Document:

<PAGE>   1
                                                                           10.17

                               EXCHANGE AGREEMENT

      EXCHANGE AGREEMENT (this "AGREEMENT") dated this 1st day of July, 2001
by and among HUGO INTERNATIONAL TELECOM INC., a Delaware corporation ("HUGO
USA"), DAVID W. FODEN ("DAVID FODEN"), BRIAN H. C. GUNDRY ("BRIAN GUNDRY")
and JOHN CARREY ("JOHN CAREY," and collectively with David Foden and Brian
Gundry, the "HUGO IRELAND STOCKHOLDERS").

                                    RECITALS

      The Hugo Ireland Stockholders own an aggregate of 1,000 shares of Hugo
International (Ireland) Ltd., a company formed under the laws of Ireland ("HUGO
IRELAND"), which shares constitute all of the issued and outstanding capital
stock of Hugo Ireland (the "HUGO IRELAND SHARES").

      Hugo USA and the Hugo Ireland Stockholders desire to effect the exchange
of 31,950 shares of common stock of Hugo USA for the Hugo Ireland Shares upon
the terms and subject to the conditions set forth herein.

      In consideration of the foregoing and the mutual covenants,
representations, warranties and agreements hereinafter set forth, the parties
hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

      When used herein, the following terms shall have the meanings set forth
below:

      "AFFILIATE" means, with respect to any given Person, any other Person that
directly, or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, such Person. The term "control"
(including, with correlative meaning, the terms "controlled by" and "under
common control with"), as used with respect to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise.

      "ASSETS" means all properties, assets, Contracts, business, goodwill and
rights of Hugo Ireland or Hugo USA, as the case may be, as a going concern, of
every kind, nature, character
<PAGE>   2
and description, tangible and intangible, wherever located and whether or not
carried or reflected on the books and records of Hugo Ireland or Hugo USA, as
the case may be, on the Closing Date

      "CONTRACT" means any contract, agreement, lease, license, arrangement,
commitment, sales order, purchase order or any claim or right or any benefit or
obligation arising thereunder or resulting therefrom and currently in effect,
whether oral or written.

      "LIABILITIES" means any direct or indirect liability, indebtedness, claim,
loss, damage, deficiency, obligation or responsibility, fixed or unfixed, choate
or inchoate, liquidated or unliquidated, secured or unsecured, accrued,
absolute, known or unknown, contingent or otherwise.

      "LIEN" means any mortgage, lien, pledge, charge, security interest,
license, lease, claim, restriction, option, conditional sale or installment
Contract or encumbrance of any kind.

      "PERSON" shall include an individual, a partnership, a corporation, or a
division or business unit thereof, a trust, an unincorporated organization, a
government or any department or agency thereof and any other entity.

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

                                   ARTICLE II

                               EXCHANGE OF SHARES

      2.1 DELIVERY OF HUGO IRELAND SHARES. At the Closing, the Hugo Ireland
Stockholders shall deliver to Hugo USA share certificates representing the Hugo
Ireland Shares, duly endorsed to Hugo USA or accompanied by stock powers duly
executed in proper form for transfer to Hugo USA from the applicable Hugo
Ireland Stockholders, in the amounts set forth below:

<TABLE>
<S>                           <C>
      David Foden             300 shares

      Brian Gundry            300 shares

      John Carrey             400 shares
</TABLE>

      2.2 ISSUANCE OF HUGO USA SHARES. In exchange for the Hugo Ireland Shares,
Hugo USA shall, at the Closing, issue to the Hugo Ireland Stockholders share
certificates representing an aggregate of 31,950 shares of common stock of Hugo
USA (the "HUGO USA SHARES") to the Hugo Ireland Stockholders in the amounts set
forth next to each person's name below:

<TABLE>
<S>                           <C>
      David Foden             9,585 shares
</TABLE>

                                      -2-
<PAGE>   3
<TABLE>
<S>                           <C>
      Brian Gundry            9,585 shares

      John Carey              12,780 shares
</TABLE>

                                   ARTICLE III

                                     CLOSING

      3.1 CLOSING. The closing (the "CLOSING") of the transactions contemplated
hereby shall be held at the offices of Piper Marbury Rudnick & Wolfe LLP,
located at 1251 Avenue of the Americas, New York, New York, at 10:00 a.m., local
time, on or before July 1, 2001 or within five (5) days after the conditions
contained in Articles VII and VIII have been satisfied or waived, or at such
other place and time as may be agreed upon by the parties hereto, but in no
event later than sixty-five (65) days from the execution of this Agreement
unless further extended by agreement of the parties. The time and date of the
Closing is referred to herein as the "CLOSING DATE." At the Closing, in addition
to the exchange of the Hugo Ireland Shares for the Hugo USA Shares, the parties
hereto shall deliver such, certificates, opinions and other documents as are
specified in Articles VII and VIII.

      3.2 TRANSFER TAXES. Each party shall be responsible for its own transfer
and similar taxes assessed or payable in connection with the sale and transfer
of the Hugo Ireland Shares or Hugo USA Shares, as the case may be, and the
transactions contemplated hereby.

                                   ARTICLE IV

                  REPRESENTATIONS AND WARRANTIES OF HUGO USA

      Hugo USA hereby represents and warrants to, and agrees with, the Hugo
Ireland Stockholders as follows:

      4.1 ORGANIZATION. Hugo USA is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware. Hugo USA
has all requisite corporate power and authority to own, lease and operate its
properties and to carry on its business as now being conducted. Hugo USA has
previously delivered to the Hugo Ireland Stockholders true, accurate and
complete copies of its Certificates of Incorporation and By-Laws as in effect on
the date hereof and minutes of all meetings of stockholders and directors of
Hugo USA held as of the date of this Agreement. Hugo USA is not in violation of
any of the provisions of its Certificate of Incorporation or By-Laws.

      4.2 AUTHORITY. Hugo USA has full corporate power and authority to execute
and deliver this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly and validly authorized by the
Board of Directors and, if necessary, the

                                      -3-
<PAGE>   4
stockholders of Hugo USA, and no other corporate proceedings on the part of Hugo
USA are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby. This Agreement has been duly authorized, executed and
delivered by Hugo USA and constitutes the legal, valid and binding obligation of
Hugo USA, enforceable against it in accordance with its terms.

      4.3   CAPITALIZATION.

      (a) Hugo USA has authorized capital stock of 50,000,000 shares of common
stock, par value $0.0001 per share, of which 20,500,000 are issued and
outstanding as of the date hereof and 1,000,000 shares of Series Preferred
Stock, $0.0001 par value per share, of which 90,000 are issued and outstanding
as of the date hereof. All issued and outstanding shares of capital stock of
Hugo USA have been duly authorized, validly issued, fully paid, nonassessable
and free of preemptive rights. There are no other convertible securities,
options, warrants, subscription calls or other rights or agreements,
arrangements or commitments obligating Hugo USA to issue, transfer or sell any
of its securities. None of such issued and outstanding shares are the subject of
any voting trust agreement or other agreement relating to the voting thereof or
restricting in any way the sale or transfer thereof.

      (b) The issuance and delivery of the Hugo USA Shares have been duly
authorized by all required corporate action on the part of Hugo USA. The Hugo
USA Shares when issued and paid for in accordance with this Agreement, will be
validly issued, fully paid and nonassessable, with no personal liability
attaching to the ownership thereof and will be free and clear of all Liens.

      4.4   NO CONFLICT; REQUIRED FILINGS AND CONSENTS.

      (a) The execution and delivery of this Agreement do not, and the
consummation of the transactions contemplated hereby will not, (i) conflict with
or violate any law, regulation, court order, judgment or decree, (ii) violate or
conflict with the Certificate of Incorporation or By-Laws of Hugo USA, or (iii)
result in any breach of or constitute a default (or an event which with notice
or lapse of time or both would become a default) under, or give to others any
rights of termination or cancellation of any Contract, permit, license or
franchise to which Hugo USA is bound or affected, except for conflicts,
violations, breaches or defaults which, in the aggregate, would not have a
material adverse effect on the business, operations, Assets, Liabilities,
condition (financial or otherwise), results of operations or prospects (a
"MATERIAL ADVERSE EFFECT") of Hugo USA.

      (b) The execution, delivery or performance of this Agreement do not, and
the consummation of the transactions contemplated hereby will not require any
notice, report or other filing with any governmental authority, domestic or
foreign, or require any waiver, consent, approval or authorization of any Person
or any governmental or regulatory authority, domestic or foreign.

                                      -4-
<PAGE>   5
      4.5 FINDER'S FEE. There is no investment banker, broker, finder or other
intermediary which has been retained by, or is authorized to act on behalf of
Hugo USA or its Affiliates who might be entitled to any fee or commission from
any of the Hugo Ireland Stockholders or their respective Affiliates upon the
consummation of the transactions contemplated hereby or thereafter.

      4.6 ACCURACY OF REPRESENTATIONS. The representations and warranties made
by Hugo USA in this Agreement, and in any certificate or schedule referenced
hereby or attached hereto, do not contain, and will not contain, any statement
which is false or misleading with respect to any material fact and do not and
will not omit to state a material fact required to be stated herein or therein
or necessary in order to make the statements contained herein or therein not
materially false or misleading. There is no material fact or condition which
could have a Material Adverse Effect on Hugo USA which has not been set forth in
this Agreement or described in the Schedules hereto.

                                    ARTICLE V

                        REPRESENTATIONS AND WARRANTIES OF
                          THE HUGO IRELAND STOCKHOLDERS

      Each of the Hugo Ireland Stockholders hereby, severally and not jointly,
represents and warrants to, and agrees with, Hugo USA as follows:

      5.1   ORGANIZATION AND AUTHORITY.

      (a) Hugo Ireland is a corporation duly organized, validly existing and in
good standing under the laws of Ireland. Hugo Ireland has all requisite
corporate power and authority to own, lease and operate its properties and to
carry on its business as now being conducted. Hugo Ireland is duly qualified to
do business and in good standing as a foreign corporation in each jurisdiction
in which the property owned, leased or operated by Hugo Ireland or the nature of
the business conducted by it makes such qualification necessary.

      (b) Each Hugo Ireland Stockholder is of full age and has the legal
capacity to enter into this Agreement and to carry out the transactions
contemplated hereby, and this Agreement constitutes the valid and binding
obligation of such Hugo Ireland Stockholders, enforceable in accordance with its
terms.

      5.2   NO CONFLICT; REQUIRED FILINGS AND CONSENTS.

      (a) The execution and delivery of this Agreement do not, and the
consummation of the transactions contemplated hereby will not, (i) conflict with
or violate any law, regulation, court order, judgment or decree applicable to
the Hugo Ireland Stockholders, (ii) result in any breach of or constitute a
default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any rights of termination or cancellation of
any

                                      -5-
<PAGE>   6
Contract, permit, license or franchise to which any of the Hugo Ireland
Stockholders is a party or is bound or affected, which conflict, violation,
breach, default or right of termination or cancellation would impair such Hugo
Ireland Stockholder's ability to consummate the transactions contemplated
hereby.

      (b) The execution, delivery or performance of this Agreement do not, and
the consummation of the transactions contemplated hereby will not require any
notice, report or other filing with any governmental authority, domestic or
foreign, or require any waiver, consent, approval or authorization of any Person
or any governmental or regulatory authority, domestic or foreign.

      5.3 CAPITALIZATION. Hugo Ireland has authorized capital stock of shares,
of which 1,000 shares are issued and outstanding as of the date hereof. All
issued and outstanding shares of capital stock of Hugo Ireland have been duly
authorized, validly issued, fully paid, nonassessable and free of preemptive
rights. There are no other convertible securities, options, warrants,
subscription calls or other rights or agreements, arrangements or commitments
obligating Hugo Ireland to issue, transfer or sell any of its securities. None
of such issued and outstanding shares is the subject of any voting trust
agreement or other agreement relating to the voting thereof or restricting in
any way the sale or transfer thereof.

      5.4 SHARE OWNERSHIP. Each of the Hugo Ireland Stockholders is the record
and beneficial owner of all of the number of Hugo Ireland Shares set forth
opposite such Hugo Ireland Stockholder's name in Section 2.1, free and clear of
any Lien. Each Hugo Ireland Stockholder has full right and authority to transfer
such Hugo Ireland Shares pursuant to the terms of this Agreement

      5.5 SECURITIES LAW ACKNOWLEDGMENTS. The Hugo Ireland Stockholders
acknowledge that the Hugo USA Shares are being and will be issued to the Hugo
Ireland Stockholders in reliance on specific exemptions from the registration
requirements of federal and state securities laws. The Hugo Ireland Stockholders
and any transferee of the Hugo Ireland Stockholders will not sell or otherwise
transfer the Hugo USA Shares without registration under the Securities Act or an
exemption therefrom, and fully understand and agree that the Hugo Ireland
Stockholders or any such transferee must bear the economic risk of holding the
Hugo USA Shares for an indefinite period of time because, among other reasons,
the Hugo USA Shares have not been registered under the Securities Act or under
the securities laws of certain states and, therefore, cannot be resold, pledged,
assigned or otherwise disposed of unless the securities are subsequently
registered under the Securities Act and under the applicable securities laws of
such states or unless an exemption from such registration is available in the
opinion of counsel for the holder, which counsel and opinion are reasonably
satisfactory to counsel for Hugo USA. The Hugo Ireland Stockholders are
acquiring the Hugo USA Shares for the account of the Hugo Ireland Stockholders
for investment and not with a view to resale or distribution except in
compliance with the Securities Act.

      5.6 FINDER'S FEE. There is no investment banker, broker, finder or other
intermediary which has been retained by, or is authorized to act on behalf of,
the Hugo Ireland Stockholders

                                      -6-
<PAGE>   7
who might be entitled to any fee or commission from Hugo USA or any of its
Affiliates upon the consummation of the transactions contemplated by this
Agreement thereafter.

      5.7 ACCURACY OF REPRESENTATIONS. The representations and warranties made
by the Hugo Ireland Stockholders in this Agreement, and in any certificate or
schedule referenced hereby or attached hereto, do not contain, and will not
contain, any statement which is false or misleading with respect to any material
fact and do not and will not omit to state a material fact required to be stated
herein or therein or necessary in order to make the statements contained herein
or therein not materially false or misleading. There is no material fact or
condition which could have a Material Adverse Effect on any of the Hugo Ireland
Stockholders which has not been set forth in this Agreement or described in the
Schedules hereto.

                                   ARTICLE VI

                                    COVENANTS

      6.1 CONSENTS. Each party hereto shall use its best efforts to obtain, at
its expense, all consents, approvals and waivers of third Persons or
governmental entities or regulatory bodies required to consummate the
transactions contemplated hereby.

      6.2 PUBLIC ANNOUNCEMENTS. Each of the parties hereto will consult with one
another before issuing any press release or otherwise making any public
statement with respect to the transactions contemplated hereby and shall not,
except as may be required by law or any listing agreements with any national
securities exchange, issue any such press release or make any such public
statement without the approval of one another.

      6.2 EXPENSES. Except as otherwise provided herein, whether or not the
transactions contemplated hereby are consummated, all expenses incurred in
connection with this Agreement and the transactions contemplated hereby shall be
the obligation of the party incurring such expenses.

                                   ARTICLE VII

                             CONDITIONS PRECEDENT TO
                           THE PERFORMANCE OF HUGO USA

      The obligations of Hugo USA under this Agreement are subject to the
following conditions which may be waived in whole or in part by Hugo USA at its
election:

      7.1 BRING DOWN OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties of each of the Hugo Ireland Stockholders in this Agreement shall be
true and correct in all material respects on the date hereof and shall also be
true and correct in all material

                                      -7-
<PAGE>   8
respects on the Closing Date with the same force and effect as if made on and as
of the Closing Date, and the Hugo Ireland Stockholders shall have performed or
complied in all material respects with all agreements, conditions and covenants
required by this Agreement to be performed or complied with by them on or before
the Closing Date.

      7.2 CONSENTS. The Hugo Ireland Stockholders shall have obtained all
approvals, authorizations and consents required to consummate the transactions
contemplated hereby upon terms and subject to conditions satisfactory to Hugo
USA in its sole discretion and they shall be in full force and effect. Hugo USA
shall have been furnished with appropriate evidence, reasonably satisfactory to
it and its counsel, of the granting of such approvals, authorizations and
consents.

                                  ARTICLE VIII

                             CONDITIONS PRECEDENT TO
                 PERFORMANCE OF THE HUGO IRELAND STOCKHOLDER

      The obligations of the Hugo Ireland Stockholders under this Agreement are
subject to the following conditions which may be waived in whole or in part by
the Hugo Ireland Stockholders at their election:

      8.1 BRING DOWN OF REPRESENTATIONS AND WARRANTIES. The representations and
warranties of Hugo USA contained in this Agreement shall be true and correct in
all material respects on the date hereof and shall also be true and correct in
all material respects on and as at the Closing Date with the same force and
effect as if made on and as of the Closing Date, and Hugo USA shall have
performed or complied in all material respects with all agreements, conditions
and covenants required by this Agreement to be performed or complied with by it
on or before the Closing Date.

      8.2 AUTHORITY. Hugo USA shall have delivered to the Hugo Ireland
Stockholders a certificate of the Secretary of Hugo USA certifying to the
resolutions of the Board of Directors of Hugo USA authorizing the transactions
contemplated hereby and certifying that such resolutions have not been revoked,
suspended or amended and remain in full force and effect. The Hugo Ireland
Stockholders shall have received all other documents they may reasonably request
relating to the existence of Hugo USA and the authority of Hugo USA to enter
into this Agreement and to consummate the transactions contemplated hereby.

      8.3 CONSENTS. All approvals, authorizations and consents required by Hugo
USA to consummate the transactions contemplated hereby shall have been obtained
on terms and conditions satisfactory to the Hugo Ireland Stockholders in their
sole discretion and shall be in full force and effect, and the Hugo Ireland
Stockholders shall have been furnished with appropriate evidence, reasonably
satisfactory to them and their counsel, of the granting of such approvals,
authorizations and consents.

                                      -8-
<PAGE>   9
      8.4 INJUNCTION. There shall be no effective injunction, writ or
preliminary restraining order of any nature issued by a court or governmental
agency of competent jurisdiction directing that the transactions provided for
herein or any of them not be consummated as herein provided.

                                   ARTICLE IX

                                  MISCELLANEOUS

      9.1 ENTIRE AGREEMENT; ASSIGNMENT. This Agreement, together with all
Schedules and Exhibits, constitutes the entire agreement among the parties with
respect to the subject matter hereof and supersedes all other prior agreements
and understandings, both written and oral, among the parties or between any of
them with respect to the subject matter hereof. All references to Sections,
Exhibits and Schedules shall be deemed references to such parts of this
Agreement unless the text requires otherwise. This Agreement shall not be
assigned by operation of law or otherwise.

      9.2 NOTICES. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be given or made as of
the date delivered or mailed if delivered in person, by telecopy, cable,
telegram or telex, or by registered or certified mail (postage prepaid, return
receipt requested) to the respective parties as follows:

            If to Hugo USA:

            c/o David Foden
            Hugo International Ltd.
            6 Waterside Drive
            Langley Business Park
            Langley Slough
            Berkshire SL3 6EZ
            United Kingdom
            Fax:  011-44-1753-543-131

            with a copy to:

            Piper Marbury Rudnick & Wolfe LLP
            1251 Avenue of the Americas
            New York, New York 10020
            Fax: (212) 835-6001
            Attn:  Paul J. Pollock, Esq.

                                      -9-
<PAGE>   10
            If to the Hugo Ireland Stockholders:

            c/o David Foden
            Hugo Ireland Ltd.
            6 Waterside Drive
            Langley Business Park
            Langley Slough
            Berkshire SL3 6EZ
            United Kingdom
            Fax:  011-44-1753-543-131

            with a copy to:

            Fox Hayes
            Bank House
            150 Roundhay Road
            Leeds, LS8 5LD
            United Kingdom
            Fax:  011-44-113-248-0466
            Attn:  Mr. J. Robert Manning

or to such other address as the Person to whom notices is given may have
previously furnished to the others in writing in the manner set forth above.

      9.3 GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to
applicable principles of conflicts of laws thereof.

      9.4 PARTIES IN INTEREST. This Agreement shall be binding upon and inure
solely to the benefit of each party hereto, its successors and assigns.

      9.5 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same agreement.

      9.6 SPECIFIC PERFORMANCE. Irreparable damage would occur if any of the
provisions of this Agreement were not performed in accordance with the terms
hereof, and the parties shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at law or equity.

      9.7 CONSTRUCTION. The parties have participated jointly in the negotiation
and drafting of this Agreement. In the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any

                                      -10-
<PAGE>   11
of the provisions of this Agreement. Any reference to any federal, state, local,
or foreign statute or law shall be deemed also to refer to all rules and
regulations promulgated thereunder, unless the context requires otherwise. The
word "including" shall mean including without limitation. Nothing in the
Schedules shall be deemed adequate to disclose an exception to a representation
or warranty made herein unless the Schedule identifies the exception with
reasonable particularity and describes the relevant facts in reasonable detail.
Without limiting the generality of the foregoing, the mere listing (or inclusion
of a copy) of a document or other item shall not be deemed adequate to disclose
an exception to a representation or warranty made herein (unless the
representation or warranty has to do with the existence of the document or other
item itself). The parties intend that each representation, warranty, and
covenant contained herein shall have independent significance. If any party has
breached any representation, warranty, or covenant contained herein in any
respect, the fact that there exists another representation, warranty, or
covenant relating to the same subject matter (regardless of the relative levels
of specificity) which the party has not breached shall not detract from or
mitigate the fact that the party is in breach of the first representation,
warranty, or covenant.

      9.8 INCORPORATION OF EXHIBITS AND SCHEDULES. The Exhibits and Schedules
identified in this Agreement are incorporated herein by reference and made a
part hereof.

                                      -11-
<PAGE>   12
      IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed on its behalf by its officers thereunto duly authorized, or
individually, as the case may be, all as of the day and year first above
written.

                              HUGO INTERNATIONAL TELECOM, INC.

                              By:
                                     -------------------------------------------
                              Name:  M. Christmas
                              Title: Treasurer and Secretary

                              --------------------------------------------------
                                         David W. Foden

                              --------------------------------------------------
                                        Brian H. C. Gundry

                              --------------------------------------------------
                                             John Carey

                                      -12-<PAGE>   1
                                                                     EXHIBIT 4.1

         PUBLIC CREDIT AND REPACKAGED SECURITIES(SM) (PCARS)(SM) TRUSTS

                       STANDARD TERMS FOR TRUST AGREEMENTS

                Credit And Asset Repackaging Vehicle Corporation
                                  as Depositor

                                       and

                Wells Fargo Bank Minnesota, National Association
                                   as Trustee

                              Dated August , 2001
<PAGE>   2
   Certain Sections of these Standards Terms for Trust Agreements relating to
    Sections 310 through 318, inclusive, of the Trust Indenture Act of 1939:

Trust Indenture                                                Indenture Section
Act Section
Section 310(a)(1).....................................................10.06(a)
                                                                      10.07(c)
           (a)(2).....................................................10.06(a)
           (a)(3).....................................................10.10(b)
           (a)(4)...............................................Not applicable
           (a)(5).....................................................10.06(a)
           (b)........................................................10.06(b)
Section 311(a)............................................................6.05
           (b)............................................................6.05
Section 312(a)..................................................Not applicable
           (b).........................................................4.05(b)
           (c).........................................................4.05(c)
Section 313(a).........................................................4.02(g)
           (b).........................................................4.02(g)
           (c).........................................................4.02(g)
                                                                       6.04(c)
                                                                       8.01(c)
           (d).........................................................4.02(f)
Section 314(a)(1)......................................................6.04(a)
           (a)(2)......................................................6.04(b)
           (a)(3)......................................................6.04(c)
           (a)(4)...............................................Not applicable
           (b)..................................................Not applicable
           (c)..................................................Not applicable
           (d)..................................................Not applicable
           (e)..................................................Not applicable
Section 315(a).....................................................10.01(e)(i)
           (b).........................................................8.01(c)
           (c)........................................................10.01(c)
           (d)........................................................10.01(e)
           (d)(2).................................................10.01(e)(ii)
           (d)(3)...............................................Not applicable
           (e)..................................................Not applicable
Section 316(a)(1)...............................................Not applicable
           (a)(1)(A)............................................Not applicable
           (a)(1)(B)..................................................12.01(c)
           (a)(2)...............................................Not applicable
           (b)..................................................Not applicable
           (c)..................................................Not applicable

                                       i
<PAGE>   3
Section 317(a).........................................................8.01(a)
           (b).........................................................5.10(a)
Section 318   ........................................................12.09

Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of any Trust Agreement.

