Document:

Exhibit 4.1

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

             DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-8 TRUST

                                    between

                            LEHMAN ABS CORPORATION,

                                 as Depositor,

                                      and

                     U.S. BANK TRUST NATIONAL ASSOCIATION,

                                  as Trustee,

                      CORPORATE BACKED TRUST CERTIFICATES

                         Dated as of October 19, 2004

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                               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...............................................12

Section 5.   Distributions....................................................12

Section 6.   Trustee's Fees...................................................17

Section 7.   Optional Call; Optional Exchange.................................17

Section 8.   Notices of Events of Default.....................................22

Section 9.   Miscellaneous....................................................22

Section 10.  Governing Law....................................................26

Section 11.  Counterparts.....................................................26

Section 12.  Termination of the Trust.........................................26

Section 13.  Sale of Underlying Securities....................................26

Section 14.  Amendments.......................................................27

Section 15.  Voting of Underlying Securities, Modification of Indenture;
             Optional Exchange.................. .............................27

Section 16.  Additional Depositor Representation..............................28

SCHEDULE I       DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-8
                 UNDERLYING SECURITIES SCHEDULE
SCHEDULE II      CLASS A-2 AMORTIZATION 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 INVESTMENT LETTER

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                                                                    Exhibit 4.1

                               SERIES SUPPLEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

             DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-8 TRUST

          SERIES SUPPLEMENT, DaimlerChrysler Debenture-Backed Series 2004-8,
dated as of October 19, 2004 (the "Series Supplement"), by and between LEHMAN
ABS CORPORATION, as Depositor (the "Depositor"), and U.S. BANK TRUST NATIONAL
ASSOCIATION, as Trustee (the "Trustee").

                             W I T N E S S E T H:

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

          WHEREAS, the Depositor desires to deposit into the Trust the
Underlying Securities described on Schedule I attached hereto, 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 DaimlerChrysler Debenture-Backed Series
2004-8 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 the terms listed in the Standard Terms that are

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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.

          "Amortizing Notional Balance" shall have the meaning specified in
Section 3 hereof.

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

          "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 holder of Call
Warrants designates as a Call Date occurring (i) on or after October 19, 2009,
(ii) after the Underlying Securities Issuer announces that it will redeem,
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 Section 5(d) or
5(h) of this Series Supplement or (iv) on any date on which the Underlying
Securities Issuer or an affiliate thereof consummates a tender offer for some
or all of the Underlying Securities.

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

          "Call Price" shall mean, for each related Call Date, (i) in the case
of the Class A-1 Certificates, the sum of 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, the Amortizing Notional Balance of the Class A-2
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. For the avoidance of doubt, the Call Price for the Class A-2
Certificates shall equal $0 after the Distribution Date in August 2087.

          "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.

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

          "Certificates" shall have the meaning specified in Section 3 hereof.

          "Class A-1 Allocation" shall mean the sum of the present values
(discounted at the rate of 6.875% 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

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(assuming, in each case, 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 6.875% per annum) of any unpaid 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 Amortization Schedule" shall mean the amortization
schedule attached hereto as Schedule II.

          "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.

          "Class A-2 Notional Distribution Amount" shall mean, with respect to
any Distribution Date, the product of (x) the amount set forth on the Class
A-2 Amortization Schedule under the heading "Class A-2 Scheduled Notional
Amount" (as such amount may be adjusted from time to time in accordance with
Section 3(d) hereof) and (y) a fraction, the numerator of which will be equal
to the outstanding principal amount of Underlying Securities held by the Trust
on such Distribution Date and the denominator of which will equal the
aggregate principal amount of Underlying Securities deposited in the Trust on
the Closing Date and in connection with the deposit of additional Underlying
Securities in accordance with Section 3(d) hereof.

          "Class A-2 Rate" shall have the meaning set forth in Section 3(c)
hereof.

          "Closing Date" shall mean October 19, 2004.

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

          "Collection Period" shall mean, (i) with respect to each August
Distribution Date, the period beginning on the day after the February
Distribution Date of such year and ending on such August Distribution Date,
inclusive and (ii) with respect to each February Distribution Date, the period
beginning on the day after the August Distribution Date of the prior year and
ending on such February 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.

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

          "Distribution Date" shall mean February 1 and August 1 of each year
(or if such date is not a Business Day, the next succeeding Business Day),
commencing on February 1, 2005, and ending on the earlier of the Final
Scheduled Distribution Date and any date on which all Underlying Securities
are redeemed, 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.

          "Event of Default" shall mean (i) a default in the payment of any
interest on the Underlying Securities 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 the Underlying Securities 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 the Distribution Date
in August 2097, or if such day is not a Business Day, the next succeeding
Business Day.

          "Indenture" shall mean the indenture between the Underlying
Securities Issuer and the Underlying Securities Trustee, pursuant to which the
Underlying Securities were issued, as supplemented.

          "Initial Amortizing Notional Balance" shall mean, in respect of any
Class A-2 Certificate (or the Class A-2 Certificates as a whole), the
Amortizing Notional Balance of such Class A-2 Certificate or Class of
Certificates issued on the Closing Date plus the Amortizing Notional Balance
of any Class A-2 Certificates issued in accordance with Section 3(d) hereof.

          "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) hereof.

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          "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.

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

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

          "Prospectus Supplement" shall mean the Prospectus Supplement, dated
October 5, 2004, relating to the Class A-1 Certificates.

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

          "Rating Agencies" 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 Voting Rights 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.

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

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

          "Securities Intermediary" shall mean initially, U.S. Bank Trust
National Association.

          "Series" shall mean the DaimlerChrysler Debenture-Backed Series
2004-8.

          "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.

          "UCC" shall mean the Uniform Commercial Code as in effect in the
applicable jurisdiction.

          "Underlying Securities" shall mean $45,000,000 aggregate principal
amount of 7.40% Debentures due August 2097, issued by the Underlying
Securities Issuer, as set forth in Schedule I attached hereto (subject to
Section 3(d) hereof).

          "Underlying Securities Guarantor" shall mean DaimlerChrysler AG.

          "Underlying Securities Issuer" shall mean DaimlerChrysler
Corporation, formerly known as Chrysler Corporation, and any successor in
respect of the Underlying Securities.

          "Underlying Securities Trustee" shall mean State Street Bank and
Trust Company, successor in interest to Manufacturer's Hanover Trust Company.

          "Underwriter" shall mean Lehman Brothers Inc.

          "Voting Rights" shall be allocated between the holders of the Class
A-1 Certificates and the holders of 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 of any applicable Record Date. The Class A-1 Voting Rights will
be allocated among all of the Class A-1 Certificateholders in proportion to
the respective Certificate Principal Balances of their respective Certificates
and the Class A-2 Voting Rights will be allocated among Class A-2
Certificateholders in proportion to the Initial Amortizing Notional Balances
of their respective Certificates.

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

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

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

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

              "Accounting Date"

              "Administrative Fees"

              "Advance"

              "Allowable Expense Amounts"

              "Basic Documents"

              "Call Premium Percentage"

              "Credit Support"

              "Credit Support Instrument"

              "Credit Support Provider"

              "Cut-off Date"

              "Eligible Expense"

              "Eligible Investments"

              "Exchange Rate Agent"

              "Fixed Pass-Through Rate"

              "Floating Pass-Through Rate"

              "Guaranteed Investment Contract"

              "Letter of Credit"

              "Limited Guarantor"

              "Limited Guaranty"

              "Minimum Wire Denomination"

              "Pass-Through Rate"

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              "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"

     Section 3. Designation of Trust and Certificates. The Trust created
hereby shall be known as the "Corporate Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-8 Trust." The Certificates
evidencing certain undivided ownership interests therein shall be known as
"Corporate Backed Trust Certificates, DaimlerChrysler Debenture-Backed Series
2004-8." 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 Class A-1 Certificates shall be held through the Depository in
book-entry form and shall be substantially in the form attached hereto as
Exhibit A-1. The Class A-2 Certificates shall initially be held through the
Depository in book-entry form and, as set forth in Section 3(e) below, shall
be held subsequent to the Closing Date in physical form or through the
Depository in book-entry form and shall be substantially in the form attached
hereto as Exhibit

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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
$1,000 and integral multiples of $1,000 in excess thereof; provided, however,
that the Class A-2 Certificates may only be purchased, held or transferred in
an aggregate Initial Amortizing Notional Balance equal to or greater than
$250,000; provided, further, that on any Call Date on which a Warrant Holder
shall concurrently exchange Class A-2 Called Certificates for a distribution
of Underlying Securities in accordance with the provisions of Section 7
hereof, Class A-2 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 shall consist initially of 1,800,000
Certificates having an initial aggregate certificate principal balance (the
"Certificate Principal Balance") of $45,000,000. The Class A-2 Certificates
shall have an initial aggregate amortizing notional balance (the "Amortizing
Notional Balance") of $2,888,000.00.

     (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 6.875% per annum on the
outstanding Class A-1 Certificate Principal Balance of the Class A-1
Certificates. The holders of the Class A-2 Certificates will be entitled to
receive on each Distribution Date occurring on or prior to the Distribution
Date in August 2087 the interest, if any, received on the Underlying
Securities, to the extent necessary to pay (x) interest at a rate of 8.17% per
annum (the "Class A-2 Rate") on the outstanding Amortizing Notional Balance of
the Class A-2 Certificates and (y) the Class A-2 Notional Distribution Amount
for the related Distribution Date. In addition, on each Distribution Date
following the Distribution Date in August 2087, the holders of the Class A-2
Certificates will be entitled to receive accrued and unpaid interest at a rate
of 0.525% on a notional amount equal to the principal amount of the Underlying
Securities on deposit in the Trust. On the Distribution Date occurring in
February 2005, the Trustee shall cause the Trust to pay to the Depositor the
amount of interest accrued and paid on the Underlying Securities from August
1, 2004, to but not including the Closing Date; provided, however, that a
portion of such accrued interest, in an amount not to exceed $148, will be
applied towards any shortfall in the amount distributable pursuant to Section
5(a)(i)(2) on the Distribution Date occurring in February 2005; provided,
further, that in the event an Optional Exchange Date shall occur prior to the
Distribution Date in February 2005, a pro rata portion of such amount due to
the Depositor 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 3 Business Days' notice to the
Trustee (or such shorter period as shall be mutually satisfactory to the
Depositor and the Trustee) and upon (i) satisfaction of the Rating 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

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traded partnership taxable as a corporation for federal income tax purposes.
Each condition to be satisfied with respect to a sale of Underlying Securities
on or prior to the Closing Date shall be satisfied with respect to a sale of
additional Underlying Securities no later than the date of sale thereof, each
representation and warranty set forth in the Standard Terms to be made on the
Closing Date shall be made on such date of sale, and from and after such date
of sale, all Underlying Securities held by the Trustee shall be held on the
same terms and conditions. Upon such sale to the Trustee, the Trustee shall
deposit such additional Underlying Securities in the Certificate Account, and
shall authenticate and deliver to the Depositor, on its order, (i) Class A-1
Certificates in a Certificate Principal Balance equal to the principal amount
of such additional Underlying Securities, (ii) Class A-2 Certificates having
an aggregate Amortizing Notional Balance in the same proportion to the
additional Class A-1 Certificates as exists with respect to the initial
aggregate Certificate Principal Balance of the Class A-1 Certificates and the
initial aggregate Amortizing Notional Balance of the Class A-2 Certificates
and (iii) Call Warrants related to such additional Class A-1 Certificates and
Class A-2 Certificates. 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. With respect to any sale of
additional Underlying Securities on and prior to the Distribution Date in
August 2087, upon the deposit of additional Underlying Securities in the
Trust, the Calculation Agent shall revise and amend the Class A-2 Amortization
Schedule in a manner that maintains the intended yield on the Class A-2
Certificates.

     (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 (including transfers to
Accredited Investors), 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 and in the event the resale, assignment or transfer shall
involve Class A-2 Certificates then being held in physical form, such Class
A-2 Certificates shall be delivered to the Trustee for cancellation and the
Trustee shall instruct the Depository to increase the aggregate Amortizing
Notional Balance of the Class A-2 Certificates held in book-entry form by an
amount equal to the aggregate Amortizing Notional Balance of Class A-2
Certificates so resold, assigned or transferred and to issue a beneficial
interest in such global Class A-2 Certificates to such transferee. 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

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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 Amortizing
Notional Balance 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 Amortizing Notional Balance 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.

