounts due or to become
due on the Class A-2 Certificates (assuming that the Class A-2 Certificates
were paid when due and were not redeemed or prepaid prior to their stated
maturity).

          "Class A-2 Certificates" shall mean the Certificates, in the form
attached hereto as Exhibit A-2, 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 March 5, 2003.

          "Code" means the Internal Revenue Code of 1986, as amended, and
Treasury Regulations promulgated thereunder.

          "Collection Period" shall mean, (i) with respect to each June
Distribution Date, the period beginning on the day after the December
Distribution Date of the prior year and ending on such June Distribution Date,
inclusive and, (ii) with respect to each December Distribution Date, the
period beginning on the day after the June Distribution Date of such year and
ending on such December Distribution Date, inclusive; provided, however, that
clauses (i) and (ii) shall be subject to Section 9(f) hereof.

          "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.

          "Distribution Date" shall mean June 1st and December 1st of each
year (or if such date is not a Business Day, the next succeeding Business
Day), commencing on June 1, 2003, and ending on the earlier of the Final
Scheduled Distribution Date and any date on which all Underlying Securities
are redeemed pursuant to the Indenture or prepaid or liquidated in whole for
any reason other than at their maturity.

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

                                      3
<PAGE>

          "Event of Default" shall mean (i) a default in the payment of any
interest on any Underlying Security after the same becomes due and payable
(subject to any applicable grace period), (ii) a default in the payment of the
principal of or any installment of principal of any Underlying Security when
the same becomes due and payable, and (iii) any other event specified as an
"Event of Default" in the Indenture.

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

          "Final Scheduled Distribution Date" shall mean June 1, 2032, or, if
such day is not a Business Day, the next succeeding Business Day.

          "Indenture" shall mean the Indenture dated as of May 15, 1995,
between the Underlying Securities Issuer and Underlying Securities Trustee,
pursuant to which the Underlying Securities were issued.

          "Interest Accrual Period" shall mean for any Distribution Date, the
period from and including the preceding Distribution Date (or in the case of
the first Interest Accrual Period, from and including the Closing Date) to but
excluding the current Distribution Date.

          "Liquidation Price" shall mean the price at which the Trustee sells
the Underlying Securities.

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

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

          "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 Section 7(a) and 7(b)
hereof.

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

          "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.

          "Prepaid Ordinary Expenses" shall be zero for this Series.

          "Prospectus Supplement" shall mean the Prospectus Supplement, dated
February 24, 2003, relating to the Certificates.

          "QIB" shall have the meaning set forth in Section 3(e) hereof.

                                      4
<PAGE>

          "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.

          "Required Percentage-Amendment" shall be 66-2/3% of the aggregate
Voting Rights, unless the subject amendment requires the vote of holders of
only one class of Certificates pursuant to the Standard Terms, in which case
66-2/3% of the Certificate Principal Balance of such Class.

          "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.

          "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.

          "Resale Restriction Termination Date" shall have the meaning set
forth in Section 3(e) hereof.

          "Rule 144A" shall have the meaning set forth in Section 3(e) hereof.

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

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

          "Series" shall mean Sears Roebuck Acceptance Note-Backed Series
2003-5.

          "Special Distribution Date" shall have the meaning specified in
Section 5 hereof.

          "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, the Certificate Account and any additional Underlying
Securities sold to the Trust pursuant to Section 3(d) hereof.

          "Underlying Securities" shall mean $29,938,000 aggregate principal
amount of 7% Notes due June 1, 2032, issued by the Underlying Securities
Issuer, as set forth in Schedule I attached hereto (subject to Section 3(d)
hereof).

          "Underlying Securities Issuer" shall mean Sears Roebuck Acceptance
Corp.

                                      5
<PAGE>

          "Underlying Securities Trustee" shall mean JPMorgan Chase Bank.

          "Underwriters" shall mean Lehman Brothers Inc., Prudential
Securities Incorporated and J.J.B. Hilliard, W.L. Lyons, Inc.

          "Voting Rights" shall, in the entirety, be allocated among all Class
A-1 Certificateholders and Class A-2 Certificateholders in proportion to the
then outstanding 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 Investment"

               "Exchange Rate Agent"

               "Fixed Pass-Through Rate"

               "Floating Pass-Through Rate"

                                      6
<PAGE>

               "Guaranteed Investment Contract"

               "Letter of Credit"

               "Limited Guarantor"

               "Limited Guaranty"

               "Minimum Wire Denomination"

               "Notional Amount"

               "Pass-Through Rate"

               "Place of Distribution"

               "Purchase Price"

               "Required Premium"

               "Required Principal"

               "Requisite Reserve Amount"

               "Retained Interest"

               "Sale Procedures"

               "Sub-Administration Account"

               "Sub-Administration Agreement"

               "Sub-Administration Agent"

               "Surety Bond"

               "Swap Agreement"

               "Swap Counterparty"

               "Swap Distribution Amount"

               "Swap Guarantee"

               "Swap Guarantor"

               "Swap Receipt Amount"

               "Swap Termination Payment"

                                      7
<PAGE>

     Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate Backed Trust Certificates, Sears
Roebuck Acceptance Note-Backed Series 2003-5 Trust." The Certificates
evidencing certain undivided ownership interests therein shall be known as
"Corporate Backed Trust Certificates, Sears Roebuck Acceptance Note-Backed
Series 2003-5." The Certificates shall consist of the Class A-1 Certificates
and the Class A-2 Certificates (together, the "Certificates"). The Trust is
also issuing call warrants with respect to the Certificates ("Call Warrants").

     (a) The Certificates shall initially be held through the Depository in
book-entry form and shall be substantially in the forms attached hereto as
Exhibits A-1 and A-2. The Class A-1 Certificates shall be issued in
denominations of $25. The Class A-2 Certificates shall be issued in minimum
denominations of $100,000 aggregate principal amount and integral multiples of
$1 in excess thereof; provided, however, that on any Call Date on which a
Warrant Holder shall concurrently exchange Called Certificates for a
distribution of Underlying Securities in accordance with the provisions of
Section 7 hereof, Called Certificates may be issued in other denominations.
Except as provided in the Standard Terms and in paragraph (d) in this Section,
the Trust shall not issue additional Certificates or additional Call Warrants
or incur any indebtedness.

     (b) The Class A-1 Certificates have an initial aggregate certificate
principal balance (the "Certificate Principal Balance") of $27,484,000 and the
Class A-2 Certificates are principal-only Certificates, and have an initial
aggregate Certificate Principal Balance of $2,454,000.