                                       ii
<PAGE>   4
                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I

                            DEFINITIONS; CONSTRUCTION

SECTION 1.01.  Definitions..................................................   2

SECTION 1.02.  Rules of Construction........................................  14

SECTION 1.03.  Article and Section References...............................  14

SECTION 1.04.  References to Credit Support, Swap Agreement
               and Call Right...............................................  14

                                   ARTICLE II

                DECLARATION OF TRUST; ENTRY INTO SWAP AGREEMENT;
                            ISSUANCE OF CERTIFICATES

SECTION 2.01.  Creation and Declaration of Trust; Assignment
               of Securities................................................  15

SECTION 2.02.  Swap Agreement, Swap Guarantee and Underwriting Agreement....  15

SECTION 2.03.  Acceptance by Trustee........................................  16

SECTION 2.04.  Sale.........................................................  16

SECTION 2.05.  Representations and Warranties of the Depositor..............  17

SECTION 2.06.  Agreement to Execute, Authenticate and Deliver
               Certificates.................................................  18

SECTION 2.07.  Issuance of Additional Certificates..........................  18

                                   ARTICLE III

               TRUST POWERS; ADMINISTRATION OF THE TRUST PROPERTY

SECTION 3.01.  Trust Property...............................................  19

SECTION 3.02.  Administration of the Trust..................................  19

SECTION 3.03.  Collection of Certain Payments...............................  21

SECTION 3.04.  Certificate Account..........................................  21

                                      iii
<PAGE>   5
SECTION 3.05.  Investment of Funds in the Accounts..........................  23

SECTION 3.06.  Retained Interest............................................  23

SECTION 3.07.  Access to Certain Documentation..............................  23

                                   ARTICLE IV

                DISTRIBUTIONS TO CERTIFICATEHOLDERS AND REPORTING

SECTION 4.01.  Distributions................................................  23

SECTION 4.02.  Reports to Certificateholders................................  24

SECTION 4.03.  Calculation of Interest Rates................................  26

SECTION 4.04.  Compliance with Tax Reporting and Withholding Requirements...  26

SECTION 4.05.  Preservation of Information, Communications to
               Holders......................................................  27

                                    ARTICLE V

                                THE CERTIFICATES

SECTION 5.01.  The Certificates.............................................  27

SECTION 5.02.  Execution, Authentication and Delivery.......................  28

SECTION 5.03.  Temporary Certificates.......................................  29

SECTION 5.04.  Registration; Registration of Transfer and Exchange..........  29

SECTION 5.05.  Mutilated, Destroyed, Lost and Stolen Certificates...........  31

SECTION 5.06.  Distributions in Respect of Certificates.....................  32

SECTION 5.07.  Persons Deemed Owners........................................  32

SECTION 5.08.  Cancellation.................................................  33

SECTION 5.09.  Currency of Distributions in Respect of Certificates;
                Redenomination..............................................  33

SECTION 5.10.  Appointment of Paying Agent..................................  33

SECTION 5.11.  Authenticating Agent.........................................  35

SECTION 5.12.  Issuance and Transfer Restrictions...........................  36

SECTION 5.13.  Optional Exchange............................................  40

SECTION 5.14.  Callable Certificates........................................  41

                                       iv
<PAGE>   6
                                   ARTICLE VI

                                  THE DEPOSITOR

SECTION 6.01.  Liability of the Depositor...................................  43

SECTION 6.02.  Limitation on Liability of the Depositor.....................  43

SECTION 6.03.  Depositor May Purchase Certificates..........................  43

SECTION 6.04.  Preparation and Filing of Exchange Act Reports;
                Obligations of the Depositor................................  44

SECTION 6.05.  Preferential Collection of Claims Against Depositor..........  44

                                   ARTICLE VII

                          RIGHTS OF CERTIFICATEHOLDERS

SECTION 7.01.  Voting Rights with Respect to Securities.....................  44

SECTION 7.02.  Amendments and Waivers Under Swap Agreement and
                Swap Guarantee..............................................  46

                                  ARTICLE VIII

             DEFAULT ON SECURITIES, CREDIT SUPPORT, SWAP AGREEMENT,
                     SWAP GUARANTEE OR PERMITTED INVESTMENTS

SECTION 8.01.  Realization Upon Default.....................................  46

                                   ARTICLE IX

                        WIND-UP AND LIQUIDATION OF TRUST

SECTION 9.01.  Trust Wind-Up Events.........................................  47

SECTION 9.02.  Liquidation Events...........................................  48

SECTION 9.03.  Trust Property Made Available................................  49

SECTION 9.04.  Limitation on Notice Requirement.............................  51

SECTION 9.05.  Excess Expense Event.........................................  51

                                       v
<PAGE>   7
                                    ARTICLE X

                             CONCERNING THE TRUSTEE

SECTION 10.01. Duties of Trustee............................................  52

SECTION 10.02. Certain Matters Affecting the Trustee........................  53

SECTION 10.03. Limitation on Liability of Trustee...........................  54

SECTION 10.04. Trustee May Own Certificates.................................  55

SECTION 10.05. Trustee Fees and Expenses; Limited Indemnification...........  55

SECTION 10.06. Eligibility Requirements for Trustee.........................  56

SECTION 10.07. Resignation or Removal of the Trustee........................  56

SECTION 10.08. Successor Trustee............................................  57

SECTION 10.09. Merger or Consolidation of Trustee...........................  58

SECTION 10.10. Appointment of Co-Trustee....................................  58

SECTION 10.11. Representations and Warranties of Trustee....................  59

SECTION 10.12. Non-Petition.................................................  61

                                   ARTICLE XI

                                   TERMINATION

SECTION 11.01. Termination of the Trust.....................................  61

SECTION 11.02. Merger or Consolidation of Trust.............................  62

                                   ARTICLE XII

                               MISCELLANEOUS TERMS

SECTION 12.01. Amendment of Trust Agreement.................................  63

SECTION 12.02. Counterparts.................................................  64

SECTION 12.03. Limitation on Rights of Certificateholders...................  64

SECTION 12.04. Governing Law................................................  64

SECTION 12.05. Notices......................................................  65

SECTION 12.06. Severability of Terms........................................  65

SECTION 12.07. Perfection of Swap Counterparty Security Interest............  65

SECTION 12.08. No Recourse..................................................  65

                                       vi
<PAGE>   8
SECTION 12.09. Conflict With Trust Indenture Act............................  66

EXHIBIT A               Form of Trust Agreement and Terms Schedule

EXHIBIT B               Form of Certificate

                                      vii
<PAGE>   9
           PUBLIC CREDIT AND REPACKAGED SECURITIES(SM) (PCARS)(SM) TRUSTS

                               STANDARD TERMS FOR
                                TRUST AGREEMENTS

         These Standard Terms for Trust Agreements, dated August  , 2001 (these
"Standard Terms"), may be incorporated by reference in one or more trust
agreements (each, a "Trust Terms Agreement") relating to a particular series of
Public Credit and Repackaged Securities(SM) (PCARS)(SM) Trust Certificates
described in the Prospectus dated August  , 2001 and the applicable Prospectus
Supplement. Each Trust Terms Agreement may be in the form of Exhibit A hereto or
such other form as Credit And Asset Repackaging Vehicle Corporation, as
depositor (the "Depositor"), and Wells Fargo Bank Minnesota, National
Association, as trustee (the "Trustee"), may approve, such approval to be
evidenced by their execution of such Trust Agreement. Incorporation by reference
of these Standard Terms into a Trust Terms Agreement is for convenience only to
avoid the necessity of physically including these Standard Terms in such Trust
Terms Agreement, and each trust created by a Trust Terms Agreement shall be a
legally separate and distinct trust from any other trust created by a Trust
Terms Agreement into which these Standard Terms may also be incorporated by
reference. These Standard Terms shall by themselves be of no force and effect,
and shall only have effect as and to the extent incorporated by reference into
a Trust Terms Agreement. Execution hereof by the Trustee and the Depositor is
for purposes of identification only and the absence of such execution shall not
affect the validity of any Trust Agreement or these Standard Terms to the extent
incorporated therein. Each Trust Terms Agreement into which these Standard Terms
are incorporated by reference, including the Terms Schedule attached thereto and
made a part thereof and these Standard Terms so incorporated by reference
therein, as amended, modified or supplemented from time to time, shall together
constitute a single trust agreement and are referred to herein as the "Trust
Agreement". In the event of a conflict between any Trust Terms Agreement,
including the Terms Schedule attached thereto, and these Standard Terms, the
Trust Terms Agreement the Terms Schedule shall control.
<PAGE>   10
                                   ARTICLE I

                            Definitions; Construction

         SECTION 1.01. Definitions

         Except as otherwise specified herein or as the context may otherwise
require, the following terms have the respective meanings set forth below for
all purposes of these Standard Terms:

         "Affected Securities". With respect to any Liquidation Event, the
Securities affected by a Security Default, Disqualified Securities or Securities
related to a Disqualified Swap Transaction, as the case may be.

         "Affected Swap Party". As defined in the Swap Agreement.

         "Affected Swap Transaction". As defined in the Swap Agreement.

         "Affiliate". With respect to any Person, any other Person directly or
indirectly controlling or controlled by, or under direct or indirect common
control with, such Person. For purposes of this definition, "control", when used
with respect to any Person, means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

         "Alternative ERISA Restrictions". The restrictions on transfer of
Certificates set forth in Section 5.12(c)(i).

         "Authenticating Agent". As defined in Section 5.11.

         "Available Funds". With respect to any Distribution Date, the sum of
(i) any amounts received by the Trustee on or with respect to the Securities or
other Trust Property, plus (ii) any investment income from Permitted
Investments, plus (iii) any Swap Amounts paid to the Trustee by the Swap
Counterparty pursuant to the Swap Agreement, or by any Swap Guarantor pursuant
to any Swap Guarantee, minus (iv) any amounts paid or payable to the Swap
Counterparty by the Trustee pursuant to the Swap Agreement (except for any such
amounts expressly subordinated in right of payment pursuant to Part 1(g) of the
Schedule included in the Swap Agreement), minus (v) any amounts reimbursable to
the Trustee pursuant to Section 10.05(b) or, to the extent expressly agreed by
the Certificateholders, (c). To the extent that the amount constituting such sum
is on deposit in the Certificate Account and available for distribution on such
Distribution Date.

         "Bearer Certificate". Any Certificate (with or without coupons), title
of which passes by delivery only, but exclusive of any coupons.

                                       2
<PAGE>   11
         "Benefit Plan". As defined in Section 5.12(c)(i).

         "Book-Entry Certificate". A Certificate represented by a Global
Certificate.

         "Business Day". Unless otherwise specified in the Terms Schedule, any
day, other than a Saturday or Sunday, that is (i) not a day on which banking
institutions are authorized or required by law or regulation to be closed in (A)
The City of New York or in the city where the Corporate Trust Office is located
or (B) if the Specified Currency is other than Dollars, the financial center of
the country issuing the Specified Currency and (ii) if the Interest Rate is
based on the London Interbank Borrowing Rate, a day on which dealings in
deposits in the Specified Currency are transacted in the London interbank
market.

         "Calculation Agent". As specified in the Terms Schedule, if so
specified.

         "Call Date". As defined in Section 5.14(a)(iv).

         "Call Price". As defined in Section 5.14(a)(v).

         "Call Right". As defined in Section 5.14(a).

         "Callable Series". A Series so designated in the Terms Schedule
providing for a Call Right with respect to the Certificates of such Series.

         "Certificate Account". As defined in Section 3.04.

         "Certificate Document". A certificate in the form attached as Exhibit
B, evidencing a Certificate.

         "Certificate of Non-U.S. Beneficial Ownership". As defined in Section
5.12(b)(iii).

         "Certificate Register" and "Certificate Registrar". As defined in
Section 5.04.

         "Certificateholder". In the case of a Registered Certificate, the
Person in whose name such Certificate is registered in the Certificate Register
on the applicable Record Date, and in the case of a Bearer Certificate, the
bearer of such Certificate.

         "Certificates". The securities authorized by, and authenticated and
delivered under, the Trust Agreement and evidenced by one or more Certificate
Documents.

         "Class". A separately denominated class of Certificates of any Series,
entitled to specified rights with respect to the Trust Property.

         "Clearstream". Clearstream Banking operated by Clearstream
International.

         "Closing Date". As specified in the Terms Schedule.

                                       3
<PAGE>   12
         "Code". The Internal Revenue Code of 1986, as amended, and Treasury
Regulations promulgated thereunder.

         "Commission". The Securities and Exchange Commission, or any successor
agency.

         "Concentrated Security". Any Security that on the Closing Date
constitutes 10% or more of the Securities held by the Trust.

         "Corporate Trust Office". The Trustee's offices at 213 Court Street,
Suite 902, Middletown, CT 06457, or such other address as the Trustee may
designate from time to time by notice to the Certificateholders, the Depositor,
the Swap Counterparty and the Swap Guarantor.

         "Credit Support". With respect to any Series (or any Class within such
Series), any combination of insurance policies, letters of credit, reserve
accounts and other types of rights or assets designed to support or ensure the
servicing and distribution of amounts due under the Certificates, which in each
case is specified as such in the Terms Schedule.

         "Credit Support Default". As specified in the Terms Schedule.

         "Credit Support Provider". With respect to any Series (or any Class
within such Series), the bank issuing a letter of credit or the financial
guarantor or surety company issuing a financial guaranty or surety bond that
serves as Credit Support.

         "Currency". Dollars or Foreign Currency.

         "Cut-Off Date". As defined in the Terms Schedule.

         "Definitive Registered Certificate". A Registered Certificate in
definitive, certificated form without coupons attached.

         "Depositary". DTC or, if specified in the Terms Schedule, Euroclear or
Clearstream or any other depositary.

         "Depositor". As defined in the preamble hereto, including any
successors and permitted assigns.

         "Disqualified Credit Support". Any Credit Support with respect to which
(i) the Credit Support Provider ceases to be an Eligible Issuer and no means of
replacing such Credit Support Provider or otherwise satisfying the Depositor's
reporting obligations under the Exchange Act regarding such Credit Support is
described in the Terms Schedule, or (ii) whether or not the Credit Support
Provider was initially an Eligible Issuer, it becomes impossible or
impracticable for the Depositor to satisfy its reporting obligations under the
Exchange Act regarding such Credit Support.

                                       4
<PAGE>   13
         "Disqualified Security". Any (i) Concentrated Security the issuer of
which ceases to be an Eligible Issuer and (ii) any Security other than a
Concentrated Security the issuer of which ceases to be an Eligible Issuer or a
Reporting Issuer, in each case of clauses (i) and (ii) unless any additional
means of providing current information regarding such Security Issuer is
described in the Terms Schedule and available.

         "Disqualified Swap Transaction". Any Swap Transaction with respect to
which (i) the Swap Counterparty ceases to be an Eligible Issuer, unless any
means of replacing such Swap Counterparty or otherwise satisfying the
Depositor's reporting obligations under the Exchange Act is described in the
Terms Schedule and available, (ii) whether or not the related Swap Counterparty
was initially an Eligible Issuer, it becomes impossible or impracticable for the
Depositor to satisfy its reporting obligations under the Exchange Act, or (iii)
in the case of any Credit Derivative Transaction (as defined in the Swap
Agreement), the Deliverable Obligation (as defined in the Swap Agreement) has
become a Disqualified Security.

         "Distribution Date". As specified in the Terms Schedule.

         "Dollar", "$" or "USD". Such currency of the United States as at the
time of payment is legal tender for the payment of public and private debts.

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

         "Early Swap Termination Date". The "Early Termination Date" as defined
in the Swap Agreement.

         "Eligible Account". A non-interest bearing account, held in the United
States, in the name of the Trustee for the benefit of the Certificateholders,
that is either (i) a segregated account maintained with a Federal or State
chartered depository institution or trust company the short-term and long-term
unsecured debt obligations of which (or, in the case of a depository institution
or trust company that is the principal subsidiary of a holding company, the
short-term and long-term unsecured debt obligations of which) are rated P-1 and
Aaa by Moody's, or A-1+ and AAA by S&P at the time any amounts are held on
deposit therein, including when such amounts are initially deposited therein, or
(ii) a segregated trust account maintained as a segregated account and held by
the Trustee at its Corporate Trust Office in trust for the benefit of the
Certificateholders.

         "Eligible Issuer". Any corporation, limited partnership, trust, limited
liability company or other organization, banking organization or insurance
company, in each case which (i) is eligible to register and offer securities
under paragraph I.B.1 of the General Instructions to Form S-3 under the
Securities Act, (ii) has (or is a direct or indirect subsidiary of a
corporation, limited partnership, trust, limited liability company or other
organization, banking organization or insurance company, in each case which has)
common equity securities registered under Section 12 of the Exchange Act and
(iii) is subject to the reporting requirements of the Exchange Act and which, in
accordance

                                       5
<PAGE>   14
therewith, files reports and other information with the Commission (or another
applicable agency pursuant to Section 12(i) of the Exchange Act). For all
purposes under the Trust Agreement, a Person which is fully guaranteed by a
guarantor that is an Eligible Issuer shall be considered an Eligible Issuer.

         "ERISA". The Employee Retirement Income Security Act of 1974, as
amended, including any successor statute.

         "ERISA Plan". As defined in Section 5.12(c)(iii)(A).

         "Euroclear". The Euroclear System operated by Euroclear Bank S.A./N.V.

         "Excess Expense Event". As defined in Section 9.05(a).

         "Exchange Act". The Securities Exchange Act of 1934, as amended.

         "Exchange Rate Agent". Unless otherwise specified in the Terms
Schedule, Goldman Sachs or any Affiliate or agent of Goldman Sachs designated by
it.

         "Exchangeable Series". A series so designated in the Terms Schedule
which grants Certificateholders the right to exchange their Certificates for pro
rata portions of the Trust Property.

         "Executive Officer". With respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any
Assistant Treasurer thereof; with respect to any partnership, any general
partner thereof.

         "Extraordinary Trust Expense". As defined in Section 10.05(b).

         "Foreign Currency". A currency issued by the government of any country
other than the United States or a composite currency the value of which is
determined by reference to the values of the currencies of any group of
countries.

         "Global Certificate". A Certificate in global form issued to the
Depositary and (in the case of a Registered Certificate) registered in the name
of the Depositary or its nominee.

         "Goldman Sachs". Goldman, Sachs & Co., including any successors and
permitted assigns.

         "Initial Security Accrual Period". The period from and including the
Closing Date to but excluding the next Security Payment Date.

         "Initial Swap Rate Accrual Period". The period from and including the
Closing Date to but excluding the next Swap Payment Date.

                                       6
<PAGE>   15
         "Interest Rate". The interest rate applicable to the Certificates as
determined in accordance with Section 4.03, including, if applicable, by
reference to the Terms Schedule.

         "Investment Company Act". The Investment Company Act of 1940, as
amended.

         "Liquidation Event". Any of the events described in Section 9.02.

         "Maximum Reimbursable Amount". As specified in the Terms Schedule (or
any other amount specified by the party agreeing to indemnify the Trustee).

         "Moody's". Moody's Investors Service Inc., including any successor
rating agency.

         "Notional Amount". The notional amount specified in the Terms Schedule
with respect to any Class of Certificates, with respect to which distributions
of interest or other distributions are determined but which does not represent a
Principal Balance.

         "Officers' Certificate". The certificate signed by any one (or, if
specified in the Trust Agreement, more than one) Executive Officer of the
applicable Person, and delivered to the Trustee.

         "Opinion of Counsel". A written opinion of counsel, who may, except as
otherwise expressly provided in the Trust Terms Agreement, be counsel for the
Depositor, acceptable to the Trustee.

         "Optional Exchange Date". As defined in Section 5.13(c).

         "Outstanding". As of any date of determination, all Certificates
theretofore authenticated and delivered under the Trust Agreement, except for:

         (i)      Certificates theretofore canceled by the Certificate Registrar
                  or delivered to the Trustee for cancellation;

         (ii)     Certificates for whose payment or redemption money in the
                  necessary amount has been deposited with the Trustee or any
                  Paying Agent (other than the Depositor) in trust, or set aside
                  and segregated in trust by the Depositor (if the Depositor is
                  acting as its own Paying Agent), for the holders of such
                  Certificates, provided, if such Certificates are to be
                  redeemed, notice of such redemption has been duly given
                  pursuant to the Trust Agreement or provision therefore
                  satisfactory to the Trustee has been made; and

         (iii)    Certificates in exchange for or in lieu of which other
                  Certificates have been authenticated and delivered pursuant to
                  the Trust Agreement, unless proof satisfactory to the Trustee
                  is presented that any such Certificates are

                                       7
<PAGE>   16
                  held by a bona fide purchaser in whose hands such Certificates
                  represent interests in the Trust.

         "Paying Agent". As defined in Section 5.10.

         "Permitted Investments". All investments made by the Trustee pursuant
to Section 3.05 in any one or more of the following; provided that the total
return specified by the terms of each such obligation or security shall be at
least equal to the purchase price thereof; provided, further, that each such
obligation shall be denominated in the same currency as the Securities or the
payments due to the Trust under the Swap Agreement; provided, further, that each
such obligation or security shall be held in the name of the Trustee on behalf
of the Trust; provided, further, that at no time shall the total number of
obligors under all such obligations or securities exceed nine:

         (i)      direct obligations of, and obligations fully guaranteed by,
                  the United States, the Federal Home Loan Mortgage Corporation,
                  the Federal National Mortgage Association, the Federal Farm
                  Credit System or any agency or instrumentality of the United
                  States the obligations of which are explicitly backed by the
                  full faith and credit of the United States; provided that
                  obligations of, or guaranteed by, the Federal Home Loan
                  Mortgage Corporation, the Federal National Mortgage
                  Association or the Federal Farm Credit System shall be
                  Permitted Investments only if, at the time and during the
                  course of investment, such entity has a credit rating at the
                  time of acquisition of at least P-1 or Aaa by Moody's and A-1+
                  or AAA by S&P;

         (ii)     demand and time deposits in, certificates of deposit of, or
                  bankers' acceptances issued by, any depository institution or
                  trust company (including the Trustee or any agent of the
                  Trustee acting in their respective commercial capacities)
                  incorporated under the laws of the United States or any State
                  thereof and subject to supervision and examination by Federal
                  or State banking authorities so long as the commercial paper
                  or the short-term debt obligations of such depository
                  institution or trust company, at the time and during the
                  course of such investment or contractual commitment providing
                  for such investment, have a credit rating at the time of
                  acquisition of at least P-1 or Aaa by Moody's and A-l+ or AAA
                  by S&P (or, in the case of a depository institution which is
                  the principal subsidiary of a holding company, the commercial
                  paper or other short-term debt obligations of such holding
                  company have a credit rating at the time of acquisition of at
                  least P-1 or Aaa by Moody's and A-1+ or AAA by S&P);

         (iii)    commercial paper having a maturity of not more than 180 days
                  and having, at the time and during the course of such
                  investment, a credit

                                       8
<PAGE>   17
                  rating at the time of acquisition of at least P-1 by Moody's
                  and A-1+ by S&P;

         (iv)     repurchase agreements with respect to (A) any security
                  described in clause (i) above or (B) any other security issued
                  or guaranteed by an agency or instrumentality of the United
                  States with an entity having a credit rating at the time of
                  acquisition of at least P-1 or Aaa by Moody's and A-1+ or AAA
                  by S&P. Copies of any repurchase agreement entered into by the
                  Trustee on behalf of the Trust shall be delivered to the
                  Rating Agencies; and

         (v)      money market funds having a credit rating at the time of
                  acquisition of at least Aaa by Moody's and AAA by S&P,
                  including any funds for which the Trustee or any of its
                  Affiliates serves as an investment advisor, administrator,
                  shareholder servicing agent, custodian or subcustodian, in
                  each case the sole assets of which consist of U.S. Treasury
                  securities.

In no event shall a Permitted Investment at any time constitute (x) a swap
agreement, as defined in the United States Bankruptcy Code, 11 U.S.C. Section
101 et seq., (y) an interest-only or principal-only security or (z) a liability
of the Trust in excess of the principal amount invested by the Trustee.
Permitted Investments shall include, without limitation, any investments with
respect to which the Trustee or an Affiliate of the Trustee provides services.