          (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

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          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.

     Section 5. Distributions.

     (a) Except as otherwise provided in Sections 3(c), 5(b) and 5(i), 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 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,
                    accrued and unpaid interest at 6.875% per annum, and to
                    the holders of the Class A-2 Certificates, (i) on and
                    prior to the Distribution Date in August 2087, the sum of
                    (x) accrued and unpaid interest at the Class A-2 Rate and
                    (y) any unpaid Class A-2 Notional Distribution Amount for
                    the related, and any prior, Distribution Date and (ii)
                    following the Distribution Date in August 2087, accrued
                    and unpaid interest at a rate of 0.525% on a notional
                    amount equal to the principal amount of the Underlying
                    Securities on deposit in the Trust, pro rata in proportion
                    to their entitlements thereto.

          (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, an
                    amount equal to the Certificate Principal Balance of the
                    Class A-1 Certificates (the Class

                                      12
<PAGE>

                    A-2 Certificates are not entitled to distributions from
                    the principal portion of Available Funds).

          (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 the interest rate on each such class of Certificates.

Any funds received in respect of the Underlying Securities from the Underlying
Securities Guarantor shall be included in Available Funds on the related
Distribution Date or Special Distribution Date. 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 holders of the
Class A-1 Certificates and the holders of the Class A-2 Certificates in
accordance with the ratio of the Class A-1 Allocation to the Class A-2
Allocation.

     (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 due to the occurrence
of an Event of Default, an SEC Reporting Failure, or at their maturity, 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 the principal amount of Underlying Securities so
               redeemed, prepaid or liquidated plus accrued and unpaid
               interest on the amount of Class A-1 Certificates redeemed in
               connection with such principal payment;

          (iii) third, to the holders of the Class A-2 Certificates, an amount
               not to exceed the Amortizing Notional Balance plus accrued
               interest thereon of the Class A-2 Certificates;

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

          (v)  fifth, 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.

                                      13
<PAGE>

     (c) Notwithstanding the foregoing, if the Underlying Securities are
redeemed, prepaid or liquidated in whole or in part due to the occurrence of
an Event of Default, the Trustee shall distribute Available Funds to the
holders of the Class A-1 Certificates and the holders of the Class A-2
Certificates in accordance with the ratio of the Class A-1 Allocation to the
Class A-2 Allocation.

     (d) 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(c) 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.

     (e) (e) If the Trustee receives non-cash property in respect of any of
the Underlying Securities as a result of a payment default on the Underlying
Securities (including from the sale thereof), the Trustee will promptly give
notice to the Depository, or for any Certificates which are not then held by
DTC or any other depository, directly to the registered holders of the
Certificates then outstanding and unpaid and to the Warrant Agent. Such notice
shall state that the Trustee shall, and the Trustee shall, not later than 30
days after the receipt of such property, allocate and distribute such property
to the holders of Class A-1 Certificates and Class A-2 Certificates then
outstanding and unpaid (after deducting the costs incurred in connection
therewith) in accordance with Section 5(c) 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 or Amortizing Notional Balance, as applicable,
of the Certificates as follows: (x) the Certificate Principal Balance of the
Class A-1 Certificates will be reduced on a dollar-for-dollar basis and (y)
the Amortizing Notional Balance of the Class A-2 Certificates shall be reduced
in proportion to the reduction in the principal amount of Underlying
Securities held by the Trust.

     (f) Subject to Section 9(f) hereof, to the extent Available Funds are
insufficient to make any 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 date referred to in
Section 5(g) hereof) on which sufficient funds are available to pay such
shortfall.

     (g) If a payment with respect to the Underlying Securities is made to the
Trustee (x) after the payment date of the Underlying Securities on which such
payment was due or (y) in connection with redemption, prepayment or
liquidation, in whole or in part, of the Underlying Securities for any reason
other than due to the occurrence of an Event of Default, an SEC Reporting
Failure or at their maturity, the Trustee will distribute any such amounts
received in accordance with the provisions of this Section 5 on the next
occurring Business Day (a "Special Distribution Date") as if the funds had
constituted Available Funds on the Distribution Date

                                      14
<PAGE>

immediately preceding such Special Distribution Date; provided, however, that
the Record Date for such Special Distribution Date shall be one Business Day
prior to the day on which the related payment was received with respect to the
Underlying Securities.

     (h) Notwithstanding Section 3.12 of the Standard Terms, upon the
occurrence of an SEC Reporting Failure, the Depositor shall instruct the
Trustee within a reasonable time to (i) notify the Warrant Agent that the
Underlying Securities are proposed to be sold and that any Call Warrants and
related Optional Exchange rights must be exercised no later than the date
specified in the notice (which shall be not less than ten Business Days after
the date of such notice) and (ii) to the extent that the Warrant Holders fail
to exercise their Call Warrants and related Optional Exchange rights on or
prior to such date, 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.

     (i) As of the Closing Date, the aggregate Certificate Principal Balance
of the Class A-1 Certificates will equal the aggregate principal amount of
Underlying Securities deposited in the Trust. From time to time after the
Closing Date, the Certificate Principal Balance of the Class A-1 Certificates
will be reduced, dollar for dollar, in connection with any reduction in the
principal amount of Underlying Securities held by the Trust as a result of (i)
any distributions made to the holders of the Class A-1 Certificates in respect
of principal of the Underlying Securities or (ii) any surrender of
Certificates in connection with the consummation of an Optional Exchange. The
Amortizing Notional Balance of the Class A-2 Certificates will be reduced by
an aggregate amount equal to (x) the sum of all Class A-2 Notional
Distribution Amounts paid to Class A-2 Certificateholders and (y) the
aggregate amount of any reductions in the Amortizing Notional Balance of the
Class A-2 Certificates pursuant to Sections 5(b) and 5(e) hereof or in
connection with any surrender of Certificates in connection with the
consummation of an Optional Exchange.

     (j) (i) Within five Business Days (or such longer period as shall be
acceptable to the Trustee) of receipt of notice of an SEC Reporting Failure,
any Class A-1 Certificateholder or Class A-2 Certificateholder may direct the
Trustee to distribute all or a portion of such Certificateholder's pro rata
share of the Underlying Securities to it, in lieu of any proceeds received
upon liquidation of the Underlying Securities. The respective pro rata shares
of the Class A-1 and Class A-2 Certificateholders in the Underlying Securities
shall be determined by allocating the portion of the principal amount
remaining after reimbursement of the Trustee for any Extraordinary Trust
Expenses approved by 100% of the Certificateholders to the Class A-1
Certificateholders and the Class A-2 Certificateholders in accordance with the
ratio of the Class A-1 Allocation to the Class A-2 Allocation. The pro rata
share of each of the Class A-1 Certificateholders in the Underlying Securities
to be distributed shall be determined based on the then unpaid Certificate
Principal Balances of their respective Class A-1 Certificates and the pro rata
share of each of the Class A-2 Certificateholders in the Underlying Securities
to be distributed shall be determined based on the Initial Amortizing Notional
Balances of their respective Class A-2 Certificates.

                                      15
<PAGE>

          (ii) Within five Business Days (or such longer period as shall be
     acceptable to the Trustee) of receipt of notice of an Event of Default or
     any other liquidation of the Underlying Securities by the Trustee, any
     Class A-2 Certificateholder may direct the Trustee to distribute all or a
     portion of such Class A-2 Certificateholder's pro rata share (as
     determined by the Calculation Agent in accordance with this Section 5(j))
     of the Underlying Securities to it, in lieu of any proceeds received upon
     liquidation of the Underlying Securities. Upon the occurrence of an Event
     of Default, each Class A-2 Certificateholder's pro rata share of the
     Underlying Securities shall be determined by allocating the principal
     amount of the Underlying Securities to the Class A-1 Certificateholders
     and the Class A-2 Certificateholders in accordance with the ratio of the
     Class A-1 Allocation to the Class A-2 Allocation. The pro rata share of
     each of the Class A-2 Certificateholders in the Underlying Securities to
     be distributed shall be determined based on the Initial Amortizing
     Notional Balances of their respective Class A-2 Certificates. In the
     event of a liquidation of the Underlying Securities by the Trustee for
     any reason other than upon the occurrence of an Event of Default or an
     SEC Reporting Failure, each Class A-2 Certificateholder's pro rata share
     of the Underlying Securities shall be equal to the lesser of (1) a pro
     rata share (based on the proportion of the Initial Amortizing Notional
     Balance of such holder's Class A-2 Certificates to the aggregate Initial
     Amortizing Notional Balance of the Class A-2 Certificates) of the
     principal amount of Underlying Securities remaining after the Trustee has
     allocated Available Funds in accordance with Sections 5(b)(i) and
     5(b)(ii) hereof and (2) the Amortizing Notional Balance of the related
     Class A-2 Certificates, plus any accrued and unpaid interest thereon.

          (iii) The amount requested to be distributed pursuant to Section
     5(j)(i) or 5(j)(ii) must be in an even multiple of the minimum
     denomination of the Underlying Securities and may not exceed such
     requesting Certificateholder's pro rata share (as determined by the
     Calculation Agent in accordance with this Section 5(j)) of the Underlying
     Securities. Upon receipt of any such direction from a Class A-1
     Certificateholder or Class A-2 Certificateholder, the Trustee shall not
     liquidate the requested portion of Underlying Securities and instead
     shall cause such Underlying Securities to be distributed to the
     requesting Class A-1 Certificateholder or Class A-2 Certificateholder;
     provided, that the Trustee shall not cause the distribution of any
     Underlying Securities to any Class A-1 Certificateholder or Class A-2
     Certificateholder unless, but for the requesting Class A-1
     Certificateholder or Class A-2 Certificateholder's giving direction in
     accordance with this Section 5(j), such Underlying Securities would be
     liquidated as otherwise provided in this Agreement. Any portion of any
     Class A-1 Certificateholder's or Class A-2 Certificateholder's pro rata
     share of the Underlying Securities that is not distributed, based on the
     failure to meet the minimum denomination requirements or otherwise, shall
     be sold in accordance with the provisions of Section 5(d) or 5(h) hereof,
     as applicable and the proceeds thereof distributed to such Class A-1
     Certificateholder or Class A-2 Certificateholder.

          (iv) All decisions and determinations of the Calculation Agent
     pursuant to this Section 5(j) shall be in its sole discretion and shall,
     in the absence of manifest error, be conclusive for all purposes and
     irrevocably binding upon the Certificateholders.

                                      16
<PAGE>

     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 clauses 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 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 Call; Optional Exchange.

     (a) On (A) any Distribution Date, (B) any date on which the Underlying
Securities Issuer or an affiliate thereof consummates a tender offer for some
or all of the Underlying Securities or (C) any date on which the Underlying
Securities are to be redeemed by the Underlying Securities Issuer, any holder
of Class A-1 Certificates, 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 that any such exchange shall either (x)
result from an exercise of all Call Warrants owned by such Warrant Holder or
(y) occur on a Call Date on which such Warrant Holder, alone or together with
one or more other Warrant Holders, shall exchange Called Certificates relating
to Underlying Securities having an aggregate principal amount equal to or in
excess of the product of (i) 0.1 and (ii) the aggregate principal amount of
the Underlying Securities deposited into the Trust on the Closing Date.

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

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

                                      17
<PAGE>

          (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 outstanding 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.

          (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 Underwriter 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 Certificate Principal Balance or Amortizing
     Notional Balance, as the case may be, 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 February 2005, 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 August 1,
     2004 through, but excluding, the Closing Date by a fraction, the
     numerator of which shall be the number of Certificates being exchanged on
     such Optional Exchange Date and the denominator of which shall be the
     total number of Certificates.

                                      18
<PAGE>

     (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) [Reserved.]

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

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

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

          (v) Subject to receipt of the Call Price, the Trustee shall pay the
     applicable portion of the Call Price to the Class A-1 and Class A-2
     Certificateholders on the Call Date. The Call Price for each 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.

                                      19
<PAGE>

     (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 Certificateholders or the Warrant Holders,
as applicable, to a distribution of the Underlying Securities.