     (c) The holders of the Class A-1 Certificates will be entitled to receive
on each Distribution Date the interest, if any, received on the Underlying
Securities, to the extent necessary to pay interest at a rate of 7.625% per
annum on the outstanding Certificate Principal Balance of the Class A-1
Certificates. The holders of the Class A-2 Certificates will not be entitled
to receive interest. On the Distribution Date occurring in June 2003, the
Trustee shall cause the Trust to pay to Lehman ABS an amount equal to interest
accrued and paid on the Underlying Securities from December 1, 2003, to but
not including the Closing Date; provided, however, that in the event an
Optional Exchange shall occur prior to the Distribution Date in June 2003, 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.

     (d) The Depositor may sell to the Trustee additional Underlying
Securities on any date hereafter upon at least three 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 Agency
Condition and (ii) 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

                                      8

<PAGE>

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, Class A-1 Certificates and Class A-2 Certificates in
the same proportion as the original Class A-1 Certificates and Class A-2
Certificates, with an aggregate Certificate Principal Balance equal to the
principal amount of such additional Underlying Securities, and the Call
Warrants related thereto as described herein. Any such additional Class A-1
Certificates and Class A-2 Certificates authenticated and delivered shall have
the same terms and rank pari passu with the corresponding classes of
Certificates previously issued in accordance with this Series Supplement.

     (e) No Class A-2 Certificate may be offered, resold, assigned or
otherwise transferred (including by pledge or hypothecation) at any time prior
to (x) the date which is two years or such shorter period of time as permitted
by Rule 144(k) under the Securities Act, after the later of the original issue
date of such Class A-2 Certificates and the last date on which the Depositor
or any "affiliate" (as defined in Rule 144 under the Securities Act) of the
Depositor was the owner of such Class A-2 Certificates (or any predecessor
thereto), or (y) such later date, if any, as may be required by a change in
applicable securities laws (the "Resale Restriction Termination Date") unless
such offer, resale, assignment or transfer is (i) to the Trust, (ii) pursuant
to an effective registration statement under the Securities Act, (iii) 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 or (iv) pursuant to another available exemption from registration
provided under the Securities Act, and, in each of cases (i) through (iv), 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 Class A-2 Certificates in the manner described in clause (iii)
above, 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 Class A-2 Certificates to be transferred substantially in
the form of Exhibit C hereto. Prior to any offer, resale, assignment or
transfer of any Class A-2 Certificates in the manner described in clause (iv)
above, the prospective transferee and the prospective transferor shall be
required to deliver to the Trustee documentation certifying that the offer,
resale, assignment or transfer complies with the provisions of said clause
(iv) and, in the event any such Class A-2 Certificate shall then be held in
book entry form and such resale, assignment or transfer shall be to an
Accredited Investor that is not a QIB, the Trustee shall instruct the
Depository to decrease the aggregate principal amount of the Class A-2
Certificates held in book entry form and the Trustee shall authenticate and
deliver one or more Class A-2 Certificates in physical form in an aggregate
principal amount equal to the amount of Class A-2 Certificates resold,
assigned or transferred. In addition to the foregoing, each prospective
transferee of any Class A-2 Certificates in the manner contemplated by clause
(iii) above shall 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 Class
          A-2 Certificates for its own account or for the account of a QIB.

                                      9
<PAGE>

     (2)  The transferee understands that the Class A-2 Certificates 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
          Class A-2 Certificates have not been and will not be registered
          under the Securities Act.

     (3)  The transferee agrees that (A) if in the future it decides to offer,
          resell, pledge or otherwise transfer the Class A-2 Certificates
          prior to the Resale Restriction Termination Date, such Class A-2
          Certificates shall only be offered, resold, assigned or otherwise
          transferred (i) to the Trust, (ii) pursuant to an effective
          registration statement under the Securities Act, (iii) to a QIB, in
          accordance with Rule 144A or (iv) pursuant to another available
          exemption from registration provided under the Securities Act
          (including any transfer to an Accredited Investor), and, in each of
          cases (i) through (iv), 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 Class A-2 Certificates from
          it of the resale restrictions referred to in clause (A) above.

     (f) The Class A-2 Certificates will, unless otherwise agreed by the
Depositor and the Trustee, bear a legend substantially to the following
effect:

          "THIS CLASS A-2 CERTIFICATE (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 CLASS A-2 CERTIFICATE REPRESENTED
          HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THE
          SERIES SUPPLEMENT.

          EACH PURCHASER OF THIS CLASS A-2 CERTIFICATE IS HEREBY NOTIFIED THAT
          THE SELLER OF THIS CLASS A-2 CERTIFICATE MAY BE RELYING ON THE
          EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
          PROVIDED BY RULE 144A THEREUNDER."

     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; and

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

                                      10
<PAGE>

     Section 5. Distributions.

     (a) Except as otherwise provided in Section 3(c), 5(b), 5(d), 5(g) and
5(h) on each applicable Distribution Date (or such later date as specified in
Section 9(f)), the Trustee shall apply Available Funds in the Certificate
Account as follows:

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

               (1) first, to the Trustee, as reimbursement for any
          Extraordinary Trust Expenses incurred by the Trustee in accordance
          with Section 6(b) below and approved by 100% of the
          Certificateholders; and

               (2) second, to the holders of the Class A-1 Certificates, as
          interest at the rate of 7.625% per annum on the outstanding
          Certificate Principal Balance of the Class A-1 Certificates.

          The Class A-2 Certificates are not entitled to distributions of
          interest.

          (ii) the Trustee will pay the principal portion of Available Funds:

               (1) first, to the Trustee, as reimbursement for any remaining
          Extraordinary Trust Expenses incurred by the Trustee in accordance
          with Section 6(b) below and approved by 100% of the
          Certificateholders; and

               (2) second, to the holders of the Class A-1 Certificates and
          the Class A-2 Certificates, the remaining available principal
          portion of Available Funds (in an aggregate amount not to exceed the
          outstanding Certificate Principal Balance of the Class A-1
          Certificates and Class A-2 Certificates) pro rata in proportion to
          their outstanding Certificate Principal Balances.

          (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 to the Trustee as reasonable compensation for services rendered to
     the Depositor, up to $1,000.

          (iv) the Trustee will pay any Available Funds remaining in the
     Certificate Account after the distributions in clauses 5(a)(i) through
     5(a)(iii) above to the holders of the Class A-1 Certificates and Class
     A-2 Certificates pro rata in proportion to their original Certificate
     Principal Balances.