         "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.

         "Predecessor Certificate". With respect to any particular Certificate,
each previous Certificate evidencing all or a portion of the same interest as
that evidenced by such Certificate; provided that, for purposes of this
definition, any Certificate authenticated and delivered under Section 5.05 in
lieu of a lost, destroyed or stolen Certificate shall be deemed to evidence the
same interest as such lost, destroyed or stolen Certificate.

         "Principal Balance". With respect to all Certificates that are
Outstanding at any time, the maximum amount that the holders thereof are
entitled to receive as distributions allocable to principal payments on the
Securities.

         "Proceeding". Any suit in equity, action at law or other judicial or
administrative proceeding.

         "Rating Agencies". As specified in the Terms Schedule.

         "Rating Agency Condition". With respect to a particular action, event
or occurrence, the receipt by the Trustee of a prior written notice from the
Rating Agency to

                                       9
<PAGE>   18
the effect that such action, event or occurrence would not result in a reduction
or withdrawal of the then current rating of the Certificates.

         "Record Date". As specified in the Terms Schedule.

         "Registered Certificate". Any Certificate in registered form the
ownership of which is evidenced by the Certificate Register.

         "Reporting Issuer". Either an Eligible Issuer or a domestic
corporation, limited partnership, trust, limited liability company or other
domestic organization, domestic banking organization or domestic insurance
company which is subject to the information requirements of the Exchange Act and
which, in accordance therewith, files reports and other information with the
Securities and Exchange Commission (or another applicable agency pursuant to
Section 12(i) of the Exchange Act). For all purposes under the Trust Agreement,
a Person which is fully guaranteed by a guarantor that is a Reporting Issuer
shall be considered a Reporting Issuer.

         "Responsible Officer". With respect to the Trustee, any officer within
its Corporate Trust Office, including any Vice President, Assistant Vice
President, Secretary, Assistant Secretary and (i) any other officer of the
Trustee customarily performing functions similar to those performed by any of
the aforementioned officers and (ii) any other officer of the Trustee to whom a
particular matter is referred because of such officer's knowledge of and
familiarity with the particular subject. The foregoing definition shall apply
mutatis mutandis with respect to the Certificate Registrar.

         "Retained Interest". With respect to any Security or other Trust
Property, any ownership interest therein and any right to a portion of the
payments thereon, as specified in the Terms Schedule, held by a Person other
than a Certificateholder, as specified in the Terms Schedule.

         "S&P". Standard & Poor's, a division of the McGraw-Hill Companies Inc.,
including any successor rating agency.

         "Scheduled Final Distribution Date". As specified in the Terms
Schedule.

         "Securities". As specified in the Terms Schedule. In the event that the
Depositor transfers more than one series (or more than one class of the same
series) of Securities to the Trust, "Securities" shall mean each such series or
class specified in the Terms Schedule.

         "Securities Act". The Securities Act of 1933, as amended.

         "Security Accrual Period". The Initial Security Accrual Period and each
period from and including a Security Payment Date to but excluding the next
succeeding Security Payment Date.

                                       10
<PAGE>   19
         "Security Default". Unless otherwise specified in the Terms Schedule,
(i) the payment of the principal of and accrued interest on the Securities
following an acceleration of the maturity of the Securities under the Securities
or the Security Issuance Agreement, whether by declaration of the holders
thereof or the Security Trustee or otherwise, (ii) the failure to pay an
installment of principal of, or any amount of interest due on, the Securities
(or other securities of the Security Issuer that rank senior to, or pari passu
with, the Securities if the Security Issuance Agreement provides for a
cross-default in the case of a default under such other securities) on the due
date, after the expiration of any applicable cure period, (iii) the consummation
of any transaction relating to the Securities as a result of which the Trust
Property consists solely of cash or Permitted Investments, (iv) the occurrence
of any event of default relating to bankruptcy or insolvency of the Security
Issuer under the Securities or the Security Issuance Agreement or (v) the
occurrence of a deferral, restructuring, rescheduling, exchange or other
adjustment with respect to the Security such that the Swap Counterparty
reasonably determines that (A) the economic terms of the Security are materially
different or (B) the Security represents materially greater credit or other
risks; provided that the occurrence of any such waiver, deferral, restructuring,
rescheduling, exchange or other adjustment shall not constitute a Security
Default if Certificateholders representing 100% of the Principal Balance (or
Notional Amount, as applicable) so determine.

         "Security Issuance Agreement". The indenture, fiscal agency agreement
or other agreement under which the Securities were issued.

         "Security Issuer". As specified in the Terms Schedule. In the event
that the Depositor transfers more than one series (or more than one class of the
same series) of Securities to the Trust, "Security Issuer" shall mean the issuer
of each such series or class specified in the Terms Schedule.

         "Security Payment Date". As specified in the Terms Schedule.

         "Security Rate". As specified in the Terms Schedule.

         "Security Trustee". As specified in the Terms Schedule.

         "Selling Agent". Unless otherwise specified in the Terms Schedule,
Goldman Sachs or any Affiliate of Goldman Sachs designated by it.

         "Series". All of the Certificates issued by the Trust.

         "Special Depositor Wind-up Event". As defined in Section 9.01(g).

         "Specified Currency". Unless otherwise specified in the Terms Schedule,
Dollars.

         "Standard Terms". As defined in the preamble hereto.

                                       11
<PAGE>   20
         "State". Any one of the 50 states of the United States or the District
of Columbia.

         "Successor Certificate". As defined in Section 11.02.

         "Swap Agreement". The ISDA Master Agreement (including the Schedule
thereto, the Confirmation or Confirmations thereunder and any Credit Support
Annex forming a part thereof), if any, to which the Trust is a party, as
specified in the Terms Schedule. In the event that the Trust enters into more
than one ISDA Master Agreement, "Swap Agreement" shall mean each such ISDA
Master Agreement specified in the Terms Schedule.

         "Swap Amount". With respect to each Swap Payment Date, an amount,
payable by, or on behalf of, the Swap Counterparty, equal to the accrued
interest or other payment obligation calculated with reference to the Swap
Notional Amount for the immediately preceding Swap Rate Accrual Period at the
Swap Rate.

         "Swap Calculation Agent". The "Calculation Agent" as defined in the
Swap Agreement.

         "Swap Counterparty". Goldman Sachs, unless another Person is identified
in the Terms Schedule as the counterparty of the Trust under the Swap Agreement,
including any successors and permitted assignees. In the event that the Trust
enters into more than one Swap Agreement, "Swap Counterparty" shall mean each
counterparty of the Trust specified in the Terms Schedule.

         "Swap Default". Any "Event of Default" as defined in the Swap
Agreement.

         "Swap Guarantee". The guarantee (if any) specified in the Terms
Schedule of the obligations of the Swap Counterparty under the Swap Agreement.

         "Swap Guarantor". The guarantor (if any) who issues, and is specified
in, the Swap Guarantee, including any successors and permitted assigns.

         "Swap Notional Amount". As specified in the Terms Schedule.

         "Swap Payment Date". As specified in the Terms Schedule.

         "Swap Rate". As specified in the Terms Schedule.

         "Swap Rate Accrual Period". The Initial Swap Rate Accrual Period and
each period from and including a Swap Payment Date to but excluding the next
succeeding Swap Payment Date.

         "Swap Termination Event". Any "Termination Event" as defined in the
Swap Agreement.

                                       12
<PAGE>   21
         "Swap Termination Payment". Any amounts payable under the Swap
Agreement in accordance with its terms, whether to or by the Trust, as the case
may be, as a result of an early termination of one or more Swap Transactions.

         "Swap Transaction". Any "Transaction" as defined in the Swap Agreement.

         "Terms Schedule". The schedule or schedules (which may be in the form
of "Schedule I - Trust Property and Certificates", "Schedule II - Trust
Property" and "Schedule III - Swap Agreement", attached to Exhibit A hereto)
which contains information with respect to the terms of the Certificates, as
well as the Securities, the Swap Agreement and any other Trust Property.

         "TIA". The Trust Indenture Act of 1939, as amended.

         "Trigger Amount". As specified in the Terms Schedule.

         "Trust". The trust created by the Trust Agreement.

         "Trust Agreement". As defined in the preamble hereto.

         "Trust Property". As defined in Section 3.01(a).

         "Trust Terms Agreement". As defined in the preamble hereto.

         "Trust Wind-Up Event". As defined in Section 9.01.

         "Trustee". As defined in the preamble hereto, including any successor
trustee or co-trustee appointed in accordance with the Trust Agreement.

         "Trustee Fee Letter". A letter agreement between the Trustee and the
Depositor dated on or before the Closing Date setting forth the fees and
expenses of the Trust and the Trustee which are subject to reimbursement by the
Depositor.

         "Trustee Fees". The amount or amounts set forth in the Trustee Fee
Letter.

         "UCC". The Uniform Commercial Code as in effect from time to time in
the relevant jurisdiction or, with respect to the State of Louisiana, the
equivalent body of statutory and common law.

         "Underwriter". Each Person acting as underwriter, dealer, placement
agent or in any similar capacity in connection with the distribution of the
Certificates.

         "Underwriting Agreement". The agreement between the Underwriter or
Underwriters and the Depositor relating to the distribution of the Certificates.

                                       13
<PAGE>   22
         "United States" or "U.S.". The United States of America (including the
several States and the District of Columbia), its territories, its possessions
and other areas subject to its jurisdiction.

         "U.S. Person". A citizen or resident of the United States, a
corporation, partnership or other entity created or organized in or under the
laws of the United States or any political subdivision thereof, an estate the
income of which is subject to U.S. federal income taxation regardless of its
source or a trust if (i) a U.S. court is able to exercise primary supervision
over the trust's administration and (ii) one or more U.S. persons have the
authority to control all of the trust's substantial decisions.

         Certain additional defined terms have the meanings assigned thereto in
other provisions hereof.

         SECTION 1.02. Rules of Construction

         Unless the context otherwise requires:

                  (i) a term has the meaning assigned to it;

                  (ii) an accounting term not otherwise defined has the meaning
         assigned to it in accordance with generally accepted accounting
         principles applicable in the United States from time to time;

                  (iii) "or" is not exclusive;

                  (iv) the words "herein", "hereof", "hereunder" and other words
         of similar import refer to the Trust Agreement as a whole and not to
         any particular Article, section or other subdivision thereof;

                  (v) "including" means including without limitation; and

                  (vi) words in the singular include the plural and words in the
         plural include the singular.

         SECTION 1.03. Article and Section References.

         All Article and Section references used in these Standard Terms, unless
otherwise provided, are to Articles and Sections of these Standard Terms. Any
reference to "this Section" appearing within a particular paragraph of a Section
is a reference to such Section as a whole.

         SECTION 1.04. References to Credit Support, Swap Agreement and Call
Right

         If the Terms Schedule does not specify any Credit Support or Swap
Agreement, all references herein to the "Credit Support" or the "Swap
Agreement", as the case may be, including in each case all related terms and
provisions, shall be deemed to be deleted.

                                       14
<PAGE>   23
In the case of any Series that is not designated as a "Callable Series" in the
Terms Schedule, all references herein to the "Call Right", including all related
terms and provisions, shall be deemed to be deleted.

                                   ARTICLE II

                Declaration of Trust; Entry into Swap Agreement;
                            Issuance of Certificates

         SECTION 2.01. Creation and Declaration of Trust; Assignment of
Securities

         (a) The Depositor, concurrently with the execution and delivery of the
Trust Agreement, shall transfer to the Trustee, on behalf and for the benefit of
the Certificateholders and without recourse, all the right, title and interest
of the Depositor, in, to and under (i) the Securities, (ii) the Certificate
Account, including all income from the investment of funds on deposit therein,
(iii) all payments on or under and all proceeds of any of the foregoing
(including all proceeds of the conversion thereof, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, condemnation awards, causes of action, rights to payment of
any and every kind and other forms of obligations, receivables, instruments and
other property which at any time constitute all or part of or are included in
the proceeds of any of the foregoing) and (iv) all other assets included or to
be included in the Trust Property, in each case of clauses (i) through (iv)
except for any Retained Interest. The transfer of the Securities in accordance
with the immediately preceding sentence shall include all rights, powers and
options of the Depositor thereunder, including the first priority and continuing
right to claim for, collect, receive and give receipt for principal, premium, if
any, and interest payments in respect of the Securities and all other moneys
payable thereunder, to give and receive notices and other communications, to
make waivers or other agreements, to exercise all rights and options, to bring
Proceedings and generally to do and receive anything that the Depositor is or
may be entitled to do or receive thereunder or with respect thereto.

         (b) In connection with the transfer of the Securities referred to in
paragraph (a) above, the Depositor shall, not later than the Closing Date, (i)
deposit the Securities with the Trustee by physical delivery of such Securities,
duly endorsed, to the Trustee or cause the Securities to be registered by
book-entry in the name of the Trustee (provided that the book-entry depositary
shall be an agency of the United States, DTC or another book-entry institution
acceptable to the Depositor) and (ii) deliver or cause to be delivered to the
Trustee all documents necessary to transfer the Securities to the Trustee.

         SECTION 2.02. Swap Agreement, Swap Guarantee and Underwriting Agreement

         Concurrently with the execution of the Trust Agreement, (i) the Trust
shall (A) execute and deliver the Swap Agreement and (B) accept any Swap
Guarantee and (ii) the

                                       15
<PAGE>   24
Depositor shall enter into the Underwriting Agreement with the Underwriter or
Underwriters. It shall be a condition to the effectiveness of the Trust
Agreement that the Swap Agreement be effective as of the date of the Trust
Agreement. The Trustee shall, on behalf of the Trust, perform the obligations of
the Trust under the Swap Agreement in accordance with its terms and shall make
demands under any Swap Guarantee immediately upon obtaining notice of any
payment default by the Swap Counterparty under the Swap Agreement. The Trustee
and the Depositor agree, and each Certificateholder by acquiring Certificates
shall be deemed to agree, that the Swap Agreement does not represent an
ownership interest in the Trust or its assets and that none of them shall treat
the Swap Agreement as an ownership interest in the Trust for any purpose. Except
as expressly set forth in the Trust Agreement and in the Swap Agreement, the
receipt by the Trustee of the Securities and the execution by the Trustee of the
Swap Agreement shall not constitute, and is not intended to result in, an
assumption by the Trustee or any Certificateholder of any obligation of the
Security Issuer or the Swap Counterparty or any other Person in connection with
the Securities or the Swap Agreement or under any agreements or instruments
relating to any of them.

         SECTION 2.03. Acceptance by Trustee

         The Trustee shall acknowledge receipt by it of (i) the Securities and
the related documents referred to in Section 2.01, (ii) the Swap Agreement, (ii)
any Swap Guarantee and (iv) the documents specified in the Swap Agreement (in
Part 3 of the Schedule to the ISDA Master Agreement), and declare that it will
hold such assets and all other assets comprising the Trust Property in trust,
for the exclusive use and benefit of all present and future Certificateholders
and for the purposes and subject to the terms and conditions set forth in the
Trust Agreement.

         SECTION 2.04. Sale

         The parties agree and intend that the transfer of Securities, the Swap
Agreement and all proceeds of any of the foregoing pursuant to this Article II
shall be treated as a sale and purchase by the Trust and not a loan or a pledge
to secure a loan. If for any reason and for any purpose whatsoever such transfer
is deemed to be a loan or a pledge to secure a loan, the parties intend that the
Trust Agreement shall be a security agreement pursuant to which there shall be
deemed to have been granted by the Depositor to the Trustee, for the benefit of
the Certificateholders, a security interest in all of the Depositor's right,
title and interest in the Securities, the Swap Agreement and all proceeds of any
of the foregoing, subject to a prior security interest in favor of the Swap
Counterparty pursuant to the Swap Agreement and to any obligation of the Trust
to pay Extraordinary Trust Expenses pursuant to Section 10.05(c). If the Trust
terminates prior to the satisfaction of the claims of any Certificateholder
under any Certificate, the security interest created hereby shall continue in
full force and effect and the Trustee shall be deemed to be the collateral agent
for the benefit of such Certificateholder, subject to the prior security
interest of the Swap Counterparty under the Swap Agreement and to

                                       16
<PAGE>   25
any obligation of the Trust to pay Extraordinary Trust Expenses pursuant to
Section 10.05(c).

         SECTION 2.05. Representations and Warranties of the Depositor

         (a) The Depositor represents and warrants to the Trustee that, as of
the Closing Date or as of such other date specified in the Trust Agreement:

                  (i) the Depositor is a corporation duly organized, validly
         existing and in good standing under the laws of the State of Delaware;

                  (ii) to the Depositor's knowledge after due inquiry, the
         Depositor has full power and authority to enter into and consummate all
         transactions contemplated by the Trust Agreement, has duly authorized
         the execution, delivery and performance of the Trust Agreement and has
         duly executed and delivered the Trust Agreement. The Trust Agreement,
         upon its execution and delivery thereof by the Depositor and assuming
         the due authorization, execution and delivery thereof by the Trustee,
         will constitute a valid, legal and binding obligation of the Depositor,
         enforceable against it in accordance with the terms thereof, subject to
         bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
         or similar laws of general applicability relating to or affecting
         creditors' rights and to general equity principles;

                  (iii) the execution and delivery of the Trust Agreement by the
         Depositor and its performance of and compliance with the terms thereof
         will not violate the Depositor's certificate of incorporation or
         by-laws or constitute a default (or an event which, with notice or
         lapse of time, or both, would constitute a default) under, or result in
         the breach or acceleration of, any material contract, agreement or
         other instrument to which the Depositor is a party or by which the
         Depositor is bound or to which the Depositor or any of its assets is
         subject;

                  (iv) to the Depositor's knowledge after due inquiry, the
         Depositor is not in violation, and the execution and delivery of the
         Trust Agreement by the Depositor and its performance and compliance
         with the terms thereof will not constitute a violation, of any order or
         decree of any court or any order or regulation of any Federal, State,
         municipal or governmental agency having jurisdiction over the Depositor
         or its properties, which violation would reasonably be expected to have
         a material and adverse effect on the duties and obligations of the
         Depositor under the Trust Agreement; and

                  (v) to the Depositor's knowledge after due inquiry, there are
         no liens or encumbrances on the Securities immediately prior to the
         time of transfer, except those created by the Trust Agreement.

         It is understood and agreed that the representations and warranties of
the Depositor in this paragraph (a) shall survive delivery of the respective
documents to the

                                       17
<PAGE>   26
Trustee and shall inure to the benefit of the Trustee on behalf of the
Certificateholders notwithstanding any restrictive or qualified endorsement or
assignment.

         (b) Upon discovery or receipt of notice by the Depositor that any
representations and warranties of the Depositor in paragraph (a) above is
inaccurate in any material respect, the Depositor shall (i) promptly notify the
Trustee thereof and (ii) if such inaccuracy, or the facts or circumstances to
which such inaccuracy relates, materially and adversely affects or affect the
rights of the Certificateholders to receive distributions under the Trust
Agreement when due and payable, promptly notify the Rating Agencies thereof. The
Depositor shall take such steps as may be required to ensure that the relevant
representation and warranty becomes accurate in all material respects within two
Business Days from the earlier of discovery or receipt of notice by it of such
inaccuracy.

         SECTION 2.06. Agreement to Execute, Authenticate and Deliver
Certificates

         The Trustee shall, concurrently with the transfer to and receipt by it
of the Securities and any Swap Guarantee and delivery to it by the Depositor of
the executed Trust Agreement and by the Swap Counterparty of the executed Swap
Agreement, and in exchange therefor, cause to be executed, authenticated and
delivered to or upon the order of the Depositor, Certificates duly executed and
authenticated by or on behalf of the Trustee in authorized denominations
evidencing ownership of the entire Trust Property, all in accordance with
Section 5.02.

         SECTION 2.07. Issuance of Additional Certificates.

         (a) If the Terms Schedule specifies that "Issuance of Additional
Certificates" applies, the Depositor may at any time, subject to paragraph (b)
below and upon no less than five days' prior notice to the Trustee, deposit
additional Securities into the Trust. In exchange for such additional
Securities, the Depositor shall receive additional Certificates of the relevant
Class in an aggregate principal or notional amount equal to the product of (i)
the Principal Balance (or Notional Amount, as applicable) of such Class as of
the Closing Date multiplied by (ii) the ratio of (A) the aggregate principal
amount of additional Securities then deposited into the Trust to (B) the
aggregate principal amount of Securities deposited into the Trust on the Closing
Date; provided that the aggregate principal or notional amount of any such
additional issuance of Certificates shall be in the minimum denominations
specified in the Terms Schedule. Any such additional Securities shall be
deposited, and any such additional Certificates shall be issued, with accrued
interest thereon from the Closing Date. Upon any such deposit of additional
Securities and issuance of additional Certificate, (i) the additional Securities
shall constitute a part of the Trust Property, (ii) the additional Certificates
shall represent undivided fractional interests in the Trust Property entitled to
the same rights and subject to the same provisions as all previously issued
Certificates of the same Class and (iii) the Principal Balance (or Notional
Amount, as applicable) of such Class shall include such additional Certificates.
The provisions of Articles II and V relating to deposit of Securities and

                                       18
<PAGE>   27
issuance of Certificates shall apply mutatis mutandis to any such deposit of
additional Securities and issuance of additional Certificates.

         (b) Any deposit of additional Securities and issuance of additional
Certificates of any Class pursuant to paragraph (a) above shall be subject to:
(i) a corresponding increase in any rights the Trust may have under the Swap
Agreement, any Swap Guarantee and the Credit Support, in each case with respect
to such Class, which increase may be effected by amendments to the existing Swap
Agreement, Swap Guarantee and Credit Support documentation or by the execution
of one or more additional Swap Agreements, Swap Guarantees and Credit Support
documents in substantially the same form as the existing Swap Agreement, Swap
Guarantee and Credit Support document, as the case may be; and (ii) satisfaction
of the Rating Agency Condition. Notwithstanding the foregoing, the Trust shall
not, except with the consent of all Certificateholders, issue any additional
Certificates if such issuance would alter the classification of the Trust for
U.S. federal income tax purposes

                                   ARTICLE III

               Trust Powers; Administration of the Trust Property

         SECTION 3.01. Trust Property

         (a) The "Trust Property" of the Trust shall consist of: (i) the
Securities and all payments on or collections in respect of the Securities due
after the Cut-off Date; (ii) all Permitted Investments and all funds from time
to time on deposit in the Certificate Account; (iii) all the right, title and
interest of the Trustee in, to and under the Credit Support; (iv) all the right,
title and interest of the Trustee in, to and under the Swap Agreement and any
Swap Guarantee; and (v) any other asset described in the Terms Schedule as
constituting a portion of the Trust Property, in each case of clauses (i)
through (v) exclusive of any Retained Interest.

         (b) The Trust Property of the Trust shall not constitute trust property
of any other Trust. The holders of all Certificates together shall have an equal
and ratable undivided ownership interest in the Trust Property; provided that
the Terms Schedule may specify that certain assets constituting a part of the
Trust Property may be beneficially owned solely by or deposited solely for the
benefit of one Class or a group of Classes within the Series. In such event, the
other Classes of the Series shall not possess any beneficial ownership interest
in those specified assets constituting a part of the Trust Property.

         SECTION 3.02. Administration of the Trust

         (a) The Trustee shall administer the Trust Property for the benefit of
the Certificateholders. The duties of the Trustee shall be performed in
accordance with applicable local, State and Federal law.

                                       19
<PAGE>   28
         (b) Subject to Article X, the Trustee is authorized to perform, and
from time to time hereafter shall perform, only those acts which are described
in the Trust Agreement as obligations of the Trustee. Notwithstanding the
generality of the foregoing, the Trustee is hereby specifically authorized and
directed to do the following on behalf of the Trust: (i) accept delivery of the
Securities; (ii) accept, or execute and deliver, as applicable, any
documentation relating to the Credit Support; (iii) execute and deliver any
documentation relating to the Call Right, (iv) execute and deliver, and perform
its obligations and exercise its rights under, the Swap Agreement; (v) accept,
and exercise its rights under, any Swap Guarantee; (vi) issue Certificate
Documents and establish and maintain the Certificate Account; (vii) pledge the
assets of the Trust (including the Securities) to secure obligations of the
Trust, including obligations under the Swap Agreement; (viii) sell Securities
through the Selling Agent in accordance with Section 9.03; (ix) make Permitted
Investments pursuant to Section 3.05; and (x) liquidate the Trust pursuant to
Article IX and make distributions pursuant to Article IV.