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

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

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

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

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

                                      20
<PAGE>

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

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

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

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

          (iv) If fewer than all Underlying Securities are redeemed by the
     Underlying Securities Issuer and the amount of Call Warrants exercised
     corresponds to a number of 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

                                      21
<PAGE>

     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.

     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 DaimlerChrysler Debenture-Backed Series 2004-8 Certificates.

     (b) The provisions of Section 4.07, Optional Exchange, of the Standard
Terms shall not apply to the DaimlerChrysler Debenture-Backed Series 2004-8
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 DaimlerChrysler Debenture-Backed Series 2004-8 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 and
Class A-2 Certificateholders pro rata in proportion to their respective
entitlements to such delayed payments.

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

                                      22
<PAGE>

     (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.

     (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. Notwithstanding anything to the contrary, any references in such
reports (or any exhibits attached thereto) to "servicing obligations" of the
Trustee shall be limited to the obligations of the Trustee expressly set forth
in the Trust Agreement.

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

     (n) A Plan fiduciary, whether or not a Certificateholder at such time,
may request in writing that the Trustee provide such Plan fiduciary with such
information as shall be necessary for it to determine whether any of the Call
Warrant holders is (i) a "party in interest" (within the meaning of ERISA,
Section 3(14)); or (ii) a "disqualified person" within the meaning of Internal
Revenue Code ("Code") Section 4975(e)(2) with respect to any employee benefit
plan or Plan identified to the Trustee by such Plan fiduciary at the time such
request is made in order for the Plan fiduciary to determine whether an
investment in the Certificates by such Plan is or would be permissible under
ERISA or the Code. Any such written request of a Plan fiduciary shall be
accompanied by a certification of the Plan fiduciary, opinion of counsel
experienced in such issues, and such other documentation as the Trustee may
require, in order to establish that such disclosure is necessary for the Plan
fiduciary to determine compliance with ERISA and the Code, as well as a
confidentiality agreement, whereby the Plan fiduciary agrees not to disclose
the identity of any Call Warrant holders except to any legal or other experts
as necessary to make such determination. The holder of a Call Warrant shall
upon reasonable request of the Trustee,

                                      23
<PAGE>

in order for the Trustee to satisfy its obligations to a Plan fiduciary,
provide the Trustee with any one or more of the following, in the sole
discretion of the Call Warrant holder: (i) a certificate that each of the Call
Warrant holders is not (x) a "party in interest" (within the meaning of ERISA,
Section 3(14)) with respect to any "employee benefit plan" as defined in
ERISA, Section 3(3); or (y) a "disqualified person" within the meaning of
Internal Revenue Code Section 4975(e)(2) with respect to a "Plan" as defined
in Code Section 4975(e)(1) except in each case with respect to plans sponsored
by the Call Warrant holder or its affiliates which cover employees of the Call
Warrant holder and/or such affiliates; (ii) a certificate that each of the
Call Warrant holders is not such a "party in interest" or "disqualified
person" with respect to any employee benefit plan or Plan identified to the
Trustee by such Plan fiduciary at the time such request is made; or (iii) a
written consent to the limited disclosure of the respective Call Warrant
holder's identity to a specific Plan fiduciary solely for purposes of allowing
the Trustee to satisfy its obligations to a Plan fiduciary.

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

     (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:   (646) 758-4975

         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:   (212) 809-5459

                                      24
<PAGE>

         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:   Susan G. Waiter, Managing Director, Investment
                              Banking Services/Structured Products
                 Telephone:   (212) 656-2818
                 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(p).

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

     (r) The provisions of Section 2.01(d)(iii) of the Standard Terms shall
not apply to the DaimlerChrysler Debenture-Backed Series 2004-8 Certificates
and the following shall be deemed to be inserted in its place:

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

     (s) The Trustee shall appoint a firm of independent certified public
accountants to determine that the asset of the Trust exists at the balance
sheet date and that such asset of the

                                      25
<PAGE>

Trust reflects the correct value on that date and to review each of the
distribution reports prepared by the Trustee pursuant to Section 4.03 of the
Standard Terms and to verify (x) that such reports and the calculations made
therein were made accurately and in accordance with the terms of the Trust
Agreement and (y) that the Depositor and the Trustee have each fulfilled their
obligations under this Trust Agreement. The Trustee shall instruct the
accountants (i) to promptly report to the Trustee any errors in such
distribution reports discovered in verifying such calculations and (ii) to
render to the Trustee an annual examination report, prepared in compliance
with procedures to be agreed upon between the Depositor and such independent
certified public accountants based on established or stated criteria as set
forth in the professional standards of the American Institute of Certified
Public Accountants, within 45 days (or such longer period as may be acceptable
to the Trustee) following the end of each calendar year that specifies the
calculations made in reviewing the distribution reports prepared by the
Trustee for the previous calendar year and such accountants' associated
findings.

     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, call 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 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. In the event of a sale of the
Underlying Securities pursuant to this Agreement 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 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 LLC, (2) Goldman, Sachs & Co., (3)
Merrill Lynch, Pierce, Fenner & Smith Incorporated, (4) UBS Securities LLC,
(5) Citigroup Global Markets 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

                                      26
<PAGE>

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 cause the Trust to be taxed as an association or publicly traded
partnership taxable as a corporation 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;
Optional Exchange.

     (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 as the Voting Rights 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 under the Code, (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 Certificateholders representing 100% of the aggregate
Voting Rights and 100% of the 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 aggregate Voting
Rights 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.

                                      27
<PAGE>

     (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 for the Underlying Securities,
the Trustee must reject any such offer unless an Underlying Securities event
of default has occurred and the Trustee is directed by the affirmative vote of
Certificateholders representing 100% of the aggregate Voting Rights 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.

     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 the
event that, notwithstanding the aforementioned intent of the parties, any
Underlying Securities are held to be property of the Depositor, then, it is
the express intent of the parties that such conveyance be deemed a pledge of
such Underlying Securities and all proceeds thereof by the Depositor to the
Trustee to secure a debt or other obligation of the Depositor, pursuant to
Section 10.07 of the Standard Terms. In connection with any such grant of a
security interest in the Underlying Securities and all proceeds thereof
(including any such grant in connection with any sale of additional Underlying
Securities pursuant to Section 3(d)), the Depositor hereby represents and
warrants to Trustee as follows:

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

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

                                      28
<PAGE>

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

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

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

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

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

                                      29
<PAGE>

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

                            LEHMAN ABS CORPORATION,
                                 as Depositor

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

                            U.S. BANK TRUST NATIONAL ASSOCIATION,
                              not in its individual capacity but solely as
                              Trustee on behalf of the
                              Corporate Backed Trust Certificates
                              DaimlerChrysler Debenture-Backed
                              Series 2004-8 Trust

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

                                      30
<PAGE>

                                                                     SCHEDULE I

                DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-8

                        UNDERLYING SECURITIES SCHEDULE

<TABLE>
<CAPTION>
<S>                                          <C>
Underlying Securities:                        7.40% Debentures due 2097.

Underlying Securities Issuer:                 DaimlerChrysler Corporation, formerly
                                              known as Chrysler Corporation

CUSIP Number:                                 171196AT5.

Principal Amount Deposited:                   $45,000,000.

Original Issue Date:                          July 18, 1997.

Principal Amount of Underlying Securities     $500,000,000.
Originally Issued:

Maturity Date:                                August 1, 2097. Interest Rate:                                  7.40% per annum.

Interest Payment Dates:                       February 1(st) and August 1(st).
</TABLE>

                                     I-1
<PAGE>

                                                                    SCHEDULE II

                       CLASS A-2 AMORTIZATION SCHEDULE(1)
<TABLE>
<CAPTION>

                     Class A-2
                     Scheduled                                        Amortizing Notional
                     Notional        Interest                            Balance After
        Date          Amount          Paid           Total Paid           Amortization
-----------------  ------------  ----------------  ----------------   --------------------

<S>                <C>           <C>              <C>                  <C>
     10/19/2004         -               -               -                $2,888,000.00
       2/1/2005      $232.49        $66,852.39       $67,084.88          $2,887,767.51
       8/1/2005      $159.70       $117,965.30      $118,125.00          $2,887,607.81
       2/1/2006      $166.22       $117,958.78      $118,125.00          $2,887,441.59
       8/1/2006      $173.01       $117,951.99      $118,125.00          $2,887,268.58
       2/1/2007      $180.08       $117,944.92      $118,125.00          $2,887,088.50
       8/1/2007      $187.43       $117,937.57      $118,125.00          $2,886,901.06
       2/1/2008      $195.09       $117,929.91      $118,125.00          $2,886,705.97
       8/1/2008      $203.06       $117,921.94      $118,125.00          $2,886,502.91
       2/1/2009      $211.36       $117,913.64      $118,125.00          $2,886,291.56
       8/1/2009      $219.99       $117,905.01      $118,125.00          $2,886,071.57
       2/1/2010      $228.98       $117,896.02      $118,125.00          $2,885,842.59
       8/1/2010      $238.33       $117,886.67      $118,125.00          $2,885,604.26
       2/1/2011      $248.07       $117,876.93      $118,125.00          $2,885,356.19
       8/1/2011      $258.20       $117,866.80      $118,125.00          $2,885,097.99
       2/1/2012      $268.75       $117,856.25      $118,125.00          $2,884,829.25
       8/1/2012      $279.73       $117,845.27      $118,125.00          $2,884,549.52
       2/1/2013      $291.15       $117,833.85      $118,125.00          $2,884,258.37
       8/1/2013      $303.05       $117,821.95      $118,125.00          $2,883,955.32
       2/1/2014      $315.43       $117,809.57      $118,125.00          $2,883,639.90
       8/1/2014      $328.31       $117,796.69      $118,125.00          $2,883,311.59
       2/1/2015      $341.72       $117,783.28      $118,125.00          $2,882,969.87
       8/1/2015      $355.68       $117,769.32      $118,125.00          $2,882,614.19
       2/1/2016      $370.21       $117,754.79      $118,125.00          $2,882,243.98
       8/1/2016      $385.33       $117,739.67      $118,125.00          $2,881,858.64
       2/1/2017      $401.07       $117,723.93      $118,125.00          $2,881,457.57
       8/1/2017      $417.46       $117,707.54      $118,125.00          $2,881,040.11
       2/1/2018      $434.51       $117,690.49      $118,125.00          $2,880,605.60
       8/1/2018      $452.26       $117,672.74      $118,125.00          $2,880,153.34
       2/1/2019      $470.74       $117,654.26      $118,125.00          $2,879,682.60
       8/1/2019      $489.97       $117,635.03      $118,125.00          $2,879,192.63
       2/1/2020      $509.98       $117,615.02      $118,125.00          $2,878,682.65

---------
(1) The Class A-2 Amortization Schedule shall be amended in connection with any
increase or reduction in the Amortizing Notional Balance of Class A-2
Certificates. In addition, the payment to holders of Class A-2 Certificates is
subject to the payment of interest on the Underlying Securities by the
Underlying Securities Issuer.