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 tender offer, 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 Depositor.

     (b) Notwithstanding the foregoing, if the Underlying Securities are
redeemed (including as a result of an optional redemption), prepaid or
liquidated in whole or in part for any reason other than the cessation of the
Underlying Securities Issuer to file periodic reports as

                                      11
<PAGE>

required by the Exchange Act or at the Final Scheduled Distribution Date, the
Trustee shall apply Available Funds in the manner described in Section 5(f) in
the following order of priority:

          (i) first, to the Trustee, as reimbursement for any Extraordinary
     Trust Expenses incurred by the Trustee in accordance with Section 6(b)
     below and approved by 100% of the Certificateholders;

          (ii) second, to the holders of the Class A-1 Certificates, an amount
     equal to any accrued and unpaid interest thereon;

          (iii) third, to the holders of the Class A-1 Certificates and Class
     A-2 Certificates, pro rata in proportion to their outstanding Certificate
     Principal Balances;

          (iv) fourth, to the Trustee, as reasonable compensation for services
     rendered to the Depositor, any remainder up to $1,000; and

          (v) fifth, to the holders of the Class A-1 Certificates and Class
     A-2 Certificates, any amount remaining after the distributions in clauses
     5(b)(i) through 5(b)(iv) above, pro rata in proportion to their original
     Certificate Principal Balances.

     (c) Unless otherwise instructed by holders of Certificates representing a
majority of the Voting Rights, thirty (30) days after giving notice pursuant
to Section 8 hereof, the Trustee shall sell the Underlying Securities pursuant
to Section 13 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 Section
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.

     (d) 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 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 Class A-1 Certificates and Class A-2 Certificates then
outstanding and unpaid, pro rata by outstanding Certificate Principal Balance
(after deducting the costs incurred in connection therewith) in accordance
with Section 5(b) hereof. 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 of Certificates on a dollar-for-dollar basis.

     (e) Subject to Section 9(f) hereof, to the extent Available Funds are
insufficient to make scheduled interest or principal payments on any class of
Certificates on any Distribution Date, any shortfall will be carried over and
will be distributed on the next Distribution Date (or

                                      12
<PAGE>

date referred to in Section 5(f) hereof) on which sufficient funds are
available to pay such shortfall.

     (f) If a payment with respect to the Underlying Securities is made to the
Trustee (i) after the payment date of the Underlying Securities on which such
payment was due or (ii) after the Underlying Securities are redeemed, prepaid
or liquidated in whole or in part for any reason other than the cessation of
the Underlying Securities Issuer to file periodic reports as required by the
Exchange Act or at their maturity, then the Trustee will distribute any such
amounts received on the next occurring Business Day (a "Special Distribution
Date") as if the funds had constituted Available Funds on the Distribution
Date immediately preceding such Special Distribution Date; provided, however,
that the Record Date for such Special Distribution Date shall be the Business
Day prior to the day on which the related payment was received from the
Underlying Securities Trustee.

     (g) Notwithstanding Section 3.12 of the Standard Terms, if the Underlying
Securities Issuer ceases to file periodic reports as required under the
Exchange Act, the Depositor shall within a reasonable time instruct the
Trustee 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, to
sell the Underlying Securities and distribute the proceeds of such sale to the
Certificateholders in accordance with the following order of priority: first,
to the Trustee, as reimbursement for any Extraordinary Trust Expenses incurred
by the Trustee in accordance with Section 6(b) below and approved by 100% of
the Certificateholders; and second, any remainder to the holders of the Class
A-1 Certificates and the Class A-2 Certificates pro rata in proportion to the
ratio of the Class A-1 Allocation to the Class A-2 Allocation, as determined
by the Calculation Agent; provided, however, the Depositor shall not instruct
the Trustee to distribute or sell the Underlying Securities (or provide a
notice of such instruction to the Warrant Agent) pursuant to this clause
unless the Underlying Securities Issuer has either (x) stated in writing that
it intends permanently to cease filing reports required under the Exchange Act
or (y) failed to file any required reports for one full calendar year.

     (h) (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.

                                      13
<PAGE>

          (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 the holders of the Class A-1 Certificates and Class
     A-2 Certificates pro rata in accordance with the provisions of 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 Class A-1 and
     Class A-2 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 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 or any other tender offeror 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.

     Section 6. Trustee's Fees.

     (a) As compensation for its services hereunder, the Trustee shall be
entitled to the Trustee Fee and any amounts payable under clause 5(a)(iii) and
(5)(b)(iv) 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 Expenses shall not be paid out of the Trust Property
unless all the holders of the Class A-1 Certificates and Class A-2
Certificates then outstanding have directed the Trustee to incur such
Extraordinary Expenses. The Trustee may incur other Extraordinary

                                      14
<PAGE>

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 Expenses are not approved unanimously
as set forth in the first sentence of this Section 6(b), such Extraordinary
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 7. Optional Exchange; Optional Call.

     (a) On any (i) Distribution Date, (ii) date on which a tender offer for
some or all of the Underlying Securities is consummated or (iii) date on which
the Underlying Securities are to be redeemed by the Underlying Securities
Issuer, any holder of Class A-1 Certificates and Class A-2 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, however, 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, however,
     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.

          (iii) Class A-1 Certificates and Class A-2 Certificates representing
     a like percentage of all Class A-1 Certificates and Class A-2
     Certificates shall be surrendered.

          (iv) 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.

                                      15
<PAGE>

          (v) 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.

          (vi) 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.

          (vii) 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.

          (viii) The aggregate principal amount 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.

          (ix) In the event such Optional Exchange shall occur prior to the
     Distribution Date in June 2003, 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 December 1, 2002
     through, but excluding, the Closing Date by a fraction, the numerator of
     which shall be the Certificate Principal Balance of Certificates being
     exchanged on such Optional Exchange Date and the denominator of which
     shall be the total Certificate Principal Balance 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 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) An opinion of counsel to the Warrant Holder shall have been
     delivered to the Rating Agencies, in form satisfactory to the Rating
     Agencies, indicating that payment of the Call Price shall not be
     recoverable as a preferential transfer or fraudulent

                                      16
<PAGE>

     conveyance under the United States Bankruptcy Code. Such opinion may
     contain customary assumptions and qualifications.

          (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 three 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 5(h)(iii) and 7(d)(iii), as
     applicable.