         (c) Notwithstanding anything to the contrary herein, the Trust shall
not engage in any business or activities other than receiving and holding the
Securities and any Credit Support or other Trust Property, accepting, or
executing and delivering, any documentation relating to the Credit Support,
executing and delivering any documentation relating to the Call Right, entering
into the Swap Agreement, accepting the benefits of, and making demands and
exercising its rights, under any Swap Guarantee, issuing Certificate Documents,
making Permitted Investments in accordance with Section 3.05 and engaging in any
business activities related or incidental to the foregoing. In no event shall
the Trust engage in any business or activity which would cause it to be or
become an open-end investment company, unit investment trust or face-amount
certificate company that is or is required to be registered under Section 8 of
the Investment Company Act, or to be or become a closed-end investment company
required to be registered, but not so registered, under the Investment Company
Act.

         (d) The Trustee shall not transfer, assign, pledge, sell, set-off, or
otherwise dispose of, the Securities, the Swap Agreement, any Swap Guarantee,
the Credit Support or other Trust Property, or any interest therein, to any
Person or Persons, except (i) to a successor trustee in accordance with Section
10.08, (ii) through the Selling Agent in accordance with Section 9.03, (iii) in
accordance with Section 10.02(a)(ix), (iv) as required under the Swap Agreement
or (v) as otherwise expressly permitted hereunder. This paragraph (d) shall not
be construed to prohibit transfers of the Certificates.

         (e) The Trustee shall have the legal power to exercise all of the
rights, powers and privileges of holders of the Securities, subject to the other
provisions of this Section 3.02, Article X and the other provisions hereof.
Except as specifically provided in Section 8.01 or elsewhere in the Trust
Agreement or in the TIA, neither the Trustee nor the Depositor shall be under
any obligation whatsoever to appear in, prosecute or defend any Proceeding in
respect of the Securities.

                                       20
<PAGE>   29
         (f) Except for actions expressly authorized by the Trust Agreement, the
Trustee shall not take any actions that are reasonably likely to (nor fail to
take any actions, if such failure would be reasonably likely to) (i) impair the
interests of the Trust in the Securities, the Swap Agreement, any Swap
Guarantee, the Credit Support, or any other Trust Property, (ii) impair the
value of the Securities, the Credit Support, the Swap Agreement, any Swap
Guarantee or any other Trust Property, (iii) alter the classification of the
Trust for U.S. federal income tax purposes or (iv) impair the Trust's ability to
rely upon Rule 3a-7 under the Investment Company Act for exemption from status
as an investment company thereunder.

         (g) Except as expressly provided in the Trust Agreement, the Trustee
shall have no power to vary the corpus of the Trust Property, whether by (i)
accepting any substitute obligation or asset for any Security or any Credit
Support (except in connection with any exchange of, or substitution for, any
Securities approved in accordance with Section 7.01(c)), (ii) entering into any
amendment or modification of the Securities or the Swap Agreement, (iii)
accepting any substitute guarantee for any Swap Guarantee, (iv) adding any other
investment, obligation or security to the Trust Property, (v) withdrawing from
the Trust Property any Securities or Credit Support, (vi) terminating the Swap
Agreement other than in accordance with its terms or (vii) rejecting or
otherwise failing to accept the continuing benefits of any Swap Guarantee.

         SECTION 3.03. Collection of Certain Payments

         The Trustee shall make reasonable efforts to collect all payments
required to be made pursuant to the terms of the Securities in a manner
consistent with the terms of the Trust Agreement, the Securities, the Swap
Agreement and any Swap Guarantee, as applicable. In engaging in such activities,
the Trustee shall follow or cause to be followed collection procedures in
accordance with the terms of the Trust Agreement, the Securities, the Swap
Agreement and any Swap Guarantee, as applicable.

         SECTION 3.04. Certificate Account

         (a) The Trustee shall establish and maintain one or more Eligible
Accounts (collectively, the "Certificate Account"), held in trust for the
benefit of the Certificateholders, subject to the prior security interest of the
Swap Counterparty under the Swap Agreement and to any obligation of the Trust to
pay Extraordinary Trust Expenses pursuant to Section 10.05(c). The Trustee, on
behalf of the Certificateholders, shall possess all right, title and interest in
all funds from time to time on deposit in the Certificate Account and in all
proceeds thereof, subject to the prior security interest of the Swap
Counterparty pursuant to the Swap Agreement and to any obligation of the Trust
to pay Extraordinary Trust Expenses pursuant to Section 10.05(c). The
Certificate Account shall be under the sole dominion and control of the Trustee.
The Trustee shall deposit or cause to be deposited in the Certificate Account
all amounts collected with respect to the Securities, the Swap Agreement and any
Swap Guarantee, including:

                                       21
<PAGE>   30
                  (i) all payments received by the Trustee on account of
         principal of the Securities;

                  (ii) all payments received by the Trustee on account of
         interest (if any) on the Securities;

                  (iii) all payments received by the Trustee on account of
         premium (if any) on the Securities;

                  (iv) all payments received by the Trustee in connection with
         the consummation of any exchange of, substitution or tender for, or
         consent solicitation relating to, any Securities approved in accordance
         with Section 7.01(c);

                  (v) all payments received by the Trustee on account of the
         Credit Support;

                  (vi) all Swap Amounts and all other payments (if any) received
         by the Trustee on account of the Swap Agreement;

                  (vii) all payments received by the Trustee on account of any
         Swap Guarantee;

                  (viii) the Principal Balance, if applicable;

                  (ix) all payments in the nature of prepayment or redemption
         penalties, late payment charges or assumption fees which may be
         received by the Trustee;

                  (x) all payments held in trust pursuant to the second sentence
         of Section 11.01(c); and

                  (xi) any portion of the net proceeds of any sale made pursuant
         to Section 5.13(b) not paid to a Certificateholder pursuant to such
         Section.

         (b) If at any time a formerly Eligible Account constituting a part of
the Certificate Account no longer satisfies the requirements for Eligible
Accounts, the Trustee shall, no later than the fifth Business Day after the day
of such occurrence or prior to the next succeeding Distribution Date, whichever
occurs earlier, establish a new Account meeting such requirements and transfer
any cash and investments on deposit in the formerly Eligible Account to such new
Eligible Account, and from the date of such transfer, such new Eligible Account
shall constitute a part of the Certificate Account for all purposes of the Trust
Agreement.

         (c) The Trustee shall give notice to the Depositor and the Rating
Agencies of the location of each Eligible Account constituting a part of the
Certificate Account.

                                       22
<PAGE>   31
         SECTION 3.05. Investment of Funds in the Accounts

         The Depositor, on behalf of the Trust, shall direct in writing the
Trustee or any depositary institution maintaining any Eligible Account
constituting a part of the Certificate Account to invest the funds on deposit
therein in one or more Permitted Investments bearing interest or sold at a
discount, which shall be held to maturity unless payable on demand. If the
Depositor does not provide any investment directions to the Trustee, then the
Trustee shall invest, or cause to be invested, all funds from time to time on
deposit in the Certificate Account in Permitted Investments of a type specified
in clause (i) or (v) of the definition thereof upon receipt of such funds;
provided that such Permitted Investments shall mature at least one calendar day
prior to the next Distribution Date.

         SECTION 3.06. Retained Interest

         The Retained Interest, if any, with respect to any Security or other
Trust Property shall initially be held by the Person specified in the Terms
Schedule. Unless otherwise specified in the Terms Schedule, a portion
corresponding to the Retained Interest, if any, with respect to any Security or
other Trust Property (i) shall be deducted by the Trustee from applicable
collections in respect of such Security or other Trust Property, (ii) shall not
be deposited in the Certificate Account, (iii) shall not constitute a part of
the Trust and (iv) shall be distributed to the holder of such Retained Interest.

         SECTION 3.07. Access to Certain Documentation

         The Trustee shall provide to any Federal, State or local regulatory
authority with jurisdiction over the Depositor, the Swap Counterparty, the Swap
Guarantor or any Certificateholder access to the documentation regarding the
Securities, the Swap Agreement and any Swap Guarantee required by applicable
laws and regulations. Such access shall be afforded without charge, but only
upon reasonable request and during normal business hours at the offices of the
Trustee designated by it. In addition, access to the documentation regarding the
Securities, the Swap Agreement and any Swap Guarantee shall be provided to the
Depositor, the Swap Counterparty, the Swap Guarantor or any Certificateholder
upon reasonable request during normal business hours at the offices of the
Trustee designated by it, at the expense of the Person requesting such access.

                                   ARTICLE IV

                Distributions to Certificateholders and Reporting

         SECTION 4.01. Distributions

         Unless otherwise specified in the Terms Schedule, on each Distribution
Date for the Certificates (including the Scheduled Final Distribution Date), the
Trustee shall

                                       23
<PAGE>   32
distribute to each Certificateholder the pro rata portion of the Available Funds
as of such date that is allocable to such Certificateholder.

         SECTION 4.02. Reports to Certificateholders

         (a) On each Distribution Date, the Trustee shall provide or cause to be
provided to the Depositor and each Certificateholder a statement setting forth:

                  (i) the amounts distributed on such Distribution Date to
         Certificateholders in respect of, respectively, principal of or
         interest or premium, if any, on the Certificates;

                  (ii) the applicable Interest Rate;

                  (iii) the aggregate stated principal amount of the Securities
         as of such Distribution Date and, to the extent that such information
         has been provided to the Trustee, the interest rate applicable to the
         Securities for the immediately following Security Accrual Period;

                  (iv) the amounts received by the Trustee in respect of the
         Securities during the immediately preceding Security Accrual Period;

                  (v) any change in the available amount of each element of
         Credit Support;

                  (vi) the amounts and the recipients of any payments under the
         Swap Agreement during the immediately preceding Swap Rate Accrual
         Period;

                  (vii) if feasible, the new Swap Rate applicable to the
         immediately following Swap Rate Accrual Period;

                  (viii) the Principal Balance (or Notional Amount, if
         applicable) at the close of business on the Business Day immediately
         preceding such Distribution Date;

                  (ix) the current ratings of the Certificates and the
         Securities, respectively, and the names of the Rating Agencies that
         assigned such ratings, all to the extent that such information has been
         provided to the Trustee by the Depositor;

                  (x) the cumulative amount of Extraordinary Trust Expenses, if
         any, as of such Distribution Date; and

                  (xi) any additional information relevant to the
         Certificateholders, as specified in the Terms Schedule.

         (b) In the case of information furnished pursuant to clause (a)(i)
above, each amount shall be expressed as a Dollar amount (or the equivalent
thereof in any other

                                       24
<PAGE>   33
Specified Currency) per minimum denomination of Certificates or for any other
specified portion thereof. Within a reasonable period of time after the end of
each calendar year, the Trustee shall furnish to each Person who at any time
during such year was a Certificateholder a statement containing the information
set forth in clause (a)(i) above, aggregated for such year or the applicable
portion thereof during which such Person was a Certificateholder, which
statement shall contain sufficient information to enable each Certificateholder
to calculate its U.S. Federal income tax liability with respect to the
Certificates. Such obligation of the Trustee shall be deemed to have been
satisfied to the extent that substantially comparable information has been
provided by the Trustee in accordance with any applicable requirements of the
Code.

         (c) At any time when the Trust (or the Depositor on behalf of the
Trust) is not subject to Section 13 or 15(d) of the Exchange Act, upon receiving
a request by a Certificateholder, or a prospective purchaser from a
Certificateholder, for the information required pursuant to Rule 144A(d)(4)(i)
under the Securities Act, the Trustee shall promptly notify the Depositor of
such request, and the Depositor shall promptly thereafter provide such
information to the Trustee, and the Trustee shall forward such information to
such Certificateholder or prospective purchaser, as the case may be; provided
that, for purposes of this paragraph (c), the information required by Rule
144A(d)(4)(i) shall be as interpreted in Release No. 33-6862, Part D.

         (d) The Trustee shall furnish to Certificateholders as promptly as
possible, but in any event within three Business Days from receipt thereof,
copies of any and all notices and communications that it receives from the
Security Issuer, including notice of any call of Securities by the Security
Issuer. The Trustee shall also notify the Certificateholders of any call of
Securities by the Swap Counterparty in accordance with the Swap Agreement.

         (e) If so specified in the Terms Schedule, the Trustee shall use
reasonable efforts to cause a firm of independent public accountants to furnish
to the Trustee, commencing on a date specified in the Terms Schedule and on or
before each anniversary of such date, a statement to the effect that such firm
has examined certain documents and records relating to the administration of the
Trust Property during the immediately preceding 12-month period (or, in the case
of the first such report, the period ending on or before the date specified in
the Terms Schedule, which date shall not be more than one year after the related
Closing Date) and that, on the basis of certain agreed upon procedures
considered appropriate under the circumstances, such firm is of the opinion that
such administration was conducted in compliance with the terms of the Trust
Agreement, except for such exceptions as such firm believes to be immaterial and
such other exceptions and qualifications as shall be set forth in such report.

         If so specified in the Terms Schedule, the Trustee shall furnish to the
Depositor, upon written request by the Depositor, on or before a specified date
in each year, an annual statement signed by one or more Responsible Officers of
the Trustee to the effect

                                       25
<PAGE>   34
that the Trustee has fulfilled its obligations under the Trust Agreement during
the immediately preceding 12-month period with respect to the Certificates.

         Copies of the annual accountants' statement and the statement of
officers of the Trustee, in each case if applicable, may be obtained by
Certificateholders without charge upon written request to the Trustee.

         (f) Promptly upon receiving any notice of the exercise of the Call
Right, if any, with respect to the Certificates by a Person entitled to exercise
the Call Right, but in any event within three Business Days from receipt
thereof, the Trustee shall provide notice thereof as specified in the Terms
Schedule.

         (g) The Trustee shall transmit to Certificateholders such reports
concerning the Trustee and its actions under the Trust Agreement as may be
required pursuant to the TIA at the times and in the manner provided therein. A
copy of any such report shall, at the time of such transmission to
Certificateholders, be filed by the Trustee with each stock exchange on which
the Certificates are then listed, with the Commission and with the Depositor.
The Depositor shall notify the Trustee when the Certificates are listed on any
stock exchange.

         SECTION 4.03. Calculation of Interest Rates

         Unless otherwise specified in the Terms Schedule, the Interest Rate
shall be the rate applicable to payments received by the Trust under the
Securities or the Swap Agreement (as determined by the Swap Calculation Agent),
as applicable. If the Terms Schedule specifies a Calculation Agent, such
Calculation Agent shall calculate the Interest Rate applicable to the
Certificates from time to time in the manner specified in the Terms Schedule.
All calculations by the Calculation Agent hereunder shall, in the absence of
manifest error, be conclusive for all purposes and binding on
Certificateholders. Each of the protections, releases, indemnities and other
terms applicable to the Trustee under Sections 10.01, 10.02, 10.03 and 10.05
shall apply, mutatis mutandis, to the Calculation Agent in connection with its
actions as such.

         SECTION 4.04. Compliance with Tax Reporting and Withholding
Requirements

         Unless otherwise specified in the Terms Schedule, the Trustee shall
file or cause to be filed, within the time limits established by law, Federal
and State income tax returns and information statements as a grantor trust for
each of the Trust's taxable years. The Trust's taxable year shall be the
calendar year. Notwithstanding any other provision of the Trust Agreement to the
contrary, the Trustee shall comply with all Federal withholding requirements
regarding distributions to, or receipts of amounts on behalf of,
Certificateholders that the Trustee reasonably believes are applicable under the
Code. The consent of Certificateholders shall not be required for any such
withholding. In the event that the Trustee withholds any amount from interest or
original issue discount distributions to any Certificateholder pursuant to
Federal withholding requirements, the

                                       26
<PAGE>   35
Trustee shall indicate in the statement required to be provided to such
Certificateholder pursuant to Section 4.02(b) the amount so withheld.

         SECTION 4.05. Preservation of Information, Communications to Holders

         (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Registered Certificateholders
contained in the most recent list furnished to the Trustee and the names and
addresses of Registered Certificateholders received by the Trustee in its
capacity as Certificate Registrar. The Trustee may destroy any list furnished to
it as provided upon receipt of a new list.

         (b) Certificateholders shall have the right to communicate pursuant to
TIA Section 312(b) with other Certificateholders with respect to their rights
under this Agreement or under the Certificates.

         (c) Irrespective of whether the TIA shall apply to this Agreement, the
Depositor, the Trustee, the Paying Agent and the Certificate Registrar shall
have the benefit of protections equivalent to those provided by TIA Section
312(c).

                                    ARTICLE V

                                The Certificates

         SECTION 5.01. The Certificates

         (a) The Certificates shall be represented by one or more Certificate
Documents in the denominations specified in the Terms Schedule; provided that,
unless provided otherwise in the Trust Terms Agreement, all Certificates
denominated in Dollars shall be issued in minimum denominations of $1,000 and
integral multiples of $1,000 in excess thereof. No interests in the Trust other
than the Certificates shall be issued, except in accordance with Section 5.05.

         (b) Each Series may be limited to a single class, or, if so specified
in the Terms Schedule, may include two or more Classes differing as to
entitlement to distributions of principal, interest or premium, and one or more
Classes may be subordinated in certain respects to other Classes of the same
Series with respect to the allocation of losses arising from any defaults with
respect to the Trust Property. All Certificates of a particular Class shall be
identical in all respects, except for the denominations thereof.

         (c) Unless otherwise specified in the Terms Schedule, all Certificates
of a particular Series (or, if more than one Class exists within the same
Series, any particular Class within such Series) will, upon issuance, be
represented by one or more Global Certificates that will be deposited with, or
on behalf of, the Depositary. Global Certificates may be issued as either
Registered Certificates or Bearer Certificates and in either temporary or
permanent form. Global Certificates representing Registered

                                       27
<PAGE>   36
Certificates shall be registered in the name of a nominee of the Depositary, and
shall clear and settle in book-entry form only through the facilities of one or
more Depositaries.

         (d) In the case of Certificates represented by Global Certificates, if
the Depositary has notified the Depositor that it is unwilling or unable to
continue as Depositary and a successor Depositary is not appointed by the
Depositor within 30 days from such notification, the Trustee shall issue
individual definitive Certificates in exchange for such Global Certificates. In
addition, the Depositor may at any time and in its sole discretion determine not
to have any Certificates represented by Global Certificates and may request the
Trustee, and the Trustee upon receiving such request shall, issue individual
definitive Certificates in exchange for such Global Certificates. Further, if
specified in the Terms Schedule, an owner of a beneficial interest in one or
more Global Certificates may, on terms acceptable to the Depositor and the
Depositary, receive individual definitive Certificates in exchange for such
beneficial interest. In each of the foregoing circumstances, each owner of a
beneficial interest in a Global Certificate shall be entitled (i) to receive
individual definitive Certificates of the same Class as those represented by
such Global Certificate equal to such owner's pro rata share of the Principal
Balance (or Notional Amount, as applicable) and (ii) to have such definitive
Certificates registered in its name (if the Certificates are issuable as
Registered Certificates) . Individual definitive Certificates will be issued (x)
in the case of Registered Certificates, in denominations of $1,000 and integral
multiples of $1,000 in excess thereof (unless otherwise specified in the Terms
Schedule), (y) in the case of Bearer Certificates, in the denomination or
denominations specified in the Terms Schedule and (z) in the case of
Certificates that are issuable in either form, as Registered Certificates or
Bearer Certificates.

         SECTION 5.02. Execution, Authentication and Delivery

         (a) The Certificates shall be executed on behalf of the Trust by a
Responsible Officer of the Trustee. The signature of such officer may be manual
or in facsimile form. Certificates bearing the manual or facsimile signature of
individuals who were at any time the proper officers of the Trustee shall be
binding, notwithstanding the fact that such individuals or any of them may have
ceased to hold such offices prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such Certificates.

         (b) The Trustee shall authenticate the Certificates; provided that the
Trustee shall not be obligated to authenticate any Certificates to the extent
that the issuance thereof would adversely affect the Trustee's own rights,
duties or immunities under the Trust Agreement.

         (c) Each Certificate shall be dated as of the date of its
authentication.

         (d) No Certificate shall be entitled to any benefit under the Trust
Agreement or be valid or obligatory for any purpose, unless there appears on
such Certificate a certificate of authentication substantially in the form set
forth in Exhibit B hereto,

                                       28
<PAGE>   37
executed manually by one of the Responsible Officers of the Trustee, except as
provided otherwise in Section 5.11(e). Such certificate of authentication shall
be conclusive evidence, and the only evidence, that such Certificate has been
duly authenticated and delivered under the Trust Agreement and is entitled to
the benefits of the Trust Agreement. Notwithstanding the foregoing, if any
Certificate has been authenticated and delivered hereunder but never issued and
sold by or on behalf of the Trust, and such Certificate is delivered by or on
behalf of the Trust to the Trustee for cancellation pursuant to Section 5.08,
for all purposes of the Trust Agreement such Certificate shall be deemed never
to have been authenticated and delivered and shall never be entitled to the
benefits of the Trust Agreement.

         SECTION 5.03. Temporary Certificates

         Pending the preparation of definitive Certificates of any Series, the
Trustee shall cause one of its Responsible Officers to execute, authenticate and
deliver temporary Certificates of such Series, substantially in the form of the
definitive Certificates in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as such
Responsible Officer may determine, as evidenced by the execution of such
Certificates by such Responsible Officer.

         If temporary Certificates of any Series are issued, the Trustee shall
cause definitive Certificates of such Series to be prepared without unreasonable
delay. After the preparation of definitive Certificates of such Series, the
temporary Certificates of such Series shall be exchangeable (subject to Section
5.12(b), if applicable) for definitive Certificates of such Series upon
surrender of the temporary Certificates of such Series at the office or agency
maintained by the Trustee for such purpose, without charge to the holder
thereof. Upon surrender for cancellation of any temporary Certificates of any
Series, the Trustee shall cause one of its Responsible Officers to execute,
authenticate and deliver one or more definitive Certificates of such Series of
any authorized denomination or denominations of like tenor and equal to the same
share of the Principal Balance (or Notional Amount, as applicable). Until so
exchanged, the temporary Certificates of any Series shall in all respects be
entitled to the same benefits under the Trust Agreement as definitive Securities
of such Series.

         SECTION 5.04. Registration; Registration of Transfer and Exchange

         (a) The Trustee shall cause to be kept at its Corporate Trust Office a
register for Registered Certificates (the registers maintained in such office
and in any other office or agency of the Trustee from which distributions are
made are collectively referred to as the "Certificate Register") in which,
subject to such reasonable regulations as it may prescribe, a transfer agent and
registrar (which may be the Trustee) (the "Certificate Registrar") shall provide
for the registration of Registered Certificates and of transfers and exchanges
thereof. The Trustee shall have the right to rely upon a certificate executed on
behalf of the Certificate Registrar by one or more of its Responsible Officers
as to the names and addresses of the holders of Registered Certificates and the
share of

                                       29
<PAGE>   38
the Principal Balance (or Notional Amount, as applicable) thereof held by each
such holder.

         The Trustee is initially appointed as Certificate Registrar for
purposes of registering Registered Certificates and transfers and exchanges
thereof as herein provided and shall remain Certificate Registrar for such
purposes until the earliest to occur of (i) the appointment by the Depositor of
a different Certificate Registrar, (ii) the resignation or termination of the
Trustee and appointment of a successor trustee in accordance with Section 10.08,
in which case such successor trustee shall be deemed to be appointed as
Certificate Registrar, and (iii) the termination of the Trust and discharge of
the Trustee's obligations under the Trust Agreement in accordance with the
applicable terms of Articles IX and XI; provided, however, that the Trustee may
appoint one or more co-Certificate Registrars. Upon the resignation of any
Certificate Registrar appointed by the Depositor pursuant to clause (i) of the
immediately preceding sentence, the Trustee shall promptly assume the duties of
Certificate Registrar. Upon (i) the appointment by the Depositor of a Person
other than the Trustee as Certificate Registrar, (ii) the appointment of any
co-Certificate Registrar or (iii) any change in the identity of the Certificate
Registrar or any co-Certificate Registrar, the Depositor shall, within three
Business Days from such occurrence, give notice thereof to the Trustee and the
Rating Agencies, which notice shall also specify the location, and any change in
the location, of the Certificate Register.