                                     II-1
<PAGE>

<CAPTION>

                     Class A-2
                     Scheduled                                        Amortizing Notional
                     Notional        Interest                            Balance After
        Date          Amount          Paid           Total Paid           Amortization
-----------------  ------------  ----------------  ----------------   --------------------

<S>                <C>           <C>              <C>                  <C>
       8/1/2020       $530.81      $117,594.19      $118,125.00          $2,878,151.84
       2/1/2021       $552.50      $117,572.50      $118,125.00          $2,877,599.34
       8/1/2021       $575.07      $117,549.93      $118,125.00          $2,877,024.28
       2/1/2022       $598.56      $117,526.44      $118,125.00          $2,876,425.72
       8/1/2022       $623.01      $117,501.99      $118,125.00          $2,875,802.71
       2/1/2023       $648.46      $117,476.54      $118,125.00          $2,875,154.25
       8/1/2023       $674.95      $117,450.05      $118,125.00          $2,874,479.30
       2/1/2024       $702.52      $117,422.48      $118,125.00          $2,873,776.78
       8/1/2024       $731.22      $117,393.78      $118,125.00          $2,873,045.56
       2/1/2025       $761.09      $117,363.91      $118,125.00          $2,872,284.47
       8/1/2025       $792.18      $117,332.82      $118,125.00          $2,871,492.29
       2/1/2026       $824.54      $117,300.46      $118,125.00          $2,870,667.75
       8/1/2026       $858.22      $117,266.78      $118,125.00          $2,869,809.53
       2/1/2027       $893.28      $117,231.72      $118,125.00          $2,868,916.25
       8/1/2027       $929.77      $117,195.23      $118,125.00          $2,867,986.48
       2/1/2028       $967.75      $117,157.25      $118,125.00          $2,867,018.73
       8/1/2028     $1,007.29      $117,117.71      $118,125.00          $2,866,011.44
       2/1/2029     $1,048.43      $117,076.57      $118,125.00          $2,864,963.01
       8/1/2029     $1,091.26      $117,033.74      $118,125.00          $2,863,871.75
       2/1/2030     $1,135.84      $116,989.16      $118,125.00          $2,862,735.91
       8/1/2030     $1,182.24      $116,942.76      $118,125.00          $2,861,553.67
       2/1/2031     $1,230.53      $116,894.47      $118,125.00          $2,860,323.14
       8/1/2031     $1,280.80      $116,844.20      $118,125.00          $2,859,042.34
       2/1/2032     $1,333.12      $116,791.88      $118,125.00          $2,857,709.22
       8/1/2032     $1,387.58      $116,737.42      $118,125.00          $2,856,321.64
       2/1/2033     $1,444.26      $116,680.74      $118,125.00          $2,854,877.38
       8/1/2033     $1,503.26      $116,621.74      $118,125.00          $2,853,374.12
       2/1/2034     $1,564.67      $116,560.33      $118,125.00          $2,851,809.45
       8/1/2034     $1,628.58      $116,496.42      $118,125.00          $2,850,180.87
       2/1/2035     $1,695.11      $116,429.89      $118,125.00          $2,848,485.76
       8/1/2035     $1,764.36      $116,360.64      $118,125.00          $2,846,721.40
       2/1/2036     $1,836.43      $116,288.57      $118,125.00          $2,844,884.97
       8/1/2036     $1,911.45      $116,213.55      $118,125.00          $2,842,973.52
       2/1/2037     $1,989.53      $116,135.47      $118,125.00          $2,840,983.99
       8/1/2037     $2,070.80      $116,054.20      $118,125.00          $2,838,913.18
       2/1/2038     $2,155.40      $115,969.60      $118,125.00          $2,836,757.79
       8/1/2038     $2,243.44      $115,881.56      $118,125.00          $2,834,514.34
       2/1/2039     $2,335.09      $115,789.91      $118,125.00          $2,832,179.25
       8/1/2039     $2,430.48      $115,694.52      $118,125.00          $2,829,748.78
       2/1/2040     $2,529.76      $115,595.24      $118,125.00          $2,827,219.01
       8/1/2040     $2,633.10      $115,491.90      $118,125.00          $2,824,585.91
       2/1/2041     $2,740.67      $115,384.33      $118,125.00          $2,821,845.24

                                     II-2
<PAGE>

<CAPTION>

                     Class A-2
                     Scheduled                                        Amortizing Notional
                     Notional        Interest                            Balance After
        Date          Amount          Paid           Total Paid           Amortization
-----------------  ------------  ----------------  ----------------   --------------------

<S>                <C>           <C>              <C>                  <C>
       8/1/2041     $2,852.62      $115,272.38      $118,125.00          $2,818,992.62
       2/1/2042     $2,969.15      $115,155.85      $118,125.00          $2,816,023.47
       8/1/2042     $3,090.44      $115,034.56      $118,125.00          $2,812,933.03
       2/1/2043     $3,216.69      $114,908.31      $118,125.00          $2,809,716.34
       8/1/2043     $3,348.09      $114,776.91      $118,125.00          $2,806,368.26
       2/1/2044     $3,484.86      $114,640.14      $118,125.00          $2,802,883.40
       8/1/2044     $3,627.21      $114,497.79      $118,125.00          $2,799,256.19
       2/1/2045     $3,775.38      $114,349.62      $118,125.00          $2,795,480.80
       8/1/2045     $3,929.61      $114,195.39      $118,125.00          $2,791,551.19
       2/1/2046     $4,090.13      $114,034.87      $118,125.00          $2,787,461.06
       8/1/2046     $4,257.22      $113,867.78      $118,125.00          $2,783,203.84
       2/1/2047     $4,431.12      $113,693.88      $118,125.00          $2,778,772.72
       8/1/2047     $4,612.13      $113,512.87      $118,125.00          $2,774,160.59
       2/1/2048     $4,800.54      $113,324.46      $118,125.00          $2,769,360.05
       8/1/2048     $4,996.64      $113,128.36      $118,125.00          $2,764,363.40
       2/1/2049     $5,200.75      $112,924.25      $118,125.00          $2,759,162.65
       8/1/2049     $5,413.21      $112,711.79      $118,125.00          $2,753,749.44
       2/1/2050     $5,634.34      $112,490.66      $118,125.00          $2,748,115.11
       8/1/2050     $5,864.50      $112,260.50      $118,125.00          $2,742,250.61
       2/1/2051     $6,104.06      $112,020.94      $118,125.00          $2,736,146.55
       8/1/2051     $6,353.41      $111,771.59      $118,125.00          $2,729,793.13
       2/1/2052     $6,612.95      $111,512.05      $118,125.00          $2,723,180.18
       8/1/2052     $6,883.09      $111,241.91      $118,125.00          $2,716,297.09
       2/1/2053     $7,164.26      $110,960.74      $118,125.00          $2,709,132.83
       8/1/2053     $7,456.92      $110,668.08      $118,125.00          $2,701,675.91
       2/1/2054     $7,761.54      $110,363.46      $118,125.00          $2,693,914.37
       8/1/2054     $8,078.60      $110,046.40      $118,125.00          $2,685,835.77
       2/1/2055     $8,408.61      $109,716.39      $118,125.00          $2,677,427.16
       8/1/2055     $8,752.10      $109,372.90      $118,125.00          $2,668,675.06
       2/1/2056     $9,109.62      $109,015.38      $118,125.00          $2,659,565.44
       8/1/2056     $9,481.75      $108,643.25      $118,125.00          $2,650,083.68
       2/1/2057     $9,869.08      $108,255.92      $118,125.00          $2,640,214.60
       8/1/2057    $10,272.23      $107,852.77      $118,125.00          $2,629,942.37
       2/1/2058    $10,691.85      $107,433.15      $118,125.00          $2,619,250.51
       8/1/2058    $11,128.62      $106,996.38      $118,125.00          $2,608,121.90
       2/1/2059    $11,583.22      $106,541.78      $118,125.00          $2,596,538.68
       8/1/2059    $12,056.40      $106,068.60      $118,125.00          $2,584,482.28
       2/1/2060    $12,548.90      $105,576.10      $118,125.00          $2,571,933.38
       8/1/2060    $13,061.52      $105,063.48      $118,125.00          $2,558,871.86
       2/1/2061    $13,595.08      $104,529.92      $118,125.00          $2,545,276.78
       8/1/2061    $14,150.44      $103,974.56      $118,125.00          $2,531,126.33
       2/1/2062    $14,728.49      $103,396.51      $118,125.00          $2,516,397.85

                                     II-3
<PAGE>

<CAPTION>

                     Class A-2
                     Scheduled                                        Amortizing Notional
                     Notional        Interest                            Balance After
        Date          Amount          Paid           Total Paid           Amortization
-----------------  ------------  ----------------  ----------------   --------------------

<S>                <C>           <C>              <C>                  <C>
       8/1/2062    $15,330.15      $102,794.85      $118,125.00          $2,501,067.70
       2/1/2063    $15,956.38      $102,168.62      $118,125.00          $2,485,111.31
       8/1/2063    $16,608.20      $101,516.80      $118,125.00          $2,468,503.11
       2/1/2064    $17,286.65      $100,838.35      $118,125.00          $2,451,216.46
       8/1/2064    $17,992.81      $100,132.19      $118,125.00          $2,433,223.65
       2/1/2065    $18,727.81       $99,397.19      $118,125.00          $2,414,495.84
       8/1/2065    $19,492.84       $98,632.16      $118,125.00          $2,395,003.00
       2/1/2066    $20,289.13       $97,835.87      $118,125.00          $2,374,713.87
       8/1/2066    $21,117.94       $97,007.06      $118,125.00          $2,353,595.93
       2/1/2067    $21,980.61       $96,144.39      $118,125.00          $2,331,615.32
       8/1/2067    $22,878.51       $95,246.49      $118,125.00          $2,308,736.81
       2/1/2068    $23,813.10       $94,311.90      $118,125.00          $2,284,923.71
       8/1/2068    $24,785.87       $93,339.13      $118,125.00          $2,260,137.84
       2/1/2069    $25,798.37       $92,326.63      $118,125.00          $2,234,339.47
       8/1/2069    $26,852.23       $91,272.77      $118,125.00          $2,207,487.24
       2/1/2070    $27,949.15       $90,175.85      $118,125.00          $2,179,538.09
       8/1/2070    $29,090.87       $89,034.13      $118,125.00          $2,150,447.23
       2/1/2071    $30,279.23       $87,845.77      $118,125.00          $2,120,167.99
       8/1/2071    $31,516.14       $86,608.86      $118,125.00          $2,088,651.86
       2/1/2072    $32,803.57       $85,321.43      $118,125.00          $2,055,848.29
       8/1/2072    $34,143.60       $83,981.40      $118,125.00          $2,021,704.69
       2/1/2073    $35,538.36       $82,586.64      $118,125.00          $1,986,166.32
       8/1/2073    $36,990.11       $81,134.89      $118,125.00          $1,949,176.22
       2/1/2074    $38,501.15       $79,623.85      $118,125.00          $1,910,675.07
       8/1/2074    $40,073.92       $78,051.08      $118,125.00          $1,870,601.14
       2/1/2075    $41,710.94       $76,414.06      $118,125.00          $1,828,890.20
       8/1/2075    $43,414.84       $74,710.16      $118,125.00          $1,785,475.37
       2/1/2076    $45,188.33       $72,936.67      $118,125.00          $1,740,287.03
       8/1/2076    $47,034.27       $71,090.73      $118,125.00          $1,693,252.76
       2/1/2077    $48,955.62       $69,169.38      $118,125.00          $1,644,297.13
       8/1/2077    $50,955.46       $67,169.54      $118,125.00          $1,593,341.67
       2/1/2078    $53,036.99       $65,088.01      $118,125.00          $1,540,304.68
       8/1/2078    $55,203.55       $62,921.45      $118,125.00          $1,485,101.13
       2/1/2079    $57,458.62       $60,666.38      $118,125.00          $1,427,642.51
       8/1/2079    $59,805.80       $58,319.20      $118,125.00          $1,367,836.70
       2/1/2080    $62,248.87       $55,876.13      $118,125.00          $1,305,587.83
       8/1/2080    $64,791.74       $53,333.26      $118,125.00          $1,240,796.10
       2/1/2081    $67,438.48       $50,686.52      $118,125.00          $1,173,357.62
       8/1/2081    $70,193.34       $47,931.66      $118,125.00          $1,103,164.27
       2/1/2082    $73,060.74       $45,064.26      $118,125.00          $1,030,103.54
       8/1/2082    $76,045.27       $42,079.73      $118,125.00            $954,058.26
       2/1/2083    $79,151.72       $38,973.28      $118,125.00            $874,906.54

                                     II-4
<PAGE>

<CAPTION>

                     Class A-2
                     Scheduled                                        Amortizing Notional
                     Notional        Interest                            Balance After
        Date          Amount          Paid           Total Paid           Amortization
-----------------  ------------  ----------------  ----------------   --------------------

<S>                <C>           <C>              <C>                  <C>
       8/1/2083     $82,385.07      $35,739.93      $118,125.00           $792,521.48
       2/1/2084     $85,750.50      $32,374.50      $118,125.00           $706,770.98
       8/1/2084     $89,253.41      $28,871.59      $118,125.00           $617,517.57
       2/1/2085     $92,899.41      $25,225.59      $118,125.00           $524,618.17
       8/1/2085     $96,694.35      $21,430.65      $118,125.00           $427,923.82
       2/1/2086    $100,644.31      $17,480.69      $118,125.00           $327,279.51
       8/1/2086    $104,755.63      $13,369.37      $118,125.00           $222,523.88
       2/1/2087    $109,034.90       $9,090.10      $118,125.00           $113,488.98
       8/1/2087    $113,488.98       $4,636.02      $118,125.00                 $0.00
</TABLE>

                                     II-5

<PAGE>

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

NUMBER 2                                       1,800,000 $25 PAR CERTIFICATES
                                                        CUSIP NO. 21988K 82 6

                      SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

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

                                    A-1-1

<PAGE>

                            LEHMAN ABS CORPORATION

                               1,800,000 $25 PAR

                     CORPORATE BACKED TRUST CERTIFICATES,

                DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-8

6.875% INTEREST RATE

  evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$45,000,000 aggregate principal amount of 7.40% Debentures due 2097 issued by
Chrysler Corporation, predecessor to DaimlerChrysler Corporation (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 an aggregate of
$45,000,000 principal amount nonassessable, fully-paid, proportionate
undivided beneficial ownership interest in the Corporate Backed Trust
Certificates, DaimlerChrysler Debenture-Backed Series 2004-8 Trust, formed by
the Depositor.