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

          (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 satisfaction of the conditions set forth
in Section 7(b) shall entitle the Certificateholder or Warrant Holder, as
applicable, to a distribution thereof.

     (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

                                      17
<PAGE>

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 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 the holders of the Class A-1 Certificates and Class A-2
     Certificates pro rata in accordance with the provisions of 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 Class A-1 and Class A-2 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 Class A-1
     and Class A-2 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 effect, and (2) any Call Warrants relating to such Call
     Notices will not be exercised and will remain outstanding.

                                      18
<PAGE>

     Section 8. Notices of Events of Default.

        As promptly as practicable after, and in any event within 30 days after,
the occurrence of any Event of Default actually known to the Trustee, the
Trustee shall give notice of such 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. However,
except in the case of an Event of Default relating to the payment of principal
of or interest on any of the Underlying Securities, the Trustee will be
protected in withholding such notice if in good faith it determines that the
withholding of such notice is in the interest of the Certificateholders.

     Section 9. Miscellaneous.

     (a) The provisions of Section 4.04, Advances, of the Standard Terms shall
not apply to the Sears Roebuck Acceptance Note-Backed Series 2003-5
Certificates.

     (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the Sears Roebuck Acceptance Note-Backed Series
2003-5 Certificates.

     (c) The Trustee shall simultaneously forward reports to
Certificateholders 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 Sears Roebuck Acceptance Note-Backed Series 2003-5 Certificates.

     (f) If the Trustee has not received payment with respect to a Collection
Period on the Underlying Securities on or prior to the related Distribution
Date, such distribution will be made promptly upon receipt of such payment. No
additional amounts shall accrue on the Certificates or be owed to
Certificateholders as a result of such delay; provided, however, that any
additional interest owed and paid by the Underlying Securities Issuer as a
result of such delay shall be paid to the Class A-1 Certificateholders pro
rata in proportion to their respective entitlements to such delayed payments.

     (g) The outstanding Certificate Principal Balance of the Certificates
shall not be reduced by the amount of any Realized Losses (as defined in the
Standard Terms).

     (h) 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 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. Section 2.01(f) of the
Standard Terms shall be superseded by this provision.

                                      19
<PAGE>

     (i) 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 Class A-1 Certificates and Class A-2 Certificates representing the
Required Percentage-Removal.

     (j) 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.

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

     (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) The Trustee shall promptly notify each Rating Agency upon its
obtaining actual knowledge of the occurrence of a Defeasance (as defined in
the Indenture) with respect to the Underlying Securities Issuer.

     (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.

     (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:  (212) 524-5451

                                      20
<PAGE>

             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) 835-5500
                           Facsimile: (646) 835-5541

             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

     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:  Vincent Patten
                           Telephone:  (212) 656-5276
                           Facsimile:  (212) 656-5780

     Copies of all directions, demands and notices required to be given to the
Certificateholders hereunder or under the Standard Terms will also be given to
the Warrant Holders in writing as set forth in this Section 9, and copies of
all directions, demands and notices required to be given to the Trustee
hereunder or under the Standard Terms will also be given to the Warrant Agent
in writing as set forth in this Section 9.

     (q) The provisions of Section 2.01(d)(iii) of the Standard Terms shall
not apply to the Sears Roebuck Acceptance Note-Backed Series 2003-5
Certificates and the following shall be deemed to be inserted in its place:

                                      21
<PAGE>

          "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"

     (r) A Plan (as herein defined) 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 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.

     Section 10. 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 11. 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 12. Termination of the Trust. The Trust shall terminate upon the
earliest to occur of (i) the payment in full at maturity or sale by the Trust
after a payment default or an acceleration or other early payment of the
Underlying Securities and the distribution in full of all

                                      22
<PAGE>

amounts due to the Class A-1 Certificateholders and Class A-2
Certificateholders; (ii) the exercise of all outstanding Call Warrants by the
Warrant Holder; (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 13. Sale of Underlying Securities; Optional Exchange. In the
event of a sale of the Underlying Securities pursuant to Section 5(c) hereof
or pursuant to the instructions of the Warrant Agent under Section 1.2 of the
Warrant Agent Agreement, the Trustee shall solicit bids for the sale of the
Underlying Securities with settlement thereof on or before the third (3rd)
Business Day after such sale from three leading dealers in the relevant
market. Any of the following dealers (or their successors) shall be deemed to
qualify as leading dealers: (1) Credit Suisse First Boston Corporation, (2)
Goldman, Sachs & Co., (3) Merrill Lynch, Pierce, Fenner & Smith Incorporated,
(4) UBS Warburg LLC, (5) Salomon Smith Barney Inc., and (6) except in the case
of a sale related to the exercise of Call Warrants by the Depositor or any
Affiliate thereof, Lehman Brothers Inc. The Trustee shall not be responsible
for the failure to obtain a bid so long as it has made reasonable efforts to
obtain bids. If a bid for the sale of the Underlying Securities has been
accepted by the Trustee but the sale has failed to settle on the proposed
settlement date, the Trustee shall request new bids from such leading dealers.
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 13, as the case may be,
against payment in same day funds deposited into the Certificate Account.

     Section 14. 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 any class of Certificates
without the consent of the holders of 100% of such class of Certificates;
provided, however, that no such amendment or modification will be permitted
which would alter the status of the Trust as a grantor trust for federal
income tax purposes. Unless otherwise agreed, the Trustee shall provide five
Business Days written notice to each Rating Agency before entering into any
amendment or modification of the Trust Agreement pursuant to this Section 14.

     Section 15. Voting of Underlying Securities, Modification of Indenture.

     (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 Indenture or any other document thereunder or
relating thereto, or receives 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 each
Certificateholder of record as of such date. 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. 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 Class A-1 Certificates and Class

                                      23
<PAGE>

A-2 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; provided,
however, that, notwithstanding anything in the Trust Agreement to the
contrary, the Trustee shall at no time vote on or consent to any matter (i)
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, or result in the imposition of tax upon the
Certificateholders, (ii) 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 the
unanimous consent of holders of all outstanding Class A-1 Certificates and
Class A-2 Certificates and all Warrant Holders, or (iii) 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 Indenture and only with
the consent of Certificateholders representing 100% of the Class A-1
Certificates, 100% of the Class A-2 Certificates and 100% of the Warrant
Holders. The Trustee shall have no liability for any failure to act resulting
from Certificateholders' late return of, or failure to return, directions
requested by the Trustee from the Certificateholders.