         (b) Upon surrender for registration of transfer of any Registered
Certificate at the office or agency of the Trustee, if the requirements of
Section 8-401(1) of the UCC are met to the Trustee's satisfaction, and subject
to the transfer restrictions set forth in Section 5.12, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Registered Certificates of any authorized
denominations, of like tenor and equal to the same share of the Principal
Balance (or Notional Amount, as applicable). All transfers of Registered
Certificates are subject to the approval of the Trustee, and the Trustee shall
not approve any transfer of Registered Certificates if such transfer would
violate any provision of the Trust Agreement.

         At the option of the holder of any Registered Certificate, such
Certificate may be exchanged for one or more other Registered Certificates of
any authorized denomination or denominations of like tenor and equal to the same
share of the Principal Balance (or Notional Amount, as applicable) upon
surrender of the Registered Certificate to be exchanged at the office or agency
of the Trustee maintained for such purpose. Whenever any Registered Certificates
are so surrendered for exchange, the Trustee shall execute, authenticate and
deliver the Registered Certificates that the exchanging holder is entitled to
receive.

         All Registered Certificates issued upon registration of any transfer or
exchange of Registered Certificates shall constitute complete and indefeasible
evidence of ownership

                                       30
<PAGE>   39
in the Trust Property and be entitled to the same benefits under the Trust
Agreement as the Registered Certificates surrendered upon such registration of
transfer or exchange.

         (c) Each Registered Certificate presented or surrendered for
registration of transfer or exchange shall (if so required by the Trustee or the
Certificate Registrar) (i) be duly endorsed, or be accompanied by a written
instrument of transfer in a form satisfactory to the Trustee and the Certificate
Registrar duly executed by the holder thereof or such holder's attorney duly
authorized in writing, which signature shall be guaranteed by a commercial bank
or trust company or by a member firm of a national securities exchange, and (ii)
be accompanied by such other documents as the Trustee may require.

         (d) No service charge shall be imposed on a Certificateholder for any
registration of transfer or exchange of Registered Certificates, but the Trustee
may require payment by the Holders of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange, except in the case of any exchange pursuant to Section
5.01(d), 5.03, 5.12(a)(ii) or 5.13(a).

         SECTION 5.05. Mutilated, Destroyed, Lost and Stolen Certificates

         If (i) any mutilated Certificate is presented to the Depositor or the
Trustee or (ii) the Depositor and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Certificate, and the
Depositor and the Trustee receive such security or indemnity as they may require
to save each of them and any Paying Agent harmless, and neither the Depositor
nor the Trustee receives notice that such Certificate has been acquired by a
bona fide purchaser, then, in each case, the Trustee shall cause one of its
Responsible Officers to execute, authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of like tenor and equal to the same share of the Principal Balance
(or Notional Amount, as applicable), bearing a number not contemporaneously
Outstanding, so that neither gain nor loss in interest shall result from such
exchange or substitution.

         Upon the issuance of any new Certificate under this Section 5.05, the
Trustee may require the payment by the Person that will become the holder of
such Certificate of a sum sufficient to cover any tax or other governmental
charge that may be imposed with respect thereto and any other expenses
(including the fees and expenses of the Trustee) in connection therewith.

         Each new Certificate issued pursuant to this Section 5.05 shall
constitute complete and indefeasible evidence of a beneficial ownership interest
in the Trust Property, whether or not the destroyed, lost or stolen Certificate
shall at any time be enforceable by anyone, and shall be entitled to all the
benefits of the Trust Agreement equally and proportionately with any and all
other Certificates duly issued thereunder.

                                       31
<PAGE>   40
         The terms of this Section 5.05 are exclusive and shall preclude (to the
extent permitted by applicable law) all other rights and remedies with respect
to the replacement or payment of mutilated, destroyed, lost or stolen
Certificates.

         SECTION 5.06. Distributions in Respect of Certificates

         (a) Any amount in respect of a Registered Certificate that is payable
and is punctually paid or duly provided for on any Distribution Date or any
other date shall be distributed to the Person in whose name such Registered
Certificate (or one or more Predecessor Certificates) is registered at the close
of business on the related Record Date, notwithstanding any cancellation of such
Registered Certificate upon any transfer or exchange subsequent to such Record
Date. Distributions on Registered Certificates shall be made, in accordance with
arrangements satisfactory to the Trustee, by wire transfer to an account
designated in writing by the Person entitled to receive such Distributions, or,
in the case of distributions of Securities in kind, by delivery of such
Securities to any DTC or other Depositary account designated in writing by such
Person, or, if such arrangements with respect to any Person are not so made no
later than 15 calendar days prior to the applicable Distribution Date, at the
Corporate Trust Office (with respect to the final distribution and distributions
in kind of Securities) or by check mailed to the address of the Person entitled
thereto as such address appears in the Certificate Register.

         (b) Unless otherwise specified in the Terms Schedule, subject to
Section 5.12 and to applicable law, any amount in respect of a Bearer
Certificate that is punctually paid or duly provided for on any Distribution
Date or any other date shall be payable only upon surrender of the applicable
coupons or Certificates, as the case may be, and at such offices or agencies
outside the United States as the Trustee may from time to time designate.

         (c) Subject to paragraphs (a) and (b) above, each Certificate delivered
under the Trust Agreement upon transfer of or in exchange for or in lieu of any
other Certificate shall carry the rights to amounts to be distributed that are
accrued and undistributed, and to accrue, that were carried by such other
Certificate.

         SECTION 5.07. Persons Deemed Owners

         The Depositor and the Trustee and any agent of the Depositor or the
Trustee may treat the Person in whose name any Registered Certificate is
registered as the owner of such Certificate on the relevant Record Date for the
purpose of receiving distributions of principal of, and any premium and any
interest on, such Certificate and for all other purposes whatsoever, whether or
not such Certificate is overdue, and neither the Depositor, the Trustee, nor any
agent of the Depositor or the Trustee shall be affected by notice to the
contrary. All distributions made to any such Person, or upon the order of such
Person, shall be valid, and, to the extent of the sum or sums paid, effectual to
satisfy and discharge the liability for moneys distributable in respect of such
Certificate.

                                       32

<PAGE>   41
         SECTION 5.08. Cancellation

         All Certificates surrendered for payment, redemption or registration of
transfer or exchange shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly canceled by it. Any
Certificates previously authenticated and delivered under the Trust Agreement
(i) which may have been acquired on behalf of the Trust or (ii) which have not
been issued and sold on behalf of the Trust, may be delivered on behalf of the
Trust to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation, and all Certificates so delivered shall be promptly canceled by
the Trustee. No Certificates shall be authenticated in lieu of or in exchange
for any Certificates surrendered as provided in this Section 5.08, except as
expressly permitted by the Trust Agreement.

         SECTION 5.09. Currency of Distributions in Respect of Certificates;
Redenomination

         (a)      Except as provided in (b) below, distributions of the
principal of, or any premium or any interest on, Certificates shall be made in
the Specified Currency.

         (b)      Unless otherwise provided in the Terms Schedule, if
distributions in respect of a Certificate are required to be made in a Specified
Currency other than Dollars, and such currency is unavailable due to the
imposition of exchange controls or other circumstances beyond the control of the
Depositor, the Trust and their respective Affiliates, or is no longer used by
the government of the country issuing such currency or for the settlement of
transactions by public institutions of or within the international banking
community, then all distributions in respect of such Certificate shall be made
at a time and in a manner determined by the Exchange Rate Agent in its sole
discretion, which may be in the Specified Currency at such reasonable time as
such currency is again available or so used, or in such other currency and at
such rates as the Exchange Rate Agent may determine.

         Each of the protections, releases, indemnities and other terms
applicable to the Trustee under Sections 10.01, 10.02, 10.03 and 10.05 shall
apply, mutatis mutandis, to the Exchange Rate Agent in connection with its
actions as Exchange Rate Agent for the Trust.

         SECTION 5.10. Appointment of Paying Agent

         (a)      The Trustee may appoint one or more paying agents (each, a
"Paying Agent") with respect to the Certificates, and shall appoint at least one
Paying Agent outside the United States in respect of payments to be made on any
Bearer Certificates. Any such Paying Agent shall be authorized to make
distributions to Certificateholders pursuant to the Trust Agreement and shall
report the amounts of such distributions to the Trustee. The Trustee may remove
the Paying Agent if the Trustee determines in its sole discretion that the
Paying Agent has failed to perform its obligations under the Trust Agreement in
any material respect or if the Paying Agent fails to satisfy the eligibility

                                       33
<PAGE>   42
requirements set forth in paragraph (b) below. The Paying Agent shall initially
be the Trustee and any co-Paying Agent selected by the Depositor and acceptable
to the Trustee. Any Paying Agent shall be permitted to resign as Paying Agent
upon at least 30 days' prior written notice to the Trustee. In the event that
the Trustee is no longer the Paying Agent, the Trustee shall appoint a successor
or additional Paying Agent. The Trustee shall cause each such Paying Agent to
execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee that it will hold any and all sums held by it for
distribution to the Certificateholders in an Eligible Account in trust for the
benefit of the Certificateholders entitled thereto until such sums are
distributed to such Certificateholders. The Paying Agent shall return all
unclaimed funds to the Trustee within two years from the time such funds were
first eligible to be claimed and, in the event of its removal by the Trustee,
shall promptly return all funds in its possession to the Trustee.

         (b)      The Paying Agent shall at all times be a corporation or an
association, the combined capital and surplus of which is at least $50,000,000
and the long-term debt obligations of which are rated in one of the four highest
categories assigned to long-term debt obligations by each of the Rating
Agencies, and which is subject to supervision or examination by Federal or State
authorities. If such corporation or association publishes reports of conditions
at least annually, the combined capital and surplus of such corporation or
association at any time shall be deemed to be its combined capital and surplus
as set forth in its most recent report of conditions so published. In the event
that the Paying Agent at any time ceases to be eligible in accordance with the
terms of this paragraph (b), the Paying Agent shall promptly return all funds
then in its possession to the Trustee and then resign immediately. Upon such
resignation, the Trustee shall act as Paying Agent until the appointment of a
successor Paying Agent in accordance with paragraph (a) above.

         (c)      The Trustee shall pay to each Paying Agent from time to time
reasonable compensation for its services under this Section 5.10.

         (d)      The provisions of Sections 10.01, 10.02, 10.03, 10.05 and
10.06 shall apply to the Trustee also in its role as Paying Agent, if and for so
long as the Trustee acts as Paying Agent in accordance with this Section 5.10.

         (e)      Any reference in the Trust Agreement to the Paying Agent shall
include any co-Paying Agent, unless the context requires otherwise.

         (f)      Any funds returned by the Paying Agent to the Trustee pursuant
to the last sentence of paragraph (a) or the penultimate sentence of paragraph
(b) above shall be set aside and held in trust by the Trustee for the benefit of
the Certificateholders entitled to such funds.

                                       34
<PAGE>   43
         SECTION 5.11. Authenticating Agent

         (a)      The Trustee may appoint one or more Authenticating Agents
(each, an "Authenticating Agent") with respect to the Certificates, each of
which shall be authorized to act on behalf of the Trustee in authenticating
Certificates in connection with the issuance, delivery and registration of
transfer or exchange thereof. Whenever reference is made in the Trust Agreement
to the authentication of Certificates by the Trustee or the Trustee's
certificate of any authentication, such reference shall be deemed to include any
authentication on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent must be acceptable to the Depositor.

         (b)      Any institution succeeding to the corporate agency business of
any Authenticating Agent shall be an Authenticating Agent without the execution
or filing of any power or any further act on the part of the Trustee or such
institution. An Authenticating Agent may at any time resign by giving notice of
resignation to the Trustee and the Depositor. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving a notice of
termination to such Authenticating Agent and the Depositor. Upon receiving such
a notice of resignation or giving such a notice of termination, or in the event
that at any time an Authenticating Agent shall cease to be acceptable to the
Trustee or the Depositor, as the case may be, the Trustee shall act as
Authenticating Agent until the appointment of a successor Authenticating Agent
in accordance with paragraph (a) above.

         (c)      The Trustee shall pay to each Authenticating Agent from time
to time reasonable compensation for its services under this Section 5.11.

         (d)      The provisions of Sections 10.01, 10.02, 10.03, 10.05 and
10.06 shall apply to the Trustee also in its role as Authenticating Agent if and
for so long as the Trustee acts as Authenticating Agent in accordance with this
Section 5.11.

         (e)      If an Authenticating Agent (other than the Trustee) is
appointed pursuant to this Section 5.11, the Certificates may have endorsed
thereon, in lieu of the Trustee's certificate of authentication pursuant to
Section 5.02(d), an alternate certificate of authentication in substantially the
following form:

                                       35
<PAGE>   44
         This is one of the Certificates referred to in the within-mentioned
Trust Agreement.

                      -----------------------------
                      as Authenticating Agent for
                      the Trustee

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

         SECTION 5.12. Issuance and Transfer Restrictions

         (a)      If the Terms Schedule specifies that the Certificates shall be
Registered Certificates that are Book-Entry Certificates:

                  (i) Such Certificates shall be represented by one or more
         Global Certificates registered in the name of a Depositary or its
         nominee;

                  (ii) Unless otherwise provided in the Certificates or the
         Terms Schedule, any Global Certificate representing such Certificates
         shall be exchangeable for Certificate Documents registered in the name
         of Persons other than the Depositary or its nominee only if (A) the
         Depositary is no longer willing or able to act as a depositary and the
         Trustee is unable to locate a qualified successor Depository within 30
         days or (B) a Trust Wind-Up Event has occurred and be continuing. Upon
         any such exchange, the Trustee shall register such Certificate
         Documents in the name of, and cause such Certificate Documents to be
         delivered to, such other Persons; and

                  (iii) Any Global Certificate representing such Certificates
         shall bear a legend in substantially the following form:

                           "THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE
                  MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS
                  REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
                  THIS CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR
                  A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS CERTIFICATE
                  IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
                  PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT
                  IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST
                  AGREEMENT."

         (b)      If the Terms Schedule specifies that the Certificates shall be
Bearer Certificates:

                  (i) The Underwriting Agreement with respect to such
         Certificates shall provide that, in connection with the original
         issuance of such Certificates and during the period ending 40 days
         after such issuance, the Underwriter or

                                       36
<PAGE>   45
         Underwriters thereunder shall not offer, sell or deliver such
         Certificates, directly or indirectly, to a U.S. Person or to any Person
         within the United States, except to the extent permitted under U.S.
         Treasury regulations;

                  (ii) Such Certificates shall bear a legend to the following
         effect.

                           "ANY U.S. PERSON WHO HOLDS THIS OBLIGATION SHALL BE
                  SUBJECT TO LIMITATIONS UNDER U.S. INCOME TAX LAWS, INCLUDING
                  THE LIMITATIONS PROVIDED IN SECTIONS 165(J) AND 1287(A) OF THE
                  INTERNAL REVENUE CODE."; and

                  (iii) Pending the availability of a permanent Global
         Certificate or definitive Bearer Certificates, as the case may be,
         Certificates that are issuable as Bearer Certificates may initially be
         represented by a single temporary Global Certificate, without interest
         coupons, to be deposited with a common depositary in London for
         Euroclear and Clearstream for credit to the accounts designated by or
         on behalf of the purchasers thereof. Following the availability of a
         permanent Global Certificate in bearer form, without coupons attached,
         or definitive Bearer Certificates, and subject to any further
         limitations specified in the Terms Schedule, any such temporary Global
         Certificate shall be exchangeable, in accordance with Section 5.03, for
         interests in such permanent Global Certificate or for definitive Bearer
         Certificates, respectively, only upon receipt by the Trustee of a
         certificate acceptable to the Depositor and the Trustee to the effect
         that a beneficial interest in a temporary Global Certificate is owned
         by a Person that is not a U.S. Person or is owned by or through a
         financial institution in compliance with applicable U.S. Treasury
         regulations (a "Certificate of Non-U.S. Beneficial Ownership"). No
         Bearer Certificate shall be delivered in or to the United States. If so
         specified in the Terms Schedule, interest on a temporary Global
         Certificate will be distributed to each of Euroclear and Clearstream
         with respect to that portion of such temporary Global Certificate held
         by it, but only upon receipt by the Trustee as of the relevant
         Distribution Date of a Certificate of Non-U.S. Beneficial Ownership.

         (c)      (i) Subject to clause (ii) below, if the Terms Schedule
specifies that the "Alternative ERISA Restrictions" apply:

                           (A) The Certificates shall be issued only as
                  definitive Registered Certificates and no transfer of any
                  Certificate Document shall be made to any employee benefit
                  plan, domestic or foreign, whether or not subject to ERISA, or
                  described in Section 4975(e)(1) of the Code, or comparable
                  terms of any subsequent enactments, or a trustee of any such
                  plan, or an entity whose underlying assets include the assets
                  of any such plan (each of the foregoing a "Benefit Plan"),
                  unless immediately after such transfer Certificates
                  representing a percentage interest of not more than 24.9% are

                                       37
<PAGE>   46
                  held by Benefit Plans (for this purpose the percentage
                  interest shall be calculated as if any Certificates held by
                  the Depositor, the Trustee or any of their affiliates (within
                  the meaning of Department of Labor Reg. ss. 2510.3-101(f)(3))
                  were not outstanding);

                           (B) any prospective transferee shall be required to
                  certify whether or not it is a Benefit Plan or is acquiring
                  the Certificates with the assets of any Benefit Plan; and

                           (C) after the initial distribution of the
                  Certificates subject to the Alternative ERISA Restrictions,
                  neither the Depositor nor the Trustee or any of their
                  Affiliates shall acquire any Certificate, unless immediately
                  after such acquisition Certificates held by Benefit Plans
                  would not represent a percentage interest of more than 24.9%
                  (calculated as described in subclause (A) of this clause (i)).

                  (i) If the Terms Schedule specifies that the "Deemed
         Representations" apply:

                           (A) The restrictions described in clause (i) above
                  shall not apply and the Certificates shall be issued in
                  reliance on certain exemptions from the prohibited transaction
                  provisions of Section 406 of ERISA and Section 4975 of the
                  Code which may be applicable, depending in part on the type of
                  Plan fiduciary making the decision to acquire a Certificate
                  and the circumstances under which such decision is made.
                  Included among these exemptions are Prohibited Transaction
                  Class Exemption ("PTCE") 91-38 (relating to investments by
                  bank collective investment funds), PTCE 84-14 (relating to
                  transactions effected by a "qualified professional asset
                  manager"), PTCE 90-1 (relating to investments by insurance
                  company pooled separate accounts), PTCE 95-60 (relating to
                  transactions involving insurance company general accounts) and
                  PTCE 96-23 (relating to transactions determined by in-house
                  asset managers);

                           (B) BY ITS PURCHASE OF ANY CERTIFICATE, THE PURCHASER
                  WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED EITHER THAT
                  (1) IT IS NOT AN ERISA PLAN OR OTHER PLAN, A GOVERNMENTAL PLAN
                  WHICH IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS
                  SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF
                  ERISA OR SECTION 4975 OF THE CODE OR AN ENTITY WHOSE
                  UNDERLYING ASSETS INCLUDE THE ASSETS OF ANY SUCH ERISA PLAN OR
                  OTHER PLAN, OR (2) ITS PURCHASE, HOLDING AND DISPOSITION OF A
                  CERTIFICATE WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER
                  SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE
                  CASE OF

                                       38
<PAGE>   47
                  A GOVERNMENTAL PLAN, ANY SUBSTANTIALLY SIMILAR FEDERAL, STATE
                  OR LOCAL LAW) FOR WHICH AN EXEMPTION IS NOT AVAILABLE; AND

                           (C) Each Person that acquires a Certificate, and each
                  fiduciary which causes a Person to acquire a Certificate, in
                  such fiduciary's individual capacity, hereby agrees to
                  indemnify and hold harmless the Depositor, the Trustee and
                  their respective affiliates from any cost, damage, loss or
                  expense incurred by them as a result of the representation set
                  forth in subclause (B) of this clause (ii) not being true.

                  (iii) Unless the Terms Schedule specifies that either the
                  "Alternative ERISA Restrictions" or the "Deemed
                  Representations" apply:

                           (A) no Certificate may be transferred to any Benefit
                  Plan that is subject to the fiduciary responsibility
                  provisions of Title I of ERISA or Section 4975(e) of the Code
                  (an "ERISA Plan"), or that is a governmental or other plan
                  subject to substantially similar legal requirements, or to any
                  Person that is acquiring the Certificate with the assets of
                  any such Benefit Plan. Any purported transfer in violation of
                  this restriction shall be void ab initio;

                           (B) BY ITS PURCHASE OF ANY CERTIFICATE, THE PURCHASER
                  WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS
                  NOT AN ERISA PLAN, IS NOT A GOVERNMENTAL OR OTHER PLAN SUBJECT
                  TO SUBSTANTIALLY SIMILAR LEGAL REQUIREMENTS, AND IS NOT USING
                  THE ASSETS OF ANY SUCH BENEFIT PLAN TO PURCHASE THE
                  CERTIFICATE; AND

                           (C) each Person that acquires a Certificate, and each
                  fiduciary which causes a Person to acquire a Certificate, in
                  such fiduciary's individual capacity, hereby agrees to
                  indemnify and hold harmless the Depositor, the Trustee and
                  their respective affiliates from any cost, damage, loss or
                  expense incurred by them as a result of the representation set
                  forth in subclause (B) of this clause (iii) not being true.

         (d)      Each of the Trustee and the Depositor is entitled to request
additional evidence from a proposed transferee of any Certificate to ensure to
its sole satisfaction the accuracy of the representations in the Underwriting
Agreement relating to the matters identified in the preceding paragraphs.

         (e)      If, at any time, the Trustee learns that any of the
representations or warranties provided by a transferee or prospective transferee
of any Certificate is inaccurate or that any agreement made therein has been
breached, any purported transfer of such Certificate to such transferee or
prospective transferee shall be null and void ab

                                       39
<PAGE>   48
initio. The Trustee shall arrange through the Depositor for the compulsory sale
(at a price determined by the Depositor) for any purported transfer of a
Certificate in contravention of any of the transfer restrictions set forth
herein. The Trustee shall also have such other powers as may be necessary, in
its sole discretion, to effect compliance with the terms of this Section 5.12.

         SECTION 5.13. Optional Exchange

         (a)      In order for a Certificate of any Exchangeable Series (or
Class within such Exchangeable Series) to be exchanged by a holder thereof, the
Trustee must receive, at least 30 (or such shorter period acceptable to the
Trustee) but not more than 45 days prior to an Optional Exchange Date, (i) such
Certificate with the form entitled "Option to Elect Exchange" duly completed or
(ii) in the case of a Registered Certificate, a telegram, telex, facsimile
transmission or letter from a member of a national securities exchange, the
National Association of Securities Dealers, Inc., the Depositary (in accordance
with its normal procedures) or a commercial bank or trust company in the United
States, which shall set forth the name of such holder, the share of the
Principal Balance (or Notional Amount, as applicable) to be exchanged, the
certificate number or a description of the tenor and terms of such Registered
Certificate, a statement that the option to elect exchange is being exercised
thereby and a guarantee that such Registered Certificate with the form entitled
"Option to Elect Exchange" duly completed will be received by such Trustee not
later than five Business Days after the date of such telegram, telex, facsimile
transmission or letter. If the procedure described in clause (iii) of the
immediately preceding sentence is chosen, then such Registered Certificate and
duly completed form must be received by the Trustee by such fifth Business Day.
Any tender of a Certificate by the holder thereof for exchange shall be
irrevocable. Any exchange pursuant to this paragraph (a) (including any partial
exchange in accordance with the two next succeeding sentences) must be for a
share of the Principal Amount (or Notional Amount, as applicable) of
Certificates corresponding to an even number of related Securities. The exchange
option may be exercised by the holder of a Certificate for less than the entire
amount of such Certificate, provided the amount of such Certificate remaining
outstanding after such exchange is an authorized denomination and any other
requirements specified in the Terms Schedule are satisfied. Upon any such
partial exchange, such Certificate shall be canceled and a new Certificate or
Certificates of like tenor for the remaining amount shall be issued in the name
of the holder of such exchanged Certificate.