The Trust was created pursuant to a Standard Terms for Trust Agreements, dated
as of January 16, 2001 (the "Standard Terms"), between the Depositor and U.S.
Bank Trust National Association, a national banking association, not in its
individual capacity but solely as Trustee (the "Trustee"), as supplemented by
the Series Supplement in respect of the DaimlerChrysler Debenture-Backed
Series 2004-8, dated as of October 19, 2004 (the "Series Supplement"), and
together with the Standard Terms and the Series Supplement, the "Trust
Agreement"), between the Depositor and the Trustee. This Certificate does not
purport to summarize the Trust Agreement and reference is hereby made to the
Trust Agreement for information with respect to the interests, rights,
benefits, obligations, proceeds and duties evidenced hereby and the rights,
duties and obligations of the Trustee with respect hereto. A copy of the Trust
Agreement may be obtained from the Trustee by written request sent to the
Corporate Trust Office. Capitalized terms used but not defined herein have the
meanings assigned to them in the Trust Agreement.

This Certificate is one of the duly authorized Certificates designated as the
"Corporate Backed Trust Certificates, DaimlerChrysler Debenture-Backed Series
2004-8, 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 October 19, 2004, together with any
and all income, proceeds and payments with respect thereto; provided, however,
that any income from the investment of Trust funds in certain permitted
investments ("Eligible Investments") does not constitute Trust Property.

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

                                    A-1-2
<PAGE>

whose name this Certificate is registered on the applicable Record Date, in an
amount equal to such Certificateholder's proportionate undivided beneficial
ownership interest in the amount required to be distributed to the Holders of
the Certificates on such Distribution Date. The Record Date applicable to any
Distribution Date is the close of business on the day immediately preceding
such Distribution Date (whether or not a Business Day). If a payment with
respect to the Underlying Securities is made to the Trustee after the date on
which such payment was due, then the Trustee will distribute any such amounts
received on the next occurring Business Day.

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

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

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

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

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

                                    A-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, DAIMLERCHRYSLER
                               DEBENTURE-BACKED SERIES 2004-8 TRUST

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

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

Dated: October 19, 2004

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Corporate Backed Trust Certificates, DaimlerChrysler
Debenture-Backed Series 2004-8, 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 a notation of such consent is made upon this
Certificate. The Trust Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of
the Certificates.

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

As provided in the Trust Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable 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 on 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 Holders; (iii) the Final Scheduled Distribution Date
and (iv) the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the Court of St. James, living on the date hereof.

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

NUMBER 2                                                   CUSIP NO. 21988K AP 2

                      SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CLASS A-2 CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), 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.

THE NOTIONAL AMOUNT OF THIS CLASS A-2 CERTIFICATE IS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING NOTIONAL 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.

THE CERTIFICATEHOLDERS, BY THEIR ACCEPTANCE OF CERTIFICATES, COVENANT AND
AGREE TO TENDER ANY AND ALL CALLED CERTIFICATES TO THE TRUSTEE UPON THE
WARRANT HOLDER'S EXERCISE OF CALL WARRANTS

                                    A-2-1
<PAGE>

AND PAYMENT OF THE CALL PRICE FOR SUCH CERTIFICATES IN ACCORDANCE WITH THE
PROVISIONS HEREOF AND OF THE WARRANT AGENT AGREEMENT.

                                    A-2-2
<PAGE>

                            LEHMAN ABS CORPORATION

                     CORPORATE BACKED TRUST CERTIFICATES,

                DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-8

            $2,888,000 AGGREGATE INITIAL AMORTIZING NOTIONAL AMOUNT

8.17% INTEREST RATE

FINAL SCHEDULED DISTRIBUTION DATE: August 1, 2097

     evidencing a proportionate undivided beneficial ownership interest in the
Trust, as defined below, the property of which consists principally of
$45,000,000 aggregate principal amount of 7.40% Debentures issued by Chrysler
Corporation, predecessor to DaimlerChrysler Corporation, 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 an aggregate amount
of $2,888,000 aggregate initial amortizing notional amount nonassessable,
fully-paid, proportionate undivided beneficial ownership interest in the
Corporate Backed Trust Certificates, DaimlerChrysler Debenture-Backed Series
2004-8 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, DaimlerChrysler Debenture-Backed Series 2004-8, dated
as of October 19, 2004 (the "Series Supplement") and, together with the
Standard Terms and the Series Supplement, the "Trust Agreement"), between the
Depositor and the Trustee. This Certificate does not purport to summarize the
Trust Agreement and reference is hereby made to the Trust Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and obligations of
the Trustee with respect hereto. A copy of the Trust Agreement may be obtained
from the Trustee by written request sent to the Corporate Trust Office.
Capitalized terms used but not defined herein have the meanings assigned to
them in the Trust Agreement.

This Certificate is one of the duly authorized Certificates designated as the
"Corporate Backed Trust Certificates, DaimlerChrysler Debenture-Backed Series
2004-8, 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 October 19, 2004, together with any
and all income, proceeds and payments with respect thereto; provided,

                                    A-2-3
<PAGE>

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,
distributions of interest will be made on this Certificate on each
Distribution Date.

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

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

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

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

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

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW

                                     A-2-4
<PAGE>

PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE HOLDER HEREOF
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                    A-2-5

<PAGE>

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

                               CORPORATE BACKED TRUST
                               CERTIFICATES, DAIMLERCHRYSLER
                               DEBENTURE-BACKED SERIES 2004-8 TRUST

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

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

Dated: October 19, 2004

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Corporate Backed Trust Certificates, DaimlerChrysler
Debenture-Backed Series 2004-8, 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-2-6
<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 is made upon this Certificate.
The Trust Agreement also permits the amendment thereof, in certain limited
circumstances, without the consent of the Holders of any of the Certificates.

The Certificates are issuable in fully registered form only in denominations
of $1,000 and in integral multiples of $1,000 in excess thereof, provided,
however, that the Certificates only be transferable in an aggregate Initial
Amortizing Notional Balance equal to or greater than $250,000.

As provided in the Trust Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate
Register upon surrender of this Certificate for registration of transfer at
the 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 notional 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

                                    A-2-7
<PAGE>

at maturity or sale by the Trust after a payment default on 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 Holders; (iii) the Final Scheduled Distribution Date and (iv) the
expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late Ambassador of the United States to the Court of
St. James, living on the date hereof.

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-2-8
<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-2-9

<PAGE>

                                   EXHIBIT B
                        FORM OF WARRANT AGENT AGREEMENT

                            WARRANT AGENT AGREEMENT

                      CORPORATE BACKED TRUST CERTIFICATES

             DAIMLERCHRYSLER DEBENTURE-BACKED SERIES 2004-8 TRUST

          WARRANT AGENT AGREEMENT, dated as of October 19 2004 (the "Warrant
Agent Agreement"), by and between LEHMAN ABS CORPORATION, as Depositor (the
"Depositor"), U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee (the "Trustee")
and U.S. BANK TRUST NATIONAL ASSOCIATION, as Warrant Agent (the "Warrant
Agent").

                             W I T N E S S E T H:

          WHEREAS, the Depositor created Corporate Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-8 Trust (the "Trust"), a trust
created under the laws of the State of New York pursuant to a Standard Terms
for Trust Agreements, dated as of January 16, 2001 (the "Agreement"), between
Lehman ABS Corporation (the "Depositor") and U.S. Bank Trust National
Association, a national banking association, not in its individual capacity
but solely as Trustee (the "Trustee"), as supplemented by the Series
Supplement 2004-8, dated as of October 19, 2004 (the "Series Supplement" and,
together with the Agreement, the "Trust Agreement"), between the Depositor and
the Trustee; and

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

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

                                   ARTICLE I
                           EXERCISE OF CALL WARRANTS

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

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

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

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

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

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

     (b) Upon exercise of Call Warrants, any Warrant Holder other than the
Depositor or any Affiliate of the Depositor shall be entitled to delivery by
the Trustee of the Called Certificates. The "Called Certificates" shall be, 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 an Initial
Amortizing Notional Balance equal to $1,000 per Call Warrant. Unless otherwise
specified therein, each Call Notice shall be deemed to be notice of an
Optional Exchange pursuant to Section 7(b) of the Series Supplement. Any
Warrant Holder which is the Depositor or any Affiliate of the Depositor shall
receive the proceeds of the sale of the Called Underlying Securities and shall
not be entitled to receive the related Called Certificates or Called
Underlying Securities. "Called Underlying Securities" are Underlying
Securities which represent the same percentage of the Underlying Securities as
the Called Certificates represent of the 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 a
redemption by the Trust pursuant to Section 7(g)(iii) or Section 7(h)(iii), as
applicable, of the Series Supplement.

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

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

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

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

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

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

                                      B-3
<PAGE>

or exchange) shall be issued in lieu thereof. The Warrant Agent shall destroy
all cancelled Call Warrants.

     Section 1.4 No Rights as Holder of Certificates Conferred by Call
Warrants. Prior to the exercise thereof, Call Warrants shall not entitle the
Warrant Holder to any of the rights of a holder of the Certificates,
including, without limitation, the right to receive the payment of any 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 Warrant Amount or
Registered Warrant Amount, as the case may be, held by each Warrant Holder
shall be reduced proportionately so that the aggregate amount of 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 amount of Class A-2 Certificates callable by Call Warrants shall
equal the outstanding amount 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 the
Depository or each Warrant Holder, as the case may be, of such adjustments.

                                  ARTICLE II
                               THE CALL WARRANTS

     Section 2.1 The Call Warrants.

     (a) The Class A-1 Call Warrants shall consist initially of 1,800,000 Call
Warrants, each relating to $25 principal amount of Class A-1 Certificates. The
Class A-2 Call Warrants shall consist initially of 2,888 Call Warrants, each
relating to $1,000 Initial Amortizing Notional Balance of Class A-2
Certificates.

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

                                      B-4
<PAGE>

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

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

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

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

                                 ARTICLE III
                           RESTRICTIONS ON TRANSFER

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

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

     EACH PURCHASER OF THIS CALL WARRANT IS HEREBY NOTIFIED THAT THE SELLER OF
     THIS CALL WARRANT MAY BE RELYING ON THE EXEMPTION

                                      B-5
<PAGE>

     FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
     144A THEREUNDER."

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

                                  ARTICLE IV
               REGISTRATION AND TRANSFER OF CALL WARRANTS, ETC.

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

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

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

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

                                      B-6
<PAGE>

transferee of any beneficial interest in a Global Call Warrant shall be deemed
to acknowledge, represent and agree) as follows:

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

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

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

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

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

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

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

                                      B-7

<PAGE>

Securities to the Trust, in accordance with the provisions of Section 3(d) of
the Series Supplement.

                                   ARTICLE V
                                  DEFINITIONS

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

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

     "Call Date": Any Business Day (i) on or after October 19, 2009, (ii)
after the Underlying Securities Issuer announces that it will redeem, 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 the Underlying Securities Issuer or an affiliate thereof
consummates a tender offer for some or all of the Underlying Securities.