     (b) In the event that an offer is made by the Underlying Securities
Issuer 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 Class A-1
Certificateholders, Class A-2 Certificateholders and the Warrant Holders of
such offer promptly. Subject to the rights of the Warrant Holders to exercise
Call Warrants in connection with a tender offer or Change of Control Offer for
the Underlying Securities, the Trustee must reject any such offer unless the
Trustee is directed by the affirmative vote of the holders of 100% of the
Class A-1 Certificates, Class A-2 Certificates and Call Warrants to accept
such offer and the Trustee has received the tax opinion described above. If
pursuant to the preceding sentence, the Trustee accepts any such offer the
Trustee shall promptly notify the Rating Agencies.

     (c) If an event of default under the Indenture occurs and is continuing,
and if directed by a majority of the outstanding Class A-1 Certificateholders
and Class A-2 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) Subject to the rights of the Warrant Holders pursuant to Section 5(h)
hereof, the Trustee shall not tender Underlying Securities on behalf of the
Trust in connection with a Change of Control Offer, regardless of any vote or
direction of the Certificateholders to the contrary.

     Section 16. 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

                                      24
<PAGE>

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 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 (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:

     (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 applicable Uniform
          Commercial Code) in the Underlying Securities in favor of the
          Trustee 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") of the Trustee, or its authorized agent, in
          accordance with Section 2.01 of the Standard Terms. The Trustee, as
          securities intermediary for the Securities Account, has agreed to
          treat the Underlying Securities as "financial assets" within the
          meaning of the Uniform Commercial Code.

    (iii) Immediately prior to the transfer of the Underlying Securities to
          the Trust, 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) Depositor has received all consents and approvals required by the
          terms of the Underlying Securities to the transfer to the Trustee of
          its interest and rights in the Underlying Securities as contemplated
          by the Trust Agreement.

     (v)  Depositor has taken all steps necessary to cause the Trustee, as
          securities intermediary for the Securities Account, to identify on
          its records that the Trustee, as the trustee of the Trust, is the
          Person having a security entitlement against the securities
          intermediary in the Securities Account.

     (vi) 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). Depositor has not
          authorized the filing of and is not aware of any financing
          statements against Depositor that includes a description of the
          Underlying Securities. Depositor is not aware of any judgment or tax
          lien filings against Depositor.

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

                                      25
<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:
                                         --------------------------------------
                                         Name: Rene Canezin
                                         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 Sears Roebuck
                                         Acceptance Note-Backed Series
                                         2003-5 Trust

                                      By:
                                         --------------------------------------
                                          Name:  David Kolibachuk
                                          Title:  Vice President

                                      26
<PAGE>

                                                                    SCHEDULE I

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-5

                        UNDERLYING SECURITIES SCHEDULE

Underlying Securities:                         7% Debentures due June 1, 2032

Issuer:                                        Sears Roebuck Acceptance Corp.

CUSIP Number:                                  81240BK6

Principal Amount Deposited:                    $29,938,000

Original Issue Date:                           May 29, 2002.

Principal Amount of
Underlying Securities
Originally Issued:                             $1,000,000,000

Maturity Date:                                 June 1, 2032

Interest Rate:                                 7% per annum.

Interest Payment Dates:                        June 1st and December 1st.

                                     I-1

<PAGE>

                                  EXHIBIT A-1
                      FORM OF TRUST CERTIFICATE CLASS A-1

                             CLASS A-1 CERTIFICATE

NUMBER 1                                         1,099,360 $25 PAR CERTIFICATES
                                                          CUSIP NO. 21988G 28 8

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 OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

                                    A-1-1
<PAGE>

                            LEHMAN ABS CORPORATION

                                   1,099,360

                     CORPORATE BACKED TRUST CERTIFICATES,

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-5

7.625% INTEREST RATE

evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$29,938,000 aggregate principal amount of 7.00% Notes due June 1, 2032, issued
by Sears Roebuck Acceptance Corp. (the "Underlying Securities Issuer") and all
payments received thereon (the "Trust Property"), deposited in trust by Lehman
ABS Corporation (the "Depositor").

     THIS CERTIFIES THAT CEDE & CO. is the registered owner of 1,099,360
Corporate Backed Trust Certificates, Sears Roebuck Acceptance Note-Backed
Series 2003-5 Trust (the "Trust"), having an aggregate Certificate Principal
Balance of $27,484,000, representing a nonassessable, fully-paid,
proportionate undivided beneficial ownership interest in the 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, Sears Roebuck Acceptance Note-Backed Series 2003-5,
dated as of March 5, 2003 (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, Sears Roebuck Acceptance Note-Backed
Series 2003-5, Class A-1" (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, and (ii) all payments on or collections in respect of the
Underlying Securities accrued on or after March 5, 2003; provided, however,
that any income from the investment of Trust funds in certain permitted
investments ("Eligible Investments") does not constitute Trust Property.

                                    A-1-2
<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 (a "Special Distribution Date").

     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-1-3
<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,
                                      SEARS ROEBUCK ACCEPTANCE NOTE-BACKED
                                      SERIES 2003-5 TRUST

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

                                      By:____________________________________
                                          Authorized Signatory

Dated:  March 5, 2003

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is on one of the Corporate Backed Trust Certificates, Sears Roebuck
Acceptance Note-Backed Series 2003-5, 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-1-4
<PAGE>

                           (REVERSE OF CERTIFICATE)

The Certificates are limited in right of distribution to certain payments and
collections respecting 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 Holders of Class A-1 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 notation of such consent in 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.

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 payment in full at maturity or sale by the Trust
after a payment default or an acceleration or other early payment of the
Underlying Securities and the distribution in full of all amounts due to the
Class A-1 Certificateholders and Class A-2 Certificateholders; (ii) the
exercise of all outstanding Call

                                    A-1-5
<PAGE>

Warrants by the Warrant Holder; (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.

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-1-6
<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-1-7
<PAGE>

                                  EXHIBIT A-2
                      FORM OF TRUST CERTIFICATE CLASS A-2

                             CLASS A-2 CERTIFICATE

NUMBER 1                                                  CUSIP NO. 21988G CJ 3

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          THIS CLASS A-2 CERTIFICATE 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 CLASS A-2
CERTIFICATE REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE
TERMS OF THE SERIES SUPPLEMENT.

          THE PRINCIPAL AMOUNT OF THIS CLASS A-2 CERTIFICATE IS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS A-2
CERTIFICATE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

          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 OR THE TRUST ASSETS ARE
INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR ANY OTHER PERSON.