         (b)      Unless otherwise specified in the Terms Schedule, upon
satisfaction of the conditions specified in paragraph (a) above and any
applicable conditions with respect to the related Trust Property, the exchanging
Certificateholder shall be entitled to receive a distribution of a pro rata
share of such Trust Property, in the manner and to the extent specified in the
Terms Schedule. If so specified in the Terms Schedule, upon such distribution,
the exchanging Certificateholder may direct the Trustee to sell, on behalf of
such Certificateholder, such pro rata share of such Trust Property, in which
case the Certificateholder shall be entitled to receive the net proceeds of such
sale, less any costs

                                       40
<PAGE>   49
and expenses incurred by the Trustee in facilitating such sale, subject to any
additional adjustments set forth in the Terms Schedule.

         (c)      Notwithstanding the preceding paragraphs, any right of
exchange in respect of an Exchangeable Series shall be exercisable only to the
extent that the Depositor determines, and notifies the Trustee, that such
exchange would not be inconsistent with the Depositor's and the Trust's
continued satisfaction of the applicable requirements for exemption under Rule
3a-7 under the Investment Company Act. The Terms Schedule shall specify any
additional terms pertaining to any right of exchange, including the following:

                  (i) a requirement that the exchanging Holder tender to the
         Trustee Certificates of each Class within the Exchangeable Series;

                  (ii) a minimum share of the Principal Balance (or Notional
         Amount, as applicable), with respect to each Certificate being tendered
         for exchange;

                  (iii) a requirement that the share of the Principal Balance
         (or Notional Amount, as applicable) represented by each Certificate
         tendered for exchange be an integral multiple of a specified amount;

                  (iv) specified dates on which a Holder may effect such an
         exchange (each, an "Optional Exchange Date");

                  (v) limitations on the right of an exchanging Holder to
         receive any benefit upon exchange from any Credit Support or other
         non-Securities constituting a part of the Trust Property; and

                  (vi) a requirement that the exchanging holder obtain the
         consent of the Swap Counterparty to such exchange and tender to the
         Swap Counterparty a termination payment for termination of the portion
         of the Swap Agreement corresponding to the portion of the Securities to
         be distributed by the Trustee.

         (d)      If the Terms Schedule specifies that "Depositor Optional
Exchange" is applicable to the Certificates, any Certificates held by the
Depositor or its Affiliates from time to time shall be subject to a right of
exchange by the Depositor or such Affiliates, but not by other
Certificateholders, for a pro rata portion of the Trust Property of the related
Trust, subject to one or more of the conditions set forth or referred in
paragraphs (b) and (c) above and as specified in the Terms Schedule.

         SECTION 5.14. Callable Certificates

         (a)      If one or more specified Persons has or have the right to
purchase, or the Trustee is obligated to redeem under certain circumstances, all
or a portion of the Certificates (a "Call Right"), the Terms Schedule shall
designate such Series as a

                                       41
<PAGE>   50
"Callable Series," and specify the terms and conditions upon which such right
may be exercised. Such terms and conditions may include the following:

                  (i) a minimum share of the Principal Balance (or Notional
         Amount, as applicable) to be purchased or redeemed;

                  (ii) a requirement that the share of the Principal Balance (or
         Notional Amount, as applicable) being purchased or redeemed be an
         integral multiple of a specified amount;

                  (iii) if the Call Right is exercised with respect to less than
         all of the Certificates, the manner of selecting the Certificates being
         purchased or redeemed ;

                  (iv) specified dates during which such a purchase or
         redemption may be effected (each, a "Call Date"); and

                  (v) the price at which such a purchase or redemption may be
         effected (the "Call Price").

         After receiving notice of the exercise of any Call Right, the Trustee
shall give notice thereof in the manner specified in the Terms Schedule.

         (b)      Prior to any purchase or redemption of Certificates, the
Person exercising the Call Right shall deposit, or cause to be deposited, with
the Trustee or with a Paying Agent (or, in the case of a purchase or redemption
by the Trustee or a Paying Agent, shall segregate and hold in trust), an amount
of money to pay the Call Price of, and (unless the redemption date is an
interest payment date) accrued interest on, all Certificates which are to be
purchased on such date.

         (c)      On the redemption date specified in the Terms Schedule, the
Certificates being purchased shall become due and payable at the Call Price, and
from and after such date (unless the Person exercising the Call Right defaults
in the payment of the Call Price and any accrued interest) such Certificates
shall cease to bear interest. Upon surrender of any such Certificate for
redemption in accordance with the notice given by the Trustee in accordance with
the last sentence of paragraph (a) above, such Certificate shall be paid by the
Trustee from the amount of money deposited with it (or with a Paying Agent)
pursuant to paragraph (b) above; provided that, unless otherwise specified in
the Terms Schedule, installments of interest becoming due and payable on or
prior to the redemption date shall be payable to the holder of such Certificate,
or one or more Predecessor Certificates, registered as such at the close of
business on the relevant Record Date.

                                       42
<PAGE>   51
                                   ARTICLE VI

                                  The Depositor

         SECTION 6.01. Liability of the Depositor

         The Depositor shall be liable in accordance with the Trust Agreement
only to the extent of the obligations specifically imposed thereby on the
Depositor.

         SECTION 6.02. Limitation on Liability of the Depositor

         (a)      Except as may be otherwise expressly specified in the Trust
Agreement, the Depositor shall not be under any obligation to (i) expend or risk
its own funds, except to the extent of its obligation to pay any amount payable
under the Trustee Fee Letter or under Section 10.05(b), or (ii) otherwise incur
financial liability in the performance of its duties thereunder or in the
exercise of any of its rights or powers, in each case of clauses (i) and (ii) to
the extent that reasonable grounds exist for believing that the repayment of
such funds or adequate indemnity against such liability is not reasonably
assured to it.

         (b)      Neither the Depositor nor any of its directors, officers,
employees or agents shall be under any liability to the Trustee, the Trust or
the Certificateholders for taking any action, or refraining from taking any
action, in good faith pursuant to the Trust Agreement, or for errors in
judgment; provided, however, that this sentence shall not protect any such
Person against any liability (i) related to the inaccuracy or breach of any
representation, warranty or agreement of the Depositor in the Trust Agreement,
(ii) specifically imposed on the Depositor pursuant to the Trust Agreement, or
(iii) by reason of willful misfeasance, bad faith or negligence in the
performance of, or reckless disregard of, obligations specifically set forth in
the Trust Agreement.

         (c)      The Depositor shall not be under any obligation to appear in,
prosecute or defend any Proceeding unless such Proceeding is related to its
obligations under the Trust Agreement and, in its reasonable opinion, does not
involve it in any expense or liability; provided, however, that the Depositor
may in its discretion appear in, prosecute or defend any such Proceeding which
it may deem necessary or desirable with respect to the Trust Agreement and the
rights and duties of the parties thereto and the interests of the
Certificateholders.

         SECTION 6.03. Depositor May Purchase Certificates

         The Depositor or its Affiliates may at any time purchase Certificates
in the open market or otherwise. Certificates so purchased may, at the
discretion of the Depositor, be held, resold or, to the extent permitted under
the terms thereof, exchanged or called by the Depositor or such Affiliates.

                                       43
<PAGE>   52
         SECTION 6.04. Preparation and Filing of Exchange Act Reports;
Obligations of the Depositor

         The Depositor shall:

         (a)      On behalf of the Trust, prepare, sign and file with the
Commission, with copies to the Trustee (who shall provide such copies to the
Rating Agencies), within the applicable time periods set forth below, such
reports as may from time to time be required to be filed by or on behalf of the
Trust with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
(collectively, the "Exchange Act Reports") with respect to the Trust. Such
Exchange Act Reports include:

                  (i) Form 8-K, to be filed in such circumstances and within
         such time periods prescribed therefor by the Commission under the
         Exchange Act; and

                  (ii) Form 10-K, to be filed within the time period prescribed
         therefore by the Commission under the Exchange Act.

         (b)      Deliver to the Trustee, within 15 days after same are required
to be filed with the Commission, such additional information, documents and
reports with respect to compliance by the Depositor with the conditions and
covenants of the Trust Agreement, if any, as may be required to be filed with
the Commission from time to time; and

         (c)      Deliver to the Trustee, which shall then transmit by mail to
Certificateholders in accordance with TIA Section 313(c), such summaries of any
information, documents and reports required to be filed by the Depositor and
received pursuant to paragraphs (a) and (b) above, as may be required to be
filed by the rules and regulations prescribed from time to time by the
Commission under the Exchange Act.

         SECTION 6.05. Preferential Collection of Claims Against Depositor

         Irrespective of whether the TIA shall apply to the Trust Agreement, the
Trustee shall comply with the obligations set forth in TIA Section 311(a),
taking into account the exclusion set forth in TIA Section 311(b). A trustee
that has resigned or has been removed shall be subject to such obligations to
the extent set forth in TIA Section 311(a).

                                  ARTICLE VII

                          Rights of Certificateholders

         SECTION 7.01. Voting Rights with Respect to Securities

         (a)      As promptly as possible, but in any event within five Business
Days from receipt thereof, the Trustee shall give notice of any meeting of, or
other occasion for the exercise of voting rights or the giving of consents by,
owners of the Securities to the Certificateholders, with copies to the Rating
Agencies. The notice to be given by the

                                       44
<PAGE>   53
Trustee pursuant to the immediately preceding sentence shall contain (i) such
information as is contained in such notice to owners of the Securities, (ii) a
statement that the Certificateholders will be entitled, subject to the
applicable law and any applicable provision of the Securities, to instruct the
Trustee as to the exercise of voting rights, if any, pertaining to the
Securities and (iii) a statement as to the manner in which instructions may be
given to the Trustee to give a discretionary proxy to a Person designated in the
notice received by the Trustee. Such notice shall be given by the Trustee to the
Certificateholders of record as soon as practicable after the date on which the
relevant notice to owners of the Securities is received by the Trustee at its
Corporate Trust Office.

         (b)      Unless otherwise specified in the Terms Schedule, the voting
rights allocable to owners of the Securities pursuant to the terms thereof shall
be allocated among the Certificateholders pro rata, in the proportion that the
share of the Principal Balance (or Notional Amount, as applicable) of each such
holder bears to the aggregate Principal Balance (or Notional Amount, as
applicable); and upon the written request of each Certificateholder, if received
on or before the date established by the Trustee for such purpose, the Trustee
shall endeavor, insofar as practicable and permitted under applicable law and
any applicable provision of the Securities, to vote in accordance with any
nondiscretionary instruction set forth in such written request; provided that
the Trustee shall not vote except as specifically authorized and directed by
written instructions from each Certificateholder entitled to give such
instructions; provided, further, that if the share of the Principal Balance (or
Notional Amount, as applicable) held by all Certificateholders instructing the
Trustee to vote on a particular matter in a certain manner does not correspond
to an even number of Securities, the Trustee shall vote the number of Securities
most closely corresponding to such share of the Principal Balance (or Notional
Amount, as applicable) in such manner, with any portion of such share
representing less than half of a Security not so voted and any portion such
share representing half or more of a Security so voted.

         (c)      Notwithstanding paragraph (b) above, the Trustee shall reject
any vote to (i) alter the currency, amount or timing of payment of, or the
method or rate of accruing, any principal or interest on the Securities, (ii)
consent to any redemption or prepayment of the Securities, or (iii) unless
otherwise specified in the Terms Schedule, consent to any exchange of,
substitution or tender for, any Securities pursuant to a plan or refunding of
Securities or any other offer for the Securities, in each case of clauses (i)
through (iii) unless (x) the Trustee is directed by the affirmative vote of all
Certificateholders to accept such amendment or offer, as the case may be and (y)
the Trustee receives advice of nationally recognized independent tax counsel,
designated by the Depositor, that such exercise of voting rights should not
result in a "sale or other disposition" of such Securities within the meaning of
Section 1001(a) of the Code. In addition, to the extent not covered by the
immediately preceding sentence, the Trustee shall reject any vote to alter any
of the terms of the Securities unless the condition set forth in clause (y) of
such sentence is satisfied. The Trustee shall have no responsibility to
undertake on its own initiative to determine that any exercise of voting rights
with respect to the Securities

                                       45
<PAGE>   54
would result in any such sale or other disposition, and in any event need not
undertake to make such determination unless receiving an indemnity reasonably
satisfactory to it against the costs of such determination.

         SECTION 7.02. Amendments and Waivers Under Swap Agreement and Swap
Guarantee

         Without the need for consent of any Certificateholder, the Trustee
shall enter into any amendment of the Swap Agreement or any Swap Guarantee
requested by the Swap Counterparty or any Swap Guarantor, respectively, to cure
any ambiguity or manifest error in, or to correct or supplement any provision
of, the Swap Agreement or any Swap Guarantee, provided (i) the Trustee
determines that such amendment would not adversely affect the interests of the
Certificateholders and (ii) the Trustee has received an Opinion of Counsel, at
the expense of the Swap Counterparty or any Swap Guarantor, as applicable, to
the effect that such amendment would not adversely affect the interests of the
Certificateholders and would not alter the classification of the Trust for U.S.
Federal income tax purposes. The Trustee shall not agree to any other request
from the Swap Counterparty or any Swap Guarantor for approval of any consent,
waiver or other modification of the Swap Agreement or any Swap Guarantee,
respectively, without the unanimous consent of the Certificateholders and
compliance with clause (ii) of the immediately preceding sentence and unless the
Rating Agency Condition is satisfied.

                                  ARTICLE VIII

    Default on Securities, Credit Support, Swap Agreement, Swap Guarantee or
                              Permitted Investments

         SECTION 8.01. Realization Upon Default

         (a)      The Trustee, on behalf of the Certificateholders, shall assert
claims under the Securities, the Credit Support, the Swap Agreement, any Swap
Guarantee and the Permitted Investments, and shall take such reasonable steps as
may be necessary to receive payment or to permit recovery thereunder in the case
of any Security Default, Credit Support Default, Swap Default or any default
related to the Permitted Investments, as the case may be, subject in all cases
to Article X.

         (b)      If the Trustee is unable to obtain full recovery in respect of
a Security, Credit Support, Swap Agreement, Swap Guarantee or Permitted
Investment affected by a Security Default, Credit Support Default, Swap Default
or default related to such Permitted Investment, as the case may be, the Trustee
shall follow or cause to be followed such normal practices and procedures as it
may deem necessary or advisable to realize upon such Security, Credit Support,
Swap Agreement, Swap Guarantee or Permitted Investment, as the case may be,
subject in all cases to Article X.

         (c)      If the Trustee becomes aware of any Security Default, Credit
Support Default, Swap Default or default related to any Permitted Investment, it
shall give notice

                                       46
<PAGE>   55
thereof to the Certificateholders as promptly as practicable in accordance with
Section 12.05, and in the manner and to the extent provided in TIA Section
313(c) within 90 days after such default occurs.

                                   ARTICLE IX

                        Wind-Up and Liquidation of Trust

         SECTION 9.01. Trust Wind-Up Events

         If any of the following events (each, a "Trust Wind-Up Event") occurs
and is continuing:

         (a)      any Security Default resulting either (i) in a Security
Default with respect to all Securities held by the Trust or (ii) in a Swap
Termination Event with respect to which all Swap Transactions are Affected Swap
Transactions;

         (b)      any Security held by the Trust becomes a Disqualified Security
and (i) the Trust holds no other Security that is not a Disqualified Security or
(ii) the Terms Schedule specifies that a Trust Wind-Up Event shall occur upon
such Security becoming a Disqualified Security;

         (c)      any Credit Support Default resulting in a Credit Support
Default with respect to all Securities held by the Trust;

         (d)      any Credit Support becomes Disqualified Credit Support and the
Terms Schedule specifies that a Trust Wind-Up Event shall occur upon such Credit
Support becoming Disqualified Credit Support;

         (e)      any Swap Default arising from any action taken or failure to
act, by the Swap Counterparty;

         (f)      any Swap Termination Event with respect to which the Swap
Counterparty is the sole Affected Party (as defined in the Swap Agreement) and
all Swap Transactions are Affected Swap Transactions;

         (g)      any Swap Transaction becomes a Disqualified Swap Transaction
as a result of the circumstances described in clause (i) or (ii) of the
definition thereof and (i) the Trust holds no trust property other than
Securities related to Disqualified Transactions or (ii) the Terms Schedule
specifies that a Trust Wind-Up Event shall occur upon such Swap Transaction
becoming a Disqualified Swap Transaction;

         (h)      any Swap Transaction becomes a Disqualified Swap Transaction
as a result of the circumstances described in clause (iii) of the definition
thereof and (i) the Trust holds no trust property other than Securities related
to Disqualified Transactions or

                                       47
<PAGE>   56
(ii) the Terms Schedule specifies that a Trust Wind-Up Event shall occur upon
such Swap Transaction becoming a Disqualified Swap Transaction;

         (i)      the designation of an Early Swap Termination Date by the Swap
Counterparty under the Swap Agreement (other than based upon an Additional
Termination Event of the type specified in Part 1(i)(i) of the Schedule included
in the Swap Agreement) with respect to all Swap Transactions;

         (j)      the Depositor owns 100% of the Principal Balance (or Notional
Amount, as applicable) of the Certificates, and the Depositor decides to
terminate the Trust (a "Special Depositor Wind-Up Event");

         (k)      any Excess Expense Event; or

         (l)      any other Trust Wind-Up Event specified in the Terms Schedule;

then, in each such case, the Trustee shall, (x) by notice to the Swap
Counterparty, terminate the Swap Agreement (including all Swap Transactions
thereunder) if such notice is required under the Swap Agreement, (y) sell, or
cause the Selling Agent to sell, the Trust Property in accordance with Section
9.03(b) and (z) distribute to each Certificateholder its pro rata share of the
proceeds from such sale in accordance with Section 9.03(d), whereupon the Trust
shall terminate; provided that, if the Certificateholders exercise their right
under Section 9.03(c) prior to the sale of all the Trust Property by the Trustee
or the Selling Agent, as the case may be, the Trust shall continue
notwithstanding such Trust Wind-Up Event.

         SECTION 9.02. Liquidation Events

         (a)      In the event that (i) a Security Default occurs which under
the terms of the Swap Agreement results in the termination of at least one but
less than all Swap Transactions or (ii) any Security becomes a Disqualified
Security, but the Trust holds one or more other Securities which are not
Disqualified Securities, and in each case of clauses (i) and (ii), a Trust
Wind-Up Event has not otherwise occurred, then the Affected Securities (and, if
necessary, other Trust Property) shall be sold in accordance with Section
9.03(b) to the extent necessary to make any Termination Payment applicable to
the Affected Swap Transaction, and any balance of the proceeds from such sale
shall be distributed to the Certificateholders in accordance with Section
9.03(d), but the Trust shall continue.

         (b)      In the event that any Swap Transaction becomes a Disqualified
Swap Transaction but the Trust holds one or more other Securities other than the
Affected Securities which are not Disqualified Securities and a Trust Wind-Up
Event has not otherwise occurred, then the Affected Securities (and, if
necessary, other Trust Property) shall be sold in accordance with Section
9.03(b) to the extent necessary to make any Termination Payment applicable to
the Disqualified Swap Transaction, and any balance

                                       48
<PAGE>   57
of the proceeds from such sale shall be distributed to the Certificateholders in
accordance with Section 9.03(d), but the Trust shall continue.

         (c)      In the event that any Credit Support becomes Disqualified
Credit Support but a Trust Wind-Up Event has not otherwise occurred, then such
Credit Support shall be terminated and any proceeds resulting from such
termination shall be distributed to the Certificateholders in accordance with
Section 9.03(d), but the Trust shall continue.

         SECTION 9.03. Trust Property Made Available

         (a)      Subject to Section 9.04, as promptly as possible after the
occurrence of a Trust Wind-Up Event or Liquidation Event, and in any case within
five Business Days after such occurrence, the Trustee shall provide notice to
the Certificateholders and the Rating Agencies of such occurrence, the
termination of the Swap Agreement or the particular Affected Swap Transaction or
Transactions thereunder, the amount of any related Swap Termination Payment and
the right of the Certificateholders under paragraph (c) below. In the case of a
Trust Wind-Up Event, such notice shall also state (i) that the Trust will
terminate and that Certificateholders should surrender their Certificates to the
Trustee or deliver security or indemnity reasonably acceptable to the Trustee in
exchange for cash, (ii) the cause of such Trust Wind-Up Event, (iii) the
location and business hours of the Corporate Trust Office at which Certificates
should be presented and surrendered and (iv) that each Certificateholder must
supply transfer instructions in writing with respect to any distributions.

         (b)      Subject to Section 9.04, upon the occurrence of a Trust
Wind-Up Event or Liquidation Event, the Trustee shall notify the Selling Agent
that the Trust is required to sell Securities or other Trust Property, and upon
the expiration of three days after receiving such notice, the Selling Agent
shall sell Securities or other Trust Property on behalf of the Trust, unless and
until the Selling Agent receives notice from the Trustee of an exercise by the
Certificateholders of their right under paragraph (c) below; provided, however,
that the Selling Agent may elect not to act as Selling Agent with respect to all
or a part of the Securities or other Trust Property to be sold by written notice
to that effect to the Trustee. The timing, price and other terms of any sale
conducted by the Selling Agent shall be determined by the Selling Agent in its
sole discretion, but all such sales shall be completed within 30 days or such
longer period of time as may be reasonable with respect to the Securities or
other Trust Property to be sold. In the case of a Liquidation Event, sales made
under this paragraph (b) shall be limited to the Affected Securities, except to
the extent that the proceeds from such sales would be insufficient to make the
Termination Payment.

         (c)      In the circumstances described in paragraph (b) above, the
Certificateholders, acting unanimously, may instruct the Trustee in writing to
discontinue any sale of Trust Property, provided they also pay to the Trustee
the amount of (i) any Termination Payment required to be made by the Trust plus
(ii) in the case of an Excess Expense Event, any Extraordinary Trust Expenses
required to be paid by the Trust

                                       49
<PAGE>   58
pursuant to Section 10.05(c). Promptly upon receiving notice from the Trustee of
the exercise by the Certificateholders of their right under this paragraph (c),
the Selling Agent shall discontinue any sale of Trust Property; provided that
the Selling Agent and the Trustee may complete the settlement of any sale
already agreed. It is expressly understood and agreed that, after expiration of
the three-day period referred to in the first sentence of paragraph (b) above,
the Selling Agent and the Trustee are authorized to, and may, sell Trust
Property during the time necessary for the Certificateholders to be notified of
and act upon their right under this paragraph (c).

         (d)      Subject to the prior payment of any amounts payable to the
Swap Counterparty by the Trustee pursuant to the Swap Agreement (except for any
such amounts expressly subordinated in right of payment pursuant to Part 1(g) of
the Schedule included in the Swap Agreement) and, to the extent expressly agreed
by the Certificateholders, any amounts reimbursable to the Trustee pursuant to
Section 10.05(c), each Certificateholder shall be entitled to receive a pro rata
portion of the net proceeds of any sale of Trust Property pursuant to paragraph
(b) above, upon surrender, or delivery of security or indemnity acceptable to
the Trustee, by such holder of its Certificates at the Corporate Trust Office
referred to in paragraph (a) above.

         (e)      The only distributions to which the Certificateholders are
entitled are, subject to the prior payment of any amounts payable to the Swap
Counterparty by the Trustee pursuant to the Swap Agreement (except for any such
amounts expressly subordinated in right of payment pursuant to Part 1(g) of the
Schedule included in the Swap Agreement) and, to the extent expressly agreed by
the Certificateholders, any amounts reimbursable to the Trustee pursuant to
Section 10.05(c), payments on the Securities (including any payments in
connection with any exchange of, substitution or tender for, or consent
solicitation relating to, any Securities), any and all amounts recovered under
the Swap Agreement or any Swap Guarantee, received by the Trustee after the
occurrence of the relevant Trust Wind-Up Event and any other remaining Trust
Property. Such amounts shall be distributed by the Trustee to the
Certificateholders in accordance with Section 4.01 upon satisfaction of the
conditions for transfer of Securities referred to in paragraph (b) above.

         (f)      Except for the obligation to provide reports and other
information required to be provided to Certificateholders under the Trust
Agreement, the obligations of the Trustee and the Depositor shall terminate upon
the distribution to Certificateholders of all amounts required to be distributed
to them and the disposition of all Securities held by the Trustee, and such
distribution shall constitute full satisfaction of all of the interests of the
Certificateholders in respect of the Trust.

         (g)      In the event that the Selling Agent resigns or declines to
sell any Securities, the Trustee shall proceed in accordance with Section
10.02(a)(x).