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

     "Call Price": For each related Call Date, (i) in the case of the Class
A-1 Certificates, the sum of 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, the Amortizing Notional Balance of the Class A-2 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.
For the avoidance of doubt, the Call Price for the Class A-2 Certificates
shall equal $0 after the Distribution Date in August 2087.

     "Call Warrant": As defined in the recitals.

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

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

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

     "Closing Date": October 19, 2004.

     "Depositor": As defined in the recitals.

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

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

                                      B-8
<PAGE>

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

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

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

     "QIB": As defined in Section 4.2 hereof.

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

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

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

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

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

     "Trust": As defined in the recitals.

     "Trust Agreement": As defined in the recitals.

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

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

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

     "Warrant Amount": With respect to any Warrant Holder, the number of Call
Warrants relating to Class A-1 Certificates and Call Warrants relating to the
Class A-2 Certificates, held by such Warrant Holder.

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

                                  ARTICLE VI
                                 WARRANT AGENT

                                     B-9
<PAGE>

     Section 6.1 Limitation on Liability. The Warrant Agent shall be protected
and shall incur no liability for or in respect of any action taken, suffered
or omitted by it in connection with its administration of the Call Warrants in
reliance upon any instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate,
statement or other paper or document in good faith believed by it to be
genuine and to be signed, executed and, where necessary, verified and
acknowledged, by the proper Person or Persons.

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

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

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

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

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

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

     (f) The Warrant Agent is hereby authorized and directed to accept
instructions with respect to the performance of its duties hereunder from the
Chairman of the Board, the Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer, President, a Vice President, a Senior Vice President,
a Managing Director, its Treasurer, an Assistant Treasurer, its Secretary or
an Assistant Secretary of the Depositor, and any Responsible Officer of the
Trustee, and to apply to such officers for advice or instructions

                                     B-10
<PAGE>

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.

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

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

                                      B-11
<PAGE>

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

                                  ARTICLE VII
                                 MISCELLANEOUS

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

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

     Section 7.3 Notices. All notices and other communications under this
Warrant Agent Agreement shall be in writing and shall be delivered, or mailed
by registered or certified mail, return receipt requested, by a nationally
recognized overnight courier, postage prepaid, addressed (a) if to any Warrant
Holder, at the registered address of such Warrant Holder as set forth in the
register kept by the Warrant Agent or (b) if to the Warrant Agent, to 100 Wall
Street, Suite 1600, New York, New York 10005, Attention: Corporate Trust or to
such other address notice of which the Warrant Agent shall have given to the
Warrant Holder and the Trustee or (c) if to the Trust or the Trustee, to the
Corporate Trust Office (as set forth in the Trust Agreement); provided that
the exercise of any Call Warrants shall be effective in the manner provided in
Article I. The Warrant Agent shall forward to the Warrant Holder 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-12
<PAGE>

     Section 7.4 Amendment. (a) This Warrant Agent Agreement may be amended
from time to time by the Depositor, the Trustee and the Warrant Agent without
the consent of any Warrant Holder, upon receipt of an opinion of counsel
satisfactory to the Warrant Agent that the provisions hereof have been
satisfied and that such amendment would not cause the Trust to be 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 7.4(b) shall not be amended
without the consent of 100% of the affected Warrant Holders.

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

                                     B-13
<PAGE>

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

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

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

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

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

                                     B-14
<PAGE>

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

                                     LEHMAN ABS CORPORATION,
                                     as Depositor

                                     By:______________________________
                                     Name:
                                     Title:

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

                                     By:_________________________________
                                     Name:
                                     Title:

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

                                     By:_________________________________
                                     Name:
                                     Title:

                                     B-15
<PAGE>

                                   EXHIBIT A

                           FORM OF INVESTMENT LETTER
                         QUALIFIED INSTITUTIONAL BUYER

                         Dated: ___________ __, _____

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

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

     Re:  Corporate Backed Trust Certificates, DaimlerChrysler
          ----------------------------------------------------
          Debenture-Backed Series 2004-8
          ------------------------------

Ladies and Gentlemen:

     In connection with its proposed purchase of Call Warrants (the "Call
Warrants") which represent the right to call $______________ aggregate
certificate principal balance of Corporate Backed Trust Certificates,
DaimlerChrysler Debenture-Backed Series 2004-8 Class A-1 Certificates and
$_______________ aggregate amortizing notional balance of Corporate Backed
Trust Certificates, DaimlerChrysler Debenture-Backed Series 2004-8 Class A-2
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

                                     A-1
<PAGE>

          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 decides to resell,
          pledge or otherwise transfer any Security, such resale, pledge or
          other transfer must comply with the provisions of the Warrant Agent
          Agreement relating to the Call Warrants (including, without
          limitation, the provisions of Section 4.2 thereof) and (ii) it will,
          and each subsequent holder will be required to, notify any purchaser
          of any Security from it of the resale restrictions referred to in
          clause (i) above.

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

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

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

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

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

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

                                     A-2
<PAGE>

          one or more United States persons have the authority to control all
          substantial decisions of the trust, or

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

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

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

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

                                     A-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,

                                     [Name of Purchaser]

                                     By:  ______________________________
                                     Name:  ____________________________
                                     Title: ______________________________

                                     A-4

<PAGE>
                                   EXHIBIT C

                           FORM OF 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 Brothers Inc.,
  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
Amortizing Notional Balance of Class A-2 Certificates (the "Class A-2
Certificates") representing an interest in the Corporate Backed Trust
Certificates, DaimlerChrysler Debenture-Backed Series 2004-8 Trust (the
"Trust"), the undersigned, by executing this letter (the "Purchaser") confirms
that:

     1. Reference is made to the private placement memorandum, dated October
19, 2004, including the schedules, exhibits and annexes, if any, thereto, as
supplemented or amended to the date hereof (the "Memorandum"), relating to the
Class A-2 Certificates. Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Memorandum. The
Purchaser has received a copy of the Memorandum and such other information as
the Purchaser deems necessary in order to make its investment decision and the
Purchaser has been provided the opportunity to ask questions of, and receive
answers from, the Depositor and the Initial Purchaser, concerning the terms
and conditions of the offering described in the Memorandum. The Purchaser has
received and understands the information discussed above and 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 their affiliates, except as
expressly contained in the Memorandum and in the other written information, if
any, discussed above. The Purchaser acknowledges that it has read and agreed
to the matters stated on pages 2 through 4 of such Memorandum and the
information under the heading "Transfer

                                     C-1
<PAGE>

Restrictions." 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 Securities Act or the securities or blue sky laws of any state of
the United States. The Purchaser has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and
risks of purchasing any of the Class A-2 Certificates. The Purchaser is aware
that it may be required to bear the substantial economic risk of an investment
in the Class A-2 Certificates for an indefinite period of time and such
Purchaser is able to bear such risk for an indefinite period. 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" (a "QIB") (as defined in
     Rule 144A under the Securities Act of 1933, as amended (the "Securities
     Act" and "Rule 144A")) and has delivered to you the certification
     contained herein as to the fact that it is a QIB and (B) acquiring the
     Class A-2 Certificates for its own account, for the account of an
     Accredited Investor (as defined in Rule 501(a) under the Securities Act),
     or for the account of a QIB 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 Securities Act provided by Rule 144A; 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 or a QIB; in the normal course of its
     business, such Purchaser invests in or purchases securities similar to
     the Class A-2 Certificates.

     3. The Purchaser acknowledges that neither the Depositor nor the Initial
Purchaser, or any person representing the Depositor or the Initial Purchaser,
has made any representation to such purchaser with respect to the Trust, the
Underlying Securities or the offering or sale of any Class A-2 Certificates,
other than the information contained in the Memorandum, which has been
delivered to the Purchaser and upon which the Purchaser is relying in making
an investment decision with respect to the Class A-2 Certificates.
Accordingly, the Purchaser acknowledges that no representation or warranty is
made by the Depositor or the Initial Purchaser as to the accuracy or
completeness of such materials.

     4. 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 Securities Act, that the Class A-2
Certificates have not been and will not be registered under the Securities 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 or (D) to any person or entity (including an
Accredited Investor

                                     C-4
<PAGE>

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 Class A-2
Certificate may be exchanged for a beneficial interest in a global
certificate.

     5. 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 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."

     6. 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 an aggregate Initial Amortizing Notional Balance equal to or
greater than $250,000 and (B) it causes its proposed transferee to provide to
the Trustee and the Initial Purchaser a letter substantially in the form of
Exhibit C to the Series Supplement and otherwise satisfactory to the Trustee
and Initial Purchaser, as applicable, or such other written statement as the
Depositor shall prescribe.

     7. 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 Trust Agreement, 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.

                                     C-3
<PAGE>

     8. 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, 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.

                                     Very truly yours,

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

                                     C-4LAWSON PRODUCTS, INC.
                              ---------------------

                       LONG-TERM CAPITAL ACCUMULATION PLAN
                       -----------------------------------

1.       Purpose
         -------

         This Plan is designed to promote the interests of the Company by
providing long-term incentive compensation to selected key executives, based on
appreciation in the value of the Company, and thereby enhancing the ability of
the Company to attract, retain and motivate such key personnel.

2.       Definitions
         -----------

         (a) "Company" means Lawson Products, Inc. and any successor corporation
or corporations with or into which Lawson Products, Inc. may be consolidated or
merged.

         (b) "Board of Directors" means the Board of Directors of the Company.

         (c) "CEO" means the Chief Executive Officer of the Company.

         (d) "Committee" means the Compensation Committee of the Board of
Directors or such other committee as the Board may designate to administer this
Plan.

         (e) "Participant" means a key executive of the Company who is selected
by the Committee to receive Shareholder Value Appreciation Rights under this
Plan.

         (f) "Shareholder Value Appreciation Right" or "SVAR" means a unit of
participation in this Plan that represents the potential right to receive up to
one-tenth of one percent (0.10%) of the Ending SVAR Pool Value.

         (g) "Ending SVAR Pool Value" means the product of (i) the applicable
SVAR Participation Rate times (ii) the excess of (A) the Shareholder Value
Created over (B) the Aggregate SVAR Obligations.

<PAGE>

         (h) "SVAR Participation Rate" means ten percent (10%); provided,
however, that the SVAR Participation Rate shall be twelve and one-half percent
(12.5%) (i) if the Operating Income of the Company for calendar year 2008 equals
or exceeds $82.8 million or (ii) if, on any earlier date as of which the Ending
SVAR Pool Value is determined, the Operating Income of the Company for the
period of twelve (12) consecutive months ending with the month end coinciding
with or most recently preceding that valuation date equals or exceeds the level
previously designated by the Committee as the "Stretch" level of performance
(i.e., exceptional performance warranting payment of enhanced incentive
compensation under this Plan) for that period of twelve (12) months.

         (i) "Operating Income" means consolidated operating earnings of the
Company and any subsidiaries before adjustment for income taxes and interest
income or expense, but after accrual for compensation payable under any annual
incentive compensation plans, all as determined in accordance with generally
accepted accounting principles applied consistently.

         (j) "Shareholder Value Created" means the excess, if any, of (i) the
Ending Value of the Company over (ii) the sum of (A) the Initial Value of the
Company plus (B) the Compounded Preferred Return for Shareholders.

         (k) "Initial Value of the Company" means $242.1 million, the amount
calculated by the Committee as the sum of (i) the product of (A) the EBITDA
Multiplier times (B) the EBITDA of the Company for calendar year 2003 plus (ii)
the Net Non-Operating Assets and Liabilities of the Company as of December 31,
2003.

         (l) "EBITDA" means consolidated earnings of the Company and any
subsidiaries before adjustment for interest, income taxes, depreciation and

<PAGE>

amortization, but after accrual for compensation payable under any annual
incentive compensation plans, all as determined in accordance with generally
accepted accounting principles applied consistently.

         (m) "EBITDA Multiplier" means eight (8), the number that has been
determined by the Board as appropriate to translate the amount of annual EBITDA
into a value for the Company.

         (n) "Compounded Preferred Return for Shareholders" means the sum of the
Preferred Return for Shareholders for each of the years (or any portion of a
year) during the period commencing January 1, 2004 and ending with the date as
of which the Ending SVAR Pool Value is determined.