                                    A-2-1
<PAGE>

                            LEHMAN ABS CORPORATION

                     CORPORATE BACKED TRUST CERTIFICATES,

              SEARS ROEBUCK ACCEPTANCE NOTE-BACKED SERIES 2003-5

                          $2,454,000 PRINCIPAL AMOUNT

evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$29,938,000 aggregate principal amount of 7.00% Notes due June 1, 2032, issued
by Sears Roebuck Acceptance Corp. (the "Underlying Securities Issuer") and all
payments received thereon (the "Trust Property"), deposited in trust by Lehman
ABS Corporation (the "Depositor").

          THIS CERTIFIES THAT CEDE & CO. is the registered owner of 24.54
Corporate Backed Trust Certificates, Sears Roebuck Acceptance Note-Backed
Series 2003-5 Trust (the "Trust"), having an aggregate Certificate Principal
Balance of $2,454,000, representing a nonassessable, fully-paid, proportionate
undivided beneficial ownership interest in the 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, Sears Roebuck Acceptance
Note-Backed Series 2003-5, dated as of March 5, 2003 (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, Sears Roebuck
Acceptance Note-Backed Series 2003-5, Class A-2" (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, and (ii) all payments on or
collections in respect of the Underlying Securities accrued on or after March
5, 2003; provided, however, that any income from the investment of Trust funds
in certain permitted investments ("Eligible Investments") does not constitute
Trust Property.

          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, no distributions of interest will be made on this Certificate on
any Distribution Date.

                                    A-2-2
<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, the Trust will distribute on the Final Scheduled Distribution Date,
to the Person in whose name this Certificate is registered on the applicable
Record Date, 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 Final Scheduled
Distribution Date.

          The Record Date applicable to the Final Scheduled Distribution Date
is the close of business on the day immediately preceding such Final Scheduled
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 (a "Special Distribution Date").

          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-2-3
<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,
                                        SEARS ROEBUCK ACCEPTANCE NOTE-BACKED
                                        SERIES 2003-5 TRUST

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

                                        By:___________________________________
                                            Authorized Signatory

Dated: March 5, 2003

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is on one of the Corporate Backed Trust Certificates, Sears
Roebuck Acceptance Note-Backed Series 2003-5, 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-2-4
<PAGE>

                           (REVERSE OF CERTIFICATE)

          The Certificates are limited in right of distribution to certain
payments and collections respecting 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 holders of Class A-2 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 notation of such consent in
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 $100,000.

          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.

          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)

                                    A-2-5
<PAGE>

the payment in full at maturity or sale by the Trust after a payment default
or an acceleration or other early payment of the Underlying Securities and the
distribution in full of all amounts due to the Class A-1 Certificateholders
and Class A-2 Certificateholders; (ii) the exercise of all outstanding Call
Warrants by the Warrant Holder; (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.

          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-2-6
<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-2-7
<PAGE>

                                   EXHIBIT B
                        FORM OF WARRANT AGENT AGREEMENT

                            WARRANT AGENT AGREEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

                     SEARS ROEBUCK ACCEPTANCE NOTE-BACKED
                              SERIES 2003-5 TRUST

          WARRANT AGENT AGREEMENT, dated as of March 5, 2003 (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,
Sears Roebuck Acceptance Note-Backed Series 2003-5 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 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, Sears Roebuck Acceptance
Note-Backed Series 2003-5, dated as of March 5, 2003, (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 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 6.3 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 the 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 shall exercise Call Warrants relating to
     Class A-1 Certificates and Call Warrants relating to Class A-2
     Certificates which represent a like percentage of all Class A-1
     Certificates and Class A-2 Certificates.

          (v) 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 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 the solvency
     certificate required pursuant to Section 7(d)(ii) of the Series
     Supplement.

          (vi) 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,
in the case of the Class A-1 Certificates, Class A-1 Certificates having a
Certificate Principal Balance equal to $25 per Call Warrant, and in the case
of the Class A-2 Certificates, Class A-2 Certificates having a Certificate
Principal Balance equal to $100,000 per Call Warrant. Unless otherwise
specified therein, such 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 Class A-1 Certificates and the Class
A-2 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).

                                     B-2
<PAGE>

          (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 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 Sections
5(h)(iii) and 7(g)(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 a Call Notice and Optional Exchange is in connection
with a tender offer, 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 Sections 5(h)(iii) and
7(g)(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 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 III, 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.

                                     B-3
<PAGE>

     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 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 Rights in connection with such partial redemption, the number of Call
Warrants held by each Warrant Holder shall be reduced proportionately so that
the aggregate amount of Class A-1 Certificates callable by Call Warrants shall
equal the amount of outstanding Class A-1 Certificates after giving effect to
such partial redemption and the aggregate Certificate Principal Balance of
Class A-2 Certificates callable by Call Warrants shall equal the outstanding
Certificate Principal Balance of Class A-2 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 each
Warrant Holder of such adjustments.

                                  ARTICLE II

                           RESTRICTIONS ON TRANSFER

     Section 2.1 Restrictive Legends. Except as otherwise permitted by this
Article II, 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 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."

     Section 2.2 Notice of Proposed Transfer. Prior to any transfer of any
Call Warrant or portion thereof, the Warrant Holder will give 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 III

               REGISTRATION AND TRANSFER OF CALL WARRANTS, ETC.

     Section 3.1 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. The Trustee and the Warrant
Agent may treat the Person in whose name any Call 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.

                                     B-4
<PAGE>

     Section 3.2 Transfer and Exchange of Call Warrants. (a) No Call Warrant
may be offered, resold, assigned or otherwise transferred (including by pledge
or hypothecation) at any time prior to (x) the date which is two years or such
shorter period of time as permitted by Rule 144(k) under the Securities Act
after the later of the original issue date of such Call Warrants and the last
date on which the Depositor or any "affiliate" (as defined in Rule 144 under
the Securities Act) of the Depositor was the owner of such Call Warrant (or
any predecessor thereto) or (y) such later date, if any, as may be required by
a change in applicable securities laws (the "Resale Restriction Termination
Date") unless such offer, resale, assignment or transfer is (i) to the Trust,
(ii) pursuant to an effective registration statement under the Securities Act,
(iii) 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 or (iv) pursuant to another available exemption from
registration provided under the Securities Act, and, in each of cases (i)
through (iv), 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 Call Warrant in the manner described in clause
(iii) above, 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 Call Warrants to be transferred substantially in the form
of Exhibit A attached hereto. Prior to any offer, resale, assignment or
transfer of any Call Warrants in the manner described in clause (iv) above,
the prospective transferee and the prospective transferor shall be required to
deliver to the Trustee documentation certifying that the offer, resale,
assignment or transfer complies with the provisions of said clause (iv). In
addition to the foregoing, each prospective transferee of any Call Warrants in
the manner contemplated by clause (iii) above shall 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
          Warrant for its own account or for the account of a QIB.