         (h)      The Selling Agent is an agent of the Trustee only and shall
have no fiduciary or other duties to the Certificateholders, nor shall the
Selling Agent have any

                                       50
<PAGE>   59
liability to the Trust in the absence of the Selling Agent's bad faith or
willful default. The Selling Agent shall be permitted to sell Securities to its
Affiliates. The Selling Agent may resign at any time by written notice to the
Trustee, such resignation to take effect immediately upon notice. Except as
provided in the first sentence of this paragraph (h), each of the protections,
releases, indemnities and other terms applicable to the Trustee under Sections
10.01, 10.02, 10.03 and 10.05 shall apply, mutatis mutandis, to the Selling
Agent in connection with its actions as Selling Agent for the Trust.

         (i)      No Certificateholder shall have any liability as a seller of
Trust Property in connection with any sale of Trust Property by the Trustee or
the Selling Agent.

         SECTION 9.04. Limitation on Notice Requirement

         The Trustee shall not be responsible for terminating the Swap Agreement
(or any Swap Transaction thereunder) or giving notice of a Trust Wind-Up Event
unless and until (i) the Trustee does not receive funds due on the Securities or
under the Swap Agreement when due or within any applicable grace period, (ii)
receipt by the Trustee of notice from the Swap Counterparty of the occurrence of
a Swap Default or Swap Termination Event or upon actual knowledge of a Swap
Default or Swap Termination Event by a Responsible Officer of the Trustee or
(iii) receipt by the Trustee of notice from the Security Issuer of the
occurrence of a Security Default.

         SECTION 9.05. Excess Expense Event

         (a)      Promptly upon the incurrence by the Trustee of Extraordinary
Trust Expenses in an aggregate amount exceeding the Trigger Amount, and in any
event within three Business Days after such incurrence, the Trustee shall
provide notice thereof to each Certificateholder, the Swap Counterparty and the
Rating Agencies. Such notice shall state that an "Excess Expense Event" shall
occur on the seventh calendar day (or, if such day is not a Business Day, on the
next succeeding day that is a Business Day) following the provision of such
notice unless prior to such day either the Certificateholders unanimously agree,
or the Swap Counterparty agrees, to indemnify the Trustee for all Extraordinary
Trust Expenses exceeding the Maximum Reimbursable Amount (or for any other
amount specified by the party agreeing to indemnify the Trustee) and actually
incurred by the Trustee as of the date of such agreement, to the reasonable
satisfaction of the Trustee; provided that in no event shall the Trustee be
released from its obligations under the Trust Agreement until such seventh
calendar day (or, if such day is not a Business Day, the next succeeding day
that is a Business Day).

         (b)      Nothing in this Section 9.05 shall be construed to excuse the
Depositor from their respective indemnification obligations under Section 10.05.

                                       51
<PAGE>   60
                                   ARTICLE X

                             Concerning the Trustee

         SECTION 10.01. Duties of Trustee

         (a)      The Trustee undertakes to perform such duties and only such
duties as are specifically set forth in the Trust Agreement. Any permissive
right of the Trustee enumerated in the Trust Agreement shall not be construed as
a duty.

         (b)      The Trustee, upon receipt of any resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically required to be furnished pursuant to any
provision of the Trust Agreement, shall examine such instruments to determine
whether they conform to the requirements of the Trust Agreement. If any such
instrument is found not to conform to the requirements of the Trust Agreement,
the Trustee shall take such action as it deems appropriate to have such
instrument corrected, and if such instrument is not corrected to the Trustee's
satisfaction, the Trustee shall provide notice thereof to the Depositor, the
Certificateholders and (if a copy of such instrument was originally furnished to
the Rating Agencies) the Rating Agencies.

         (c)      Upon a Security Default, a Credit Support Default, a default
by the Swap Counterparty in making any payment due under the Swap Agreement or a
default by the Swap Guarantor after the Trustee makes a demand under any Swap
Guarantee, the Trustee shall exercise such rights and powers vested in it by the
Trust Agreement, and shall use the same degree of care and skill in such
exercise as a prudent Person would use under the circumstances in the conduct of
such Person's own affairs.

         (d)      In the event that the Authentication Agent, the Paying Agent
or the Certificate Registrar fails to perform any obligation, duty or agreement
in the manner in which or on the day on which such obligation, duty or agreement
is required to be performed by it under the Trust Agreement, the Trustee shall
be obligated promptly upon its knowledge thereof to perform such obligation,
duty or agreement in the manner so required.

         (e)      No provision of the Trust Agreement shall be construed to
relieve the Trustee from liability for its own negligent actions, its own
negligent failure to act or its own willful misconduct; provided, however, that:

                  (i) the duties and obligations of the Trustee shall be
         determined solely by the express terms of the Trust Agreement, the
         Trustee shall not be liable except for the performance of such duties
         and obligations as are specifically set forth in the Trust Agreement,
         no implied covenants or obligations (except for a fiduciary duty to the
         beneficiaries of the Trust) shall be read into the Trust Agreement
         against the Trustee and, in the absence of negligence, bad faith or
         willful misconduct on the part of the Trustee, the Trustee may

                                       52
<PAGE>   61
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon any certificates or
         opinions furnished to the Trustee that conform to the requirements of
         the Trust Agreement;

                  (ii) the Trustee shall not be personally liable for any error
         of judgment made in good faith by a Responsible Officer or Responsible
         Officers of the Trustee; and

                  (iii) except with respect to actions or duties required to be
         taken or performed, as applicable, by the Trustee under the express
         terms of the Trust Agreement, the Trustee shall not be required to
         expend or risk its own funds or otherwise incur financial liability in
         the performance of any of its duties or in the exercise of any of its
         rights or powers under the Trust Agreement if there is reasonable
         ground for believing that the repayment of such funds or adequate
         indemnity against such risk or liability is not reasonably assured to
         it.

         SECTION 10.02. Certain Matters Affecting the Trustee

         (a)      Except as otherwise provided in Section 10.01:

                  (i) the Trustee may request and rely upon and shall be
         protected in acting or refraining from acting upon any resolution,
         Officers' Certificate, certificate of auditors or any other
         certificate, statement, instrument, opinion, report, notice, request,
         consent, order, appraisal, bond or other paper or document reasonably
         believed by it to be genuine and to have been signed by the proper
         party or parties;

                  (ii) the Trustee may consult with counsel and any advice or
         Opinion of Counsel shall be full and complete authorization and
         protection in respect of any action taken or suffered or omitted by it
         under the Trust Agreement in good faith and in accordance with such
         advice or Opinion of Counsel;

                  (iii) except for the duties and obligations of the Trustee
         expressly created by the Trust Agreement, the Trustee shall be under no
         obligation to exercise any of the trusts or powers vested in it by the
         Trust Agreement or to institute, conduct or defend any litigation
         thereunder or in relation thereto, at the request, order or direction
         of any of the Certificateholders, pursuant to the terms of the Trust
         Agreement, unless such Certificateholders or the Depositor have, to the
         reasonable satisfaction of the Trustee, offered to the Trustee security
         or indemnity against the costs, expenses and liabilities which may be
         incurred in connection therewith;

                  (iv) the Trustee shall not be personally liable for any action
         taken, suffered or omitted by it in good faith and believed by it to be
         authorized or

                                       53
<PAGE>   62
         within the discretion or rights or powers conferred upon it by the
         Trust Agreement;

                  (v) the Trustee shall not be bound to make any investigation
         into the facts of matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice, request, consent,
         order, appraisal, approval, bond or other paper or document reasonably
         believed by it to be genuine;

                  (vi) the Trustee may execute any of the trusts or powers or
         perform any duties under the Trust Agreement either directly or by or
         through agents or attorneys or a custodian or administrative agent;

                  (vii) the Trustee shall not be personally liable for any loss
         resulting from the investment of funds held in the Certificate Account
         in accordance with Section 3.05;

                  (viii) the Trustee shall not be deemed to have notice or
         knowledge of any matter unless the Trustee has received written notice
         thereof at the Corporate Trust Office and such notice references the
         Certificates or the Trust Agreement; and

                  (ix) the Trustee shall have the power to sell Securities or
         other Trust Property, in accordance with Articles IX and XI, through
         the Selling Agent or, if the Selling Agent has resigned or declined to
         sell some or all of the Securities, any broker selected by the Trustee
         (with the consent of the Depositor) with reasonable care, in an amount
         sufficient to pay any amount due to the Swap Counterparty under the
         Swap Agreement, prior to the distribution of funds to
         Certificateholders. The Selling Agent or such broker shall be
         instructed by the Trustee to sell Trust Property in a reasonable manner
         designed to maximize the sale proceeds.

         (b)      All rights of action under the Trust Agreement or the
Certificates that are enforceable by the Trustee may be enforced by it without
the possession of any of the Certificates, or the production thereof at any
Proceeding relating thereto, and any Proceeding instituted by the Trustee shall
be brought in its name for the benefit of all the Certificateholders, subject to
the terms of the Trust Agreement.

         SECTION 10.03. Limitation on Liability of Trustee

         The Trustee assumes no responsibility for the correctness of the
recitals or any other factual statements contained in the Trust Agreement, the
Certificates, the Swap Agreement and any Swap Guarantee, or in any document
issued in connection with the sale of the Certificates. The sole obligor (i)
with respect to the Securities, shall be the Security Issuer, (ii) with respect
to the Swap Agreement, shall be the Swap Counterparty and (iii) with respect to
any Swap Guarantee, shall be any Swap Guarantor. Except as set forth in Section
10.11, the Trustee makes no representations or warranties as to the

                                       54
<PAGE>   63
validity or sufficiency of the Trust Agreement, the Certificates (other than
with respect to the signature and authentication thereof), the Securities, the
Swap Agreement, any Swap Guarantee or of any related document. The Trustee shall
not be accountable for the use or application by the Depositor of any of the
Certificates or of the proceeds of the Certificates, or for the use or
application of any funds paid to the Depositor or the Swap Counterparty in
respect of the Securities. The Certificates do not represent interests in or
obligations of the Trustee and the Trustee shall not be responsible or
accountable for any tax, accounting or other treatment proposed to be applied to
the Certificates or any interest therein, except as expressly provided in the
Trust Agreement.

         SECTION 10.04. Trustee May Own Certificates

         The Trustee in its individual capacity or any other capacity may become
the owner or pledgee of Certificates with the same rights as it would have if it
were not the Trustee.

         SECTION 10.05. Trustee Fees and Expenses; Limited Indemnification

         (a)      As compensation for its regular and customary services and in
payment of its regular and customary expenses under the Trust Agreement
(including the reasonable compensation, expenses and disbursements of its
counsel for regular and customary services hereunder) the Trustee shall be
entitled to the Trustee Fees (which shall not be limited by any provision of law
in regard to compensation or payment of a trustee of an express trust). The
Depositor agrees to pay the Trustee Fees when due in accordance with the Trustee
Fee Letter; provided, however, that, subject to paragraph (b) below, the
Depositor shall be under no obligation to make any other payment for any other
services and expenses, disbursements and advances of the Trustee.

         (b)      The Trustee and any director, officer, employee or agent of
the Trustee shall be indemnified for, and held harmless against, by the
Depositor, any loss, liability or expense incurred in connection with any
Proceeding relating to the Trust Agreement, the Swap Agreement or the
Certificates or the performance of any of the Trustee's duties under the Trust
Agreement, other than any loss, liability or expense (i) that constitutes a
specific liability of the Trustee under the Trust Agreement or (ii) incurred by
reason of willful misfeasance, bad faith or gross negligence in the performance,
or reckless disregard, of the Trustee's obligations thereunder (any such loss,
liability or expense, other than as described in clauses (i) and (ii) of this
sentence, an "Extraordinary Trust Expense"); provided, that the Depositor shall
in no event be obligated to indemnify the Trustee for any Extraordinary Trust
Expenses to the extent that such Extraordinary Trust Expenses, when aggregated
with all Extraordinary Trust Expenses previously indemnified, exceed the Maximum
Reimbursable Amount. Subject to the proviso to the immediately preceding
sentence, the indemnity for Extraordinary Trust Expenses shall survive the
termination of the Trust Agreement and any resignation or removal of the
Trustee. In the event that the Trustee is not indemnified by the Depositor,
whether due to the Depositor's bankruptcy or insolvency or for any other reason,
pursuant to the first

                                       55
<PAGE>   64
sentence of this paragraph (b), the Trustee shall nevertheless remain obligated
to perform its duties under the Trust Agreement. With respect to any Proceeding
of a type described in the first sentence of this paragraph (b): (i) the Trustee
shall give the Depositor notice thereof promptly upon obtaining knowledge
thereof; and (ii) while maintaining control over its own defense in any such
Proceeding, the Trustee shall consult with the Depositor in preparing such
defense.

         (c)      The Trustee and any director, officer, employee or agent of
the Trustee shall be indemnified for, and held harmless against, by the
Certificateholders or the Swap Counterparty, as the case may be, any
Extraordinary Trust Expenses exceeding the Maximum Reimbursable Amount to the
extent, but only to the extent, expressly agreed by the Certificateholders or
the Swap Counterparty, as the case may be, pursuant to Section 9.05(a).

         SECTION 10.06. Eligibility Requirements for Trustee

         (a)      The Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and Section (a)(4)(i) of Rule 3a-7 under the Investment Company
Act. The Trustee shall at all times be a corporation which is not an Affiliate
of the Depositor (but may have normal banking relationships with the Depositor
or any obligor and their respective Affiliates with respect to the Securities)
organized and doing business under the laws of any State or the United States,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $100,000,000 and subject to supervision or
examination by Federal or State authorities, and the long-term debt obligations
of which are rated in one of the four highest categories assigned long-term debt
obligations by each of the Rating Agencies. If such corporation or association
publishes reports of conditions at least annually, pursuant to law or to the
requirements of any supervising or examining authority, then the combined
capital and surplus of such corporation or association shall be deemed to be its
combined capital and surplus as set forth in its most recent report of
conditions so published. In the event that at any time the Trustee shall cease
to be eligible in accordance with the terms of this Section 10.06, the Trustee
shall resign immediately in the manner and with the effect specified in Section
10.07.

         (b)      The Trustee shall comply with Section 310(b) of the TIA.

         SECTION 10.07. Resignation or Removal of the Trustee

         (a)      Subject to the last sentence of this paragraph (a), the
Trustee may at any time resign and be discharged from the Trust by giving
written notice thereof to the Depositor, the Swap Counterparty, the Swap
Guarantor and all Certificateholders. Upon receiving such notice of resignation,
the Depositor, with the consent of the Swap Counterparty and the Swap Guarantor
(which consent shall not be unreasonably withheld), shall as promptly as
possible (and in any event within 30 days after the date of such notice of
resignation) appoint a successor trustee by written instrument, in duplicate,
which instrument shall be delivered to the resigning Trustee and to the
successor trustee.

                                       56
<PAGE>   65
A copy of such instrument shall be delivered to the Certificateholders, the Swap
Counterparty and the Swap Guarantor by the Depositor. If no successor Trustee
has been so appointed and has accepted appointment within such 30-day period,
the Depositor or the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee. Upon any appointment of
a successor trustee pursuant to this paragraph (a), the resigning Trustee shall
be solely liable for (i) the payment of such successor trustee's fees and
expenses and (ii) provision of adequate indemnities satisfactory to such
successor trustee (it being understood that the indemnification obligations of
the Depositor pursuant to Section 10.05(b) shall inure to the benefit of such
successor trustee, but that any Extraordinary Trust Expense previously
indemnified by the Depositor shall reduce the Maximum Reimbursable Amount with
respect to such Successor trustee on a Dollar-for-Dollar basis). In the event
that the Trustee fails to satisfy the conditions contained in clauses (i) and
(ii) above, the Trustee may not resign pursuant to this paragraph (a).

         (b)      If at any time the Trustee ceases to be eligible under Section
10.06 and fails to resign after a written request therefor by the Depositor, or
if at any time the Trustee becomes incapable of acting, or is adjudged bankrupt
or insolvent, or a receiver of the Trustee or of its property is appointed, or
any public officer takes charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Depositor may, with the consent of the Swap Counterparty and the Swap Guarantor
(which consent shall not be unreasonably withheld), remove the Trustee and
appoint a successor trustee by written instrument, in duplicate, which
instrument shall be delivered to the Trustee so removed and to the successor
trustee. A copy of such instrument shall be delivered to the Certificateholders,
the Swap Counterparty and the Swap Guarantor by the Depositor.

         (c)      Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the terms of this Section 10.07 shall not
become effective until acceptance of appointment by the successor trustee as
provided in Section 10.08.

         SECTION 10.08. Successor Trustee

         (a)      Any successor trustee appointed as provided in Section 10.07
shall execute, acknowledge and deliver to the Depositor and the predecessor
trustee an instrument accepting such appointment under the Trust Agreement, and
thereupon the resignation or removal of the predecessor trustee shall become
effective and such successor trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under the Trust Agreement, with like effect as if
originally named as trustee in the Trust Agreement. The predecessor trustee
shall deliver to the successor trustee all documents and statements held by it
under the Trust Agreement, and the Depositor and the predecessor trustee shall
execute and deliver such instruments and do such other things as may reasonably
be required for more fully and certainly vesting and confirming in the successor
trustee all such rights, powers, duties and obligations. No successor trustee
shall accept

                                       57
<PAGE>   66
appointment as provided in this Section 10.8 unless at the time of such
acceptance it is eligible to serve as a trustee hereunder pursuant to Section
10.06.

         (b)      Upon acceptance of appointment by a successor trustee as
provided in this Section 10.08, the Depositor shall provide notice thereof to
each Certificateholders and the Rating Agencies thereof.

         SECTION 10.09. Merger or Consolidation of Trustee

         Any corporation or association into which the Trustee may be merged or
converted or with which it may be consolidated or any corporation or association
resulting from any merger, conversion or consolidation to which the Trustee may
be a party, or any corporation or association succeeding to the business of the
Trustee, shall be the successor of the Trustee under the Trust Agreement,
provided such corporation or association is eligible to serve as a trustee
pursuant to Section 10.06, without the execution or filing of any paper or any
further act on the part of any of the parties to the Trust Agreement, anything
in the Trust Agreement to the contrary notwithstanding.

         SECTION 10.10. Appointment of Co-Trustee

         (a)      Notwithstanding any other terms of the Trust Agreement, at any
time, for the purpose of meeting any legal requirements of any jurisdiction in
which any party of the Trust Property may at the time be located, the Depositor
and the Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Trustee
to act as co-trustee or co-trustees, jointly with the Trustee, of all or any
part of the Trust Property, and to vest in such Person or Persons, in such
capacity, such title to the Trust Property, or any part thereof, and, subject to
the other terms of this Section 10.10, such powers, duties, obligations, rights
and trusts as the Depositor and the Trustee may consider necessary or desirable.
If the Depositor does not join in such appointment within 15 days after
receiving a request so to do, the Trustee alone shall have the power to make
such appointment. No co-trustee under the Trust Agreement shall be required to
be eligible to serve as a trustee pursuant to Section 10.06 and no notice to
Certificateholders of the appointment of a co-trustee or co-trustees shall be
required under this Section 10.10.

         (b)      In the case of any appointment of a co-trustee pursuant to
this Section 10.10, all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such co-trustee jointly, except to the extent that
under any law of any jurisdiction in which any particular act or acts are to be
performed by the Trustee, the Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and
obligations (including the holding of title to such Trust Property or any
portion thereof in any such jurisdiction) shall be exercised and performed by
such co-trustee at the direction of the Trustee.

                                       58
<PAGE>   67
         (c)      Any notice, request or other writing given to the Trustee
shall be deemed to have been given to each of the co-trustees, as effectively as
if given to each of them. Every instrument appointing any co-trustee shall refer
to the Trust Agreement and the conditions of this Article X. Each co-trustee,
upon its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, jointly with the Trustee
subject to all the terms of the Trust Agreement, specifically including every
provision of the Trust Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Trustee. Each such instrument
shall be filed with the Trustee.

         (d)      Any co-trustee may at any time constitute the Trustee, its
agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by applicable law, to engage in any lawful act under or in respect of
the Trust Agreement on its behalf and in its name. If any co-trustee shall die,
become incapable of acting, resign or be removed, all its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to
the extent permitted by applicable law, without the appointment of a new or
successor co-trustee.

         SECTION 10.11. Representations and Warranties of Trustee

         (a)      The Trustee represents and warrants, for the benefit of the
Depositor and the Certificateholders, that, as of the Closing Date or as of such
other date specified in the Trust Agreement:

                  (i) the Trustee is a corporation duly organized, validly
         existing and in good standing under the laws of its jurisdiction of
         incorporation or association;

                  (ii) the Trustee has full power, authority and right to
         execute, deliver and perform its duties and obligations under the Trust
         Agreement, the Certificates and the Swap Agreement and has taken all
         necessary action to authorize the execution, delivery and performance
         by it (or, with respect to the Certificates, by an Authenticating Agent
         on its behalf, if applicable) of the Trust Agreement, the Certificates
         and the Swap Agreement;

                  (iii) each of the Trust Agreement, the Certificates and the
         Swap Agreement has been duly executed and delivered by the Trustee (or,
         with respect to the Certificates, by an Authenticating Agent on its
         behalf, if applicable) and each of the Trust Agreement, the
         Certificates and the Swap Agreement constitutes the legal, valid and
         binding obligation of the Trustee, enforceable in accordance with the
         terms thereof, subject to bankruptcy, insolvency, fraudulent transfer,
         reorganization, moratorium or similar laws of general applicability
         relating to or affecting creditors' rights and to general equity
         principles;

                                       59
<PAGE>   68
                  (iv) the execution and delivery of the Trust Agreement, the
         Certificates and the Swap Agreement by the Trustee and its performance
         of and compliance with the terms of the Trust Agreement, the
         Certificates and the Swap Agreement will not violate the Trustee's
         articles of incorporation, association or other constitutive documents
         or by-laws or constitute a default under, or result in the breach or
         acceleration of, any material contract, agreement or other instrument
         to which the Trustee is a party or by which the Trustee is bound or to
         which the Trustee or any of its assets is subject;

                  (v) the Trustee is not in violation, and the execution and
         delivery of the Trust Agreement, the Certificates and the Swap
         Agreement by the Trustee and its performance and compliance with the
         terms of the Trust Agreement, the Certificates and the Swap Agreement
         will not constitute a violation, of any order or decree of any court or
         any order or regulation of any Federal, State, municipal or
         governmental agency having jurisdiction over the Trustee or its
         properties, which violation would reasonably be expected to have a
         material adverse effect on the condition (financial or otherwise) or
         operations of the Trustee or its properties or on the performance of
         its duties thereunder;

                  (vi) there are no actions or proceedings against, or
         investigations of, the Trustee pending, or, to the knowledge of the
         Trustee, threatened, before any court, administrative agency or other
         tribunal (A) that could reasonably be expected to prohibit its entering
         into the Trust Agreement or the Swap Agreement or to render the
         Certificates invalid, (B) seeking to prevent the issuance of the
         Certificates or the consummation of any of the transactions
         contemplated by the Trust Agreement or the Swap Agreement or (C) that
         could reasonably be expected to prohibit or materially and adversely
         affect the performance by the Trustee of its obligations under, or the
         validity or enforceability of, the Trust Agreement, the Certificates
         and the Swap Agreement; and

                  (vii) no consent, approval, authorization or order of any
         court or governmental agency or body is required for the execution,
         delivery and performance by the Trustee of, or compliance by the
         Trustee with, the Trust Agreement, the Certificates and the Swap
         Agreement, or for the consummation of the transactions contemplated by
         the Trust Agreement or the Swap Agreement, except for such consents,
         approvals, authorizations and orders, if any, that have been obtained
         prior to the Closing Date.

         (b)      Within 30 days of discovery or receipt of notice by the
Trustee that any of its representations and warranties in paragraph (a) above is
inaccurate in any material respect, the Trustee shall take such steps as may be
required to ensure that the relevant representation and warranty becomes
accurate as soon as practicable under the circumstances. The Trustee shall
promptly cure such breach in all material respects.

                                       60
<PAGE>   69
         SECTION 10.12. Non-Petition

         Prior to the date that is one year and one day after all distributions
in respect of the Certificates have been made, neither the Trustee nor the
Depositor shall take any action, or institute or join in any proceeding, against
the other or against the Trust under the U.S. Bankruptcy Code or any other
liquidation, insolvency, bankruptcy, moratorium, reorganization or similar law
applicable to either of them, now or hereafter in effect, or which would be
reasonably likely to cause the other or the Trust to be subject to, or seek the
protection of, any such law. In the event that the Trustee appoints any
co-trustee, Paying Agent, Authenticating Agent, Selling Agent or any other agent
in accordance with the Trust Agreement, such co-trustee or agent shall agree in
writing to be bound by the terms of this Section 10.12 as if it were a party to
the Trust Agreement.