         (o) "Preferred Return for Shareholders" for any year or portion thereof
means the product of (i) the Preferred Rate of Return for Shareholders times
(ii) the Average Deemed Investment of Shareholders for that year or portion
thereof.

         (p) "Preferred Rate of Return for Shareholders" means an annual rate of
ten percent (10%).

         (q) "Average Deemed Investment of Shareholders" for any year or portion
thereof means the arithmetic mean of (i) the Deemed Investment of Shareholders
at the beginning of the year or portion thereof and (ii) the Deemed Investment
of Shareholders at the end of the year or portion thereof.

         (r) "Deemed Investment of Shareholders" at any particular time means
the sum of (i) the Initial Value of the Company plus (ii) the aggregate amount
of all capital contributions paid to the Company by one or more shareholders
after December 31, 2003 plus (iii) the amount (which may be positive or
negative) obtained by subtracting from (A) the amount of the retained earnings

<PAGE>

of the Company as of the particular time in question (B) the amount of the
retained earnings of the Company as of December 31, 2003.

         (s) "Aggregate SVAR Obligations" at any particular time means the
aggregate amount that would be payable with respect to SVARs if the Ending SVAR
Pool Value were determined at that time and all SVARs then outstanding were
fully vested and finally valued at that time.

         (t) "Ending Value of the Company" at any particular time means the sum
of (i) the EBITDA Component of Value plus (ii) the Net Non-Operating Assets and
Liabilities of the Company plus (iii) the Aggregate Net Payments to
Shareholders.

         (u) "EBITDA Component of Value" at the end of any particular calendar
month means the product of (i) the EBITDA Multiplier times (ii) the EBITDA of
the Company for the period of twelve (12) consecutive months ending with that
month.

         (v) "Net Non-Operating Assets and Liabilities of the Company" at any
particular time means the amount (which may be either positive or negative)
obtained by subtracting from (i) the aggregate value at that time (net of all
debt that is not included in Non-Operating Liabilities) of cash, marketable
securities, the cash surrender value of life insurance policies, and all the
Non-Operating Receivables (ii) the aggregate amount at that time of all
Non-Operating Liabilities and all accrued liabilities for deferred compensation
and for stock options, stock appreciation rights, and any similar equity-based
compensation awards, but excluding any accrued liabilities for awards made under
this Plan, all as carried in the consolidated accounts of the Company and its
subsidiaries.

         (w) "Non-Operating Receivables" means amounts due to the Company which
are unrelated to its normal business affairs, as determined by the Committee in
its sole discretion.

<PAGE>

         (x) "Non-Operating Liabilities" means amounts due from the Company
which are unrelated to its normal business affairs, as determined by the
Committee in its sole discretion.

         (y) "Aggregate Net Payments to Shareholders" as of any particular time
means the amount (which may be positive or negative) obtained by subtracting
from (i) the sum of (A) the aggregate amount of all dividend distributions by
the Company after December 31, 2003 plus (B) the aggregate amount of all
payments by the Company after December 31, 2003 to purchase stock of the Company
from one or more shareholders of the Company (ii) the aggregate amount of all
capital contributions paid to the Company by one or more shareholders of the
Company after December 31, 2003.

         (z) "Permanent Disability" means that a Participant, after being unable
due to injury or illness to perform substantially all of the duties of his
employment with the Company for a period of at least six (6) months, has been
determined by the Board to be permanently prevented from performing
substantially all of such duties.

         (aa) "Cause" for the termination of a Participant's employment means
(i) the Participant's willful or intentional failure to perform the duties of
his employment in any material respect, (ii) malfeasance or negligence in the
performance of the Participant's duties of employment in any material respect,
(iii) the Participant's commission of a felony under the laws of the United
States or any state thereof or any other jurisdiction in which the Participant
resides (whether or not in connection with his employment), (iv) the
Participant's disclosure of material confidential information about the business
of the Company or any of its subsidiaries to any individual or entity, other
than in the performance of the duties of his employment, (v) the Participant's
material violation of any formal written policy adopted by the Company, (vi) the
Participant's knowing certification of any misrepresentation or false

<PAGE>

information in any filing by the Company with a government agency, (vii) the
Participant's commission of an act or acts that result in the imposition of
criminal or civil penalties against the Company by a government agency, or
(viii) any other act or omission by the Participant (other than an act or
omission resulting from the exercise by the Participant of good faith business
judgment) which is materially injurious to the financial condition or the
business reputation of the Company or any of its subsidiaries; provided,
however, that no act or omission by the Participant shall constitute Cause
unless the Company gives written notice thereof to the Participant, and the
Participant fails to remedy such act or omission within seven (7) days after
receiving such notice.

3.       Eligibility
         -----------

         The Committee shall from time to time select Participants in this Plan
from those key executives of the Company (or subsidiaries of the Company) who,
in the opinion of the Committee, have the capacity for contributing in
substantial measure to the long-term successful performance of the Company. The
Committee shall have full discretion as to the selection of employees to
participate in this Plan, including the right to determine whether or not an
employee shall be eligible to receive an award of SVARs before the employee has
completed at least twelve (12) months of full-time employment with the Company
or a subsidiary of the Company. No particular employee (regardless of title or
position) shall automatically be entitled to participate, and receiving one or
more awards under this Plan shall not entitle a Participant to receive any
further award.

4.       Awards
         ------

         The Committee shall determine the size and the effective date (which
shall not be earlier than January 1, 2004) of each SVAR award made under this
Plan. The maximum number of SVARs that may be awarded under this Plan shall be
one thousand (1,000), but if any SVARs that have been awarded are then forfeited

<PAGE>

without payment, the Committee may, in its discretion, cancel all or any portion
of such forfeited SVARs or declare them available for use in future awards. Any
SVAR for which payment is made under this Plan shall be cancelled and shall not
be available for use in future awards. An award of SVARs shall be evidenced by a
written instrument delivered to the Participant. The maximum number of SVARs
that may be awarded under this Plan to any one individual shall be three hundred
and fifty (350).

5.       Administration
         --------------

         (a) This Plan shall be administered by the Committee, which shall have
full authority to take any and all actions it deems necessary or appropriate to
serve the purposes of this Plan, including but not limited to:

          (i) Prescribe the form of any and all instruments to be used in
     connection with the Plan, which instruments may, at the Committee's
     discretion, be different for each Participant;

          (ii) Adopt, amend and rescind from time to time such rules and
     regulations for the administration of the Plan, and for its own acts and
     proceedings, as it may deem appropriate;

          (iii) Make all determinations and decide all other questions and
     settle all controversies which may arise in connection with the
     administration or interpretation of this Plan; and

          (iv) Impose conditions on any Participant in connection with receiving
     or retaining any award under this Plan, which conditions may, at the
     Committee's discretion, be different for each Participant.

<PAGE>

         (b) Any decisions, determinations, interpretations or other actions of
the Committee or the Board under this Plan shall be made in its sole discretion
and shall be binding and conclusive upon all parties, including the Company and
any Participant, and shall not be subject to arbitration under Section 21,
below, or to any other dispute resolution process. No member of the Committee or
the Board shall be liable for any action or determination made by him in good
faith with respect to this Plan or any award hereunder.

6.       Valuation of SVARs
         ------------------

         (a) Each SVAR awarded with an effective date of January 1, 2004 shall
have a value, for purposes of payment pursuant to Section 11 or Section 12,
below, equal to one-tenth of one percent (0.10%) of the Ending SVAR Pool Value.

         (b) Each SVAR awarded with an effective date after January 1, 2004
shall have a value, for purposes of payment pursuant to Section 11 or Section
12, below, determined by prorating the value of an SVAR described in paragraph
(a), above, on the basis of the ratio between (i) the period of time between the
effective date of that particular SVAR and the date as of which the Ending SVAR
Pool Value is determined and (ii) the period of time between January 1, 2004 and
the date as of which the Ending SVAR Pool Value is determined.

7.       Vesting
         -------

         An SVAR awarded under this Plan to any Participant shall vest upon, and
only upon, the earliest to occur of (a) December 31, 2008, (b) a Sale of the
Company, (c) the termination of that Participant's employment with the Company
and all of its subsidiaries because of death, Permanent Disability or
termination by the Company without Cause, or (d) a decision by the Committee
under Section 9, below, to vest that particular SVAR.

<PAGE>

8.       Effect of Death, Permanent Disability or Termination without Cause
         ------------------------------------------------------------------

         If a Participant's employment with the Company and all of its
subsidiaries terminates because of the Participant's death or Permanent
Disability, or is terminated by the Company other than for Cause, that
Participant's SVARs shall vest in full at that time and shall be valued in
accordance with Section 6, above, with the applicable Ending SVAR Pool Value
being determined as of the calendar month end coinciding with or most recently
preceding the date of such termination of employment. Such value shall be paid
in accordance with the schedule described in Section 11, below. All such SVARs
shall automatically be permanently cancelled and shall not be available for use
in future awards.

9.       Effect of Other Termination of Employment
         -----------------------------------------

         (a) If a Participant's employment with the Company and all of its
subsidiaries is terminated for Cause, all of the Participant's SVARs shall be
forfeited.

         (b) If a Participant's employment terminates by resignation or is
terminated by the Company for inadequate performance (in relation to the
performance measures established in advance for the Participant), as reasonably
determined by the Committee in its discretion, all of the Participant's SVARs
shall be forfeited, unless the Committee in its discretion determines that the
overall circumstances of and reasons for the termination of employment warrant
payment for all or some portion of the Participant's SVARs, in which case
valuation, payment and cancellation for any SVARs as to which the Committee has
made such a determination shall be made pursuant to Section 8, above, as if
employment had terminated because of death, Permanent Disability or termination
by the Company without Cause. Prior to making such a determination, the
Committee may request a report from the CEO about the circumstances of and
reasons for the termination of employment.

<PAGE>

         (c) Because all SVARs awarded under this Plan remain entirely unvested
until the occurrence of one of the events described in Section 7, above, no
forfeiture of SVARs under this Section 9 shall be deemed a loss of earned
compensation.

10.      Adjustments for Acquisitions and Other Major Transactions or
         Restructurings
         --------------------------------------------------------------

         If the Company expands its activities by acquiring another ongoing
business enterprise, or participates in any other type of major transaction, or
significantly restructures its assets and/or operations, and if the Committee
after consultation with the CEO determines that fairly measuring subsequent
changes in the value of the Company (as, for example, in the case of an
acquisition that is strategically advantageous for the Company but for which the
purchase price is at a multiple of earnings higher than the EBITDA Multiplier)
calls for adjustment of the method for calculating the Ending Value of the
Company for purposes of this Plan (which adjustment may include, but need not be
limited to, using a different EBITDA Multiplier with respect to the earnings of
an acquired enterprise), the Committee may adopt such adjustments as are deemed
appropriate.

11.      Payment for SVARs
         -----------------

         (a) Unless earlier valuation and payment for particular SVARs are
provided for by Section 8 or Section 9, above, or Section 12, below, the Ending
SVAR Pool Value shall be determined as of December 31, 2008, and such
determination shall be made not later than March 31, 2009. Payment of the value
of all SVARs outstanding on December 31, 2008 shall be made in accordance with
paragraph (b), below.

         (b) Subject to paragraphs (c) and (d), below, and after the Participant
has executed and delivered to the Company a release (in a form satisfactory to

<PAGE>

the Committee) of all claims against the Company, payments to each Participant
holding vested SVARs shall be made in accordance with the following schedule.

          (i) Within ten (10) days after the determination of the applicable
     Ending SVAR Pool Value, each such Participant shall receive from the
     Company a cash payment equal to fifty percent (50%) of the value of his
     vested SVARs;

          (ii) On each of the first and second anniversaries of the payment made
     under subparagraph (i), above, each such Participant shall receive from the
     Company a cash payment equal to twenty-five percent (25%) of the value of
     his vested SVARs. No interest shall be payable with respect to those
     deferred amounts.

         (c) In lieu of the payment schedule described in paragraph (b), above,
a Participant may elect to defer (in any manner provided for by any elective
deferred compensation plan of the Company that is in effect at the time the
Participant receives an award of SVARs) payment of all or any portion of the
eventual value of an award of SVARs. Any such election must be made in
accordance with the applicable deferred compensation plan and applicable law
regarding deferral of taxation.