     (2)  The transferee understands that the Call Warrant is 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.

     (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 (i) to the
          Trust, (ii) pursuant to an effective registration statement under
          the Securities Act, (iii) to a QIB, in accordance with Rule 144A or
          (iv) pursuant to another available exemption from registration
          provided under the Securities Act, and, in each of cases (i) through
          (iv), 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 Call Warrants for registration of transfer
or for exchange to the Warrant Agent, the Warrant Agent shall (subject to
compliance with Article II)

                                     B-5
<PAGE>

promptly execute and deliver, and cause the Trustee, on behalf of the Trust,
to execute and deliver, in exchange therefor, a new 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 attached hereto), if the same is
required pursuant to the provisions of clause (a) above.

     Section 3.3 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 3.4 Execution and Delivery of Call Warrants by Trustee. The
Trustee, on behalf of the Trust, hereby agrees (subject to compliance with
Article II) to execute and deliver such new Call Warrants issued in accordance
with Section 1.2 or this Article III as the Warrant Agent shall request in
accordance herewith.

     Section 3.5 Additional Call Warrants. The Trustee shall execute and
deliver 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 IV

                                  DEFINITIONS

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

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

     "Call Date": Any Business Day (i) on or after March 5, 2008, (ii) after
the Underlying Securities Issuer announces that it will redeem (in whole or in
part), prepay or otherwise make an unscheduled payment on the Underlying
Securities, (iii) after the Trustee notifies the Certificateholders of any
proposed sale of the Underlying Securities pursuant to the provisions of the
Series Supplement or (iv) on which a tender offer for some or all of the
Underlying Securities is consummated.

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

     "Call Price": For each related Call Date, (i) in the case of the Class
A-1 Certificates, 100% of the outstanding Certificate Principal Balance of the
Class A-1 Certificates being

                                     B-6
<PAGE>

purchased pursuant to the exercise of the Call Warrants, plus any accrued and
unpaid interest on such amount to but excluding the Call Date and (ii) in the
case of the Class A-2 Certificates being purchased pursuant to the exercise of
the Call Warrants, the present value of all amounts that would otherwise have
been payable on the Class A-2 Certificates being purchased pursuant to the
exercise of the Call Warrants for the period from the related Call Date to the
Final Scheduled Distribution Date using a discount rate of 8.75% per annum,
assuming no delinquencies, deferrals, redemptions or prepayments on the
Underlying Securities shall occur after the related 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.

     "Closing Date": March 5, 2003.

     "Depositor": As defined in the recitals.

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

     "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.

     "Rating Agencies": Standard & Poor's Ratings Services and Moody's
Investors Service, Inc. and any successor thereto.

     "Resale Restriction Termination Date": As defined in Section 3.2 hereof.

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

     "Rule 144A": As defined in Section 3.2.

     "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.

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

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

                                      B-7

<PAGE>

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

                                  ARTICLE V

                                 WARRANT AGENT

     Section 5.1 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,
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 5.2 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

                                     B-8
<PAGE>

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 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.

     Section 5.3 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,

                                     B-9
<PAGE>

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 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 5.4 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 Call Warrant Holder.

                                  ARTICLE VI

                                 MISCELLANEOUS

     Section 6.1 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 6.2 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 6.3 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 any notices
received by it hereunder or pursuant to the Trust Agreement or this Agreement
by facsimile within one Business Day of receipt thereof.

                                     B-10
<PAGE>

     Section 6.4 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 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 each of the Call Warrants related to the Class A-1 Certificates and
the Call Warrants related to the Class A-2 Certificates, 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 without written confirmation from the
Rating Agencies 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 or (iii) reduce the percentage of
aggregate Voting Rights required by (i) or (ii) without the consent of the
holders of all such affected Certificates. Notwithstanding any other provision
of this Warrant Agent Agreement, this Section 6.4(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 6.5 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-11
<PAGE>

     Section 6.6 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 6.7 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 6.8 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 6.9 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-12
<PAGE>

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

                                      LEHMAN ABS CORPORATION,
                                           as Depositor

                                      By:______________________________________
                                         Name:  Rene Canezin
                                         Title:  Senior Vice President

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

                                      By:______________________________________
                                         Name:   David Kolibachuk
                                         Title:  Assistant Secretary and
                                                 Vice President

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

                                      By:______________________________________
                                         Name:   David Kolibachuk
                                         Title:  Assistant Secretary and
                                                 Vice President

                                     B-13
<PAGE>

                     EXHIBIT A TO WARRANT AGENT AGREEMENT

                    FORM OF CALL WARRANT INVESTMENT LETTER

                         QUALIFIED INSTITUTIONAL BUYER

                                                    Dated:    [_______________]

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

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

Re:  Corporate Backed Trust Certificates, Sears Roebuck Acceptance Note-Backed
     Series 2003-5

Ladies and Gentlemen:

     In connection with its proposed purchase of Call Warrants (the "Call
Warrants") which represent the right to call $____________ aggregate
certificate principal amount of Corporate Backed Trust Certificates, Sears
Roebuck Acceptance Note-Backed Series 2003-5 Trust Class A-[ ] 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.

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

                                    B-A-1
<PAGE>

     decides to resell, pledge or otherwise transfer any Security, such
     resale, pledge or other transfer must comply with the provisions of
     Section 3(e) of the Series Supplement relating to the Call Warrants 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 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."

5.   The Purchaser understands that no subsequent transfer of the Call
     Warrants is permitted unless (A) such transfer is of a Security 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 3(e) of this Series
     Supplement, including if required a letter substantially in the form
     hereof.

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 Security 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 Security 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

                                    B-A-2
<PAGE>

          credit pursuant to a loan agreement entered into in the ordinary
          course of its trade or business.

               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.

7.   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 Security. 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.