                                   ARTICLE XI

                                   Termination

         SECTION 11.01. Termination of the Trust

         (a)      Except as otherwise provided in Article IX, the respective
obligations and responsibilities of the Depositor and the Trustee under the
Trust Agreement (other than the obligations imposed by Section 10.05(b) and the
obligations of the Trustee to provide reports and other information under the
Trust Agreement and to make distributions to the Certificateholders in
accordance with paragraph (c) below) shall terminate upon the distribution to
the Certificateholders of all amounts held in the Certificate Account and
required to be paid to the Certificateholders pursuant to the Trust Agreement;
provided, however, that in no event shall the Trust continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of
Queen Elizabeth II of England, living on the date of the Trust Agreement.

         (b)      Written notice of termination shall be provided to each
Certificateholder, the Depositor, the Swap Counterparty, the Swap Guarantor and
the Rating Agencies within 10 Business Days from such termination, unless such
termination occurs on the Scheduled Final Distribution Date.

         (c)      On the Scheduled Final Distribution Date, the Trustee shall
distribute to each holder presenting and surrendering its Certificates (or
delivering such security or indemnity to the Trustee as the Trustee may require
to save the Trustee and hold the Trustee harmless) the amount distributable on
such date pursuant to Section 4.01. Any funds not distributed on such date shall
be set aside and held in trust for the benefit of Certificateholders either (i)
not presenting and surrendering their Certificates in the aforesaid manner or
(ii) not delivering such security or indemnity to the Trustee, and shall be
disposed of in accordance with this Section 11.01(c) and Section 4.01.
Immediately following the deposit of such funds, the Trust shall terminate.

                                       61
<PAGE>   70
         SECTION 11.02. Merger or Consolidation of Trust

         The Trust may not merge with or into, consolidate or amalgamate with,
be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety, to any corporation or other body, except in
accordance with this Section 11.02. At the request of the Depositor, but without
the consent of the Certificateholders or the Trustee, the Trust may merge with
or into, consolidate, amalgamate, or be replaced by, or convey, transfer or
lease its properties and assets substantially as an entirety to, a trust
organized as such under the laws of any State, provided that (i) such successor
entity either (A) expressly assumes all of the obligations of the Trust with
respect to the Certificates or (B) substitutes for the Certificates other
Certificates having substantially the same terms as the Certificates (the
"Successor Certificates") so long as the Successor Certificates have the same
priority as the Certificates with respect to distributions and payments upon
liquidation, redemption and otherwise, (ii) a trustee of such successor entity
possessing the same powers and duties as the Trustee is appointed to hold the
Trust Property, (iii) the Rating Agency Condition is satisfied with respect to
such merger, consolidation, amalgamation, replacement, conveyance, transfer or
lease, (iv) the Successor Certificates are listed, or any Successor Certificates
will be listed upon notice of issuance, on any national securities exchange or
interdealer quotation system on which the Certificates are then listed, (v) such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the
Certificateholders in any material respect, (vi) such successor entity has a
purpose substantially identical to that of the Trust and (vii) prior to such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease,
the Depositor has received an Opinion of Counsel to the effect that (A) such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the
Certificateholders in any material respect and (B) following such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease, neither
the Trust nor such successor entity will be required to register as an
"investment company" under the Investment Company Act. Any successor
Certificates issued in connection with any such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease shall be treated as the
"Certificates" for all purposes of this Agreement upon the consummation of such
transaction. Notwithstanding the foregoing, the Trust shall not, except with the
consent of all Certificateholders, consolidate, amalgamate, merge with or into,
or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to, any other entity or permit any other entity to
consolidate, amalgamate, merge with or into, or replace it if such
consolidation, amalgamation, merger, replacement, conveyance, transfer or lease
would alter the classification of the Trust for U.S. federal income tax
purposes.

                                       62
<PAGE>   71
                                  ARTICLE XII

                               Miscellaneous Terms

         SECTION 12.01. Amendment of Trust Agreement

         (a)      The Trust Agreement may be amended from time to time by the
Depositor and the Trustee without the consent of any of the Certificateholders,
upon delivery by the Depositor of an Opinion of Counsel acceptable to the
Trustee to the effect that such amendment will not adversely affect in any
material respect the interests of any Certificateholder, for any of the
following purposes: (i) to cure any ambiguity; (ii) to correct or supplement any
provision which may be inconsistent with any other provision or with the Terms
Schedule; (iii) to add or supplement Credit Support for the benefit of
Certificateholders; (iv) to add to the covenants, restrictions or obligations of
the Depositor or the Trustee for the benefit of any Certificateholders; (v) to
comply with any requirements imposed by the Code or other applicable law; (vi)
to amend the definitions of Trigger Amount and Maximum Reimbursable Amount so as
to increase, but not decrease, the respective amounts contained in such
definitions or to otherwise amend or waive the terms of Section 10.05(b) in any
manner which shall not adversely affect the Certificateholders in any material
respect; (vii) to evidence and provide for the acceptance of appointment under
the Trust Agreement by a successor Trustee; (viii) to add, change or eliminate
any other provisions so long as any such addition, change or elimination would
not, as evidenced by an Opinion of Counsel, result in a sale or exchange of any
Certificate or any asset held by the Trust for tax purposes or (ix) to add or
change any of the terms of the Trust Agreement as may be necessary to provide
for or facilitate the administration of the Trust; provided, however, that in
the case of any amendment pursuant to any of clauses (i) through (viii) above,
the Rating Agency Condition shall be satisfied with respect to such amendment.

         (b)      In addition to the foregoing, the Trust Agreement may also be
modified or amended from time to time by the Depositor and the Trustee, with the
consent of Certificateholders representing more than 50% of the Principal
Balance (or Notional Amount, as applicable), for the purpose of adding, changing
or eliminating any provision or modifying the rights of Certificateholders;
provided, however, that in the case of any amendment that would permit or result
in the issuance of additional Certificates, the Rating Agency Condition shall be
satisfied with respect to such amendment.

         (c)      Certificateholders representing more than 50% of the Principal
Balance (or Notional Amount, as applicable), may, on behalf of all
Certificateholders (i) waive compliance by the Depositor or the Trustee with any
restrictive provisions of the Trust Agreement before the time for such
compliance or (ii) waive any past default under the Trust Agreement, except for
(A) any such default resulting from any failure to distribute amounts received
as principal of (and premium, if any) or any interest on any Certificate and (B)
any such default in respect of any covenant or provision the modification or

                                       63
<PAGE>   72
amendment of which would require the consent of the holder of each outstanding
Certificate affected by the default.

         (d)      Promptly after the execution of any amendment, modification or
waiver made in accordance with paragraph (a), (b) or (c) above, the Trustee
shall furnish a copy of such amendment, modification or waiver to each
Certificateholder.

         (e)      Notwithstanding the foregoing, no amendment or modification to
the Trust Agreement shall be permitted unless the Trustee first receives an
Opinion of Counsel that such amendment or modification will not alter the
classification of the Trust for U.S. federal income tax purposes.

         SECTION 12.02. Counterparts

         The Trust Agreement may be executed simultaneously in any number of
counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute but one and the same instrument.

         SECTION 12.03. Limitation on Rights of Certificateholders

         (a)      The death or incapacity of any Certificateholder shall not
operate to terminate the Trust Agreement or the Trust, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations and liabilities of the
parties thereto or any of them.

         (b)      Except as otherwise expressly provided herein, no
Certificateholder shall have any right to control the operation and management
of any Trust Property, or the obligations of the parties with respect thereto,
nor shall anything set forth in the Trust Agreement, or contained in the terms
of the Certificates, be construed so as to constitute the Certificateholders
from time to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken by the parties to the Trust Agreement pursuant to any provision
thereof.

         (c)      No Certificateholder shall have any right by virtue of any
provision of the Trust Agreement to institute or join in any Proceeding under or
with respect to the Trust Agreement.

         SECTION 12.04. Governing Law

         These Standard Terms shall be governed by, and construed in accordance
with, the laws of the State of New York.

                                       64
<PAGE>   73
         SECTION 12.05. Notices

         All directions, demands and notices under the Trust Agreement shall be
in writing and shall be delivered to the offices of the Trustee or the
Depositor, as the case may be, specified in the offering documents for the
Certificates. Unless otherwise specified in the Terms Schedule, any notice
required to be furnished to a holder of a Registered Certificate shall be (i)
sent by facsimile to such number as may be specified therefor by such holder to
the Trustee or (ii) mailed to the address of such holder set forth in the
applicable Certificate Register. Any notices so sent by facsimile shall be
effective upon confirmation (including electronic confirmation) of effective
transmission. Any notice so mailed within the time prescribed in the Trust
Agreement shall be presumed to have been given when mailed, whether or not the
Certificateholder actually receives such notice.

         Notice shall be presumed to be furnished to holders of Bearer
Certificates (i) if published in a leading daily newspaper of general
circulation in such city or cities as may be specified in such Certificates on a
Business Day and (ii) in the case of a Global Certificate, if also delivered to
Euroclear or Clearstream, as applicable, for communication by them to the
persons shown in their respective records as having interests therein. If it
becomes impracticable to publish any notice to holders of Bearer Certificates as
provided above, then such notice shall be given in such manner as may be
approved by the Trustee and the Depositor.

         SECTION 12.06. Severability of Terms

         If any one or more of the covenants, agreements or terms of the Trust
Agreement for any reason whatsoever is held invalid or unenforceable, then such
covenants, agreements or terms shall be deemed severable from the remaining
covenants, agreements or terms of the Trust Agreement and such invalidity or
unenforceability shall in no way affect the validity or enforceability of the
other terms of the Trust Agreement or of the Certificates or the rights of the
holders thereof.

         SECTION 12.07. Perfection of Swap Counterparty Security Interest

         At the request of the Swap Counterparty, the Trustee shall assist the
Swap Counterparty in the perfection of the security interest in the Trust
Property described in Section 3.07 and granted by the Trust to the Counterparty
under the Swap Agreement.

         SECTION 12.08. No Recourse

         Each Certificateholder by accepting a Certificate acknowledges that
such Certificateholder's Certificates represent beneficial interests in the
Trust only and do not represent interests in or obligations of the Depositor,
the Trustee, the Swap Counterparty, the Swap Guarantor or any Affiliate of the
foregoing Persons, and there shall be no recourse against any such Persons or
their respective assets, except as may be expressly set forth in the Trust
Agreement, the Swap Agreement or the Certificates.

                                       65
<PAGE>   74
         SECTION 12.09. Conflict With Trust Indenture Act

         (a)      The Trust Agreement shall be subject to the provisions of the
TIA that are required to be a part of the Trust Agreement and shall, to the
extent applicable, be governed by those provisions. If any provision of the
Trust Agreement limits, qualifies or conflicts with a provision of the TIA which
is required under the TIA to be a part of and govern the Trust Agreement, the
latter provision shall control. If any provision of the Trust Agreement modifies
or excludes any provision of the TIA which may be so modified or excluded, the
latter provision shall be deemed to apply to the Trust Agreement as so modified
or to be excluded, as the case may be.

         (b)      Without limiting the generality of paragraph (a) above, the
provisions of TIA Sections 310 through 317 that impose duties on any Person
(including the provisions automatically deemed to be included therein unless
expressly excluded by the Trust Agreement) are a part of and govern the Trust
Agreement, whether or not physically contained therein.

         (c)      Except as expressly provided in the Trust Agreement, all
provisions therein specifically referencing the TIA shall be inapplicable until
such time as the Trust Agreement is qualified under the TIA.

                                       66
<PAGE>   75
                                                                       EXHIBIT A

                             FORM OF TRUST AGREEMENT

      TRUST AGREEMENT made as of the __ day of _______, 20__, by and between
Credit And Asset Repackaging Vehicle Corporation, as depositor (the
"Depositor"), and Wells Fargo Bank Minnesota, National Association, as trustee
(the "Trustee"), consisting of this agreement and Schedules I, II and III
attached hereto, which Schedules are made a part hereof and are hereinafter
referred to collectively as the "Terms Schedule". The terms of the Standard
Terms for Trust Agreements, dated August __, 2001 (the "Standard Terms"), agreed
between the Depositor and the Trustee are, except to the extent otherwise
expressly specified herein, hereby incorporated by reference herein in their
entirety with the same force and effect as though set forth herein. Capitalized
terms used and not otherwise defined herein shall have the meanings assigned to
them in the Standard Terms. The words "herein", "hereof", "hereunder", "this
Trust Agreement" and other words of similar import refer to this agreement
including the Terms Schedule and the Standard Terms so incorporated by
reference.

      WHEREAS, the Depositor and the Trustee desire to establish the trust
identified in Schedule I attached hereto (the "Trust") for the primary purposes
of (i) holding the Securities, (ii) entering into the Swap Agreement with the
Swap Counterparty and (iii) issuing the Certificates;

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

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

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

      WHEREAS, the Trust desires to acquire the Trust Property specified herein
in consideration for issuing Certificates having an initial Principal Balance
(or Notional Amount, as applicable) identified in Schedule I attached hereto,
subject to the terms and conditions specified in the Trust Agreement;

      NOW, THEREFORE, in consideration of the premises and mutual covenants
contained herein and for other good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the parties hereto hereby agree
as follows:

1. The Depositor hereby appoints the Trustee as trustee of the Trust and
requests the Trustee to receive (i) the Securities and any related documents,
(ii) the Swap Agreement,

                                      A-1
<PAGE>   76
(iii) any Swap Guarantee and (iv) the documents specified in the Swap Agreement
(in Part 3 of the Schedule to the ISDA Master Agreement).

2. The Trustee hereby accepts the appointment referred to in Section 1 and
declares that it will hold the assets referred to in Section 1 and all other
assets comprising the Trust Property in trust, for the exclusive use and benefit
of all present and future Certificateholders and for the purposes and subject to
the terms and conditions set forth in the Trust Agreement.

3. It is intended that the Trust be classified as a [grantor trust] for U.S.
federal income tax purposes and the Trustee hereby agrees, and each
Certificateholder by acquiring one or more Certificates agrees, to take no
action or reporting position that is inconsistent with such classification.

4. This Trust Agreement and each Certificate issued hereunder shall be governed
by, and construed in accordance with, the laws of the State of New York.

      The Federal and State courts in the Borough of Manhattan in The City of
New York shall have non-exclusive jurisdiction in respect of any Proceeding
arising out of or relating to this Trust Agreement or any Certificate.

5. This agreement may be executed simultaneously in any number of counterparts,
each of which shall be deemed to be an original, and all of which together shall
constitute but one and the same instrument.

      IN WITNESS WHEREOF, each of the Depositor and the Trustee has caused this
instrument to be executed by its duly authorized officer as of the date first
written above.

                                 CREDIT AND ASSET REPACKAGING VEHICLE
                                    CORPORATION, as Depositor

                                       By:______________________________
                                          Name:
                                          Title:

                                      A-2

<PAGE>   77
                                 WELLS FARGO BANK MINNESOTA, NATIONAL
                                    ASSOCIATION, as Trustee on behalf of the
                                    Trust identified in Schedule I hereto, and
                                    not in its individual capacity

                                  By:_____________________________________
                                     Name:
                                     Title:
     Attachments: Terms Schedule (consisting of Schedules I, II and III)

                                      A-3
<PAGE>   78
                                   SCHEDULE I

                        (Terms of Trust and Certificates)

<TABLE>
<S>                                         <C>
Trust:                                      Public Credit and Repackaged Securities(SM) (PCARS)(SM) Trust
                                            Series -
Class of Certificates:
Date of Trust Agreement:
Trustee:
Notional Amount:
Issue Price:
Closing Date:
Specified Currency:                         [if not United States dollars]
Exchange Rate Agent:                        [if not Goldman Sachs]
Business Day:
Interest Rate:                              [Swap Rate] [other]
Calculation Agent:                          [Swap Calculation Agent] [other]
Rating:
Rating Agencies:
Method of Distribution:
Distribution Dates:
Record Dates:
Scheduled Final Distribution Date:
Allocation of Voting Rights:                [if not pro rata]
Form of Certificate:                        [Global/Definitive] [Registered/Bearer]
Depositary:                                 [if not DTC]
Alternative ERISA Restrictions:             [Apply] [Do Not Apply]
Deemed Representations:                     [Apply] [Do Not Apply]
Additional Trust Wind-Up Event:
Trigger Amount:
Maximum Reimbursable Amount:
Exchangeable Series Terms:
Depositor Optional Exchange:
Terms of Retained Interest:
Callable Series:
Call Right Terms and Notice:                [if other than as specified in Section 12.05]
Issuance of Additional Certificates:
Notice Mechanics:
Additional Reports:                         [Accountants' Statement]
                                            [Statement of Officers of the Trustee]
Other Terms:
</TABLE>

                                     A-I-1
<PAGE>   79
                                   SCHEDULE II

                            (Terms of Trust Property)

<TABLE>
<S>                                       <C>
Concentrated Securities:
Other Securities:
Security Issuer:
Principal Amount:
Security Rate:
Credit Ratings:
Listing:
Security Issuance Agreement:
Events of Security Default:
Form of Security:
Currency of Denomination:
Acquisition Price by Trust:               Certificates having an initial [Principal Balance] [Notional
                                          Amount] of [$______].
Security Payment Date:
Original Issue Date:
Maturity Date:
Sinking Fund Terms:
Redemption Terms:
CUSIP No./ISIN No.:
Security Trustee:
Available Information Regarding the       [[name of issuer of Securities] is subject to the informational
Security Issuer:                          requirements of the Securities Exchange Act of 1934, as
                                          amended, and in accordance therewith files, reports and other
                                          information with the Securities and Exchange Commission (the
                                          "Commission").  Such reports and other information can be
                                          inspected and copied at the public reference facilities
                                          maintained by the Commission at 450 Fifth Street, N.W.,
                                          Washington, D.C. 20549 and at the Regional Offices of the
                                          Commission, at 7 World Trade Center, 13th Floor, New York, New
                                          York 10048 and Northwest Atrium Center, 500 West Madison
                                          Street, Chicago, Illinois 60661.  Copies of such materials can
                                          be obtained from the Public Reference Section of the Commission
                                          at 450 Fifth Street, N.W., Washington, D.C. 20549 at prescribed
                                          rates.] [In addition, [attached to the Prospectus is a copy of]
                                          [name of issuer of Securities] has also filed with the
                                          Commission] a Prospectus, dated ________ __, ____, relating to
                                          the original offering of the Securities.]
</TABLE>

                                      A-II-1
<PAGE>   80
<TABLE>
<S>                                       <C>
Cut-Off Date:
Selling Agent:                            [if not Goldman Sachs]
Credit Support:
Credit Support Default:
Other Trust Property:
</TABLE>

                                     A-II-2
<PAGE>   81
                                  SCHEDULE III

                                (Swap Agreement)

Swap Agreement:
Swap Counterparty:
Swap Guarantee (if any):
Swap Notional Amount:
Swap Payment Date:
Swap Rate:

                                     A-III-1
<PAGE>   82
                                                                       EXHIBIT B

                               FORM OF CERTIFICATE

[In the case of a Global Certificate representing Registered Certificates,
insert the following - THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE
MEANING OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS
CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT.]

[In addition, in the case of a Global Certificate for which DTC is acting as
Depositary, insert the following - UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION ("DTC"), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR 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 A PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

[In the case of a Bearer Certificate, insert the following - ANY U.S. PERSON WHO
HOLDS THIS OBLIGATION SHALL BE SUBJECT TO LIMITATIONS UNDER U.S. INCOME TAX
LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(J) AND 1287(A) OF THE
INTERNAL REVENUE CODE.]

                                      B-1
<PAGE>   83
Certificate Number -             Number of Trust Certificates -
                                             Fractional Share -

                                 CUSIP NO. [__]

                             Certificate Evidencing
     Public Credit And Repackaged Securities(SM) (PCARS)(SM) Trust Certificates
                                  Series -

      This certifies that [in the case of a Registered Certificate, insert the
following - - (the "Holder") is the registered] [in the case of a Bearer
Certificate, insert the following - the bearer hereof (the "Bearer") is the]
owner of - Certificates of Public Credit and Repackaged Securities(SM)
(PCARS)(SM) Trust Series - (the "Trust") representing an undivided fractional
interest in the Trust Property (the "Certificates").

      The designations, rights, privileges, restrictions, preferences and other
terms and provisions of the Certificates evidenced hereby are set forth in, and
this certificate and such Certificates are issued and shall in all respects be
subject to the terms and provisions of, the Trust Agreement of the Trust, dated
as of ____________________, by and between Credit And Asset Repackaging Vehicle
Corporation, as depositor, and Wells Fargo Bank Minnesota, National Association,
as trustee (the "Trustee"), as the same may be amended or supplemented from time
to time (the "Trust Agreement"). The Trustee will furnish a copy of the Trust
Agreement to the [Holder] [Bearer] without charge upon written request to the
Trustee at its principal place of business or registered office. All capitalized
terms used and not otherwise defined herein shall have the respective meanings
assigned to them in the Trust Agreement.

      The amount due on the Certificates evidenced hereby on any Distribution
Date shall be determined by multiplying the Fractional Share stated on this
certificate by the amount of the Available Funds to be distributed on such
Distribution Date.

      [If applicable, specify principal terms of any Call Right or right of
optional exchange.]

      Upon execution of the certificate of authentication hereon by a
Responsible Officer of the Trustee or an authorized officer of the
Authenticating Agent and receipt of this certificate by the [Holder] [Bearer],
the [Holder] [Bearer] shall be bound by the Trust Agreement and entitled to the
benefits thereunder.

      [In the case of a Registered Certificate, insert the following - The
Certificates evidenced hereby are transferable on the books and records of the
Trust, in person or by a duly authorized attorney, upon surrender of this
certificate duly endorsed or accompanied by a written instrument of transfer in
proper form, in accordance with Section 5.04 of the Trust Agreement.]

                                      B-2
<PAGE>   84
      This certificate and the Certificates evidenced hereby shall be governed
by, and construed in accordance with, the laws of the State of New York.

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

                                 PUBLIC CREDIT AND REPACKAGED SECURITIES(SM)
                                 (PCARS)(SM) TRUST SERIES -

                                 By: Wells Fargo Bank Minnesota, National
                                     Association, as Trustee

                                 By: ______________________________
                                     Authorized Signatory
DATED:

[SEAL]

                                      B-3
<PAGE>   85
                          CERTIFICATE OF AUTHENTICATION

      This is one of the Certificate Documents referred to in the
within-mentioned Trust Agreement.

                                 [________________________],
                                 [Authenticating Agent for the] [as]
                                     Trustee

                                 By: ______________________________
                                     Authorized Signatory

                                      B-4
<PAGE>   86
                            [OPTION TO ELECT EXCHANGE

      The undersigned hereby irrevocably requests and instructs the Trustee to
exchange the Certificates represented by the attached certificate (or such
portion of the Certificates specified below) for the Trust Property in which the
Certificates evidence (or such portion thereof evidences) a beneficial interest,
pursuant to their terms and in accordance with the Trust Agreement, to be
delivered to the undersigned, at

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

        (Please print or typewrite name and address of the undersigned.)

      If less than all of the Certificates represented by the attached
certificate are to be exchanged, specify below the portion thereof to be
exchanged and the denomination (which must be an authorized denomination) of
each certificate to be issued for the portion not being exchanged. (In the
absence of any such specification, one certificate will be issued for any
portion not being exchanged).

Portion to be exchanged (expressed as a number of Certificates): _______
Denomination(s) of certificates to be issued for portion not being exchanged:
________

Date:_____________

                              _____________________________________
                              [Signature]

                                      B-5
<PAGE>   87
                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned assigns and transfers the Certificates
to:

________________________________________________________________________________

       (Insert assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________

                  (Insert address and zip code of assignee)

and irrevocably appoints _____________________________________________________

______________________________________________________________________________

agent to transfer the Certificates on the books of the Trust.  The agent may
substitute another individual to act for him or her.

Date:  __________________

Signature:_______________________________________________________________
     (Sign exactly as your name appears on the other side of this certificate)

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

                                      B-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}]]