         (d) If a Participant violates in any material respect a confidentiality
agreement or a non-competition agreement referred to in Section 14, below, the
Participant shall forfeit the right to receive any further payments under this
Plan, and the Company shall be entitled to recover any payments previously made
to the Participant under this Plan at a time or times when the Participant had
committed or was committing such a violation.

12.      Sale of the Company
         -------------------

         (a) Any other provision of this Plan to the contrary notwithstanding,
in the event of a Sale of the Company (as defined in paragraph (b), below), the

<PAGE>

vesting and valuation of and payment for SVARs awarded under this Plan shall be
governed by the provisions of this Section 12 rather than by the provisions of
Sections 6 through 11 of this Plan; provided, however, that no payments shall be
made for any SVARs in connection with a Sale of the Company unless the Ending
Value of the Company, determined pursuant to Section 2(t), above, as of the
month end coinciding with or most recently preceding the time of the Sale of the
Company, exceeds the sum of (i) the Initial Value of the Company plus (ii) the
Compounded Preferred Return for Shareholders.

         (b) A "Sale of the Company" means (i) the acquisition (in one or a
series of transactions) by one or more related or affiliated entities or persons
(other than related or affiliated entities or persons who as of the effective
date of this Plan own more than fifty percent (50%) of the outstanding voting
securities of the Company) of more than fifty percent (50%) of the outstanding
voting securities of the Company, (ii) the sale or other disposition of all or
substantially all of the assets of the Company, (iii) the merger or
consolidation of the Company with or into another entity, as a result of which
merger or consolidation the holders of the outstanding voting securities of the
Company immediately prior to such transaction hold less than fifty percent (50%)
of the outstanding voting securities of the surviving entity immediately after
such transaction or (iv) any other transaction that is determined by the
Committee to constitute a major change in the ownership and control of the
assets previously held, and operations previously conducted, by the Company.

         (c) Upon the occurrence of a Sale of the Company, all outstanding SVARs
awarded under this Plan which have not already vested shall vest in full.

         (d) Upon the occurrence of a Sale of the Company, all SVARs which
remain available at that time for awarding under this Plan shall automatically

<PAGE>

be allocated among all of the Participants who at that time hold SVARs
outstanding under this Plan and are still active employees of the Company or a
subsidiary of the Company, with such allocation to each such Participant being
in direct proportion to the number of outstanding SVARs held by that Participant
immediately prior to such allocation. Any SVAR so allocated shall be deemed
awarded under this Plan and shall have an effective date for each respective
Participant that is the same as the effective date of the most recent preceding
award of SVARs to that particular Participant.

         (e) The Ending SVAR Pool Value shall be determined as of the time the
Sale of the Company occurs. However, except for purposes of Section 12(a) (for
which Section 2(t), above, shall apply), the Ending Value of the Company shall
be calculated on the basis of the terms of the Sale of the Company transaction,
rather than the terms of Section 2(t), above; and for purposes of calculating
the Ending SVAR Pool Value, subpart (B) shall be deleted from part (ii) of
Section 2(g), above.

         (f) The total ending value of outstanding SVARs for each Participant,
determined in accordance with this Section 12, shall be paid to that Participant
in full within thirty (30) days after the closing of the Sale of the Company,
without regard to any deferred payment schedule described in other sections of
this Plan; provided, however, that if any portion of the Sale of the Company
consideration which is payable to the shareholders of the Company is not paid to
the shareholders at the time of the closing in cash, marketable securities, or
some other form of readily marketable property, then a corresponding pro rata
portion of the payments for SVARs awarded under this Plan shall, unless
otherwise determined by the Committee, not be paid to the Participants in
connection with the closing but shall be paid to the Participants at the same
time or times, and in the same proportion or proportions, and on the same terms

<PAGE>

and conditions (including without limitation any applicable interest on deferred
amounts, any appreciation adjustment, and/or any adjustment for dividends or
other distributions with respect to shares) as the balance of the Sale of the
Company consideration is paid to the shareholders of the Company or becomes
readily marketable, as the case may be; and if the shareholders receive the
benefit of any guarantee or security arrangements with respect to any deferred
payments, then the Participants shall receive the benefit of the same (if
available) or equivalent arrangements. In determining whether property received
by the shareholders is readily marketable, any applicable restrictions on
transfer (including without limitation restrictions arising under federal or
state securities laws or otherwise imposed by the terms and conditions of the
contract governing the Sale of the Company transaction) shall be fully taken
into account.

13.      Adjustments to Avoid Excise Tax.
         -------------------------------

         (a) Anything in this Plan to the contrary notwithstanding, in the event
it shall be determined that any payment or distribution by the Company to or for
the benefit of a Participant (whether paid or payable or distributed or
distributable pursuant to the terms of this Plan or otherwise) would be subject
to the excise tax (the "Excise Tax") imposed by Section 4999 of the Internal
Revenue Code of 1986, as amended (the "Code"), then the amounts payable to the
Participant under this Plan shall be reduced to the extent necessary so that no
portion of the amounts payable under this Plan shall be subject to such excise
tax, but only if (i) the net amount of such payments, as so reduced (and after
imposition of the total amount of federal, state and local income tax on such
payments) is greater than (ii) the excess of (A) the net amount of such
payments, without reduction (but after imposition of the total amount of
federal, state and local income tax on such payments) over (B) the amount of

<PAGE>

Excise Tax to which the Participant would be subject in respect of such
unreduced payments. If it is determined that Excise Tax will or might be imposed
on a Participant in the absence of such reduction, the Company and the
Participant shall make good faith efforts to seek to identify and pursue
reasonable action to avoid the need for such reduction or, if such reduction is
not applicable, to reduce the amount of Excise Tax imposed on the Participant;
provided, however, that this sentence shall not be construed to require the
Participant to accept any further reduction in the amount that would be payable
to him in the absence of this sentence. The provisions of this Section 13 shall
override and control any inconsistent provision in any other agreement with, or
compensation award to, any Participant.

         (b) All determinations required to be made under this Section 13,
including whether reduction is required under paragraph (a), above, and the
amount of such reduction and the assumptions to be utilized in arriving at such
determination, shall be made in good faith by an independent accounting firm
selected by the Company in accordance with applicable law (the "Accounting
Firm"), in consultation with tax counsel reasonably acceptable to the
Participant. In the event that such Accounting Firm is serving as accountant or
auditor for the individual, entity or group acting as the acquirer in a Sale of
the Company, the Company shall appoint another nationally recognized accounting
firm to make the determinations required hereunder (which accounting firm shall
then be referred to herein as the Accounting Firm). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. If the Accounting Firm
determines that no excise tax under Section 4999 of the Code is payable by any
particular Participant, the Company shall request that the Accounting Firm
furnish the Participant with written guidance that failure to report such excise
tax on the Participant's applicable federal income tax return would not result
in the imposition of a negligence or similar penalty.

<PAGE>

14.      Confidentiality and Non-Competition.
         -----------------------------------

         (a) If a Participant is not already a party to a confidentiality
agreement with the Company, the Participant shall, whenever requested by the
Company, enter into such an agreement as a condition to retaining SVARs awarded
under this Plan.

         (b) As a condition to retaining SVARs awarded under this Plan, each
Participant shall, whenever requested by the Company, enter into a restrictive
agreement under the terms of which, during the term of the Participant's
employment with the Company and for a period of two (2) years thereafter, the
Participant shall not, directly or indirectly, engage in, be employed by, act as
a consultant to, be a director, officer, owner or partner of, or acquire any
other significant interest in, any business activity or entity which competes
directly or indirectly with the Company or any subsidiary of the Company. The
form and the specific terms of such a restrictive agreement shall be as
prescribed by the Company.

         (c) This Section 14 does not limit in any way the scope of Section 5
(a)(iv), above.

15.      Designation of Beneficiary
         --------------------------

         Each Participant may designate a beneficiary or beneficiaries to
receive any remaining amounts due him under this Plan in the event of his death,
and may change such designation from time to time by filing a written
designation of beneficiaries with the Company, provided that no such designation
shall be effective unless so filed prior to the death of such Participant. If
there is no such designation in effect at the time of a Participant's death, any
such remaining amounts shall be paid to the Participant's estate.

16.      No Right of Continued Employment
         --------------------------------

         The receipt of an award hereunder shall not give any Participant any
right to continued employment by the Company, and the right to dismiss any

<PAGE>

Participant is expressly reserved by the Company, despite the possible adverse
effect hereunder on any such Participant. Because the Plan is a contractual
arrangement contingent on future events, neither the grant of an award nor a
payment hereunder shall be considered compensation for purposes of any
profit-sharing, stock purchase, pension or other similar plan of the Company.

17.      No Segregation of Cash or Property
         ----------------------------------

         The Company shall not be required to segregate any cash or any other
property in connection with any SVARs awarded under this Plan. No interest shall
be payable at any time with respect to any SVARs except as expressly provided
herein.

18.      No Rights as a Shareholder
         --------------------------

         No award of SVARs under this Plan shall confer on any Participant any
voting or other rights or privileges of a shareholder of the Company. The right
of any Participant to receive any distribution or payment under this Plan shall
be that of an unsecured general creditor of the Company.

19.      Assignments, Etc.
         -----------------

         This Plan shall be binding upon and inure to the benefit of any
Participant, his heirs, executors and administrators and the Company, its
successors and assigns. The rights, interests and benefits of any Participant or
any person or persons claiming benefits under such Participant by reason of the
Plan shall not be sold, transferred, alienated, assigned, pledged, hypothecated
or encumbered or otherwise disposed of except by will or by the laws of descent
and distribution and shall not be subject to execution, attachment, transfer by
operation of law or any other legal process. Any attempted sale, transfer,
alienation, assignment, pledge, hypothecation or encumbrance, or other
disposition of any rights, interests, and benefits under this Plan contrary to

<PAGE>

the foregoing provisions, or the levy of any attachment or similar process
thereupon, shall be null and void and without effect.

20.      Illinois Law to Govern
         ----------------------

         All questions pertaining to the construction, validity and effect of
the provisions and administration of this Plan shall be determined in accordance
with the laws of the State of Illinois.

21.      Controversy or Claim
         --------------------

         Any controversy or claim arising out of or relating to this Plan or any
alleged breach hereof shall, upon request by either party, be submitted to
arbitration in Chicago, Illinois, in accordance with the rules of the American
Arbitration Association (the "AAA") for the resolution of commercial disputes.
The arbitrator shall be selected by joint agreement of the Company and the
Participant involved, but if they do not so agree within seven (7) days of the
date of the request for arbitration, the selection shall be made in accordance
with the rules of the AAA. The award rendered by the arbitrator shall be
conclusive and binding upon the parties hereto and shall include a determination
as to the party or parties to pay the fees and expenses incident to the
arbitration, and a judgment may be entered upon the award in any court having
jurisdiction hereof.

22.      Gender
         ------

         Wherever from the context of this Plan it appears appropriate, each
term stated in either the singular or plural shall include the singular and the
plural, and pronouns stated in any one of the masculine, feminine or neuter
genders shall include the masculine, feminine and neuter.

<PAGE>

23.      Withholding Tax
         ---------------

         The Company shall have the right to deduct from any amount payable
hereunder any taxes required by law to be withheld with respect thereto.

24.      Amendment or Termination of Plan
         --------------------------------

         The Committee may from time to time amend or terminate any or all of
the provisions of this Plan, except that without the consent of the Participant
affected no amendment or termination of this Plan shall affect in a material way
adverse to said Participant the vesting or valuation of, or payment for, any
SVARs previously awarded pursuant to this Plan; provided, however, that the
Committee may in any event amend or terminate any provision of this Plan and/or
any previously awarded SVAR to the extent such amendment or termination is
necessary to satisfy the requirements of Section 162(m) of the Internal Revenue
Code of 1986, as amended (the "Code"), or any successor to that Section 162(m),
so that all payments under this Plan will qualify as deductible
performance-based compensation.

25.      Effective Date
         --------------

         This Plan shall take effect upon adoption by the Board, but until the
material terms of the compensation opportunity under this Plan have been
approved by a majority vote of the shareholders of the Company, no payment shall
be made under this Plan that would be a non-deductible payment because of
Section 162(m) of the Code or any successor to that Section 162(m).

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