          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,

                                       By:____________________________________
                                       Name:
                                       Title:

                                    B-A-3
<PAGE>

                                   EXHIBIT C

                FORM OF CLASS A-2 CERTIFICATE INVESTMENT LETTER

             QUALIFIED INSTITUTIONAL BUYER AND ACCREDITED INVESTOR

                                                      Dated:

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

Lehman ABS Corporation
  as Initial Purchaser
745 Seventh Avenue
New York, New York 10019

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

Ladies and Gentlemen:

          In connection with our proposed purchase of $______________
aggregate principal amount of Class A-2 Certificates (the "Class A-2
Certificates") representing an interest in the Corporate Backed Trust
Certificates, Sears Roebuck Acceptance Note-Backed Series 2003-5 Trust (the
"Trust"), the undersigned, by executing this letter (the "Purchaser") confirms
that:

1.   The Purchaser understands that substantial risks are involved in an
     investment in the Class A-2 Certificates. The Purchaser represents that,
     in making its investment decision to acquire the Class A-2 Certificates,
     the Purchaser has not relied on representations, warranties, opinions,
     projections, financial or other information or analysis, if any, supplied
     to it by any person or entity, including the Initial Purchaser, the
     Depositor, or 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 Class
     A-2 Certificates, 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 Class A-2 Certificates.

2.   The Purchaser is not an "affiliate" (as defined in Rule 144 under the
     Securities Act) of the Depositor and is either:

     (i) (A) a "Qualified Institutional Buyer" (as defined in Rule 144A under
     the Securities Act of 1933, as amended (the "1933 Act" and "Rule 144A"))
     and has delivered to you the

                                     C-1
<PAGE>

     certification contained herein as to the fact that it is a Qualified
     Institutional Buyer and (B) acquiring the Class A-2 Certificates 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 aware that the Class A-2
     Certificates are being sold to it in reliance on the exemption from the
     provisions of Section 5 of the 1933 Act provided buy Rule 144A. The
     Purchaser is purchasing the Class A-2 Certificates 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 of the United
     States; or

     (ii) an Accredited Investor and, if the Class A-2 Certificates are to be
     purchased for one or more accounts ("investor accounts") for which it is
     acting as fiduciary or agent, each such investor account is an Accredited
     Investor on a like basis; in the normal course of its business, such
     purchaser invests in or purchases securities similar to the Class A-2
     Certificates and such purchaser has such knowledge and experience in
     financial and business matters that such purchaser is capable of
     evaluating the merits and risks of purchasing any of the Class A-2
     Certificates and such purchaser is aware that such purchaser (or any such
     investor account) may be required to bear the economic risk of an
     investment in the Class A-2 Certificates for an indefinite period of time
     and such purchaser (or such investor account) is able to bear such risk
     for an indefinite period and such purchaser has agreed to deliver a
     letter substantially in the form of Exhibit C to the Series Supplement to
     the Initial Purchaser.

3.   The Purchaser understands that the Class A-2 Certificates are being
     offered in a transaction not involving any public offering in the United
     States within the meaning of the 1933 Act, that the Class A-2
     Certificates 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 in
     the future it decides to offer, resell, pledge or otherwise transfer the
     Class A-2 Certificates, such Class A-2 Certificates shall only be
     offered, resold, assigned or otherwise transferred (A) to the Trust, (B)
     pursuant to an effective registration statement under the Securities Act,
     (C) to a QIB, in accordance with Rule 144A, (D) to any person or entity
     (including an Accredited Investor within the meaning of Rule 501(a) under
     the Securities Act) pursuant to another available exemption from
     registration provided under the Securities Act, and, in each of cases (A)
     through (D), in accordance with any applicable securities laws of any
     state of the United States and other jurisdictions and (ii) the purchaser
     will, and each subsequent holder is required to, notify any subsequent
     purchaser of such Class A-2 Certificates from it of the resale
     restrictions referred to in clause (i) above. Upon the transfer of Class
     A-2 Certificates held in the form of global certificates to an Accredited
     Investor, the transferor's interest in such global certificates shall be
     exchanged for a Class A-2 Certificate in definitive form. Thereafter,
     upon transfer of a definitive Class A-2 Certificate to a QIB, such
     certificate may be exchanged for a beneficial interest in a global Class
     A-2 Certificate.

4.   The Purchaser understands that each Class A-2 Certificate will, unless
     otherwise agreed to by the Depositor and the Trustee, bear a legend
     substantially to the following effect:

                  "THIS CLASS A-2 CERTIFICATE (OR ITS PREDECESSOR) HAS NOT
                  BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
                  AMENDED, AND MAY NOT BE

                                     C-2
<PAGE>

                  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 CLASS A-2
                  CERTIFICATE REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN
                  ACCORDANCE WITH THE TERMS OF THE SERIES SUPPLEMENT.

                  EACH PURCHASER OF THIS CLASS A-2 CERTIFICATE IS HEREBY
                  NOTIFIED THAT THE SELLER OF THIS CLASS A-2 CERTIFICATE 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 Class A-2
     Certificates is permitted unless (A) such transfer is of a Class A-2
     Certificate with a denomination of at least $100,000 and (B) it causes
     its proposed transferee to provide to the Trustee and the Initial
     Purchaser a letter in the form of Exhibit C to the Series Supplement and
     otherwise satisfactory to the Trustee and the Initial Purchaser, as
     applicable, or such other written statement as the Depositor shall
     prescribe.

6.   The Purchaser agrees that if at some time in the future it wishes to
     transfer or exchange any of the Class A-2 Certificates, it will not
     transfer or exchange any of the Class A-2 Certificates unless such
     transfer or exchange is in accordance with Section 5.04 of the Trust
     Agreement. The Purchaser understands that any purported transfer of the
     Class A-2 Certificates (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 the Trust or any other Person as a Certificateholder, as
     the case may be, for any purpose.

7.   The purchaser (i) acknowledges that the Depositor, the Initial Purchaser,
     the Trustee and others will rely upon the truth and accuracy of the
     foregoing acknowledgments, representations and agreements and agrees that
     the Depositor, the Initial Purchaser and the Trustee 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, and (ii) agrees that, if any of
     the acknowledgments, representations, warranties and agreements made or
     deemed to have been made by such purchaser's purchase of the Class A-2
     Certificates are no longer accurate, such purchaser shall promptly notify
     the Depositor and the Initial Purchaser. If the purchaser is acquiring
     any Class A-2 Certificates as a fiduciary or agent for one or more
     investor accounts, it represents that it has sole investment discretion
     with respect to each such account and it has full power to make the
     foregoing acknowledgments, representations and agreements on behalf of
     each such account and that each such investor account is eligible to
     purchase the Class A-2 Certificates.

                                     C-3
<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,

                                      By:____________________________________
                                      Name:
                                      Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]